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Group 1: Enterprise Products Partners (EPD) - EPD is a midstream company with critical assets in the hydrocarbon value chain, including pipelines, storage, and processing facilities [1][3] - The company reported a gross operating margin increase of 7% YoY to $2.5 billion in Q1 2024, with adjusted cash flow from operations rising by 6% YoY [6] - EPD has a strong distribution history, raising its distribution for 24 consecutive years, with the current distribution at $0.515, a 5.1% increase from the previous year [6] - The company is investing $3.5 billion in growth capital and $550 million in sustaining capital, with significant projects like the SPOT project aimed at enhancing global energy product demand [6] - EPD holds an A- credit rating from S&P and has a low net debt to EBITDA ratio of 3.0x, making it appealing in a higher interest rate environment [6] - The current distribution yield is 7.2%, well-covered by cash flow, and the stock trades at a reasonable price of $28.57 with a Price-to-Cash Flow of 7.66 [6] Group 2: VICI Properties - VICI Properties owns iconic assets on the Las Vegas Strip, including Caesars Palace and MGM Grand, with ultra-long leases ranging from 30 to 55 years [2][3] - The company reported a 6.1% YoY growth in AFFO per share during Q1 2024, outperforming most net lease peers [2] - VICI's rent roll is 81% master leases, providing higher protections for landlords, and 75% of rents come from S&P 500 companies [2] - Management projects a full-year AFFO per share growth of 4.2%, supported by rent escalations and value-enhancing projects, including a $700 million redevelopment at The Venetian [2] - VICI has a BBB- investment grade credit rating, $3.5 billion in total liquidity, and a net debt to EBITDA ratio of 5.4x, below the safe threshold for REITs [2] - The company offers a dividend yield of 5.9%, with a payout ratio of 67% and a 5-year dividend CAGR of 7.6% [2]