S&P 500 Bear Market? Not for This Dividend Stock.
The S&P 500 plunged into a bear market last year. The index peaked on January 3. It was nearly all downhill from there. The S&P 500 closed the year down 19.4% after plunging more than 20% from its peak by the fall.
Many S&P 500 subsectors performed even worse, including real estate, which was down 28.5% because of the impact of rising interest rates on the sector. However, there was a notable outlier: VICI Properties (NYSE: VICI). The experiential property REIT was the only company in its sector to deliver positive total returns last year. Here's a look at what drove its sector-leading performance.
VICI Properties recently reported its fourth-quarter and full-year results. It was a fantastic year for the REIT. CEO Edward Pitoniak commented in the earnings release: "We are proud that VICI generated the highest--and only positive--total shareholder return of all S&P 500 REITs in 2022." The next best-performing REIT was Iron Mountain, with a slightly negative total return. Meanwhile, the worst performance came from SL Green, which lost half its value last year.
Source Fool.com