Core Viewpoint - VICI Properties Inc. is a leading REIT focused on gaming, hospitality, and entertainment, with a market cap of approximately $32 billion, but its stock has underperformed compared to broader market indices [1][2]. Financial Performance - VICI's Q3 topline grew 4.4% year-over-year to $1 billion, exceeding consensus estimates by 43 basis points [5]. - The company's adjusted funds from operations (AFFO) per share increased by 5.3% to $0.71, surpassing Street expectations by 1.6% [5]. - For the full fiscal year 2025, analysts project an AFFO of $2.37 per share, reflecting a 4.9% year-over-year increase [5]. - VICI has demonstrated a robust AFFO surprise history, exceeding estimates in each of the past four quarters [5]. Stock Performance - Year-to-date, VICI stock prices have gained 2.7%, but have declined 7.5% over the past 52 weeks, underperforming the S&P 500 Index's gains of 16.3% in 2025 and 17.7% over the past year [2]. - The stock has slightly outperformed the Real Estate Select Sector SPDR Fund's (XLRE) marginal 57 basis points uptick year-to-date, but has underperformed XLRE's 7% decline over the past 52 weeks [3]. Analyst Ratings - Among 23 analysts covering VICI, the consensus rating is a "Strong Buy," with 18 "Strong Buys," one "Moderate Buy," and four "Holds" [6]. - This rating configuration has improved slightly from two months ago, when 17 analysts recommended "Strong Buy" [7]. - Stifel analyst Simon Yarmak maintained a "Buy" rating on VICI but lowered the price target from $35 to $34 [7].