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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Barry Jonas | Truist Securities | 12 | 0% |
| Tony Paolone | JPMorgan | 10 | 10% |
| Caitlin Burrows | Goldman Sachs | 8 | 0% |
| John DeCree | CBRE | 8 | 0% |
| Rich Hightower | Barclays | 7 | 0% |
| Chris Darling | Green Street | 7 | 0% |
| Greg McGinniss | Scotiabank | 7 | 0% |
| Dave Katz | Jefferies | 6 | 0% |
| Dan Guglielmo | Capital One Securities | 6 | 0% |
| Jim Kammert | Evercore ISI | 5 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Truist Securities | 1 | 12 | 0% |
| JPMorgan | 1 | 10 | 10% |
| CBRE | 1 | 8 | 0% |
| Goldman Sachs | 1 |
| 8 |
| 0% |
| Citigroup | 3 | 7 | 0% |
| Barclays | 1 | 7 | 0% |
| Green Street | 1 | 7 | 0% |
| Scotiabank | 1 | 7 | 0% |
VICI delivered Q1 AFFO per share growth of 4.5% with only 1% dilution, raising FY2026 guidance to $2.44-2.47 per share after back-to-back quarters exceeding $1B in capital commitments, a company first. The Cain/Eldridge mezzanine was expanded to $1.5B for One Beverly Hills, and international gaming entry was achieved with a $144M Alberta, Canada acquisition. Las Vegas was characterized as turning the corner with strong convention activity, and the experience economy secular thesis was reinforced by consumer spending data.
M&A | Capital Allocation | Credit | Competitive Dynamics | Demand | Geographic Expansion | Capex Investment | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 8 | 2 | 6 | 2 | 2 | 1 | 3 |
| 2025Q1 | 6 | 4 | 2 | 2 | 1 | 2 | ||
| 2025Q2 | 4 | 5 | 1 | 2 | 3 | 1 | 3 | 4 |
| 2025Q3 | 8 | 2 | 3 | 4 | 2 | 3 | 1 | 1 |
| 2025Q4 | 5 | 8 | 8 | 6 | 1 | 4 | 3 | |
| 2026Q1 | 8 | 9 | 6 | 3 | 2 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| M&A | 10 | 6 | 4 | 8 | 5 | 8 |
| Capital Allocation | 8 | 4 | 5 | 2 | 8 | 9 |
| Credit | 2 | 2 | 1 | 3 | 8 | 6 |
| Competitive Dynamics | 6 | 2 | 4 | 6 | 3 | |
| Demand | 2 | 2 | 3 | 2 | 1 | 2 |
| Geographic Expansion | 2 | 1 | 3 | 4 | 2 | |
| Capex Investment | 1 | 1 | 3 | 1 | 3 | 2 |
| Regulation Policy | 3 | 2 | 4 | 1 |