VICI Properties Announces Q3 AFFO of 60c, Exceeding Consensus Estimate of 59c
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 30 2025
0mins
Should l Buy VICI?
Q3 Revenue Performance: VICI Properties reported Q3 revenue of $1.0 billion, matching consensus expectations, with a year-over-year revenue growth of 4.4%.
Dividend Increase: The company announced its 8th consecutive annual dividend increase of $0.0175 per share, reflecting a 4.0% year-over-year increase.
AFFO Growth: VICI Properties achieved a 5.3% year-over-year growth in AFFO per share and a 7.4% increase in aggregate AFFO over the last twelve months, with a minimal share count growth of 2.1%.
New Tenant Addition: After the quarter-end, VICI welcomed Clairvest as its 14th tenant, who will manage MGM Northfield Park, enhancing the company's tenant diversification in the gaming sector.
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Analyst Views on VICI
Wall Street analysts forecast VICI stock price to rise
12 Analyst Rating
7 Buy
5 Hold
0 Sell
Moderate Buy
Current: 28.420
Low
30.00
Averages
33.70
High
38.00
Current: 28.420
Low
30.00
Averages
33.70
High
38.00
About VICI
VICI Properties Inc. is a real estate investment trust (REIT). The Company is engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. The Company own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the Venetian Resort). The portfolio comprises over 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by gaming, leisure and hospitality operators under long-term, triple-net lease agreements. The Company also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
MGM Resorts Sells Northfield Park Operations for $546M
- Divestiture Strategy: MGM Resorts sold the operations of Northfield Park for $546 million in cash to private equity funds managed by Clairvest Group, viewing this transaction as a divestiture of a non-strategic regional asset at a higher multiple than the market assigns to MGM's core premium portfolio.
- Significant Financial Impact: The deal provides MGM with approximately $420 million in net cash proceeds after taxes and transaction costs, which the company plans to use to maintain a strong balance sheet, fund selective growth opportunities, and return capital to shareholders.
- Lease Structure Adjustment: Following the transaction, MGM amended its master lease with VICI Properties, reducing annual rent by $53 million, which will further improve the company's cash flow situation and enhance financial flexibility.
- Historical Context: MGM acquired the operating business of Northfield Park for about $275 million in 2019 and transferred property ownership to VICI Properties in 2022, demonstrating the company's flexibility in asset management and strategic adjustments.
See More
VICI Properties Inc. Signs Lease Agreement with Clairvest for MGM Northfield Park in Northfield, OH
Lease Agreement: VICI Properties Inc. has entered into a lease agreement with Clairvest Group related to the MGM Northfield Park in Northfield, Ohio.
Investment Details: The agreement signifies a strategic investment in the gaming and entertainment sector, enhancing VICI's portfolio in the region.
See More
Low-Risk High-Return Investment Opportunities
- Brookfield Infrastructure: Brookfield Infrastructure derives 85% of its funds from operations under long-term contracts or regulated frameworks, with over $9 billion in organic expansion projects expected over the next three years, ensuring stable cash flow and a 4.3% dividend yield, thereby enhancing its market competitiveness.
- NextEra Energy: NextEra Energy plans to invest $325 billion in renewable energy and electricity transmission by 2032, which is expected to support over 8% annual adjusted earnings-per-share growth, ensuring its continued growth of a 2.7% dividend, further solidifying its leadership in the clean energy sector.
- Vici Properties: Vici Properties pays out 75% of its adjusted funds from operations in dividends, with a current yield of 6.3%, and ensures stable rental income through long-term lease agreements with high-quality operating companies, with expectations to continue increasing dividends in the future.
- Portfolio Safety: Brookfield, NextEra Energy, and Vici Properties all demonstrate strong financial health and growth potential, making them suitable for investors seeking high-return and low-risk investments, and are expected to provide substantial returns for long-term investors.
