Slide 1: Supplemental Financial & Operating Data
Supplemental Financial & Operating Data First Quarter Ended March 31, 2026
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, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las
Slide 5: Portfolio & Financial Highlights
PORTFOLIO & FINANCIAL HIGHLIGHTS ($ amounts in thousands, except share, per share, portfolio and property data) Pro Forma Portfolio Highlights(1) Financial Highlights as of March 31, 2026 Three Months Ended 61 Gaming Properties(1) Mar. 31, Dec. 31, Sept. 30, Jun. 30, 39 Other Experiential Properties
Slide 6: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share and per share data) March 31, 2026 December 31, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net $ 23,897,827 $ 23,706,563 Investments in leases - financing receivables, net 18,806,242 18,697,133 Investments
Slide 7: Consolidated Balance Sheets – Quarterly
CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net $ 23,897,827 $ 23,706,563 $ 23,763,616 $ 23,686,926 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 March 31, 2026 2025 Revenues Income from sales-type leases $ 536,717 $ 528,604 Income from lease financing receivables, loans and securities 451,953 426,480 Other income 18,899 19,513 Go
Slide 9: Consolidated Statement of Operations – Quarterly
CONSOLIDATED STATEMENT OF OPERATIONS – QUARTERLY ($ amounts in thousands, except share and per share data) Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Revenues Income from sales-type leases $ 536,717 $ 534,650 $ 531,765 $ 530,348 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 March 31, 2026 2025 Net income attributable to common stockholders $ 872,390 $ 543,607 Real estate depreciation — — Funds From Operations (FFO) attributable to common stockholders 872,390 543,607
Slide 11: Non-GAAP Financial Measures – Quarterly
NON-GAAP FINANCIAL MEASURES – QUARTERLY ($ amounts in thousands, except share and per share data) Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income attributable to common stockholders $ 872,390 $ 604,767 $ 762,040 $ 865,079 Real estate depreciation — — —
Slide 12: Revenue Detail
REVENUE DETAIL ($ amounts in thousands) Three Months Ended March 31, 2026 2025 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $ 140,534 $ 137,689 Caesars Las Vegas Master Lease 126,419 123,855 MGM Grand/Mandalay Bay
Slide 13: Revenue Detail – Quarterly
REVENUE DETAIL – QUARTERLY ($ amounts in thousands) Three Months Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $ 140,534 $ 139,586 $ 137,689 $
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 15 Tenants(1)(2) Per Lease Tenant as of May 2026 Annualized Contractual Rent Caesars Regional Master Lease & Joliet Lease 16 Caesars Entertainment $740.5 MGM Master Lease(1) 10 MGM
Slide 15: 2026 Guidance
2026 GUIDANCE ($ and share amounts in millions, except per share data) The Company is raising AFFO guidance for the full year 2026. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparabl
Slide 16: Capitalization & Key Credit Metrics – As of March 31, 2026
CAPITALIZATION & KEY CREDIT METRICS – AS OF MARCH 31, 2026 ($ amounts in thousands, except share and per share data) Capitalization Investment Grade Bond Covenants Thresholds Actuals Common Shares Outstanding(1) 1,068,988,999 Total Net Debt to Adjusted Total Assets < 60% 35% Third-Party Partnership
Slide 17: Debt Detail
DEBT DETAIL ($ amounts in thousands USD) Refer to Note 7 – Debt and Note 8 – Derivatives within our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for additional detail. As of March 31, 2026 Carrying Value Debt Maturity Date Coupon Rate Effective Rate Face Value % of Total Debt (
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 Strip, 1% International)(1) Gaming Other Experiential: 17 States (6 of Which Also Include Gaming) Other Experiential Alberta, Canada (1) Based on
Slide 19: Summary of Current Lease Terms
SUMMARY OF CURRENT LEASE TERMS For additional information, please reference our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 Annual Cash Rent Lease Tenant as of May’26 Current Lease Year Annual Escalator Term ($mm) Caesars Regional Lease Year 9 18-year initial term with four Ma
Slide 20: Summary of Current Lease Terms (Cont.)
SUMMARY OF CURRENT LEASE TERMS (CONT.) For additional information, please reference our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 Annual Cash Rent Lease Tenant as of May’26 Current Lease Year Annual Escalator Term ($mm) >1.25% / change in CPI Lease Year 7 (Century Canada esc
Slide 21: Recent Investment Activity
RECENT INVESTMENT ACTIVITY Property / Loan Announcement Date Closing Date Transaction Size Rent Tenant / Borrower Pending Transactions Expected mid-year C$200.6 million / C$16.1 million / Gamehost Real Estate Acquisition(1) 03/30/2026 Affiliate of IGP 2026 USD$144.4 million(2) USD$11.6 million(2) Ho
Slide 22: 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 2025 ATM Sales(1) 7,835,973 $254.2 million 7,835,973 $244.9 million 2024 ATM Sales 12,015,399 $384.6 million 12,015,399 $372.9 million Debt Cap
Slide 23: Gaming Embedded Growth Pipeline
GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and Right of First Refusal / 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 applicable agreements. Put
Slide 24: Other Experiential Embedded Growth Pipeline
OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Agreements and Right of First Refusal / 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 applicable agreeme
Slide 25: Analyst Coverage
ANALYST COVERAGE Covering Equity Analysts Firm Analyst Phone Email Barclays Rich Hightower (212) 526-8768 Richard.hightower@barclays.com BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Cantor Fitzgerald Rich A
Slide 26: 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