Vici Properties Inc. · NYSE:VICI
Vici Properties — Investor Presentation (September 2026)
38 slides from Vici Properties's investor presentation, September 2026
Slide 1: Investor Presentation
INVEST IN THE EXPERIENCE’
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “pro
Slide 3: Why VICI?
WHY VICI? Proven track record of growth Disciplined capital allocation strategy Exposure to non-commodity real estate Invested 100% in secular strength of experiences Sector-leading contractual rent escalation Consistent, historical dividend growth Attractive return profile 3
Slide 4: Section I
Section I
Slide 5: VICI's Investment Highlights
VICI’S INVESTMENT HIGHLIGHTS VICI Properties Inc. (NYSE: VICI) is a triple net lease REIT that owns one of the largest high-quality portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations Demonstrated Track Record of Growth Announced ~$40Bn of domestic and
Slide 6: VICI's Evolution Since Inception
VICI’S EVOLUTION SINCE INCEPTION Demonstrated Track Record of Growth and Tenant Diversification – By Adj. EBITDA ($MM) (1) VICI is a world-leading gaming and experiential REIT with 103 properties (63 gaming & 40 experiential), 16 tenants, 8 additional financing partners, and significant scale and ac
Slide 7: Market-Leading Real Estate Occupied by Market-Leading Experiential Operators
MARKET–LEADING REAL ESTATE OCCUPIED BY MARKET– LEADING EXPERIENTIAL OPERATORS Number of WALT (years) as Annualized Cash % of Annualized Tenant Properties of 9/1/2026(1) Rent ($MM)(2) Cash Rent Real Estate Portfolio 18 28.8 $1,246.2 38% 12 48.5 1,065.0 32% 100% 1 45.5 308.7 9% Occupancy Seminole Hard
Slide 8: Industry-Leading CPI Protection & G&A Efficiency
INDUSTRY-LEADING CPI PROTECTION & G&A EFFICIENCY Estimated CPI Protection as % of VICI’s Rent Roll Over Time(1) 45% 88% VICI’s rent roll with CPI-linked escalation for 2026E 78% 90% 75% 88% VICI’s rent roll with CPI-linked escalation by 2035E 47% 45% 1.5% VICI’s G&A as a % of Revenue as of Q2’26 Low
Slide 9: Section II: VICI's Real Estate Portfolio
A\ a y} AN mr vIcr S REAL ESTATE PORTFOLIO Section Il : prey ag
Slide 10: VICI Has a High-Quality Portfolio of Real Estate
VICI HAS A HIGH-QUALITY PORTFOLIO OF REAL ESTATE… 63 Gaming and 40 Other Experiential Properties Spanning 26 States, 1 U.S. Territory, and 1 Canadian Province JACK Chelsea Cleveland Geographic Diversity by Rent Piers in New York City Gaming: 15 States & 1 Canadian Province (52% Regional, 47% Las Veg
Slide 11: Diversified with Multiple Revenue Streams
…DIVERSIFIED WITH MULTIPLE REVENUE STREAMS… VICI is the Largest Owner of Hotel Rooms(1) and Privately-Owned Meeting, Convention & Event Space(2) in America ~4.5MM SF ~6.9MM SF Gaming Space ~66,000 Meeting & ~71,000 Convention Hotel Rooms Gaming Units Space 50+ Entertainment 700+ ~500 Venues F&B Outl
Slide 12: Enhanced by Tenants Who Continue to Invest in Our Assets at Scale
…ENHANCED BY TENANTS WHO CONTINUE TO INVEST IN OUR ASSETS AT SCALE… Recently Reimagined Assets Venetian Resort Las Vegas Caesars New Orleans $1.5Bn Reimagination* $435MM Renovation In the beginning of 2026, the Venetian In October 2024, Caesars New Orleans Resort Las Vegas completed a $1.5Bn complet
Slide 13: With Trophy Assets on the Las Vegas Strip
…WITH 11 TROPHY ASSETS ON THE LAS VEGAS STRIP VICI Owns 660 Acres of Underlying Land, ~43,600 Hotel Rooms and ~6.9MM SF of Conference, Convention, and Trade Show Space on the Las Vegas Strip (5) (4) (4) (4) (4) (3) (4) (4) (4) MGM Grand Las Vegas is ranked the #1 best conference city in the U.S., VI
Slide 14: Las Vegas: A Global Entertainment Hub
LAS VEGAS: A GLOBAL ENTERTAINMENT HUB 19.6MM +13% Visitors YoY Change in (2026YTD) Convention Attendance (2026YTD) 26MM 3.7MM Passengers at Harry Convention Visitors Reid (2026YTD) (2026YTD) Sphere, Las Vegas Breakout Sports Hub $4.5Bn 1st 2023 Stanley Cup Champion: Las Vegas Golden Gross Gaming Top
