{"id":598641,"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":"2025-10-17T01:31:10","modified_gmt":"2025-10-17T08:31:10","slug":"%e5%88%a9%e7%8e%87%e5%9b%9e%e8%90%bd%e4%b8%8b%e7%9a%84%e4%bd%88%e5%b1%80%e9%97%9c%e6%b3%a8-at-t-%e8%88%87-vici-properties-%e7%9a%84%e9%85%8d%e7%bd%ae%e5%83%b9%e5%80%bc","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/10\/%e5%88%a9%e7%8e%87%e5%9b%9e%e8%90%bd%e4%b8%8b%e7%9a%84%e4%bd%88%e5%b1%80%e9%97%9c%e6%b3%a8-at-t-%e8%88%87-vici-properties-%e7%9a%84%e9%85%8d%e7%bd%ae%e5%83%b9%e5%80%bc\/","title":{"rendered":"\u5229\u7387\u56de\u843d\u4e0b\u7684\u4f48\u5c40\uff1a\u95dc\u6ce8AT&amp;T\u8207Vici Properties\u7684\u914d\u7f6e\u50f9\u503c"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">\u57282022\u81f32023\u5e74\u7684\u52a0\u606f\u9031\u671f\u4e2d\uff0c\u8a31\u591a\u6536\u76ca\u578b\u6295\u8cc7\u8005\u8f49\u5411\u5b58\u55ae\u548c\u570b\u50b5\u4ee5\u7372\u53d6\u66f4\u9ad8\u56de\u5831\u3002\u7136\u800c\uff0c\u96a8\u8457\u5229\u7387\u56de\u843d\uff0c\u6295\u8cc7\u8005\u7684\u76ee\u5149\u5c07\u91cd\u65b0\u805a\u7126\u65bc\u512a\u8cea\u7684\u85cd\u7c4c\u80a1\u606f\u80a1\u3002\u6b64\u6642\uff0c\u4e0d\u61c9\u76f2\u76ee\u8ffd\u9010\u9ad8\u6536\u76ca\u7387\uff0c\u800c\u61c9\u9078\u64c7\u90a3\u4e9b\u64c1\u6709\u5bec\u95ca\u8b77\u57ce\u6cb3\u3001\u76c8\u5229\u7a69\u5b9a\u4e14\u6d3e\u606f\u6bd4\u7387\u5408\u7406\u7684\u516c\u53f8\u3002<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=T\"><span class=\"s2\">AT&amp;T (T)<\/span><\/a> \u8207 <a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=VICI\"><span class=\"s2\">Vici Properties (VICI) <\/span><\/a>\u6b63\u662f\u7b26\u5408\u9019\u4e9b\u689d\u4ef6\u7684\u5091\u51fa\u4ee3\u8868\u3002<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">AT&amp;T\uff1a\u696d\u52d9\u805a\u7126\u63a8\u52d5\u73fe\u91d1\u6d41\u7a69\u5065<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">\u8fd1\u5e74\u4f86\uff0cAT&amp;T\u901a\u904e\u525d\u96e2DirecTV\u3001\u6642\u4ee3\u83ef\u7d0d\u7b49\u5a92\u9ad4\u8cc7\u7522\uff0c\u679c\u65b7\u653e\u68c4\u4e86\u69cb\u5efa\u5a92\u9ad4\u5e1d\u570b\u7684\u6230\u7565\u3002\u9019\u4e00\u7cfb\u5217\u8209\u63aa\u4f7f\u5176\u696d\u52d9\u7d50\u69cb\u5f97\u4ee5\u7c21\u5316\uff0c\u5f9e\u800c\u80fd\u5c07\u66f4\u591a\u8cc7\u6e90\u96c6\u4e2d\u65bc\u767c\u5c55\u9ad8\u589e\u9577\u76845G\u7121\u7dda\u8207\u5149\u7e96\u7db2\u7d61\uff0c\u540c\u6642\u4e5f\u70ba\u964d\u4f4e\u50b5\u52d9\u63d0\u4f9b\u4e86\u9748\u6d3b\u7a7a\u9593\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u5176\u6838\u5fc3\u696d\u52d9\u589e\u9577\u52e2\u982d\u5f37\u52c1\u3002\u7121\u7dda\u5f8c\u4ed8\u8cbb\u696d\u52d9\u4f5c\u70ba\u4e3b\u8981\u589e\u9577\u5f15\u64ce\uff0c\u57282023\u5e74\u30012024\u5e74\u53ca2025\u5e74\u4e0a\u534a\u5e74\u5206\u5225\u65b0\u589e\u7528\u6236170\