<p><strong>Vici Properties</strong>（VICI 0.34%）是一家专注于博彩房地产的房地产投资信托（REIT）。它拥有 54 个博彩物业，包括拉斯维加斯大道上一些最具标志性的物业，如凯撒宫、米高梅大酒店和威尼斯人酒店。它拥有一系列优秀的区域博彩资产，如大西洋城的博尔戈塔和华盛顿特区的米高梅国家港，以及一小部分非博彩物业。</p>
<p>总的来说，Vici 的投资组合包含超过 60,000 间酒店客房；420 万平方英尺的博彩空间；670 万平方英尺的会议空间；超过 1,000 个餐饮和零售店铺；以及 50 多个娱乐场所。</p>
<p>尽管相对较高的利率环境对 REIT 的增长并不理想，但 Vici Properties 在执行其战略方面表现出色。以下是为什么这只 5.4% 收益率的分红股票现在可能是一个优秀的长期投资的原因。</p>
<h2>一个伟大的业务，有扩展空间</h2>
<p>Vici 在博彩房地产领域是明显的领导者，2018 年从 <strong>凯撒娱乐</strong>（CZR -4.85%）分拆而来。尽管赌场业务可能有些周期性，但你可能会对 Vici 的业务稳健程度感到惊讶。</p>
<p>首先，Vici 的租赁质量非常出色。Vici 投资组合中的平均租约还有 41 年，90% 的租约在长期内受到通货膨胀的保护（这意味着租金增长与消费者物价指数（CPI）增长挂钩）。</p>
<p>虽然 Vici 目前主要是一家赌场 REIT，但它看到在其他类型的体验式房地产中有巨大的增长机会。它在 2023 年进行了首次重大非博彩收购（一个 Bowlero 保龄球中心的投资组合），并可能会追求非博彩酒店和度假村、购物中心、体育场馆、娱乐场所等。</p>
<p>在博彩方面也有增长空间。Vici 拥有优先购买权，可以收购几处拉斯维加斯大道的其他物业以及几处区域资产，前提是凯撒决定出售。</p>
<p>该公司已经建立了通过收购增加价值的优秀记录。在其相对较短的历史中，Vici 已经收购了其最大的竞争对手（米高梅增长物业）、威尼斯人酒店以及其他几项资产，并因此增加了每股运营资金（FFO——房地产等同于收益）。</p>
<p>由于其出色的资本配置，Vici 自首次公开募股（IPO）以来每年都能提高分红，并且没有理由相信这一趋势会在短期内受到威胁。</p>
<h2>在艰难环境中仍在增长</h2>
<p>即使在困难的环境中，Vici 也找到了继续增长的方法。可以肯定的是，更高的利率使得筹集资金以购买更多物业的吸引力降低，因此这种活动最近显著放缓。然而，Vici 一直在利用高利率为自己谋取利益，进行了一些融资投资（基本上充当贷方）。</p>
<p>这样想吧：Vici 的规模和资产负债表使其能够获得相对便宜的资本。例如，它刚刚以 4.75% 的利率发行了债务。如果公司能够以更高的利率向合作伙伴贷款以融资新物业的建设，它就可以从利差中获利。</p>
<p>例如，在 2024 年，Vici 向新建的 Margaritaville 度假村和几处 Great Wolf Lodge 物业提供了融资贷款。该公司还同意以 7.25% 的收益率为威尼斯人酒店的翻新提供融资（结构为增量租金增长）。</p>
<p>这不仅是在困难的增长环境中创造利润的创新方式，而且 Vici 的大多数交易还赋予公司最终收购被融资物业的权利，这为资本成本变得更具吸引力时创造了内置的增长管道。</p>
<h2>结论</h2>
<p>Vici Properties 拥有一系列优质资产、出色的资产负债表，以及已经建立了聪明资本配置记录的管理团队。Vici 不仅可能有很大的增长空间，而且还可能成为利率下降的主要受益者。同时，你将获得 5.4% 的分红收益率，这一收益率得到了公司利润的良好支持。</p>

VICI

<p>Vici Properties 是一家领先的游戏房地产投资信托基金（REIT），拥有 54 个游戏物业，包括标志性的拉斯维加斯地点。尽管面临高利率的挑战，Vici 仍在执行其增长战略，专注于游戏和非游戏房地产。凭借强大的租赁组合和成功收购的历史，Vici 自首次公开募股以来每年都提高股息。该公司还利用高利率为新项目融资，为未来增长做好准备。投资者可以期待 5.4% 的股息收益率，背后有稳健的利润支持</p>

<p><strong>Vici Properties</strong>(VICI 0.34%) is a real estate investment trust, or REIT, specializing in gaming real estate. It owns 54 gaming properties, including some of the most iconic properties on the Las Vegas Strip, such as Caesars Palace, MGM Grand, and The Venetian. It owns an excellent portfolio of regional gaming assets, such as the Borgata in Atlantic City and MGM National Harbor in Washington, D.C., and a smaller portfolio of non-gaming properties.</p>
<div class="lb-trans"><p><strong>Vici Properties</strong>（VICI 0.34%）是一家专注于博彩房地产的房地产投资信托（REIT）。它拥有 54 个博彩物业，包括拉斯维加斯大道上一些最具标志性的物业，如凯撒宫、米高梅大酒店和威尼斯人酒店。它拥有一系列优秀的区域博彩资产，如大西洋城的博尔戈塔和华盛顿特区的米高梅国家港，以及一小部分非博彩物业。</p>
</div><p>In all, Vici's portfolio contains more than 60,000 hotel rooms; 4.2 million square feet of gaming space; 6.7 million square feet of meeting space; over 1,000 food, beverage, and retail outlets; and more than 50 entertainment venues.</p>
