VICI Properties Expands Relationship With Cain & Eldridge Industries

VICI Properties, Inc. VICI announced that it has deepened its long-term relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan for One Beverly Hills. This loan is positioned behind a $2.8 billion senior loan commitment led by J.P. Morgan (JPM), forming part of the overall construction financing.

The VICI’s mezzanine loan marks a $1.05 billion incremental commitment atop VICI’s existing $450 million investment in the project. It represents the first outcome of VICI’s previously announced long-term strategic relationship with Cain and Eldridge Industries.

Cain is developing One Beverly Hills, a 17.5-acre luxury mixed-use project, master-planned by Foster + Partners. Alongside its hospitality and residential offerings, One Beverly Hills will feature 10 acres of botanical gardens and open space with high-end retail, dining, and cultural experiences.

The One Beverly Hills construction began in 2024, kicking off vertical works beginning in fall 2025, with phased delivery scheduled to commence in 2027. The VICI mezzanine loan features a 4-year initial term plus one 12-month extension option, with funds to be disbursed gradually over the course of the initial term for steady monthly capital deployment. VICI plans to fund the investment with cash on hand.

As part of VICI's expanded role in financing the One Beverly Hills development, Cain, Eldridge Industries, and VICI have agreed in principle, pursuant to a non-binding letter of intent, to deepen their strategic relationship, originally announced in February 2025.

VICI Properties' relationship with Cain and Eldridge Industries creates mutual opportunities: VICI can back their experiential investment activities, while they could support VICI in return, with capital potentially being committed in both directions.

In the past three months, shares of this Zacks Rank #3 (Hold) company have declined 2.2% against the industry's increase of 1%.

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Stocks to Consider

Some better-ranked stocks from the broader REIT sector are Gladstone Land LAND and Piedmont Realty Trust, Inc. PDM, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for LAND’s 2026 FFO per share is pinned at 43 cents. This indicates year-over-year growth of 10.3% for 2026.

The Zacks Consensus Estimate for PDM’s 2026 FFO per share is pegged at $1.49. This implies year-over-year growth of 5.7% for 2026.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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