Walter Bibikow/DigitalVision via Getty Images VICI Properties owns a cyclical, yet inflation-protected real estate portfolio that is dominated by gaming properties. The presence of rent escalators and the leading position of Las Vegas as a tourist destination were reasons that supported my prior Buy recommendation for VICI Properties. I think that VICI Properties continues to deliver solid FFO value to passive income investors in a growing economy. The trust is also poised to announce a higher dividend in S ...

Core Viewpoint - VICI Properties Inc is positioned as a strong investment opportunity due to its solid fundamentals, potential for significant growth, and a favorable dividend structure despite current market challenges [37][51]. Financial Performance - VICI reported a year-over-year revenue growth of 8.4% and an AFFO per share of $0.57 for Q1, indicating strong earnings power even in unfavorable conditions [41]. - The company has maintained a 100% rent collection rate since its inception, showcasing the quality of its tenant relationships [24][41]. - Current FFO estimates for Q2 are between $0.65 and $0.70 per share, with six positive revisions in the last 90 days [14]. Dividend Structure - VICI's current dividend yield is 5.3%, which is above its four-year average of 4.9% and comfortably covered by AFFO at a rate of 137.3% [15][38]. - The dividend has increased by 159.4% since the REIT's inception, with a compound annual growth rate (CAGR) of 7.62% over the last five years [15]. Portfolio Composition - VICI's portfolio consists of 13 tenants, with two tenants accounting for 74% of annualized cash rent, indicating a concentration risk [20][40]. - The company has a significant reliance on the Las Vegas region, which accounts for 47% of annualized rent from gaming properties [8][40]. - 81% of the portfolio has master lease protection, providing stability against vacancies [11]. Growth Potential - VICI has initiated investments in experiential properties, including a $212 million mezzanine loan to Kalahari Resort and $250 million in Great Wolf Lodge indoor water parks, indicating a strategy to diversify revenue streams [25][27]. - The company is exploring growth opportunities in sectors like waterparks, live entertainment venues, and theme parks, aligning with consumer trends favoring experiential spending [25][27]. Market Conditions - The real estate sector has been negatively impacted by rising interest rates, but there are indications that rate cuts may occur soon, which could benefit VICI [29][30]. - Historical data suggests that the federal funds rate is often adjusted during election years, which may lead to favorable conditions for VICI [30][31]. Valuation Metrics - VICI currently trades at approximately $30 per share with an estimated annual AFFO of $2.53, resulting in a price to AFFO ratio of 11.85x, significantly lower than peers [33]. - The estimated fair value of VICI is around $56 per share, indicating a potential upside of 86% from current levels if growth trajectories are maintained [6].

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.25 per share and revenue of $3.84 billion. These totals would mark changes of +4.65% and +6.34%, respectively, from last year. The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.13% higher. V ...

santirf/iStock Editorial via Getty Images VICI Stock Price VAL VICI Properties Inc (VICI) Price 29 41 33.00 30.00 29.41 24.00 Jul '22 Jan '23 Seeking AlphaQ Jul 11, 2024, 7:51 PM EDT Powered by YC H A R T S Data by Y Charts This kind of relative underperformance has quelled any prior concerns that I have had on valuation. VICI is the largest publicly traded net lease REIT focused on casino properties. Net leases mean that the tenant is responsible for real estate taxes, insurance, and maintenance expenses. ...

A group of friends play the slot machines at a casino. nd3000/iStock via Getty Images Achieving and maintaining success as a dividend growth investor depends on owning businesses with a reasonably high probability of being around in 10 years or even 20 years. As a dividend growth investor, this is why I tend to search for business models that can stand the test of time. The real estate investment trust or REIT sector is one of my favorite sectors for that very reason. I believe the need for high-quality com ...

VICI Properties Inc. (NYSE:VICI) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET Company Participants Samantha Gallagher - General Counsel Ed Pitoniak - Chief Executive Officer John Payne - President and Chief Operating Officer David Kieske - Chief Financial Officer Conference Call Participants Caitlin Burrows - Goldman Sachs Anthony Paolon - JPMorgan Barry Jonas - Tourist John DeCree - CBRE David Katz - Jefferies Smedes Rose - Citi Daniel Guglielmo - Capital One Michael Herring - Green Street Rona ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-38372 (VICI Properties Inc.) Commission file number: 333- ...

Exhibit 99.1 First Quarter 2024 Financial Results VICI PROPERTIES INC. ANNOUNCES FIRST QUARTER 2024 RESULTS - Reports 8.4% Year-over-Year Revenue Growth - - Completes $1.05 Billion Investment Grade Senior Notes Of ering - - Announced Capital Investment in the Venetian Resort through the Partner Property Growth Fund - - Reaf irms Guidance for Full Year 2024 - NEW YORK, NY – May 1, 2024 – VICI Properties Inc. (NYSE: VICI) ("VICI Properties", "VICI" or the "Company"), an experiential real estate investment tru ...

VICI Properties Inc. (NYSE:VICI) Q4 2023 Earnings Conference Call February 23, 2024 10:00 AM ET Company Participants Samantha Gallagher - General Counsel Edward B. Pitoniak - Chief Executive Officer John Payne - President and Chief Operating Officer David Kieske - Chief Financial Officer Conference Call Participants Anthony Paolon - JPMorgan Barry Jonas - Truist Securities Caitlin Burrows - Goldman Sachs Ravi Vaidya - Mizuho Chris Darling - Green Street Greg McGinniss - Scotiabank Nick Joseph - Citi Jim Kam ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to _________ SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Commission file number: 000-55791 (VICI Properties Inc.) Commission file number: ...