VICI Properties Inc 2025年度报告

2025Annual Report Dear Fellow VICI Stockholders, The leaders of any business should always have a clear and cogent answer to the question “What businessare you in?” At VICI, the high-level answer to that question is: “We are in the business of sourcing, allocating, andstewarding capital invested accretively in experiential real estate of enduring value.” That could be the answer offered by any REIT or real estate investment management firm in America, savefor one word: Experiential. Indeed, the 28 other REITs currently in the S&P 500 all have their own distinct adjectives in front of realestate, whether those modifiers be industrial, data center, office, residential, lodging, retail, self-storage, etc. Our property types may differ, but we all wrestle with the key real estate investment attribute of relevanceand, on the opposite end of the spectrum, obsolescence. The more relevant the real estate is to its intendedend users, the greater the likelihood that the income and value of that real estate will be sustained andpotentially grow. But when relevance of the real estate to the end user begins to diminish, obsolescencebegins to shadow and can ultimately darken the real estate, both figuratively and literally, as inthe lights getpermanently turned off. I fundamentally believe that real estate investment insights are ultimately cultural insights. To evaluate thecurrent, and moreover future, value of real estate requires the development of insights and forecasts into howpeople will live, work, play, heal, gather, create and otherwise manifest the experience of living their lives,now and over the lifespan of the investment. If your insights and forecasts, and the market’s insights andforecasts, genuinely support the continuing relevance of your real estate category, you should have the supportof the market to sustain and grow your portfolio. As noted above, at VICI, we are strategically and organizationally committed to investing in experiential realestate, and that commitment is anchored in the insights and forecasts we’ve developed around theexperience economy during our first eight years as a company. VICI was built on the conviction that the experience economy represents a durable, secular shift in howconsumers allocate their time and money. Eight years after our IPO, that conviction has only strengthened.Before I discuss where we’re headed, I want to take this opportunity to revisitwhywe believe so deeply in thefoundation upon which this company stands. One of the most frequent questions we are asked as a management team is, “What’s next?” And weunderstand why: as an investor in VICI, our future trajectory underpins your investment thesis. But I’vecome to believe that the best answer to “What’s next?” begins with a clear understanding of what has alwaysbeen true about this business. So, I’d like to take this year’s letter as an opportunity to remind you of VICI’sroots. I want to reemphasize the base upon which this company’s growth has been possible and uncover thedriving force that is sometimes forgotten amidst market noise:the strength and cultural relevance of theexperience economy. Six decades ago, in a 1971 book titled “Future Shock,” author Alvin Toffler introduced the idea of theexperience industry.1He hypothesized that “we shall also witness a revolutionary expansion of certainindustries whose sole output consists not of manufactured goods, nor even of ordinary services, but of pre-programmed ‘experiences.’” He goes on to say: “As rising affluence and transience ruthlessly undercut the oldurge to possess, consumers begin to collect experiences as consciously and passionately as they oncecollected things.” Almost three decades later, in 1998, businessconsultants Joe Pine and Jim Gilmore wrote for theHarvard Business Review an article entitled“Welcome to the Experience Economy.” In thatarticle and their subsequent book “The ExperienceEconomy: Work is Theatre & Every Business aStage,” Pine and Gilmore trace the progression ofeconomic value across several stages: (1) extractcommodities; (2) make goods; (3) deliver services;and finally, (4) stage experiences. They argued thatgoods and services have been commoditized in themodern era, and as a result, consumers have movedto the next stage of economic value progression andare more willing to pay a premium for experiences.2 Pine and Gilmore also outline the “Four Realms of an Experience”: entertainment; educational; escapist;and esthetic. They note that “the richest experiences — such as going to Disney World or gambling in a LasVegas casino — encompass aspects of all four realms, forming a ‘sweet spot’ around the area where thespectra meet.” At VICI, we think that’s where the magic of the experience economy lies — this “sweet spot”where operators are dynamically engaging a vast audience in a multi-faceted experience. When VICI went public in February 2018, we intentionally defined ourselves as anexperientialREIT. Wesaw — and continue to see