{"id":598637,"date":"2025-10-17T01:30:43","date_gmt":"2025-10-17T08:30:43","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/10\/layout-under-falling-interest-rates-highlighting-the-allocation-value-of-att-and-vici-properties\/"},"modified":"2025-10-17T01:31:03","modified_gmt":"2025-10-17T08:31:03","slug":"%e5%88%a9%e7%8e%87%e5%9b%9e%e8%90%bd%e4%b8%8b%e7%9a%84%e5%b8%83%e5%b1%80%e5%85%b3%e6%b3%a8-at-t-%e4%b8%8e-vici-properties-%e7%9a%84%e9%85%8d%e7%bd%ae%e4%bb%b7%e5%80%bc","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2025\/10\/%e5%88%a9%e7%8e%87%e5%9b%9e%e8%90%bd%e4%b8%8b%e7%9a%84%e5%b8%83%e5%b1%80%e5%85%b3%e6%b3%a8-at-t-%e4%b8%8e-vici-properties-%e7%9a%84%e9%85%8d%e7%bd%ae%e4%bb%b7%e5%80%bc\/","title":{"rendered":"\u5229\u7387\u56de\u843d\u4e0b\u7684\u5e03\u5c40\uff1a\u5173\u6ce8AT&amp;T\u4e0eVici Properties\u7684\u914d\u7f6e\u4ef7\u503c"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">\u57282022\u81f32023\u5e74\u7684\u52a0\u606f\u5468\u671f\u4e2d\uff0c\u8bb8\u591a\u6536\u76ca\u578b\u6295\u8d44\u8005\u8f6c\u5411\u5b58\u5355\u548c\u56fd\u503a\u4ee5\u83b7\u53d6\u66f4\u9ad8\u56de\u62a5\u3002\u7136\u800c\uff0c\u968f\u7740\u5229\u7387\u56de\u843d\uff0c\u6295\u8d44\u8005\u7684\u76ee\u5149\u5c06\u91cd\u65b0\u805a\u7126\u4e8e\u4f18\u8d28\u7684\u84dd\u7b79\u80a1\u606f\u80a1\u3002\u6b64\u65f6\uff0c\u4e0d\u5e94\u76f2\u76ee\u8ffd\u9010\u9ad8\u6536\u76ca\u7387\uff0c\u800c\u5e94\u9009\u62e9\u90a3\u4e9b\u62e5\u6709\u5bbd\u9614\u62a4\u57ce\u6cb3\u3001\u76c8\u5229\u7a33\u5b9a\u4e14\u6d3e\u606f\u6bd4\u7387\u5408\u7406\u7684\u516c\u53f8\u3002<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=T\"><span class=\"s2\">AT&amp;T (T)<\/span><\/a> \u4e0e <a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=VICI\"><span class=\"s2\">Vici Properties (VICI) <\/span><\/a>\u6b63\u662f\u7b26\u5408\u8fd9\u4e9b\u6761\u4ef6\u7684\u6770\u51fa\u4ee3\u8868\u3002<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">AT&amp;T\uff1a\u4e1a\u52a1\u805a\u7126\u63a8\u52a8\u73b0\u91d1\u6d41\u7a33\u5065<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">\u8fd1\u5e74\u6765\uff0cAT&amp;T\u901a\u8fc7\u5265\u79bbDirecTV\u3001\u65f6\u4ee3\u534e\u7eb3\u7b49\u5a92\u4f53\u8d44\u4ea7\uff0c\u679c\u65ad\u653e\u5f03\u4e86\u6784\u5efa\u5a92\u4f53\u5e1d\u56fd\u7684\u6218\u7565\u3002\u8fd9\u4e00\u7cfb\u5217\u4e3e\u63aa\u4f7f\u5176\u4e1a\u52a1\u7ed3\u6784\u5f97\u4ee5\u7b80\u5316\uff0c\u4ece\u800c\u80fd\u5c06\u66f4\u591a\u8d44\u6e90\u96c6\u4e2d\u4e8e\u53d1\u5c55\u9ad8\u589e\u957f\u76845G\u65e0\u7ebf\u4e0e\u5149\u7ea4\u7f51\u7edc\uff0c\u540c\u65f6\u4e5f\u4e3a\u964d\u4f4e\u503a\u52a1\u63d0\u4f9b\u4e86\u7075\u6d3b\u7a7a\u95f4\u3002<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">\u5176\u6838\u5fc3\u4e1a\u52a1\u589e\u957f\u52bf\u5934\u5f3a\u52b2\u3002\u65e0\u7ebf\u540e\u4ed8\u8d39\u4e1a\u52a1\u4f5c\u4e3a\u4e3b\u8981\u589e\u957f\u5f15\u64ce\