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1. Company Snapshot

1.a. Company Description

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace.VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs.Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc.


VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip.VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio.

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1.b. Last Insights on VICI

VICI Properties' recent performance has been driven by several positive factors. The company's high-quality portfolios, long-term leases, and healthy balance sheet position it to ride the growth curve. Its dividend payouts enhance shareholder value, with a current yield of 5.4%. VICI's focus on key, stable, domestic properties makes it "Tariff Proof", and its strong FFO growth is underpinned by a multi-billion-dollar real estate portfolio, high tenant quality, and mission-critical property positioning. The company's unique market position and elite metrics, including a 7% dividend CAGR and 5.1% AFFO per share growth in 2024, drive shareholder returns. Additionally, VICI's CPI-linked triple-net leases with >40-year terms drive predictable, inflation-hedged cash flows across its portfolio, reducing default risk even under macro stress.

1.c. Company Highlights

2. VICI's Q3 2025 Earnings: A Strong Performance Amidst Uncertainty

VICI's Q3 2025 financial results showcased a robust performance, with AFFO per share increasing by 5.3% to $0.60 compared to $0.57 in Q3 2024. The company's margins remained healthy, running in the high 90% range when eliminating non-cash items. The actual EPS came out at $0.71, beating estimates of $0.59. Revenue growth was driven by the company's strategic investments and its ability to grow revenues and profits without significantly expanding its capital base.

Publication Date: Nov -04

📋 Highlights
  • AFFO Per Share Growth:: Q3 2025 AFFO per share rose 5.3% to $0.60 from $0.57 in Q3 2024.
  • Dividend Increase:: Declared a $0.45 per share dividend, reflecting a 4% increase from the prior payout.
  • New Tenant Addition:: Secured Clairvest as the 14th tenant via MGM’s Northfield Park operations sale, maintaining rent consistency.
  • Debt Leverage:: Net debt-to-annualized EBITDA stood at 5x, aligning with the low end of the target leverage range.
  • 2025 Guidance:: Updated AFFO per share growth forecast to 4.6% year-over-year for 2025.

Dividend Increase and Share Settlement

VICI declared a dividend of $0.45 per share, representing a 4% increase from the prior dividend amount. The company settled 12.1 million shares under its forward sale agreements, receiving approximately $376 million in net proceeds. This move demonstrates the company's commitment to returning value to its shareholders while maintaining a strong capital structure.

Leverage and Guidance

VICI's total debt stands at $17.1 billion, with a net debt to annualized third-quarter adjusted EBITDA of approximately 5x, at the low end of its target leverage range. The company updated its AFFO guidance for 2025, expecting year-over-year AFFO per share growth of 4.6%. Analysts estimate next year's revenue growth at 2.7%, indicating a potential slowdown in growth momentum.

Valuation Metrics

To understand what's priced into VICI's stock, we can examine its valuation metrics. The company's P/E Ratio stands at 11.53, while its P/S Ratio is 8.09. The Dividend Yield is 5.81%, indicating an attractive income stream for investors. The Net Debt / EBITDA ratio is 4.9, suggesting a manageable debt burden. With a ROE of 10.33% and ROIC of 1068.99%, VICI demonstrates a strong ability to generate returns on equity and invested capital.

Strategic Initiatives

VICI is exploring new opportunities, including investments in university sports infrastructure and theme park real estate. As John W. Payne stated, "We're spending time getting educated on the space and refining our approach." The company's permanent capital structure and long-term investment horizon provide a competitive advantage in the university sports market, allowing it to offer a more aligned investment time frame compared to private equity firms.

Outlook

As VICI navigates the current landscape, its focus on return and risk management strategies will be crucial in addressing potential challenges. The company's ability to adapt to changing market conditions and capitalize on emerging opportunities will be key to driving future growth and delivering value to its shareholders.

3. NewsRoom

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Best Dividend Stock to Buy Right Now: Realty Income vs. Vici Properties

Dec -05

Source: fool.com

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VICI Properties Inc. Declares Regular Quarterly Dividend

Dec -04

Source: businesswire.com

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Building An Income Portfolio? 3 Picks To Start With For An Average Yield Of 6%+

Dec -03

Source: seekingalpha.com

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Contrasting Gladstone Commercial (NASDAQ:GOOD) and VICI Properties (NYSE:VICI)

Dec -03

Source: defenseworld.net

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BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Repare Therapeutics Inc. (Nasdaq – RPTX), Axalta Coating Systems Ltd. (NYSE – AXTA), Blue Foundry Bancorp (Nasdaq – BLFY), Golden Entertainment, Inc (Nasdaq - GDEN)

Dec -02

Source: globenewswire.com

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Here Are Monday’s Top Wall Street Analyst Research Calls: Archer Aviation, Beta Technologies, Carvana, Chevron, MPLX, Toast, Zscaler and More

Dec -01

Source: 247wallst.com

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Here Are Friday’s Top Wall Street Analyst Research Calls: Brown-Forman, Deere, Five Below, Netflix, Nutanix and More

Nov -28

Source: 247wallst.com

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B&I Capital AG Has $1.79 Million Stock Position in VICI Properties Inc. $VICI

Nov -27

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.01%)

6. Segments

Leasing

Expected Growth: 3.0%

VICI Properties Inc.'s leasing growth of 3.0 is driven by increasing demand for casino and entertainment spaces, strategic partnerships with gaming companies, and a strong portfolio of properties. The company's diversified tenant base and long-term lease agreements provide a stable source of revenue, supporting its growth trajectory.

