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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barry Jonas | Truist Securities | 13 questions · 0% challenging |
| Caitlin Burrows | Goldman Sachs | 10 questions · 0% challenging |
| Anthony Paolone | JPMorgan | 10 questions · 10% challenging |
| Greg McGinniss | Scotiabank | 9 questions · 0% challenging |
| John DeCree | CBRE | 9 questions · 0% challenging |
| Dave Katz | Jefferies | 8 questions · 0% challenging |
| Chris Darling | Green Street | 8 questions · 13% challenging |
| Daniel Guglielmo | Capital One Securities | 8 questions · 0% challenging |
| Rich Hightower | Barclays | 7 questions · 0% challenging |
| Jim Kammert | Evercore ISI | 5 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Truist Securities | 1 analyst | 13 questions · 0% challenging |
| JPMorgan | 1 analyst | 10 questions · 10% challenging |
| Goldman Sachs | 1 analyst | 10 questions · 0% challenging |
| Scotiabank | 1 analyst | 9 questions · 0% challenging |
| CBRE | 1 analyst | 9 questions · 0% challenging |
| Capital One Securities | 1 analyst | 8 questions · 0% challenging |
| Jefferies | 1 analyst | 8 questions · 0% challenging |
| Green Street | 1 analyst | 8 questions · 13% challenging |
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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.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Net margin | FCF |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $976M | +4.7% | $0.58 | -19.4% | 63.0% | $643M |
| FY2025 Q1 | $984M | +3.4% | $0.51 | -10.5% | 55.2% | $592M |
| FY2025 Q2 | $1.00B | +4.6% | $0.82 | +15.5% | 86.4% | $639M |
| FY2025 Q3 | $1.01B | +4.4% | $0.71 | +1.4% | 75.6% | $586M |
| FY2025 Q4 | $1.01B | +3.8% | $0.57 | -1.7% | 59.7% | $692M |
| FY2026 Q1Selected | $1.02B | +3.5% | $0.82 | +60.8% | 85.7% | $631M |
| FY2026 Q2 | $1.06B | +5.7% | $0.48 | -41.5% | 49.7% | $728M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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 |
Calendar quarter Q1 2026Earnings call Apr 30, 2026
FY2026 Q1 in brief
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.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Vici Properties (VICI), FY2026 Q1: 7/10. Scores: Vici Properties’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: VICI daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +3.49% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What VICI said about other companies on its FY2026 Q1 call, and what other companies said about VICI on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Prologis started it, you know, many, many years ago with their fund business”
VICI cites Prologis's fund business as a model for accessing alternative private capital pools, a strategy VICI is studying for its own growth.
“the Resorts World that opened in New York with table games happened two days ago”
A new Resorts World commercial casino with table games opened in New York City, introducing fresh competition for VICI tenants' New York and Atlantic City properties.
“what's going on with Century Casinos? It seems that they've been in under a strategic review for a little while, but I think the coverage is pretty healthy on those assets”
Century Casinos, a VICI tenant, remains under a strategic review with elevated corporate leverage, though asset-level rent coverage stays strong.
“VICI announced the pending $144 million acquisition of four real estate assets located in Alberta, Canada at an 8% cap rate in connection with Pure Casino Entertainment's pending take private acquisition of Gamehost”
Pure Casino Entertainment is taking Gamehost private and monetizing four Alberta casino properties to VICI, funding its growth via real estate sale.
“Operators are continuing to address the value perception issue with MGM and Caesars offering promotional deals catering to value-oriented consumers”
Caesars is running promotional deals to court value-oriented consumers in Las Vegas, indicating margin/pricing pressure as the Strip works through a demand transition.
“Subsequent to quarter end, we entered into a new lease agreement with Clairvest in connection with the closing of Clairvest's acquisition of Northfield Park in Ohio from MGM.”
Clairvest acquired Northfield Park and became VICI's 14th tenant, expanding its regional gaming operations into Ohio.
“Subsequent to quarter end, we entered into a new lease agreement with Clairvest in connection with the closing of Clairvest's acquisition of Northfield Park in Ohio from MGM.”
MGM divested Northfield Park in Ohio to Clairvest, trimming its regional casino footprint while VICI retained the real estate under a new tenant.
“Last week, we also announced that all gaming regulatory and shareholder approvals have been met for the previously announced $1.16 billion Golden transaction. We expect this acquisition to close today”
VICI closed its $1.16 billion acquisition of Golden Entertainment real estate, marking VICI's entry into the Las Vegas locals market and monetizing Golden's property portfolio.
“This quarter, we announced an expansion of our long-term strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan as part of the construction financing for the One Beverly Hills development project.”
