Core Insights - The article emphasizes the importance of conducting personal in-depth research and due diligence before making investment decisions, highlighting the inherent risks involved in trading [3]. Group 1 - The analysis is intended for informational purposes only and should not be considered as professional investment advice [3]. - There is a clear disclaimer regarding the lack of any stock or derivative positions in the companies mentioned, indicating a neutral stance [2]. - The article expresses the author's personal opinions and does not reflect any business relationships with the companies discussed [2]. Group 2 - Past performance is noted as not being a guarantee of future results, underscoring the uncertainty in investment outcomes [4]. - The article clarifies that no recommendations or advice are provided regarding the suitability of investments for particular investors [4]. - The authors of the analysis include both professional and individual investors, which may affect the perspectives presented [4].

Group 1 - The article introduces "The Undercovered Dozen," which highlights twelve actionable investment ideas on tickers with less coverage [1] - Inclusion criteria for "undercovered" tickers include a market cap greater than $100 million, more than 800 symbol page views in the last 90 days, and fewer than two articles published in the past 30 days [1]

Core Insights - VICI Properties Inc. has announced a 4% increase in its quarterly cash dividend, raising it to 45 cents per share from 43.25 cents, effective October 9, 2025, for shareholders of record as of September 18, 2025 [1][10] - The new annualized dividend rate is $1.80 per share, resulting in a dividend yield of 5.37% based on a share price of $33.50 as of September 4, 2025 [2][10] - VICI has increased its dividend six times in the past five years, with a payout growth of 6.8% during this period [2][3] Dividend Sustainability - VICI aims to distribute 75% of adjusted funds from operations (AFFO) to shareholders, providing a reliable income stream for dividend-focused investors [4] - The company has a solid foundation for its dividend payouts, supported by a high-quality portfolio of gaming and experiential assets, including flagship properties like Caesars Palace and MGM Grand [5][6] - VICI maintains a 100% occupancy rate across its 54 gaming and 39 experiential properties, secured by long-term, triple-net leases averaging 40.1 years [6] Lease Structure and Financial Resilience - A significant portion of VICI's rent roll is linked to the Consumer Price Index (CPI), with 40% currently and expectations to increase to 90% by 2035, aiding in revenue growth during inflationary periods [7] - 74% of VICI's rent comes from S&P 500 tenants, enhancing income stability and creditworthiness [7] - Since its inception in 2017, VICI has expanded its adjusted EBITDA by 377%, diversifying its portfolio to include experiential assets, which reduces sector-specific risks [8] Financial Position - VICI has $3 billion in liquidity as of June 30, 2025, providing financial flexibility to navigate market fluctuations [8] - The company's last quarter annualized net leverage ratio was 5.2, within its long-term target range of 5.0-5.5 [8] - With a solid operating platform and growth opportunities, VICI is well-positioned for sustainable dividend growth [9]

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] - The author holds long positions in VICI, O, NNN, and SPG, indicating a beneficial interest in these stocks [1] Group 2 - The article is presented as personal opinion and not as professional investment advice [2] - It emphasizes the importance of individual research before making investment decisions [2] - The content is intended for educational purposes and does not consider the reader's specific financial situation [2]

Group 1 - Las Vegas has experienced a decline in visitor count for six consecutive months, with a 12% year-over-year decrease in July [1] Group 2 - The investment strategy focuses on acquiring companies with strong qualitative attributes at attractive prices based on fundamentals, with a long-term holding approach [2] - The portfolio management aims to avoid underperforming stocks while maximizing exposure to high-potential winners, often resulting in a 'Hold' rating for companies with limited growth opportunities or high downside risks [2]

Group 1 - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - VICI Properties (VICI) shares have increased by 12.5% year to date, outperforming the industry average of 1% [1] - The company benefits from long-term leases, a diversified portfolio, and a strong balance sheet, which enhances shareholder value [1] Financial Performance - In Q2 2025, VICI reported adjusted funds from operations (AFFO) per share of 60 cents, matching the Zacks Consensus Estimate and reflecting a 5% increase from the previous year [2][9] - Revenue growth was driven by sales-type leases and lease financing income, although higher interest expenses negatively impacted results [2] - The AFFO per share outlook for 2025 has been raised [2] Analyst Sentiment - Analysts are optimistic about VICI, with the Zacks Consensus Estimate for 2025 FFO per share revised upward by 1.3% to $2.38 [3] Portfolio Characteristics - VICI Properties boasts a high-quality portfolio with a 100% occupancy rate and an average lease term of approximately 40.2 years [4][5] - 79% of the company's rent is derived from publicly traded tenants, ensuring a stable revenue stream through long-term triple-net lease agreements [5] Diversification Strategy - The company has diversified its portfolio to include non-gaming experiential assets, reducing risk associated with gaming volatility [6] Financial Flexibility - As of June 30, 2025, VICI had $3 billion in liquidity and an annualized net leverage ratio of 5.3, indicating strong financial flexibility [7][9] - The company holds investment-grade credit ratings, enhancing its access to the debt market [10]

