Slide 1: Supplemental Financial & Operating Data Q4 2021
VICI Q4 2021 Supplemental Financial & Operating Data SUP P L EMENTAL F I NANCI AL & OP ERAT I NG 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 1 Exhibit 99.2
Slide 2: Disclaimers
VICI Q4 2021 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 2021 Supplemental Financial & Operating Data Corporate Overview About VICI Properties (NYSE: VICI) Senior Management Edward Pitoniak John Payne David Kieske Samantha Gallagher Gabriel Wasserman Chief Executive Officer & Director President & Chief Operating Officer EVP, Chief Financial Office
Slide 4: Table of Contents
VICI Q4 2021 Supplemental Financial & Operating Data Table of Contents Portfolio & Financial Overview 6 Consolidated Balance Sheets 7-8 Consolidated Statements of Operations 9-10 Annualized Contractual Rent and Income from Mortgage Loans 15 Portfolio Diversification 18 Property Overview 19-20 Summar
Slide 5: 2021 Highlights
VICI Q4 2021 Supplemental Financial & Operating Data 2021 Highlights $21.3 billion Announced $21.3 billion of transactions including the $17.2 billion MGM Growth Properties acquisition, $4.0 billion Venetian acquisition, and $79.5 million Great Wolf Mezzanine Loan 9.1% Announced annualized dividend
Slide 6: Portfolio & Financial Overview
VICI Q4 2021 Supplemental Financial & Operating Data Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Net Income Per Share Basic $0.45 $0.29 $0.56 $0.50 $0.54 Diluted $0.44 $0.28 $0.54 $0.50 $0.53 Funds From Operations Per Share Basic $0.45 $0.29 $0.56 $0.50 $
Slide 7: Consolidated Balance Sheets
VICI Q4 2021 Supplemental Financial & Operating Data December 31, 2021 December 31, 2020 Assets Real estate portfolio: Investments in leases - sales-type, net 13,136,664$ 13,027,644$ Investments in leases - financing receivables, net 2,644,824 2,618,562 Investments in loans, net 498,002 536,721 Land
Slide 8: Consolidated Balance Sheets (Quarterly)
VICI Q4 2021 Supplemental Financial & Operating Data December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 13,136,664$ 13,124,209$ 13,098,853$ 13,054,135$ Investments in leases - financing receivables, net 2,644,824 2,
Slide 9: Consolidated Statements of Operations
VICI Q4 2021 Supplemental Financial & Operating Data Impact to net income related to non-cash change in allowance for credit losses - CECL (4,899)$ 16,563$ 19,554$ (244,517)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.01)$ 0.03$ 0.03$ (0.48)$ Diluted (
Slide 10: Consolidated Statements of Operations (Quarterly)
VICI Q4 2021 Supplemental Financial & Operating Data Impact to net income related to non-cash change in allowance for credit losses - CECL (4,899)$ (9,031)$ 29,104$ 4,380$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.01)$ (0.02)$ 0.05$ 0.01$ Diluted (0.0
Slide 11: Non-GAAP Financial Measures: FFO and AFFO
VICI Q4 2021 Supplemental Financial & Operating Data 2021 2020 2021 2020 Net income attributable to common stockholders 281,479$ 288,010$ 1,013,851$ 891,674$ Real estate depreciation — — — — Funds From Operations (FFO)1 281,479 288,010 1,013,851 891,674 Non-cash leasing and financing adjustments (31
Slide 12: Non-GAAP Financial Measures: FFO and AFFO (Quarterly)
VICI Q4 2021 Supplemental Financial & Operating Data Three Months Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Net income attributable to common stockholders 281,479$ 161,862$ 300,709$ 269,801$ Real estate depreciation — — — Funds From Operations (FFO)1 281,479 161,862 300
Slide 13: Revenue Detail
VICI Q4 2021 Supplemental Financial & Operating Data 2021 2020 2021 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 103,923$ 100,052$ 405,879$ 316,857$ Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 122,127
Slide 14: Revenue Detail (Quarterly)
