VICI Properties Inc (VICI)
Official siteREAL ESTATE • REIT - DIVERSIFIED • NYSE
Market Cap: $28.48B
Last updated: Sep 01, 2026 at 10:00 AM ET
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The LAND Framework: How I Find Assets The Market Can't Properly Value
GAAP hides value - Texas Pacific's ~800,000 acres sit on the balance sheet at a carrying value of zero, yet the trust is worth roughly $26 billion, illustrating persistent mispricing Proprietary LAND scorecard identifies priorities - Texas Pacific Land (TPL) 92, LandBridge (LB) 81, Rayonier (RYN) 76, Whirlpool (WHR) 11, use as initial sourcing signal LAND is a mispricing detector, not a quality test - screen for assets carried below market, then apply TOLL+M to determine whether the underlying business warrants ownership Locked Supply and Accounting Gap are decisive - replication must be mechanically impossible, and vintage matters because acquisitions reset fair-value accounting and close the gap Nominal Linkage determines real upside - prefer royalties on gross, commodity linkage, or market-rate rent resets; fixed low escalators often fail to protect cash flow from inflation
How To Buy Stocks Nobody Wants - Without Blowing Up Your Portfolio
Durable edge is willingness to hold unloved, high-quality businesses - excess return comes from unique info, reframed misreads, or holding what others cannot Behavioral constraints matter - losses feel ~2x gains (Kahneman/Tversky) and myopic loss aversion makes frequent checking costly, accumulate over quarters not days Diagnose weakness before acting - distinguish cyclical, secular decline, or idiosyncratic problems, then apply a tailored response rather than relying on courage Position sizing and execution are risk controls - scale in over quarters, size to survive being early, and set predefined re-eval triggers to limit ruin risk Practical proof points - author down ~30% on QXO, while UNP was bought through a 3+ year sideways cycle and later rewarded, illustrating timing risk and payoff
Two Yielders, One Trap
Yield screens conflate VICI (6.4%) and SL Green (~5%) - VICI pays ~75% of AFFO and has raised dividends annually since 2018; SL Green covers only about one third of its interest bill and has cut payouts Use FFO/AFFO not GAAP earnings - Realty Income’s $3.25 distribution vs GAAP-implied payout >200% contrasts with 2026 AFFO guidance $4.41-4.44, implying a sustainable ~73% payout Benchmark REITs to forward FFO within sectors, not cross-sector P/Es - the listed group trades ~14-16x forward FFO, GNG uses 13x as a conservative fair-value baseline Rexford Industrial is a contrarian pick, rated Very Strong Buy, trading $34.81 vs GNG fair value $60.79, implying a 43% discount while quant and Street rate it Hold Grocery-anchored strip retail is the highest-quality sector - Kite Realty 95% leased, new deals +31% vs replaced rents, blended spreads ~13%, same-store income +3.6%, ~80% grocery rent, but trades ~19% rich
Starting Over: The 15-Stock Dividend Portfolio My Own Rules Would Build
TOLL+M disciplined 15-stock build: 15 holdings, average forward yield >=3%, one name per sleeve, no manager overrides Toll-road core via EPD and WMB - EPD yields ~6%, 27-year increase streak, DCF coverage >1.6x; WMB grows faster but has a 2016 cut scar Real-asset income engines: UNP (rail oligopoly), CME (exchanges), LMT (defense, payout mid-60s, long backlog), VICI and Realty Income - O has 30+ years of raises Framework fills gaps: NextEra - dividend +10% last year, payout ~40%; PepsiCo - yield >4% and 50+ years of raises; TXN and AbbVie meet TOLL+M thresholds Investor playbook: one-per-sector diversification, target >=3% avg forward yield, score holdings with TOLL+M, avoid concentration, add sleeves for higher income or themes
Two 7% Casino Landlords. I Like Both - But One Wins
Gaming REITs behave like inflation-linked bonds - 30-50 year triple-net master leases with CPI floors, ~7% yields, contractually growing cash flows and downside protection VICI preferred, owns ~100 properties incl 61 casinos, ~660 acres and 2.6 of 4 miles frontage on the Las Vegas Strip, largest private convention-space owner and ~66,000 hotel rooms VICI financial strengths, average rent ~ $33M per property, Venetian pays > $300M annually, high triple-net margins, EBITDA up ~400% since 2017, investment grade at all three agencies Master leases force portfolio transfer or a new operator if a tenant fails, tenants pay taxes/insurance/upkeep, both landlords collected ~100% of rent during the 2020 shutdown Both yield ~7% and suit income allocations; VICI wins on scale, irreplaceable Strip assets and credit profile - TOLL+M favors VICI by 8 points, a clear but modest advantage
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Frequently Asked Questions About VICI
- What is VICI's current dividend yield?
- VICI Properties Inc (VICI) has a current dividend yield of 7.02%.
- Does VICI pay dividends?
- Yes, VICI Properties Inc pays dividends with a current yield of 7.02%.
- What is VICI's P/E ratio?
- VICI Properties Inc has a price-to-earnings (P/E) ratio of 9.43.
- What is VICI's market cap?
- VICI Properties Inc (VICI) has a market capitalization of $28.48B with a current stock price of $25.65.
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