Is VICI Properties Inc. overvalued?

In our latest published analysis dated 2026-10-05, VICI looks meaningfully undervalued. The price recorded at analysis is USD 22.5 versus our fair value of USD 31.9; the high endpoint is presented separately as potential value of USD 46.9. That implies roughly 41.6% upside to fair value at that date.

What is VICI's fair value?

Our latest published report, analyzed 2026-10-05, gives VICI a fair value of USD 31.9 and a potential value of USD 46.9. The conclusion is triangulated across multiple valuation models and weighted by reliability for VICI Properties Inc.'s archetype; it is a dated research output, not a live price.

Should I buy VICI now?

Our latest published rating for VICI, analyzed 2026-10-05, is Strong Buy. VICI Properties Inc. looks meaningfully undervalued at the analysis-date price of USD 22.5 versus fair value of USD 31.9; potential value is USD 46.9. This is research for educational purposes, not personalized investment advice.

What are the biggest risks for VICI?

The dedicated bear-case section in our report analyzed 2026-10-05 documents VICI Properties Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.

What is VICI's rating?

Our latest published rating for VICI, analyzed 2026-10-05, is Strong Buy, with a published moat assessment of 8/10 (Narrow). It reflects our fair value of USD 31.9, the potential value of USD 46.9, and the price recorded at analysis (USD 22.5).

What archetype is VICI?

In the latest published report analyzed 2026-10-05, VICI Properties Inc. is classified as a REIT stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for VICI.

VICI stock analysis | StockMarketAgent.AI

StockMarketAgent researchAnalyzed 2026-10-05

VICI Properties Inc.

VICI

Strong Buy

41.6% upside to fair value

Report-date price

$22.53

Recorded 2026-10-05

Fair value

$31.90

Potential value

$46.88

Upper valuation endpoint

Economic moat

Narrow8 / 10

§1 Executive summary

30-second answerStrong Buy

Price versus value

Price: $22.53
Fair value: $31.90
Potential value: $46.88
As of: 2026-10-05

Main upside reason

Expanding capital deployment into non-gaming experiential real estate partnerships at spreads comfortably exceeding VICI's 7.22% WACC —such as the Club Med build-to-suit redevelopment and monetization of 50 prime undeveloped acres on the Las Vegas Strip —driving valuation multiple expansion from 7.77x forward P/E toward our Potential value of USD 46.88.

Main risk

We assign a Strong Buy rating to VICI Properties Inc., identifying a 41.59% upside to our Fair value midpoint of USD 31.90 based on durable master-lease cash flows, 100% rent collections, and industry-leading 91%+ operating margins.⁴

We assign a Strong Buy rating to VICI Properties Inc. For an equity investor, this decision reflects a high-conviction buying opportunity where mission-critical real estate assets generating stable, inflation-escalating cash flows trade at an unjustified discount to intrinsic value, offering an asymmetric combination of regular distribution yields and significant capital appreciation potential.

§2 Bear case

Under a severe macroeconomic contraction and gaming demand shock, VICI's high tenant concentration constitutes its primary vulnerability. Caesars Entertainment (36% of FY2025 revenue) and MGM Resorts (38% of FY2025 revenue) generate a combined 74% of revenue. If consumer discretionary spending contracts and regional gaming revenue drops, tenant EBITDAR coverage would narrow. In a restructuring scenario where indivisible master lease enforceability is contested, a 10% rent concession would reduce annual revenues by approximately $420M, impairing operating cash flows and forcing dividend coverage reductions. Concurrently, VICI faces refinancing requirements on its $17.84B total debt, with debt representing 41.84% of capital structure. Refinancing near-term maturities against a 5.24% risk-free rate and 6.24% pre-tax borrowing cost would escalate interest expense above FY2025 levels, compressing net income from $2,775.49M and shrinking equity value.

Bear scenario

Bear

Probability

25%

Return

-9.7%

Path target

$20.34

Regional gaming softness and consumer pullback compress tenant EBITDAR margins,.⁵
Elevated interest rate environment increases refinancing costs across near-term debt maturities.²
Contractual rent escalations slow toward minimum floors.
Tenant concentration discounts widen cap rates and compress terminal multiples.

Bear case contemplates macroeconomic deceleration impacting discretionary travel and gaming spend, placing pressure on operator rent coverage. Heavy tenant concentration with Caesars (36%) and MGM (38%) exposes cash flows to counterparty distress, while elevated benchmark interest rates increase refinancing expense on $17.84B total debt.

