<p>蓝筹股分红股票通常被认为是保守收入投资者可靠的投资选择。但在 2022 年和 2023 年，许多此类股票失去了光彩，因为利率上升使得这些投资者转向收益更高的无风险存款证和国债。</p>
<p>然而，美联储在 2024 年将基准利率下调了三次，并且预计今年至少还会再降息两次。随着这些较低的利率再次降低存款证和国债的收益率，更多投资者可能会重新转向估值较低、护城河宽广且商业模式持久的高收益分红股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUzNDEvbWFuLWNhc2gta2luZy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUzNDEvbWFuLWNhc2gta2luZy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>我最喜欢的分红股票之一是 <strong>Vici Properties</strong>（VICI 1.56%），这是一家拥有美国和加拿大数十个赌场和娱乐场所的体验型房地产投资信托（REIT）。我在 2024 年初开始积累 Vici 的股票，目前它占我投资组合的约 4.5%。让我解释一下为什么我认为它仍然是今天值得购买的聪明收入股票，因为市场接近历史高点。</p>
<h2>Vici Properties 与其他 REIT 的不同之处是什么？</h2>
<p>作为一家 REIT，Vici 购买大量物业，出租这些物业，并与投资者分享租金收入。为了维持有利的税率，REIT 必须将至少 90% 的税前收入作为分红支付。它们通常通过每股调整后的运营资金（AFFO）来衡量其盈利能力（以及支持分红的能力）。</p>
<p>与拥有数百或数千处物业的大型 REIT 不同，Vici 在其最新季度末仅拥有 93 处物业。但它在所有这些物业中保持了 100% 的完美入住率，并稳步提高其每股 AFFO 以覆盖不断上升的分红。</p>
<p>| 指标 | 2021 | 2022 | 2023 | 2024 | 2025 年第一季度 | 2025 年第二季度 |
| <strong>总物业数</strong> | 28 | 49 | 93 | 93 | 93 | 93 |
| <strong>入住率</strong> | 100% | 100% | 100% | 100% | 100% | 100% |
| <strong>每股 AFFO</strong> | $1.82 | $1.93 | $2.15 | $2.26 | $0.58 | $0.60 |
| <strong>每股分红</strong> | $1.38 | $1.50 | $1.61 | $1.695 | $0.4325 | $0.4325 |</p>
<p>数据来源：Vici Properties。</p>
<p>Vici 的主要租户包括 <strong>Caesar's Entertainment</strong>（NASDAQ: CZR）、<strong>MGM Resorts</strong>（NYSE: MGM）、<strong>Penn Entertainment</strong>（NASDAQ: PENN）和 <strong>Century Casinos</strong>（NASDAQ: CNTY）。它通过与 Bowlero 的保龄球馆、Chelsea Piers、Canyon Ranch 租约和 Great Wolf Resorts 的租约，正在扩展到赌场度假村之外。</p>
<p>Vici 通过将这些租户锁定在数十年的租约中来维持其完美的入住率。赌场的严格政府监管也使得这些公司很难突然终止租约并搬迁业务。</p>
<p>Vici 还通过三种方式严格控制其开支。首先，它是一家三重净租赁 REIT，因此其租户需要支付自己的房地产税、保险费和维护费用。其次，Vici 将大部分租约与消费者价格指数（CPI）挂钩，这使其能够提高租金以跟上通货膨胀。最后，随着利率上升，它停止了收购新物业，并将现金再投资于其合作物业增长基金（PPGF）——该基金为租户提供资本用于翻新和其他物业升级。作为这些再投资的交换，Vici 根据现有租约提高了这些租户的租金。</p>
<h2>为什么 Vici 今天仍然值得购买？</h2>
<p>预计 Vici 全年的调整后每股 FFO 将增长 4% 至 5%，达到每股$2.35 至$2.37，这将轻松覆盖其前瞻性年分红$1.73 每股。这转化为 5.3% 的前瞻性收益率，远高于 10 年期国债的 4.4% 收益率。在每股$33 的价格下，Vici 的股票在今年的每股 AFFO 不到 14 倍的估值下仍显得便宜。即使市场回调，这种低估值和高收益率也应限制其下行潜力，并且随着利率下降，它应吸引更多以收入为导向的投资者。这就是为什么现在购买它是一只聪明的分红股票——也是一只值得购买、持有并忘记几十年的好股票。</p>

VICI

<p>Vici Properties 被认为是保守型收入投资者的顶级分红股票，尤其是在美联储降息的背景下。这家房地产投资信托公司拥有 93 处物业，且入住率完美，预计 2024 年每股调整后的基金运营收益（FFO）将增长 4-5%，足以覆盖每年每股 1.73 美元的分红。Vici 的前瞻收益率为 5.3%，且今年的调整后基金运营收益（AFFO）估值低于 14 倍，随着利率的下降，Vici 有望吸引以收入为导向的投资者，使其成为现在的明智投资选择</p>

