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 Viewpoint - The article emphasizes the importance of dividend investing in quality blue-chip stocks, Business Development Companies (BDCs), and Real Estate Investment Trusts (REITs) for building a sustainable retirement income [1]. Group 1: Investment Strategy - The company focuses on a buy-and-hold investment strategy, prioritizing quality over quantity in stock selection [1]. - The goal is to help lower and middle-class workers build investment portfolios that consist of high-quality, dividend-paying companies [1]. Group 2: Personal Investment Philosophy - The company aims to achieve financial independence through dividend income within the next 5-7 years [1]. - There is a strong emphasis on educating investors to conduct their own due diligence before making investment decisions [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]

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]

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 quarter ended June 30, 2024 [21] - The midpoint of the revised 2025 guidance now calls for 4.4% growth in AFFO per share versus 2024 [9][23] - Total debt is $17.1 billion with a net debt to annualized second quarter adjusted EBITDA of approximately 5.1 times, well within the target leverage range of five to 5.5 times [20] 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 [10] - The company is generating earnings growth through a combination of same store earnings growth and new store external growth [9] 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 [16] - The lower-end consumer has declined recently, prompting operators of lower-tier properties to adjust strategies to attract budget-conscious visitors [16] 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 [5][6] - VICI is cultivating relationships with best-in-class operating partners and diversifying its portfolio beyond gaming [13][101] - The company is committed to capital markets independence and disciplined cost management to defend dividends and grow earnings [11] 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 gross gaming revenue [15] - The company believes that the current moderation in Las Vegas is temporary and that long-term investments will continue to drive growth [18] - Management is optimistic about the potential for new generations of visitors and ongoing capital investments in Las Vegas [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 [22][23] - VICI has approximately $2.9 billion in total liquidity, allowing for continued investment opportunities [20] 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 for further commitments as construction financing progresses [26][27] 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, who have diverse 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 interest across various sectors [31][34] Question: What are your views on iGaming proliferation? - The company monitors iGaming developments closely, recognizing its importance to many tenants' overall credit [35][38] Question: Are there good opportunities for debt investments? - The company is focused on capital allocation and is seeing more credit opportunities than real estate transaction opportunities [42] 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 [92][94] Question: Which regional markets are you most interested in? - Las Vegas remains the top regional market, with interest in Reno and emerging markets like Virginia [114][115]