Ways this thesis can break

Persistent stagflation or credit spread blowout forces a 200 bps increase in cost of capital across debt and equity.

Risk-free rate stands at 5.24% and computed moderate cost of equity is 7.9347%. With total debt of $17.84B and debt weight of 41.84%, higher debt refinancing yields and an equity hurdle climbing to 9.93% depress discounted cash flow fair value by 28.5%.²

FV impact

-21.1%

Cost of capital 2 points higher

Trigger

Early-warning signals to monitor

The five developments that would weaken our investment case.

Contractual Rent Collection Rate

Contractual rent collections dropping below 98% would signal operator distress or master lease disputes across Caesars or MGM, threatening indivisible cash flow stability,.

Current:100.0%

Alert if< 98.0%

Operating Margin

§3 Competitive moat

Narrow

VICI Properties possesses a narrow economic moat grounded in structural switching costs and irreplaceable destination real estate. Its portfolio is anchored by world-renowned gaming and hospitality assets on the Las Vegas Strip and regional gaming corridors, governed by long-term triple-net master leases with leading operators Caesars Entertainment (36% of FY2025 revenue) and MGM Resorts (38% of FY2025 revenue). Indivisible master lease structures ensure that operators cannot surrender underperforming regional properties without triggering cross-defaults across their entire operating footprint, including trophy properties such as Caesars Palace and MGM Grand.

Under pure triple-net lease agreements, tenants absorb all property-level operating expenses, insurance, real estate taxes, and ongoing maintenance capex. In FY2025, VICI incurred only $1.34M in corporate landlord capex on $4,006.12M of revenue, generating operating income of $3,655.30M and an operating margin of 91.24%. This compares favorably to conventional REIT peers whose operating margins cluster between 39.64% (REG) and 46.97% (O), with Crown Castle at 46.83% and Extra Space Storage at 45.88%. Physical land scarcity, complex gaming licensing regimes, and multi-billion-dollar replacement costs prevent competing supply from emerging on the Strip, supporting durable economic profit generation above the company's 7.22% WACC.

Economic profit

VICI generates a return on invested capital of 8.32%, providing an economic profit spread above its computed WACC of 7.22%. This value creation is sustained by pure triple-net lease structures that convert 91.24% of revenue into operating income ($3,655.30M operating income on $4,006.12M revenue in FY2025,).^2,4,6

8/ 10

Narrow

Sources of advantage

Switching costs from indivisible master leases and cross-default provisionsMaster lease structures bind properties into single, indivisible agreements with corporate parent guarantees from Caesars (36% of revenue) and MGM (38% of revenue). Tenants cannot cherry-pick or reject underperforming individual assets without defaulting on their entire flagship destination portfolio.Wide
Intangible assets including gaming licenses, regulatory entitlements, and prime land parcelsStrict gaming regulatory regimes, licensure requirements, and land zoning constraints on the Las Vegas Strip prevent unencumbered entry. Multi-billion dollar replacement capital costs create insurmountable hurdles for competing greenfield developments.

Known threats to the moat
Threat	Severity	Timeline	Mitigation
Counterparty credit concentration with Caesars (36%) and MGM (38%) accounting for 74% of revenue,.	high	12-36 months	Cross-collateralized, indivisible master leases with corporate parent guarantees bind tenant obligations across entire portfolios; leased properties represent critical, highly productive generators for both operators.

§5 Sensitivity

Discount rate

Terminal growth

	1.8%	2.0%	2.3%	2.5%	2.8%
6.9%	$34.96	$36.08	$37.33	$38.72	$40.27
7.4%	$32.45	$33.36	$34.36	$35.46	$36.68
7.9%	$30.34	$31.09	$31.90	$32.80	$33.78
8.4%	$28.53	$29.16	$29.83	$30.57	$31.37
8.9%	$26.96	$27.49	$28.06	$28.68	$29.34

Rows: discount rate (Ke for earnings; WACC for cash flow). Columns: terminal growth.

Fair value

Duration change (years)

	-5	-2	0	+2	+5
Fair value	$31.84	$31.88	$31.90	$31.93	$31.97

Competitive-advantage duration: 5 years at the highlighted base. Other assumptions stay fixed.

Sensitivity reference

The highlighted cell is Fair value when every assumption sits at its base level ($31.90). Each row and column shows what Fair value becomes when one assumption moves.

FCF cliff

Free cash flow to the firm stays positive in the first projected year at $3.6B after modeled reinvestment of $191.8M, with terminal value at 77.1% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.

