Summary
- VICI Properties offers a stronger Buy opportunity after a 10% price drop, with fundamentals and tenant health remaining robust.
- VICI’s triple net lease structure and high-quality tenants minimize rent collection risk, even amid consumer spending concerns and Las Vegas weakness.
- VICI’s debt is well-managed, with fixed rates, ample liquidity, and strong AFFO growth supporting dividend increases and inflation protection.
- Valuation is now more attractive, with a lower price-to-FFO ratio and a ~6% yield, making VICI a compelling total return investment.
eranicle/iStock via Getty Images
[My July thesis](https://seekingalpha.com/article/4800311-between-safety-and-upside-why-vici-properties…
Summary
- VICI Properties offers a stronger Buy opportunity after a 10% price drop, with fundamentals and tenant health remaining robust.
- VICI’s triple net lease structure and high-quality tenants minimize rent collection risk, even amid consumer spending concerns and Las Vegas weakness.
- VICI’s debt is well-managed, with fixed rates, ample liquidity, and strong AFFO growth supporting dividend increases and inflation protection.
- Valuation is now more attractive, with a lower price-to-FFO ratio and a ~6% yield, making VICI a compelling total return investment.
eranicle/iStock via Getty Images
My July thesis on VICI Properties (VICI) got the entry point wrong, as share prices have collapsed by ~10% since. Thankfully, I had a defensive Buy recommendation that did suggest accumulating over the next few quarters to ensure any
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