Stock repurchase overshadows Vici earnings

A vehement and at times defensive tone characterized Vici Properties’ third-quarter earnings call. At one point, COO John Payne shouted his prepared remarks into the microphone. CEO Ed Pitoniak broke with his custom of beginning with an overarching view of the real estate industry. Instead, he plunged immediately into a discussion of shareholders’ and his own disappointment with Vici’s stock performance during 2026. Pitoniak said shareholders raised three points of contention. First was the recent negativity around net-lease-based stocks, driven by pessimism over consumer spending. Second was Vici’s ability to generate accretive growth.