<p><strong>VICI Properties</strong>(VICI -1.27%) 的股價目前比其 52 周高點下跌了約 6.5%。這一下跌發生在股市飆升並接近歷史高點之際。</p>
<p>這一下跌似乎為這家卓越的房地產投資信託基金（REIT）提供了一個買入機會。隨着其股息收益率現在上升至 5.7% 並具有顯著的增長潛力，VICI Properties 是一隻值得購買和持有的優秀房地產股票，可能會帶來終身的被動股息收入。</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>圖片來源：Getty Images。</p>
<h2>一隻極具耐久性的收入股票</h2>
<p>VICI Properties 投資於市場領先的賭場、酒店、健康、娛樂和休閒目的地。它主要投資於由長期的三重淨租賃（NNN）保障的物業（其平均剩餘租賃期限為 40 年）。這種租賃結構要求租户承擔所有物業運營成本，包括日常維護、房地產税和建築保險。</p>
<p>其大多數租賃合同包含與通貨膨脹掛鈎的租金上漲條款（今年為 42%，到 2035 年將上升至 90%）。因此，VICI Properties 產生了非常穩定且穩步上升的租金收入（今年平均同店租金增長為 1.7%）。</p>
<p>它將約 75% 的調整後運營資金（FFO）以股息形式支付。這使得該 REIT 能夠保留一部分穩步上升的現金流，以再投資於新的收入生成體驗物業。</p>
<p>該公司還擁有強大的投資級資產負債表，槓桿比率低至 5.2 倍（處於其 5 到 5.5 的目標範圍的低端）。這為進行新的收入生成投資提供了額外的財務靈活性。</p>
<p>現金流的穩定性和保守的財務指標的結合，使得 VICI Properties 的高收益股息建立在一個非常可持續的基礎上。</p>
<h2>未來還有更多增長</h2>
<p>自成立以來的八年間，該公司每年都在增加股息。在此期間，其股息支付以 6.6% 的複合年增長率增長。這一增幅超過了專注於擁有由 NNN 租賃保障的物業的 REIT，其平均年股息增長率在此期間為 2.3%。</p>
<p>這種高於平均水平的股息增長應該會繼續。VICI Properties 擁有繼續增長收入的財務能力和市場機會。</p>
<p>四個關鍵因素將推動持續的收入增長：</p>
<ul>
<li><strong>租金上漲</strong>：隨着更多租賃合同將租金與通貨膨脹掛鈎，VICI Properties 受益於持續的收入增長。</li>
<li><strong>房地產收購</strong>：該 REIT 的核心增長支柱是通過售後回租交易或從其他投資者處購買物業來收購賭博和體驗房地產。例如，在 2023 年底，它通過將貸款投資轉化為房地產所有權，以 3.429 億美元的售後回租交易收購了紐約市的頂級體育和娛樂綜合體切爾西碼頭。</li>
<li><strong>合作物業增長基金</strong>：VICI Properties 將為租户提供資金，以資助現有地點的項目。例如，在 2024 年中期，它為拉斯維加斯威尼斯人度假村提供了高達 7 億美元的資金，用於酒店房間翻新、賭博區優化和會議中心改進。這項投資將為該 REIT 帶來額外的租金收入。</li>
<li><strong>體驗信用解決方案</strong>：該 REIT 將為體驗物業的運營商提供融資。今年，VICI Properties 同意提供高達 5.1 億美元的資金，以支持加利福尼亞州馬德拉的北福克莫諾賭場和度假村的開發。它還進行了 4.5 億美元的夾層貸款投資，以支持貝弗利山莊一號的開發，這是一個標誌性的奢華綜合開發項目。這些信用投資產生利息收入，並且通常附帶未來收購物業的選項。</li>
</ul>
<p>該公司看到許多機會可以將資本投資於新的和現有的賭博物業。它還通過投資於目的地高爾夫、健康、家庭娛樂、青少年體育和其他物業，穩步擴展其投資組合。其不斷增長的信用解決方案平台為該 REIT 提供了一個內置的收購管道，應該會推動其未來幾年的擴展。</p>
<h2>一隻出色的股息股票</h2>
<p>VICI Properties 現有的投資組合應該能夠在未來幾十年內產生持久且穩步上升的租金收入。它擁有財務資源和市場機會，能夠繼續增加物業。這些催化劑應該使該 REIT 能夠繼續增長其高收益股息，使其成為一隻優秀的股票，值得購買和持有，以獲得可能持續一生的被動收入流。</p>

