Vici Properties Stock Soared in Q1 While the S&P 500 Struggled. Here's Why.

Core Insights - Vici Properties experienced a strong first quarter, with its stock rising 11.7% while the S&P 500 fell 4.6% [1] Investment and Capital Raising - The company reported a mid-single-digit rise in adjusted funds from operations (FFO) per share, with increases of 3.6% for Q4 and 5.1% for the full year [2] - Vici committed over $1 billion in capital across various deals, including funding for The Venetian Resort Las Vegas and a Margaritaville resort [3] - A new strategic relationship was formed with Cain International and Eldridge Industries, leading to a$300 million mezzanine loan for One Beverly Hills development [4] Financial Enhancements - Vici announced a new $2.5 billion credit facility with a maturity extension to 2029 and priced$1.3 billion in senior unsecured notes [5] - The company will use the new funds to repay maturing debt, including $500 million of 4.375$800 million of 4.625% notes [5] Market Conditions - The yield on the U.S. 10-year Treasury fell from nearly 5% to around 4.25%, benefiting the REIT by making borrowing cheaper and boosting real estate values [6][7] - Continued decline in interest rates in early Q2 could further support REITs like Vici by enhancing property values and reducing borrowing costs [8]