VI VICI VICI Properties Inc. Common Stock Loading... : Investor Sentiment and Bull/Bear Views

The author holds VICI Properties and argues it beats Realty Income on yield (7.4% vs 5.7%), five-year dividend growth (28% vs 15%), lower net debt (4.8 vs 5.4 years of earnings) and a cheaper $10.10 per $1 of AFFO, with the dividend still 74% of AFFO. The main risk is tenant concentration: Caesars is 38% of rent, a rating agency cut Caesars' debt after the Fertitta buyout, and VICI took a $313M charge on Caesars rent it might not collect. The author's stress test says VICI would still be cheaper than O if Caesars' non-Vegas casinos paid half their $731M rent, but the dividend would use 86% of AFFO; the stated watch item is how Caesars handles its new debt once the buyout closes.

The author holds VICI and highlights AFFO per share up 4.3% to $0.62, revenue up 5.8%, a ninth consecutive dividend increase to $0.46/quarter (about a 74% AFFO payout), and raised full-year AFFO guidance of $2.47-$2.48 per diluted share. A $458 million non-cash CECL charge, about $313 million tied to Caesars' credit downgrade from the pending Fertitta take-private, is the main stated risk, though Caesars remains current on rent with no charge-offs. A $2 billion buyback was authorized but described by management as an option rather than a commitment.

Author is long VICI Properties with a $25.90 cost basis and DRIP on, disclosed alongside the Q3 2026 earnings recap. The quarter showed AFFO per share of $0.62 (+4.3%), revenue +5.8% to $1.1B, a 2.2% dividend raise to $0.46 (ninth consecutive annual increase) at ~74% AFFO payout, and raised full-year AFFO guidance of $2.47-$2.48 per diluted share. Main stated risk is the $458M non-cash CECL charge, ~$313M tied to Caesars' credit downgrade from the pending Fertitta take-private and revised regional lease renewal estimates, though Caesars remains current on rent with no charge-offs.