Headquartered in New York, VICI Properties Inc. (VICI) is a real estate investment trust (REIT) focused on owning, acquiring, and developing gaming, hospitality, and entertainment destinations. With a market cap of $30.7 billion, it boasts a significant portfolio that includes renowned gaming, hospitality, and entertainment destinations such as Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas, all iconic landmarks on the Las Vegas Strip. The leading REIT is set to announce its Q2 earnings for fiscal 2024 after the market closes on Wednesday, Jul. 31.
Ahead of the event, analysts expect VICI Properties to report an FFO of $0.56 per share, up 3.7% from $0.54 per share in the year-ago quarter. The company has exceeded or met Wall Street’s EPS estimates in each of the last four quarters.
The REIT reported an FFO of $0.56 per share in the recent quarter, a rise of 6.1% from the previous year's quarter, meeting the consensus estimate, thanks to its strategic investments and capital management.
Looking forward, Wall Street anticipates VICI Properties to achieve an FFO of $2.25 per share in fiscal 2024, reflecting a 4.7% increase from $2.15 in fiscal year 2023. Moreover, its FFO is projected to inch up 3.6% annually to $2.33 in fiscal 2025.
VICI stock has plunged 7.7% over the past 52 weeks, underperforming the broader S&P 500 Index's ($SPX) 25.6% gains and the Real Estate Select Sector SPDR Fund’s (XLRE) 3.8% returns during the same period.
VICI Properties' stock has trailed behind the broader market amid rising interest rates and heightened borrowing costs. However, the stock saw an uptick on May 1 following the release of its robust Q1 earnings that met earnings estimates and surpassed revenue expectations. Additionally, VICI Properties' shares received a boost on May 9 after the company announced a $250 million mezzanine loan to Great Wolf Resorts.
VICI stock has a consensus “Strong Buy” rating overall. Among the 21 analysts covering the stock, 17 recommend a "Strong Buy," one suggests a “Moderate Buy,” and the remaining three analysts give it a "Hold."
Furthermore, the average analyst price target for VICI Properties is $35.32, indicating a potential upside of 19.9% from the current price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
