sightREAL ESTATE•Oct 14
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VICI trades near pandemic lows despite stronger fundamentals
VICI is trading around $23, roughly where the casino landlord traded during the pandemic lows. The stock is priced at about 10 times AFFO, a 25% discount to NAV, and an 8%-plus dividend yield.
That looks disconnected from the company’s progress. VICI traded at $35 in 2022 with $1.93 in AFFO per share, no investment-grade rating, and no S&P 500 inclusion. Today, AFFO per share is around $2.48, and the balance sheet is stronger. The valuation gap is the stock sitting near $23.
That looks disconnected from the company’s progress. VICI traded at $35 in 2022 with $1.93 in AFFO per share, no investment-grade rating, and no S&P 500 inclusion. Today, AFFO per share is around $2.48, and the balance sheet is stronger. The valuation gap is the stock sitting near $23.
Timeline2
Oct 13
VICI was reported trading at roughly 10 times AFFO, a 25% discount to NAV and an 8%-plus dividend yield.
Oct 14
VICI was compared with its 2022 valuation: $35 per share then versus about $23 currently, alongside higher AFFO per share and a stronger balance sheet.
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Oct 14