Vici Properties Inc. · NYSE:VICI
Vici Properties — Q3 2026 Earnings Presentation
26 slides from Vici Properties's earnings presentation, Oct 28, 2026
Slide 1: Supplemental Financial & Operating Data Third Quarter Ended September 30, 2026
Supplemental Financial & Operating Data Third Quarter Ended September 30, 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
2Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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,”
Slide 3: Table of Contents
3Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statement of Operations……………………………….…………………… 8-9 No
Slide 4: Corporate Overview
4Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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
Slide 5: Portfolio & Financial Highlights
5Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Sept. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Net Income Per Common Share Basic $0.31 $0.48 $0.82 $0.57 Diluted $0.31 $0.48 $0.82 $0.57 Funds From Operations Per Common Share Basic $0.31 $0.48 $0.82 $0.57 Diluted $0.31 $0
Slide 6: Consolidated Balance Sheets
6Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA September 30, 2026 December 31, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net 24,370,572$ 23,706,563$ Investments in leases - financing receivables, net 19,235,774 18,697,133 Investments in loans and securities, net 2,984,
Slide 7: Consolidated Balance Sheets (Quarterly)
7Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net 24,370,572$ 24,577,355$ 23,897,827$ 23,706,563$ Investments in leases - financing receivables, net 19,235,774 19,28
Slide 8: Consolidated Statements of Operations
8Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Income from sales-type leases 556,749$ 531,765$ 1,642,668$ 1,590,717$ Income from lease financing receivables, loans and securities 482,642 447,986 1,412,990
Slide 9: Consolidated Statements of Operations (Quarterly)
9Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Revenues Income from sales-type leases 556,749$ 549,202$ 536,717$ 534,650$ Income from lease financing receivables, loans and securities 482,642 478,395 451,953 448,7
Slide 10: Non-GAAP Financial Measures
10Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income attributable to common stockholders 342,534$ 762,040$ 1,741,445$ 2,170,726$ Real estate depreciation — — — — Funds From Operations (FFO) attributable to c
Slide 11: Non-GAAP Financial Measures (Quarterly)
11Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Net income attributable to common stockholders 342,534$ 526,521$ 872,390$ 604,767$ Real estate depreciation — — — — Funds From Operations (FFO) attributable to common stockholders 342,
Slide 12: Revenue Detail
12Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 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$ 421,602$ 413,067
Slide 13: Revenue Detail (Quarterly)
13Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 140,534$ 140,534$ 140,534$ 139,586
Slide 14: Annualized Contractual Rent and Income from Loans
14Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA As of September 30, 2026 Total Commitments Principal Balance Years to Maturity(3) Blended Interest Rate Annualized Income Annualized Contractual Income from Loans and Securities Senior Secured Loans 1,510.0 $1,347.6 2.5 8.6% 116.0 Mezzanine Loans & P
Slide 15: 2026 Guidance
15Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2026 Guidance Updated Guidance Prior Guidance For the Year Ending December 31, 2026: Low High Low High Estimated Adjusted Funds From Operations (AFFO) $2,695.0 $2,705.0 $2,675.0 $2,695.0 Estimated Adjusted Funds From Operations (AFFO) per common dilu
Slide 16: Capitalization & Key Credit Metrics
16Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF SEPTEMBER 30, 2026 (1) MGM and Lucky Strike hold third-party partnership units, which may be redeemed for cash or, at VICI's election, shares of common stock. (2) Revolver draws denominated in CAD and GBP,
Slide 17: Debt Detail
17Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Holders of the senior notes, as well as the trustee, administrative agent and lenders under VICI's Credit Agreement, benefit from a limited pledge of the equity of VICI Properties L.P. (2) Shown inclusive of applicable extension optio
Slide 18: Geographic Diversification
18Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of October 1, 2026. Diversified Portfolio: 26 States, 1 U.S. Territory, and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (52% Regional, 47% Las Vegas Strip, 1% In
Slide 19: Summary of Current Lease Terms
19Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (1) Cash rent amounts are presented prior to accounting for the portion of rent payable to the 20% JV partner at Harrah’s Joliet. After adjusting for the portion of rent payable to the 20% JV partner, current annual cas
Slide 20: Summary of Current Lease Terms (Cont.)
20Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONT.) Lease Tenant Annual Cash Rent as of October 2026 ($mm) Current Lease Year Annual Escalator Term Century Master Lease Century Casinos $63.4(1)(2) Lease Year 7 1/1/26 – 12/31/26 >1.25% / change in CPI (Century Can
Slide 21: Recent Investment Activity
21Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Property / Loan Announcement Date Closing Date Transaction Size Rent Tenant / Borrower Pending Transactions Century Mile & Century Downs Separate Lease 9/28/2026 Expected Q4 2026 or Q1 2027 N/A C$10.7 million / USD$7.5 million(1) Subsidiary of Highfi
Slide 22: Recent Capital Markets Activity
22Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA RECENT CAPITAL MARKETS ACTIVITY (1) Includes $480.5 million of 4.500% senior unsecured notes redeemed on August 17, 2026 and $19.5 million of 4.500% senior unsecured notes (unexchanged MGP OP Notes) repaid at maturity on September 1, 2026. (2) Repres
Slide 23: Gaming Embedded Growth Pipeline
23Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 conditi
Slide 24: Other Experiential Embedded Growth Pipeline
24Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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
Slide 25: Analyst Coverage
25Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE 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
Slide 26: Definitions of Non-GAAP Financial Measures
26Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 o