Top 5 Undervalued REIT Stocks to Buy Now

2. VICI Properties Inc. (NYSE:VICI)

Stock Upside Potential: 14.14%

Forward P/E: 9.88

Number of Hedge Fund Holders: 52

VICI Properties Inc. (NYSE:VICI) is one of the top undervalued REIT stocks to buy now. On April 29, VICI Properties Inc. (NYSE:VICI) reported solid Q1 2026 results driven by stronger partner relationships.

Revenue in the quarter was up 3.5% year over year to $1 billion, as net income attributable to shareholders increased 60.5% to $872.4 million. Earnings per share were up 58.7% to $0.82. Adjusted Funds attributable to shareholders increased 5.7% to $650.9 million and 4.5% on a per share basis to $0.61.

During the quarter, the company expanded its relationship with Cain and Eldridge Industries by providing a $1.5 billion Mezzanine loan. It also reached a $144.4 million deal to acquire the real estate assets of Deerfoot Inn & Casino. VICI Properties Inc. (NYSE:VICI) exited the quarter with $480.2 million in cash and cash equivalents. The company also raised its AFFO guidance for the year to $2,665 million to $2,695 million, or $2.44 to $2.47 per diluted share.

VICI Properties Inc. (NYSE:VICI) is an S&P 500 experiential REIT. It owns and acquires gaming, hospitality, and entertainment destinations, including major Las Vegas assets like Caesars Palace and the MGM Grand. The company uses a triple-net lease model, where tenants cover property taxes, insurance, and maintenance. This assures high-yield, predictable rental income.