VICI Properties: I'm Doubling Down As The Market Overpanicked About Tenant Privatization

Cash Flow Venue 5.56K Followers Follow Summary VICI's 25% sell-off is one of the best opportunities in the REIT space. I'm doubling down. Tenant risks with CZR and MGM are overblown, because they are well-mitigated. CZR and MGM going private can be a great opportunity, not just a risk. So Mr Market overpaniced with VICI's sell-off. In my eyes, VICI's properties have brand value by themselves, so the default risk is limited. Also, VICI's leases are one of the strongest and longest in the industry. At a 9.0x P/FFO multiple and 7.4% yield, VICI offers over 30% upside from multiple expansion. I expect a high, double-digit total return. I've just bought more shares. D-Keine/E+ via Getty Images VICI Properties ( VICI ) has always been one of my favorite REIT players. I mean, I've never rated it worse than a 'buy'. Unfortunately, I've been watching it crash due to some challenges. Since the last This article was written by Cash Flow Venue 5.56K Followers Follow I'm Cash Flow Venue and I've been investing for years trying to build my dividend portfolio. I like dividends doing the work for me, but I also have a separate growth portfolio.I'm an M&A Advisor, which means that I advise people and businesses on selling (but sometimes buying) their businesses.I usually work on some financial models, due dilligence, and negotiations. Oh, yes - and I have to attend too many meetings :) Wha'ts my industry focus? I invest in technology, real estate, software, finance, and consumer staples. I've spent years advising clients from these industries. That's why I pay the closest attention to these sectors when investing and writing.I started writing on Seeking Alpha to learn and share ideas. Dividend investing has played a big role in my financial journey. I believe it’s one of the simplest and most accessible ways to work toward financial freedom. By sharing what I learn, I hope to make the process feel less complicated for anyone building long-term wealth. In the end, the goal is simple: move closer to financial freedom through dividend investing. Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The information, opinions, and thoughts included in this article do not constitute an investment recommendation or any form of investment advice. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.