<div class="lb-trans"><p>总的来说，Vici 的投资组合包含超过 60,000 间酒店客房；420 万平方英尺的博彩空间；670 万平方英尺的会议空间；超过 1,000 个餐饮和零售店铺；以及 50 多个娱乐场所。</p>
</div><p>Although the relatively high-interest environment hasn't exactly been great for REIT growth, Vici Properties continues to do an excellent job of executing its strategy. Here's why this 5.4%-yielding dividend stock could be an excellent long-term investment to add to your portfolio right now.</p>
<div class="lb-trans"><p>尽管相对较高的利率环境对 REIT 的增长并不理想，但 Vici Properties 在执行其战略方面表现出色。以下是为什么这只 5.4% 收益率的分红股票现在可能是一个优秀的长期投资的原因。</p>
</div><h2>A great business with room to expand</h2>
<div class="lb-trans"><h2>一个伟大的业务，有扩展空间</h2>
</div><p>Vici is the clear leader in gaming real estate, having spun off from <strong>Caesars Entertainment</strong>(CZR -4.85%) in 2018. Although the casino business can be somewhat cyclical, you might be surprised at how solid Vici's business is.</p>
<div class="lb-trans"><p>Vici 在博彩房地产领域是明显的领导者，2018 年从 <strong>凯撒娱乐</strong>（CZR -4.85%）分拆而来。尽管赌场业务可能有些周期性，但你可能会对 Vici 的业务稳健程度感到惊讶。</p>
</div><p>For one thing, Vici's lease quality is fantastic. The average lease in Vici's portfolio has 41 years left on it, and 90% of its leases are protected long term from inflation (meaning that rent growth is tied to Consumer Price Index [CPI] growth).</p>
<div class="lb-trans"><p>首先，Vici 的租赁质量非常出色。Vici 投资组合中的平均租约还有 41 年，90% 的租约在长期内受到通货膨胀的保护（这意味着租金增长与消费者物价指数（CPI）增长挂钩）。</p>
</div><p>While Vici is primarily a casino REIT today, it sees a massive opportunity to grow in other types of experiential real estate. It made its first major non-gaming acquisition in 2023 (a portfolio of Bowlero bowling centers) and could potentially pursue non-gaming hotels and resorts, shopping centers, sports arenas, entertainment venues, and much more.</p>
<div class="lb-trans"><p>虽然 Vici 目前主要是一家赌场 REIT，但它看到在其他类型的体验式房地产中有巨大的增长机会。它在 2023 年进行了首次重大非博彩收购（一个 Bowlero 保龄球中心的投资组合），并可能会追求非博彩酒店和度假村、购物中心、体育场馆、娱乐场所等。</p>
</div><p>There's also room to grow in gaming. Vici has the right of first refusal to acquire several other Las Vegas Strip properties and several regional assets should Caesars decide to sell.</p>
<div class="lb-trans"><p>在博彩方面也有增长空间。Vici 拥有优先购买权，可以收购几处拉斯维加斯大道的其他物业以及几处区域资产，前提是凯撒决定出售。</p>
</div><p>The company has already established an excellent record of adding value through acquisitions. In its relatively short history, Vici has already acquired its largest rival (MGM Growth Properties), The Venetian, and several other assets and increased per-share funds from operations (FFO -- the real estate equivalent of earnings) as a result.</p>
<div class="lb-trans"><p>该公司已经建立了通过收购增加价值的优秀记录。在其相对较短的历史中，Vici 已经收购了其最大的竞争对手（米高梅增长物业）、威尼斯人酒店以及其他几项资产，并因此增加了每股运营资金（FFO——房地产等同于收益）。</p>
</div><p>Because of its excellent capital allocation, Vici has been able to raise its dividend every year since its initial public offering (IPO), and there's no reason to believe the streak is in jeopardy anytime soon.</p>
