VICI Properties Inc (VICI)

Over the past six months, VICI's stock price has seen several notable events, including a credit rating upgrade from Moody's to Baa3 in November 2024. VICI reported a 4.7% year-over-year increase in total revenues for Q4 2024, but net income attributable to common stockholders decreased by 17.8% year-over-year. VICI announced over $1 billion in capital commitments in 2024 and established a strategic relationship with Cain International and Eldridge Industries. Total revenues increased 3.4% year-over-year for Q1 2025, but net income attributable to common stockholders decreased by 7.9% year-over-year. VICI announced the closing of a $1.3 billion senior unsecured notes offering in April 2025 and declared a regular quarterly dividend in June 2025. Over the last six months, VICI's stock has gained 12.47%.

VICI Properties operates in the gaming, hospitality, wellness, entertainment, and leisure sectors, suggesting that demand for these experiential assets could be influenced by factors such as holiday seasons, vacation periods, major events, and general economic conditions affecting leisure travel and discretionary spending. The company's long-term, triple-net lease agreements with its tenants aim to provide stable revenue streams, which may mitigate the direct impact of short-term demand fluctuations on VICI's rental income.

VICI Properties, Inc. is an S&P 500 experiential real estate investment trust (REIT) that specializes in owning and acquiring gaming, hospitality, wellness, entertainment, and leisure destinations. The company operates within the Real Estate sector, specifically categorized under Real Estate Investment Trusts (REITs) or Specialized REITs. VICI's primary business involves leasing its properties to industry-leading gaming and hospitality operators under long-term, triple-net lease agreements. VICI's portfolio comprised 49 gaming facilities, approximately 60,100 hotel rooms, and over 450 restaurants, bars, nightclubs, and sportsbooks as of June 30, 2023. VICI owns four championship golf courses located in Nevada, Indiana, and Mississippi, and approximately 33-34 acres of undeveloped or underdeveloped land adjacent to the Las Vegas Strip. VICI has a growing number of real estate and financing partnerships with leading operators in other experiential sectors.

VICI Properties has a geographically diverse portfolio spanning across the United States and Canada. Its properties are located in 23 metropolitan statistical areas, and the company's headquarters are in New York City, U.S.

VICI Properties has established itself as a leading player in the experiential real estate investment trust (REIT) sector. The company prides itself on its role in the institutionalization of a new real estate asset class, which has attracted significant institutional equity and debt capital. VICI's management model is noted for its efficiency. Its reputation has been positively impacted by achieving investment-grade credit ratings, establishing new partnerships and diversification, and consistent financial performance.

VICI Properties Inc. has a diverse ownership structure, with a significant majority held by institutional investors. Approximately 95.65% of the company's stock is owned by institutional investors, 0.28% by insiders, and 4.07% by public companies and individual investors. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Capital International Investors, State Street Corp, and others. As of December 9, 2022, the largest individual non-institutional stockholder was Edward Pitoniak, and John Payne, the president and chief operating officer, also owned shares.