The New York-based VICI Properties Inc. (VICI) is a real estate investment trust primarily engaged in owning, acquiring, and developing gaming, hospitality, and entertainment destinations. Valued at a market cap of $33.8 billion, the company owns market-leading, iconic destinations, including Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas. It is expected to announce its fiscal Q3 earnings results after the market closes on Thursday, Oct. 31.
Ahead of this event, analysts expect the REIT to report an FFO of $0.56 per share, up 3.7% from $0.54 per share in the year-ago quarter. The company has consistently beaten or met Wall Street's bottom-line estimates in the last four quarters. In Q2, the company reported an FFO of $0.57, which topped the consensus estimates by 1.8%.
For fiscal 2024, analysts expect VICI to report an FFO of $2.26, an increase of 5.1% from $2.15 in fiscal 2023.
Shares of VICI have gained 1.4% on a YTD basis, underperforming both the S&P 500 Index's ($SPX) 20.4% surge and the Real Estate Select Sector SPDR Fund’s (XLRE) 7.9% returns over the same period.
VICI shares closed up marginally following its Q2 earnings release on Jul. 31. The company reported revenues of $957 million, which increased by 6.6% year-over-year and slightly surpassed Wall Street estimates. Its net income attributable to common shareholders increased 7.3% year-over-year to $741.3 million.
Analysts' consensus view on VICI Properties’ stock is optimistic, with a "Strong Buy" rating overall. Among 21 analysts covering the stock, 17 recommend a "Strong Buy," one suggests a "Moderate Buy," and three indicate a “Hold.”
The average analyst price target for VICI is $35.80, indicating a 10.7% potential upside from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
