seekingalpha.com
VICI Properties: A Buy In The Falling T-Bond Market
VICI Properties is a triple-net REIT with a premier experiential real estate portfolio, heavily concentrated in Las Vegas and anchored by long-term, inflation-protected leases. I see a 15%-30% upside for VICI, supported by both intrinsic (FCFF, NAV) and relative valuation methods, with fair value estimates ranging from $34.9 to $36.8 per share. Key risks include high tenant and geographic concentration, potential lease renegotiations—especially with Caesars—and sensitivity to movements in the risk-free rate.