VICI

<p>VICI Properties 的股票從 52 周高點下跌了 6.5%，為投資者提供了一個買入機會。該房地產投資信託基金（REIT）提供 5.7% 的股息收益率，並且具有強勁的增長潛力，得益於來自長期租約的穩定租金收入。VICI 一直在持續增加股息，年增長率為 6.6%。主要的增長驅動因素包括與通貨膨脹掛鈎的租金上漲、戰略性房地產收購以及對體驗性物業的融資。憑藉穩健的資產負債表和擴張計劃，VICI Properties 為可持續的收入增長做好了準備，使其成為一個引人注目的長期投資</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%) 的股價目前比其 52 周高點下跌了約 6.5%。這一下跌發生在股市飆升並接近歷史高點之際。</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>這一下跌似乎為這家卓越的房地產投資信託基金（REIT）提供了一個買入機會。隨着其股息收益率現在上升至 5.7% 並具有顯著的增長潛力，VICI Properties 是一隻值得購買和持有的優秀房地產股票，可能會帶來終身的被動股息收入。</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>圖片來源：Getty Images。</p>
</div><h2>An extremely durable income stock</h2>
<div class="lb-trans"><h2>一隻極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 投資於市場領先的賭場、酒店、健康、娛樂和休閒目的地。它主要投資於由長期的三重淨租賃（NNN）保障的物業（其平均剩餘租賃期限為 40 年）。這種租賃結構要求租户承擔所有物業運營成本，包括日常維護、房地產税和建築保險。</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>其大多數租賃合同包含與通貨膨脹掛鈎的租金上漲條款（今年為 42%，到 2035 年將上升至 90%）。因此，VICI Properties 產生了非常穩定且穩步上升的租金收入（今年平均同店租金增長為 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>它將約 75% 的調整後運營資金（FFO）以股息形式支付。這使得該 REIT 能夠保留一部分穩步上升的現金流，以再投資於新的收入生成體驗物業。</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>該公司還擁有強大的投資級資產負債表，槓桿比率低至 5.2 倍（處於其 5 到 5.5 的目標範圍的低端）。這為進行新的收入生成投資提供了額外的財務靈活性。</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>現金流的穩定性和保守的財務指標的結合，使得 VICI Properties 的高收益股息建立在一個非常可持續的基礎上。</p>
</div><h2>Lots more growth ahead</h2>
<div class="lb-trans"><h2>未來還有更多增長</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>自成立以來的八年間，該公司每年都在增加股息。在此期間，其股息支付以 6.6% 的複合年增長率增長。這一增幅超過了專注於擁有由 NNN 租賃保障的物業的 REIT，其平均年股息增長率在此期間為 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>這種高於平均水平的股息增長應該會繼續。VICI Properties 擁有繼續增長收入的財務能力和市場機會。</p>
</div><p>Four key factors should drive continued income growth:</p>
<div class="lb-trans"><p>四個關鍵因素將推動持續的收入增長：</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>租金上漲</strong>：隨着更多租賃合同將租金與通貨膨脹掛鈎，VICI Properties 受益於持續的收入增長。</li>
<li><strong>房地產收購</strong>：該 REIT 的核心增長支柱是通過售後回租交易或從其他投資者處購買物業來收購賭博和體驗房地產。例如，在 2023 年底，它通過將貸款投資轉化為房地產所有權，以 3.429 億美元的售後回租交易收購了紐約市的頂級體育和娛樂綜合體切爾西碼頭。</li>
<li><strong>合作物業增長基金</strong>：VICI Properties 將為租户提供資金，以資助現有地點的項目。例如，在 2024 年中期，它為拉斯維加斯威尼斯人度假村提供了高達 7 億美元的資金，用於酒店房間翻新、賭博區優化和會議中心改進。這項投資將為該 REIT 帶來額外的租金收入。</li>
<li><strong>體驗信用解決方案</strong>：該 REIT 將為體驗物業的運營商提供融資。今年，VICI Properties 同意提供高達 5.1 億美元的資金，以支持加利福尼亞州馬德拉的北福克莫諾賭場和度假村的開發。它還進行了 4.5 億美元的夾層貸款投資，以支持貝弗利山莊一號的開發，這是一個標誌性的奢華綜合開發項目。這些信用投資產生利息收入，並且通常附帶未來收購物業的選項。</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>該公司看到許多機會可以將資本投資於新的和現有的賭博物業。它還通過投資於目的地高爾夫、健康、家庭娛樂、青少年體育和其他物業，穩步擴展其投資組合。其不斷增長的信用解決方案平台為該 REIT 提供了一個內置的收購管道，應該會推動其未來幾年的擴展。</p>
</div><h2>A terrific dividend stock</h2>
<div class="lb-trans"><h2>一隻出色的股息股票</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 現有的投資組合應該能夠在未來幾十年內產生持久且穩步上升的租金收入。它擁有財務資源和市場機會，能夠繼續增加物業。這些催化劑應該使該 REIT 能夠繼續增長其高收益股息，使其成為一隻優秀的股票，值得購買和持有，以獲得可能持續一生的被動收入流。</p>
</div>

一隻表現卓越的房地產股息股票下跌 6.5%，值得長期買入和持有