Slide 1: Supplemental Financial & Operating Data, Second Quarter Ended June 30, 2022
VICI Q2 2022 Supplemental Financial & Operating Data 1 SUP P L EMENTAL F I NANCI AL & OP ERAT I NG DATA S E C O N D Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 2 Exhibit 99.2
Slide 2: Disclaimers
VICI Q2 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 Q2 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 Chief Executive Officer & Director President & Chief Operating Officer EVP, Chief
Slide 4: Table of Contents
VICI Q2 2022 Supplemental Financial & Operating Data 4 Table of Contents Consolidated Balance Sheets 8-9 Consolidated Statements of Operations 10-11 Non‐GAAP Financial Measures 12-13 2022 Guidance 17 Portfolio Overview 20-21 Summary of Current Lease Terms 22-24 Recently Announced Transaction Activit
Slide 5: MGM Growth Properties acquisition: Las Vegas resorts
VICI Q2 2022 Supplemental Financial & Operating Data 5 Park MGM New York-New York The Mirage Luxor MGM Grand Excalibur Mandalay Bay On April 29, 2022, VICI closed on its $17 billion transformative acquisition of MGM Growth Properties, enhancing VICI’s portfolio quality with 7 premier Las Vegas resor
Slide 6: Market-leading regional portfolio of 8 assets
VICI Q2 2022 Supplemental Financial & Operating Data 6 Borgata MGM Grand DetroitBeau RivageMGM Springfield Empire City MGM Northfield Park Gold StrikeMGM National Harbor …and a market-leading regional portfolio of 8 assets for over $1 billion of incremental annual rent
Slide 7: Portfolio & Financial Highlights
VICI Q2 2022 Supplemental Financial & Operating Data 7 Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Net (Loss) Income Per Common Share Basic ($0.06) $0.35 $0.45 $0.29 $0.56 Diluted ($0.06) $0.35 $0.44 $0.28 $0.54 Funds From Operations Per Common Share Basi
Slide 8: Consolidated Balance Sheets
VICI Q2 2022 Supplemental Financial & Operating Data 8 (amounts in thousands, except share and per share data) Consolidated Balance Sheets June 30, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,075,857$ 13,136,664$ Investments in leases - financing r
Slide 9: Consolidated Balance Sheets – Quarterly
VICI Q2 2022 Supplemental Financial & Operating Data 9 Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,075,857$ 1
Slide 10: Consolidated Statements of Operations
VICI Q2 2022 Supplemental Financial & Operating Data 10 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues Income from sales-type leases 375,169$ 291,132$ 701,904$ 581,278$ Income from lease financing receivables and loans 261,721 69,996 334,599 140,373 Other income 1
Slide 11: Consolidated Statements of Operations – Quarterly
VICI Q2 2022 Supplemental Financial & Operating Data 11 Three Months Ended June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Revenues Income from sales-type leases 375,169$ 326,735$ 294,635$ 292,059$ Income from lease financing receivables and loans 261,721 72,878 72,664 70,205 Other
Slide 12: Non-GAAP Financial Measures
VICI Q2 2022 Supplemental Financial & Operating Data 12 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) income attributable to common stockholders (57,706)$ 300,709$ 182,677$ 570,510$ Real estate depreciation — — — — Joint venture depreciation and non-controlling
Slide 13: Non-GAAP Financial Measures – Quarterly
VICI Q2 2022 Supplemental Financial & Operating Data 13 Three Months Ended June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Net (loss) income attributable to common stockholders (57,706)$ 240,383$ 281,479$ 161,862$ Real estate depreciation — — — — Joint venture depreciation and non-
Slide 14: Revenue Detail
VICI Q2 2022 Supplemental Financial & Operating Data 14 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 122,729$ 129,040$ 245,458$ 258,080$ Caesars
Slide 15: Revenue Detail – Quarterly
VICI Q2 2022 Supplemental Financial & Operating Data 15 Three Months Ended June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 122,729$ 122,729$ 122,127$ 126,60
