VICI Properties increases quarterly dividend by 4.2% to 43.25c per share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 05 2024
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Should l Buy VICI?
- Dividend Payment Date: The dividend will be paid on October 3, 2024.
- Record Date for Stockholders: Stockholders must be on record by the close of business on September 18, 2024, to receive the dividend.
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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: 29.170
Low
30.00
Averages
33.70
High
38.00
Current: 29.170
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.
Comparison of AGNC and Vici REIT Yields
- AGNC Yield Attraction: AGNC boasts an eye-catching forward yield of 12.8%, and while its projected EPS of $1.51 covers the $1.44 dividend, its declining earnings indicate a potential high-yield trap, suggesting caution for investors.
- Cost of Financing Pressure: AGNC generates cash by selling mortgage-backed securities (MBS), but with short-term rates exceeding long-term rates, its financing costs have risen, limiting profitability; if the real estate market remains sluggish, dividend cuts may be on the horizon.
- Vici's Stability: In contrast, Vici Properties, as an equity REIT, owns 93 entertainment properties and has maintained a 100% occupancy rate since its 2018 IPO, with projected adjusted funds from operations expected to grow 4%-5% by 2025, showcasing strong profitability and stable dividend payments.
- Leasing Model Advantage: Vici's leases are tied to the Consumer Price Index, allowing for rent increases in line with inflation, and its triple-net lease structure requires tenants to cover maintenance and taxes, further enhancing financial stability and dividend growth potential.
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VICI Properties Credit Rating Analysis
- Credit Rating Consistency: VICI Properties holds a BBB- credit rating across three major agencies, with Moody's upgrading it to Baa3 in November 2024, indicating stability at the investment-grade edge; however, the lack of buffer means any downgrade could disrupt this consensus.
- Rent Concentration Risk: Approximately 74% of contractual rent comes from Caesars Entertainment and MGM Resorts, accounting for 39% and 35% respectively; while the company boasts 100% occupancy across 93 properties, this concentration remains a structural risk that rating agencies are monitoring closely.
- Stable Cash Flow: In Q3 2025, AFFO per share reached $0.60, a 5.3% year-over-year increase, with management raising full-year guidance to $2.36-$2.37 per share; despite an eighth consecutive annual dividend increase to $0.45, the 76% payout ratio indicates limited resilience against unexpected events.
- Financial Leverage Position: VICI's net leverage stands at approximately 5.0x, at the low end of its target range, with total debt at $17.1 billion at year-end 2024, 98.1% of which is fixed-rate, showcasing strong financial management, yet it has not enabled a rating upgrade beyond BBB-.
See More
VICI Properties Stock Analysis and Outlook
- Analyst Optimism: Among the 25 analysts covering VICI Properties, 80% have assigned a Buy rating, indicating strong market confidence in the stock despite trading near its 52-week lows, reflecting investor expectations for a rebound.
- Price Target Increase: Barry Jones from Truist Financial reiterated a Buy rating on VICI with a price target of $38, suggesting over 24% upside from current levels, indicating analysts' optimism about the stock's future performance.
- Market Environment Analysis: Analysts at Cantor Fitzgerald noted that while US equity REITs are expected to return only 2.9% in 2025, underperforming the S&P 500, they anticipate improvements in 2026 driven by a supportive macroeconomic environment and accelerating M&A activity, highlighting the sector's potential recovery.
- Strong Fundamentals: VICI Properties focuses on owning gaming, hospitality, and entertainment destinations across the US and Canada, and despite market challenges, its stable demand, strong balance sheet, and growing dividend yield make it attractive in the current environment.
See More
VICI Properties Stock Decline but Stable Dividends
- Stock Decline: VICI Properties' stock has fallen over 15% in recent months, bringing its price down to around $25 and pushing its dividend yield up to 6.18%, significantly higher than the S&P 500's 1.2%, providing investors with a stable passive income stream.
- Stable Dividend Growth: The company owns a growing portfolio of experiential real estate and benefits from long-term triple-net leases, ensuring steady cash flows with rents expected to rise by 46% this year and 90% by 2035, strongly supporting its dividend payouts.
- Investment Expansion: VICI recently secured a $1.2 billion deal to acquire seven gaming properties and continues to invest in income-producing experiential real estate through sale-leaseback transactions and real estate-backed loans, further enhancing its cash flow.
