Slide 1: Supplemental Financial & Operating Data Q4 and Full Year 2023
Supplemental Financial & Operating Data Fourth Quarter and Full Year Ended December 31, 2023 Exhibit 99.2
Slide 2: Forward-Looking Statements
2Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Forward-Looking Statements This press release 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
3Q4 2023 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
4Q4 2023 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 and entertainment destinations, including Caesars Palace Las Vegas, MGM Gran
Slide 5: Portfolio & Financial Highlights
5Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Dec. 31, 2023 Sept. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Net Income Per Common Share Basic $0.72 $0.55 $0.69 $0.52 Diluted $0.72 $0.55 $0.69 $0.52 Funds From Operations Per Common Share Basic $0.72 $0.55 $0.69 $0.52 Diluted $0.72 $0
Slide 6: Consolidated Balance Sheets
6Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share and per share data) December 31, 2023 December 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 23,015,931$ 17,172,325$ Investments in leases - financing r
Slide 7: Consolidated Balance Sheets – Quarterly
7Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Assets Real estate portfolio: Investments in leases - sales-type, net 23,015,931$ 22,889,984$ 22,655,164$ 22,579,820$ In
Slide 8: Consolidated Statements of Operations
8Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues Income from sales-type leases 506,217$ 386,293$ 1,980,178$ 1,464,245$ Income from lease financing receivables, loans and securities 396,813 355,685 1,519,516 1,041,22
Slide 9: Consolidated Statements of Operations – Quarterly
9Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenues Income from sales-type leases 506,217$ 500,212$ 495,355$ 478,394$ Income from lease financing receivables, loans and securities 396,813 378,502 373,132 371,0
Slide 10: Non-GAAP Financial Measures
10Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Net income attributable to common stockholders 747,769$ 604,053$ 2,513,540$ 1,117,635$ Real estate depreciation — — — — Joint venture depreciation and non-controlling interes
Slide 11: Non-GAAP Financial Measures – Quarterly
11Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Net income attributable to common stockholders 747,769$ 556,329$ 690,702$ 518,740$ Real estate depreciation — — — — Joint venture depreciation and non-controlling in
Slide 12: Revenue Detail
12Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 136,067$ 129,544$ 534,923$ 497,731$ Caesars
Slide 13: Revenue Detail – Quarterly
13Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 136,067$ 132,952$ 132,952$ 132,952
Slide 14: Annualized Contractual Rent and Income from Loans
14Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) Includes rent or a portion of rent collected in CAD, assuming an exchange rate of C$1:00:US$0.76 as of December 31, 2023. ($ amounts in millions USD) Caesars 40% MGM 35% Venetian 9% Hard Rock 4% P
Slide 15: 2024 Guidance
15Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2024 GUIDANCE ($ amounts in millions, except per share data) The Company is providing preliminary AFFO guidance for the full year 2024. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income a
Slide 16: Capitalization & Key Credit Metrics
16Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF DEC. 31, 2023 (1) MGM and Bowlero 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, shown here
Slide 17: Debt Detail
17Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Carrying value shown net of unamortized original issue discount and unamortized debt issuance costs. (2) Holders of the senior notes, as well as the trustee under the governing indentures and the administrative agent and lenders under
Slide 18: Geographic Diversification
18Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of February 2024. Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (53% Regional, 46% Las Vegas, 1% International)(1) Other Exper
Slide 19: Summary of Current Lease Terms
19Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA MGM Master Lease Caesars Regional Master Lease and Joliet Lease(1) Caesars Las Vegas Master Lease(1) MGM Grand/Mandalay Bay Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM Resorts International Annual Cas
Slide 20: Summary of Current Lease Terms (Continued)
20Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas Lease Hard Rock Mirage Lease JACK Entertainment Master Lease Century Master Lease Tenant Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Hard Rock Ent
Slide 21: Summary of Current Lease Terms (Continued)
21Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (2) With respect to lease year 0, for the period Caesars Southern Indiana was cl
Slide 22: Summary of Current Lease Terms (Continued)
22Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Bowlero Master Lease PENN Margaritaville Lease Foundation Gaming Master Lease Chelsea Piers Lease PURE Canadian Master Lease Tenant Bowlero PENN Entertainment Foundation Gaming Chelsea Piers PURE Canadian Ga
Slide 23: Investment Activity
23Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA INVESTMENT ACTIVITY Note: Assumes exchange rate of C$1.00:US$0.76 as of December 31, 2023, where applicable. (1) The Company provided a £9 million (US$10.9 million) loan for the redevelopment of Cabot Highlands with an agreement in principle to provi
Slide 24: Capital Markets Activity
24Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITAL MARKETS ACTIVITY Note: Assumes exchange rate of C$1.00:US$0.76 and £1.00:US$1.27 as of December 31, 2023, where applicable. (1) Subsequent to year end, in January 2024, VICI offered 9,662,116 shares under its at-the-market offering program at
Slide 25: Gaming Embedded Growth Pipeline
25Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and ROFR 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 agreem
Slide 26: Other Experiential Embedded Growth Pipeline
26Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements, Purchase Right Agreements, and Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additional te
Slide 27: Analyst Coverage
27Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE 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@
Slide 28: Definitions of Non-GAAP Financial Measures
28Q4 2023 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