VICI Properties : Investor Presentation

Investor Presentation

DISCLAIMERS

Forward Looking Statements

Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI Properties Inc.'s ("VICI" or the "Company") current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical facts and by the use of words such as "anticipates," "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 Company's control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rates, supply chain disruptions, consumer confidence levels, changes in consumer spending, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of increased interest rates on us, including our ability to successfully pursue investments in, and acquisitions of, additional properties and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our recently closed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants relating to our funding of "same store" capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund; our ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; our borrowers' ability to repay their outstanding loan obligations to us; our dependence on the ga ming industry; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors' historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our recently completed transactions; the impact of changes to the U.S. federal income tax laws; the possibility of adverse tax consequences as a result of our recently completed transactions, including tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our recently completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters, war, political and public health conditions or uncertainty or civil unrest, violence or terrorist activities or threats on our properties and changes in economic conditions or heightened travel security and health measures instituted in response to these events; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; our reliance on distributions received from our subsidiaries, including VICI Properties OP LLC ("VICI OP"), to make distributions to our stockholders; the potential impact on the amount of our cash distributions if we were to sell any of our properties in the future; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us.

Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. 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, 2023, 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.

Tenant, Borrower and Other Company Information

The Company makes no representation as to the accuracy or completeness of the information regarding its tenants, including Bowlero Corp. ("Bowlero"), Caesars Entertainment, Inc. ("Caesars"), Century Casinos, Inc. ("Century Casinos"), Chelsea Piers in New York City ("Chelsea Piers"), Cherokee Nation Entertainment, L.L.C. ("CNE"), the Eastern Band of Cherokee Indians ("EBCI"), Foundation Gaming and Entertainment LLC ("Foundation Gaming"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), JACK Ohio LLC ("JACK Entertainment"), MGM Resorts International ("MGM"), PENN Entertainment, Inc. ("PENN Entertainment"), PURE Canadian Gaming Corp. ("PURE Canadian"), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. ("Venetian Las Vegas Tenant"), borrowers and other companies included in this pr esentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC and MGM, as the parent and guarantor of MGM Lessee, LLC, the Company's significant lessees, have been filed with the Securities and Exchange Commission ("SEC"). Certain financial and other information for our tenants, guarantors,

borrowers and other companies included in this presentation have been derived from their respective filings, if and as applicable, and other publicly available presentations and press releases. 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 may contain estimates and information concerning the Company's industry, including market position, rent growth, corporate governance, and other analyses of the Company's peers, 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 a variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands, trademarks, service marks and logos ("Trademarks") operated at our properties are Trademarks of their respective owners. Their use in this presentation does not imply a relationship or endorsement by the Trademark owners, nor does it suggest any affiliation with or sponsorship by VICI. Any such Trademarks are used only to identify the products and services of their respective owners, and no sponsorship or endorsement on the part of VICI should be inferred from the use of the marks. 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.

Non‐GAAP Financial Measures

This presentation includes reference to Funds From Operations ("FFO"), FFO per share, Adjusted Funds From Operations ("AFFO") , AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see "Definitions of Non-GAAP Financial Measures" included in the Appendix at the end of this presentation.

Financial Data

Financial information provided herein is as of March 31, 2024 unless otherwise indicated. Published on May 6, 2024.

© VICI. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including without limitation photocopying, recording or any other electronic or mechanical methods, without the express written permission of VICI.

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INVESTMENT HIGHLIGHTS

VICI Properties Inc. (NYSE: VICI) is a triple net lease REIT that owns one of the largest high-quality portfolios of market-leading gaming, hospitality, and entertainment destinations

Demonstrated Track Record of Growth

Announced ~$37Bn of domestic and international investments across gaming & other experiential assets since formation in 2017

Significant Scale and Stable Cash Flows

One of the largest triple net lease REITs with $3.1Bn annualized cash rent (1) and 100% rent collection since formation

Contractual Escalation with Inflation Protection

50% of rent roll with CPI-linked escalation in 2024E and 96% of rent roll with CPI-linked escalation over the long-term (subject to applicable caps)

Mission Critical Complex Real Estate

Gaming regulatory environment creates high barriers to entry and limits gaming tenants' ability to move locations, contributing to 100% occupancy rate

Non-Commodity Experiential Real Estate

Unlocking value and sustained and sustainable growth by using the triple net-lease model for non-commodity experiential assets with best-in-class,growth-minded operators

Tenant Transparency

80% of rent roll derived from SEC reporting operators providing transparency into tenant performance and health

Investment-Grade Balance Sheet

Investment grade unsecured borrower broadens access across capital markets

S&P 500 Constituent

Added to the S&P 500 Index in June 2022 - shortest time from IPO to S&P 500 Index inclusion for any REIT

(1) Annualized contractual rent as of May 2024.