u842c\u3001170\u842c\u548c72.5\u842c\u3002\u540c\u671f\uff0c\u5149\u7e96\u696d\u52d9\u4e5f\u8868\u73fe\u4e0d\u4fd7\uff0c\u5206\u5225\u589e\u52a0\u4e86110\u842c\u3001100\u842c\u548c50.4\u842c\u500b\u9023\u63a5\u3002\u9019\u5169\u5927\u696d\u52d9\u7684\u7a69\u5065\u589e\u9577\uff0c\u6709\u6548\u5c0d\u885d\u4e86\u5176\u50b3\u7d71\u5546\u696d\u6709\u7dda\u696d\u52d9\u7684\u4e0b\u6ed1\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u5728\u73fe\u91d1\u6d41\u65b9\u9762\uff0cAT&amp;T\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u57282023\u5e74\u589e\u957718%\u81f3168\u5104\u7f8e\u5143\uff0c2024\u5e74\u9032\u4e00\u6b65\u589e\u95775%\u81f3176\u5104\u7f8e\u5143\u3002\u5118\u7ba1\u9810\u8a082025\u5e74\u56e0\u52a0\u59275G\u8207\u5149\u7e96\u6295\u8cc7\u3001\u61c9\u5c0d\u66f4\u9ad8\u7a05\u7387\u53ca\u5b8c\u6210DirecTV\u5269\u9918\u80a1\u4efd\u525d\u96e2\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u5c07\u56de\u843d\u81f3160\u5104\u7f8e\u5143\u4e2d\u4f4e\u5340\u9593\uff0c\u4f46\u5176\u8986\u84cb\u80a1\u606f\u7684\u80fd\u529b\u4f9d\u7136\u7a69\u56fa\u30022023\u5e74\u82072024\u5e74\u7684\u80a1\u606f\u652f\u51fa\u5206\u5225\u70ba81\u5104\u548c82\u5104\u7f8e\u5143\uff0c\u7576\u524d\u9060\u671f\u80a1\u606f\u6536\u76ca\u7387\u90544.3%\uff0c\u4ecd\u9ad8\u65bc10\u5e74\u671f\u7f8e\u570b\u570b\u50b54%\u7684\u6536\u76ca\u7387\u3002\u5206\u6790\u5e2b\u9810\u6e2c\uff0c\u5f9e2024\u5e74\u81f32027\u5e74\uff0c\u5176\u8abf\u6574\u5f8cEBITDA\u5c07\u4ee53%\u7684\u5fa9\u5408\u5e74\u589e\u9577\u7387\u589e\u9577\u3002\u8003\u616e\u5230\u5176\u7576\u524d\u4e0d\u52307\u500d\u7684\u8abf\u6574\u5f8cEBITDA\u5e02\u76c8\u7387\uff0c\u9019\u4e00\u4f4e\u4f30\u503c\u8207\u9ad8\u6536\u76ca\u7279\u6027\uff0c\u6709\u671b\u5728\u5e02\u5834\u4e0b\u884c\u6642\u63d0\u4f9b\u6709\u6548\u7684\u7de9\u885d\u3002<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Vici Properties\uff1a\u7368\u7279\u6a21\u5f0f\u4fdd\u969c\u6301\u7e8c\u5206\u7d05<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Vici Properties\u662f\u4e00\u5bb6\u5c08\u6ce8\u65bc\u9ad4\u9a57\u5f0f\u5730\u7522\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u8a17\u57fa\u91d1\uff0c\u5728\u7f8e\u570b\u548c\u52a0\u62ff\u5927\u64c1\u670993\u8655\u8ced\u5834\u3001\u5ea6\u5047\u6751\u7b49\u5a1b\u6a02\u5730\u7522\u3002\u4f5c\u70baREIT\uff0c\u5176\u5546\u696d\u6a21\u5f0f\u662f\u6536\u8cfc\u7269\u696d\u4e26\u9577\u671f\u51fa\u79df\uff0c\u540c\u6642\u5c07\u4e0d\u4f4e\u65bc90%\u7684\u7a05\u524d\u5229\u6f64\u4f5c\u70ba\u80a1\u606f\u5206\u914d\u7d66\u6295\u8cc7\u8005\uff0c\u4ee5\u6b64\u7dad\u6301\u512a\u60e0\u7a05\u7387\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Vici\u7684\u79df\u6236\u5305\u62ec<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=CZR\"><span class=\"s2\">\u51f1\u6492\u5a1b\u6a02 (CZR)<\/span><\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=MGM\"><span class=\"s2\">\u7c73\u9ad8\u6885\u570b\u969b\u9152\u5e97\u96c6\u5718 (MGM) <\/span><\/a>\u7b49\u696d\u754c\u5de8\u982d\u3002\u5176\u79df\u7d04\u5177\u5099\u5169\u5927\u512a\u52e2\uff1a\u4e00\u662f\u79df\u671f\u9577\u9054\u6578\u5341\u5e74\uff0c\u4e26\u8207\u6d88\u8cbb\u8005\u7269\u50f9\u6307\u6578(CPI)\u639b\u920e\uff0c\u80fd\u6709\u6548\u5c0d\u885d\u901a\u8139\uff1b\u4e8c\u662f\u535a\u5f69\u696d\u53d7\u5230\u56b4\u683c\u76e3\u7ba1\u4e14\u904b\u71df\u6210\u672c\u9ad8\u6602\uff0c\u4f7f\u5f97\u79df\u6236\u642c\u9077\u6975\u70ba\u56f0\u96e3\u3002\u6b63\u56e0\u5982\u6b64\uff0cVici\u81ea2018\u5e74\u4e0a\u5e02\u4ee5\u4f86\u59cb\u7d42\u4fdd\u6301100%\u7684\u9a5a\u4eba\u5165\u4f4f\u7387\uff0c\u9019\u5728REIT\u884c\u696d\u4e2d\u5c24\u70ba\u7a81\u51fa\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u516c\u53f8\u9810\u8a08\uff0c2025\u5e74\u5176\u6bcf\u80a1\u8abf\u6574\u5f8c\u71df\u904b\u8cc7\u91d1\u5c07\u589e\u95774%-6%\uff0c\u9054\u52302.35-2.37\u7f8e\u5143\uff0c\u8db3\u4ee5\u8f15\u9b06\u8986\u84cb\u6bcf\u80a11.73\u7f8e\u5143\u7684\u9810\u671f\u80a1\u606f\u3002\u4ee5\u6b64\u8a08\u7b97\uff0c\u5176\u9060\u671f\u80a1\u606f\u6536\u76ca\u7387\u9ad8\u90545.8%\uff0c\u4e14\u81ea\u9996\u6b21\u516c\u958b\u52df\u80a1\u4ee5\u4f86\u6301\u7e8c\u63d0\u9ad8\u6d3e\u606f\u3002\u7576\u524d\u80a1\u50f931\u7f8e\u5143\u5c0d\u61c9\u4eca\u5e74AFFO\u7684\u7d0413\u500d\uff0c\u4f30\u503c\u9817\u5177\u5438\u5f15\u529b\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u57282022\u81f32023\u5e74\u7684\u52a0\u606f\u9031\u671f\u4e2d\uff0c\u8a31\u591a\u6536\u76ca\u578b\u6295\u8cc7\u8005\u8f49\u5411\u5b58\u55ae\u548c\u570b\u50b5\u4ee5\u7372\u53d6\u66f4\u9ad8\u56de\u5831\u3002\u7136\u800c\uff0c\u96a8\u8457\u5229\u7387\u56de\u843d\uff0c\u6295\u8cc7\u8005\u7684 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":598636,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[1788,572,674,785],"class_list":["post-598641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag-1788","tag-572","tag-674","tag-785","sectors-real-estate-zh-hant","sectors-technology-zh-hant","locations-us-zh-hant","exchange-nyse-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/598641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=598641"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/598641\/revisions"}],"predecessor-version":[{"id":598644,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/598641\/revisions\/598644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/598636"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=598641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=598641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=598641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}