Slide 1: Supplemental Financial & Operating Data, First Quarter Ended March 31, 2022
VICI Q1 2022 Supplemental Financial & Operating Data SUP P L EMENTAL F I NANCI AL & OP ERAT I NG DATA F I R S T Q U A R T E R E N D E D M A R C H 3 1 , 2 0 2 2 Exhibit 99.2
Slide 2: Disclaimers: Forward Looking Statements
VICI Q1 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 Q1 2022 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 Q1 2022 Supplemental Financial & Operating Data 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 Recent Activity 25-26 Definitions of Non
Slide 5: Closed $17.2bn acquisition of MGM Growth Properties: Las Vegas resorts
VICI Q1 2022 Supplemental Financial & Operating Data Park MGM New York-New York The Mirage Luxor MGM Grand Excalibur Mandalay Bay On April 29, 2022, VICI closed on its $17.2bn transformative acquisition of MGM Growth Properties, enhancing VICI’s portfolio quality with 7 premier Las Vegas resorts… 5
Slide 6: Market-leading regional portfolio of 8 assets
VICI Q1 2022 Supplemental Financial & Operating Data 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 ~$1.0 billion of incremental annual rent 6
Slide 7: Portfolio & Financial Highlights
VICI Q1 2022 Supplemental Financial & Operating Data Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Net Income Per Share Basic $0.35 $0.45 $0.29 $0.56 $0.50 Diluted $0.35 $0.44 $0.28 $0.54 $0.50 Funds From Operations Per Share Basic $0.35 $0.45 $0.29 $0.56 $
Slide 8: Consolidated Balance Sheets
VICI Q1 2022 Supplemental Financial & Operating Data March 31, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,113,699$ 13,136,664$ Investments in leases - financing receivables, net 2,650,633 2,644,824 Investments in loans, net 513,128 498,002 Land 15
Slide 9: Consolidated Balance Sheets - Quarterly
VICI Q1 2022 Supplemental Financial & Operating Data March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,113,699$ 13,136,664$ 13,124,209$ 13,098,853$ Investments in leases - financing receivables, net 2,650,633 2,
Slide 10: Consolidated Statements of Operations
VICI Q1 2022 Supplemental Financial & Operating Data Three Months Ended March 31, 2022 2021 Revenues Income from sales-type leases 326,735$ 290,146$ Income from lease financing receivables and loans 72,878 70,377 Other income 8,386 6,974 Golf revenues 8,626 6,813 Total revenues 416,625 374,310 Opera
Slide 11: Consolidated Statements of Operations - Quarterly
VICI Q1 2022 Supplemental Financial & Operating Data Three Months Ended March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Revenues Income from sales-type leases 326,735$ 294,635$ 292,059$ 291,132$ Income from lease financing receivables and loans 72,878 72,664 70,205 69,996 Other inc
Slide 12: Non-GAAP Financial Measures
VICI Q1 2022 Supplemental Financial & Operating Data Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) 12 2022 2021 Net income attributable to common stockholders 240,383$ 269,801$ Real estate depreciation — — Funds From Operations (FFO)1 240,383 269,801 Non-cash le
Slide 13: Non-GAAP Financial Measures – Quarterly
VICI Q1 2022 Supplemental Financial & Operating Data Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) 13 Three Months Ended March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Net income attributable to common stockholders 240,383$ 281,479
Slide 14: Revenue Detail
VICI Q1 2022 Supplemental Financial & Operating Data 2022 2021 Contractual revenue from sales-type leases 122,729$ 129,040$ Caesars Las Vegas Master Lease 105,556 100,652 The Venetian Resort Las Vegas Lease 25,298 — Greektown Lease 12,830 13,889 Hard Rock Lease 11,010 10,848 Caesars Southern Indiana
Slide 15: Revenue Detail - Quarterly
VICI Q1 2022 Supplemental Financial & Operating Data Three Months Ended March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 122,729$ 122,127$ 126,603$ 129
Slide 16: Annualized Contractual Rent and Income from Loans
VICI Q1 2022 Supplemental Financial & Operating Data Assets Per Lease Locations Annualized Rent Annualized Contractual Rent MGM Master Lease 13 Las Vegas / Regional $860.0 Caesars Regional Master Lease & Joliet Lease 16 Regional 649.6 Caesars Las Vegas Master Lease 2 Las Vegas 422.2 The Venetian Res
Slide 17: 2022 Guidance
VICI Q1 2022 Supplemental Financial & Operating Data 2022 Guidance The Company is updating AFFO guidance for the full year 2022. The Company’s updated guidance incorporates the expected impact on operating results of the recently announced completion of the MGP Transactions, including the issuance o
Slide 18: Capitalization
VICI Q1 2022 Supplemental Financial & Operating Data Debt1 Maturity Date Interest Rate Interest Frequency Balance as of March 31, 2022 Balance as of May 3, 20222 Senior Unsecured Debt $2.5Bn Revolving Credit Facility 3/31/20273 SOFR+1.05%4 Monthly 600,000 - $1.0Bn Delayed Draw Term Loan 3/31/20273 S
Slide 19: Portfolio Diversification
VICI Q1 2022 Supplemental Financial & Operating Data Portfolio Diversification1 1. Based on annualized contractual rent. 2. On April 29, 2022, the Company completed the acquisition of MGP. Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on pro rata 2019A Adjuste
Slide 20: Portfolio Overview
VICI Q1 2022 Supplemental Financial & Operating Data Portfolio Overview 20 1. On April 29, 2022, the Company acquired this property in connection with the closing of the acquisition of MGP. 2. Owned by Harrah's Joliet Landco LLC, a joint venture of which a subsidiary of VICI is the 80% owner and man
Slide 21: Portfolio Overview (Continued)
VICI Q1 2022 Supplemental Financial & Operating Data Portfolio Overview (Continued) 21 1. On April 29, 2022, the Company acquired this property in connection with the closing of the acquisition of MGP. (Square footage shown in thousands) Major MSAs Total Casino Meeting Slot Table Hotel Served Proper
Slide 22: Summary of Current Lease Terms
VICI Q1 2022 Supplemental Financial & Operating Data Summary of Current Lease Terms MGM Master Lease1 Caesars Regional Master Lease and Joliet Lease2 Caesars Las Vegas Master Lease2 Venetian Resort Las Vegas Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment Affiliate
Slide 23: Summary of Current Lease Terms (Continued)
VICI Q1 2022 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) 23 MGM Grand & Mandalay Bay BREIT JV Master Lease1 JACK Cleveland / Thistledown Master Lease2 Greektown Lease Hard Rock Cincinnati Lease Tenant MGM Resorts International JACK Entertainment Penn National G
Slide 24: Summary of Current Lease Terms (Continued)
VICI Q1 2022 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) 24 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 May 2022 $32.5
Slide 25: Recently Announced Transaction Activity
VICI Q1 2022 Supplemental Financial & Operating Data Recently Announced Transaction Activity 1. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage to Hard Rock, VICI has agreed to enter into a separate lease with Hard Rock related to the land and real estat
Slide 26: Investment & Capital Markets Activities
VICI Q1 2022 Supplemental Financial & Operating Data Investment & Capital Markets Activities ($ in millions, unless otherwise noted) 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
Slide 27: Embedded Growth Pipeline
VICI Q1 2022 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 28: Definitions of Non-GAAP Financial Measures
VICI Q1 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