VICI deepened its partnership with Cain and Eldridge Industries via a $1.5 billion mezzanine loan for One Beverly Hills, signaling Cain/Eldridge's active experiential development pipeline.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| VICIVici Properties | 7 | +3.5% | AFFO Per Share Growth of 4.5% YoY With Only 1% Dilution | |
| AMTAmerican Tower | 6 | +6.8% | CoreSite data center revenue surges on AI and interconnection | |
| AREAlexandria Real Estate Equities | 2 | -9.7% | Alexandria's Q1 2026 was marked by the unprecedented absence of any public biotech leasing and a sharp 320 bps occupancy decline to 87.7% as 657,000 square feet of known vacates materialized | |
| BXPBXP, Inc. | 6 | +0.8% | BXP's Q1 2026 demonstrated accelerating momentum with FFO of $1.59 beating guidance by $0.02 and a $0.01 raise to the full-year midpoint to $6.97 | |
| CBRECBRE Group | 10 | +18.1% | Services segments grew revenue 20% and operating profit nearly 30% | |
| CCICrown Castle | 3 | -4.8% | Full Year 2026 Guidance Reiterated After Solid Q1 Start | |
| CPTCamden Property Trust | 5 | +0.1% | California Sale Progressing with Single Buyer in Diligence | |
| CSGPCoStar Group | 10 | +22.5% | ebitda_acceleration | |
| DLRDigital Realty | 8 | +12.0% | Record Core FFO of $2.04 Delivers 15% YoY Growth | |
| DOCHealthpeak Properties | 6 | +7.1% | Janus Living IPO completed with $240M of FFO at 20-turn premium | |
| EQIXEquinix | 8 | +9.8% | Equinix posted Q1 2026 revenues of $2.4B, up 8%, with AFFO per share of $10.79 growing 10% and adjusted EBITDA of $1.2B up 13% at a 51% margin | |
| ESSEssex Property Trust | 5 | +1.5% | Q1 core FFO exceeds high end of guidance by $0.11 on revenue and expense beats | |
| EXRExtra Space Storage | 5 | +1.9% | Same-store revenue accelerates to +1.7%, exceeding internal projections | |
| FRTFederal Realty Investment Trust | 8 | +10.3% | Federal Realty delivered a blowout Q1 with FFO of $1.88/share, up 10.6% and $0.06 above the guidance midpoint, driven by better occupancy, expense savings from 2025 acquisitions, and timing pull-forwards | |
| HSTHost Hotels & Resorts | 7 | +3.2% | Host Hotels & Resorts opened 2026 ahead of expectations, with adjusted FFO per share of $0.67 (up 4.7%) and adjusted EBITDAre of $543 million (up 5.6%) | |
| INVHInvitation Homes | 6 | +8.8% | Results in line but tough Q1 2025 comps pressure YoY metrics | |
| IRMIron Mountain | 9 | +21.6% | Iron Mountain delivered extraordinary Q1 2026 results with revenue of $1.94 billion up 22%, driven by data center revenue surging 47% on hyperscale demand and ALM revenue nearly doubling with 92% growth | |
| KIMKimco Realty | 7 | +4.0% | FFO Guidance Tightened Higher on Strong Start | |
| MAAMid-America Apartment Communities | 5 | +0.8% | Core FFO of $2.13 beat guidance by $0.02 driven by expense management and timing items | |
| ORealty Income | 7 | +12.2% | Realty Income delivered Q1 AFFO per share of $1.13, up 6.6% year-over-year, and invested approximately $2.8 billion at a 7.1% initial cash yield | |
| PLDPrologis | 7 | +7.4% | Record leasing volume with broadening demand | |
| PSAPublic Storage | 5 | +2.9% | NSA Acquisition Strengthens Platform Scale | |
| REGRegency Centers | 6 | +4.5% | Same-property NOI growth of 4.4% with 3.5% base rent contribution | |
| SBACSBA Communications | 7 | +5.9% | Full Year 2026 Outlook Raised Across All Key Metrics | |
| SPGSimon Property Group | 8 | +19.3% | Strong FFO Growth Driven by Lease Income | |
| UDRUDR, Inc. | 5 | +0.9% | Q1 results in line with expectations as 2026 off to solid start | |
| VMRKVivmark Residential | 5 | +2.5% | San Francisco and New York Exceeding Already High Expectations | |
| VTRVentas | 8 | +22.0% | SHOP Occupancy and NOI Surge | |
| WELLWelltower | 8 | +38.4% | Welltower delivered record same-store NOI growth of 16.4%, by far the highest in company history, with normalized FFO of $1.47 per share growing 22.5% year-over-year | |
