Transaction Overview: Acquisition of Leasehold Interest of Chelsea Piers New York

Chelsea Piers New York Transaction Overview

December 19, 2023

DISCLAIMERS

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the control of VICI Properties Inc. and its subsidiaries (collectively, the "Company" or "VICI") and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are the risks that the Company may not achieve the benefits contemplated by our pending and recently completed transactions and acquisitions of real estate assets, including the transactions described herein; risks that not all potential risks and liabilities have been, or will be, identified in the Company's due diligence for our pending and recently completed transactions, including the transactions described herein; the historical financial and operating results of Chelsea Piers may not be a reliable indicator of their future results; and the effects of our recently completed and pending transactions and the pending transactions, including the transactions described herein, on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans.

Additional important factors that may affect the Company's business, results of operations and financial position are described from time to time in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Chelsea Piers Information

The Company makes no representation as to the accuracy or completeness of the information regarding Chelsea Piers included in this presentation. While we believe this information to be reliable, we have not independently investigated or verified such data.

Market and Industry Data and Trademark Information

This presentation contains estimates and information concerning the Company's or Chelsea Piers' industry, including market position and other information regarding the properties, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands operated at our properties are trademarks of their respective owners. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation.

Published on December 19, 2023.

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TRANSACTION OVERVIEW

VICI acquired the leasehold interest of Chelsea Piers in New York City ("Chelsea Piers") and subleased

Chelsea Piers back to affiliates of the Chelsea Piers operating company pursuant to a triple-net master lease

(the "Chelsea Piers Transaction")

Summary Terms

	Initial lease term of 32 years with the intent to
Term	extend the prime lease term for an additional
10-years provided all conditions to such
	extension have been met

Contractual Rent		Pier 61
1.25% in lease year 3; 1.50% thereafter
Escalation	Headhouse
	Chelsea Piers Management Inc., Silver
Guarantors	Screen LLC, North River Property LLC and
	Waterfront Services LLC
Capex Requirements	2.0% of total revenues on a 5-year
rolling average
		Pier 60
In connection with this transaction, VICI's $71.5mm outstanding loan facility
secured by Chelsea Piers was repaid and terminated in full	Pier 59

Pier 59 Driving Range

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STRATEGIC RATIONALE

One-of-a-Kind Sports & Entertainment Complex in

New York City Aligning with VICI's Investment

Thesis

Comprised of over 780,000 square feet on 28 acres between 17th and 23rd streets alongside Manhattan's Hudson River, Chelsea Piers is a one-of-a- kind experiential asset in one of the world's most dynamic cities. Its size, scale, complexity and highly diverse programming represent a singular source of supply for meeting New Yorkers' demand for recreational and leisure experiences

Resilient Business Model with Successful

Historical Track Record

Opened in 1995, Chelsea Piers' resilient business model has a track record of recovering quickly from financial (e.g., 2008 financial crisis), civil (e.g., 9/11), natural (e.g., Hurricane Sandy) and health (e.g., COVID-19 pandemic) crises while maintaining a consistent margin profile

Multifaceted Business with Diverse Revenue

Drivers

Chelsea Piers features dedicated space for 20+ sports and activities, three flexible and expansive event spaces, a marina and approximately 300,000 sq. ft. of high value, commercial space that is primarily utilized for highly coveted production studios

Demonstrates Ability to Convert a Financing

Partnership into Long-Term Real Estate

Ownership

The Chelsea Piers transaction represents the first conversion of an existing loan into real estate ownership for VICI, demonstrating the strategic nature of VICI's loan commitments

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CHELSEA PIERS MEETS EACH OF VICI'S INVESTMENT

CRITERIA

Low

Cyclicality

Low

Secular

Threat

Favorable

Supply /

Demand

Balance

Experiential

Durability &

Longevity

• Low Cyclicality
• • The recreational sports industry has demonstrated long-term durability driven by wide appeal to adults and children across demographic groups
  • During recessionary periods, the recreational sports industry benefits from resilient demand as consumers, specifically parents, look to cut costs in other areas of spending before trimming back spending on their children
  • Chelsea Piers' leasing business has experienced an average vacancy rate of nearly 0% over the past 25 years

✓	Low Secular Threat
• The core Chelsea Piers experience is a combination of socialization and sports
	/ active recreation, which cannot be digitized or disrupted

• Despite the expansion of technology in daily lives since the dot-com boom, total sports participation has steadily increased from 16.4% in 2000 to 20.1% in

	2022(1)
✓	Experiential Durability & Longevity
• Durable business model with a track record of recovering quickly from financial

(e.g., 2008 financial crisis), civil (e.g., 9/11), natural (e.g., Hurricane Sandy) and health (e.g., COVID-19 pandemic) crises while achieving consistent EBITDA margins

• Subscription and membership pricing model provides a large, stable source of recurring revenue resulting from a loyal customer base

✓	Favorable Supply / Demand Balance
	• There are significant barriers to entry in the recreational sports sector in New
	York City, especially at the size and scale of Chelsea Piers

• Chelsea Piers has the only recreational ice hockey rinks in New York City and has indoor sport, pool and film production facilities in an otherwise supply- constrained market

(1) Per IBIS World.

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CHELSEA PIERS SPORTS & RECREATION

4+ million annual visitors to Chelsea Piers

Instructional programs and sports leagues for all ages across 20+ sports including the largest adult indoor soccer and basketball leagues in Manhattan

Over 17 million golf balls hit annually across 52 stalls at The Golf

Club at Chelsea Piers

Largest gymnastics facilities in Manhattan

The only year-round indoor hockey and figure skating rinks in

Manhattan

Manhattan's only indoor sand volleyball court

180+ weekly fitness classes for Chelsea Piers Fitness members

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CHELSEA PIERS LEASING & HOSPITALITY

Four banquet halls with waterfront views and capacity of up to 2,000 guests

Over 600 annual events hosted at Chelsea Piers

1.2 miles of waterfront marina space

Largest commercial and private boat marina in New York City with 80 boat slips and 2,000 linear feet of cruise ship docking space

Near 0% vacancy rate among Chelsea Piers' leasing business

Bowlero-operated bowling entertainment center, which is one of the most profitable within Bowlero's portfolio

One of few facilities to offer full-service production studios and facilities in Manhattan

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