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VICI Q3 2021 Supplemental Financial & Operating Data SUP P L EMENTAL F I NANCI AL & OP 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 1 Exhibit 99.2
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VICI Q3 2021 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 “Company”) current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical facts and by the use of words such as “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. Among those risks, uncertainties and other factors are: risks associated with the MGP Transactions, including our ability or failure to complete the MGP Transactions and to realize the anticipated benefits of the MGP Transactions, including as a result of delay in completing the MGP Transactions; the impact of changes in general economic conditions, including low consumer confidence, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; our dependence on subsidiaries of Caesars Entertainment, Inc. (“Caesars”), Penn National Gaming, Inc. (“Penn National”), Seminole Hard Rock Entertainment, Inc. (“Hard Rock”), Century Casinos, Inc. (“Century Casinos”), Rock Ohio Ventures LLC (“JACK Entertainment”) and the Eastern Band of Cherokee Indians (“EBCI”) (and, following the completion of the MGP Transactions and the Venetian Resort acquisition, MGM Resorts International (“MGM”) and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (the “Venetian Tenant”)) as tenants of our properties and Caesars, Penn National, Hard Rock, Century Casinos, JACK Entertainment and EBCI (and, following the completion of the MGP Transactions, MGM) or certain of their respective subsidiaries as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties and the completion of pending transactions on a timely basis, or at all, or the imposition of conditions to such regulatory approvals; Caesars’, Penn National’s, Hard Rock’s, Century Casinos’, JACK Entertainment’s and EBCI’s (and, following the completion of the MGP Transactions and the Venetian Resort acquisition, MGM’s and the Venetian Tenant’s) historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness, including indebtedness to be assumed by us upon consummation of the MGP Transactions, and ability to service, refinance and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; our ability to obtain the financing necessary to complete our pending acquisitions or related transactions on the terms we currently expect in a timely manner, or at all; the possibility that our pending transactions may not be completed or that completion may be unduly delayed, and the potential adverse impact on our business, operations and stock price; the possibility that we identify significant environmental, tax, legal or other issues that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our pending or recently completed transactions; the effects of our pending and recently completed transactions on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans; the impact and outcome of current and potential litigation relating to the MGP Transactions, including the possibility that any adverse judgment may prevent the MGP Transactions from being consummated on a timely basis, or at all; the possibility of adverse tax consequences as a result of our pending transactions; increased volatility in our stock price as a result of our pending transactions; our reliance on distributions received from VICI Properties L.P., our operating partnership, to make distributions to our stockholders; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the impact of the COVID-19 pandemic on our, and our tenants’, financial condition, results of operations, cash flows and performance. The extent to which the COVID-19 pandemic continues to adversely affect our tenants, and ultimately impacts our business and financial condition, depends on future developments which cannot be predicted with confidence, including the impact of the actions taken to contain the pandemic or mitigate its impact, including the availability, distribution, public acceptance and efficacy of approved vaccines, new or mutated variants of COVID-19 (including vaccine-resistant variants) or a similar virus, the direct and indirect economic effects of the pandemic and containment measures on our tenants, the ability of our tenants to successfully operate their businesses, including the costs of complying with regulatory requirements necessary to keep their respective facilities open, such as reduced capacity requirements, the need to close any of the facilities after reopening as a result of the COVID-19 pandemic, and the effects of the negotiated capital expenditure reductions and other amendments to the leases that we agreed to with certain of our tenants in response to the COVID-19 pandemic. Each of the foregoing could have a material adverse effect on our tenants’ ability to satisfy their obligations under their leases with us, including their continued ability to pay rent in a timely manner, or at all, and/or to fund capital expenditures or make other payments required under their leases. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Caesars, Penn, Hard Rock, Century Casinos, JACK Entertainment and EBCI Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Penn, Hard Rock, Century, JACK Entertainment and EBCI included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC, the Company's significant lessee, have been filed with the Securities and Exchange Commission (“SEC”). Certain financial and other information for Caesars, Penn, Hard Rock, Century, JACK Entertainment and EBCI included in this presentation have been derived from their respective filings, if and as applicable, and other publicly available presentations and press releases. While we believe this information to be reliable, we have not independently investigated or verified such data. Market and Industry Data This presentation contains estimates and information concerning the Company's industry, including market position, rent growth and rent coverage of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. Non‐GAAP Financial Measures This presentation includes reference to Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see “Definitions of Non-GAAP Financial Measures” included in the Appendix at the end of this presentation. Financial Data Financial information provided herein is as of September 30, 2021 unless otherwise indicated.
