VICI Properties VICI boasts a high-quality portfolio of market-leading gaming, hospitality and entertainment destinations. Its mission-critical assets and long-term lease agreements with its tenants assure stable rental revenues. A healthy balance sheet position is likely to support its growth endeavors.
Analysts seem bullish on VICI Properties. The Zacks Consensus Estimate for VICI’s 2026 FFO per share has moved 1 cent northward over the past two months to $2.46.
Over the past three months, shares of this Zacks Rank #2 (Buy) company have declined 1.7% against the industry’s 7.4% growth.
Factors That Make VICI Properties a Solid Pick
Portfolio Scale and Mission-Critical Assets: VICI Properties’ well-diversified portfolio is located across urban, destination and drive-to markets in 26 states in the United States and one Canadian province. As of April 30, 2026, following the Golden Entertainment acquisition, VICI Properties owned 100 experiential assets across gaming and other experiential categories. The portfolio’s high replacement costs and gaming regulatory requirements reinforce tenant stickiness because operators cannot easily relocate without material cost and approvals.
This structure supports consistent rent collection and helps VICI Properties sustain relevance across market cycles. Since the company’s formation in 2017, it has grown its adjusted EBITDA by 375% while maintaining a 100% rent collection rate.
Long Lease Duration and Inflation-Linked Rent Growth: VICI Properties’ portfolio is backed by long-term leases with established operators, typically spanning decades with multiple renewal options. As of May 1, 2026, the pro forma weighted average lease term, including renewal options, was about 39.7 years, providing strong visibility into contractual cash flows.
Rent escalators are a key feature of VICI’s portfolio, with about 45% of the 2026E rent roll subject to CPI-linked escalation, expanding to 87% over the long term, subject to caps. This framework supports cash flow growth that tracks inflation while reducing reliance on spot market leasing.
Investment-Grade Balance Sheet and Liquidity: VICI Properties continues to operate within its stated leverage framework, with net debt to annualized first-quarter 2026 adjusted EBITDA around 5X, which management described as the low end of its 5.0-5.5X target range. Total debt was about $17.1 billion as of March 31, 2026, and the company ended the quarter with about $3.1 billion of liquidity, including cash and revolver capacity. The company also maintained investment-grade ratings (Baa3/BBB-/BBB- with stable outlooks), supporting access to multiple funding channels as it pursues acquisitions and structured investments.
Dividend Durability Supported by AFFO Growth: Solid dividend payouts remain the biggest attraction for REIT investors, and VICI Properties remains committed to that. The company has increased its dividend 100% every year since its formation. With a 6.3% compound annual growth rate (CAGR) since the third quarter of 2018, its dividend growth outpaces that of many peers in the triple-net REIT sector.
The company’s commitment to returning 75% of adjusted funds from operations (AFFO) to shareholders ensures a steady income stream. Given a robust operating platform and decent financial position, its dividend distribution is expected to remain sustainable over the long run.
Other Stocks to Consider
Some other top-ranked stocks from the broader REIT sector are Cousins Properties CUZ and Welltower WELL, each carrying a Zacks Rank of #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CUZ’s 2026 FFO per share is pegged at $2.95, which indicates year-over-year growth of 3.87%.
The Zacks Consensus Estimate for WELL’s full-year FFO per share is pinned at $6.32, which calls for an increase of 19.47% from the year-ago period’s level.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
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