Core Viewpoint - Investing in high-yield dividend stocks, specifically EPR Properties and Vici Properties, can generate significant passive income through their stable and growing dividend payouts Group 1: EPR Properties - EPR Properties is a REIT focused on experiential real estate, owning a diversified portfolio that includes movie theaters, health and fitness properties, and entertainment spaces [2] - The company leases properties under long-term, triple net leases, providing stable cash flow as tenants cover all operating costs [3] - EPR expects to generate $5 to $5.16 per share of funds from operations (FFO) this year, covering its monthly dividend payment of $0.295 per share, or $3.54 annually [5] - The company invested $86.3 million in new properties in the first half of the year and plans to invest $200 million to $300 million in new properties this year [6][7] - EPR raised its dividend payout by 3.5% earlier this year, indicating growth potential [7] Group 2: Vici Properties - Vici Properties is another REIT that invests in experiential real estate, focusing on gaming, hospitality, and entertainment destinations, including iconic casinos on the Las Vegas Strip [8] - The company leases properties under long-term NNN contracts, with a weighted average remaining term of over 40 years, and 42% of leases are linked to inflation [9] - Vici currently pays $0.4325 per share quarterly in dividends, totaling $1.73 annually, with expected adjusted FFO of $2.35 to $2.37 per share this year [10] - The company has secured significant new investments, including a loan of up to $510 million for a casino development and a $450 million mezzanine loan for a luxury development [11] - Vici has raised its dividend for seven consecutive years, with a compound annual growth rate of 7.4%, outperforming the average of other REITs [12] Group 3: Investment Opportunity - Both EPR Properties and Vici Properties offer diversified and growing portfolios of experiential real estate, providing rising rental income streams to support dividends and further investments [13]

Core Viewpoint - Vici Properties has demonstrated superior growth compared to its peers, with a 7% compound annual growth rate in dividend payments since its inception, significantly outpacing the 2% average of other triple net REITs [1] Group 1: Growth Strategy - The company's focus on strategic partnerships is a crucial driver of its above-average growth, enabling portfolio expansion and increased cash flow [2] - Vici Properties invests in experiential real estate sectors such as gaming, hospitality, and entertainment, positioning itself as a partner rather than just a landlord [3] - Long-standing partnerships with major operators, including Caesars Entertainment and MGM Resorts, enhance revenue generation through steady rental income [4][5] Group 2: Capital Support and Investment Opportunities - Vici Properties provides additional capital to tenants for expansion through various means, including sale-leaseback transactions and loans, creating mutually beneficial partnerships [6] - The company has supported Great Wolf Lodge with over $720 million in capital since 2021 and provided $700 million for renovations at The Venetian Las Vegas, leading to increased rental income [7] Group 3: New Partnerships and Growth Projections - Vici Properties is actively seeking new partnerships, having established two significant relationships this year that will drive future growth [8] - The partnership with Cain International involves a $300 million mezzanine loan for the development of One Beverly Hills, a luxury mixed-use project [9] - A collaboration with Red Rock Resorts includes up to $510 million in funding for a tribal casino in California, marking Red Rock's first partnership with a REIT [10] Group 4: Financial Outlook - The company's success in forming new partnerships has led to an increase in its guidance for adjusted funds from operations (FFO), now projected to be between $2.33 and $2.36 per share, reflecting a 4.4% growth at the high end [11][12] - With a 5.5% yielding dividend, the total return could approach 10% if stock prices align with earnings growth, supporting continued dividend increases [12] Group 5: Overall Strategy Effectiveness - Vici Properties' strategy of partnering with leading operators continues to yield rising rental income and new investment opportunities, enhancing portfolio growth and shareholder value [13]