Core Insights - VICI Properties has a high-quality portfolio of gaming, hospitality, and entertainment assets, supported by long-term triple-net lease agreements that ensure stable rental revenues [1] - The company recently increased its quarterly cash dividend by 4% to 45 cents per share, resulting in a dividend yield of 5.43% based on a share price of $33.15 [2] - Analysts are optimistic about VICI, with a consensus estimate for 2025 FFO per share rising to $2.39, and the company's shares have increased by 13.5% year-to-date, outperforming the industry [3] Portfolio and Lease Structure - VICI Properties holds a robust portfolio of 54 gaming and 39 experiential properties, including iconic locations like Caesars Palace and MGM Grand, with an average lease term of 40.1 years and a 100% occupancy rate [5][7] - The lease agreements are designed to be inflation-protected, with 42% of the rent roll linked to CPI escalation in 2025, projected to rise to 90% by 2035, ensuring steady cash flow growth [6] Financial Performance and Growth - Since its inception in 2017, VICI has achieved a 377% increase in adjusted EBITDA and has diversified its portfolio to include experiential assets, reducing exposure to gaming-specific risks [7][8] - The company has maintained an annual dividend growth rate of 6.6% since 2018, surpassing many competitors in the triple-net REIT sector [11] Balance Sheet and Credit Ratings - As of June 30, 2025, VICI Properties had liquidity of $3.0 billion and a net leverage ratio of 5.2, within its long-term target of 5.0-5.5 [9] - The company holds investment-grade credit ratings from Moody's, S&P Global Ratings, and Fitch Ratings, facilitating favorable access to the debt market [10]