VICI PROPERTIES INC.
Ticker: VICIReal EstateREITsS&P 500The business
VICI Properties Inc. (NYSE: VICI) is a Maryland-based real estate investment trust that owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations across North America. The company operates as a triple-net lease REIT, deriving substantially all revenues from long-term lease agreements with leading gaming and experiential operators. As of December 31, 2025, VICI owns 93 experiential assets comprising 54 gaming properties and 39 other experiential properties across 26 states and Canada, spanning approximately 127 million square feet with roughly 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. The company's portfolio includes iconic Las Vegas Strip properties such as Caesars Palace Las Vegas, MGM Grand and the Venetian Resort, alongside market-leading urban, destination and regional gaming facilities.
VICI's real estate debt investment portfolio totals approximately $2.6 billion in principal balance across senior secured notes, senior secured loans, and mezzanine loans with a weighted average interest rate of 9.1 percent. The company also owns four championship golf courses near certain properties, with two located in close proximity to the Las Vegas Strip. VICI conducts its real property business through VICI Properties OP LLC and its golf course business through VICI Golf LLC, a taxable REIT subsidiary.
The company's two largest tenants, Caesars Entertainment and MGM Resorts International, represent 39 percent and 35 percent respectively of annualized rent as of year-end 2025. VICI maintains 100 percent occupancy with a weighted average lease term of approximately 39.6 years including extension options. Approximately 42 percent of full-year 2025 rent and 90 percent of long-term rent feature CPI-linked escalation provisions. The company employs 28 full-time employees and maintains investment-grade credit ratings from all three major rating agencies. VICI was added to the S&P 500 Index in June 2022, representing the shortest time from IPO to S&P 500 inclusion for any REIT. The company's website is located at www.viciproperties.com.
- Sector
- Real Estate
- Industry
- REITs
- HQ
- NEW YORK, NY
- FY end
- 12-31
- CIK
- 1705696
- SIC
- 6798
Ownership
Who holds VICI PROPERTIES INC. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30
Top fund holders
| Fund | % of fund | Value |
|---|---|---|
| VANGUARD REAL ESTATE INDEX FUND VNQ · VANGUARD SPECIALIZED FUNDS | 1.58% | $1.10B |
| VANGUARD TOTAL STOCK MARKET INDEX FUND VTI · VANGUARD INDEX FUNDS | 0.04% | $844.06M |
| VANGUARD 500 INDEX FUND VOO · VANGUARD INDEX FUNDS | 0.04% | $689.21M |
| VANGUARD MID-CAP INDEX FUND VO · VANGUARD INDEX FUNDS | 0.26% | $579.41M |
| iShares Core S&P 500 ETF IVV · iShares Trust | 0.04% | $399.10M |
Bonds held by funds
Funds report holding 17 issues of VICI PROPERTIES INC.'s debt, $2.60B at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 5.07%, maturing 2026–2054.
| Issue | Coupon | Matures | Funds | Fund-held |
|---|---|---|---|---|
| VICI Properties LP | 5.125% | 2032-05-15 | 109 | $480.72M |
| VICI Properties LP | 4.750% | 2028-02-15 | 120 | $448.56M |
| VICI 4.95 02/15/30 | 4.950% | 2030-02-15 | 114 | $444.30M |
| VICI Properties LP | 5.625% | 2035-04-01 | 95 | $247.96M |
| VICI Properties LP | 5.125% | 2031-11-15 | 78 | $186.04M |
| VICI Properties LP | 5.750% | 2034-04-01 | 82 | $159.40M |
| VICI Properties LP 4.75 04/01/2028 | 4.750% | 2028-04-01 | 93 | $150.45M |
| VICI Properties LP | 5.625% | 2052-05-15 | 51 | $130.31M |
| VICI 4 5/8 12/01/29 | 4.625% | 2029-12-01 | 13 | $59.47M |
| VICI Properties LP | 6.130% | 2054-04-01 | 38 | $57.28M |
The 10 largest by fund-held value, of 17.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
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