Summary
1KN Chart
VICI Properties: A Buy In The Falling T-Bond Market
VICI Properties is a triple-net REIT with a premier experiential real estate portfolio, heavily concentrated in Las Vegas and anchored by long-term, inflation-protected leases. I see a 15%-30% upside for VICI, supported by both intrinsic (FCFF, NAV) and relative valuation methods, with fair value estimates ranging from $34.9 to $36.8 per share. Key risks include high tenant and geographic concentration, potential lease renegotiations—especially with Caesars—and sensitivity to movements in the risk-free rate.
2026 Could Be The Year REITs Rip: Two 6% Yielding Picks I Like
REITs are poised for potential outperformance in 2026, driven by anticipated lower interest rates and investor rotation from growth to value. Getty Realty (GTY) and VICI Properties (VICI) offer attractive valuations, strong fundamentals, and yields near 6%, supporting double-digit total return potential. GTY trades at a forward P/AFFO of 12.77x with 99.7% occupancy, while VICI has diversified assets and achieved 5.1% AFFO growth in 2025.
VICI Properties Inc. (VICI) Q4 2025 Earnings Call Transcript
VICI Properties Inc. (VICI) Q4 2025 Earnings Call Transcript
Vici Properties Inc. (1KN) FAQ
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Vici Properties Inc. Profile
| Diversified REITs Industry | Real Estate Sector | Edward Baltazar Pitoniak CEO | XFRA Exchange | US9256521090 ISIN |
| US Country | 27 Employees | 17 Dec 2025 Last Dividend | - Last Split | 17 Oct 2017 IPO Date |
Overview
VICI Properties operates as an experiential real estate investment trust (REIT), possessing one of the most extensive portfolios in the gaming, hospitality, and entertainment sectors, highlighted by iconic assets such as Caesars Palace. This REIT has established a significant presence within the United States through a diverse and national portfolio that spans across various geographic locations. VICI Properties endeavors to cultivate the highest quality and most productive experiential real estate portfolio in the country, leveraging its strategic acquisitions and holdings to dominate the market. Its property collection is not just limited to gaming facilities but extends to include premier hotel accommodations, dining establishments, nightlife venues, and championship golf courses, setting a benchmark in the experiential property segment.
Products and Services
The extensive portfolio of VICI Properties includes a wide range of products and services, tailored to provide exceptional experiences in gaming, hospitality, and entertainment. Each aspect of their portfolio is designed to enhance their standing in the experiential real estate sector.
- Gaming Facilities
VICI Properties boasts 29 gaming facilities that span over 48 million square feet, catering to a wide audience with various gaming preferences. These facilities are leased to and operated by leading gaming corporations, ensuring top-notch gaming experiences across the board.
- Hotel Rooms
With approximately 19,200 hotel rooms under its umbrella, VICI Properties provides luxurious and comfortable accommodations. These rooms are part of their larger properties, often integrated into casino resorts that offer guests a comprehensive entertainment experience.
- Restaurants, Bars, and Nightclubs
More than 200 dining and nightlife venues are housed within VICI Properties' assets, offering a diverse array of culinary experiences and vibrant social environments. These venues range from casual dining options to high-end bars and clubs, catering to an extensive spectrum of preferences and occasions.
- Lease Agreements with Industry Leaders
VICI Properties’ properties are leased to some of the most reputable names in the gaming and hospitality industry, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment, and Penn National Gaming, Inc. These partnerships ensure the properties are managed by operators with a proven track record of success and innovation.
- Golf Courses and Undeveloped Land
In addition to entertainment and hospitality venues, VICI Properties owns four championship golf courses, offering premium golfing experiences. The company also holds 34 acres of undeveloped land adjacent to the Las Vegas Strip, representing potential for future development and expansion projects, further enriching its portfolio.