<p>Blue chip dividend stocks are often considered reliable investments for conservative income investors. But in 2022 and 2023, many of those stocks lost their luster as rising interest rates drove those investors toward risk-free CDs and Treasuries that paid higher yields.</p>
<div class="lb-trans"><p>蓝筹股分红股票通常被认为是保守收入投资者可靠的投资选择。但在 2022 年和 2023 年，许多此类股票失去了光彩，因为利率上升使得这些投资者转向收益更高的无风险存款证和国债。</p>
</div><p>However, the Federal Reserve cut its benchmark rates three times in 2024, and it's widely expected to execute at least two more rate cuts this year. As those lower rates reduce the yields of CDs and Treasuries again, more investors will likely pivot back toward high-yield dividend stocks with low valuations, wide moats, and evergreen business models.</p>
<div class="lb-trans"><p>然而，美联储在 2024 年将基准利率下调了三次，并且预计今年至少还会再降息两次。随着这些较低的利率再次降低存款证和国债的收益率，更多投资者可能会重新转向估值较低、护城河宽广且商业模式持久的高收益分红股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUzNDEvbWFuLWNhc2gta2luZy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825341%2Fman-cash-king.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>One of my favorite dividend stocks that checks all three boxes is <strong>Vici Properties</strong>(VICI 1.56%), the experiential real estate investment trust (REIT) that owns dozens of casino and entertainment properties across the U.S. and Canada. I started to accumulate Vici's stock in early 2024, and it now accounts for about 4.5% of my portfolio. Let me explain why I think it's still a smart income stock to buy today as the market hovers near its all-time highs.</p>
<div class="lb-trans"><p>我最喜欢的分红股票之一是 <strong>Vici Properties</strong>（VICI 1.56%），这是一家拥有美国和加拿大数十个赌场和娱乐场所的体验型房地产投资信托（REIT）。我在 2024 年初开始积累 Vici 的股票，目前它占我投资组合的约 4.5%。让我解释一下为什么我认为它仍然是今天值得购买的聪明收入股票，因为市场接近历史高点。</p>
</div><h2>What sets Vici Properties apart from other REITs?</h2>
<div class="lb-trans"><h2>Vici Properties 与其他 REIT 的不同之处是什么？</h2>
</div><p>As a REIT, Vici buys a lot of properties, rents them out, and splits the rental income with its investors. To maintain a favorable tax rate, REITs must pay out at least 90% of their pre-tax income as dividends. They usually gauge their profitability (and ability to support their dividends) through their adjusted funds from operations (AFFO) per share.</p>
<div class="lb-trans"><p>作为一家 REIT，Vici 购买大量物业，出租这些物业，并与投资者分享租金收入。为了维持有利的税率，REIT 必须将至少 90% 的税前收入作为分红支付。它们通常通过每股调整后的运营资金（AFFO）来衡量其盈利能力（以及支持分红的能力）。</p>
</div><p>Unlike larger REITs that own hundreds or thousands of properties, Vici only owned 93 properties at the end of its latest quarter. But it maintained a perfect occupancy rate of 100% across all of those properties as it steadily grew its AFFO per share to cover its rising dividends.</p>
<div class="lb-trans"><p>与拥有数百或数千处物业的大型 REIT 不同，Vici 在其最新季度末仅拥有 93 处物业。但它在所有这些物业中保持了 100% 的完美入住率，并稳步提高其每股 AFFO 以覆盖不断上升的分红。</p>
</div><p>| Metric | 2021 | 2022 | 2023 | 2024 | Q1 2025 | Q2 2025 |
| <strong>Total Properties</strong> | 28 | 49 | 93 | 93 | 93 | 93 |
| <strong>Occupancy Rate</strong> | 100% | 100% | 100% | 100% | 100% | 100% |
| <strong>AFFO per share</strong> | $1.82 | $1.93 | $2.15 | $2.26 | $0.58 | $0.60 |
| <strong>Dividends per share</strong> | $1.38 | $1.50 | $1.61 | $1.695 | $0.4325 | $0.4325 |</p>
<div class="lb-trans"><p>| 指标 | 2021 | 2022 | 2023 | 2024 | 2025 年第一季度 | 2025 年第二季度 |
| <strong>总物业数</strong> | 28 | 49 | 93 | 93 | 93 | 93 |
| <strong>入住率</strong> | 100% | 100% | 100% | 100% | 100% | 100% |
