VICI Properties (VICI) will raise its quarterly dividend by 10.9 percent to 33 cents per share in 2020. This follows a 3.5 percent dividend hike to $0.2975 per share announced in 2019 by the casino REIT. In 2018 the specialized real estate investment trust (REIT) initiated a pro-rated quarterly dividend of 16 cents per share and this marks the 3rd dividend hike since.

The next dividend will be payable on October 8, 2020 to stockholders of record as of the close of business on September 30, 2020. A new annualized dividend rate of $1.32 per share yields 4.2% at a stock price of $23.75.

In the company's press release dated September 10, 2020, announcing this new dividend hike David Kieske, EVP, Chief Financial Officer of the Company, commented, “We are pleased and proud to reward our shareholders with our third consecutive annual dividend increase since the company’s formation. This nearly 11% increase is well supported by the growth in our AFFO from the recently closed transactions and cash rent collection track record. As we navigate the current environment, we will continue to maintain a prudent approach to capital allocation and strive to reward shareholders through accretive growth and attractive total return.”

VICI Properties will now pay an estimated $744 million in dividends to its shareholders. This compares to a current market cap of $12.7 billion for the owner of real estate in Las Vegas, including Ceasars Palace and Harrah's.

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 properties include Caesars Palace Las Vegas and Harrah's Las Vegas. The company's 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.