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VICI Q3 2021 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 Officer EVP, General Counsel & Secretary Chief Accounting Officer VICI Properties Inc. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities comprising over 47 million square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC and Penn National Gaming, Inc. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. Covering Equity Analysts Covering High Yield Analysts Firm BofA Merrill Lynch Deutsche Bank Goldman Sachs J.P. Morgan Analyst James Kayler Luis Chinchilla Komal Patel Michael Pace Phone (646) 855‐9223 (212) 250-9980 (212) 357-9774 (212) 270‐6530 Email James.f.kayler@baml.com Luis.chinchilla@db.com Komal.patel@gs.com Michael.pace@jpmorgan.com Firm BofA Merrill Lynch Capital One Securities Citi Deutsche Bank Evercore ISI Goldman Sachs Green Street Advisors Jefferies J.P. Morgan Keybanc Ladenburg Thalmann & Co. Loop Capital Macquarie Capital Morgan Stanley Raymond James Robert W. Baird Scotiabank SMBC Nikko Securities Stifel Nicolaus Truist Securities Wolfe Research Analyst Shaun Kelley Neil Malkin Smedes Rose Carlo Santarelli Rich Hightower Stephen Grambling Spenser Allaway David Katz Anthony Paolone Todd Thomas John Massocca Daniel Adam Jordan Bender Thomas Allen RJ Milligan Wesley Golladay Greg McGinniss Richard Anderson Simon Yarmak Barry Jonas Andrew Rosivach Email Shaun.kelley@baml.com Neil.malkin@capitalone.com Smedes.rose@citi.com Carlo.santarelli@db.com Rich.hightower@evercoreisi.com Stephen.grambling@gs.com Sallaway@greenstreetadvisors.com Dkatz@jefferies.com Anthony.paolone@jpmorgan.com Tthomas@key.com Jmassocca@ladenburg.com Daniel.adam@loopcapital.com Jordan.bender@macquarie.com Thomas.allen@morganstanley.com Rjmilligan@raymondjames.com Wgolladay@rwbaird.com Greg.mcginniss@scotiabank.com Randerson@smbcnikko-si.com Yarmaks@stifel.com Barry.jonas@truist.com Arosivach@wolferesearch.com Phone (646) 855‐1005 (571) 633-8191 (212) 816-6243 (212) 250‐5815 (212) 752-0886 (212) 902‐7832 (949) 640-8780 (212) 323-3355 (212) 622-6682 (917) 368-2286 (212) 409-2543 (212) 823-1312 (212) 231-6558 (212) 761‐3356 (727) 567-2585 (216) 737-7510 (212) 225-6906 (646) 521-2351 (443) 224‐1345 (212) 590-0998 (646) 582-9250 Contact Information Board of Directors Independent James Abrahamson Diana Cantor Monica Douglas Elizabeth Holland Craig Macnab Edward Pitoniak Michael Rumbolz Director, Chairman of the Board Director, Audit Committee Chair Director Director, Nominating & Governance Committee Chair Director, Compensation Committee Chair Chief Executive Officer & Director Director 3 Corporate Headquarters VICI Properties Inc. 535 Madison Ave., 20th Fl New York, NY 10022 (646) 949‐4631 Transfer Agent Computershare 7530 Lucerne Drive, Suite 305 Cleveland, OH 44130 (800) 962‐4284 www.computershare.com Investor Relations investors@viciproperties.com Public Markets Detail Ticker: VICI Exchange: NYSE Public Relations pr@viciproperties.com Website www.viciproperties.com ✓ ✓ ✓ ✓ ✓ ✓
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VICI Q3 2021 Supplemental Financial & Operating Data Table of Contents Consolidated Balance Sheets 6-7 Consolidated Statements of Operations 8-9 Non‐GAAP Financial Measures 10-11 2021 Guidance 15 Properties Breakdown 18-19 Summary of Current Lease Terms 20-21 Recent Activity 22-23 Definitions of Non-GAAP Financial Measures 25 5 Portfolio Overview 17 4 Revenue Detail 12-13 Portfolio & Financial Overview Capitalization 16 Embedded Growth Pipeline 24 Current Annualized Contractual Rent and Income from Mortgage Loans 14
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VICI Q3 2021 Supplemental Financial & Operating Data Three Months Ended Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Net Income Per Share Basic $0.29 $0.56 $0.50 $0.54 $0.75 Diluted $0.28 $0.54 $0.50 $0.53 $0.74 Funds From Operations Per Share Basic $0.29 $0.56 $0.50 $0.54 $0.75 Diluted $0.28 $0.54 $0.50 $0.53 $0.74 Adjusted Funds From Operations Per Share Basic $0.46 $0.48 $0.48 $0.47 $0.43 Diluted $0.45 $0.46 $0.47 $0.46 $0.43 Net Income Attributable to Common Stockholders $161,862 $300,709 $269,801 $288,010 $398,274 Adjusted EBITDA $324,544 $327,225 $325,834 $325,100 $300,356 Annualized Dividend Per Share $1.44 $1.32 $1.32 $1.32 $1.32 Dividend Yield at Period End 5.1% 4.3% 4.7% 5.2% 5.6% Equity Market Capitalization $17,868,324 Total Debt $4,750,000 Cash, Cash Equivalents & Short-Term Investments $669,514 Enterprise Value $21,948,810 LTM Net Leverage Ratio2 3.1x Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Properties 28 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 States 12 Metropolitan Statistical Areas ("MSAs") 17 Weighted Average Remaining Lease Term, Including Renewal Options (years) (as of September 30, 2021) 33.0 Financial Highlights Tenant MSA Diversity 1. See "Non‐GAAP Financial Measures" on pages 10-11 of this presentation for the reconciliations of these Non‐GAAP Financial Measures. 2. Net Leverage Ratio is defined as Total Debt less Cash, Cash Equivalents, and Short-Term Investments divided by Adjusted EBITDA for the last twelve months ended September 30, 2021. See "Non-GAAP Financial Measures" on page 11 of this presentation for the reconciliation of Adjusted EBITDA for the periods presented and “Definitions of Non-GAAP Financial Measures” on page 25 of this presentation for the definition of Adjusted EBITDA. 3. Represents current annualized contractual rent as of September 30, 2021. Portfolio Data Debt Composition Fixed Rate 100% Unsecured 100% Las Vegas 27% Philadelphia 22% Dallas 6% San Francisco 6% Chicago 6% Louisville 5% New Orleans 5% Detroit 4% Kansas City 3% Omaha 3% Laughlin 3% Memphis 2% Cleveland 2% Pittsburgh 2% Nashville 1% Cincinnati 1% St. Louis 1% Geographic and Tenant Exposure3 Credit Ratings Moody’s Ba3 Standard & Poor’s BB Fitch BB Regional 69% Las Vegas 31% % of Total SF 1 1 1 CZR 81% Penn 6% JACK 5% HR 3% EBCI 3% CNTY 2% Public Company Tenants 89% Private Company Tenants 11% Summary Capitalization and Credit Ratings as of September 30, 2021 5