§7 Earnings decision tree

Beat

Maintain Strong Buy; Re-examine capital deployment yields and monitor debt refinancing terms; keep allocation steady given substantial implied upside to Fair value.

Trigger: Revenue and AFFO per share exceed consensus expectations, driven by higher CPI escalations and accelerated capital deployment into experiential development partnerships

When rent escalations and experiential investments outpace consensus, cash flow growth confirms the durable compounding thesis without requiring multiple expansion beyond conservative underwriting.

In-line

Maintain Strong Buy; Maintain core allocation; verify tenant rent coverage ratios and track progress on non-gaming development milestones.

Trigger: Revenue, AFFO, and rent collection match consensus and management guidance ranges across all master leases

Matching guidance confirms steady contractual compounding under triple-net master leases with full occupancy and zero rent collection leakage.

Miss

Downgrade the rating; Review tenant master lease compliance, audit landlord expense absorption, and re-underwrite counterparty credit reserves before adjusting portfolio exposure.

Trigger: Operating margin compresses or rent collection from major gaming tenants drops below contractual obligations

Unrecovered landlord costs or rent payment concessions would challenge master lease indivisibility and reduce distributable cash flow.

Earnings quality

Earnings quality is exceptionally high due to the pure triple-net master lease structure, where operating income converts almost entirely into operating cash flow. Because gaming tenants are contractually required to pay all property taxes, insurance, and routine maintenance capex, reported earnings are insulated from working capital volatility and unexpected property-level maintenance charges. Direct financing lease accounting generates steady, predictable cash receipts backed by parent corporate guarantees, while non-cash share-based compensation remains a negligible drag on operating cash generation.

Estimate momentum

Consensus revisions for FY2027 diluted earnings and multi-year revenues have moved higher following management's raised full-year cash flow outlook. Revisions incorporate contractual rent bumps and accretive non-gaming investments while preserving steady operating margin expectations.

Metrics to watch into the print

Metric:
Master Lease Rent Collection Rate
CurrentCollections remain at full contractual levels across all master properties.
Why it matters
Contractual rent collection from principal gaming tenants confirms master lease enforceability and underpins cash flow stability.
Metric:
Operating Margin Efficiency
CurrentOperating profitability remains near peak historical levels above peer net lease benchmarks.

§8 Financial history

Income statement — last six periods
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.51B	$2.60B	$3.61B	$3.85B	$4.01B	+27.6%
Gross profit	$1.49B	$2.58B	$3.58B	$3.82B	$3.98B	+27.9%
Operating income	$1.42B	$1.68B	$3.37B	$3.56B	$3.66B	+26.8%
Net income	$1.01B	$1.12B	$2.51B	$2.68B	$2.78B	+28.6%
EPS (diluted)	$1.76	$1.27	$2.47	$2.56	$2.61	+10.4%
EBITDA	$1.42B	$1.68B	$3.37B	$3.56B	$3.67B	+26.7%
R&D	$1	$0	$1	—	—	+2.2%
SG&A	$33.1M	$48.3M	$59.6M	$69.1M	$65.1M	+18.4%

Accepted annual forecast
Metric	2026	2027	2028	2029	2030
Revenue	$4.22B	$4.36B

Cash flow

VICI generated $2,775.49M in GAAP net income in FY2025 on revenue of $4,006.12M. Due to the pure triple-net lease structure, landlord capex was restricted to $1.34M, resulting in near-total conversion of operating income into free cash flow available for distribution. Contractual CPI-linked rent bumps and management guidance for FY2026 AFFO of $2.68B to $2.70B reinforce the durability of VICI's $1.84 annual dividend per share.^4,5,6

ROIC

VICI achieves an ROIC of 8.32%, generating an economic spread of ~110 bps over its computed WACC of 7.22%. This return profile is insulated by long-term leases with embedded contractual rent escalators, ensuring stable economic value creation across multi-year cycles.

ROIC of 8.32% exceeds computed WACC of 7.22%.

Pure Triple-Net Structure Delivers Industry-Leading 91%+ Operating Margin

Operating income reached $3,655.30M on $4,006.12M of revenue in FY2025,, establishing an operating margin of 91.24%, well above peer REIT margins of 39.64% to 46.97%.

Latest revenue$4BRevenue CAGR +81.5%

Operating margin91.2%10 fiscal periods

Latest free cash flow$2.5BFY2025

Net debt$16.2BFY2025

Income statement breakdownHow business scale converts into reported profit.

