We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
VICI Properties' Credit Rating Upgraded to Baa3 by Moody's
Read MoreHide Full Article
VICI Properties Inc. (VICI - Free Report) recently announced that it has secured an issuer credit rating upgrade to ‘Baa3’ from ‘Ba1’, with a stable outlook from Moody’s Investors Service, Inc. This is encouraging because, with investment-grade credit ratings, VICI can enjoy better accessibility to capital at favorable costs and opt for value-accretive investments.
This experiential REIT’s geographically diverse portfolio, consistent operating cash flows, sound liquidity position and strategic financial decisions drove the upward revision in the rating outlook by the rating agency.
As per David Kieske, CFO of VICI Properties, “We have used each transformational transaction along the way to improve our balance sheet and to best position ourselves for credit rating improvements.”
Shares of this Zacks Rank #3 (Hold) company have declined 2.2% over the past month, outperforming the industry's fall of 3.0%.
Image Source: Zacks Investment Research
VICI Properties owns a geographically diverse portfolio, which includes a mix of gaming, hospitality and entertainment assets located across the United States and Canada. It enjoys ownership of three of the most iconic entertainment facilities on the Las Vegas Strip, namely Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas.
The company stands to gain from its strong partnerships with top-tier experiential operators. The long-term triple-net leases with these tenants are likely to contribute to stable revenue generation, supporting its top-line growth.
Last October, VICI reported quarterly funds from operations (FFO) of 57 cents per share, beating the Zacks Consensus Estimate of 56 cents and the year-ago tally of 54 cents. Results reflected higher-than-anticipated revenues driven by higher same-store rentals. Total revenues increased by 6.7% year over year to $964.7 million.
As of Sept. 30, 2024, VICI had around $3.3 billion in liquidity, comprising $355.7 million in cash and cash equivalents, 630.2 million of estimated forward sale equity proceeds and around $2.3 billion of availability under its revolving credit facility. With its sound liquidity position, VICI is anticipated to sail efficiently through any unexpected negative externalities in the future and bank on growth opportunities.
The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share stands at $2.68, which indicates an increase of 2.3% from the year-ago reported figure.
The Zacks Consensus Estimate for Welltower’s 2024 FFO per share is pegged at $4.26, which suggests year-over-year growth of 17.0%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
VICI Properties' Credit Rating Upgraded to Baa3 by Moody's
VICI Properties Inc. (VICI - Free Report) recently announced that it has secured an issuer credit rating upgrade to ‘Baa3’ from ‘Ba1’, with a stable outlook from Moody’s Investors Service, Inc. This is encouraging because, with investment-grade credit ratings, VICI can enjoy better accessibility to capital at favorable costs and opt for value-accretive investments.
This experiential REIT’s geographically diverse portfolio, consistent operating cash flows, sound liquidity position and strategic financial decisions drove the upward revision in the rating outlook by the rating agency.
As per David Kieske, CFO of VICI Properties, “We have used each transformational transaction along the way to improve our balance sheet and to best position ourselves for credit rating improvements.”
Shares of this Zacks Rank #3 (Hold) company have declined 2.2% over the past month, outperforming the industry's fall of 3.0%.
Image Source: Zacks Investment Research
VICI Properties owns a geographically diverse portfolio, which includes a mix of gaming, hospitality and entertainment assets located across the United States and Canada. It enjoys ownership of three of the most iconic entertainment facilities on the Las Vegas Strip, namely Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas.
The company stands to gain from its strong partnerships with top-tier experiential operators. The long-term triple-net leases with these tenants are likely to contribute to stable revenue generation, supporting its top-line growth.
Last October, VICI reported quarterly funds from operations (FFO) of 57 cents per share, beating the Zacks Consensus Estimate of 56 cents and the year-ago tally of 54 cents. Results reflected higher-than-anticipated revenues driven by higher same-store rentals. Total revenues increased by 6.7% year over year to $964.7 million.
As of Sept. 30, 2024, VICI had around $3.3 billion in liquidity, comprising $355.7 million in cash and cash equivalents, 630.2 million of estimated forward sale equity proceeds and around $2.3 billion of availability under its revolving credit facility. With its sound liquidity position, VICI is anticipated to sail efficiently through any unexpected negative externalities in the future and bank on growth opportunities.
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Cousins Properties (CUZ - Free Report) and Welltower (WELL - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share stands at $2.68, which indicates an increase of 2.3% from the year-ago reported figure.
The Zacks Consensus Estimate for Welltower’s 2024 FFO per share is pegged at $4.26, which suggests year-over-year growth of 17.0%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.