<p>藍籌股分紅股票通常被認為是保守收入投資者可靠的投資選擇。但在 2022 年和 2023 年，許多此類股票失去了光彩，因為利率上升使得這些投資者轉向收益更高的無風險存款證和國債。</p>
<p>然而，美聯儲在 2024 年將基準利率下調了三次，並且預計今年至少還會再降息兩次。隨着這些較低的利率再次降低存款證和國債的收益率，更多投資者可能會重新轉向估值較低、護城河寬廣且商業模式持久的高收益分紅股票。</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>圖片來源：Getty Images。</p>
<p>我最喜歡的分紅股票之一是 <strong>Vici Properties</strong>（VICI 1.56%），這是一家擁有美國和加拿大數十個賭場和娛樂場所的體驗型房地產投資信託（REIT）。我在 2024 年初開始積累 Vici 的股票，目前它佔我投資組合的約 4.5%。讓我解釋一下為什麼我認為它仍然是今天值得購買的聰明收入股票，因為市場接近歷史高點。</p>
<h2>Vici Properties 與其他 REIT 的不同之處是什麼？</h2>
<p>作為一家 REIT，Vici 購買大量物業，出租這些物業，並與投資者分享租金收入。為了維持有利的税率，REIT 必須將至少 90% 的税前收入作為分紅支付。它們通常通過每股調整後的運營資金（AFFO）來衡量其盈利能力（以及支持分紅的能力）。</p>
<p>與擁有數百或數千處物業的大型 REIT 不同，Vici 在其最新季度末僅擁有 93 處物業。但它在所有這些物業中保持了 100% 的完美入住率，並穩步提高其每股 AFFO 以覆蓋不斷上升的分紅。</p>
<p>| 指標 | 2021 | 2022 | 2023 | 2024 | 2025 年第一季度 | 2025 年第二季度 |
| <strong>總物業數</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>每股分紅</strong> | $1.38 | $1.50 | $1.61 | $1.695 | $0.4325 | $0.4325 |</p>
<p>數據來源：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）。它通過與 Bowlero 的保齡球館、Chelsea Piers、Canyon Ranch 租約和 Great Wolf Resorts 的租約，正在擴展到賭場度假村之外。</p>
<p>Vici 通過將這些租户鎖定在數十年的租約中來維持其完美的入住率。賭場的嚴格政府監管也使得這些公司很難突然終止租約並搬遷業務。</p>
<p>Vici 還通過三種方式嚴格控制其開支。首先，它是一家三重淨租賃 REIT，因此其租户需要支付自己的房地產税、保險費和維護費用。其次，Vici 將大部分租約與消費者價格指數（CPI）掛鈎，這使其能夠提高租金以跟上通貨膨脹。最後，隨着利率上升，它停止了收購新物業，並將現金再投資於其合作物業增長基金（PPGF）——該基金為租户提供資本用於翻新和其他物業升級。作為這些再投資的交換，Vici 根據現有租約提高了這些租户的租金。</p>
<h2>為什麼 Vici 今天仍然值得購買？</h2>
<p>預計 Vici 全年的調整後每股 FFO 將增長 4% 至 5%，達到每股$2.35 至$2.37，這將輕鬆覆蓋其前瞻性年分紅$1.73 每股。這轉化為 5.3% 的前瞻性收益率，遠高於 10 年期國債的 4.4% 收益率。在每股$33 的價格下，Vici 的股票在今年的每股 AFFO 不到 14 倍的估值下仍顯得便宜。即使市場回調，這種低估值和高收益率也應限制其下行潛力，並且隨着利率下降，它應吸引更多以收入為導向的投資者。這就是為什麼現在購買它是一隻聰明的分紅股票——也是一隻值得購買、持有並忘記幾十年的好股票。</p>