StockMarketAgent.AI

Financial history data
Revenue	$4,006,116,000
Cost of revenue	$26,730,000
Gross profit	$3,979,386,000
Operating expenses	$324,085,000
Operating income	$3,655,301,000
Non-operating items and tax	-$879,808,000
Net income	$2,775,493,000

Balance sheet snapshotHow reported assets are held and financed at the selected period.

StockMarketAgent.AI

Balance sheet breakdown data
Total assets	$46,724,168,000
Cash	$563,479,000
Current assets	$19,339,997,000
Total liabilities	$18,501,581,000
Current liabilities	$724,974,000
Shareholders’ equity	$28,222,587,000

Cash-flow statement breakdownHow cash moved through operating, investing, and financing activities in FY2025.

StockMarketAgent.AI

$2.5B − $1.3MFree cash flow $2.5B

Cash-flow statement breakdown data
Net income	$2,775,493,000
Operating inflow	$2,795,325,000
Depreciation and amortization	$3,637,000
Stock-based compensation	$16,195,000
Operating cash flow	$2,509,991,000
Operating outflow	$285,334,000
Cash available	$3,034,766,000
Beginning cash	$524,615,000
Exchange-rate effect	$160,000
Investing outflow	$904,766,000
Capex	$1,335,000
Other investing activities	$903,431,000
Financing outflow	$1,566,521,000
Ending cash	$563,479,000
Investing cash flow	-$904,766,000
Financing cash flow	-$1,566,521,000

Revenue and earningsHow business scale converts into reported profit.

Cash and debtLiquidity available against total borrowing.

Cash generationOperating cash flow compared with free cash flow.

ProfitabilityGross, operating, and net margin progression.

Point-in-time financial data used in the 2026-10-05 analysis.

Financial history data
Period	Revenue	EBITDA	Net income	Operating cash flow	Free cash flow	Capex	Depreciation and amortization	Stock-based compensation	Share repurchases	Dividends paid	Net debt issuance	Investing cash flow	Financing cash flow	Beginning cash	Ending cash	Cash and investments	Total debt	Operating margin	ROIC	WACC	ROIC − WACC spread
2016-12-31	$18.8M	$3M	$3M	$2.7M	$1.9M	$869K	$3M	—	—	$262.7M	—	-$869K	-$1.3M	—	$920K	$920K	$14K	0.0%	—	—	—
2017-12-31	$221M	$109.1M	$139M	$129.4M	$129.4M	$51K	$3.2M	$1.4M	—	$0	—	-$1.1B	$1.1B	$920K	$197.4M	$183.6M	$4.1B	85.7%	—	—	—
2018-12-31	$898M	$749.9M	$523.6M	$504.1M	$503.2M	$899K	$3.7M	$2.3M	—	$262.7M	—	-$1.1B	$1B	$197.4M	$598.4M	$1.1B	$4.1B	15.6%	—	8.9%	—
2019-12-31	$894.8M	$808.2M	$546M	$682.2M	$679.4M	$2.7M	$3.8M	$5.2M	—	$504M	—	-$1.4B	$1.2B	$598.4M	$1.1B	$1.2B	$4.8B	5.8%	—	8.0%	—
2020-12-31	$1.2B	$1.2B	$891.7M	$883.6M	$880.9M	$2.8M	$3.7M	$7.4M	—	$612.2M	—	-$4.5B	$2.9B	$1.1B	$316M	$336M	$6.8B	26.2%	—	7.9%	—
2021-12-31	$1.5B	$1.4B	$1B	$896.4M	$893.8M	$2.5M	$3.1M	$9.4M	—	$758.8M	—	$41.4M	-$514.2M	$316M	$739.6M	$739.6M	$4.7B	95.7%	—	5.8%	—
2022-12-31	$2.6B	$1.7B	$1.1B	$1.9B	$1.9B	$1.9M	$3.2M	$13M	$6.2M	$1.2B	$5B	-$9.3B	$6.8B	$739.6M	$208.9M	$426.3M	$13.7B	62.8%	—	7.4%	—
2023-12-31	$3.6B	$3.4B	$2.5B	$2.2B	$2.2B	$4M	$4.3M	$15.5M	$5M	$1.6B	$169.1M	-$2.9B	$1B	$208.9M	$522.6M	$522.6M	$16.7B	92.6%	—	7.3%	—
2024-12-31	$3.8B	$3.6B	$2.7B	$2.4B	$2.4B	$7.5M	$4.1M	$17.5M	$5.3M	$1.8B	-$40.9M	-$922.8M	-$1.5B	$522.6M	$524.6M	$524.6M	$16.7B	92.1%	—	7.8%	—
2025-12-31	$4B	$3.7B	$2.8B	$2.5B	$2.5B	$1.3M	$3.6M	$16.2M	$7.2M	$1.9B	-$29.5M	-$904.8M	-$1.6B	$524.6M	$563.5M	$608M	$16.8B	91.2%	—	6.0%	—

