VICI Properties Inc. VICI
Owner of world-class gaming, hospitality and entertainment destinations including Caesars Palace, MGM Grand, and The Venetian.
Executive Summary: VICI Properties Inc. (VICI) Institutional Rating
Quantitative Verdict: VICI Properties Inc. (VICI) trades at an annualized dividend yield of 7.28% with an AFFO payout ratio of 75.9%, earning a Dividend Safety Score of 94 / 100 (Very Safe). The stock currently trades at a 11.2% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $36.50, backed by an institutional portfolio of 93 commercial properties operating at 100.0% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
VICI Properties Inc. operates as a Passive Capital Allocator in the Gaming & Experiential real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 100.0%.
Labor & Overhead Efficiency
- • Total Global Employees: 28
- • Estimated Market Cap: $26.16 B
- • Capital Per Employee: $934.34M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.76%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.26% | $46.91 | +28.5% | $23.76 | Undervalued |
| 5.76% | $42.84 | +17.4% | $23.76 | Undervalued |
| 6.26% | $39.42 | +8.0% | $23.76 | Undervalued |
| 6.76% Base Case | $36.50 | 0.0% | $23.76 | Undervalued |
| 7.26% | $33.99 | -6.9% | $23.76 | Undervalued |
| 7.76% | $31.80 | -12.9% | $23.76 | Undervalued |
| 8.26% | $29.87 | -18.2% | $23.76 | Undervalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.4325 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| The Venetian Resort & Sands Expo | Las Vegas, NV | 7,100,000 sq ft | 100.0% | Apollo Global / Venetian Ops | $4,000,000,000 |
| MGM Grand Hotel & Casino | Las Vegas, NV | 6,800,000 sq ft | 100.0% | MGM Resorts International | $2,878,787,879 |
| Caesars Palace Las Vegas Resort & Casino | Las Vegas, NV | 4,500,000 sq ft | 100.0% | Caesars Entertainment | $2,426,470,588 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: VICI vs Peers
Institutional CompsDirect peer benchmark comparing VICI Properties Inc. against its top competitors in the Gaming & Experiential industry.
| Metric | VICI (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $23.76 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 7.28% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 94 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 10.4x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -11.2% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 100.0% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 93 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (VICI FAQ)
VICI Properties Inc. (VICI) currently pays an annualized dividend of $1.73 per share, representing an annualized dividend yield of 7.28%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 75.9%, earning a Dividend Safety Score of 94/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, VICI Properties Inc.'s consensus base NAV is $36.50 per share. Trading at $23.76, the stock reflects an implied market cap rate of 6.76% and trades at a 11.2% discount to NAV (undervalued).
VICI Properties Inc. owns and operates approximately 93 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 100.0% with a weighted average lease term (WALT) of 40.5 years.
VICI Properties Inc. currently trades at a Price / AFFO multiple of 10.4x based on forward AFFO per share of $2.28. Its Price / FFO multiple stands at 10.6x against forward FFO per share of $2.25.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Edward B. Pitoniak. Total annual reported compensation was $14,007,585, reflecting a CEO-to-median-worker pay ratio of 30:1.
VICI Properties Inc. maintains a Net Debt-to-EBITDA ratio of 5.4x and carries an investment-grade credit rating of BBB- / Baa3. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.