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Three High-Yield Stocks for Investors
- AbbVie's Stability: AbbVie saw a revenue increase of about 9% last year, primarily driven by strong performance in its immunology and neuroscience segments, making it a reliable investment during economic fluctuations, with a current dividend yield of 3.3%, significantly above the S&P 500's 1.2%.
- Chevron's Resilience: During the market crash in 2022, Chevron's stock surged by 53%, and it offers a dividend yield of 3.8%, showcasing its strong profitability in a high oil price environment, with operating profits exceeding $16 billion annually over the past four years.
- Vici Properties' Diversification: Vici Properties boasts a high dividend yield of 6.3%, with last year's revenue rising by 4% to over $4 billion and net income climbing to $2.8 billion, demonstrating its ability to withstand economic downturns, as evidenced by an almost 8% stock price increase in 2022.
- Investment Value Emergence: These three stocks have shown exceptional performance during market turbulence, with AbbVie and Chevron providing stable income and Vici Properties offering high dividends, making them top choices for investors, especially amid increasing economic uncertainty.
See More
VICI Properties Shows Significant Dividend Growth
- Dividend History: Since its IPO in 2018, VICI Properties has consistently paid dividends, starting with a pro-rated $0.16 per share in the first quarter, demonstrating its stable cash flow and profitability.
- Dividend Growth Rate: VICI has achieved a 6.6% compound annual growth rate in dividends since the end of 2018, significantly outpacing similar REITs, reflecting strong performance driven by rising rental rates and new investments.
- Cumulative Dividend Income: By 2023, an investor holding 100 shares would have received nearly $791.25 in cumulative dividends, nearly 60% of their original investment, showcasing the high return potential of this investment.
- Future Outlook: VICI's dividends are expected to continue rising, supported by built-in rental escalation clauses and new investments, making it an attractive option for generating passive income in real estate.
See More
Fertitta Entertainment Negotiates Acquisition of Caesars Entertainment
- Acquisition Negotiations: Fertitta Entertainment is negotiating to acquire Caesars Entertainment at a price of $32 per share, representing an equity value of $6.5 billion and an enterprise value of $31.5 billion, indicating strong interest in the company.
- Competitor Dynamics: Billionaire Carl Icahn has also made a bid, initially offering $28.50 per share and later raising it to $33, demonstrating his intent to acquire Caesars, potentially to drive up the acquisition price and enhance the value of his own stake.
- Market Reaction: Caesars' stock has been under pressure since October 2021, despite its digital business becoming profitable, as investors remain skeptical about future growth, particularly in light of significant declines in competitors' stock prices like DraftKings and FanDuel.
- Regulatory Challenges: Should the acquisition agreement be reached, it will face regulatory and shareholder scrutiny, especially considering Fertitta's holdings in other gambling companies, which could impact the smooth execution of the deal.
See More
MGM Resorts Sells Northfield Park Operations for $546M
- Divestiture Strategy: MGM Resorts sold the operations of Northfield Park for $546 million in cash to private equity funds managed by Clairvest Group, viewing this transaction as a divestiture of a non-strategic regional asset at a higher multiple than the market assigns to MGM's core premium portfolio.
- Significant Financial Impact: The deal provides MGM with approximately $420 million in net cash proceeds after taxes and transaction costs, which the company plans to use to maintain a strong balance sheet, fund selective growth opportunities, and return capital to shareholders.
- Lease Structure Adjustment: Following the transaction, MGM amended its master lease with VICI Properties, reducing annual rent by $53 million, which will further improve the company's cash flow situation and enhance financial flexibility.
- Historical Context: MGM acquired the operating business of Northfield Park for about $275 million in 2019 and transferred property ownership to VICI Properties in 2022, demonstrating the company's flexibility in asset management and strategic adjustments.
See More
VICI Properties Inc. Signs Lease Agreement with Clairvest for MGM Northfield Park in Northfield, OH
Lease Agreement: VICI Properties Inc. has entered into a lease agreement with Clairvest Group related to the MGM Northfield Park in Northfield, Ohio.
Investment Details: The agreement signifies a strategic investment in the gaming and entertainment sector, enhancing VICI's portfolio in the region.