Slide 15: Sports Triangle Driving Southern Las Vegas Strip Activation
“SPORTS TRIANGLE” DRIVING SOUTHERN LAS VEGAS STRIP ACTIVATION & POTENTIAL OPPORTUNITIES FOR VICI VICI Owns the Real Estate of the 6 Casinos Within & Alongside the “Sports Triangle” Formed by Allegiant Stadium, T-Mobile Arena and the Athletics Stadium (under construction) F1 Paddock MGM Grand Garden
Slide 16: Section III: VICI's Investment & Growth Strategy
VICI'S INVESTMENT & GROWTH STRATEGY Section III Cee EETTT rreTtt
Slide 17: Seeking to Drive Total Stockholder Returns
SEEKING TO DRIVE TOTAL STOCKHOLDER RETURNS The Components of Total Return Valuation Multiple (Price / AFFO Per Share) ~1.7% unlevered same-store rent growth driven by minimum, contractual annual rent escalations in all of Same-Store AFFO Per Share Growth VICI’s leases with potential for upside from
Slide 18: Efficient Funding Fuels Sustainable Growth
EFFICIENT FUNDING FUELS SUSTAINABLE GROWTH VICI Has Delivered Sustainable Per-Share Growth as the Portfolio Reaches Scale 65% 62% 60% YoY Growth Rates % 55% YoY Growth Rates % Over Prior Comparable Period 53% 50% 30% 29% 29% 45% 2019 2020 25% 2021 2022 2023 2024 2025 Q2 2026 25% 24% Total YoY AFFO G
Slide 19: Multi-Pronged Investment Strategy
MULTI-PRONGED INVESTMENT STRATEGY A Partnership Approach Long-term relationship approach to transactions where VICI helps solve its partners’ objectives, both today and in the future Real Estate VICI Partner Property VICI Experiential Acquisitions Growth Fund Credit Solutions Acquire irreplaceable,
Slide 20: VICI's Investment Framework
VICI’S INVESTMENT FRAMEWORK Framework for Exploring Experiential Real Estate Low Compelling Place- Experiential Durability Favorable Supply / Economic Cyclicality Based Experience & Longevity Demand Balance Dynamism Relatively lower cyclicality Sectors that offer Sectors with innovative Supply growt
Slide 21: VICI's Investments Provide Experiences for Every Stage of the Life Cycle
VICI’S INVESTMENTS PROVIDE EXPERIENCES FOR EVERY STAGE OF THE LIFE CYCLE Waterparks – Great Wolf Lodge Bowling – Lucky Strike Youth Sports – Chelsea Piers Childhood Adolescence All-Inclusive Resort – Club Med Casino Resorts – MGM Grand Casino Resorts – Mandalay Bay Retirement Adult Regional Casinos
Slide 22: Investments Across Experiential Real Estate with Industry-Leading Operators
INVESTMENTS ACROSS EXPERIENTIAL REAL ESTATE WITH INDUSTRY-LEADING OPERATORS Sample Experiential Sectors Owned Experiential Real Estate Outside of Gaming University & Wellness* Professional Sports Indoor Waterparks* Ski Loan Investments Outside of Gaming Pilgrimage Golf* Theme Parks Family Entertainm
Slide 23: Club Med St. Croix Transaction Overview
CLUB MED ST. CROIX TRANSACTION OVERVIEW On June 15, 2026, VICI and Club Med announced a partnership to acquire the Carambola Beach Resort (the "Resort") in St. Croix, U.S. Virgin Islands. VICI has acquired the Resort and leased it to Club Med under a long- term triple-net lease and will fund Club Me
Slide 24: Section IV: VICI's Financial Profile
VICI’S FINANCIAL PROFILE Section IV es rungs
Slide 25: Total Return to Date
TOTAL RETURN TO DATE VICI Has Achieved a Greater Total Return Than the RMZ Since VICI’s IPO 250% 200% SPX 214% 150% Total Return Since VICI's IPO VICI 100% 100% RMZ 89% 50% 0% -50% 2/1/2018 11/1/2020 10/31/2023 9/4/2026 VICI RMZ SPX Source: FactSet as of September 4, 2026 Section IV: VICI’s Financia
Slide 26: Historical Dividend Durability and Growth
HISTORICAL DIVIDEND DURABILITY AND GROWTH 100% Cash Dividend Raised Every Year While Targeting a 75% AFFO Payout Ratio Annualized VICI Cash Dividend Per Share 8-Year Dividend CAGR(2) (1) $1.84 $1.80 $1.73 6.1% $1.66 5.4% 5.1% $1.56 $1.44 3.7% 3.3% Select Triple Net $1.32 2.7% 2.6% Peer Avg. 2.5% $1.
