VICI Properties (VICI) Target Lowered at Cantor Fitzgerald as 2026 REIT Outlook Improves

Company Overview - VICI Properties Inc. (NYSE:VICI) is recognized as one of the 13 best dividend stocks, offering a yield over 6% [1] - The company went public in early 2018, marking one of the largest REIT IPOs at that time, and has consistently increased its dividends annually for seven years since its IPO [3] Financial Performance and Outlook - Cantor Fitzgerald has lowered its price target for VICI from $35 to $33 while maintaining an Overweight rating, citing an improved REIT outlook for 2026 [2] - US equity REITs returned 2.9% in 2025, underperforming the S&P 500, but Cantor anticipates a more supportive macro environment and increased M&A activity in 2026 [2] Business Model and Strategy - VICI operates under a triple-net lease model, where tenants are responsible for property taxes, insurance, and maintenance, ensuring predictable operating costs and transferring much of the risk to tenants [4] - The company's portfolio is fully leased with 100% occupancy, and most long-term leases include rent escalators linked to the Consumer Price Index, which helps safeguard rental income against inflation [4] - VICI focuses on owning, acquiring, and developing experiential real estate, emphasizing destination-style venues rather than traditional commercial properties [5]