uff0c\u57282023\u5e74\u30012024\u5e74\u53ca2025\u5e74\u4e0a\u534a\u5e74\u5206\u522b\u65b0\u589e\u7528\u6237170\u4e07\u3001170\u4e07\u548c72.5\u4e07\u3002\u540c\u671f\uff0c\u5149\u7ea4\u4e1a\u52a1\u4e5f\u8868\u73b0\u4e0d\u4fd7\uff0c\u5206\u522b\u589e\u52a0\u4e86110\u4e07\u3001100\u4e07\u548c50.4\u4e07\u4e2a\u8fde\u63a5\u3002\u8fd9\u4e24\u5927\u4e1a\u52a1\u7684\u7a33\u5065\u589e\u957f\uff0c\u6709\u6548\u5bf9\u51b2\u4e86\u5176\u4f20\u7edf\u5546\u4e1a\u6709\u7ebf\u4e1a\u52a1\u7684\u4e0b\u6ed1\u3002<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">\u5728\u73b0\u91d1\u6d41\u65b9\u9762\uff0cAT&amp;T\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u57282023\u5e74\u589e\u957f18%\u81f3168\u4ebf\u7f8e\u5143\uff0c2024\u5e74\u8fdb\u4e00\u6b65\u589e\u957f5%\u81f3176\u4ebf\u7f8e\u5143\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u56e0\u52a0\u59275G\u4e0e\u5149\u7ea4\u6295\u8d44\u3001\u5e94\u5bf9\u66f4\u9ad8\u7a0e\u7387\u53ca\u5b8c\u6210DirecTV\u5269\u4f59\u80a1\u4efd\u5265\u79bb\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u5c06\u56de\u843d\u81f3160\u4ebf\u7f8e\u5143\u4e2d\u4f4e\u533a\u95f4\uff0c\u4f46\u5176\u8986\u76d6\u80a1\u606f\u7684\u80fd\u529b\u4f9d\u7136\u7a33\u56fa\u30022023\u5e74\u4e0e2024\u5e74\u7684\u80a1\u606f\u652f\u51fa\u5206\u522b\u4e3a81\u4ebf\u548c82\u4ebf\u7f8e\u5143\uff0c\u5f53\u524d\u8fdc\u671f\u80a1\u606f\u6536\u76ca\u7387\u8fbe4.3%\uff0c\u4ecd\u9ad8\u4e8e10\u5e74\u671f\u7f8e\u56fd\u56fd\u503a4%\u7684\u6536\u76ca\u7387\u3002\u5206\u6790\u5e08\u9884\u6d4b\uff0c\u4ece2024\u5e74\u81f32027\u5e74\uff0c\u5176\u8c03\u6574\u540eEBITDA\u5c06\u4ee53%\u7684\u590d\u5408\u5e74\u589e\u957f\u7387\u589e\u957f\u3002\u8003\u8651\u5230\u5176\u5f53\u524d\u4e0d\u52307\u500d\u7684\u8c03\u6574\u540eEBITDA\u5e02\u76c8\u7387\uff0c\u8fd9\u4e00\u4f4e\u4f30\u503c\u4e0e\u9ad8\u6536\u76ca\u7279\u6027\uff0c\u6709\u671b\u5728\u5e02\u573a\u4e0b\u884c\u65f6\u63d0\u4f9b\u6709\u6548\u7684\u7f13\u51b2\u3002<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Vici Properties\uff1a\u72ec\u7279\u6a21\u5f0f\u4fdd\u969c\u6301\u7eed\u5206\u7ea2<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Vici Properties\u662f\u4e00\u5bb6\u4e13\u6ce8\u4e8e\u4f53\u9a8c\u5f0f\u5730\u4ea7\u7684\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u57fa\u91d1\uff0c\u5728\u7f8e\u56fd\u548c\u52a0\u62ff\u5927\u62e5\u670993\u5904\u8d4c\u573a\u3001\u5ea6\u5047\u6751\u7b49\u5a31\u4e50\u5730\u4ea7\u3002\u4f5c\u4e3aREIT\uff0c\u5176\u5546\u4e1a\u6a21\u5f0f\u662f\u6536\u8d2d\u7269\u4e1a\u5e76\u957f\u671f\u51fa\u79df\uff0c\u540c\u65f6\u5c06\u4e0d\u4f4e\u4e8e90%\u7684\u7a0e\u524d\u5229\u6da6\u4f5c\u4e3a\u80a1\u606f\u5206\u914d\u7ed9\u6295\u8d44\u8005\uff0c\u4ee5\u6b64\u7ef4\u6301\u4f18\u60e0\u7a0e\u7387\u3002<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Vici\u7684\u79df\u6237\u5305\u62ec<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=CZR\"><span