Slide 1: Supplemental Financial & Operating Data, Fourth Quarter Ended December 31, 2022
VICI Q4 2022 Supplemental Financial & Operating Data 1 S U P P L E M E N TA L F I N A N C I A L & O P E R ATI N G DATA F O U R T H Q U A R T E R E N D E D D E C E M B E R 3 1 , 2 0 2 2 E x h i b i t 9 9 . 2
Slide 2: Disclaimers: Forward Looking Statements
VICI Q4 2022 Supplemental Financial & Operating Data 2 Disclaimers Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI Properties Inc.’s (“VICI” or the “Compa
Slide 3: Corporate Overview
VICI Q4 2022 Supplemental Financial & Operating Data 3 Corporate Overview About VICI Properties (NYSE: VICI) Senior Management Edward Pitoniak John Payne David Kieske Samantha Gallagher Gabriel Wasserman Kellan Florio Moira McCloskey Chief Executive Officer & Director President & Chief Operating Off
Slide 4: Table of Contents
VICI Q4 2022 Supplemental Financial & Operating Data 4 Table of Contents Consolidated Balance Sheets 7-8 Consolidated Statements of Operations 9-10 Non-GAAP Financial Measures 11-12 2023 Guidance 17 Portfolio Overview 21-22 Summary of Current Lease Terms 23-26 Investment Activity 27 Definitions of N
Slide 5: 2022 Highlights
VICI Q4 2022 Supplemental Financial & Operating Data 5 2022 Highlights +103.2% $5.0Bn 8th Largest REIT +8.3% $4.5Bn S&P 500$22.8Bn +13.0% Closed $22.8 billion of real estate acquisitions and loans in 2022 adding 18 properties and 3 tenants to our portfolio $4.5 billion of announced real estate acqui
Slide 6: Portfolio & Financial Highlights
VICI Q4 2022 Supplemental Financial & Operating Data 6 Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Net Income (Loss) Per Common Share Basic $0.63 $0.34 ($0.06) $0.35 $0.45 Diluted $0.63 $0.34 ($0.06) $0.35 $0.44 Funds From Operations Per Common Share Basi
Slide 7: Consolidated Balance Sheets
VICI Q4 2022 Supplemental Financial & Operating Data 7 (amounts in thousands, except share and per share data) Consolidated Balance Sheets December 31, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,172,325$ 13,136,664$ Investments in leases - financi
Slide 8: Consolidated Balance Sheets – Quarterly
VICI Q4 2022 Supplemental Financial & Operating Data 8 Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 17,172,325$ 1
Slide 9: Consolidated Statements of Operations
VICI Q4 2022 Supplemental Financial & Operating Data 9 Impact to net income related to non-cash change in allowance for credit losses - CECL 30,965$ (4,899)$ (834,494)$ 19,554$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.03$ (0.01)$ (0.95)$ 0.03$ Diluted
Slide 10: Consolidated Statements of Operations – Quarterly
VICI Q4 2022 Supplemental Financial & Operating Data 10 Impact to net income (loss) related to non-cash change in allowance for credit losses - CECL 30,965$ (232,763)$ (551,876)$ (80,820)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.03$ (0.24)$ (0.62)$ (
Slide 11: Non-GAAP Financial Measures
VICI Q4 2022 Supplemental Financial & Operating Data 11 Non-GAAP Financial Measures (amounts in thousands, except share and per share data) 1. See definitions of Non-GAAP Financial Measures on page 31 of this presentation. Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 N
Slide 12: Non-GAAP Financial Measures – Quarterly
VICI Q4 2022 Supplemental Financial & Operating Data 12 Non-GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) 1. See definitions of Non-GAAP Financial Measures on page 31 of this presentation. 2. For the three months ended June 30, 2022, the diluted weighted
Slide 13: Revenue Detail
VICI Q4 2022 Supplemental Financial & Operating Data 13 Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 129,544$ 122,127$ 497,731$ 405,879$ Caesar
Slide 14: Revenue Detail – Quarterly
VICI Q4 2022 Supplemental Financial & Operating Data 14 Three Months Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 129,544$ 122,729$ 122,729$ 122,72
Slide 15: MGM Grand/Mandalay Bay Joint Venture Detail
VICI Q4 2022 Supplemental Financial & Operating Data 15 MGM Grand/Mandalay Bay Joint Venture Detail Note: Operating data represents VICI’s 50.1% share of MGM Grand/Mandalay Bay JV revenues and expenses. As the MGP acquisition (including the acquisition of VICI’s share in the MGM Grand/Mandalay Bay J
Slide 16: Annualized Contractual Rent and Income from Loans
VICI Q4 2022 Supplemental Financial & Operating Data 16 Annualized Contractual Rent and Income from Loans ($ in millions, as of February 1, 2023) 1. In connection with CNE's acquisition of the operations of Gold Strike Casino Resort on February 15, 2023, and Hard Rock's acquisition of the operations