Click here for VICI's Property Photo Book

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VICI'S EVOLUTION SINCE FORMATION

Demonstrated Track Record of Growth and Tenant Diversification - By Adj. EBITDA ($MM) (1)

VICI is a world-leading gaming and experiential REIT with 54 gaming properties, 39 other experiential properties, 13 tenants, and significant scale and access to capital

$690(2)	$722
Acquired Harrah's	Completed 4th
Las Vegas	largest REIT IPO
Began	Expanded tenant
institutionalization	roster with PENN
of gaming real	Entertainment
estate sector	Modified Caesars
	leases to align
	Tenant / Landlord
	interests

20172018

$847	$1,119	$1,307
Continued tenant	Initial non-gaming	Announced $4Bn
diversification with	investment in	acquisition of
Hard Rock, JACK,	Chelsea Piers and	Venetian Resort and
and Century Casinos	investment in the	$17.2Bn acquisition
Strengthened	Caesars Forum	of MGM Growth
Convention Center	Properties ("MGP")
relationship with
existing tenants,	100% cash rent	Began financing
supporting	collection through	relationship with
Eldorado's	COVID-19	Great Wolf Resorts
acquisition of
Caesars

2019

2020

2021

$2,215	$2,910
Achieved	Acquired the
investment grade	remaining 49.9%
ratings and S&P	stake in MGM Grand
500 inclusion	/ Mandalay Bay
Announced	International gaming
investments with	investments in
Great Wolf, Cabot,	Canada
Canyon Ranch, and	Acquisition of 38
Fontainebleau Las
Bowlero properties
Vegas
	First financing to
	ownership
	conversion with
	Chelsea Piers

20222023

$3,061

Invested in the youth

sports sector with

Homefield Kansas

City

Committed up to

$700MM through

VICI's Partner

Property Growth Fund

strategy to fund

reinvestment projects

at The Venetian

Resort

~330%

Adj. EBITDA

Growth Since

Formation(3)

Q1'24

Annualized

1. See "Reconciliation from GAAP to Non-GAAP Measures" and "Definitions of Non-GAAP Financial Measures" on pages 24-27 for additional information. (2) Represents (i) $545MM pro forma Adj. EBITDA for the nine months ended September 30, 2017, and (ii) $145MM Adj. EBITDA for the period from October 6, 2017 to December 31, 2017. (3) Adjusted EBITDA growth based on LTM Q1'24 Adjusted EBITDA of $2,964MM and FY2017 Adjusted EBITDA of $690MM.

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MARKET-LEADING BUILDINGS OCCUPIED BY MARKET- LEADING EXPERIENTIAL OPERATORS

								% of
					Number of	WALT (years) as	Annualized Cash	Annualized
				Tenant	Properties	of 3/31/2024(1)	Rent ($MM)(2)	Cash Rent
100%				18	31.4	$1,197.6	39%
				51.0	1,075.6	35%
	Triple Net Leases			13
					1	47.8	265.2	9%
91%
		Seminole Hard Rock	2	53.8	138.0	5%
	Rent Roll with Parent Guarantees		Entertainment
			2	30.1	79.7	3%
81%				2	30.9	71.1	2%
			8	34.5	56.7(3)	2%
	Rent Roll with Master Lease Protection
					1	54.1	41.6	1%
80%
		Eastern Band of	1	32.4	33.5	1%
		Cherokee Indians
	Rent Roll from SEC Reporting Tenants
			38	54.6	31.6	1%
74%				2	33.8	24.5	<1%
			1	41.8	24.0	<1%
	Rent Roll from S&P 500 Tenants
					4	43.9	16.3(3)	<1%
				13 Tenants	93	41.5	$3,055.3	100%

(1) Weighted average lease term ("WALT") inclusive of all tenant renewal options based on annualized cash rent. (2) Annualized contractual rent as of May 2024. (3) Assumes an exchange rate of C$1:00:US$0.74 as of March 31, 2024.

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MISSION CRITICALITY OF REAL ESTATE

VICI's Assets Have High Barriers-to-Entry & High Financial Transparency Compared to Traditional Net Lease REITs

Select Triple Net Lease REITs(1)

Occupant Business Model

Underlying Asset Financial

Transparency

Barriers-to-Entry

Average Rent Per Asset

Type of Real Estate

Remaining Lease Term

2020 Rent Collection

Cash Flow Volatility

Long-Term CPI Protected Rent Roll

Same Store Rent Growth

Experiential / Operational

/ Revenue Diversity

High - Gaming regulators require gross gaming revenue reporting from assets

High

~$32,850,000

Differentiated, Non-Commoditized

~42 years(2)

