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 has had an active start to the 2025 campaign, participating in two high-profile funding transactions, including the purchase of a mezzanine loan affiliated with a large scale, mixed-use development in Beverly Hills, and in early 2Q25, the company announced its involvement in a ground-up casino development in Northern California; this totals $810M, roughly half of which had been funded as of late-April. As of 1Q25-end, VICI had $465M in future funding commitments on its books, which included several funding transactions with mostly experiential partners, including Great Wolf, Cabot, Kalahari, and Canyon Ranch. VICI also has a put/ call agreement for Caesars Forum Convention Center between September 2025 and December 2028, and numerous ROFR/ROFO agreements for gaming and experiential assets. The current $2B loan book has an average yield of 9.2%, which screens materially higher than cap rates on traditional acquisitions. The company also has an additional $300M of capital allocated to the Venetian refresh project, at the tenant’s discretion.”

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 $32.75 yesterday.

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