VICI

<p>Vici Properties 被認為是保守型收入投資者的頂級分紅股票，尤其是在美聯儲降息的背景下。這家房地產投資信託公司擁有 93 處物業，且入住率完美，預計 2024 年每股調整後的基金運營收益（FFO）將增長 4-5%，足以覆蓋每年每股 1.73 美元的分紅。Vici 的前瞻收益率為 5.3%，且今年的調整後基金運營收益（AFFO）估值低於 14 倍，隨着利率的下降，Vici 有望吸引以收入為導向的投資者，使其成為現在的明智投資選擇</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>藍籌股分紅股票通常被認為是保守收入投資者可靠的投資選擇。但在 2022 年和 2023 年，許多此類股票失去了光彩，因為利率上升使得這些投資者轉向收益更高的無風險存款證和國債。</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，美聯儲在 2024 年將基準利率下調了三次，並且預計今年至少還會再降息兩次。隨着這些較低的利率再次降低存款證和國債的收益率，更多投資者可能會重新轉向估值較低、護城河寬廣且商業模式持久的高收益分紅股票。</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>圖片來源：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>我最喜歡的分紅股票之一是 <strong>Vici Properties</strong>（VICI 1.56%），這是一家擁有美國和加拿大數十個賭場和娛樂場所的體驗型房地產投資信託（REIT）。我在 2024 年初開始積累 Vici 的股票，目前它佔我投資組合的約 4.5%。讓我解釋一下為什麼我認為它仍然是今天值得購買的聰明收入股票，因為市場接近歷史高點。</p>
</div><h2>What sets Vici Properties apart from other REITs?</h2>
<div class="lb-trans"><h2>Vici Properties 與其他 REIT 的不同之處是什麼？</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>作為一家 REIT，Vici 購買大量物業，出租這些物業，並與投資者分享租金收入。為了維持有利的税率，REIT 必須將至少 90% 的税前收入作為分紅支付。它們通常通過每股調整後的運營資金（AFFO）來衡量其盈利能力（以及支持分紅的能力）。</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>與擁有數百或數千處物業的大型 REIT 不同，Vici 在其最新季度末僅擁有 93 處物業。但它在所有這些物業中保持了 100% 的完美入住率，並穩步提高其每股 AFFO 以覆蓋不斷上升的分紅。</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>| 指標 | 2021 | 2022 | 2023 | 2024 | 2025 年第一季度 | 2025 年第二季度 |
| <strong>總物業數</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>每股分紅</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>數據來源：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）。它通過與 Bowlero 的保齡球館、Chelsea Piers、Canyon Ranch 租約和 Great Wolf Resorts 的租約，正在擴展到賭場度假村之外。</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 通過將這些租户鎖定在數十年的租約中來維持其完美的入住率。賭場的嚴格政府監管也使得這些公司很難突然終止租約並搬遷業務。</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 還通過三種方式嚴格控制其開支。首先，它是一家三重淨租賃 REIT，因此其租户需要支付自己的房地產税、保險費和維護費用。其次，Vici 將大部分租約與消費者價格指數（CPI）掛鈎，這使其能夠提高租金以跟上通貨膨脹。最後，隨着利率上升，它停止了收購新物業，並將現金再投資於其合作物業增長基金（PPGF）——該基金為租户提供資本用於翻新和其他物業升級。作為這些再投資的交換，Vici 根據現有租約提高了這些租户的租金。</p>
</div><h2>Why is Vici still worth buying today?</h2>
<div class="lb-trans"><h2>為什麼 Vici 今天仍然值得購買？</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>預計 Vici 全年的調整後每股 FFO 將增長 4% 至 5%，達到每股$2.35 至$2.37，這將輕鬆覆蓋其前瞻性年分紅$1.73 每股。這轉化為 5.3% 的前瞻性收益率，遠高於 10 年期國債的 4.4% 收益率。在每股$33 的價格下，Vici 的股票在今年的每股 AFFO 不到 14 倍的估值下仍顯得便宜。即使市場回調，這種低估值和高收益率也應限制其下行潛力，並且隨着利率下降，它應吸引更多以收入為導向的投資者。這就是為什麼現在購買它是一隻聰明的分紅股票——也是一隻值得購買、持有並忘記幾十年的好股票。</p>
</div>

My Smartest Dividend Stock to Buy Today

- Vici Properties 是一家擁有賭場和娛樂物業的房地產投資信託。  
- 預計其每股調整後資金流量將增長 4% 至 5%，覆蓋年股息 1.73 美元。  
- 當前股價 33 美元，估值低於 14 倍，吸引更多收入導向投資者。  

我今天最值得購買的股息股票