VICI Properties Inc

VICI Properties reported second quarter 2026 revenue of US$1.06 billion, exceeding Wall Street estimates, while funds from operations and earnings per share were broadly in line with expectations. The most followed narrative pegs fair value at $33.46, implying the stock is 21.4% undervalued relative to its last close of $26.31, supported by the company's scale, access to $2.9 billion in liquidity, and disciplined internal funding that enable accretive acquisitions without near-term dependence on capital markets. Despite the upbeat earnings, the share price has declined 7.94% over the past 90 days and 14.07% over the past year, and the company faces risks related to tenant concentration and potential rent pressure on key leases.

VICI Properties updated its full-year 2026 adjusted funds from operations guidance to between $2.45 and $2.47 per diluted common share, raising the low end by one cent. CFO David Kieske said AFFO for the year is expected to be between $2.675 billion and $2.695 billion, and reported second-quarter AFFO of $0.62 per share, up 4.6% from a year earlier. The company also highlighted its first build-to-suit investment, a $75 million Club Med resort in St. Croix, with a targeted opening in the fourth quarter of 2027. VICI ended the quarter with total debt of $17.2 billion, net leverage of approximately 4.9 times, and total liquidity of about $2.5 billion.

Baby Boomers and retirees are piling into five high-yield dividend stocks trading below Wall Street fair value, all with analyst Buy ratings and yields from 4.55% to nearly 7%. AT&T yields 4.55% and added 432,000 net postpaid phone subscribers and 646,000 high-speed internet customers, both above estimates. Energy Transfer pays a 6.71% distribution yield and raised its 2026 EBITDA guidance, benefiting from surging natural gas demand driven by AI-powered data centers. Pfizer yields 6.97% with 16 straight years of dividend growth and is building a new obesity pipeline through experimental GLP-1 treatments and the acquisition of ecnoglutide. Realty Income offers a 5% yield, owns over 15,500 properties with a 98.9% occupancy rate, and has paid 667 consecutive monthly dividends. VICI Properties yields 6.67%, reported 4.5% adjusted funds from operations per share growth, and raised its 2026 guidance.

With the S&P 500 trading at 25.7 times trailing earnings and sticky inflation dimming rate-cut hopes, Wall Street analysts warn a 10% summer sell-off could be imminent. Altria yields 6% backed by Marlboro's 40% U.S. cigarette market share, while Enbridge has raised its dividend for 31 straight years with 98% of earnings under fixed contracts. Realty Income has paid 667 consecutive monthly dividends and maintained occupancy above 96.6% this century, and VICI Properties offers a 6.88% yield from triple-net leased casino properties. Verizon trades at just 9 times forward earnings, has raised its dividend for 20 consecutive years, and expects at least $21.5 billion in free cash flow this year. All five stocks are Buy-rated at top Wall Street firms and are highlighted as defensive high-yield picks likely to hold up better in a downturn.

Five dividend stocks currently offer yields above 5% with strong cash-flow coverage, according to 24/7 Wall St. Gaming and Leisure Properties yields 7.3% after raising its quarterly dividend to 82 cents per share, supported by first-quarter AFFO of $1.02 per share and full-year guidance of $4.08 to $4.12. VICI Properties yields nearly 7% with a forward annualized dividend of $1.80, backed by 2026 AFFO guidance of $2.42 to $2.45 per share and an eighth consecutive annual dividend increase. W. P. Carey yields just over 5% after hiking its quarterly dividend to 94 cents, with 2026 AFFO guidance of $5.13 to $5.23 per share and 48% of leases linked to CPI. Enbridge yields just over 5% and marked its 31st straight annual dividend increase, supported by 2026 distributable cash flow guidance of C$5.70 to C$6.10 per share and a C$40 billion secured growth backlog. Getty Realty yields about 5.6% with 2026 AFFO guidance of $2.48 to $2.50 per share, comfortably covering its dividend, and enters the year with over $500 million in liquidity.

VICI Properties announced plans to acquire the Carambola Beach Resort in St. Croix, US Virgin Islands, and has entered into a long-term triple-net lease with Club Med. The company will fund a comprehensive redevelopment of the 150-key property to meet Club Med Exclusive Collection standards, with work starting this summer and a planned reopening in the fourth quarter of 2027. Once renovated, the resort will join Club Med's premium all-inclusive brand.

VICI Properties offers a high-quality portfolio of gaming, hospitality, and entertainment destinations with mission-critical assets and long-term leases that ensure stable rental revenues. The company owned 100 experiential assets as of April 30, 2026, and has grown adjusted EBITDA by 375% since 2017 while maintaining a 100% rent collection rate. Its pro forma weighted average lease term is about 39.7 years, with roughly 45% of 2026 estimated rent linked to CPI escalators, expanding to 87% over the long term. VICI Properties operates with net debt to annualized first-quarter 2026 adjusted EBITDA around 5 times, at the low end of its 5.0 to 5.5 times target range, and held about 3.1 billion dollars of liquidity as of March 31, 2026. The company has increased its dividend every year since formation, with a 6.3% compound annual growth rate since the third quarter of 2018, and targets a 75% AFFO payout ratio. The Zacks Consensus Estimate for 2026 FFO per share has risen 1 cent over the past two months to 2.46 dollars.

VICI Properties has completed the acquisition of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino, and two adjacent limited-service hotels in Alberta, Canada, for CAD$200.6 million, or USD$144.4 million, in connection with Pure Casino Entertainment's take-private acquisition of Gamehost. The portfolio was simultaneously added to the existing triple-net master lease between VICI and PURE, increasing annual rent by CAD$16.1 million, or USD$11.6 million, with rent escalating at 1.0% on February 1, 2028, and thereafter at the greater of 1.5% or the change in Canadian CPI capped at 2.5%. The PURE Master Lease term was extended to a full 25-year initial base lease term with four 5-year tenant renewal options, and tenant obligations continue to be guaranteed by Indigenous Gaming Partners. VICI funded the transaction through a Canadian dollar-denominated draw on its multicurrency revolving credit facility.