See More
Low-Risk High-Return Investment Opportunities
- Brookfield Infrastructure: Brookfield Infrastructure derives 85% of its funds from operations under long-term contracts or regulated frameworks, with over $9 billion in organic expansion projects expected over the next three years, ensuring stable cash flow and a 4.3% dividend yield, thereby enhancing its market competitiveness.
- NextEra Energy: NextEra Energy plans to invest $325 billion in renewable energy and electricity transmission by 2032, which is expected to support over 8% annual adjusted earnings-per-share growth, ensuring its continued growth of a 2.7% dividend, further solidifying its leadership in the clean energy sector.
- Vici Properties: Vici Properties pays out 75% of its adjusted funds from operations in dividends, with a current yield of 6.3%, and ensures stable rental income through long-term lease agreements with high-quality operating companies, with expectations to continue increasing dividends in the future.
- Portfolio Safety: Brookfield, NextEra Energy, and Vici Properties all demonstrate strong financial health and growth potential, making them suitable for investors seeking high-return and low-risk investments, and are expected to provide substantial returns for long-term investors.
See More
Three High-Yield Stocks for Investors
- AbbVie's Stability: AbbVie saw a revenue increase of about 9% last year, primarily driven by strong performance in its immunology and neuroscience segments, making it a reliable investment during economic fluctuations, with a current dividend yield of 3.3%, significantly above the S&P 500's 1.2%.
- Chevron's Resilience: During the market crash in 2022, Chevron's stock surged by 53%, and it offers a dividend yield of 3.8%, showcasing its strong profitability in a high oil price environment, with operating profits exceeding $16 billion annually over the past four years.
- Vici Properties' Diversification: Vici Properties boasts a high dividend yield of 6.3%, with last year's revenue rising by 4% to over $4 billion and net income climbing to $2.8 billion, demonstrating its ability to withstand economic downturns, as evidenced by an almost 8% stock price increase in 2022.
- Investment Value Emergence: These three stocks have shown exceptional performance during market turbulence, with AbbVie and Chevron providing stable income and Vici Properties offering high dividends, making them top choices for investors, especially amid increasing economic uncertainty.
See More
VICI Properties Shows Significant Dividend Growth
- Dividend History: Since its IPO in 2018, VICI Properties has consistently paid dividends, starting with a pro-rated $0.16 per share in the first quarter, demonstrating its stable cash flow and profitability.
- Dividend Growth Rate: VICI has achieved a 6.6% compound annual growth rate in dividends since the end of 2018, significantly outpacing similar REITs, reflecting strong performance driven by rising rental rates and new investments.
- Cumulative Dividend Income: By 2023, an investor holding 100 shares would have received nearly $791.25 in cumulative dividends, nearly 60% of their original investment, showcasing the high return potential of this investment.
- Future Outlook: VICI's dividends are expected to continue rising, supported by built-in rental escalation clauses and new investments, making it an attractive option for generating passive income in real estate.
See More
Fertitta Entertainment Negotiates Acquisition of Caesars Entertainment
- Acquisition Negotiations: Fertitta Entertainment is negotiating to acquire Caesars Entertainment at a price of $32 per share, representing an equity value of $6.5 billion and an enterprise value of $31.5 billion, indicating strong interest in the company.
- Competitor Dynamics: Billionaire Carl Icahn has also made a bid, initially offering $28.50 per share and later raising it to $33, demonstrating his intent to acquire Caesars, potentially to drive up the acquisition price and enhance the value of his own stake.
- Market Reaction: Caesars' stock has been under pressure since October 2021, despite its digital business becoming profitable, as investors remain skeptical about future growth, particularly in light of significant declines in competitors' stock prices like DraftKings and FanDuel.
- Regulatory Challenges: Should the acquisition agreement be reached, it will face regulatory and shareholder scrutiny, especially considering Fertitta's holdings in other gambling companies, which could impact the smooth execution of the deal.
See More