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VICI Q3 2021 Supplemental Financial & Operating Data Consolidated Balance Sheets (amounts in thousands, except share and per share data) 6 September 30, 2021 December 31, 2020 Assets Real estate portfolio: Investments in leases - sales-type, net 13,124,209$ 13,027,644$ Investments in leases - financing receivables, net 2,640,399 2,618,562 Investments in loans, net 523,897 536,721 Land 153,576 158,190 Cash and cash equivalents 669,514 315,993 Short-term investments — 19,973 Other assets 437,209 386,530 Total assets 17,548,804$ 17,063,613$ Liabilities Debt, net 4,692,032$ 6,765,532$ Accrued interest 45,078 46,422 Deferred financing liability 73,600 73,600 Deferred revenue 461 93,659 Dividends payable 226,300 176,992 Other liabilities 382,547 413,663 Total liabilities 5,420,018 7,569,868 Stockholders' equity 6,289 5,367 — — Additional paid-in capital 11,752,852 9,363,539 Accumulated other comprehensive loss — (92,521) Retained earnings 290,966 139,454 Total VICI stockholders' equity 12,050,107 9,415,839 Non-controlling interest 78,679 77,906 Total stockholders' equity 12,128,786 9,493,745 Total liabilities and stockholders' equity 17,548,804$ 17,063,613$ Common stock, $0.01 par value, 1,350,000,000 and 700,000,000 shares authorized and 628,944,887 and 536,669,722 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2021 and December 31, 2020
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VICI Q3 2021 Supplemental Financial & Operating Data Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) 7 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Assets Real estate portfolio: Investments in leases - sales-type and direct financing, net 13,124,209$ 13,098,853$ 13,054,135$ 13,027,644$ Investments in leases - financing receivables, net 2,640,399 2,643,648 2,628,422 2,618,562 Investments in loans, net 523,897 505,262 515,251 536,721 Land 153,576 157,365 158,046 158,190 Cash and cash equivalents 669,514 407,522 322,530 315,993 Short-term investments — — — 19,973 Other assets 437,209 406,898 406,617 386,530 Total assets 17,548,804$ 17,219,548$ 17,085,001$ 17,063,613$ Liabilities Debt, net 4,692,032$ 6,772,903$ 6,769,211$ 6,765,532$ Accrued interest 45,078 45,913 47,075 46,422 Deferred financing liability 73,600 73,600 73,600 73,600 Deferred revenue 461 352 493 93,659 Dividends payable 226,300 177,114 177,089 176,992 Other liabilities 382,547 414,597 417,841 413,663 Total liabilities 5,420,018 7,484,479 7,485,309 7,569,868 Stockholders' equity Common stock 6,289 5,370 5,370 5,367 Preferred stock — — — — Additional paid-in capital 11,752,852 9,366,561 9,364,294 9,363,539 Accumulated other comprehensive loss — (70,815) (80,143) (92,521) Retained earnings 290,966 355,524 232,038 139,454 Total VICI stockholders' equity 12,050,107 9,656,640 9,521,559 9,415,839 Non-controlling interest 78,679 78,429 78,133 77,906 Total stockholders' equity 12,128,786 9,735,069 9,599,692 9,493,745 Total liabilities and stockholders' equity 17,548,804$ 17,219,548$ 17,085,001$ 17,063,613$
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VICI Q3 2021 Supplemental Financial & Operating Data Consolidated Statements of Operations (amounts in thousands, except share and per share data) 1. Refer to Note 5 – Allowance for Credit Losses within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 for further details. 2. Gain upon lease modification of $333.4mm in the quarter ended September 30, 2020 resulted from the reclassifications of the Caesars Lease Agreements upon the consummation of the Eldorado Transaction on July 20, 2020. As a result, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the assets and their carrying values immediately prior to the modification. 8 1 Impact to net income related to non-cash change in allowance for credit losses - CECL (9,031)$ (177,052)$ 24,453$ (261,080)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.02)$ (0.33)$ 0.05$ (0.53)$ Diluted (0.02)$ (0.33)$ 0.04$ (0.52)$ Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenues Income from sales-type and direct financing leases 292,059$ 270,274$ 873,337$ 718,421$ Income from operating leases — 3,638 — 25,464 Income from lease financing receivables and loans 70,205 52,827 210,578 82,696 Other income 6,936 7,276 20,897 8,702 Golf revenues 6,504 5,638 21,602 17,273 Total Revenues 375,704 339,653 1,126,414 852,556 Operating expenses General and administrative 8,379 8,047 24,092 22,560 Depreciation 771 910 2,320 2,990 Other expenses 6,936 7,263 20,897 8,702 Golf expenses 5,143 4,672 14,881 13,181 Change in allowance for credit losses 9,031 177,052 (24,453) 261,080 Transaction and acquisition expenses 177 2,026 9,689 7,703 Total operating expenses 30,437 199,970 47,426 316,216 Interest expense (165,099) (77,399) (321,953) (231,185) Interest income 26 214 75 6,743 Loss from extinguishment of debt (15,622) — (15,622) (39,059) Gain upon lease modification — 333,352 — 333,352 Income before income taxes 164,572 395,850 741,488 606,191 Income tax (expense) benefit (388) 368 (2,128) (395) Net income 164,184 396,218 739,360 605,796 Less: Net (income) loss attributable to non-controlling interest (2,322) 2,056 (6,988) (2,132) Net income attributable to common stockholders 161,862$ 398,274$ 732,372$ 603,664$ Net income per common share Basic 0.29$ 0.75$ 1.35$ 1.22$ Diluted 0.28$ 0.74$ 1.31$ 1.21$ Weighted average number of shares of common stock outstanding Basic 555,153,692 533,407,916 542,843,855 496,002,850 Diluted 571,894,545 536,180,175 557,113,510 499,982,269 1 2
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VICI Q3 2021 Supplemental Financial & Operating Data Three Months Ended September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Revenues Income from sales-type and direct financing leases 292,059$ 291,132$ 290,146$ 289,087$ Income from operating leases — — — — Income from lease financing receivables and loans 70,205 69,996 70,377 70,321 Other income 6,936 6,987 6,974 7,091 Golf revenues 6,504 8,285 6,813 6,519 Total Revenues 375,704 376,400 374,310 373,018 Operating expenses General and administrative 8,379 7,628 8,085 8,101 Depreciation 771 757 792 741 Other expenses 6,936 6,987 6,974 7,091 Golf expenses 5,143 5,232 4,506 4,451 Change in allowance for credit losses 9,031 (29,104) (4,380) (16,563) Transaction and acquisition expenses 177 791 8,721 981 Total operating expenses 30,437 (7,709) 24,698 4,802 Interest expense (165,099) (79,806) (77,048) (77,420) Interest income 26 30 19 52 Loss from extinguishment of debt (15,622) — — — Income before income taxes 164,572 304,333 272,583 290,848 Income tax expense (388) (1,256) (484) (436) Net income 164,184 303,077 272,099 290,412 Less: Net income attributable to non-controlling interest (2,322) (2,368) (2,298) (2,402) Net income attributable to common stockholders 161,862$ 300,709$ 269,801$ 288,010$ Net income per common share Basic 0.29$ 0.56$ 0.50$ 0.54$ Diluted 0.28$ 0.54$ 0.50$ 0.53$ Weighted average number of shares of common stock outstanding Basic 555,153,692 536,692,167 536,480,505 536,333,632 Diluted 571,894,545 554,438,981 544,801,802 541,935,681 Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) 1. Refer to Note 5 – Allowance for Credit Losses within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 for further details. 9 1 Impact to net income related to non-cash change in allowance for credit losses - CECL (9,031)$ 29,104$ 4,380$ 16,563$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.02)$ 0.05$ 0.01$ 0.03$ Diluted (0.02)$ 0.05$ 0.01$ 0.03$ 1
