VICI Properties : Investor Presentation

INVESTOR PRESENTATION

DISCLAIMERS

Forward Looking Statements

Certain statements in this presentation and that may be made in meetings are forward-looking statements. 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 to strictly historical and current facts and by the use of the words such as "expects", "plans", "opportunities" and similar words and variations thereof. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results, performance and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors including, among others: the impact of changes in general economic conditions, including low consumer confidence, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy (including stemming from the COVID-19 pandemic and changes in economic conditions as a result of the COVID-19 pandemic); the Company's dependence on subsidiaries of Caesars Entertainment, Inc. ("Caesars"), Penn National Gaming, Inc. ("Penn"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), Century Casinos, Inc. ("Century Casinos") and Rock Ohio Ventures LLC ("JACK Entertainment") as tenants of our properties and Caesars, Penn, Hard Rock, Century Casinos and JACK Entertainment or certain of their respective subsidiaries as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on the Company; risks that the Company's tenants' historical results may not be a reliable indicator of their future results; risks that the Company's pending transactions, including the pending acquisition of land and real estate assets of the Venetian Resort Las Vegas and Sands Expo & Convention Center (the "Venetian Resort"), may not be consummated on the terms or timeframes contemplated, or at all; risks regarding the ability of the parties to the Company's pending transactions to satisfy the conditions set forth in the definitive transaction documents, including the ability to receive, or delays in obtaining, the governmental and regulatory approvals and consents required to consummate the pending transactions, or other delays or impediments to completing the transactions; risks regarding the ability of the applicable parties to obtain the financing necessary to complete the pending transactions on the terms expected or at all; the Company's borrowers' ability to repay their outstanding loan obligations to the Company; the Company's dependence on the gaming industry; the Company's ability to pursue its business and growth strategies may be limited by its substantial debt service requirements and by the requirement that the Company distribute 90% of its real estate investment trust ("REIT") taxable income in order to qualify for taxation as a REIT and that it distribute 100% of its 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 the Company's tenants to obtain and maintain regulatory approvals in connection with the operation of its properties; the possibility that the Company's tenants may choose not to renew the respective lease agreements following the initial or subsequent terms of the leases; restrictions on the Company's ability to sell its properties subject to the lease agreements; the Company's substantial amount of indebtedness and ability to service, refinance and otherwise fulfill its obligations under such indebtedness; the Company's historical financial information may not be reliable indicators of its future results of operations, financial condition and cash flows; the possibility that the Company identifies significant environmental, tax, legal or other issues that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits it expects to receive) in any of its pending or recently completed transactions; the effects of its recently completed and pending transactions on the Company, including the future impact on its financial condition, financial and operating results, cash flows, strategy and plans; and the possibility the Company's separation from Caesars Entertainment Operating Company, Inc. fails to qualify as a tax-freespin-off, which could subject it to significant tax liabilities.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the impact of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants. The extent to which the COVID-19 pandemic impacts the Company, its tenants and its pending transactions will largely depend on future developments that are highly uncertain and cannot be predicted with confidence, including the impact of the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures on our tenants, including various state governments and/or regulatory authorities issuing directives, mandates, orders or similar actions restricting freedom of movement and business operations, such as travel restrictions, border closures, business closures, limitations on public gatherings, quarantines and "shelter-at-home" orders that resulted in the temporary closure of our tenants' operations at our properties, the ability of the Company's tenants to successfully operate their businesses following the reopening of their respective facilities, including the costs of complying with regulatory requirements necessary to keep the facilities open, including compliance with restrictions and reduced capacity requirements, the need to close any of the facilities after reopening as a result of the COVID-19 pandemic, and the effects of the negotiated capital expenditure reductions and other amendments to the lease agreements that the Company agreed to with certain of its tenants in response to the COVID-19 pandemic. Each of the foregoing could have a material adverse effect on our tenants' ability to satisfy their obligations under their leases with us, including their continued ability to pay rent in a timely manner, or at all, and/or to fund capital expenditures or make other payments required under their leases. In addition, changes and instability in global, national and regional economic activity and financial markets as a result of the COVID-19 pandemic have negatively impacted consumer discretionary spending and travel and are likely to continue to do so, which could have a material adverse effect on our tenants' businesses.