- Consistent Dividend Increases: The REIT has raised its dividend for eight consecutive years, achieving a compound annual growth rate of 6.6%, significantly outpacing the 2.3% average of other NNN-focused REITs, highlighting its strong market potential and growth prospects.
See More
Top High-Yield Stocks: Verizon, Oneok, and More with Annual Growth Over 5%
- Stable Earnings in Clean Energy: Clearway Energy boasts a dividend yield exceeding 5%, ensuring stable cash flow through long-term fixed-rate contracts, with expectations of 7% to 8% annual cash flow per share growth by 2030, supporting ongoing dividend increases.
- REIT Stability Advantage: NNN REIT offers a dividend yield over 5.5%, generating stable rental income from single-tenant, triple-net-leased properties, having increased dividends for 36 consecutive years, showcasing strong financial flexibility and investment potential.
- Pipeline Industry Growth Potential: Oneok has a 5.5% dividend yield, supported by long-term contracts and government-regulated revenue structures, enabling over 25 years of dividend stability, with plans for 3% to 4% annual growth in the future.
- Telecom Giant Expansion Strategy: Verizon's dividend yield exceeds 7%, leveraging the $20 billion acquisition of Frontier to expand its broadband network and enhance cross-selling capabilities, expected to support future dividend growth, having achieved a 19-year growth streak.
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Verizon Increases Dividend for 19th Consecutive Year, Oneok Delivers Stable Growth
- Dividend Stability: Verizon has increased its dividend for 19 consecutive years, currently boasting a yield of over 7%, supported by stable wireless and internet revenues that enhance its financial robustness for future dividend growth.
- Long-Term Contract Security: Oneok offers a 5.5% dividend yield, with stable cash flow derived from long-term fixed contracts, reflecting over 25 years of consistent dividend growth backed by a strong financial foundation and expansion capabilities.
- Investment Return Potential: NNN REIT has a dividend yield exceeding 5.5%, with stable rental income from single-tenant properties, allocating 70% of its cash flow to dividends, ensuring long-term investment returns and financial flexibility.
- Clean Energy Outlook: Clearway Energy's dividend yield is over 5%, with expectations of 7% to 8% compound annual cash flow growth per share through 2030, providing robust support for continued dividend increases.
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Comparison of AGNC and Vici REIT Yields
- AGNC Yield Attraction: AGNC boasts an eye-catching forward yield of 12.8%, and while its projected EPS of $1.51 covers the $1.44 dividend, its declining earnings indicate a potential high-yield trap, suggesting caution for investors.
- Cost of Financing Pressure: AGNC generates cash by selling mortgage-backed securities (MBS), but with short-term rates exceeding long-term rates, its financing costs have risen, limiting profitability; if the real estate market remains sluggish, dividend cuts may be on the horizon.
- Vici's Stability: In contrast, Vici Properties, as an equity REIT, owns 93 entertainment properties and has maintained a 100% occupancy rate since its 2018 IPO, with projected adjusted funds from operations expected to grow 4%-5% by 2025, showcasing strong profitability and stable dividend payments.
- Leasing Model Advantage: Vici's leases are tied to the Consumer Price Index, allowing for rent increases in line with inflation, and its triple-net lease structure requires tenants to cover maintenance and taxes, further enhancing financial stability and dividend growth potential.
See More
VICI Properties Credit Rating Analysis
- Credit Rating Consistency: VICI Properties holds a BBB- credit rating across three major agencies, with Moody's upgrading it to Baa3 in November 2024, indicating stability at the investment-grade edge; however, the lack of buffer means any downgrade could disrupt this consensus.
- Rent Concentration Risk: Approximately 74% of contractual rent comes from Caesars Entertainment and MGM Resorts, accounting for 39% and 35% respectively; while the company boasts 100% occupancy across 93 properties, this concentration remains a structural risk that rating agencies are monitoring closely.
- Stable Cash Flow: In Q3 2025, AFFO per share reached $0.60, a 5.3% year-over-year increase, with management raising full-year guidance to $2.36-$2.37 per share; despite an eighth consecutive annual dividend increase to $0.45, the 76% payout ratio indicates limited resilience against unexpected events.
