Slide 1: Supplemental Financial & Operating Data First Quarter Ended March 31, 2024
Supplemental Financial & Operating Data First Quarter Ended March 31, 2024 Exhibit 99.2
Slide 2: Forward-Looking Statements
2Q1 2024 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
3Q1 2024 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
4Q1 2024 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 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Mar. 31, 2024 Dec. 31, 2023 Sept. 30, 2023 Jun. 30, 2023 Net Income Per Common Share Basic $0.57 $0.72 $0.55 $0.69 Diluted $0.57 $0.72 $0.55 $0.69 Funds From Operations Per Common Share Basic $0.57 $0.72 $0.55 $0.69 Diluted $0.57 $0
Slide 6: Consolidated Balance Sheets
6Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA March 31, 2024 December 31, 2023 Assets Real estate portfolio: Investments in leases - sales-type, net 22,985,837$ 23,015,931$ Investments in leases - financing receivables, net 18,266,712 18,211,102 Investments in loans and securities, net 1,224,987
Slide 7: Consolidated Balance Sheets (Quarterly)
7Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Assets Real estate portfolio: Investments in leases - sales-type, net 22,985,837$ 23,015,931$ 22,889,984$ 22,655,164$ Investments in leases - financing receivables, net 18,266,712 18,21
Slide 8: Consolidated Statements of Operations
8Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2024 2023 Revenues Income from sales-type leases 512,772$ 478,394$ Income from lease financing receivables, loans and securities 409,301 371,069 Other income 19,312 18,339 Golf revenues 10,096 9,845 Total revenues 951,481
Slide 9: Consolidated Statements of Operations (Quarterly)
9Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenues Income from sales-type leases 512,772$ 506,217$ 500,212$ 495,355$ Income from lease financing receivables, loans and securities 409,301 396,813 378,502 373,1
Slide 10: Non-GAAP Financial Measures
10Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2024 2023 Net income attributable to common stockholders 590,016$ 518,740$ Real estate depreciation — — Joint venture depreciation and non-controlling interest adjustments — 1,426 Funds From Operations (FFO) attributable
Slide 11: Non-GAAP Financial Measures (Quarterly)
11Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net income attributable to common stockholders 590,016$ 747,769$ 556,329$ 690,702$ Real estate depreciation — — — — Joint venture depreciation and non-controlling in
Slide 12: Revenue Detail
12Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2024 2023 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 137,624$ 132,952$ Caesars Las Vegas Master Lease 117,305 113,619 MGM Grand/Manda
Slide 13: Revenue Detail (Quarterly)
13Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 137,624$ 136,067$ 132,952$ 132,952
Slide 14: Annualized Contractual Rent and Income from Loans
14Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA Total Commitments Principal Balance as of March 31, 2024 Blended Interest Rate Annualized Income Annualized Contractual Income from Loans and Securities Senior Secured Notes $85.0 $85.0 11.0% $9.4 Senior Secured Loans 984.6 441.4 7.4% 32.7 Mezzanine
Slide 15: 2024 Guidance
15Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2024 GUIDANCE ($ amounts in millions, except per share data) The Company is reaffirming AFFO guidance for the full year 2024. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributabl
Slide 16: Capitalization & Key Credit Metrics
16Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF MAR. 31, 2024 (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
17Q1 2024 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
18Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of May 2024. Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (52% Regional, 47% Las Vegas, 1% International)(1) Other Experienti
Slide 19: Summary of Current Lease Terms
19Q1 2024 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)
20Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas Lease(1) 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
Slide 21: Summary of Current Lease Terms (Continued)
21Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) 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 closed in 2020 due to COVID-
Slide 22: Summary of Current Lease Terms (Continued)
22Q1 2024 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
23Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA INVESTMENT ACTIVITY (1) VICI has agreed to provide an up to $700 million capital investment to The Venetian Resort Las Vegas for extensive reinvestment projects, comprised of $400 million to be drawn in 2024 and an incremental $300 million that The V
Slide 24: Capital Markets Activity
24Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITAL MARKETS ACTIVITY (1) Redemption amount listed includes $25.8mm of the unexchanged MGP OP notes which remained outstanding following the closing of the MGP acquisition; these amounts were redeemed on March 25, 2024. (2) Represents the contract
Slide 25: Gaming Embedded Growth Pipeline
25Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and Right of First Refusal 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
Slide 26: Other Experiential Embedded Growth Pipeline
26Q1 2024 SUPPLEMENTAL FINANCIAL & OPERATING DATA OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Agreements, Right of First Refusal Agreements, and Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additiona
Slide 27: Analyst Coverage
27Q1 2024 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
28Q1 2024 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