VICIVICI PropertiesNeutralVICI Properties

5d ago on

The REIT Advantage has just surpassed 1,000 copies sold! A big thank you to everyone who has bought the book so far. I wrote it to be the practical guide I wish I had when I first started investing in REITs, helping investors identify opportunities and avoid costly mistakes. The book features a foreword from Edward Pitoniak, CEO of $VICI Properties, and has received praise from several other REIT CEOs. If you haven't gotten your copy yet, it's available on Amazon worldwide.

VICIVICI PropertiesBullishVICI Properties

3w ago on

Why $VICI could recover all the way to $40 over the coming years: https://t.co/gjbF4dxqhX

VICIVICI PropertiesBullishVICI Properties

3w ago on

My base case is that $VICI could reach $40 by 2030. That would require about $2.80 of AFFO/share and a 14x multiple, hardly aggressive for an investment-grade REIT with trophy assets, CPI-linked leases, and a strong track record.

VICIVICI PropertiesBullishVICI Properties

4w ago on

Even if Caesars’ regional lease saw a 20% rent cut, the hit to $VICI’s AFFO/share would likely be only about 5%. That would be painful, but not thesis-breaking, especially with rent escalators, retained cash flow, and potential concessions in return.

VICIVICI PropertiesBullishVICI Properties

4w ago on

The market is worried about Caesars, which represents 38% of $VICI’s rent. The concern is real, but I think it is overblown. Caesars has never missed a rent payment to VICI, not even during the pandemic, and VICI keeps diversifying away from it.