| <strong>每股 AFFO</strong> | $1.82 | $1.93 | $2.15 | $2.26 | $0.58 | $0.60 |
| <strong>每股分红</strong> | $1.38 | $1.50 | $1.61 | $1.695 | $0.4325 | $0.4325 |</p>
</div><p>Data source: Vici Properties.</p>
<div class="lb-trans"><p>数据来源：Vici Properties。</p>
</div><p>Vici's top tenants include <strong>Caesar's Entertainment</strong>(NASDAQ: CZR), <strong>MGM Resorts</strong>(NYSE: MGM), <strong>Penn Entertainment</strong>(NASDAQ: PENN), and <strong>Century Casinos</strong>(NASDAQ: CNTY). It's been expanding beyond casino resorts through its leases for Bowlero's bowling alleys, Chelsea Piers, Canyon Ranch leases, and Great Wolf Resorts.</p>
<div class="lb-trans"><p>Vici 的主要租户包括 <strong>Caesar's Entertainment</strong>（NASDAQ: CZR）、<strong>MGM Resorts</strong>（NYSE: MGM）、<strong>Penn Entertainment</strong>（NASDAQ: PENN）和 <strong>Century Casinos</strong>（NASDAQ: CNTY）。它通过与 Bowlero 的保龄球馆、Chelsea Piers、Canyon Ranch 租约和 Great Wolf Resorts 的租约，正在扩展到赌场度假村之外。</p>
</div><p>Vici maintained its perfect occupancy rate by locking those tenants into multidecade leases. The strict government regulations for casinos also make it difficult for those companies to abruptly break their leases and relocate their businesses.</p>
<div class="lb-trans"><p>Vici 通过将这些租户锁定在数十年的租约中来维持其完美的入住率。赌场的严格政府监管也使得这些公司很难突然终止租约并搬迁业务。</p>
</div><p>Vici also tightly controls its expenses in three ways. First, it's a triple net lease REIT, so its tenants need to pay their own real estate taxes, insurance premiums, and maintenance expenses. Second, Vici ties most of its leases to the consumer price index (CPI), which allows it to raise its rent to keep pace with inflation. Lastly, it stopped acquiring new properties as interest rates rose, and it reinvested its cash into its Partner Property Growth Fund (PPGF) -- which provides capital to its tenants for renovations and other property upgrades. In exchange for those reinvestments, Vici raises the rents for those tenants under their existing lease agreements.</p>
<div class="lb-trans"><p>Vici 还通过三种方式严格控制其开支。首先，它是一家三重净租赁 REIT，因此其租户需要支付自己的房地产税、保险费和维护费用。其次，Vici 将大部分租约与消费者价格指数（CPI）挂钩，这使其能够提高租金以跟上通货膨胀。最后，随着利率上升，它停止了收购新物业，并将现金再投资于其合作物业增长基金（PPGF）——该基金为租户提供资本用于翻新和其他物业升级。作为这些再投资的交换，Vici 根据现有租约提高了这些租户的租金。</p>
</div><h2>Why is Vici still worth buying today?</h2>
<div class="lb-trans"><h2>为什么 Vici 今天仍然值得购买？</h2>
</div><p>For the full year, Vici expects its adjusted FFO per share to grow 4% to 5% to $2.35 to $2.37 per share, which will comfortably cover its forward annual dividend of $1.73 per share. That translates to a forward yield of 5.3% and easily exceeds the 10-Year Treasury's 4.4% yield. At $33 per share, Vici's stock still looks cheap at less than 14 times this year's AFFO per share. That low valuation and high yield should limit its downside potential even if the market pulls back, and it should attract more income-oriented investors as interest rates decline. That's why it's a smart dividend stock to buy right now -- and a great stock to buy, hold, and forget for a few decades.</p>
<div class="lb-trans"><p>预计 Vici 全年的调整后每股 FFO 将增长 4% 至 5%，达到每股$2.35 至$2.37，这将轻松覆盖其前瞻性年分红$1.73 每股。这转化为 5.3% 的前瞻性收益率，远高于 10 年期国债的 4.4% 收益率。在每股$33 的价格下，Vici 的股票在今年的每股 AFFO 不到 14 倍的估值下仍显得便宜。即使市场回调，这种低估值和高收益率也应限制其下行潜力，并且随着利率下降，它应吸引更多以收入为导向的投资者。这就是为什么现在购买它是一只聪明的分红股票——也是一只值得购买、持有并忘记几十年的好股票。</p>
</div>

My Smartest Dividend Stock to Buy Today

- Vici Properties 是一家拥有赌场和娱乐物业的房地产投资信托。  
- 预计其每股调整后资金流量将增长 4% 至 5%，覆盖年股息 1.73 美元。  
- 当前股价 33 美元，估值低于 14 倍，吸引更多收入导向投资者。  

我今天最值得购买的股息股票