VICI Properties: Eight-Year Dividend Review

Written by Emily J. Thompson, Senior Investment Analyst

Source: Fool

Updated: 6 days ago

0mins

VICI-0.53%

CZR+2.75%

Should l Buy VICI?

Source: Fool

Significant Dividend Growth: Since its IPO in 2018, VICI Properties has achieved a 6.6% compound annual growth rate in dividends, significantly outpacing similar REITs, indicating strong profitability driven by rising rental rates and new investments.
Investment Return Analysis: An investor purchasing 100 shares at IPO would have received $99.75 in dividends in the first year, with cumulative dividends reaching $791.25 over eight years, nearly 60% of the original investment, highlighting its appeal as a passive income source.
Strong Market Performance: VICI Properties currently boasts a market cap of $30 billion, with stock price fluctuations ranging from $26.55 to $34.01 over the past year, reflecting stability and investor confidence in the market.
Optimistic Future Outlook: Future dividends are expected to continue rising, primarily due to built-in rental escalation clauses and ongoing new investments, further solidifying VICI Properties' attractiveness in real estate investment.

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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: 28.360

Low

30.00

Averages

33.70

High

38.00

Current: 28.360

Low

30.00

Averages

33.70

High

38.00

Mizuho

NULL -> Neutral

downgrade

$30

2026-03-12

Reason

Mizuho

Price Target

$30

AI Analysis

2026-03-12

downgrade

NULL -> Neutral

Reason

Mizuho says shares of VICI Properties (VICI) moved lower yesterday after the Wall Street Journal reported Tilman Fertitta is in talks to acquire Caesars Entertainment (CZR). VICI has Caesars as its largest tenant as 39% of its rent, the analyst tells investors in a research note. Mizuho points out that the article implied VICI has the ability to act as a "roadblock" to any acquisition for its tenants. Management, however, confirmed this is not accurate and that VICO has no veto power over an acquisition, unless the acquisition is contingent on modifications of Caesars leases with VICI, says Mizuho. At this point, there is nothing suggesting Fertitta's offer is contingent on lease modifications, adds the firm. In addition, the analyst believes an acquisition of Caesars by Fertitta would be perceived as a tenant credit downgrade from investors because Fertitta is highly levered and would impact VICI's broader tenant credit quality. Mizuho downgraded VICI yesterday to Neutral with a $30 price target.

Mizuho

Outperform -> Neutral

downgrade

$30

2026-03-11

Reason

Mizuho

Price Target

$30

2026-03-11

downgrade

Outperform -> Neutral

Reason

Mizuho downgraded VICI Properties to Neutral from Outperform with an unchanged price target of $30. The firm cites valuation for the downgrade. At the current stock price, VICI offers less relative opportunity for outperformance, the analyst tells investors in a research note.

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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.

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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.

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Vici Properties' High Yield: Vici Properties boasts a dividend yield of 6.3%, and its diversified real estate portfolio allows it to remain stable even in economic downturns, with a nearly 8% stock price increase in 2022, resulting in a total return of 13%, showcasing its potential as a safe investment.
Market Performance and Investment Value: Although Vici Properties has slightly underperformed the S&P 500 this year with about a 1% increase, its strong dividend and solid financial foundation make it a noteworthy investment option to consider right now.

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VICI Stability: VICI Properties, a REIT focused on the Las Vegas Strip, has maintained price stability in 2026 with a current yield of 6.44% and an annual dividend of $1.78 per share, while its low payout ratio of 67.6% allows for continued dividend growth over the past seven years, indicating strong future profitability.
Strong Financial Performance: VICI's revenue grew by 4.1% in 2025, achieving a net profit margin of 70.36%, and a healthy debt-to-equity ratio of 0.63 demonstrates its financial robustness, ensuring survival in a volatile market.
T. Rowe Price's Steady Growth: T. Rowe Price offers an annual dividend of $5.11 with a current yield of 5.67% and a payout ratio of 54.98%, ensuring its ability to continue increasing dividends over the next 40 years, positioning it to achieve Dividend King status by 2037.
Asset Management Increase: T. Rowe Price reported total revenues of $6.39 billion for 2025, up 3.2%, with average assets under management reaching $1.56 billion, a 7.4% increase, showcasing its ongoing appeal and profitability in an unstable market.

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Stable Performance of VICI Properties: VICI Properties currently offers a 6.44% yield with an annual dividend of $1.78 per share, and its low payout ratio of 67.6% provides ample room for future dividend growth, demonstrating stability and profitability in a turbulent market.
Strong Revenue Growth: VICI Properties experienced a 4.1% revenue increase in 2025, maintaining a net profit margin of 70.36%, indicating effective operations across its 54 gaming properties and 39 non-gaming properties, enhancing its competitive edge in the market.
Robust Performance of T. Rowe Price: T. Rowe Price boasts a 5.67% yield with an annual dividend of $5.11 per share, and its low payout ratio of 54.98% allows for continued dividend growth over 40 years, positioning it to achieve Dividend King status by 2037.
Asset Management Growth: T. Rowe Price reported total revenues of $6.39 billion for 2025, a 3.2% increase, with average assets under management reaching $1.56 billion, up 7.4%, showcasing its solid growth potential in an uncertain market.

VICI Properties Shows Significant Dividend Growth

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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.