VICIVICI PropertiesNeutralVICI Properties

9/29/2026 on

$VICI enters into agreements relating to two racetracks in Alberta, Canada. Century Casinos is selling the operations of Century Mile and Century Downs Racetracks, for which $VICI owns the real estate, to Highfield Investment Group for ~C$23M. $VICI will cut Century’s master-lease rent by C$10.7M and sign a new 20-year lease with Highfield for the same C$10.7M. Highfield will be $VICI’s 17th tenant. Neutral on cash flow. Mildly constructive on structure. Mixed on credit quality. https://t.co/ia9wbRjs3R

VICIVICI PropertiesNeutralVICI PropertiesMGMMGM Resorts InternationalBullishMGM Resorts InternationalCZRCaesars EntertainmentNeutralCaesars Entertainment

9/26/2026 on

$VICI vs. $MGM. Both stocks cratered. Which one looks better from here? $VICI is essentially a lower-volatility landlord bet on $MGM and $CZR, without as much operational upside — it compounds contracted rent. It’s been a great business: AFFO per share has grown at roughly a 7% CAGR since the IPO. If I have to choose, $MGM looks like the better risk-reward, in my view. You already own the Strip operations that generate the rent VICI collects, plus digital and a 2030 Japan project the market prices near zero. It’s not as if $VICI would easily find new tenants if something happened to these major operators. After the Diller bid came and went, $MGM feels like it’s back at ground zero — with a free call option. I exited $VICI at $26–$27 last month, and I’m not in a rush to get back in.

NeutralVICIVICI PropertiesVICI PropertiesCPTCamden Prop TrustCamden Prop TrustEQIXEquinixEquinixHSTHost Hotels & ResortsHost Hotels & ResortsORealty IncomeRealty IncomePLDPrologisPrologisPSAPublic StoragePublic StorageWELLWelltowerWelltower

9/23/2026 on

Yields are surging across the curve today, and not surprisingly, REITs are getting hammered. Higher discount rates, more expensive debt, and less competitive dividend yields versus Treasuries are all weighing on the group. However, the impact varies widely by sector. While $O has given back most of its YTD gains, the overall equity REIT index is still up more than 10%. Here are the dividend-adjusted YTD returns for select REITs: $EQIX (datacenter) +38.8% $HST (hotel) +29.3% $WELL (senior housing) +24.3% $PSA (self-storage) +14.6% Equity REIT index +10.4% $PLD (logistics) +7.4% $O (retail) +0.5% $CPT (multifamily) -8.3% $VICI (gaming) -10.6% The degree of pain depends on many factors, including pricing power, lease duration, and sector-specific secular tailwinds. Simply put, names that can grow NOI faster than the rise in cap rates should hold up better.