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VICI Properties Inc. (NYSE:VICI) is one of the top undervalued REIT stocks to buy now. On April 29, VICI Properties Inc. (NYSE:VICI) reported solid Q1 2026 results driven by stronger partner relationships.

Photo by Avi Waxman on Unsplash

Revenue in the quarter was up 3.5% year over year to $1 billion, as net income attributable to shareholders increased 60.5% to $872.4 million. Earnings per share were up 58.7% to $0.82. Adjusted Funds attributable to shareholders increased 5.7% to $650.9 million and 4.5% on a per share basis to $0.61.

During the quarter, the company expanded its relationship with Cain and Eldridge Industries by providing a $1.5 billion Mezzanine loan. It also reached a $144.4 million deal to acquire the real estate assets of Deerfoot Inn & Casino. VICI Properties Inc. (NYSE:VICI) exited the quarter with $480.2 million in cash and cash equivalents. The company also raised its AFFO guidance for the year to $2,665 million to $2,695 million, or $2.44 to $2.47 per diluted share.

VICI Properties Inc. (NYSE:VICI) is an S&P 500 experiential REIT. It owns and acquires gaming, hospitality, and entertainment destinations, including major Las Vegas assets like Caesars Palace and the MGM Grand. The company uses a triple-net lease model, where tenants cover property taxes, insurance, and maintenance. This assures high-yield, predictable rental income.

While we acknowledge the potential of VICI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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