<SEC-DOCUMENT>0001705696-20-000074.txt : 20200303
<SEC-HEADER>0001705696-20-000074.hdr.sgml : 20200303
<ACCEPTANCE-DATETIME>20200303073152
ACCESSION NUMBER:		0001705696-20-000074
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200302
FILED AS OF DATE:		20200303
DATE AS OF CHANGE:		20200303

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gallagher Samantha Sacks
		CENTRAL INDEX KEY:			0001621751

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38372
		FILM NUMBER:		20679957

	MAIL ADDRESS:	
		STREET 1:		7600 WISCONSIN AVENUE
		STREET 2:		11TH FLOOR
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER NAME:	
		FORMER CONFORMED NAME:	Sacks Gallagher Samantha
		DATE OF NAME CHANGE:	20141008

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VICI PROPERTIES INC.
		CENTRAL INDEX KEY:			0001705696
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				814177147
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		535 MADISON AVENUE,  20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(646) 949-4631

	MAIL ADDRESS:	
		STREET 1:		535 MADISON AVENUE,  20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_158323869526904.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2020-03-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001705696</issuerCik>
        <issuerName>VICI PROPERTIES INC.</issuerName>
        <issuerTradingSymbol>VICI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001621751</rptOwnerCik>
            <rptOwnerName>Gallagher Samantha Sacks</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O VICI PROPERTIES INC.</rptOwnerStreet1>
            <rptOwnerStreet2>535 MADISON AVENUE, 20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>See Remarks</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-03-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>25.24</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>56981</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.16 to $25.32, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range.</footnote>
    </footnotes>

    <remarks>Executive Vice President, General Counsel, and Secretary</remarks>

    <ownerSignature>
        <signatureName>/s/ Samantha S. Gallagher</signatureName>
        <signatureDate>2020-03-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
