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Stocks•26 June 2026•

1 min read

VICI and NexPoint: Deep Value in REITs as Sector Headwinds Clear

Key Facts

1VICI Properties trades at 11x forward AFFO with stable, long-term leases and resilient cash flow.

2NexPoint Residential trades at 65% of NAV and 11x AFFO, poised for AFFO/share growth as sunbelt supply peaks.

At a time when equity markets are pricing many sectors at premium valuations, two REITs stand out as deep-value opportunities. According to a Seeking Alpha report, VICI Properties trades at 11x forward AFFO with stable, long-term lease structures. Meanwhile, NexPoint Residential trades at a 35% discount to NAV and 11x AFFO, poised for AFFO-per-share growth as new supply in the Sunbelt region peaks.

As of the June 25 close, VICI was at $26.53 (intraday range $26.44–$26.83) and NXRT at $27.31 (range $27.28–$28.08). These valuations come as sector fundamentals improve: supply waves are cresting in key Sunbelt markets, which should support rent growth and lower vacancy. Compared to peers, these REITs offer a meaningful discount that value-focused investors may find compelling.

At current levels, both stocks are hovering near recent support lows. With no immediate catalysts, the thesis may need confirmation from Q2 earnings or economic data showing sustained improvement in rental markets. Investors are also watching interest rate trends, as stable or falling rates would enhance REIT attractiveness. The valuation gap is real, but patience may be required to realize its closure.