Las Vegas, Nevada – VICI Properties Inc., a well-managed real estate investment trust (REIT) based in Las Vegas, Nevada, specializes in casino properties. With a portfolio concentrated on gaming properties and a strong tenant base that includes major casino operators like MGM Resorts International and Caesars Entertainment, VICI Properties has been able to maintain 100% occupancy as of December 31, 2023.

The trust’s strategic focus on diversifying its real estate portfolio, which includes 54 gaming properties and 39 experiential properties across 26 states and Canada, has contributed to its significant growth in Adjusted Funds From Operations (AFFO). In fact, VICI Properties saw its AFFO increase by 316% since 2018, reaching $2.2 billion in 2023.

Despite being mainly located on the Las Vegas Strip, which poses potential risks associated with the volatility of the tourism industry, VICI Properties has long-term leases in place with top tenants, providing stability to its cash flow. The trust’s consistent history of AFFO growth, even during the pandemic, highlights the strength of its underlying real estate assets.

Looking forward to 2024, VICI Properties anticipates producing between $2.22 and $2.25 per diluted share in AFFO. With its stock currently trading at $29.79, the valuation reflects a reasonable 13.3x AFFO multiple, positioning the trust as an attractive investment option for passive income investors. Comparing VICI Properties to other leading REITs, such as Realty Income Corp., showcases the trust’s consistent dividend growth and financial strength.

In conclusion, VICI Properties stands out as a well-managed REIT with a strong track record of growing its AFFO and paying increasing dividends. The trust’s commitment to financial consistency and dividend growth, coupled with its diverse real estate portfolio and stable tenant base, make it a compelling option for investors seeking reliable passive income opportunities and potential dividend growth in the future.