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VICI Properties

NYSE:VICI
Snowflake Description

Solid track record, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VICI
NYSE
$9B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. The last earnings update was 15 days ago. More info.


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VICI Share Price and Events
7 Day Returns
1%
NYSE:VICI
0.2%
US REITs
-3.9%
US Market
1 Year Returns
13.2%
NYSE:VICI
13%
US REITs
1.4%
US Market
VICI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
VICI Properties (VICI) 1% 1.4% 4.3% 13.2% - -
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • VICI outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

VICI Value

 Is VICI Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of VICI Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for VICI Properties.

NYSE:VICI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:VICI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (45.54%))
0.814
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.814 * 5.96%)
7.58%

Discounted Cash Flow Calculation for NYSE:VICI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for VICI Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

VICI Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:VICI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.58%)
2019 646.11 Analyst x10 600.57
2020 716.43 Analyst x10 619.01
2021 732.42 Analyst x5 588.22
2022 770.09 Est @ 5.14% 574.88
2023 804.12 Est @ 4.42% 557.98
2024 835.58 Est @ 3.91% 538.94
2025 865.31 Est @ 3.56% 518.78
2026 893.95 Est @ 3.31% 498.18
2027 921.98 Est @ 3.14% 477.58
2028 949.76 Est @ 3.01% 457.30
Present value of next 10 years cash flows $5,431.44
NYSE:VICI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $949.76 × (1 + 2.73%) ÷ (7.58% – 2.73%)
$20,107.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $20,107.57 ÷ (1 + 7.58%)10
$9,681.64
NYSE:VICI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,431.44 + $9,681.64
$15,113.08
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $15,113.08 / 410.97
$36.77
NYSE:VICI Discount to Share Price
Calculation Result
Value per share (USD) From above. $36.77
Current discount Discount to share price of $22.30
= -1 x ($22.30 - $36.77) / $36.77
39.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price VICI Properties is available for.
Intrinsic value
39%
Share price is $22.3 vs Future cash flow value of $36.77
Current Discount Checks
For VICI Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • VICI Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • VICI Properties's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for VICI Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are VICI Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:VICI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.47
NYSE:VICI Share Price ** NYSE (2019-05-15) in USD $22.3
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of VICI Properties.

NYSE:VICI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:VICI Share Price ÷ EPS (both in USD)

= 22.3 ÷ 1.47

15.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VICI Properties is good value based on earnings compared to the US REITs industry average.
  • VICI Properties is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does VICI Properties's expected growth come at a high price?
Raw Data
NYSE:VICI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
7.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:VICI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.19x ÷ 7.2%

2.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VICI Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on VICI Properties's assets?
Raw Data
NYSE:VICI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $16.94
NYSE:VICI Share Price * NYSE (2019-05-15) in USD $22.3
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:VICI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:VICI Share Price ÷ Book Value per Share (both in USD)

= 22.3 ÷ 16.94

1.32x

* Primary Listing of VICI Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • VICI Properties is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess VICI Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. VICI Properties has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

VICI Future Performance

 How is VICI Properties expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is VICI Properties expected to grow at an attractive rate?
  • VICI Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • VICI Properties's earnings growth is positive but not above the United States of America market average.
  • VICI Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:VICI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:VICI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 7.2%
NYSE:VICI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 5.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:VICI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:VICI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 985 707 699 5
2020-12-31 975 684 674 12
2019-12-31 882 581 617 11
NYSE:VICI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 894 497 562
2018-12-31 898 504 524
2018-09-30 860 458 424
2018-06-30 631 377 294
2018-03-31 415 253 155
2017-12-31 201 132 43
2017-09-30 19 3 0
2017-06-30 19 3 0
2017-03-31 19 3 0
2016-12-31 19 3 0

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • VICI Properties's earnings are expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
  • VICI Properties's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:VICI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from VICI Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:VICI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.69 1.75 1.61 4.00
2020-12-31 1.64 1.68 1.56 9.00
2019-12-31 1.51 1.53 1.50 9.00
NYSE:VICI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.47
2018-12-31 1.43
2018-09-30 1.14
2018-06-30 0.79
2018-03-31 0.42
2017-12-31 0.19
2017-09-30
2017-06-30
2017-03-31
2016-12-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • VICI Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess VICI Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
VICI Properties has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