§9 Peer valuation comparison

VICI Properties Inc.VICI

Price / fair value

Fair value$31.9Report-date price$22.53

AssessedOct 05, 2026

Economic moatNarrow

Investment scorecard71 / 100

Extra Space Storage Inc.EXR

Price / fair value

Fair value$86.66Report-date price$132.45

AssessedOct 05, 2026

Economic moatNarrow

Investment scorecard

Regency Centers CorporationREG

Price / fair value

Fair value$66.75Report-date price$72.95

AssessedSep 20, 2026

Economic moatNarrow

Investment scorecard

VICI Properties Inc.VICI

Price / fair value

Fair value$31.9Report-date price$22.53

AssessedOct 05, 2026

Economic moatNarrow

Investment scorecard

Peer multiples and profitability
Ticker	Name	Mcap	P/E	P/S	EV/EBITDA

VICI Properties Inc. (VICI) trades at 7.8x forward earnings against a peer median of 27.9x. Its EV/EBITDA of 11.8x compares with a peer median of 17.9x. The comparison uses 4 peers: Extra Space Storage Inc., Regency Centers Corporation, Crown Castle Inc. and Realty Income Corporation, as of 2026-10-04 to 2026-10-05.

§10 Industry & cycle

Cycle phase

Contraction

Real estate industry benchmarks show capex to depreciation of 0.17 and capex to revenue of -0.127. For VICI, landlord capex was minimal at $1.34M in FY2025 as tenants absorb property maintenance. Growth depends on selective capital deployment into experiential build-to-suit projects,.^4,5

Bull cycle

The upward phase of the experiential real estate cycle is characterized by robust leisure travel demand, expanding convention attendance, and strong tenant EBITDAR growth. Gaming operators benefit from high hotel occupancy and sustained gaming win on the Las Vegas Strip, enabling active reinvestment into property amenities,. For landlords like VICI, this environment translates into seamless realization of contractual CPI rent escalators, accretive sale-leaseback opportunities, and potential development upside in adjacent parcels.

Bear cycle

A cyclical contraction in the gaming and experiential REIT sector is typically triggered by consumer discretionary spending pullbacks, corporate convention budget cuts, and elevated interest rates. As benchmark borrowing costs rise, refinancing yields on maturing debt increase, squeezing net investment spreads and expanding cap rates. While triple-net master leases insulate landlords from immediate operating margin declines, prolonged operator distress can erode tenant rent coverage and elevate counterparty default risk across regional properties.

Secular trends
Trend	Impact	Note
Secular Growth in Experiential and Entertainment Spending	positive	Consumers increasingly prioritize spending on live entertainment, premier sports events, and destination hospitality over material goods, cementing Las Vegas as a global entertainment hub.
Expansion of Digital Gaming and Sports Wagering	neutral	While digital gaming and mobile sports betting capture incremental consumer attention, flagship physical casino-resorts serve as indispensable customer acquisition and hospitality hubs for omnichannel operators.

Positioning

VICI is positioned as the dominant experiential gaming net-lease REIT, insulated from industry-wide inflation and tenant operational volatility by long-term indivisible master leases. Operating margins above 91%, and 100% occupancy place VICI in an advantaged competitive tier relative to conventional retail, office, and tower REITs, with contractual escalations driving visible multi-year cash flow growth.^4,6

§11 Position management

Sizing

5-7%

High cash flow visibility from 100% triple-net occupancy, parent corporate guarantees from Caesars and MGM, minimal capex requirements ($1.34M in FY2025), and 41.59% upside to Fair value ($31.90) support an overweight position, balanced against 74% tenant concentration,.^4,7

Risk

Portfolio risk management requires continuous monitoring of tenant EBITDAR coverage at Caesars and MGM, tracking debt maturity refinancing yields against benchmark rates across $17.84B total debt, and validating that new experiential non-gaming investments achieve underwriting return hurdles above 7.22% WACC.

