Realty Income (O) vs VICI: A Comparative Passive Income Analysis
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Realty Income (O) vs VICI: A Comparative Passive Income Analysis
By Team BMT •
💡 EXECUTIVE SUMMARY
- The Monthly Factor: Realty Income (O) is the “Monthly Dividend Company,” favored by retirees for steady cash flow. VICI pays quarterly.
- Sector Bet: O is a diversified bet on essential retail (7-Eleven, Walgreens). VICI is a focused bet on experiential gaming (Caesars, MGM).
- Growth Angle: VICI offers stronger inflation protection via CPI-linked leases, while O offers unmatched historical stability.
⚠️ CONCENTRATION RISK WARNING
VICI generates nearly 100% of its rent from gaming/hospitality assets. While high-quality, this lacks the sector diversification of Realty Income (13,000+ properties across 80+ industries). VICI is a “Trophy Asset” play; O is a “Safety” play.
For passive-income investors, Real Estate Investment Trusts (REITs) are the engine of cash flow. Two giants dominate the conversation: the stalwart Realty Income (O) and the fast-growing challenger VICI Properties (VICI). The choice depends on your timeline and risk appetite.
🧐 The “Lease” Advantage
Both operate on Triple Net Leases (NNN), meaning tenants pay taxes, insurance, and maintenance. However, VICI’s master leases are exceptionally long (40+ years) and often include CPI-based rent escalators, offering a built-in inflation hedge.
Both operate on Triple Net Leases (NNN), meaning tenants pay taxes, insurance, and maintenance. However, VICI’s master leases are exceptionally long (40+ years) and often include CPI-based rent escalators, offering a built-in inflation hedge.
5-YEAR DIVIDEND GROWTH RATE (CAGR)
Realty Income (O)
~3.6% Growth
Steady
VICI Properties (VICI)
~7.0% Growth
Aggressive
Head-to-Head Comparison
| Feature | Realty Income (O) | VICI Properties |
|---|---|---|
| Primary Sector | Diversified Retail | Gaming / Hospitality |
| Payout Freq. | Monthly | Quarterly |
| Track Record | Dividend Aristocrat | Since 2017 (IPO) |
| Inflation Hedge | Moderate | High (CPI-Linked) |
“If you need to pay the electric bill every month, buy O. If you want to beat inflation over the next decade, buy VICI.”