VICI Properties' outsized dividend yield looks to be very viable moving forward. The experiential REIT should keep steadily growing AFFO per share for the foreseeable future. VICI Properties maintains a healthy net leverage ratio, with a favorable debt composition.
VICI Properties trades near 52-week lows, offering a 6.5% yield and a forward P/FFO of 10.1, well below historical averages. VICI's inflation-protected triple-net leases, strong tenant guarantees, and 100% rent collection underpin resilient profitability and steady bottom line growth. Management targets accretive deals, expanding CPI-linked rents, and maintains a disciplined balance sheet with net debt/EBITDA at 5x.
VICI's 33% share price decline has reset valuation to levels that finally reflect realistic risk—creating a more attractive long-term entry point. Management's capital discipline and long lease maturities underpin my upgraded rating, as fundamentals remain far stronger than the recent drawdown suggests. At today's price, long-term investors can reasonably expect double-digit total returns, with a potential +30% share price appreciation, should VICI revert toward its historical valuation.
| Diversified REITs Industry | Real Estate Sector | Edward Baltazar Pitoniak CEO | XMUN Exchange | US9256521090 ISIN |
| US Country | 27 Employees | 18 Sep 2025 Last Dividend | - Last Split | 17 Oct 2017 IPO Date |
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.
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.
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.
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.
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.
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.
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.