Slide 16: Annualized Contractual Rent and Income from Loans
VICI Q2 2022 Supplemental Financial & Operating Data 16 Annualized Contractual Rent and Income from Loans ($ in millions, as of July 2022) 1. MGM Grand and Mandalay Bay are owned by a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”), in which VICI owns a 50.1% interest followin
Slide 17: 2022 Guidance
VICI Q2 2022 Supplemental Financial & Operating Data 17 2022 Guidance The Company is reaffirming AFFO guidance for the full year 2022. Guidance does not include the impact on operating results from any possible future acquisitions or dispositions, capital markets activity, or other non-recurring tra
Slide 18: Capitalization
VICI Q2 2022 Supplemental Financial & Operating Data 18 Maturity Interest Interest Balance as of Debt Date Rate Frequency June 30, 2022 Senior Unsecured Debt1 $2.5Bn Revolving Credit Facility 3/31/20272 SOFR+1.05%3 Monthly - $1.0Bn Delayed Draw Term Loan 3/31/20272 SOFR+1.20%3 Monthly - 5.625% Notes
Slide 19: Portfolio Diversification
VICI Q2 2022 Supplemental Financial & Operating Data 19 Portfolio Diversification1 1. Based on annualized contractual rent. 2. MGM Master Lease rent is allocated based on internal rent allocations by property. 3. Pro forma for MGM’s pending sale of the operations of the Mirage to Hard Rock and the o
Slide 20: Portfolio Overview
VICI Q2 2022 Supplemental Financial & Operating Data 20 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. 2. MGM Grand and Mandalay Bay are owned by a joint venture with BREIT, in which VICI owns a 50.1% int
Slide 21: Portfolio Overview (continued)
VICI Q2 2022 Supplemental Financial & Operating Data 21 Major MSAs Total Casino Meeting Slot Table Hotel Served Property Location Sq. Ft. Sq. Ft. Sq. Ft. Machines Games Rooms Nashville Harrah's Metropolis Metropolis, IL 474 24 -- 650 20 210 Beau Rivage Biloxi, MS 3,633 85 50 1,516 75 1,740 Harrah's
Slide 22: Summary of Current Lease Terms
VICI Q2 2022 Supplemental Financial & Operating Data 22 Summary of Current Lease Terms MGM Master Lease Caesars Regional Master Lease and Joliet Lease1 Caesars Las Vegas Master Lease1 Venetian Resort Las Vegas Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment Affilia
Slide 23: Summary of Current Lease Terms (Continued)
VICI Q2 2022 Supplemental Financial & Operating Data 23 Summary of Current Lease Terms (Continued) MGM Grand & Mandalay Bay BREIT JV Master Lease JACK Cleveland / Thistledown Master Lease Greektown Lease Hard Rock Cincinnati Lease Tenant MGM Resorts International JACK Entertainment Penn National Gam
Slide 24: Summary of Current Lease Terms (Continued)
VICI Q2 2022 Supplemental Financial & Operating Data 24 Summary of Current Lease Terms (Continued) Caesars Southern Indiana Lease Century Master Lease Margaritaville Bossier City Lease Tenant Eastern Band of Cherokee Indians Century Casinos Penn National Gaming Annual Cash Rent as of July 2022 $32.5
Slide 25: Recently Announced Transaction Activity
VICI Q2 2022 Supplemental Financial & Operating Data 25 Recently Announced Transaction Activity 1. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage to Hard Rock, VICI agreed to enter into a separate lease with Hard Rock related to the land and real estate
Slide 26: Investment & Capital Markets Activities
VICI Q2 2022 Supplemental Financial & Operating Data 26 Investment & Capital Markets Activities Financing Activities Inaugural Investment Grade Unsecured Notes Offering of $5.0 billion • On April 29, 2022, issued $500 million 3-Year Notes at 4.375%, $1.25 billion 5-Year Notes at 4.750%, $1.0 billion
Slide 27: Embedded Growth Pipeline
VICI Q2 2022 Supplemental Financial & Operating Data 27 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 7
Slide 28: Definitions of Non-GAAP Financial Measures
VICI Q2 2022 Supplemental Financial & Operating Data 28 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