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ICI Properties’ shares have slipped about 3.3 % in the last week and 3.9 % over the past month, yet the stock remains 38.9 % higher than five years ago. The company is adding experiential venues and signing long‑term leases, cementing its role as a major landlord on the Las Vegas Strip and beyond. Rising expectations for interest rates and a shift toward income‑focused investing have dampened sentiment across the REIT sector, explaining some of VICI’s recent price wobble.

    Despite the noise, VICI earns a perfect 6/6 on our valuation checklist. Using a discounted‑cash‑flow (DCF) model, we project its adjusted funds from operations. Current free cash flow is roughly $2.37 B, with analysts forecasting $2.98 B by 2028 and $3.95 B by 2035. Discounting those future cash flows back to today yields an intrinsic value of about $54.34 per share. The market price is roughly 49 % below that estimate, indicating the stock is undervalued.

    The company’s 1.8 % annual return compares favorably with other specialized REITs. Its price‑to‑earnings ratio reflects its growth prospects and risk profile; higher multiples are justified for firms with strong growth and lower perceived risk, while slower or riskier businesses trade at lower multiples.

    In short, VICI Properties is generating solid free cash flow, expanding its portfolio, and appears to be trading well below its intrinsic value. This makes it an attractive candidate for investors seeking a stable, growth‑oriented REIT.