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VICI Q3 2021 Supplemental Financial & Operating Data Non‐GAAP Financial Measures 1. See definitions of Non-GAAP Financial Measures on page 25 of this presentation. 2. Includes swap breakage costs of approximately $64.2 million incurred by VICI PropCo in connection with the early settlement of the outstanding interest rate swap agreements. (amounts in thousands, except share and per share data) 10 2021 2020 2021 2020 Net income attributable to common stockholders 161,862$ 398,274$ 732,372$ 603,664$ Real estate depreciation — — — — Funds From Operations (FFO)1 161,862 398,274 732,372 603,664 Non-cash leasing and financing adjustments (30,865) (18,919) (88,063) (11,826) Non-cash change in allowance for credit losses 9,031 177,052 (24,453) 261,080 Non-cash stock-based compensation 2,395 2,013 7,067 5,375 Transaction and acquisition expenses 177 2,026 9,689 7,703 Amortization of debt issuance costs and original issue discount 34,098 4,368 50,723 15,504 Other depreciation 742 879 2,228 2,905 Capital expenditures (131) (337) (1,638) (1,982) Loss on extinguishment of debt and interest rate swap settlements2 79,861 — 79,861 39,059 Non-cash gain upon lease modification — (333,352) — (333,352) Non-cash adjustments attributable to non-controlling interests 250 (4,097) 773 (3,990) Adjusted Funds From Operations (AFFO)1 257,420 227,907 768,559 584,140 Interest expense, net 66,736 72,817 206,916 208,938 Income tax expense (benefit) 388 (368) 2,128 395 Adjusted EBITDA1 324,544$ 300,356$ 977,603$ 793,473$ Net income per common share Basic 0.29$ 0.75$ 1.35$ 1.22$ Diluted 0.28$ 0.74$ 1.31$ 1.21$ FFO per common share Basic 0.29$ 0.75$ 1.35$ 1.22$ Diluted 0.28$ 0.74$ 1.31$ 1.21$ AFFO per common share Basic 0.46$ 0.43$ 1.42$ 1.18$ Diluted 0.45$ 0.43$ 1.38$ 1.17$ Weighted average number of shares of common stock outstanding Basic 555,153,692 533,407,916 542,843,855 496,002,850 Diluted 571,894,545 536,180,175 557,113,510 499,982,269 Three Months Ended September 30, Nine Months Ended September 30,
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VICI Q3 2021 Supplemental Financial & Operating Data 1. See definitions of Non-GAAP Financial Measures on page 25 of this presentation. 2. Includes swap breakage costs of approximately $64.2 million incurred by VICI PropCo in connection with the early settlement of the outstanding interest rate swap agreements. Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) 11 Three Months Ended September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Net income attributable to common stockholders 161,862$ 300,709$ 269,801$ 288,010$ Real estate depreciation — — — — Funds From Operations (FFO)1 161,862 300,709 269,801 288,010 Non-cash leasing and financing adjustments (30,865) (29,346) (27,852) (27,977) Non-cash change in allowance for credit losses 9,031 (29,104) (4,380) (16,563) Non-cash stock-based compensation 2,395 2,395 2,277 2,013 Transaction and acquisition expenses 177 791 8,721 981 Amortization of debt issuance costs and original issue discount 34,098 9,934 6,691 4,368 Other depreciation 742 726 760 710 Capital expenditures (131) (274) (1,233) (218) Loss on extinguishment of debt and interest rate swap settlements2 79,861 — — — Non-cash adjustments attributable to non-controlling interests 250 296 227 340 Adjusted Funds From Operations (AFFO)1 257,420 256,127 255,012 251,664 Interest expense, net 66,736 69,842 70,338 73,000 Income tax expense 388 1,256 484 436 Adjusted EBITDA1 324,544$ 327,225$ 325,834$ 325,100$ Net income per common share Basic 0.29$ 0.56$ 0.50$ 0.54$ Diluted 0.28$ 0.54$ 0.50$ 0.53$ FFO per common share Basic 0.29$ 0.56$ 0.50$ 0.54$ Diluted 0.28$ 0.54$ 0.50$ 0.53$ AFFO per common share Basic 0.46$ 0.48$ 0.48$ 0.47$ Diluted 0.45$ 0.46$ 0.47$ 0.46$ Weighted average number of shares of common stock outstanding Basic 555,153,692 536,692,167 536,480,505 536,333,632 Diluted 571,894,545 554,438,981 544,801,802 541,935,681
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VICI Q3 2021 Supplemental Financial & Operating Data 2021 2020 2021 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 100,652$ 90,181$ 301,956$ 216,805$ Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 126,603 127,134 384,683 381,401 Margaritaville Lease 5,866 5,886 17,604 17,629 Greektown Lease 12,829 13,889 40,255 41,667 Hard Rock Lease 10,848 10,687 32,544 32,062 Century Master Lease 6,313 6,250 18,939 18,750 EBCI Lease 2,437 — 2,437 — Income from sales-type and direct financing leases non-cash adjustment 26,511 16,247 74,919 10,107 Income from sales-type and direct financing leases 292,059 270,274 873,337 718,421 Contractual revenue from operating leases Land component of Caesars Palace — 3,638 — 25,464 Income from operating leases — 3,638 — 25,464 Contractual revenue from lease financing receivables JACK Entertainment Master Lease 16,470 16,470 49,410 45,337 Harrah's NOLA, AC, and Laughlin 39,077 30,634 117,231 30,634 Income from lease financing receivables non-cash adjustment 4,631 2,695 13,498 1,772 Income from lease financing receivables 60,178 49,799 180,139 77,743 Contractual interest income JACK Entertainment Loan 940 1,547 3,574 3,502 Caesars Forum Convention Center Loan 7,893 1,112 23,379 1,112 Chelsea Piers Loan 1,200 392 3,563 392 Great Wolf Mezzanine Loan 271 — 276 — Income from loans non-cash adjustment (277) (23) (353) (53) Income from loans 10,027 3,028 30,439 4,953 Income from lease financing receivables and loans 70,205 52,827 210,578 82,696 Other income 6,936 7,276 20,897 8,702 Golf revenues 6,504 5,638 21,602 17,273 Total revenues 375,704$ 339,653$ 1,126,414$ 852,556$ Three Months Ended September 30, Nine Months Ended September 30, Revenue Detail 1. Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (amounts in thousands, except share and per share data) 1 1 1 12
