VICI Properties (VICI) Investor presentation summary

Investment highlights and business model

• Owns a large, high-quality portfolio of gaming, hospitality, wellness, entertainment, and leisure properties, with 103 assets and 16 tenants across North America.

• Demonstrated ~$40Bn in investments since 2017, with consistent 100% rent collection and a current 100% occupancy rate.

• Triple net lease model with sector-leading contractual rent escalation, including 45% of rent roll CPI-linked in 2026E and 88% by 2035E.

• Investment grade balance sheet, S&P 500 inclusion, and strong tenant transparency through regulatory reporting.

Portfolio and tenant diversification

• Portfolio includes 63 gaming and 40 experiential properties in 26 states, 1 U.S. territory, and 1 Canadian province.

• Largest owner of hotel rooms and privately-owned meeting/convention space in the U.S., with ~66,000 hotel rooms and ~6.9MM SF of meeting space.

• Major tenants include Caesars, MGM Resorts, and The Venetian, with long weighted average lease terms and 100% occupancy.

• Tenants continue to invest in properties, with recent large-scale renovations and upgrades at flagship assets.

Growth strategy and financial performance

• Focused on external growth through acquisitions, development partnerships, and experiential credit solutions.

• Delivered ~404% adjusted EBITDA growth since 2017, with annualized Q2 2026 adjusted EBITDA of $3,478MM.

• Consistent annual dividend increases, targeting a 75% AFFO payout ratio and an 8-year dividend CAGR of 6.1%.

• Among the largest U.S. REIT dividend payers, with $2.0Bn in expected 2026 dividends.