VICI

VICI is a triple-net gaming REIT whose financials show consistent, durable growth: revenue rose from $1.51B in FY2021 to $4.01B in FY2025 (+4.1% YoY in the latest year), and net income climbed from $1.01B to $2.78B over the same span. Because tenants bear capex, insurance and taxes under the leases, the model is unusually low-maintenance — the filing confirms 'capital expenditures, insurance and taxes for our properties are the responsibility of the tenants.' AFFO, the metric that matters for a REIT, grew to $2.38/diluted share from $2.26, and Adjusted EBITDA rose to $3.28B from $3.10B, evidencing real per-share operating gains rather than purely acquisition-driven scale.

Valuation is the core of the bull case. At $26.28 the stock trades at ~10.1x EPS and roughly 11x AFFO ($26.28 / $2.38), inexpensive for an investment-grade landlord with contractual, escalating rents. The $1.85B of dividends paid (up 5.7%) is well covered by $2.51B operating cash flow and $2.53B AFFO, leaving room for continued growth. The balance sheet is sound for a REIT: liabilities/equity of 0.67x, $27.8B of equity against $18.5B of liabilities, and retained earnings turning positive ($2.77B). Today's -3.49% move adds to an entry that already discounts a fair amount of rate risk.