VICI Properties (VICI) will raise its quarterly dividend by 9.5 percent of $0.2875 per share in the fourth quarter of 2018. Earlier this year the specialized real estate investment trust (REIT) initiated a pro-rated quarterly dividend of 16 cents per share and this marks the first ever dividend hike.

The next dividend will be payable on October 11, 2018 to stockholders of record as of the close of business on September 28, 2018. The ex-date for this increased dividend is September 27, 2018. A new annual dividend of $1.15 per share yields 5.4% at a stock price of $21.43 for VICI.

VICI Properties Inc. is primarily engaged in the business of owning, acquiring, and leasing of real estate assets across gaming, hospitality, entertainment and leisure destinations. It operates through two segments: real property business and golf course business. The company's destinations include Caesars Palace. Its properties are leased to leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio.