Slide 1: Supplemental Financial & Operating Data First Quarter Ended March 31, 2023
Supplemental Financial & Operating Data First Quarter Ended March 31, 2023 Exhibit 99.2
Slide 2: Forward Looking Statements
2Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 “Company”) current plans
Slide 3: Table of Contents
3Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statements of Operations…………………………………………………… 8-9 No
Slide 4: Corporate Overview
4Q1 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
5Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Net Income (Loss) Per Common Share Basic $0.52 $0.63 $0.34 ($0.06) $0.35 Diluted $0.52 $0.63 $0.34 ($0.06) $0.35 Funds From Operations Per Common Share Basic $0.5
Slide 6: Consolidated Balance Sheets
6Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA March 31, 2023 December 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 22,579,820$ 17,172,325$ Investments in leases - financing receivables, net 17,051,187 16,740,770 Investments in loans and securities, net 886,524 68
Slide 7: Consolidated Balance Sheets – Quarterly
7Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS – QUARTERLY (amounts in thousands, except share and per share data) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 22,579,820$ 17,172,
Slide 8: Consolidated Statements of Operations
8Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2023 2022 Revenues Income from sales-type leases 478,394$ 326,735$ Income from lease financing receivables, loans and securities 371,069 72,878 Other income 18,339 8,386 Golf revenues 9,845 8,626 Total revenues 877,647 416
Slide 9: Consolidated Statements of Operations – Quarterly
9Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Revenues Income from sales-type leases 478,394$ 386,293$ 376,048$ 375,169$ Income from lease financing receivables, loans and securities 371,069 355,685 350,945 261,7
Slide 10: Non-GAAP Financial Measures
10Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA NON-GAAP FINANCIAL MEASURES (1) See definitions of Non-GAAP Financial Measures on page 30 of this presentation. (2) Represents non-cash foreign currency remeasurement adjustments. (amounts in thousands, except share and per share data) Three Months E
Slide 11: Non-GAAP Financial Measures – Quarterly
11Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA NON-GAAP FINANCIAL MEASURES – QUARTERLY (1) See definitions of Non-GAAP Financial Measures on page 30 of this presentation. (2) Represents non-cash foreign currency remeasurement adjustments. (3) For the three months ended June 30, 2022, the diluted
Slide 12: Revenue Detail
12Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2023 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 132,952$ 122,729$ Caesars Las Vegas Master Lease 113,619 105,556 MGM Grand/Mand
Slide 13: Revenue Detail – Quarterly
13Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 132,952$ 129,544$ 122,729$ 122,72
Slide 14: Annualized Contractual Rent and Income from Loans
14Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) Annual rent payment under the MGM Master Lease was reduced by $130.0 million to account for MGM's divestiture of the operations of Gold Strike Casino Resort and the Mirage. (2) Assumes an exchange
Slide 15: 2023 Guidance
15Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2023 GUIDANCE (amounts in millions, except per share data) The Company is reaffirming 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
Slide 16: Capitalization & Key Credit Metrics
16Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS (1) Following the closing of the MGP acquisition, MGM holds 100% of the outstanding third-party held OP Units, which may be redeemed for cash or, at VICI's election, shares of common stock. (2) See "Non‐GAAP Financ
Slide 17: Debt Detail
17Q1 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: Portfolio Diversification
18Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA PORTFOLIO DIVERSIFICATION(1) (1) Based on annualized contractual rent as of May 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 leasehold interes
Slide 19: Portfolio Overview
19Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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. Ft. M
Slide 20: Portfolio Overview (Continued)
20Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 Room
Slide 21: Summary of Current Lease Terms
21Q1 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 22: Summary of Current Lease Terms (Continued)
22Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 Entertainment JACK
Slide 23: Summary of Current Lease Terms (Continued)
23Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) The Century Master Lease will be amended to include $15.5 million of incremental rent, remove the variable rent provisions and eliminate the coverage floor concept upon closing the pending acquisition of
Slide 24: Summary of Current Lease Terms (Continued)
24Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Margaritaville Lease Foundation Gaming Master Lease PURE Canadian Master Lease Tenant PENN Entertainment Foundation Gaming PURE Canadian Gaming Annual Cash Rent as of May 2023 $26.5 million $24.3 million C$2
Slide 25: Investment Activity
25Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 Casinos h
Slide 26: Capital Markets Activity
26Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITAL MARKETS ACTIVITY (1) Subsequent to quarter-end, on April 4, 2023, VICI physically settled 3,200,000 shares under the January 2023 forward sale agreements at a forward share price of $37.71 per share, in exchange for total net proceeds of appr
Slide 27: Gaming Embedded Growth Pipeline
27Q1 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 28: Non-Gaming Embedded Growth Pipeline
28Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA NON-GAMING EMBEDDED GROWTH PIPELINE (1) Canyon Ranch does not have a contractual obligation to sell the properties subject to the purchase right agreements and will make an independent financial decision regarding whether to trigger the purchase righ
Slide 29: Analyst Coverage
29Q1 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE Firm Analyst Phone Email 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 DeCree (702) 691-3213 John.decree@cbre.com Citi
Slide 30: Definitions of Non-GAAP Financial Measures
30Q1 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