Group 1 - The article discusses the investment strategy focused on identifying undervalued Real Estate Investment Trusts (REITs) during market downturns, particularly in the context of the COVID-19 pandemic [1] - The investment approach emphasizes long-term horizons and contrarian strategies to uncover deep-value opportunities [1] - A specific target for VICI Properties is mentioned, with a desired dividend yield of approximately 6.5%, translating to a share price of around $26.50 based on current annualized dividends [3]

Core Viewpoint - Investing in high-yield dividend stocks, specifically EPR Properties and Vici Properties, can generate significant passive income through their stable and growing dividend payouts Group 1: EPR Properties - EPR Properties is a REIT focused on experiential real estate, owning a diversified portfolio that includes movie theaters, health and fitness properties, and entertainment spaces [2] - The company leases properties under long-term, triple net leases, providing stable cash flow as tenants cover all operating costs [3] - EPR expects to generate $5 to $5.16 per share of funds from operations (FFO) this year, covering its monthly dividend payment of $0.295 per share, or $3.54 annually [5] - The company invested $86.3 million in new properties in the first half of the year and plans to invest $200 million to $300 million in new properties this year [6][7] - EPR raised its dividend payout by 3.5% earlier this year, indicating growth potential [7] Group 2: Vici Properties - Vici Properties is another REIT that invests in experiential real estate, focusing on gaming, hospitality, and entertainment destinations, including iconic casinos on the Las Vegas Strip [8] - The company leases properties under long-term NNN contracts, with a weighted average remaining term of over 40 years, and 42% of leases are linked to inflation [9] - Vici currently pays $0.4325 per share quarterly in dividends, totaling $1.73 annually, with expected adjusted FFO of $2.35 to $2.37 per share this year [10] - The company has secured significant new investments, including a loan of up to $510 million for a casino development and a $450 million mezzanine loan for a luxury development [11] - Vici has raised its dividend for seven consecutive years, with a compound annual growth rate of 7.4%, outperforming the average of other REITs [12] Group 3: Investment Opportunity - Both EPR Properties and Vici Properties offer diversified and growing portfolios of experiential real estate, providing rising rental income streams to support dividends and further investments [13]

Financial Data and Key Metrics Changes - AFFO per share for the quarter was $0.60, an increase of 4.9% compared to $0.57 for the same quarter in 2024 [22] - The midpoint of the revised 2025 guidance now calls for 4.4% growth in AFFO per share versus 2024 [10][23] - Total debt is $17.1 billion with a net debt to annualized second quarter adjusted EBITDA of approximately 5.1 times, within the target leverage range of 5 to 5.5 times [21] Business Line Data and Key Metrics Changes - VICI's same store NOI growth rate is over five times higher than the average projected rate for net lease REITs [11] - The company is generating earnings growth through a combination of same store earnings growth and new store external growth [10] Market Data and Key Metrics Changes - Las Vegas has experienced a period of normalization after years of record-breaking growth, with higher-end properties still running at over 90% occupancy levels [17] - The lower-end consumer has declined recently, prompting operators to adjust strategies to attract budget-conscious visitors [17] Company Strategy and Development Direction - The company emphasizes the importance of dividends in creating value for shareholders, focusing on total return through dividend return and earnings growth [7][8] - VICI is cultivating relationships with best-in-class operating partners and diversifying investments beyond gaming, including theme parks and youth sports [15][98] Management's Comments on Operating Environment and Future Outlook - Management remains confident in Las Vegas's long-term trajectory despite recent declines in visitation and gaming revenue [17] - The company believes its rental income is insulated from cyclical fluctuations due to long-term leases with corporate guarantees [18] Other Important Information - The company raised its AFFO guidance for 2025, now expecting between $2.5 billion and $2.52 billion, or between $2.35 and $2.37 per diluted common share [23] - VICI's capital markets independence allows it to generate earnings growth without significant reliance on external funding [12] Q&A Session Summary Question: What drove the decision to increase your mezzanine loan investment on the 1 Beverly Hills by $150 million? - The increase is part of a larger financing effort for a $6 billion project, with expectations of further commitments as construction financing progresses [26] Question: Are you seeing or expecting any fee simple opportunities from these relationships? - There is potential for fee simple opportunities, particularly with partners like Kane and Eldridge, as they expand their investments [28] Question: How have deal discussions been for sale-leaseback or other loans recently? - There have been no significant changes in deal discussions, with continued activity across various sectors [32] Question: What are your views on iGaming proliferation? - The company monitors iGaming developments closely, as it is important for many tenants and their overall credit [36] Question: Are there good opportunities for debt investments? - There appears to be more credit opportunities than real estate transaction opportunities currently [42] Question: How do you feel about the regional gaming markets? - The company remains excited about the gaming industry overall, with positive trends in regional markets [48] Question: What are your thoughts on the Caesars Forum Convention Center call option? - The company is assessing the opportunity and has time to evaluate its options regarding the asset [90] Question: How are you seeing the performance of Canadian properties amid declining visitation to Las Vegas? - Performance of Canadian assets has been strong, with indications that more Canadians are visiting local properties [72]