<p><strong>VICI Properties</strong>(VICI -1.27%) 的股价目前比其 52 周高点下跌了约 6.5%。这一下跌发生在股市飙升并接近历史高点之际。</p>
<p>这一下跌似乎为这家卓越的房地产投资信托基金（REIT）提供了一个买入机会。随着其股息收益率现在上升至 5.7% 并具有显著的增长潜力，VICI Properties 是一只值得购买和持有的优秀房地产股票，可能会带来终身的被动股息收入。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMwNDAvYS1wZXJzb24taG9sZGluZy1hLW1hZ25pZnlpbmctZ2xhc3MtbG9va2luZy1hdC1hLXJvdy1vZi1yaXNpbmctY29pbnMtYW5kLWJ1aWxkaW5ncy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMwNDAvYS1wZXJzb24taG9sZGluZy1hLW1hZ25pZnlpbmctZ2xhc3MtbG9va2luZy1hdC1hLXJvdy1vZi1yaXNpbmctY29pbnMtYW5kLWJ1aWxkaW5ncy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>一只极具耐久性的收入股票</h2>
<p>VICI Properties 投资于市场领先的赌场、酒店、健康、娱乐和休闲目的地。它主要投资于由长期的三重净租赁（NNN）保障的物业（其平均剩余租赁期限为 40 年）。这种租赁结构要求租户承担所有物业运营成本，包括日常维护、房地产税和建筑保险。</p>
<p>其大多数租赁合同包含与通货膨胀挂钩的租金上涨条款（今年为 42%，到 2035 年将上升至 90%）。因此，VICI Properties 产生了非常稳定且稳步上升的租金收入（今年平均同店租金增长为 1.7%）。</p>
<p>它将约 75% 的调整后运营资金（FFO）以股息形式支付。这使得该 REIT 能够保留一部分稳步上升的现金流，以再投资于新的收入生成体验物业。</p>
<p>该公司还拥有强大的投资级资产负债表，杠杆比率低至 5.2 倍（处于其 5 到 5.5 的目标范围的低端）。这为进行新的收入生成投资提供了额外的财务灵活性。</p>
<p>现金流的稳定性和保守的财务指标的结合，使得 VICI Properties 的高收益股息建立在一个非常可持续的基础上。</p>
<h2>未来还有更多增长</h2>
<p>自成立以来的八年间，该公司每年都在增加股息。在此期间，其股息支付以 6.6% 的复合年增长率增长。这一增幅超过了专注于拥有由 NNN 租赁保障的物业的 REIT，其平均年股息增长率在此期间为 2.3%。</p>
<p>这种高于平均水平的股息增长应该会继续。VICI Properties 拥有继续增长收入的财务能力和市场机会。</p>
<p>四个关键因素将推动持续的收入增长：</p>
<ul>
<li><strong>租金上涨</strong>：随着更多租赁合同将租金与通货膨胀挂钩，VICI Properties 受益于持续的收入增长。</li>
<li><strong>房地产收购</strong>：该 REIT 的核心增长支柱是通过售后回租交易或从其他投资者处购买物业来收购赌博和体验房地产。例如，在 2023 年底，它通过将贷款投资转化为房地产所有权，以 3.429 亿美元的售后回租交易收购了纽约市的顶级体育和娱乐综合体切尔西码头。</li>
<li><strong>合作物业增长基金</strong>：VICI Properties 将为租户提供资金，以资助现有地点的项目。例如，在 2024 年中期，它为拉斯维加斯威尼斯人度假村提供了高达 7 亿美元的资金，用于酒店房间翻新、赌博区优化和会议中心改进。这项投资将为该 REIT 带来额外的租金收入。</li>
<li><strong>体验信用解决方案</strong>：该 REIT 将为体验物业的运营商提供融资。今年，VICI Properties 同意提供高达 5.1 亿美元的资金，以支持加利福尼亚州马德拉的北福克莫诺赌场和度假村的开发。它还进行了 4.5 亿美元的夹层贷款投资，以支持贝弗利山庄一号的开发，这是一个标志性的奢华综合开发项目。这些信用投资产生利息收入，并且通常附带未来收购物业的选项。</li>
</ul>
<p>该公司看到许多机会可以将资本投资于新的和现有的赌博物业。它还通过投资于目的地高尔夫、健康、家庭娱乐、青少年体育和其他物业，稳步扩展其投资组合。其不断增长的信用解决方案平台为该 REIT 提供了一个内置的收购管道，应该会推动其未来几年的扩展。</p>
<h2>一只出色的股息股票</h2>
<p>VICI Properties 现有的投资组合应该能够在未来几十年内产生持久且稳步上升的租金收入。它拥有财务资源和市场机会，能够继续增加物业。这些催化剂应该使该 REIT 能够继续增长其高收益股息，使其成为一只优秀的股票，值得购买和持有，以获得可能持续一生的被动收入流。</p>

VICI

<p>VICI Properties 的股票从 52 周高点下跌了 6.5%，为投资者提供了一个买入机会。该房地产投资信托基金（REIT）提供 5.7% 的股息收益率，并且具有强劲的增长潜力，得益于来自长期租约的稳定租金收入。VICI 一直在持续增加股息，年增长率为 6.6%。主要的增长驱动因素包括与通货膨胀挂钩的租金上涨、战略性房地产收购以及对体验性物业的融资。凭借稳健的资产负债表和扩张计划，VICI Properties 为可持续的收入增长做好了准备，使其成为一个引人注目的长期投资</p>

<p>Shares of <strong>VICI Properties</strong>(VICI -1.27%) are currently down about 6.5% from their 52-week high. That slump comes at a time when the stock market has been soaring and is near an all-time high.</p>
<div class="lb-trans"><p><strong>VICI Properties</strong>(VICI -1.27%) 的股价目前比其 52 周高点下跌了约 6.5%。这一下跌发生在股市飙升并接近历史高点之际。</p>
</div><p>That dip appears to be a buying opportunity for this exceptional real estate investment trust (REIT). With its dividend yield now up to 5.7% and significant growth potential, VICI Properties is a great real estate stock to buy and hold for a potentially lifelong stream of passive dividend income.</p>
