Slide 1: Supplemental Financial & Operating Data, Third Quarter 2024
Supplemental Financial & Operating Data Third Quarter Ended September 30, 2024
Slide 2: Disclaimers
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 “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “pro
Slide 3: Table of Contents
TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statement of Operations……………………………….…………………… 8-9 Non-GAAP Financial Measures…………………………………………………………….
Slide 4: Corporate Overview
CORPORATE OVERVIEW VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the
Slide 5: Portfolio & Financial Highlights
PORTFOLIO & FINANCIAL HIGHLIGHTS ($ amounts in thousands, except share, per share, portfolio and property data) Portfolio Highlights Financial Highlights as of September 30, 2024 Three Months Ended 54 Gaming Properties Sept. 30, Jun. 30, Mar. 31, Dec. 31, 2024 2024 2024 2023 39 Other Experiential Pr
Slide 6: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share data) September 30, 2024 December 31, 2023 Assets Real estate portfolio: Investments in leases - sales-type, net $ 23,429,732 $ 23,015,931 Investments in leases - financing receivables, net 18,410,105 18,211,102 Investments in loans a
Slide 7: Consolidated Balance Sheets – Quarterly
CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Assets Real estate portfolio: Investments in leases - sales-type, net $ 23,429,732 $ 23,189,566 $ 22,985,837 $ 23,015,931 Investments in leases - financing receivables,
Slide 8: Consolidated Statement of Operations
CONSOLIDATED STATEMENT OF OPERATIONS ($ amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Income from sales-type leases $ 518,691 $ 500,212 $ 1,543,752 $ 1,473,961 Income from lease financing receivabl
Slide 9: Consolidated Statement of Operations – Quarterly
CONSOLIDATED STATEMENT OF OPERATIONS – QUARTERLY ($ amounts in thousands, except share and per share data) Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenues Income from sales-type leases $ 518,691 $ 512,289 $ 512,772 $ 506,217 Income from lease financing r
Slide 10: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES ($ amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income attributable to common stockholders $ 732,898 $ 556,329 $ 2,064,216 $ 1,765,771 Real estate depreciation — — — — Joint
Slide 11: Non-GAAP Financial Measures – Quarterly
NON-GAAP FINANCIAL MEASURES – QUARTERLY ($ amounts in thousands, except share and per share data) Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Net income attributable to common stockholders $ 732,898 $ 741,302 $ 590,016 $ 747,769 Real estate depreciation — — —
Slide 12: Revenue Detail
REVENUE DETAIL ($ amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $ 137,624 $ 132,952 $ 412,872 $ 398,856 Caes
Slide 13: Revenue Detail – Quarterly
REVENUE DETAIL – QUARTERLY ($ amounts in thousands) Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $ 137,624 $ 137,624 $ 137,624 $
Slide 14: Annualized Contractual Rent and Income from Loans
ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS ($ amounts in millions USD) Assets Annualized Rent Partnerships with 13 Tenants Per Lease Tenant as of October 2024 Annualized Contractual Rent MGM Master Lease 11 MGM Resorts International $759.5 Caesars Regional Master Lease & Joliet Lease 16 Caesa
Slide 15: 2024 Guidance
2024 GUIDANCE ($ amounts in millions, except per share data) The Company is updating its AFFO guidance for the full year 2024. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable GAA
Slide 16: Capitalization & Key Credit Metrics – As of September 30, 2024
CAPITALIZATION & KEY CREDIT METRICS – AS OF SEPTEMBER 30, 2024 ($ amounts in thousands, except share and per share data) Capitalization Investment Grade Bond Covenants Thresholds Actuals Common Shares Outstanding 1,047,172,481 Total Net Debt to Adjusted Total Assets < 60% 38% Third-Party Partnership
Slide 17: Debt Detail
DEBT DETAIL ($ amounts in thousands USD) As of September 30, 2024 Debt Maturity Date Coupon Rate Effective Rate Face Value % of Total Debt Carrying Value(1) Senior Unsecured Debt(2) $2.5Bn Revolving Credit Facility Borrowings in USD 3/31/2027(3) SOFR+0.85%(4) 5.796%(5) - - - Borrowings in CAD 3/31/2
Slide 18: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (52% Regional, 47% Las Vegas, 1% International)(1) Gaming Other Experiential: 17 States (6 of Which Also Include Gaming) Other Experiential Alberta, Canada (1) Based on annua
Slide 19: Summary of Current Lease Terms
SUMMARY OF CURRENT LEASE TERMS Caesars Regional Master Lease Caesars Las Vegas MGM Grand/Mandalay Bay MGM Master Lease and Joliet Lease(1) Master Lease(1) Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM Resorts International Annual Cash Rent as $759.5 mi
Slide 20: Summary of Current Lease Terms (Continued)
SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas JACK Entertainment Hard Rock Mirage Lease Century Master Lease Lease(1) Master Lease Affiliate of funds managed by affiliates Tenant Hard Rock Entertainment JACK Entertainment Century Casinos of Apollo Global Management, Inc. A
Slide 21: Summary of Current Lease Terms (Continued)
SUMMARY OF CURRENT LEASE TERMS (CONTINUED) PENN Greektown Lease Hard Rock Cincinnati Lease CNE Gold Strike Lease EBCI Southern Indiana Lease Tenant PENN Entertainment Hard Rock Entertainment Cherokee Nation Entertainment Eastern Band of Cherokee Indians Annual Cash Rent as $52.9 million $47.5 millio
Slide 22: Summary of Current Lease Terms (Continued)
SUMMARY OF CURRENT LEASE TERMS (CONTINUED) PENN Margaritaville Foundation Gaming PURE Canadian Master Bowlero Master Lease Chelsea Piers Lease Lease Master Lease Lease Tenant Bowlero PENN Entertainment Foundation Gaming Chelsea Piers PURE Canadian Gaming Annual Cash Rent as $31.6 million $26.8 milli
Slide 23: Investment Activity
INVESTMENT ACTIVITY Announcement Closing Rent / Cap Rate / Transaction Tenant / Borrower Property / Loan Date Date Income Yield Size / Issuer Recently Completed Transactions Great Wolf Mezzanine Loan 5/9/2024 5/9/2024 - - $250.0 million Great Wolf Resorts The Venetian Resort – Partner $29.0 million
Slide 24: Recent Capital Markets Activity
RECENT CAPITAL MARKETS ACTIVITY Equity Capital Markets Forward Equity Offering Shares Sold Gross Offering Value Shares Settled Net Proceeds Received to Date Q3 2024 ATM Activity 1,996,483 $67.5 million - - Q1 2024 ATM Activity 9,662,116 $305.5 million - - Q4 2023 ATM Activity 13,194,739 $390.2 milli
Slide 25: Gaming Embedded Growth Pipeline
GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and Right of First Refusal Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Put / Call Agreements Righ
Slide 26: Other Experiential Embedded Growth Pipeline
OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Agreements, Right of First Refusal Agreements, and Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applica
Slide 27: Analyst Coverage
ANALYST COVERAGE Covering Equity Analysts Firm Analyst Phone Email BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Capital One Securities Dan Guglielmo (202) 213-6408 Daniel.guglielmo@capitalone.com CBRE John
Slide 28: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by The National Association of Real Estate Investment Trusts (Nareit), we defin