VICI Past Performance

  How has VICI Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare VICI Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • VICI Properties has delivered over 20% year on year earnings growth in the past 5 years.
  • VICI Properties's 1-year earnings growth exceeds its 5-year average (263.3% vs 82.5%)
  • VICI Properties's earnings growth has exceeded the US REITs industry average in the past year (263.3% vs 16%).
Earnings and Revenue History
VICI Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from VICI Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:VICI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 893.70 562.35 23.35
2018-12-31 897.98 523.62 24.43
2018-09-30 859.55 423.74 28.09
2018-06-30 630.96 293.83 23.10
2018-03-31 415.08 154.78 18.04
2017-12-31 201.44 42.66 11.28
2017-09-30 18.65 0.00 1.78
2017-06-30 18.83 0.00 1.95
2017-03-31 18.78 0.00 2.05
2016-12-31 18.79 0.00 2.01
2015-12-31 18.08 0.00 1.76
2014-12-31 18.91 0.00 1.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • VICI Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • VICI Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • VICI Properties has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess VICI Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
VICI Properties has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

VICI Health

 How is VICI Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up VICI Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • VICI Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • VICI Properties's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of VICI Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from VICI Properties Company Filings, last reported 1 month ago.

NYSE:VICI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 7,045.89 4,173.77 598.28
2018-12-31 6,901.02 4,144.39 577.88
2018-09-30 6,207.27 4,121.15 145.22
2018-06-30 6,172.94 4,124.78 940.74
2018-03-31 6,134.90 4,119.26 918.22
2017-12-31 4,776.36 4,785.76 183.65
2017-09-30 83.00 0.00 0.08
2017-06-30 81.98 0.00 0.18
2017-03-31 82.47 0.00 0.08
2016-12-31 84.14 0.01 0.92
2015-12-31 85.38 0.07 0.35
2014-12-31
  • VICI Properties's level of debt (59.2%) compared to net worth is high (greater than 40%).
  • Unable to establish if VICI Properties's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (11.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.9x coverage).
X
Financial health checks
We assess VICI Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. VICI Properties has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

VICI Dividends

 What is VICI Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.16%
Current annual income from VICI Properties dividends. Estimated to be 5.55% next year.
If you bought $2,000 of VICI Properties shares you are expected to receive $103 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • VICI Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • VICI Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:VICI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:VICI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.32 8.00
2020-12-31 1.26 14.00
2019-12-31 1.17 14.00
NYSE:VICI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-14 1.150 5.200
2018-12-13 1.150 5.583
2018-09-17 1.150 5.367
2018-06-14 1.050 5.083
2018-05-04 1.050 5.343
2018-05-03 1.050 5.855

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether VICI Properties has stable dividend payments.
  • VICI Properties only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of VICI Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (543.5x coverage).
X
Income/ dividend checks
We assess VICI Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can VICI Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. VICI Properties has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

VICI Management

 What is the CEO of VICI Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ed Pitoniak
COMPENSATION $3,566,161
AGE 62
TENURE AS CEO 1.6 years
CEO Bio

Mr. Edward Baltazar Pitoniak, also known as Ed, serves as the Chief Executive Officer and a Director of VICI Properties Inc. since October 6, 2017. Mr. Pitoniak served as Vice Chairman of Realterm, a private equity real estate Manager based in Annapolis, Maryland, that invests in logistics real estate, from December 2015 to July 2017. With more than 10 years’ experience in senior leadership positions at several public companies, Mr. Pitoniak has valuable business, leadership and management experience. Mr. Pitoniak had been Independent Director of Ritchie Bros. Auctioneers, Inc. since July 28, 2006 until 2019. Mr. Pitoniak served as Managing Director, Acting Chief Executive Officer and Trustee of InnVest from April 2014 to February 2015, where he was responsible for recapitalizing the REIT and transitioning its management function from an external, third-party management model, to an internal management model. He then served as Chairman and Trustee of InnVest from February 2015 to August 2016, when the REIT was sold and taken private. He also served as a Director of Regal Lifestyle Communities from 2012 until its sale in 2015. Mr. Pitoniak retired in 2009 from the position of President and Chief Executive Officer and Director of bcIMC Hospitality Group (formerly a public income trust called Canadian Hotel Income Properties Real Estate Investment Trust (“CHIP”), where he was employed from January 2004 to 2009. Prior to joining CHIP, Mr. Pitoniak was a Senior Vice-President at Intrawest Corporation, a ski and golf resort operator and developer, for nearly eight years. Before Intrawest, Mr. Pitoniak spent nine years with Times Mirror Magazines, where he served as editor-in-chief and associate publisher with Ski Magazine. Mr. Pitoniak was also a member of CHIP’s Board of Trustees before it went private. Mr. Pitoniak has a Bachelor of Arts degree from Amherst College. Mr. Pitoniak provides VICI Properties Inc. board of directors with valuable experience in the hospitality, entertainment and real estate industries and, in particular, with respect to publicly held REITs. He advises VICI Properties Inc. board of directors on management’s perspective over a full range of issues affecting the VICI Properties Inc.

