<div id="readability-page-1"><div><p>VICI Properties (VICI) just posted first quarter 2026 results, reporting revenue of US$1.02b and net income of US$872.39m, and raised full year AFFO guidance on the back of acquisitions and lending activity.</p> <p>See our latest analysis for VICI Properties.</p> <p>At a share price of US$28.79, VICI’s 30 day share price return of 3.45% contrasts with a 1 year total shareholder return of 3.24% decline. This suggests recent momentum is improving after a softer year, as investors weigh the raised AFFO guidance, Golden Entertainment acquisition and new mezzanine lending commitments.</p> <p>If you are weighing VICI’s income focused profile against other opportunities in real assets and infrastructure, it can be useful to broaden the search to 36 power grid technology and infrastructure stocks</p> <p>With the stock trading at US$28.79, a recent uptick in returns and an indicated intrinsic discount of about 46%, the key question now is whether VICI is genuinely undervalued or if the market is already pricing in future growth.</p> <h2>Most Popular Narrative: 16.1% Undervalued</h2> <p>VICI’s fair value in the most followed narrative sits around $34.30 compared with the last close at $28.79, putting the focus squarely on what underpins that gap.</p> <blockquote> <p><em>The company's scale, access to $2.9 billion in liquidity, and disciplined internal funding position enable accretive acquisitions and partnerships without near-term dependence on capital markets; this supports earnings and AFFO per share growth while maintaining low G&amp;A expenses and strong net margins.<br/>Ongoing tenant reinvestment in VICI-owned properties, catalyzed by favorable tax law changes (bonus depreciation), and continued capital deployment into high-demand experiential real estate (for example, theme parks, sports facilities, convention hotels) should increase asset value and future rental income, driving long-term earnings and net asset value expansion.</em></p> </blockquote> <p>Read the complete narrative.</p> <p>Want to see what kind of revenue growth, margin trajectory, and future earnings multiple are baked into that fair value? The narrative lays out a detailed roadmap of cash flow assumptions, capital deployment, and payout capacity that goes far beyond headline AFFO guidance.</p> <p><strong>Result: Fair Value of $34.30 (UNDERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, there is still meaningful tenant concentration with Caesars and growing exposure to mezzanine lending, so any rent pressure or project setbacks could quickly challenge this upside story.</p> <p>Find out about the key risks to this VICI Properties narrative.</p> <h2>Next Steps</h2> <p>Mixed on the story so far and want your own take on VICI? Look through the full set of risks and upsides by checking 3 key rewards and 1 important warning sign</p> <h2>Looking for more investment ideas?</h2> <p>If you only stop at one stock, you risk missing opportunities that may fit your goals even better, so treat this as your starting point, not the finish line.</p> <ul> <li>Target quality at a discount by scanning 51 high quality undervalued stocks that pair solid fundamentals with prices below their estimated worth.</li> <li>Build a steadier income stream by reviewing 12 dividend fortresses designed for investors who care about yield and consistency.</li> <li>Prioritise resilience by checking 72 resilient stocks with low risk scores that score well on financial strength and stability.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data         and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your         financial situation. We aim to bring you long-term focused analysis driven by fundamental data.         Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.         Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

VICI

<p>VICI Properties (VICI) reported Q1 2026 results with revenue of $1.02 billion and net income of $872.39 million, raising its full-year AFFO guidance. The stock is priced at $28.79, showing a 3.45% return over 30 days, contrasting with a 3.24% decline over the past year. Analysts suggest VICI is undervalued with a fair value of $34.30, supported by strong liquidity and growth potential in experiential real estate. However, risks include tenant concentration and exposure to mezzanine lending. The article emphasizes the importance of considering various investment opportunities.</p>

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A Look At VICI Properties (VICI) Valuation After Raised AFFO Guidance And First Quarter 2026 Results