VICI

NEW YORK--(BUSINESS WIRE)---- $VICI--VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended June 30, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated. Second Quarter 2026 Financial and Operating Highlights Total revenues increased 5.7% year-over-year to $1.1 billion Net income attributable to common stockholders decreased 39.1% year.

While many Baby Boomers have enjoyed a long bull market over the past 35 years, there is a point when income becomes more critical than stock appreciation.

VICI's Q2 results could show revenues and AFFO growth, but high debt and interest expenses might have weighed on performance.

VICI Properties offers a high, well-covered dividend and strong cash flows, making it attractive for income-focused investors. The Caesars buyout could trigger property divestitures and new sale-leasebacks, reducing VICI's tenant concentration risk. VICI's 6.84 percent forward dividend yield is well covered by AFFO with a 1.36 times coverage ratio.

Every month, we run a screen for dividend growth stocks that could offer some ideas for further due diligence. The screening process considers dividend safety, dividend growth, and dividend growth consistency. REITs tend to show up quite regularly, and that has been particularly notable this month, as we will take a quick dive into three of them.

The constant barrage of artificial intelligence driving the hyperscaler complex massive spending spree is starting to fatigue many investors.

Income investors got a mixed setup heading into the back half of 2026. Long rates are still stubborn, credit spreads are tight, and dividend growth has slowed at many blue chips.

The heightened US-Iran volatility brings forth renewed inflation and Fed rate hike fears, with it triggering downward pressure on many REIT stocks, VICI included. Caesars/MGM account for 70% of VICI's rent, with the potential buyouts triggering near-term lease uncertainties, worsened by the reduced visibility into the two tenants' future financial health. Readers may want to closely monitor VICI's upcoming FQ2'26 earnings call, since it remains to be seen how the REIT may eventually be impacted.

VICI Properties trades at a depressed 11.24x P/AFFO, well below its historical average, offering 36% potential upside on mean reversion. VICI maintains a fortress balance sheet with a conservative 35% leverage and a 4.0x interest coverage ratio, supporting investment-grade ratings. The 6.62% dividend yield is well-covered by a 73% AFFO payout ratio, with AFFO per share growing 4.5% year-over-year.

VICI's mission-critical assets, long-term leases, inflation-linked rents and investment-grade balance sheet support durable cash flows and dividend growth.