Vici Properties Inc. · NYSE:VICI

Vici Properties — Merger or Acquisition (December 2017)

10 slides from Vici Properties's merger presentation, December 2017

  1. Slide 1: Harrah's Las Vegas Transaction Overview

    HARRAH’S LAS VEGAS TRANSACTION OVERVIEW

  2. Slide 2: Disclaimers

    DISCLAIMERS Forward-Looking Statements Certain statements in this presentation and discussed at investor meetings which this presentation accompanies that are not historical facts are “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-lo

  3. Slide 3: Transaction Overview

    TRANSACTION OVERVIEW Harrah’s Las Vegas Acquisition Undeveloped Land Disposition Purchase Price $1.136 billion Sale Price $73.6 million 09/30/17 LTM 1 $132 million Acreage 18.36 acres EBITDAR Year 1 Rent = NOI $87.4 million Valuation $4.0 million/acre Implied Cap Rate 7.7% 1) On Convention facility

  4. Slide 4: Strategic Rationale and Transaction Benefits

    STRATEGIC RATIONALE AND TRANSACTION BENEFITS Objectives  Increase presence in center strip Las Vegas: irreplaceable asset, world class location, limited Portfolio Mix and new supply in market, attractive acquisition to acquire a Strip property below replacement Quality cost at 7.7% cap rate on in-p

  5. Slide 5: Harrah's Las Vegas – An Iconic Las Vegas Strip Asset

    HARRAH’S LAS VEGAS – AN ICONIC LAS VEGAS STRIP ASSET Property Overview Harrah’s Las Vegas Historical Performance1 ($ in millions) 35% 36% Attractive Amenities 32%  2,530 rooms / suites 23% $351 $364  1,210 slots, 90 tables, 90,600 square feet $318 $339 casino space  Mardi Gras and carnival theme

  6. Slide 6: Land Sale

    LAND SALE D E M O N S T R AT E D A B I L I T Y T O C A P I TA L I Z E O N S T R AT E G I C O P P O R T U N I T I E S VICI-owned 27 acres of land that is part of the Non- Caesars’ expected East CPLV lease strategically located adjacent to the LINQ Side Convention Caesars-owned land and behind Planet

  7. Slide 7: Put / Call Features Related to the Convention Center

    PUT / CALL FEATURES RELATED TO THE CONVENTION CENTER • East Side Convention Center (“ECC”) • An estimated $375 million 550,000 square foot facility containing 300,000 square feet of meeting space. • Enclosed connector to Harrah’s Las Vegas. • Caesars expects to break ground during the second quarter

  8. Slide 8: Cap Rate Comparison: 2017's Five U.S. Single-Asset Trades with NOI >$70MM

    CAP RATE COMPARISON: 2017’S FIVE U.S. SINGLE-ASSET TRADES WITH NOI >$70MM Acquirer Seller 245 Park 50 Northern Harrah’s National 1515 Broadway Worldwide Plaza Asset Las Vegas, NV Harbor, MD Avenue New New York, NY New York, NY Avenue Boston, York, NY MA Net Operating $87.4MM $95MM $115MM $78MM $83MM

  9. Slide 9: Cap Rate Comparison: 2016's U.S. Single-Asset Trades with NOI >$70MM

    CAP RATE COMPARISON: 2016’S U.S. SINGLE-ASSET TRADES WITH NOI >$70MM Acquirer Seller Fashion Show 10 Hudson 1095 Sixth Ave 1211 Sixth Ave 787 Seventh Ave 1285 Sixth Ave Asset Mall Yards New New York, NY New York, NY New York, NY New York, NY Las Vegas, NV York, NY Net Operating $98MM $80MM $96MM $76

  10. Slide 10: Harrah's Las Vegas Lease Agreement Structure

    Corporate Rent Coverage Ratio HARRAH’S LAS VEGAS LEASE AGREEMENT STRUCTURE expected to be [13.X]x2 Harrah’s Las Vegas Initial Base Rent $87.4 million - Annual escalator of 1% until 2022 TRIPLE NET - Thereafter, 2% or change in CPI beginning in year 6 STRUCTURE Lease Years 1-5: Initial Base Rent, sub

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