This 5.5%-Yielding Dividend Stock Continues to Find Creative Ways to Grow
Vici Properties (NYSE: VICI) has delivered peer-leading dividend growth since its first full year of operations in 2018. The real estate investment trust (REIT) focused on experiential properties has grown its dividend at a brisk 7.9% compound annual rate, several times above its peer group average of 2.2%. A big factor driving its above-average growth is its ability to find creative ways to continue expanding.
The REIT's creativity should continue paying dividends in the future. Its strategy of partnering with property operators should enable Vici Properties to continue expanding its portfolio and high-yielding payout (currently yielding around 5.5%) for years to come.
Vici Properties formed in 2017 when casino operator Caesars spun off its real estate assets to create a REIT focused on experiential properties. The REIT has grown from that initial 19-property gaming portfolio to 54 gaming properties across the U.S. and Canada by acquiring other properties from casino operators in sale-leaseback transactions. It has also merged with a rival gaming REIT and bought properties from other investors. It now owns 10 trophy assets on the Las Vegas Strip, including the Venetian and Caesars Palace.
Source Fool.com
