Realty Income (O) vs VICI: A Comparative Passive Income Analysis
Key Takeaways
- The Monthly Factor: Realty Income (O) pays dividends monthly, which many retirees prefer for steady cash flow. VICI pays quarterly.
- Sector Bet: O leans on essential retail tenants. VICI is tied to experiential/gaming real estate like Las Vegas resorts.
- Growth Angle: VICI has a stronger recent growth profile via long leases and inflation-aware escalators, while O is slow-and-steady.
For passive-income investors, Real Estate Investment Trusts (REITs) can be a practical way to generate dividends without owning property directly. Two names often compared are Realty Income (O)—nicknamed “The Monthly Dividend Company”—and VICI Properties (VICI), a major landlord of Las Vegas casino real estate.
The real question is the trade-off: do you prefer O’s long history of stable monthly income, or VICI’s higher growth runway tied to premium experiential properties?
• Realty Income (O): Monthly payouts feel like a paycheck spread across the year.
• VICI Properties: Similar total annual income may arrive in larger quarterly chunks.
The difference isn’t only “how much,” but “when.”
Visualizing the Trade-Off
The chart below uses a simple score scale to compare yield potential, dividend safety, and growth runway. These are educational comparisons—not guarantees.
Scores are illustrative and reflect relative positioning based on sector traits and historical patterns.
Head-to-Head Comparison
| Feature | Realty Income (O) | VICI Properties (VICI) |
|---|---|---|
| Primary Sector | Retail / Essentials | Gaming / Hospitality |
| Payout Frequency | Monthly | Quarterly |
| Dividend Track Record | Multi-decade grower | < 10 years public history |
| Inflation Protection | Moderate (lease mix varies) | High (many CPI-linked escalators) |
Strategic Action Steps
If you rely on dividends to cover monthly expenses, O’s schedule may feel smoother.
VICI is a targeted bet on the gaming/experiential economy. O is broader and more tenant-diversified.
Some investors pair a “stability REIT” (O) with a “growth REIT” (VICI) to diversify income sources.
The Bottom Line
- Stability tilt: Realty Income (O) for predictable monthly income and a long dividend record.
- Growth tilt: VICI for a higher-growth profile tied to premium experiential assets.
- Blend approach: Holding both can balance timing, sector exposure, and income durability.
FAQ
Most REIT dividends are taxed as ordinary income. Many investors prefer holding REITs inside IRAs for tax efficiency.
Rising rates can pressure REIT prices in the short term, but long-term results depend on property quality and lease structure.