CEO Compensation
  • Ed's compensation has increased by more than 20% in the past year.
  • Ed's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the VICI Properties management team in years:

1.3
Average Tenure
47
Average Age
  • The average tenure for the VICI Properties management team is less than 2 years, this suggests a new team.
Management Team

Ed Pitoniak

TITLE
CEO & Director
COMPENSATION
$4M
AGE
62
TENURE
1.6 yrs

John W. Payne

TITLE
President & COO
COMPENSATION
$4M
AGE
50
TENURE
1.6 yrs

David Kieske

TITLE
Chief Financial Officer
COMPENSATION
$2M
AGE
47
TENURE
1.3 yrs

Samantha Gallagher

TITLE
Executive VP
COMPENSATION
$2M
AGE
41
TENURE
0.9 yrs

Gabe Wasserman

TITLE
Chief Accounting Officer
AGE
35
TENURE
0.9 yrs

Jacques Cornet

TITLE
Investor Relations
Board of Directors Tenure

Average tenure and age of the VICI Properties board of directors in years:

1.6
Average Tenure
62
Average Age
  • The average tenure for the VICI Properties board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jim Abrahamson

TITLE
Chair of the Board
COMPENSATION
$308K
AGE
63
TENURE
2.3 yrs

Ed Pitoniak

TITLE
CEO & Director
COMPENSATION
$4M
AGE
62
TENURE
1.6 yrs

Eric Hausler

TITLE
Director
COMPENSATION
$268K
AGE
48
TENURE
1.6 yrs

Craig Macnab

TITLE
Director
COMPENSATION
$261K
AGE
62
TENURE
1.6 yrs

Diana Cantor

TITLE
Director
COMPENSATION
$151K
AGE
60
TENURE
1 yrs

Mike Rumbolz

TITLE
Director
COMPENSATION
$252K
AGE
64
TENURE
1.6 yrs

Liz Holland

TITLE
Director
COMPENSATION
$258K
AGE
52
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess VICI Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. VICI Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

VICI News

Simply Wall St News

Will VICI Properties Inc (NYSE:VICI) Continue To Underperform Its Industry?

To keep the lesson grounded in practicality, we'll use ROE to better understand VICI Properties Inc (NYSE:VICI). … Over the last twelve months VICI Properties has recorded a ROE of 4.9%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What You Must Know About VICI Properties Inc's (NYSE:VICI) Return on Equity

and looking to gauge the potential return on investment in VICI Properties Inc (NYSE:VICI). … VICI Properties Inc’s (NYSE:VICI) most recent return on equity was a substandard 2.59% relative to its industry performance of 7.63% over the past year. … Knowing these components could change your view on VICI’s performance

Simply Wall St -

Is VICI Properties Inc (NYSE:VICI) A Real Estate Leader?

VICI Properties Inc (NYSE:VICI), a $7.58B mid-cap, is a real estate company operating in an industry which is the most prevalent industry in the global economy, and as an asset class, it has continued to play a crucial role in the portfolios of various investors. … Today, I will analyse the industry outlook, and also determine whether VICI Properties is a laggard or leader relative to its real estate sector peers. … View our latest analysis for VICI Properties What’s the catalyst for VICI Properties's sector growth?

Simply Wall St -

VICI Company Info

Description

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 22 gaming facilities comprising over 39 million square feet and features approximately 14,800 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment Corporation and Penn National Gaming. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio.

Details
Name: VICI Properties Inc.
VICI
Exchange: NYSE
Founded: 2016
$9,164,667,237
410,971,625
Website: http://www.viciproperties.com
Address: VICI Properties Inc.
430 Park Avenue,
8th Floor,
New York,
New York, 10022,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE VICI Common Stock New York Stock Exchange US USD 18. Oct 2017
Number of employees
Current staff
Staff numbers
140
VICI Properties employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:53
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.