10 Cheap REITs with Huge Upside

8. VICI Properties Inc. (NYSE:VICI)

VICI Properties Inc. (NYSE:VICI) is one of the 10 cheap REITs with huge upside.

On March 12, Mizuho downgraded VICI Properties Inc. (NYSE:VICI) to a Neutral rating. The firm estimated a target price of $30 for the stock, citing potential tenant credit concerns. These are tied to reports that Tilman Fertitta is exploring an acquisition of Caesars Entertainment Inc. (NASDAQ:CZR).

Mizuho stated that Caesars’ business accounts for 39% of VICI’s rent. Nevertheless, VICI’s management has clarified that it lacks the ability to prevent a transaction unless there is a modification of the lease agreement. There is no indication that Fertitta’s offer is contingent on a modification of the lease agreement now, although it may be considered a negative factor from a credit perspective because Fertitta carries leverage.

On February 26, VICI Properties Inc. (NYSE:VICI) reported Q4 revenue of $1.01 billion, slightly ahead of the $1 billion consensus estimate. The company used the update to highlight several partnerships announced during 2025 that it believes will support its long-term growth strategy. These include investments and financing deals tied to major development projects and gaming operators, which also expand VICI’s tenant base.

VICI Properties Inc. (NYSE:VICI) specializes in hospitality, entertainment stations, and market-leading gaming. The company consists of premium assets, which are exclusively run by industry experts under a triple net lease agreement. It has managed to achieve viable growth through its strategic and intentional partnerships with leading developers and operators.