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VICI Q3 2021 Supplemental Financial & Operating Data Three Months Ended September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 100,652$ 100,652$ 100,652$ 100,052$ Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 126,603 129,040 129,040 128,405 Margaritaville Lease 5,866 5,866 5,872 5,886 Greektown Lease 12,829 13,537 13,889 13,889 Hard Rock Lease 10,848 10,848 10,848 10,848 Century Master Lease 6,313 6,313 6,313 6,250 EBCI Lease 2,437 - - - Income from sales-type and direct financing leases non-cash adjustment 26,511 24,876 23,532 23,757 Income from sales-type and direct financing leases 292,059 291,132 290,146 289,087 Contractual revenue from lease financing receivables JACK Entertainment Master Lease 16,470 16,470 16,470 16,470 Harrah's NOLA, AC, and Laughlin 39,077 39,077 39,077 38,884 Income from lease financing receivables non-cash adjustment 4,631 4,522 4,345 4,247 Income from lease financing receivables 60,178 60,069 59,892 59,601 Contractual interest income JACK Entertainment Loan 940 1,001 1,633 1,663 Caesars Forum Convention Center Loan 7,893 7,786 7,700 7,871 Chelsea Piers Loan 1,200 1,187 1,176 1,213 Great Wolf Mezzanine Loan 271 5 — — Income from loans non-cash adjustment (277) (52) (24) (27) Income from loans 10,027 9,927 10,485 10,720 Income from lease financing receivables and loans 70,205 69,996 70,377 70,321 Other income 6,936 6,987 6,974 7,091 Golf revenues 6,504 8,285 6,813 6,519 Total revenues 375,704$ 376,400$ 374,310$ 373,018$ Revenue Detail – Quarterly (amounts in thousands, except share and per share data) 1. Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. 1 1 13 1
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VICI Q3 2021 Supplemental Financial & Operating Data Assets Per Lease Locations Annualized Rent Annualized Contractual Rent Caesars Las Vegas Master Lease 2 Las Vegas $402.6 Caesars Regional Master Lease (including Harrah's NOLA, AC, and Laughlin) & Joliet Lease 17 Regional 640.0 Margaritaville Lease 1 Regional 23.5 Greektown Lease 1 Regional 51.3 Hard Rock Cincinnati Lease 1 Regional 44.0 Century Master Lease 3 Regional 25.3 JACK Entertainment Master Lease 2 Regional 65.9 Caesars Southern Indiana Lease 1 Regional 32.5 Total Annualized Contractual Rent 28 $1,285.0 Borrower Principal Balance Interest Rate Final Maturity Date Annualized Income from Loans Annualized Contractual Income from Loans Caesars Forum Convention Center Loan Caesars Entertainment $400.0 7.9% 9/18/2025 $31.4 Chelsea Piers Loan Chelsea Piers New York 65.0 7.0% 8/31/2027 4.6 Great Wolf Mezzanine Loan Great Wolf Resorts 19.2 8.0% 7/9/2026 1.5 JACK Entertainment Loan JACK Entertainment 40.0 9.0% 1/24/2027 - Total Annualized Contractual Income from Loans $484.2 $37.5 Total Annualized Contractual Rent and Income from Loans $1,322.5 Current Annualized Contractual Rent and Income from Loans ($ in millions, as of September 30, 2021) 1. Final maturity assumes all extension options are exercised; however, the loans may be repaid, subject to certain conditions, prior to such date. 2. The interest rate of the Caesars Forum Convention Center Mortgage Loan is subject to 2.0% annual escalation. 3. Subsequent to September 30, 2021, on October 4, 2021, the JACK Entertainment Loan was repaid in full and the related Credit Agreement, including the Revolving Credit Facility, was terminated. 14 2 1 3 3
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VICI Q3 2021 Supplemental Financial & Operating Data 2021 Guidance Updated Guidance Prior Guidance For the Year Ending December 31, 2021: Low High Low High Estimated Adjusted Funds From Operations (AFFO) $1,040.0 $1,045.0 $1,010.0 $1,035.0 Estimated Adjusted Funds From Operations (AFFO) per diluted share $1.79 $1.80 $1.82 $1.87 Estimated Weighted Average Share Count at Year End (in millions) 580.0 580.0 555.0 555.0 2021 Guidance The Company is updating AFFO guidance for the full year 2021. The Company estimates AFFO for the year ending December 31, 2021 will be between $1,040.0 million and $1,045.0 million, or between $1.79 and $1.80 per diluted share. These per share estimates reflect the dilutive effect of (i) the issuance of 26,900,000 shares from the physical settlement of the June 2020 Forward Sale Agreement and 65,000,000 shares in the September 2021 equity offering and (ii) the pending 69,000,000 shares related to the March 2021 Forward Sale Agreements and the pending 50,000,000 shares related to the September 2021 Forward Sale Agreements as calculated under the treasury stock method. These estimates do not include the impact on operating results from any pending or possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The following is a summary of the Company's updated full-year 2021 guidance: In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable GAAP financial measure. For more information, see “Non-GAAP Financial Measures.” The Company is unable to provide a reconciliation of its stated AFFO guidance to net income attributable to common stockholders because it is unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results, the impact of these adjustments could be material, individually or in the aggregate, to the Company's reported GAAP results. The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this presentation. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. ($ in millions, except per share data) 15
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VICI Q3 2021 Supplemental Financial & Operating Data 1. Borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of 1.75% to 2.00% over LIBOR, depending on our total net debt to adjusted total assets ratio. Commitment fees (0.375%-0.500% depending on leverage) on the undrawn portion of the Revolving Credit Facility are paid quarterly. Debt Maturity Date Interest Rate Interest Frequency Credit Rating Moody’s/S&P/Fitch Balance as of September 30, 2021 % of Total Prepayment Option Years to Maturity VICI PropCo Senior Secured Revolving Credit Facility 5/15/2024 L+2.000%1 Monthly1 - 0% ‐ 2.6 years Senior Unsecured Notes 2/15/2025 3.500% Semi-Annually Ba3 / BB / BB 750,000 16% NC 2 3.4 years Senior Unsecured Notes 12/1/2026 4.250% Semi‐Annually Ba3 / BB / BB 1,250,000 26% NC 3 5.2 years Senior Unsecured Notes 2/15/2027 3.750% Semi-Annually Ba3 / BB / BB 750,000 16% NC 3 5.4 years Senior Unsecured Notes 12/1/2029 4.625% Semi‐Annually Ba3 / BB / BB 1,000,000 21% NC 5 8.2 years Senior Unsecured Notes 8/15/2030 4.125% Semi-Annually Ba3 / BB / BB 1,000,000 21% NC 5 8.9 years Total Debt 4.105% $4,750,000 100% 6.3 years Fixed Rate $4,750,000 100% Variable Rate - - Equity Shares Outstanding as of 9/30/2021 628,944,887 Share Price as of 9/30/2021 $28.41 Equity Market Capitalization $17,868,324 Enterprise Value Total Debt plus Equity Market Capitalization $22,618,324 Less: Cash, Cash Equivalents & Short Term Investments 669,514 Total Enterprise Value $21,948,810 Total Liquidity Revolving Credit Facility Capacity (Undrawn as of 9/30/2021) $1,000,000 Outstanding Forward Sales Agreements (Equity Issuance Price as of 9/30/2021) 3,270,578 Cash, Cash Equivalents & Short Term Investments 669,514 Total Liquidity $4,940,092 Capitalization ($ in thousands, except share and per share data) 16
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VICI Q3 2021 Supplemental Financial & Operating Data Contractual Rent Diversification1 1. Pro forma for the pending acquisitions of MGM Growth Properties (including MGP’s pending acquisition of MGM Springfield) and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. Please refer to page 22 for additional details. 2. Represents current annualized contractual rent as of September 30, 2021. 3. Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on pro rata 2019A Adjusted EBITDAR performance of the operations at the properties according to MGM. 17 At Formation (2017) Current 2 GEOGRAPHIC DIVERSIFICATION ACROSS 15 STATES 1 Pro Forma for Venetian and MGP Acquisitions 1,3 74% 26% Regional Las Vegas 55% 45% Regional Las Vegas 69% 31% Las Vegas Regional LONG-TERM PARTNERSHIPS WITH 8 TENANTS 1 100% 81% 6% 5% 3% 3% 2% 41% 40% 10% 3% 3% 2% 1% 1% At Formation (2017) Current 2 Pro Forma for Venetian and MGP Acquisitions 1
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VICI Q3 2021 Supplemental Financial & Operating Data Properties Breakdown 1. On September 3, 2020, VICI and Caesars entered into definitive agreements to sell Harrah’s Louisiana Downs for $22 million to a third party. The proceeds of the transaction shall be split ~$5.5 million to VICI and ~$16.5 million to Caesars, while the annual rent payments under the Regional Master Lease will remain unchanged following completion of the disposition. Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Chicago Horseshoe Hammond Hammond, IN 1,716 117 -- 1,260 110 -- Harrah's Joliet Joliet, IL 1,011 39 6 1,090 30 200 Cincinnati Hard Rock Cincinnati Cincinnati, OH 450 100 33 1,800 100 -- Cleveland JACK Cleveland Cleveland, OH 294 96 -- 1,330 120 -- JACK Thistledown Racino North Randall, OH 644 57 -- 1,480 -- -- Dallas Horseshoe Bossier City Bossier City, LA 1,419 28 22 1,140 70 600 Harrah's Louisiana Downs1 Bossier City, LA 1,118 12 29 820 -- -- Margaritaville Bossier City Bossier City, LA 380 30 -- 1,109 50 395 Detroit Greektown Casino Detroit, MI 2,200 100 14 2,365 62 400 Kansas City Harrah's North Kansas City North Kansas City, MO 1,435 60 13 770 60 390 Las Vegas Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,560 170 3,970 Harrah's Las Vegas Las Vegas, NV 4,100 89 24 1,310 90 2,540 Laughlin Harrah’s Laughlin Laughlin, NV 1,413 56 7 600 40 1,510 Louisville Caesars Southern Indiana Elizabeth, IN 2,510 74 24 660 80 500 Memphis Horseshoe Tunica Robinsonville, MS 1,008 63 20 980 100 510 Nashville Harrah's Metropolis Metropolis, IL 474 24 -- 450 20 260 New Orleans Harrah's Gulf Coast Biloxi, MS 1,031 32 -- 630 30 500 Harrah’s New Orleans New Orleans, LA 1,180 101 47 1,380 100 450 Omaha Harrah's Council Bluffs Council Bluffs, IA 790 21 6 480 20 250 Horseshoe Council Bluffs Council Bluffs, IA 632 60 -- 1,370 60 150 Pittsburgh Mountaineer Casino New Cumberland, WV 890 72 70 1,127 34 357 18
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VICI Q3 2021 Supplemental Financial & Operating Data Properties Breakdown (Continued) Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Philadelphia Caesars Atlantic City Atlantic City, NJ 3,816 113 29 2,130 150 1,140 Harrah’s Atlantic City Atlantic City, NJ 4,470 156 125 2,040 160 2,590 Harrah’s Philadelphia Chester, PA 2,000 111 12 2,270 70 -- San Francisco / Sacramento Harvey's Lake Tahoe Lake Tahoe, NV 1,670 47 19 310 50 740 Harrah's Lake Tahoe Stateline, NV 1,057 54 18 770 60 510 St. Louis Century Casino Cape Girardeau Cape Girardeau, MO 170 42 8 844 23 -- Century Casino Caruthersville Caruthersville, MO 90 21 12 523 9 -- Total VICI Properties 17 MSAs 28 Properties 12 States 46,547 1,900 838 32,595 1,868 17,962 Golf Courses Cascata Golf Course Boulder City, NV 37 -- -- -- -- -- Rio Secco Golf Course Henderson, NV 30 -- -- -- -- -- Grand Bear Golf Course Saucier, MS 5 -- -- -- -- -- Chariot Run Golf Course Laconia, IN 5 -- -- -- -- -- 19
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VICI Q3 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms 1. Regional Master Lease consists of 17 Caesars properties leased from VICI and the Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah’s Las Vegas. 2. Cash rent amounts are presented prior to accounting for the portion of rent payable to the 20% JV partner at Harrah’s Joliet. After adjusting for the portion of rent payable to the 20% JV partner, Current Annual Cash Rent is $631.7 million. 3. Rent adjustments in the Regional Master Lease and Las Vegas Master Lease occur in lease years based on a lease commencement date of October 6, 2017. 