Slide 1: Supplemental Financial & Operating Data, Third Quarter Ended September 30, 2022
VICI Q3 2022 Supplemental Financial & Operating Data 1 SUP P L E M ENTA L F I NA NC I A L & O P ERAT I NG DATA T H I R D Q U A R T E R E N D E D S E P T E M B E R 3 0 , 2 0 2 2 E x h i b i t 9 9 . 2
Slide 2: Disclaimers: Forward Looking Statements
VICI Q3 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 Q3 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 Q3 2022 Supplemental Financial & Operating Data 4 Table of Contents Consolidated Balance Sheets 6-7 Consolidated Statements of Operations 8-9 Non-GAAP Financial Measures 10-11 2022 Guidance 16 Portfolio Overview 20-21 Summary of Current Lease Terms 22-24 Recently Announced Transaction Activity
Slide 5: Portfolio & Financial Highlights
VICI Q3 2022 Supplemental Financial & Operating Data 5 Three Months Ended Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Net Income (Loss) Per Common Share Basic $0.34 ($0.06) $0.35 $0.45 $0.29 Diluted $0.34 ($0.06) $0.35 $0.44 $0.28 Funds From Operations Per Common Share Basi
Slide 6: Consolidated Balance Sheets
VICI Q3 2022 Supplemental Financial & Operating Data 6 (amounts in thousands, except share and per share data) Consolidated Balance Sheets September 30, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,011,585$ 13,136,664$ Investments in leases - financ
Slide 7: Consolidated Balance Sheets – Quarterly
VICI Q3 2022 Supplemental Financial & Operating Data 7 Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,011,585$ 1
Slide 8: Consolidated Statements of Operations
VICI Q3 2022 Supplemental Financial & Operating Data 8 Impact to net (loss) income related to non‐cash change in allowance for credit losses ‐ CECL (232,763)$ (9,031)$ (865,459)$ 24,453$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.24)$ (0.02)$ (1.02)$ 0
Slide 9: Consolidated Statements of Operations – Quarterly
VICI Q3 2022 Supplemental Financial & Operating Data 9 Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Revenues Income from sales-type leases 376,048$ 375,169$ 326,735$ 294,635$ Income from lease financing receivables and loans 350,945 261,721 72,878 72,664 Other
Slide 10: Non-GAAP Financial Measures
VICI Q3 2022 Supplemental Financial & Operating Data 10 Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) 1. See definitions of Non-GAAP Financial Measures on page 29 of this presentation. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 20
Slide 11: Non-GAAP Financial Measures – Quarterly
VICI Q3 2022 Supplemental Financial & Operating Data 11 Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) 1. See definitions of Non-GAAP Financial Measures on page 29 of this presentation. 2. For the three months ended June 30, 2022, the diluted weighted
Slide 12: Revenue Detail
VICI Q3 2022 Supplemental Financial & Operating Data 12 Three Months Ended September 30, Nine Months Ended September 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$ 126,603$ 368,187$ 384,68
Slide 13: Revenue Detail – Quarterly
VICI Q3 2022 Supplemental Financial & Operating Data 13 Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Contractual revenue from sales‐type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 122,729$ 122,729$ 122,729$ 122,12
Slide 14: BREIT Joint Venture Detail
VICI Q3 2022 Supplemental Financial & Operating Data 14 BREIT Joint Venture Detail Note: Operating data represents VICI’s 50.1% share of BREIT JV revenues and expenses. As the MGP acquisition (including the acquisition of VICI’s share in the BREIT JV) closed in Q2’22, there is no comparable prior ye
Slide 15: Annualized Contractual Rent and Income from Loans
VICI Q3 2022 Supplemental Financial & Operating Data 15 Annualized Contractual Rent and Income from Loans ($ in millions, as of November 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 foll
Slide 16: 2022 Guidance
VICI Q3 2022 Supplemental Financial & Operating Data 16 2022 Guidance Updated Guidance Prior Guidance For the Year Ending December 31, 2022: Low High Low High Estimated Adjusted Funds From Operations (AFFO) $1,682.0 $1,692.0 $1,660.0 $1,690.0 Estimated Adjusted Funds From Operations (AFFO) per commo
Slide 17: Debt Detail
VICI Q3 2022 Supplemental Financial & Operating Data 17 As of September 30, 2022 Maturity Coupon Effective Face % of Carrying Debt Date Rate Rate Value Total Debt Value1 Senior Unsecured Debt2 $2.5Bn Revolving Credit Facility 3/31/20273 SOFR+1.05%4 SOFR+1.05%4 - - - $1.0Bn Delayed Draw Term Loan 3/3
Slide 18: Capitalization & Key Credit Metrics
VICI Q3 2022 Supplemental Financial & Operating Data 18 1. Following the closing of the MGP acquisition, MGM holds ~1.3% of the outstanding OP Units, which may be redeemed for cash or, at VICI's election, shares of common stock. 2. See "Non-GAAP Financial Measures" on pages 10-11 of this presentatio
Slide 19: Portfolio Diversification
VICI Q3 2022 Supplemental Financial & Operating Data 19 Portfolio Diversification1 1. Based on annualized contractual rent as of November 2022. 2. MGM Master Lease rent is allocated based on internal rent allocations by property location. 3. Pro forma for (i) VICI’s announced acquisition of the leas
Slide 20: Portfolio Overview
VICI Q3 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 Q3 2022 Supplemental Financial & Operating Data 21 Portfolio Overview (Continued) (Square footage shown in thousands) 1. Subsequent to quarter end, on October 1, 2022, VICI entered into a management agreement with CDN Golf Management Inc. (“CDN”), an affiliate of Cabot, pursuant to which CDN ma
Slide 22: Summary of Current Lease Terms
VICI Q3 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 Q3 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 Entertainmen
Slide 24: Summary of Current Lease Terms (Continued)
VICI Q3 2022 Supplemental Financial & Operating Data 24 Summary of Current Lease Terms (Continued) Caesars Southern Indiana Lease Century Master Lease1 Margaritaville Bossier City Lease Tenant Eastern Band of Cherokee Indians Century Casinos PENN Entertainment Annual Cash Rent as of November 2022 $3
Slide 25: Recently Announced Transaction Activity
VICI Q3 2022 Supplemental Financial & Operating Data 25 Recently Announced Transaction Activity 1. Subject to customary closing conditions and regulatory approvals; no assurances can be provided that these transactions will close on the anticipated timeline or at all. 2. On December 13, 2021, in con
Slide 26: Investment & Capital Markets Activities
VICI Q3 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: Gaming Embedded Growth Pipeline
VICI Q3 2022 Supplemental Financial & Operating Data 27 Gaming Embedded Growth Pipeline The descriptions of the Put/Call Agreements and ROFR 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 applicable
Slide 28: Non-Gaming Embedded Growth Pipeline
VICI Q3 2022 Supplemental Financial & Operating Data 28 Non‐Gaming Embedded Growth Pipeline The descriptions of the Put/Call Agreements and Purchase Right Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in t
Slide 29: Definitions of Non-GAAP Financial Measures
VICI Q3 2022 Supplemental Financial & Operating Data 29 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