Share buyback overshadows Vici Properties earnings call

Vici Properties' third-quarter earnings call took place in a harsh and at times defensive atmosphere. One of the call's notable moments was COO John Payne reading his prepared remarks into the microphone while shouting.

CEO Ed Pitoniak, however, broke from his usual pattern. Pitoniak typically opens with a broad assessment of the real estate sector, but this time he went straight into matters concerning shareholders. This choice moved the meeting away from the sector outlook and toward the share buyback debate.

The share buyback program drew investors' attention heavily ahead of the earnings results. Although there was much to discuss about the company's performance, the tone of the call revealed a tension shaped around shareholder expectations.

For Vici, which operates in the casino real estate space, this picture raises questions about how the company manages its investor relations. How the rest of the sector reads this tension will become clear in the coming period.