100%

Low

(None to Date)

96%(3)

1.7%(4)

Generally Conventional Goods and Services

Low

Low

~$400,000

Highly Commoditized

8 - 14 years

70 - 99%

Low

~2 - 94%

0.4%(5)

Source: Respective company filings, Green Street Advisors

1. Based on Net Lease REIT universe covered by Green Street Advisors (ADC, BNL, EPRT, NNN, O and WPC). (2) WALT inclusive of all tenant renewal options. (3) Represents % of contractual rent subject to CPI- linked escalators over the full lease term (subject to any applicable caps or periods in which such provisions do not apply). (4) Reflects minimum annual contractual rent escalation as of May 2024. (5) Reflects same- property NOI growth per Green Street Advisors report as of March 19, 2024.

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INDUSTRY-LEADING CPI PROTECTION & G&A EFFICIENCY

Estimated CPI Protection as % of VICI's Rent Roll Over Time(1)

96%

8590%

82%

56%

50%

2024E

2026E

2032E

2033E

2035E

Source: Respective company filings

1. Percentage of rent roll reflects rent inclusive of minimum contractual rent escalation pursuant to current lease agreements, refers to CPI-linked escalators in effect in the presented year (subject to any applicable caps). (2) Based on Q4'23 company filings for ADC, EPR, EPRT, FCPT, GLPI, NNN, O and WPC.

50%

VICI's rent roll with CPI-linked

escalation for 2024E

96%

VICI's rent roll with CPI-linked

escalation by 2035E

1.7%

VICI's G&A as a % of

Revenue in Q1'24

Lowest Exposure to G&A Costs Among Select Triple Net Lease REITs(2)

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VICI DIVIDEND DURABILITY AND GROWTH

100% Cash Dividend Raised Every Year While Targeting a 75% AFFO Payout Ratio

Annualized VICI Cash Dividend Per Share

$1.66

						$1.56
					$1.44
				$1.32
		$1.15	$1.19
$1.05
	Q1'18	Q1'19	Q1'20	Q1'21	Q1'22	Q1'23	Q1'24
		Quarterly Cash Dividend Per Share
$0.2625	$0.2875	$0.2975	$0.3300	$0.3600	$0.3900	$0.4150

Compounded Annualized Dividend Growth Rate(1)

7.9%

6.1%

5.7%

3.9%

3.2% 2.9% 2.7%

Select Peer Avg. 2.2%

ADC EPRT FCPT GLPI NNN O WPC EPR

(2.6%)

(5.3%)

Source: Respective company filings as of Q1'24 of select triple-net REIT peers, including ADC, EPR, EPRT, FCPT, GLPI, NNN, O and WPC

1. Calculated as the compounded annualized growth rate of the annualized most recently declared dividend as of March 31, 2024 compared to March 31, 2018, except EPRT calculated as the compounded annualized growth rate as of the annualized most recently declared dividend as of March 31, 2024 compared to September 30, 2018, the first full quarter dividend after IPO.

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HIGH-QUALITY PORTFOLIO OF REAL ESTATE…

54 Gaming and 39 Other Experiential Properties Spanning 26 States and 1 Canadian Province

JACK	Geographic Diversity by Rent
Cleveland	Gaming: 15 States & 1 Canadian Province (52% Regional, 47% Las Vegas, 1% International)(1)
Hollywood	Other Experiential: 17 States (6 of Which Also Include Gaming)
Casino at
Greektown
MGM Detroit

Horseshoe

Hammond

Harrah's

Lake Tahoe

Horseshoe

Council Bluffs

Harrah's North

Kansas City

Margaritaville

Bossier City

Empire City

Chelsea

Piers in New

York City

Caesars Atlantic City

Borgata

MGM

National

Harbor

Rocky Gap

Hard Rock Cincinnati

Caesars

Southern

Indiana

Fitz Hotel &

Casino

Century Casino St. Albert

PURE Casino Calgary

Alberta, Canada

Century Casino Caruthersville

Bowlero

(38 locations)

Harrah's

New Orleans

(1) Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on internal rent allocations by property; based on contractual rent as of May 2024.

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…DIVERSIFIED WITH MULTIPLE REVENUE STREAMS…

VICI is the Largest Owner of Hotel Room Real Estate(1) and Privately-Owned Meeting, Convention & Event Space(2) in America

~60,300	~4.2MM SF	~6.7MM SF	500+	50+	~500
Hotel Rooms	Gaming Space	Meeting &	F&B Outlets	Entertainment	Retail Outlets
	~66,000	Convention		Venues
	Gaming Units	Space		4 Golf Courses

(owned by Simon Property Group)

(owned by Brookfield)

(VICI owns the land

under the MSG Sphere)

(1) By key. (2) By square footage.

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