Income from Loans

Expected Growth: 4.2%

The 4.2% growth in income from loans for VICI Properties Inc. is driven by increased loan balances, favorable interest rates, and a growing portfolio of high-quality borrowers. Strong demand for financing in the real estate sector and effective risk management also contribute to this growth.

Other

Expected Growth: 2.5%

VICI Properties' growth is driven by its diversified portfolio, strong cash flows from gaming and hospitality assets, and strategic acquisitions. The company's partnership with Caesars Entertainment and expansion into new markets also contribute to its 2.5% growth. Additionally, its tax-efficient structure and low debt levels provide a solid foundation for future growth.

Golf

Expected Growth: 2.0%

Golf segment growth driven by increasing demand for experiential leisure activities, supported by VICI Properties' strategic partnerships, investments in amenities, and favorable trends in the golf industry, including rising participation rates and growing popularity among younger demographics.

7. Detailed Products

Real Estate Investment Trust (REIT) Services

VICI Properties Inc. operates as a real estate investment trust (REIT) that specializes in the ownership and financing of gaming and leisure properties.

Property Leasing

VICI Properties Inc. leases its properties to gaming and leisure operators, providing them with access to prime locations for their businesses.

Mortgage and Financing Services

VICI Properties Inc. provides mortgage and financing services to gaming and leisure operators, allowing them to fund their operations and expansions.

Property Management

VICI Properties Inc. manages its properties, ensuring they are well-maintained and meet the needs of its tenants and customers.

8. VICI Properties Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

VICI Properties Inc. operates in the real estate investment trust (REIT) industry, specifically focusing on casinos and entertainment properties. The threat of substitutes in this industry is relatively low because the unique experiences offered by casinos and entertainment properties, such as those owned by VICI, are difficult to replicate with substitute services or products. Customers seeking entertainment, gaming, and lodging experiences tend to prioritize these specific types of venues over other leisure activities.

Bargaining Power Of Customers

The bargaining power of customers in the casino and entertainment industry is moderate. While individual customers have limited negotiating power, large corporate or group bookings can exert more influence. Additionally, with the rise of online reviews and social media, customers have more power to affect a property's reputation. However, the loyalty programs and unique experiences offered by VICI Properties Inc. can mitigate this power to some extent.

Bargaining Power Of Suppliers

The bargaining power of suppliers for VICI Properties Inc. is relatively low. As a real estate investment trust focusing on casinos and entertainment properties, VICI deals with a variety of suppliers, from construction and renovation contractors to service providers. The company likely has significant negotiating power due to the scale of its operations and the availability of suppliers in the market. This allows VICI to manage its supply chain effectively and maintain control over costs.

Threat Of New Entrants

The threat of new entrants in the REIT industry, specifically in the casino and entertainment segment, is high. While there are significant barriers to entry such as high initial investment requirements and regulatory hurdles, the attractiveness of the industry and the reputation of existing players like VICI Properties Inc. can lure new entrants. The threat level is heightened by the fact that new entrants could potentially offer innovative business models or technologies that disrupt traditional operations.

Intensity Of Rivalry

The intensity of rivalry within the casino and entertainment industry, and specifically among REITs like VICI Properties Inc., is high. The industry is characterized by a high number of players competing for market share, and VICI faces competition from other casino and entertainment property owners. The competition is not only in terms of gaming and entertainment offerings but also in attracting visitors and providing unique experiences, leading to aggressive marketing strategies and potentially high operational costs.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.94%
Debt Cost 4.70%
Equity Weight 60.06%
Equity Cost 8.16%
WACC 6.78%
Leverage 66.51%

11. Quality Control: VICI Properties Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
VICI Properties

A-Score: 7.6/10

Value: 5.0

Growth: 7.7

Quality: 8.1

Yield: 10.0

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

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Broadstone Net Lease

A-Score: 6.6/10

Value: 3.8

Growth: 3.8

Quality: 6.8

Yield: 10.0

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

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Essential Properties Realty Trust

A-Score: 6.4/10

Value: 2.9

Growth: 6.8

Quality: 6.8

Yield: 8.0

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

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One Liberty Properties

A-Score: 6.3/10

Value: 5.2

Growth: 4.2

Quality: 6.5

Yield: 10.0

Momentum: 2.5

Volatility: 9.3

1-Year Total Return ->

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CTO Realty Growth

A-Score: 6.0/10

Value: 5.7

Growth: 5.2

Quality: 3.4

Yield: 10.0

Momentum: 2.0

Volatility: 9.3

1-Year Total Return ->

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American Assets Trust

A-Score: 5.7/10

Value: 5.2

Growth: 4.3

Quality: 4.7

Yield: 10.0

Momentum: 2.0

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

27.73$

Current Price

27.73$

Potential

-0.00%

Expected Cash-Flows