Slide 17: 2023 Guidance
VICI Q4 2022 Supplemental Financial & Operating Data 17 2023 Guidance The Company is providing preliminary AFFO guidance for the full year 2023. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the m
Slide 18: Debt Detail
VICI Q4 2022 Supplemental Financial & Operating Data 18 As of December 31, 2022 Maturity Coupon Effective Face % of Carrying Debt Date Rate Rate Value Total Debt Value1 Senior Unsecured Debt2 $2.5Bn Revolving Credit Facility3 3/31/20275 SOFR+1.05%6 SOFR+1.05%6 - - - $1.0Bn Delayed Draw Term Loan4 3/
Slide 19: Capitalization & Key Credit Metrics
VICI Q4 2022 Supplemental Financial & Operating Data 19 1. Following the closing of the MGP acquisition, MGM holds 100% of the outstanding OP Units, which may be redeemed for cash or, at VICI's election, shares of common stock. 2. Subsequent to year end, on February 8, 2023, the delayed draw term lo
Slide 20: Portfolio Diversification
VICI Q4 2022 Supplemental Financial & Operating Data 20 Portfolio Diversification1 1. Based on annualized contractual rent as of February 1, 2023. 2. MGM Master Lease rent is allocated based on internal rent allocations by property location. 3. Adjusted for VICI’s pending acquisition of the leasehol
Slide 21: Portfolio Overview
VICI Q4 2022 Supplemental Financial & Operating Data 21 Portfolio Overview 1. Owned by Harrah's Joliet Landco LLC, a joint venture of which a subsidiary of VICI is the 80% owner and managing member. Major MSAs Total Casino Meeting Slot Table Hotel Served Property Location Sq. Ft. (000s) Sq. Ft. Sq.
Slide 22: Portfolio Overview (Continued)
VICI Q4 2022 Supplemental Financial & Operating Data 22 Portfolio Overview (Continued) 1. CDN Golf Management Inc., an affiliate of Cabot, manages and operates VICI’s golf courses. Major MSAs Total Casino Meeting Slot Table Hotel Served Property Location Sq. Ft. (000s) Sq. Ft. Sq. Ft. Machines Games
Slide 23: Summary of Current Lease Terms
VICI Q4 2022 Supplemental Financial & Operating Data 23 Summary of Current Lease Terms MGM Master Lease Caesars Regional Master Lease and Joliet Lease1 Caesars Las Vegas Master Lease1 MGM Grand/Mandalay Bay Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM
Slide 24: Summary of Current Lease Terms (Continued)
VICI Q4 2022 Supplemental Financial & Operating Data 24 Summary of Current Lease Terms (Continued) The Venetian Resort Las Vegas Lease Mirage Lease JACK Entertainment Master Lease Greektown Lease Tenant Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Hard Rock Entertainmen
Slide 25: Summary of Current Lease Terms (Continued)
VICI Q4 2022 Supplemental Financial & Operating Data 25 Summary of Current Lease Terms (Continued) Hard Rock Cincinnati Lease Gold Strike Lease1 Caesars Southern Indiana Lease Century Master Lease2 Tenant Hard Rock Entertainment Cherokee Nation Entertainment Eastern Band of Cherokee Indians Century
Slide 26: Summary of Current Lease Terms (Continued)
VICI Q4 2022 Supplemental Financial & Operating Data 26 Summary of Current Lease Terms (Continued) Margaritaville Lease Foundation Gaming Master Lease PURE Canadian Master Lease1 Tenant PENN Entertainment Foundation Gaming PURE Canadian Gaming Annual Cash Rent as of February 1, 2023 $26.5 million $2
Slide 27: Investment Activity
VICI Q4 2022 Supplemental Financial & Operating Data 27 Investment Activity 1. On August 24, 2022, VICI entered into definitive agreements to acquire from Golden Entertainment Inc. the interest in the land and buildings associated with Rocky Gap for approximately $203.9 million in cash. Century has
Slide 28: Capital Markets Activity
VICI Q4 2022 Supplemental Financial & Operating Data 28 Capital Markets Activity Equity Capital Markets Forward Equity Offering Shares Settled1 Net Proceeds ReceivedGross Proceeds January 12, 20232 30,302,500 - -$1.0 billion Q4 2022 ATM Activity 6,317,805 6,317,805 $208.4 million$212.4 million Novem
Slide 29: Gaming Embedded Growth Pipeline
VICI Q4 2022 Supplemental Financial & Operating Data 29 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
Slide 30: Non-Gaming Embedded Growth Pipeline
VICI Q4 2022 Supplemental Financial & Operating Data 30 Non-Gaming Embedded Growth Pipeline The descriptions of the Put/Call Agreements and Purchase Right Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in t
Slide 31: Definitions of Non-GAAP Financial Measures
VICI Q4 2022 Supplemental Financial & Operating Data 31 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 Associa