VICI Vs. GLPI: 73% And 80% Payouts, One Refinancing Already Priced

Two gaming landlords reported within a day of each other, and the distance between their dividends is easy to state. What sits underneath is not the same measurement twice. VICI Properties Inc. 2% of the midpoint of its 2026 AFFO guidance.

Gaming and Leisure Properties Inc. 8%. 6 percentage point gap, on the same basis, from filings a day apart. 47 for the year.

80 annualized. 28 annualized. Both operate on long-dated leases to gaming operators. The payout ratio is where the similarity ends and the calendar takes over.

159 billion. 45%. 073%. Those are both issuer-stated whole-book figures, and the labels are not identical, so the 47 basis points between them is a difference in what each company reports rather than a measured cost spread.

500% due Sept. 250% due Dec. 1. 750% notes come due.

3 million of variable-rate principal repayments in 2026 and 2027, amounts under a tenth of a percent of the book. Its term loan and revolver both run to December 2028. 9 million drawn on the revolver. Those three figures reconcile to the total the company reports, with no residual.

75 billion of fixed-rate notes due within months, while GLPI’s first large fixed-rate note maturity is in June 2028. 5, though VICI’s average carries secured debt that runs to 2032, which is a different kind of tenor than an unsecured note. The part that is already on the record On Aug. 375%.

The issuer said it intends to use the net proceeds to repay all or a portion of those 2026 notes, with any remaining proceeds available for general corporate purposes. VICI said the offering was expected to close Aug. 14. The face amounts match exactly.

What changed is the coupon. 3214%. 5700%. 75 billion, and it is not a forecast.

It is a price the issuer accepted and disclosed. 60% whole-book coupon, the debt leaving was cheaper than the average and the debt arriving is more expensive than it. The 2036 tranche also carries an issue price below par, so coupon alone does not capture the effective borrowing cost. VICI has not stated a blended effective borrowing rate for the priced notes.

558%, roughly 17% of its debt, maturing in March 2032 and able to reset after March 2030. GLPI’s June 30 debt table shows no secured borrowing. The rate mix also sits differently at each company. 6% outside that category.

That is a balance-sheet-date figure, not a statement that the proportion holds through maturity. 94%. Neither payout ratio shows any of this directly. Both companies raised or maintained guidance.

6 point gap describes what each dividend claims of forecast cash flow this year. It does not describe when either company next has to go to the debt market, or on what terms. For VICI, one of those terms is already priced. For GLPI, the next large fixed-rate test still sits in June 2028.

Source. VICI Properties second-quarter 2026 results and supplemental, released July 29, 2026; VICI pricing announcement dated Aug. 5, 2026; Gaming and Leisure Properties second-quarter 2026 results, released July 30, 2026; both companies’ Forms 10-Q for the quarter ended June 30, 2026. Disclosure.

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