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, 2020, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and the Company's other filings with the U.S. Securities and Exchange Commission ("SEC"). 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 Information

The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Penn, Hard Rock, Century Casinos, JACK Entertainment and Chelsea Piers included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC ("CEOC"), the Company's significant lessee, have been filed with the SEC. Certain financial and other information for Caesars, Penn, Hard Rock, Century, JACK Entertainment and Chelsea Piers 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, Industry, and Peer Data

This presentation contains estimates and information concerning the Company's industry, including market position, rent growth, rent coverage, weighted average lease term, dividends paid, dividend yield, AFFO, AFFO growth, debt maturities and lease maturities of the Company's peers, that are based on industry publications, reports and peer company public filings. For additional information with respect to the Company's peers, refer to the respective peer companies' public filings with the SEC. 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.

Non‐GAAP Financial Measures

This presentation includes references 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. In addition, certain of these non-GAAP measures, as presented, including AFFO, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, including such measures presented herein due to the fact that not all real estate companies use the same definitions. The Company has not independently verified the accuracy or completeness of the non-GAAP measures of other companies presented herein.

For additional information regarding these non-GAAP financial measures see "Definitions of Non-GAAP Financial Measures" on page 37 of this presentation.

Financial Data

Financial information provided herein is as of March 31, 2021 unless otherwise indicated. Published on May 24, 2021.

© 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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VICI PROPERTIES COMPANY SNAPSHOT(1)

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

PORTFOLIO DATA		INVESTMENT & CAPITAL RAISING ACTIVITY SINCE FORMATION

28

17

48mm+

Investment Volume	Equity Raised	Rent/Income Acquired
~$12.2bn	~$8.6bn	~$900mm

Properties

Markets

Total SF

$4,957$1,330

$1,580

~2.2mm	~25K	39K+
Casino SF	Hotel Rooms	Gaming Units

$717

$1,136$1,000

$1,267$4,000

$852	$2,601
		$2,001
	$2,116
$1,551		$862
		$543

14	Properties Acquired in 7
	Markets Since Formation

2017	2018	2019	2020	2021 YTD
AFFO / Share(2)	$1.43	$1.48	$1.64	2021 Guidance:
$1.82 - $1.87
	Announced Investment Volume		Equity Raised		Annualized Investment Revenue

Resulting in 7.4% Unlevered Yield on Investments To Date(3)

TRIPLE NET LEASES WITH BEST -IN-CLASS TENANTS(1)

							100%
							Rent Collected
							in Cash(4)
68%	16%	5%	4%	3%	2%	2%
							Reflects % of current

annual contractual rent.

(1) Pro forma for the pending acquisition of the Venetian Resort, the pending Harrah's Louisiana Downs disposition, and EBCI's pending acquisition of the operations of Caesars Southern Indiana from Caesars, which are subject to

customary closing conditions and regulatory approvals. (2) See the appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measure. (3) Represents rent/income 3 acquired as a percentage of investment volume. (4) Refers to rent collected from existing tenants through May 2021, without giving effect to the pending transactions referred to in footnote 1.

VICI IS THE NEXT GENERATION EXPERIENTIAL REAL ESTATE COMPANY

MISSION

TO BE AMERICA'S MOST DYNAMIC LEISURE

& HOSPITALITY EXPERIENTIAL REAL ESTATE COMPANY

VISION

WE SEEK TO BE THE REAL ESTATE PARTNER OF CHOICE FOR THE LEADING CREATORS & OPERATORS OF PLACE - BASED, SCALED LEISURE & HOSPITALITY EXPERIENCES

WE SEEK TO LEASE PROPERTIES TO TENANTS WITH MARKET - LEADING RELATIONSHIPS WITH HIGH VALUE CONSUMERS OF LEISURE & HOSPITALITY

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VICI PROVIDES THE OPTIMAL COMBINATION OF:

✓ In-Place Acquisition

Opportunities

✓ Potential &

Credibility for

Substantial Non-

Gaming Growth

• Durable Income Stream Throughout Cycles from Leading Operators
• • 100% On-Time Cash Rent Collection During the 2020 COVID-19 Pandemic Period
• Long-TermLeases Backed by Corporate Rent Coverage
• $28.7bn of Activity Since Emergence(1)
• Fully Internalized Governance & Management

(1) Represents $12,187mm in aggregate of closed or announced acquisitions and loans, $2,600mm secured debt facilities in December 2017, $600mm of increased availability under our existing revolving credit facility in May 2019,	5
$8,580mm in aggregate of equity issuances, including follow-on, private placement, and at-the-market offerings, and $4,750mm of unsecured notes issued in November 2019 and February 2020.