Citizens JMP Reiterates Market Outperform Rating on VICI Properties Inc. (VICI)

Citizens JMP analyst Mitch Germain reiterated a Market Outperform rating and $35.00 price target on VICI Properties Inc. (NYSE: VICI).

The analyst commented, "VICI Properties' recent credit rating upgrade supported more favorable pricing on two recently issued tranches of debt to address its impending 2025 debt maturities; maintain Market Outperform rating and $35 price target (15x 2025E AFFO/share). VICI continues to proactively address its balance sheet maturities, refinancing $1.3B of debt, with an early April settlement date. We continue to view VICI in a favorable light, with a portfolio comprising some of the most reputable resorts in the world, proven rent durability across cycles, strong operator relationships delivering direct deal flow, highly accretive investment strategy anchoring above-average bottom-line growth, and ample liquidity. Shares trade in line with net-lease REITs at mid-13x (2025E AFFO/share), though when you consider earnings growth prospects, which have consistently stood at the high-end of the net-lease REIT sector, and portfolio quality, illustrated by some of the most well-known resorts in the world, we believe a premium valuation is warranted. Further, while many of VICI’s net-lease REIT peers have witnessed rising credit loss, the company has seen full rent collection since before the pandemic, further validating our positive stance."

For an analyst ratings summary and ratings history on VICI Properties Inc. click here. For more ratings news on VICI Properties Inc. click here.

Shares of VICI Properties Inc. closed at $31.90 yesterday.

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