Entry tranches
Level	Action	Why
October 5, 2026 price ($22.53)⁴	Initiate core position (initial 3-4% portfolio allocation)	The stock trades at a 29.37% discount to Fair value ($31.90) and a forward P/E of 7.77x, offering an asymmetric entry point with attractive dividend yield.
Pullback toward 52-week low ($22.43)	Add to position up to target weight (5-7% allocation)	Expands the margin of safety beyond 30% discount to Fair value while locking in an elevated distribution yield backed by 100% rent collections.

Exit tranches
Level	Action
Fair value midpoint ($31.90)	Trim position to benchmark weighting to harvest capital gains
Potential value high end ($46.88)	Close or significantly scale back position as valuation reflects full growth potential

Quarterly checkpoints
Metric	Threshold	Action
Contractual Rent Collection Rate	< 98.0%	Review master lease legal protections and reassess counterparty credit reserves immediately.
Operating Margin	< 85.0%	Audit landlord property-level expense absorption and evaluate non-gaming portfolio yields.

§14 Final recommendation

Action

Strong Buy

We recommend a Strong Buy on VICI Properties Inc. At USD 22.53, the stock trades at an attractive 29.37% discount to our Fair value midpoint of USD 31.90, offering 41.59% implied upside. The company's cash flow durability is anchored by long-term triple-net master leases with Caesars (36% of revenue) and MGM (38% of revenue), which delivered a 91.24% operating margin in FY2025 with minimal landlord capex ($1.34M).^4,7

The current forward P/E multiple of 7.77x overly discounts tenant concentration and interest rate refinancing risks on USD 17.84B total debt. With contractual escalators driving consensus revenue to USD 4,216.02M in FY2026 and USD 4,361.99M in FY2027, and management guiding to 3.4% AFFO-per-share growth, VICI provides a defensive, growing income stream with substantial valuation re-rating potential toward peer medians of 27.9x.

Biggest risk

A severe macroeconomic downturn or gaming sector shock driving tenant EBITDAR coverage below 2.0x, or a persistent credit spread blowout raising debt refinancing yields by more than 150 bps across maturing debt. Caesars accounts for 36% and MGM accounts for 38% of FY2025 lease revenue. Severe operational distress at either operator could compromise lease compliance, trigger requests for rent deferrals or restructuring, or force VICI to record tenant credit loss reserves. Concurrently, refinancing portions of VICI's USD 17.84B total debt (41.84% debt weight) at higher market yields (5.24% risk-free rate and 6.24% pre-tax debt cost) would increase interest expense and reduce distributable cash flow. A 10% rent concession or tenant payment default would reduce annual revenue by ~$400M-$420M, compress operating margin from 91.24%, and sharply impair net income ($2,775.49M in FY2025), while elevated debt refinancing costs would depress AFFO per share below management's guided $2.45-$2.47 range. Contractual rent collection rate dropping below 98%, or Caesars and MGM consolidated lease coverage falling below 2.5x EBITDAR-to-rent, alongside weighted refinancing rates exceeding 6.5%.

VICI	VICI Properties Inc.	$24.8B	7.8x	6.1x	11.8x	9.8%	—
EXR	Extra Space Storage Inc.	$29.3B	27.4x	8.4x	18.5x	7.0%	45.9%
REG	Regency Centers Corporation	$13.4B	28.4x	7.9x	17.3x	8.2%	39.6%
CCI	Crown Castle Inc.	$28.3B	22.9x	6.8x	18.8x	—	46.8%
O	Realty Income Corporation	$51.2B	34.9x	8.4x	15.7x	3.2%	47.0%

Is VICI Properties Inc. overvalued?

What is VICI's fair value?

Should I buy VICI now?

What are the biggest risks for VICI?

What is VICI's rating?

What archetype is VICI?

VICI Properties Inc.

Names readers of VICI also follow

Company overview

Contractual Rent Collection Rate

Operating Margin

Narrow

Sources of advantage

Lenses that set Fair value

Multi-stage Moat Fade

Master Lease Rent Collection Rate

Operating Margin Efficiency

Sources

Annual Revenue Growth Rate

Moderate Cost of Equity

Tenant EBITDAR Lease Coverage Ratio

Forward Earnings

Cash flow DCF

Owner Earnings

Dividend Discount Model

Checks and reference points

Reverse DCF

Tenant EBITDAR Coverage

Experiential Development Yields

Debt Maturity Refinancing Spreads