Slide 27: And One of the Largest US REIT Dividend Payers
…AND ONE OF THE LARGEST US REIT DIVIDEND PAYERS US REITs’ Largest Dividend Payers ($Bn) | 2026E Prologis, Inc. Realty Income Public Storage Welltower Inc. • S&P Global Market (NYSE: PLD) Corporation (NYSE: PSA) (NYSE: WELL) Intelligence estimates that (NYSE: O) US REIT dividends are expected to grow
Slide 28: Investment Grade Balance Sheet
INVESTMENT GRADE BALANCE SHEET Long-Term Net Leverage Target of 5.0-5.5x Summary Capitalization(1) Debt Composition ($MM)(2) ($ and shares in millions, except share price) As of 6/30/2026 No remaining debt maturities in 2026 Shares Outstanding 1,101 On August 5, 2026, 99% fixed rate debt outstanding
Slide 29: Appendix
Slide 30: Corporate Responsibility Commitments and Practices
CORPORATE RESPONSIBILITY COMMITMENTS AND PRACTICES Environmental Social Operational Responsibility Responsibility Responsibility Triple-Net Lease Portfolio Corporate Culture and Leadership and Oversight Employee Engagement • Collect asset-level sustainability data to • Led by our Corporate Responsib
Slide 31: Gaming Embedded Growth Pipeline
GAMING EMBEDDED GROWTH PIPELINE The descriptions of the 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 agreements. Put / Call Agreements ROFR / ROFO Agreements Caesars Forum Convention Cen
Slide 32: Other Experiential Embedded Growth Pipeline
OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Right Agreements, Purchase Right Agreements, and ROFO and ROFR and similar 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 appl
Slide 33: Reconciliation from GAAP to Non-GAAP Financial Measures
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES The following table reconciles net income attributable to common stockholders to FFO, AFFO, Adjusted EBITDA, and LQA Adjusted EBITDA for the periods presented. Three Months Ended, Three Months Ended, ($ in millions) June 30, 2026 ($ in millions
Slide 34: Reconciliation from GAAP to Non-GAAP Financial Measures (Cont.)
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income attributable to common stockholders to FFO, AFFO and Adjusted EBITDA for the periods presented. Year Ended December 31, 2025 2024 2023 2022 2021 2020 2019 2018 ($ in millions) Net income attribu
Slide 35: Reconciliation from GAAP to Non-GAAP Financial Measures (Cont.)
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income attributable to common stockholders per share to FFO and AFFO per share for the periods presented. Year Ended December 31, 2025 2024 2023 2022 2021 2020 2019 2018 Net income per common share Bas
Slide 36: Reconciliation from GAAP to Non-GAAP Financial Measures (Cont.)
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income attributable to common stockholders to FFO, AFFO and Adjusted EBITDA for the periods presented. Nine Months Ended For the Period October 6, 2017 – ($ in millions) September 30, 2017(1) December
Slide 37: Definitions of Non-GAAP Financial Measures
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 of Real Estate Investment Trusts (NAREIT), we defin
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