VICI Properties (NYSE: VICI) has been an outlier. It was the only real estate investment trust (REIT) in the S&P 500 index to deliver positive returns last year. Its stock price has risen more than 10% since the bear market began in early 2022. That's an impressive performance considering that the S&P 500 is down 18%, and REITs listed in that index have fallen 28%.

That outperformance likely makes investors wonder if shares are still worth buying. Here's a look at whether that's the case.

VICI Properties is coming off a transformational year. The company completed two needle-moving deals. It closed its $17.2 billion merger with fellow gaming REIT MGM Growth Properties. VICI Properties also purchased the Venetian Resort Las Vegas for $4 billion. Those deals made it "the leading real estate owner on America's most dynamic commercial street, The Las Vegas Strip," according to comments by CEO Edward Pitoniak in the fourth-quarter earnings release. In addition, the company secured another $4.5 billion of investments across various gaming and nongaming properties to diversify its portfolio. 

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Source Fool.com