12 Best REIT Dividend Stocks To Buy for 2024

4. VICI Properties Inc. (NYSE:VICI)

Number of Hedge Fund Holders: 35

VICI Properties Inc. (NYSE:VICI) ranks fourth on our list of the best dividend stocks in the REIT sector. The company owns casinos and entertainment properties across the US and Canada. While the company’s heavy reliance on the gaming sector might appear risky, casinos are typically resilient during recessions. The company secures its tenants with long-term contracts, and the strict regulations in the gaming industry create a protective barrier, making it difficult for tenants to move their operations. As a result, Vici has maintained a 100% occupancy rate since its IPO in 2018, even during the disruptions caused by the COVID-19 pandemic in the travel, hospitality, and casino sectors. Most of the company’s long-term leases are tied to the consumer price index (CPI), allowing it to regularly increase rents in line with inflation.

VICI Properties Inc. (NYSE:VICI) has a strong balance sheet. The company concluded Q3 2024 with $355.7 million available in cash and cash equivalents. This strong cash position allowed the company to grow its dividend payouts for seven consecutive years. The dividends grew at a CAGR of 7% since its IPO. In the most recent quarter, it paid approximately $453 million in dividends. The company’s quarterly dividend comes in at $0.4325 per share and has a dividend yield of 5.56%, as of December 12.

In the third quarter of 2024, VICI Properties Inc. (NYSE:VICI) reported revenue of $964.6 million, up 6.7% on a YoY basis. Net income attributable to common stockholders rose by 31.7% year-over-year, reaching $732.9 million. On a per-share basis, it increased by 27.4% to $0.70. AFFO attributable to common stockholders grew by 8.4% year-over-year to $593.9 million, with a per-share increase of 4.9% to $0.57.

With a collective stake value of more than $787.6 million, 35 hedge funds held positions in VICI Properties Inc. (NYSE:VICI) in the third quarter of 2024, as per Insider Monkey’s database. In the previous quarter, 33 funds held investments in the company.