<div class="lb-trans"><p>由于其出色的资本配置，Vici 自首次公开募股（IPO）以来每年都能提高分红，并且没有理由相信这一趋势会在短期内受到威胁。</p>
</div><h2>Still growing in a tough environment</h2>
<div class="lb-trans"><h2>在艰难环境中仍在增长</h2>
</div><p>Even in a difficult environment, Vici has found ways to continue to grow. To be sure, higher interest rates have made it less attractive to raise capital to buy more properties, so this type of activity has been notably slow recently. However, Vici has been using elevated interest rates to its <em>advantage</em>, making several financing investments (essentially acting as the lender).</p>
<div class="lb-trans"><p>即使在困难的环境中，Vici 也找到了继续增长的方法。可以肯定的是，更高的利率使得筹集资金以购买更多物业的吸引力降低，因此这种活动最近显著放缓。然而，Vici 一直在利用高利率为自己谋取利益，进行了一些融资投资（基本上充当贷方）。</p>
</div><p>Think of it this way: Vici's size and balance sheet give it access to relatively cheap capital. It just issued debt at a 4.75% interest rate, for example. If the company can lend money to partners to finance the construction of new properties at higher rates, it can profit from the spread.</p>
<div class="lb-trans"><p>这样想吧：Vici 的规模和资产负债表使其能够获得相对便宜的资本。例如，它刚刚以 4.75% 的利率发行了债务。如果公司能够以更高的利率向合作伙伴贷款以融资新物业的建设，它就可以从利差中获利。</p>
</div><p>For example, in 2024, Vici loaned money to finance the construction of a new Margaritaville resort and several properties for Great Wolf Lodge. The company also agreed to finance renovations at The Venetian at a 7.25% yield (structured as an incremental rent increase).</p>
<div class="lb-trans"><p>例如，在 2024 年，Vici 向新建的 Margaritaville 度假村和几处 Great Wolf Lodge 物业提供了融资贷款。该公司还同意以 7.25% 的收益率为威尼斯人酒店的翻新提供融资（结构为增量租金增长）。</p>
</div><p>Not only is this a creative way to grow profits during a difficult growth environment, but most of Vici's deals also give the company the right to eventually acquire the property being financed, which creates a built-in growth pipeline for when costs of capital become more attractive.</p>
<div class="lb-trans"><p>这不仅是在困难的增长环境中创造利润的创新方式，而且 Vici 的大多数交易还赋予公司最终收购被融资物业的权利，这为资本成本变得更具吸引力时创造了内置的增长管道。</p>
</div><h2>The bottom line</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>Vici Properties has a portfolio of top-quality assets, an excellent balance sheet, and a management team that has already established a track record of smart capital allocation. Not only could Vici have a ton of room to grow from here, but it could also be a big beneficiary of falling interest rates. And in the meantime, you'll get a 5.4% dividend yield that is well covered by the company's profits.</p>
<div class="lb-trans"><p>Vici Properties 拥有一系列优质资产、出色的资产负债表，以及已经建立了聪明资本配置记录的管理团队。Vici 不仅可能有很大的增长空间，而且还可能成为利率下降的主要受益者。同时，你将获得 5.4% 的分红收益率，这一收益率得到了公司利润的良好支持。</p>
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预测：这只收益率为 5.4% 的股息股票将为耐心的投资者带来超越市场的回报