- Financial Leverage Position: VICI's net leverage stands at approximately 5.0x, at the low end of its target range, with total debt at $17.1 billion at year-end 2024, 98.1% of which is fixed-rate, showcasing strong financial management, yet it has not enabled a rating upgrade beyond BBB-.
See More
VICI Properties Stock Analysis and Outlook
- Analyst Optimism: Among the 25 analysts covering VICI Properties, 80% have assigned a Buy rating, indicating strong market confidence in the stock despite trading near its 52-week lows, reflecting investor expectations for a rebound.
- Price Target Increase: Barry Jones from Truist Financial reiterated a Buy rating on VICI with a price target of $38, suggesting over 24% upside from current levels, indicating analysts' optimism about the stock's future performance.
- Market Environment Analysis: Analysts at Cantor Fitzgerald noted that while US equity REITs are expected to return only 2.9% in 2025, underperforming the S&P 500, they anticipate improvements in 2026 driven by a supportive macroeconomic environment and accelerating M&A activity, highlighting the sector's potential recovery.
- Strong Fundamentals: VICI Properties focuses on owning gaming, hospitality, and entertainment destinations across the US and Canada, and despite market challenges, its stable demand, strong balance sheet, and growing dividend yield make it attractive in the current environment.
See More
VICI Properties Stock Decline but Stable Dividends
- Stock Decline: VICI Properties' stock has fallen over 15% in recent months, bringing its price down to around $25 and pushing its dividend yield up to 6.18%, significantly higher than the S&P 500's 1.2%, providing investors with a stable passive income stream.
- Stable Dividend Growth: The company owns a growing portfolio of experiential real estate and benefits from long-term triple-net leases, ensuring steady cash flows with rents expected to rise by 46% this year and 90% by 2035, strongly supporting its dividend payouts.
- Investment Expansion: VICI recently secured a $1.2 billion deal to acquire seven gaming properties and continues to invest in income-producing experiential real estate through sale-leaseback transactions and real estate-backed loans, further enhancing its cash flow.
- Consistent Dividend Increases: The REIT has raised its dividend for eight consecutive years, achieving a compound annual growth rate of 6.6%, significantly outpacing the 2.3% average of other NNN-focused REITs, highlighting its strong market potential and growth prospects.
See More
Top High-Yield Stocks: Verizon, Oneok, and More with Annual Growth Over 5%
- Stable Earnings in Clean Energy: Clearway Energy boasts a dividend yield exceeding 5%, ensuring stable cash flow through long-term fixed-rate contracts, with expectations of 7% to 8% annual cash flow per share growth by 2030, supporting ongoing dividend increases.
- REIT Stability Advantage: NNN REIT offers a dividend yield over 5.5%, generating stable rental income from single-tenant, triple-net-leased properties, having increased dividends for 36 consecutive years, showcasing strong financial flexibility and investment potential.
- Pipeline Industry Growth Potential: Oneok has a 5.5% dividend yield, supported by long-term contracts and government-regulated revenue structures, enabling over 25 years of dividend stability, with plans for 3% to 4% annual growth in the future.
- Telecom Giant Expansion Strategy: Verizon's dividend yield exceeds 7%, leveraging the $20 billion acquisition of Frontier to expand its broadband network and enhance cross-selling capabilities, expected to support future dividend growth, having achieved a 19-year growth streak.
See More
Verizon Increases Dividend for 19th Consecutive Year, Oneok Delivers Stable Growth
- Dividend Stability: Verizon has increased its dividend for 19 consecutive years, currently boasting a yield of over 7%, supported by stable wireless and internet revenues that enhance its financial robustness for future dividend growth.
- Long-Term Contract Security: Oneok offers a 5.5% dividend yield, with stable cash flow derived from long-term fixed contracts, reflecting over 25 years of consistent dividend growth backed by a strong financial foundation and expansion capabilities.
- Investment Return Potential: NNN REIT has a dividend yield exceeding 5.5%, with stable rental income from single-tenant properties, allocating 70% of its cash flow to dividends, ensuring long-term investment returns and financial flexibility.
- Clean Energy Outlook: Clearway Energy's dividend yield is over 5%, with expectations of 7% to 8% compound annual cash flow growth per share through 2030, providing robust support for continued dividend increases.
See More
