Key Takeaways
- VICI Properties yields 8.0% and W. P. Carey yields 6.0%, and both paid out 73% to 74% of their AFFO as dividends in fiscal 2025.
- VICI has raised its dividend every year since it went public in 2018. W. P. Carey’s dividend fell from $4.24 a share in fiscal 2022 to $3.49 in fiscal 2024.
- W. P. Carey guides to 5.2% AFFO-per-share growth in 2026 at its midpoint, but it carries more debt, at 5.7x net debt to EBITDA against VICI’s 4.8x.
- VICI trades at 9.2x forward AFFO, close to its five-year low of 9.1x.
W. P. Carey (WPC) raised its 2026 AFFO guidance on July 28. On the next day’s call, CEO Jason Fox made his pitch: “We don’t believe the recent stock performance relative to peers is fully reflecting how well we’ve executed.”
For income investors, a lagging stock means a fatter yield, and W. P. Carey’s is 6.0% today. Whereas VICI Properties (VICI) yields even more, at 8.0%.
Both pay out nearly the same share of their AFFO. So which is the better high-yield dividend stock?
| Metric | VICI Properties (VICI) | W. P. Carey (WPC) |
|---|---|---|
| Dividend yield | 8.0% | 6.0% |
| Dividend growth, fiscal 2020–2025 | 7.1% a year | -2.8% a year |
| AFFO payout ratio, fiscal 2025 | 74% | 73% |
| AFFO payout ratio, fiscal 2026 consensus | 74% | 71% |
| Net debt / EBITDA (LTM) | 4.81x | 5.69x |
| Interest coverage (LTM) | 4.33x | 3.24x |
| Price / AFFO (NTM) | 9.2x | 11.9x |
VICI Properties: a raise every year since 2018
VICI is spreading its rent roll. It has added Clairvest, Golden Entertainment and Club Med as its 14th, 15th and 16th tenants, and second-quarter 2026 AFFO per share rose 4.6% from a year before, to $0.62.
The dividend has climbed with AFFO every year. AFFO per share rose from $1.43 in fiscal 2018 to $2.38 in fiscal 2025, and the dividend rose from $1.00 to $1.76.
…which kept the payout ratio between 70% and 79% in each of those years. VICI says it has raised the dividend “every single year since we went public in 2018,” and that it’s “focused on maintaining our ability to continue to grow our dividend.” A well-covered 74% in fiscal 2025, and 74% again on fiscal 2026 consensus, leaves room to keep doing that.
The risk is its tenants, and its biggest is changing hands. Caesars, one of VICI’s two biggest tenants, is being bought by Fertitta Entertainment for $31 a share in cash, a deal Caesars’ shareholders approved on Sept. 22 and regulators still must. Caesars’ regional lease with VICI is still unsettled. “That is a conversation that will take place at some point,” CEO Ed Pitoniak said on the July 30 call, and “we obviously collect every dollar of rent in the meantime.”
W. P. Carey: growing again, after a cut
W. P. Carey covers its dividend about as well, but its record looks very different. Its dividend rose from $3.93 a share in fiscal 2016 to $4.24 in fiscal 2022. It then fell to $3.49 in fiscal 2024. Over the same stretch, AFFO per share went from $5.12 in fiscal 2016 to $4.97 in fiscal 2025.
…and the payout ratio has come down from 88.0% in fiscal 2020 to 73% in fiscal 2025. Consensus has it at 71% in fiscal 2026, which is comfortable on both counts.
The business is growing again. Its 2026 AFFO guidance of $5.19 to $5.27 a share implies 5.2% growth at the midpoint. Fox says “we expect to increasingly benefit from inflationary tailwinds flowing through our CPI-linked leases.”
Management expects the dividend “to continue to grow in line with our AFFO growth while maintaining a conservative payout ratio.” It’s doing just that: in June it declared $0.94 a share for the quarter, up 4.4% from a year before, while second-quarter AFFO per share rose 4.7%. On Sept. 18, it raised again, to $0.950, its third raise of 2026.
The risk is debt: 5.69x EBITDA, against VICI’s 4.81x, and refinancing at higher rates is a risk W. P. Carey names.
So which dividend wins?
VICI Properties is the better high-yield dividend stock. It pays the bigger check, covers it just as well on AFFO, carries less debt, and has raised it every year since 2018.
$10,000 in VICI pays $800 a year today, against $600 from W. P. Carey. Each dividend’s pace now is its rise in fiscal 2025: 3.5% for VICI and 3.7% for W. P. Carey. Even at those rates, VICI pays about $1,093 in year 10 against about $834, and W. P. Carey’s income doesn’t catch up for more than 30 years. VICI’s Sept. 3 raise, 2.2% to $0.46 a quarter, was slower, so its year-10 figure runs high.
And VICI is close to its cheapest in five years. It trades at 9.2x forward AFFO, against a five-year average of 13.8x and a low of 9.1x on Oct. 5, 2026.
This isn’t to say W. P. Carey’s dividend is in trouble. Its payout ratio is down to 73%, its AFFO is growing faster this year, and CPI-linked leases could push rents higher. It’s just that VICI gives you two more points of yield, with less debt behind it and no cut on its record.
Of course, how the Caesars deal and its regional lease settle is the next test for VICI’s rent.
So what is VICI Properties stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