4. Upon the consummation of the Eldorado Transaction, the Caesars Lease Agreements were extended such that each lease has a full 15-year initial lease term from the date of consummation. Regional Master Lease and Joliet Lease1 Las Vegas Master Lease1 Margaritaville Bossier City Lease Greektown Lease Tenant Caesars Entertainment Caesars Entertainment Penn National Gaming Penn National Gaming Current Annual Cash Rent $640.0 Million2 $402.6 Million $23.5 Million $51.3 Million Current Lease Year Nov. 1, 2020 – Oct. 31, 2021 Lease Year 4 Nov. 1, 2020 – Oct. 31, 2021 Lease Year 4 Feb. 1, 2021 – Jan. 31, 2022 Lease Year 3 June 1, 2021 – May 31, 2022 Lease Year 3 Annual Escalator 1.5% in years 2-5 >2% / change in CPI thereafter, subject to 2% floor >2% / change in CPI, subject to 2% floor 2% for Building Base Rent ($17.2 Million) 2% for Building Base Rent ($42.8 Million) Coverage Floor None None Net Revenue to Rent Ratio: 6.1x beginning in year 2 Net Revenue to Rent Ratio to be mutually agreed upon prior to the commencement of lease year 4 Rent Adjustment3 Year 8: 70% Base / 30% Variable Year 11 & 16: 80% Base / 20% Variable Year 8, 11 & 16: 80% Base / 20% Variable Percentage (Variable) Rent adjusts every 2 years beginning in year 3 Percentage (Variable) Rent adjusts every 2 years beginning in year 3 Variable Rent Adjustment Mechanic3 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 4% of the average net revenues for trailing 2-year period less threshold amount 4% of the average net revenues for trailing 2-year period less threshold amount Term 18-year initial term with four 5-year renewal options4 15-year initial term with four 5-year renewal options Guarantor Caesars Entertainment, Inc. Caesars Entertainment, Inc. Penn National Gaming Penn National Gaming Capex $405.2mm (together with CPLV) required over rolling 3-year period at $114.5mm minimum per year ($311mm allocated to regional assets, $84mm allocated to CPLV, and $10.2mm allocated by the tenant) CPLV: $84mm (included in the $405.2mm required under Regional Master Lease) over rolling 3-year period HLV: $171mm between 2017 and 2021; Capex at 1% of net revenue thereafter Minimum 1% of Net Revenue based on a four-year average Minimum 1% of Net Revenue based on a four-year average 20
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VICI Q3 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) 1. As amended on October 4, 2021. Commencing April 1, 2022, rent will increase by $1.8 million in connection with the funding of a new gaming patio amenity at JACK Thistledown Racino. 2. Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. 3. With respect to Lease Year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Caesars Southern Indiana Lease will provide for the use of 2019 net revenues, pro rated for the period of such closure. 4. Minimum of $30 million includes amounts spent on the gaming patio amenity at JACK Thistledown Racino, gaming equipment and the May Company Garage from the period commencing April 1, 2019 until December 31, 2022. 21 Hard Rock Cincinnati Lease Century Master Lease JACK Cleveland / Thistledown Master Lease1 Caesars Southern Indiana Lease Tenant Hard Rock Entertainment Century Casinos JACK Entertainment Eastern Band of Cherokee Indians Current Annual Cash Rent $44.0 Million $25.3 Million $65.9 Million1 $32.5 Million Current Lease Year Oct. 1, 2021 – Sept. 30, 2022 Lease Year 3 Jan. 1, 2020 – Dec. 31, 2021 Lease Year 2 Feb. 1, 2021 – Jan. 31, 2022 Lease Year 2 Sept. 3, 2021 – Aug. 31, 2022 Lease Year 1 Annual Escalator 1.5% in years 2-4 > 2.0% / CPI thereafter 1.0% in years 2-3 > 1.25% / CPI thereafter 1.0% in years 3 1.5% in years 4-6 > 1.5% / CPI thereafter (capped at 2.5%) 1.5% in years 2-5 >2% / change in CPI thereafter Coverage Floor None2 Net Revenue to Rent Ratio: 7.5x beginning in year 6 None None Rent Adjustment Year 8: 80% Base (subject to escalator) / 20% Variable Year 8 & 11: 80% Base (subject to escalator) / 20% Variable None Year 8 & 11: 80% Base (subject to escalator) / 20% Variable Variable Rent Adjustment Mechanic 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Year 11: Avg. of years 8-10 less avg. of years 5-7 None 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-23 Year 11: Avg. of years 8-10 less avg. of years 5-7 Term Initial term of 15-years with four 5-year renewals Initial term of 20 years with three 5-year renewals 15-year initial term with four 5-year renewals Guarantor Seminole Hard Rock Entertainment, Inc. Century Casinos, Inc. Rock Ohio Ventures LLC Eastern Band of Cherokee Indians Capex Minimum 1% of Net Revenues Minimum 1% of Net Revenue on a rolling three-year basis for each individual facility; 1% of Net Gaming Revenue per fiscal year for the facilities collectively Initial minimum of $30 million in first 3 years; 1% of Net Revenues beginning in lease year 4, based on a rolling three-year basis4 1% of annual Net Revenue
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VICI Q3 2021 Supplemental Financial & Operating Data Recently Announced Transaction Activity 1. On August 4, 2021, VICI entered into definitive agreements to acquire MGM Growth Properties’ 15 property portfolio for total consideration of $17.2 billion, subject to regulatory approvals, approval by the stockholders of the Company, and customary closing conditions. 2. Starting rent under the MGM Master Lease (including MGP's pending acquisition of MGM Springfield) and pro rata share of current rent from BREIT JV. 3. On March 2, 2021, VICI entered into definitive agreements to acquire from Las Vegas Sands Corp. all of the land and real estate assets associated with the Venetian Resort for $4.0 billion in cash. An affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. has agreed to acquire the operating assets of the Venetian Resort for $2.25 billion, subject to customary closing conditions and regulatory approvals. 4. On September 3, 2020, VICI and Caesars entered into definitive agreements to sell Harrah’s Louisiana Downs for $22 million to a third party. The proceeds of the transaction shall be split ~$5.5 million to VICI and ~$16.5 million to Caesars. The annual rent payments under the Regional Master Lease will remain unchanged following completion of the disposition. The disposition is subject to customary closing conditions and regulatory approvals. ($ in millions, unless otherwise noted) Property / Target Announcement Date Status Rent Yield Purchase Price / Sale Proceeds Tenant Pending Acquisitions MGM Growth Properties’ Portfolio1 (Various) $1,009.02 N/A ~$17.2 billion Expected H1 2022 MGM Resorts International Harrah’s Louisiana Downs4 (Bossier City, LA) 9/3/2020 No Change to Rent under Regional Master Lease N/A ~$5.5In Progress N/A Pending Dispositions 22 8/4/2021 Venetian Resort and Venetian Expo3 (Las Vegas, NV) 3/3/2021 $250.0 6.25% $4,000.0 Expected Q1 2022 Affiliates of Apollo Global Management, Inc.