| WYWeyerhaeuser | 5 | -2.0% | Weyerhaeuser's Q1 2026 marked a sharp sequential rebound with adjusted EBITDA surging 120% to $308 million, driven by lumber's return to profitability ($84 million swing to $27 million EBITDA) as prior industry curtailments and lean inventories lifted Southern Yellow Pine pricing 13% |
AFFO Per Share Growth of 4.5% YoY With Only 1% Dilution
CoreSite data center revenue surges on AI and interconnection
Alexandria's Q1 2026 was marked by the unprecedented absence of any public biotech leasing and a sharp 320 bps occupancy decline to 87.7% as 657,000 square feet of known vacates materialized
BXP's Q1 2026 demonstrated accelerating momentum with FFO of $1.59 beating guidance by $0.02 and a $0.01 raise to the full-year midpoint to $6.97
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| VICI | 7 | 7 | 7 | 7 | 7 | 7 |
| AMT | 7 | 6 | 6 | 7 | 8 | 6 |
| ARE | 6 | 3 | 4 | 2 | 5 | 2 |
| BXP | 6 | 5 | 5 | 5 | 6 | 6 |
| CBRE | 9 | 8 | 10 | 9 | 9 | 10 |
| CCI | 5 | 4 | 6 | 5 | 2 | 3 |
| CPT | 6 | 6 | 6 | 6 | 6 | 5 |
| CSGP | 7 | 6 | 8 | 9 | 9 | 10 |
| DLR | 7 | 6 | 8 | 8 | 8 | 8 |
| DOC | 7 | 6 | 6 | 6 | 8 | 6 |
| EQIX | 7 | 7 | 8 | 8 | 8 | 8 |
| ESS | 7 | 6 | 7 | 6 | 7 | 5 |
| EXR | 7 | 6 | 5 | 6 | 7 | 5 |
| FRT | 7 | 7 | 7 | 7 | 7 | 8 |
Services segments grew revenue 20% and operating profit nearly 30%
California Sale Progressing with Single Buyer in Diligence
Janus Living IPO completed with $240M of FFO at 20-turn premium
Equinix posted Q1 2026 revenues of $2.4B, up 8%, with AFFO per share of $10.79 growing 10% and adjusted EBITDA of $1.2B up 13% at a 51% margin
Q1 core FFO exceeds high end of guidance by $0.11 on revenue and expense beats
Same-store revenue accelerates to +1.7%, exceeding internal projections
Federal Realty delivered a blowout Q1 with FFO of $1.88/share, up 10.6% and $0.06 above the guidance midpoint, driven by better occupancy, expense savings from 2025 acquisitions, and timing pull-forwards
Host Hotels & Resorts opened 2026 ahead of expectations, with adjusted FFO per share of $0.67 (up 4.7%) and adjusted EBITDAre of $543 million (up 5.6%)
Results in line but tough Q1 2025 comps pressure YoY metrics
Iron Mountain delivered extraordinary Q1 2026 results with revenue of $1.94 billion up 22%, driven by data center revenue surging 47% on hyperscale demand and ALM revenue nearly doubling with 92% growth
Core FFO of $2.13 beat guidance by $0.02 driven by expense management and timing items
Realty Income delivered Q1 AFFO per share of $1.13, up 6.6% year-over-year, and invested approximately $2.8 billion at a 7.1% initial cash yield
Same-property NOI growth of 4.4% with 3.5% base rent contribution
Full Year 2026 Outlook Raised Across All Key Metrics
Q1 results in line with expectations as 2026 off to solid start
San Francisco and New York Exceeding Already High Expectations
Welltower delivered record same-store NOI growth of 16.4%, by far the highest in company history, with normalized FFO of $1.47 per share growing 22.5% year-over-year
Weyerhaeuser's Q1 2026 marked a sharp sequential rebound with adjusted EBITDA surging 120% to $308 million, driven by lumber's return to profitability ($84 million swing to $27 million EBITDA) as prior industry curtailments and lean inventories lifted Southern Yellow Pine pricing 13%
| HST | 7 | 8 | 9 | 6 | 8 | 7 |
|---|
| INVH | 7 | 6 | 6 | 7 | 7 | 6 |
|---|
| IRM | 8 | 7 | 8 | 7 | 9 | 9 |
|---|
| KIM | 6 | 8 | 7 | 7 | 7 | 7 |
|---|
| MAA | 5 | 5 | 5 | 4 | 6 | 5 |
|---|
| O | 8 | 6 | 7 | 6 | 7 | 7 |
|---|
| PLD | 8 | 6 | 7 | 7 | 6 | 7 |
|---|
| PSA | 6 | 5 | 6 | 7 | 7 | 5 |
|---|
| REG | 7 | 6 | 7 | 7 | 7 | 6 |
|---|
| SBAC | 6 | 6 | 7 | 8 | 7 | 7 |
|---|
| SPG | 7 | 5 | 6 | 8 | 7 | 8 |
|---|
| UDR | 6 | 5 | 6 | 6 | 5 | 5 |
|---|
| VMRK | 7 | 6 | 7 | 5 | 6 | 5 |
|---|
| VTR | 8 | 7 | 9 | 9 | 9 | 8 |
|---|
| WELL | 8 | 8 | 8 | 9 | 8 | 8 |
|---|
| WY | 3 | 3 | 3 | 7 | 3 | 5 |
|---|