VICI Properties: A Complete Bargain With An 8% Yield

Summary VICI Properties is rated Buy with a $30 price target, offering 26% upside plus an 8% dividend yield. VICI's fundamentals remain strong: 100% occupancy, 100% triple-net leases, and a 39.4-year weighted average lease term. AFFO/share continues to grow (~5% annually), and the stock trades at a steep discount (9.6x 2026 AFFO vs. sector median 15x). Key risks include tenant concentration, higher interest rates, and increased exposure to non-core assets, but current valuation offers a compelling entry. Getty Images VICI Properties ( VICI ) has been hit hard recently, with the stock down close to 30% from its 52-week highs. The decline has seemed to be picking up pace as of late and is starting to disconnect from the fundamentals This article was written by Passage Research 6.26K Followers Follow Passage Research focuses on identifying variant perception through a blend of fundamental analysis and alternative data. The research process combines detailed financial modeling with real-time datasets to underwrite earnings power, margin durability, and forward expectations.The author has spent over a decade on Wall Street, most recently spending the last five years working in the hedge fund industry as an analyst. Typical coverage spans consumer, TMT, industrials and special situations, with an emphasis on asymmetric risk/reward and catalyst-driven opportunities. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in VICI over the next 72 hours. 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. 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.