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VICI Q3 2021 Supplemental Financial & Operating Data Investment & Capital Markets Activities ($ in millions) Financing Activities Repaid Secured Term Loan B Facility • On September 15, 2021, repaid in full the $2.1 billion Term Loan B facility and terminated related swap agreements Unsecured Notes Offering of $2,500 million • On February 5, 2020, issued $750 million 5-Year Notes at 3.500%, $750 million 7-Year Notes at 3.750% and $1,000 million 10.5-Year Notes at 4.125% and redeemed in full the $498 million Second Lien Secured Notes on February 20, 2020 Inaugural Unsecured Notes Offering of $2,250 million • On November 26, 2019, issued $1,000 million 7-Year Notes at 4.250% and $1,250 million 10-Year Notes at 4.625% and prepaid the $1,550 million CPLV CMBS debt $3,393 million Follow-On Equity Offering at $29.50 per share • On September 14, 2021, issued 65.0 million shares with the remaining 50.0 million shares to be issued upon settlement of the forward sale agreements $2,001 million Follow-On Equity Offering at $29.00 per share • On March 3, 2021, offered 69.0 million shares to be issued upon settlement of the forward sale agreements $662 million Follow-On Equity Offering at $22.15 per share • On June 19, 2020, offered 29.9 million shares to be issued upon settlement of the forward sale agreement • On September 9, 2021, settled the remaining 26.9 million shares of the forward sales agreement Debt Capital Markets Equity Capital Markets Harrah’s New Orleans Harrah’s Atlantic City Harrah’s Laughlin 6/24/2019 $154.0 11.8x / 8.4% $1,823.0 CPLV and HLV Lease Modifications 7/20/2020 Caesars Entertainment 6/24/2019 $98.5 14.3x / 7.0% $1,404.07/20/2020 Caesars Entertainment Caesars Forum Mortgage Loan 6/15/2020 $30.8 7.7% $400.09/18/2020 Caesars Entertainment Chelsea Piers New York – 8/31/2020 $4.6 7.0% $65.03 Chelsea Piers Recently Completed Dispositions Harrah’s Reno 1/15/2020 N/A $31.19/30/2020 N/A No Change to Rent under Regional Master Lease 1. Annual rent payments under the Regional Master Lease with Caesars were commensurately reduced by $32.5 million upon the consummation of this transaction. 2. Expect to fund the entire $79.5 million commitment by mid-2022. As of September 30, 2021, $19.2mm has been disbursed. 3. Loan includes $65 million initial term loan and a $15 million delayed draw term loan at borrower’s option. Bally’s Atlantic City 4/24/2020 No Change to Rent under Regional Master Lease N/A $19.011/18/2020 N/A Great Wolf Mezzanine Loan 7/20/2021 6/16/2021 $1.52 8.0% $79.52 Great Wolf Resorts Caesars Southern Indiana 12/24/2020 $32.51 N/A N/A9/3/2021 Eastern Band of Cherokee Indians Property / Loan Announcement Date Closing Date Rent / Income Multiple / Cap Rate / Yield Price / Proceeds / Loan Size Tenant / Borrower Recently Completed Transactions 23
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VICI Q3 2021 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 70 110 100 110 60 28 61 -- 210 -- -- # of Slots 940 1,120 980 1,070 780 1,710 2,070 -- 2,200 -- -- # of Rooms 2,810 3,450 2,920 2,520 2,250 -- -- -- -- -- -- Highlights • Opportunity to expand presence on Las Vegas Strip and potential to diversify tenant base • Highly attractive Indianapolis market with the potential for growth from table games • Bolsters Las Vegas asset base with newly built, world class convention center • Furthers geographic diversification with urban core real estate • Iconic experiential asset with diverse revenue streams expands VICI’s investment universe • Geographical diversification with a new asset in a recently legalized state with limited casino licenses Terms • Two ROFRs on Las Vegas Strip assets to be sold by Caesars (whether as a “WholeCo” or “OpCo/PropCo” sale) – First asset can only be Bally's, Flamingo, Paris or Planet Hollywood – Second asset can be from the same group plus The LINQ • Terms subject to negotiation • 13.0x call / 12.5x put, commencing on Jan. 1, 2022 and expiring on Dec. 31, 2024 • 13.0x put from Jan. 1, 2024 to Dec. 31, 2024 • 13.0x call from Sept. 18, 2025 to Dec. 31, 2026 • Terms subject to negotiation • Agreement with Chelsea Piers for the life of the loan, subject to a minimum of 5 years, that could lead to a longer- term financing partnership in the future • ROFR on a sale leaseback of the real estate related to the development of a new casino resort in Danville, VA Put / Call Agreements Two Las Vegas Strip ROFRs Horseshoe Baltimore ROFR1 First Asset Second Asset 1. Subject to any consent required from Caesars’ joint venture partners with respect to Horseshoe Baltimore. Chelsea Piers New York Caesars Virginia ROFR 24
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VICI Q3 2021 Supplemental Financial & Operating Data 25 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 define FFO as net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other non-recurring, non-cash transactions (such as non cash gain upon lease modification) and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing. We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense and interest income (collectively, interest expense, net) and income tax expense. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.