VICI Properties (VICI): Evaluating Valuation Following Strong Q3 Results and Dividend Increase

VICI Properties (VICI) reported its third-quarter results, posting higher revenue and adjusted funds from operations compared to last year. The company also raised its dividend for the eighth straight year and welcomed Clairvest as a new tenant.

See our latest analysis for VICI Properties.

While VICI’s operational momentum has been strong, with its eighth consecutive annual dividend hike and tenant expansion, recent selling pressure sent the share price down over 8% in the past month and nearly 12% in the last three months. Still, its one-year total shareholder return of 0.77% remains positive, and the long-term track record is impressive, up more than 61% on a five-year basis. This suggests the broader growth story has staying power even as near-term sentiment wavers.

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With quarterly results outperforming expectations, a rising dividend, and an increasingly diverse tenant base, VICI’s fundamentals appear strong. However, after the recent selloff, the question remains whether there is a genuine buying opportunity or if the market is already pricing in future growth.

Most Popular Narrative: 18.8% Undervalued

With VICI Properties’ last close at $29.99 and the most popular narrative setting fair value near $36.91, there is a sizable gap between market price and expectations. This difference highlights what analysts see in VICI’s fundamentals and future earnings power.

Structural shifts in consumer spending toward experiences such as travel, sports, group events, and entertainment are expanding opportunities in VICI's experiential and non-gaming real estate segments. These shifts are creating new revenue streams, lowering tenant concentration risk, and providing a long runway for top-line growth.

Read the complete narrative.

Curious about what fuels this bullish outlook? One core financial pillar, debated by analysts, could launch VICI’s value to new heights in the next few years. But is the market underestimating the scale of these changes? Find out what transformative backdrop underpins this valuation and what surprising elements support it.

Result: Fair Value of $36.91 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, the rise of online gaming and VICI’s tenant concentration risk could challenge long-term growth. These factors may potentially weaken occupancy and earnings momentum.

Find out about the key risks to this VICI Properties narrative.

Build Your Own VICI Properties Narrative

If you see a different story in VICI’s numbers or want to analyze the data firsthand, it takes just a few minutes to draft your own perspective. Do it your way

A great starting point for your VICI Properties research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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