<div class="lb-trans"><p>这一下跌似乎为这家卓越的房地产投资信托基金（REIT）提供了一个买入机会。随着其股息收益率现在上升至 5.7% 并具有显著的增长潜力，VICI Properties 是一只值得购买和持有的优秀房地产股票，可能会带来终身的被动股息收入。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMwNDAvYS1wZXJzb24taG9sZGluZy1hLW1hZ25pZnlpbmctZ2xhc3MtbG9va2luZy1hdC1hLXJvdy1vZi1yaXNpbmctY29pbnMtYW5kLWJ1aWxkaW5ncy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833040%2Fa-person-holding-a-magnifying-glass-looking-at-a-row-of-rising-coins-and-buildings.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><h2>An extremely durable income stock</h2>
<div class="lb-trans"><h2>一只极具耐久性的收入股票</h2>
</div><p>VICI Properties invests in market-leading casino, hospitality, wellness, entertainment, and leisure destinations. It primarily invests in properties secured by triple-net leases (NNN) with very long terms (it has a 40-year average remaining lease term). This lease structure requires that tenants cover all property operating costs, including routine maintenance, real estate taxes, and building insurance.</p>
<div class="lb-trans"><p>VICI Properties 投资于市场领先的赌场、酒店、健康、娱乐和休闲目的地。它主要投资于由长期的三重净租赁（NNN）保障的物业（其平均剩余租赁期限为 40 年）。这种租赁结构要求租户承担所有物业运营成本，包括日常维护、房地产税和建筑保险。</p>
</div><p>Most of its leases contain clauses that escalate rents at a rate linked to inflation (42% this year, rising to 90% by 2035). As a result, VICI Properties produces very stable and steadily rising rental income (a 1.7% average same-store rent growth this year).</p>
<div class="lb-trans"><p>其大多数租赁合同包含与通货膨胀挂钩的租金上涨条款（今年为 42%，到 2035 年将上升至 90%）。因此，VICI Properties 产生了非常稳定且稳步上升的租金收入（今年平均同店租金增长为 1.7%）。</p>
</div><p>It pays out about 75% of its adjusted funds from operations (FFO) in dividends. That enables the REIT to retain a meaningful percentage of its steadily rising cash flow to reinvest in new income-generating experiential properties.</p>
<div class="lb-trans"><p>它将约 75% 的调整后运营资金（FFO）以股息形式支付。这使得该 REIT 能够保留一部分稳步上升的现金流，以再投资于新的收入生成体验物业。</p>
</div><p>The company also has a strong investment-grade balance sheet backed by a low 5.2 times leverage ratio (toward the low end of its 5 to 5.5 target range). This provides added financial flexibility to make new income-generating investments.</p>
<div class="lb-trans"><p>该公司还拥有强大的投资级资产负债表，杠杆比率低至 5.2 倍（处于其 5 到 5.5 的目标范围的低端）。这为进行新的收入生成投资提供了额外的财务灵活性。</p>
</div><p>This combination of cash flow stability and conservative financial metrics puts VICI Properties' high-yielding dividend on a very sustainable foundation.</p>
<div class="lb-trans"><p>现金流的稳定性和保守的财务指标的结合，使得 VICI Properties 的高收益股息建立在一个非常可持续的基础上。</p>
</div><h2>Lots more growth ahead</h2>
<div class="lb-trans"><h2>未来还有更多增长</h2>
</div><p>The company has increased its dividend every year since its formation eight years ago. It has grown its payout at a 6.6% compound annual rate during that period. That beats REITs focused on owning properties secured by NNN leases, where the average annual dividend growth was 2.3% during that period.</p>
<div class="lb-trans"><p>自成立以来的八年间，该公司每年都在增加股息。在此期间，其股息支付以 6.6% 的复合年增长率增长。这一增幅超过了专注于拥有由 NNN 租赁保障的物业的 REIT，其平均年股息增长率在此期间为 2.3%。</p>
</div><p>That above-average dividend growth should continue. VICI Properties has the financial capacity and market opportunity to continue growing its income for years to come.</p>
<div class="lb-trans"><p>这种高于平均水平的股息增长应该会继续。VICI Properties 拥有继续增长收入的财务能力和市场机会。</p>
</div><p>Four key factors should drive continued income growth:</p>
<div class="lb-trans"><p>四个关键因素将推动持续的收入增长：</p>
</div><ul>
<li><strong>Rental increases</strong>: VICI Properties benefits as more leases link rent to inflation, providing consistent income growth.</li>
