5 Best REIT Dividend Stocks

4. VICI Properties Inc. (NYSE:VICI)

Dividend Yield as of October 11: 5.14%

VICI Properties Inc. (NYSE:VICI) specializes in casino properties across the US and also deals in gaming, hospitality, entertainment, and leisure destinations. JMP Properties initiated its coverage on the stock with an Outperform rating in August with a $38 price target. The firm highlighted the company’s enhanced investment activity and credit profile of its portfolio.

On September 8, VICI Properties Inc. (NYSE:VICI) announced an 8% hike in its quarterly dividend to $0.39 per share. This was the company’s fourth consecutive year of dividend growth. As of October 11, the stock’s dividend yield came in at 5.14%.

In Q2 2022, VICI Properties Inc. (NYSE:VICI) posted an operating income of $653 million, up from $200.4 million during the same period last year. At the end of June, the company had $614 million in cash and cash equivalents and $37.2 billion in total assets. Its revenue for the quarter came in at $662.6 million, presenting a 76% year-over-year growth.

At the end of Q2 2022, 26 hedge funds tracked by Insider Monkey owned stakes in VICI Properties Inc. (NYSE:VICI), compared with 36 in the previous quarter. The combined value of these stakes is nearly $288 million.

Meridian Funds mentioned VICI Properties Inc. (NYSE:VICI) in its Q2 2022 investor letter. Here is what the firm has to say:

“VICI Properties Inc. (NYSE:VICI) is a real estate investment trust company specializing in casinos and other entertainment properties. We invested in VICI in 2018 when earnings were declining due to dilutive acquisitions. Our thesis was that, as investors grew more comfortable with casinos as a REIT subsector, the value of their properties would increase. We also liked the defensive characteristics of the company, specifically the triple-net lease structure, which dictates that lessees pay all maintenance and capital expenditures, and the history of casino REITs with zero rent payments missed by casinos during either the global financial crisis or the 2020 pandemic. Furthermore, we were confident that VICI’s growth prospects would increase as more casinos monetized land holdings with VICI’s ability to use its extensive cash and liquidity to make acquisitions. VICI’s stock outperformed in the quarter due to its appeal as a fairly defensive investment and the news that it would be included in the S&P 500 Index. We maintained our position in VICI.”