VICI Q4 2021 Supplemental Financial & Operating Data Three Months Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 103,923$ 100,652$ 100,652$ 100,652$ Caesars Regional Master Lease (
Slide 15: Annualized Contractual Rent and Income from Mortgage Loans
VICI Q4 2021 Supplemental Financial & Operating Data Assets Per Lease Locations Annualized Rent Annualized Contractual Rent Caesars Las Vegas Master Lease 2 Las Vegas $422.2 Caesars Regional Master Lease (including Harrah's NOLA, AC, and Laughlin) & Joliet Lease 16 Regional 649.6 Margaritaville Leas
Slide 16: 2022 Guidance
VICI Q4 2021 Supplemental Financial & Operating Data 2022 Guidance For the Year Ending December 31, 2022: Low High Estimated Adjusted Funds From Operations (AFFO) $1,317.0 $1,347.0 Estimated Adjusted Funds From Operations (AFFO) per diluted share $1.80 $1.84 Estimated Weighted Average Share Count at
Slide 17: Capitalization
VICI Q4 2021 Supplemental Financial & Operating Data Debt Maturity Date Interest Rate Interest Frequency Credit Rating Moody’s/S&P/Fitch Balance as of December 31, 2021 % of Total Prepayment Option Senior Unsecured Notes 2/15/2025 3.500% Semi-Annually Ba3 / BB / BB 750,000 16% NC 2 Senior Unsecured
Slide 18: Portfolio Diversification
VICI Q4 2021 Supplemental Financial & Operating Data Portfolio Diversification1 1. Based on annualized contractual rent. 2. On February 23, 2022, the Company completed the previously announced acquisition of the Venetian Resort. 3. Pro forma for the pending acquisition of MGM Growth Properties LLC a
Slide 19: Property Overview
VICI Q4 2021 Supplemental Financial & Operating Data Property Overview Major MSAs Served Property Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Chicago Horseshoe Hammond Hammond, IN 1,716 117 -- 1,260 110 -- Harrah's Joliet1 Joliet,
Slide 20: Property Overview (Continued)
VICI Q4 2021 Supplemental Financial & Operating Data Property Overview (Continued) Major MSAs Served Property Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Philadelphia Caesars Atlantic City Atlantic City, NJ 3,816 113 29 2,130 150 1
Slide 21: Summary of Current Lease Terms
VICI Q4 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms 1. Regional Master Lease consists of 16 Caesars properties leased from VICI and the Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah’s Las Vegas. 2. Cash rent amounts are presented prior to acco
Slide 22: Summary of Current Lease Terms (Continued)
VICI Q4 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) 1. As amended on October 4, 2021. Commencing April 1, 2022, rent will increase by $1.8 million in connection with the funding of a new gaming patio amenity at JACK Thistledown Racino. 2. On February 23, 2
Slide 23: Recently Announced Transaction Activity
VICI Q4 2021 Supplemental Financial & Operating Data Recently Announced Transaction Activity 1. Subject to regulatory approvals and customary closing conditions. 2. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage to Hard Rock, VICI has agreed to enter in
Slide 24: Investment & Capital Markets Activities
VICI Q4 2021 Supplemental Financial & Operating Data Investment & Capital Markets Activities ($ in millions, unless otherwise noted) Financing Activities Entered into New Unsecured Credit Facility • On February 8, 2022, entered into a new $2.5 billion unsecured revolving credit facility and $1.0 bil
Slide 25: Embedded Growth Pipeline
VICI Q4 2021 Supplemental Financial & Operating Data Embedded Growth Pipeline Location / Jurisdiction Las Vegas Strip Anderson, IN Shelbyville, IN LV Strip Baltimore, MD New York, NY Danville, VA Casino Space Sq.Ft. 68,400 72,300 95,300 64,500 32,900 55,300 105,100 -- 122,000 -- -- # of Tables 70 11
Slide 26: Definitions of Non-GAAP Financial Measures
VICI Q4 2021 Supplemental Financial & Operating Data 26 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