<li><strong>Real estate acquisitions</strong>: A core growth pillar for the REIT is acquiring gambling and experiential real estate via sale-leaseback transactions or by purchasing properties from other investors. For instance, in late 2023, it acquired Chelsea Piers, a premier sports and entertainment complex in New York City, through the conversion of a loan investment into real estate ownership in a $342.9 million sale-leaseback transaction.</li>
<li><strong>Partner property growth fund</strong>: VICI Properties will provide tenants with capital to fund projects at existing locations. For example, in mid-2024, it provided The Venetian Resort Las Vegas with up to $700 million for hotel room renovations, gambling floor optimization, and conference center enhancements. This investment will generate added rental income for the REIT.</li>
<li><strong>Experiential credit solutions</strong>: The REIT will provide financing to operators of experiential properties. This year, VICI Properties agreed to provide up to $510 million to fund the development of the North Fork Mono Casino and Resort in Madera, California. It also made a $450 million mezzanine loan investment to support the development of One Beverly Hills, a landmark luxury mixed-use development project. These credit investments generate interest income and often come with options to acquire properties in the future.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>租金上涨</strong>：随着更多租赁合同将租金与通货膨胀挂钩，VICI Properties 受益于持续的收入增长。</li>
<li><strong>房地产收购</strong>：该 REIT 的核心增长支柱是通过售后回租交易或从其他投资者处购买物业来收购赌博和体验房地产。例如，在 2023 年底，它通过将贷款投资转化为房地产所有权，以 3.429 亿美元的售后回租交易收购了纽约市的顶级体育和娱乐综合体切尔西码头。</li>
<li><strong>合作物业增长基金</strong>：VICI Properties 将为租户提供资金，以资助现有地点的项目。例如，在 2024 年中期，它为拉斯维加斯威尼斯人度假村提供了高达 7 亿美元的资金，用于酒店房间翻新、赌博区优化和会议中心改进。这项投资将为该 REIT 带来额外的租金收入。</li>
<li><strong>体验信用解决方案</strong>：该 REIT 将为体验物业的运营商提供融资。今年，VICI Properties 同意提供高达 5.1 亿美元的资金，以支持加利福尼亚州马德拉的北福克莫诺赌场和度假村的开发。它还进行了 4.5 亿美元的夹层贷款投资，以支持贝弗利山庄一号的开发，这是一个标志性的奢华综合开发项目。这些信用投资产生利息收入，并且通常附带未来收购物业的选项。</li>
</ul>
</div><p>The company sees many opportunities to invest capital into new and existing gambling properties. And it's steadily expanding its portfolio into other categories by investing in destination golf, wellness, family entertainment, youth sports, and other properties. Its growing credit-solutions platform has provided the REIT with a built-in acquisition pipeline that should drive its expansion for years to come.</p>
<div class="lb-trans"><p>该公司看到许多机会可以将资本投资于新的和现有的赌博物业。它还通过投资于目的地高尔夫、健康、家庭娱乐、青少年体育和其他物业，稳步扩展其投资组合。其不断增长的信用解决方案平台为该 REIT 提供了一个内置的收购管道，应该会推动其未来几年的扩展。</p>
</div><h2>A terrific dividend stock</h2>
<div class="lb-trans"><h2>一只出色的股息股票</h2>
</div><p>VICI Properties' existing portfolio should produce durable and steadily rising rental income for decades to come. And it has the financial resources and market opportunity to continue adding properties. These catalysts should enable the REIT to continue growing its high-yielding dividend, making it an excellent stock to buy and hold for a potential stream of passive income that could last a lifetime.</p>
<div class="lb-trans"><p>VICI Properties 现有的投资组合应该能够在未来几十年内产生持久且稳步上升的租金收入。它拥有财务资源和市场机会，能够继续增加物业。这些催化剂应该使该 REIT 能够继续增长其高收益股息，使其成为一只优秀的股票，值得购买和持有，以获得可能持续一生的被动收入流。</p>
</div>

一只表现卓越的房地产股息股票下跌 6.5%，值得长期买入和持有