Slide 1: Supplemental Financial & Operating Data Second Quarter Ended June 30, 2023
Supplemental Financial & Operating Data Second Quarter Ended June 30, 2023 Exhibit 99.2
Slide 2: Forward Looking Statements
2Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 “Company”) current plans
Slide 3: Table of Contents
3Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statements of Operations…………………………………………………… 8-9 No
Slide 4: Corporate Overview
4Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CORPORATE OVERVIEW VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Gran
Slide 5: Portfolio & Financial Highlights
5Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Net Income (Loss) Per Common Share Basic $0.69 $0.52 $0.63 $0.34 ($0.06) Diluted $0.69 $0.52 $0.63 $0.34 ($0.06) Funds From Operations Per Common Share Basic $0.6
Slide 6: Consolidated Balance Sheets
6Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA June 30, 2023 December 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 22,655,164$ 17,172,325$ Investments in leases - financing receivables, net 17,144,528 16,740,770 Investments in loans and securities, net 627,259 685
Slide 7: Consolidated Balance Sheets (Quarterly)
7Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 22,655,164$ 22,579,820$ 17,172,325$ 17,011,585$ Investments in leases - financing receivables, net 17,144,528 17,05
Slide 8: Consolidated Statements of Operations
8Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Income from sales-type leases 495,355$ 375,169$ 973,749$ 701,904$ Income from lease financing receivables, loans and securities 373,132 261,721 744,201 334,599 Other in
Slide 9: Consolidated Statements of Operations (Quarterly)
9Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Impact to net income related to non-cash change in allowance for credit losses - CECL 41,355$ (111,477)$ 30,965$ (232,763)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.04$ (0.11)$ 0.03$ (0.24)$ Diluted 0.0
Slide 10: Non-GAAP Financial Measures
10Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) attributable to common stockholders 690,702$ (57,706)$ 1,209,442$ 182,677$ Real estate depreciation — — — — Joint venture depreciation and non-controlling int
Slide 11: Non-GAAP Financial Measures (Quarterly)
11Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Net income attributable to common stockholders 690,702$ 518,740$ 604,053$ 330,905$ Real estate depreciation — — — — Joint venture depreciation and non-controlling in
Slide 12: Revenue Detail
12Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 132,952$ 122,729$ 265,904$ 245,458$ Caesars
Slide 13: Revenue Detail (Quarterly)
13Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 132,952$ 132,952$ 129,544$ 122,729$ Caesars Las Vega
Slide 14: Annualized Contractual Rent and Income from Loans
14Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) Reflects VICI’s acquisition of the leasehold interest in the land and buildings associated with Rocky Gap, which closed subsequent to quarter end on July 25, 2023. (2) Assumes an exchange rate of
Slide 15: 2023 Guidance
15Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2023 GUIDANCE (amounts in millions, except per share data) The Company is updating AFFO guidance for the full year 2023. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to
Slide 16: Capitalization & Key Credit Metrics
16Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF JUNE 30, 2023 (1) Following the closing of the MGP acquisition, MGM holds 100% of the outstanding third-party held OP Units, which may be redeemed for cash or, at VICI's election, shares of common stock. (2
Slide 17: Debt Detail
17Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Carrying value shown net of unamortized original issue discount and unamortized debt issuance costs. (2) Holders of the senior notes, as well as the trustee under the governing indentures and the administrative agent and lenders under
Slide 18: Portfolio Diversification
18Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA PORTFOLIO DIVERSIFICATION(1) (1) Based on annualized contractual rent as of July 2023. (2) MGM Master Lease rent is allocated based on internal rent allocations by property location. (3) Reflects VICI’s acquisition of the leasehold interest in the la
Slide 19: Portfolio Overview
19Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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. Major MSAs Total Casino Meeting Slot Table Hotel Served Property Location Sq. Ft. Sq. Ft. Sq. Ft. Machines
Slide 20: Portfolio Overview (Continued)
20Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA PORTFOLIO OVERVIEW (CONTINUED) (1) Reflects VICI’s acquisition of the leasehold interest in the land and buildings associated with Rocky Gap, which closed subsequent to quarter end on July 25, 2023. (2) CDN Golf Management Inc., an affiliate of Cabot
Slide 21: Summary of Current Lease Terms
21Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA MGM Master Lease Caesars Regional Master Lease and Joliet Lease(1) Caesars Las Vegas Master Lease(1) MGM Grand/Mandalay Bay Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM Resorts International Annual Cas
Slide 22: Summary of Current Lease Terms (Continued)
22Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas Lease Mirage Lease JACK Entertainment Master Lease Greektown Lease Tenant Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Hard Rock Entertainment JACK
Slide 23: Summary of Current Lease Terms (Continued)
23Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) Reflects VICI's acquisition of the leasehold interest in the land and buildings associated with Rocky Gap, which closed subsequent to quarter end on July 25, 2023. The Century Master Lease term was exten
Slide 24: Summary of Current Lease Terms (Continued)
24Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Margaritaville Lease Foundation Gaming Master Lease PURE Canadian Master Lease Tenant PENN Entertainment Foundation Gaming PURE Canadian Gaming Annual Cash Rent as of July 2023 $26.5 million $24.3 million C$
Slide 25: Investment Activity
25Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA INVESTMENT ACTIVITY Note: Assumes exchange rate of C$1.00:US$0.76 as of June 30, 2023 where applicable. (1) Subsequent to quarter end, on July 26, 2023, VICI committed up to $150 million of preferred equity into the controlling entity of Canyon Ranch
Slide 26: Capital Markets Activity
26Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITAL MARKETS ACTIVITY (1) Subsequent to quarter end on July 20, 2023, VICI settled 6,000,000 shares under the January 2023 forward sale agreements at a forward share price of $31.71 per share, in exchange for total net proceeds of approximately $1
Slide 27: Gaming Embedded Growth Pipeline
27Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 agreem
Slide 28: Non-Gaming Embedded Growth Pipeline
28Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA BigShots Golf: VICI has the opportunity to provide up to $80 million of mortgage financing for the construction of up to five new BigShots Golf™ facilities throughout the United States. As long as the BigShots loan remains outstanding, VICI will have
Slide 29: Analyst Coverage
29Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE Firm Analyst Phone Email BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Capital One Securities Dan Guglielmo (202) 213-6408 Daniel.guglielmo@
Slide 30: Definitions of Non-GAAP Financial Measures
30Q2 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 Association o