VICI Properties (VICI) investor relations material

Investment highlights and business model

• Owns a large, high-quality portfolio of gaming, hospitality, wellness, entertainment, and leisure properties, with 100% occupancy and over $4.0Bn in annual revenue as of March 2026.

• Demonstrated significant growth since 2017, with ~$40Bn in investments and 386% adjusted EBITDA growth.

• Triple net lease model with sector-leading contractual rent escalation and 87% of rent roll CPI-linked by 2035.

• 77% of rent roll comes from publicly reporting operators, providing transparency and credit quality.

• Investment grade ratings from Fitch, Moody's, and S&P, and S&P 500 inclusion since June 2022.

Portfolio and tenant diversification

• Portfolio includes 61 gaming and 39 experiential properties across 26 states and 1 Canadian province.

• Largest owner of hotel room real estate and privately-owned meeting, convention, and event space in the US.

• Major tenants include MGM, Caesars, Venetian, Hard Rock, and others, with 88% of rent roll having parent guarantees and 82% with master lease protection.

• Tenants continue to invest in assets, with recent large-scale renovations and new developments, often co-funded by VICI.

• Owns 11 trophy assets on the Las Vegas Strip, including ~43,600 hotel rooms and ~6.9MM SF of convention space.

Growth and investment strategy

• Focuses on external growth through acquisitions, the Partner Property Growth Fund, and Experiential Credit Solutions.

• Investment framework prioritizes low cyclicality, compelling place-based experiences, and high barriers to entry.

• Provides experiences across all life stages, from youth sports to wellness and retirement destinations.

• Recent investments include a $1.5Bn mezzanine loan for One Beverly Hills and acquisition of Canadian gaming assets.

• Embedded growth pipeline through call rights, ROFR/ROFO agreements, and financing partnerships in both gaming and experiential sectors.