class=\"s2\">\u51ef\u6492\u5a31\u4e50 (CZR)<\/span><\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=MGM\"><span class=\"s2\">\u7c73\u9ad8\u6885\u56fd\u9645\u9152\u5e97\u96c6\u56e2 (MGM) <\/span><\/a>\u7b49\u4e1a\u754c\u5de8\u5934\u3002\u5176\u79df\u7ea6\u5177\u5907\u4e24\u5927\u4f18\u52bf\uff1a\u4e00\u662f\u79df\u671f\u957f\u8fbe\u6570\u5341\u5e74\uff0c\u5e76\u4e0e\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570(CPI)\u6302\u94a9\uff0c\u80fd\u6709\u6548\u5bf9\u51b2\u901a\u80c0\uff1b\u4e8c\u662f\u535a\u5f69\u4e1a\u53d7\u5230\u4e25\u683c\u76d1\u7ba1\u4e14\u8fd0\u8425\u6210\u672c\u9ad8\u6602\uff0c\u4f7f\u5f97\u79df\u6237\u642c\u8fc1\u6781\u4e3a\u56f0\u96be\u3002\u6b63\u56e0\u5982\u6b64\uff0cVici\u81ea2018\u5e74\u4e0a\u5e02\u4ee5\u6765\u59cb\u7ec8\u4fdd\u6301100%\u7684\u60ca\u4eba\u5165\u4f4f\u7387\uff0c\u8fd9\u5728REIT\u884c\u4e1a\u4e2d\u5c24\u4e3a\u7a81\u51fa\u3002<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">\u516c\u53f8\u9884\u8ba1\uff0c2025\u5e74\u5176\u6bcf\u80a1\u8c03\u6574\u540e\u8425\u8fd0\u8d44\u91d1\u5c06\u589e\u957f4%-6%\uff0c\u8fbe\u52302.35-2.37\u7f8e\u5143\uff0c\u8db3\u4ee5\u8f7b\u677e\u8986\u76d6\u6bcf\u80a11.73\u7f8e\u5143\u7684\u9884\u671f\u80a1\u606f\u3002\u4ee5\u6b64\u8ba1\u7b97\uff0c\u5176\u8fdc\u671f\u80a1\u606f\u6536\u76ca\u7387\u9ad8\u8fbe5.8%\uff0c\u4e14\u81ea\u9996\u6b21\u516c\u5f00\u52df\u80a1\u4ee5\u6765\u6301\u7eed\u63d0\u9ad8\u6d3e\u606f\u3002\u5f53\u524d\u80a1\u4ef731\u7f8e\u5143\u5bf9\u5e94\u4eca\u5e74AFFO\u7684\u7ea613\u500d\uff0c\u4f30\u503c\u9887\u5177\u5438\u5f15\u529b\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u57282022\u81f32023\u5e74\u7684\u52a0\u606f\u5468\u671f\u4e2d\uff0c\u8bb8\u591a\u6536\u76ca\u578b\u6295\u8d44\u8005\u8f6c\u5411\u5b58\u5355\u548c\u56fd\u503a\u4ee5\u83b7\u53d6\u66f4\u9ad8\u56de\u62a5\u3002\u7136\u800c\uff0c\u968f\u7740\u5229\u7387\u56de\u843d\uff0c\u6295\u8d44\u8005\u7684 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":598635,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[427],"tags":[1787,519,663,768],"class_list":["post-598637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hans","tag-1787","tag-519","tag-663","tag-768","sectors-real-estate-zh-hans","sectors-technology-zh-hans","locations-us-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/598637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=598637"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/598637\/revisions"}],"predecessor-version":[{"id":598640,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/598637\/revisions\/598640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/598635"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=598637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=598637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=598637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}