2024-05-23 06:39:00 ET
Vici Properties (NYSE: VICI) has delivered peer-leading dividend growth since its first full year of operations in 2018. The real estate investment trust (REIT) focused on experiential properties has grown its dividend at a brisk 7.9% compound annual rate, several times above its peer group average of 2.2%. A big factor driving its above-average growth is its ability to find creative ways to continue expanding .
The REIT's creativity should continue paying dividends in the future. Its strategy of partnering with property operators should enable Vici Properties to continue expanding its portfolio and high-yielding payout (currently yielding around 5.5%) for years to come.
Vici Properties formed in 2017 when casino operator Caesars spun off its real estate assets to create a REIT focused on experiential properties. The REIT has grown from that initial 19-property gaming portfolio to 54 gaming properties across the U.S. and Canada by acquiring other properties from casino operators in sale-leaseback transactions . It has also merged with a rival gaming REIT and bought properties from other investors. It now owns 10 trophy assets on the Las Vegas Strip, including the Venetian and Caesars Palace.
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This 5.5%-Yielding Dividend Stock Continues to Find Creative Ways to Grow