Dividend Challengers 2025: Top 25

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6. VICI Properties Inc. (NYSE:VICI)

Dividend Yield as of April 29: 5.36%

VICI Properties Inc. (NYSE:VICI) ranks sixth on our dividend challengers list. The American real estate investment trust company recently announced its Q1 2025 earnings. Its revenue came in at $984.2 million, which saw a 3.4% growth from the same period last year. AFFO attributable to common stockholders rose 5.6% year-over-year to $616.0 million, with per-share AFFO increasing 4.3% to $0.58. Additionally, the company announced the formation of a strategic partnership with Cain International and Eldridge Industries, which includes a $300.0 million investment in a mezzanine loan tied to the development of the One Beverly Hills project.

Although VICI Properties Inc. (NYSE:VICI) is heavily concentrated in the gaming industry—a factor that might appear risky—casinos have historically shown strong resilience during economic downturns. The company enhances its stability by securing tenants through long-term leases, and the highly regulated nature of the gaming sector makes it challenging for tenants to relocate, adding another layer of security. This approach has helped the company maintain full occupancy since its IPO in 2018, even during periods of major disruption like the COVID-19 pandemic, which significantly impacted travel, hospitality, and casinos. Additionally, many of its leases are linked to the consumer price index (CPI), allowing for rent increases that help protect against inflation.

VICI Properties Inc. (NYSE:VICI) demonstrated a solid cash position in the most recent quarter, with cash and cash equivalents of $334.3 million. In addition, it also returned approximately $457 million to shareholders through dividends. The company’s quarterly dividend comes in at $0.4325 per share and has a dividend yield of 5.36%, as of April 29. VICI initiated its dividend policy in 2018 and has raised its payouts every year since then.

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