VICI Properties has stable cash flows, disciplined growth, and an undervalued 9.6x forward P/FFO multiple. VICI's 100% triple-net lease structure, 100% occupancy, and strong tenant guarantees underpin resilient income and a well-covered 6.4% dividend yield. Recent accretive acquisitions and self-funded investments drive 4.5% AFFO/share growth, supported by a conservative 5.0x net debt/EBITDA balance sheet.