# EDGAR Filing Document

**Accession Number:** 0001920791
**File Stem:** 0001705696-25-000106
**Filing Date:** 2025-7
**Character Count:** 121394
**Document Hash:** 2ac8eb8fa8d448c71fd0a8b37838bed3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001705696-25-000106.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001705696-25-000106

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICI PROPERTIES INC.
- **CENTRAL INDEX KEY:** 0001705696
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 814177147
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38372
- **FILM NUMBER:** 251167253

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE,  28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (646) 949-4631

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE,  28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICI Properties L.P.
- **CENTRAL INDEX KEY:** 0001920791
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 352576503
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-264352-01
- **FILM NUMBER:** 251167254

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE, 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (646) 949-4631

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE, 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'? vici-20250730

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

__________________________________________________

**FORM 8-K** 

__________________________________________________

**CURRENT REPORT PURSUANT TO**

**SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): July 30, 2025** 

__________________________________________________

**VICI Properties Inc.** 

**VICI Properties L.P.** 

**(Exact Name of Registrant as Specified in its Charter)** 

__________________________________________________

---

| | | |
|:---|:---|:---|
| **Maryland (VICI Properties Inc.)** | **001-38372** | **81-4177147** |
| **Delaware (VICI Properties L.P.)** | **333-264352-01** | **35-2576503** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**535 Madison Avenue, 28**<sup>th</sup> **Floor** 

**New York, New York 10022** 

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's telephone number, including area code: (646) 949-4631** 

**Not Applicable** 

**(Former Name or Former Address, if Changed Since Last Report)** 

__________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common stock, $0.01 par value | VICI | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

VICI Properties Inc. ☐ Emerging growth company <br> VICI Properties L.P. ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

VICI Properties Inc. ☐ <br> VICI Properties L.P. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On July 30, 2025, VICI Properties Inc. (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2025, and made available supplemental financial and operating information concerning the Company as of June 30, 2025. A copy of the press release and a copy of this supplemental information are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

The disclosure contained in Item 2.02 is incorporated herein by reference.

The information included in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of the information included in Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) &nbsp;&nbsp;&nbsp;&nbsp;*Exhibits*

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| <u>[99.1](viciq22025earningsrelease.htm)</u> | <u>[Press Release, dated](viciq22025earningsrelease.htm)[July](viciq22025earningsrelease.htm)[30, 2025](viciq22025earningsrelease.htm)</u> |
| <u>[99.2](vici2q25financialsupplem.htm)</u> | <u>[Supplemental Financial & Operating Data,](vici2q25financialsupplem.htm)[Second](vici2q25financialsupplem.htm)[Quarter Ended](vici2q25financialsupplem.htm)[June 30](vici2q25financialsupplem.htm)[, 2025](vici2q25financialsupplem.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **VICI PROPERTIES INC.** | **VICI PROPERTIES INC.** |
| Date: July 30, 2025 | By: | <u>/s/ SAMANTHA S. GALLAGHER</u> |
|  |  | Samantha S. Gallagher |
|  |  | Executive Vice President, General Counsel and Secretary |
|  | **VICI PROPERTIES L.P.** | **VICI PROPERTIES L.P.** |
| Date: July 30, 2025 | By: | <u>/s/ SAMANTHA S. GALLAGHER</u> |
|  |  | Samantha S. Gallagher |
|  |  | Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**VICI PROPERTIES INC. ANNOUNCES SECOND QUARTER 2025 RESULTS**

*- Increased Investment Related to Development of One Beverly Hills by $150.0 Million -*

*- Raises Guidance for Full Year 2025 -*

**NEW YORK, NY – July 30, 2025** – VICI Properties Inc. (NYSE: VICI) ("VICI Properties", "VICI" or the "Company"), an experiential real estate investment trust, today reported results for the quarter ended June 30, 2025. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.

**Second Quarter 2025 Financial and Operating Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues increased 4.6% year-over-year to $1.0 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common stockholders increased 16.7% year-over-year to $865.1 million and, on a per share basis, increased 15.1% year-over-year to $0.82 due to the impact of the change in the CECL allowance for the quarter ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AFFO attributable to common stockholders increased 6.4% year-over-year to $630.2 million and, on a per share basis, increased 4.9% year-over-year to $0.60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into an agreement to provide up to $510.0 million of development funds pursuant to a delayed draw term loan facility for the development of the North Fork Mono Casino & Resort located near Madera, California, which will be developed and managed by affiliates of Red Rock Resorts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued $1.3 billion of investment grade senior unsecured notes to refinance existing debt approaching maturity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased the Company's investment into a mezzanine loan related to the development of One Beverly Hills by $150.0 million for a total commitment of $450.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ended the quarter with $233.0 million in cash and cash equivalents and $621.5 million of estimated forward sale equity proceeds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised AFFO guidance for full year 2025 to between $2,500 million and $2,520 million, or between $2.35 and $2.37 per diluted share

**CEO Comments**

Edward Pitoniak, Chief Executive Officer of VICI Properties, said, "In the second quarter of 2025, we increased our quarterly revenue by 4.6% and our quarterly AFFO per share by nearly 5% year-over-year, reflecting the efficient flow-through of our business model. The strength of our internal growth from contractual rent escalations coupled with investment activity across new and existing partnerships continues to support our earnings growth. During the second quarter, we initiated a partnership with Red Rock Resorts related to the development of the North Fork Mono Casino & Resort near Madera, California, and we expanded our investment with Cain International and Eldridge Industries related to the development of One Beverly Hills. We also refinanced senior unsecured debt coming due in the second quarter at a blended yield of 5.34%, including the impact of our hedging program, underscoring the importance VICI places on situational readiness in protecting and advancing the compounding nature of our business model."

------

**Second Quarter 2025 Financial Results**

*Total Revenues* 

Total revenues were $1.0 billion for the quarter, an increase of 4.6% compared to $957.0 million for the quarter ended June 30, 2024. Total revenues for the quarter included $130.0 million of non-cash leasing and financing adjustments and $19.5 million of other income.

*Net Income Attributable to Common Stockholders* 

Net income attributable to common stockholders was $865.1 million for the quarter, or $0.82 per share, compared to $741.3 million, or $0.71 per share, for the quarter ended June 30, 2024. The year-over-year increase in net income was driven, on an absolute basis, by the $99.0 million aggregate change in the CECL allowance from the quarter ended June 30, 2024 to the quarter ended June 30, 2025.

*Funds from Operations ("FFO")*

FFO attributable to common stockholders was $865.1 million for the quarter, or $0.82 per share, compared to $741.3 million, or $0.71 per share, for the quarter ended June 30, 2024. The year-over-year increase in FFO was driven, on an absolute basis, by the $99.0 million aggregate change in the CECL allowance from the quarter ended June 30, 2024 to the quarter ended June 30, 2025.

*Adjusted Funds from Operations ("AFFO")*

AFFO attributable to common stockholders was $630.2 million for the quarter, an increase of 6.4% compared to $592.4 million for the quarter ended June 30, 2024. AFFO per share was $0.60 for the quarter, an increase of 4.9% compared to $0.57 for the quarter ended June 30, 2024.

**Second Quarter 2025 Investment Activity**

*Investment Activity*

On April 4, 2025, the Company provided a commitment of up to $510.0 million of a $725.0 million delayed draw term loan facility (the "Term Loan Arrangement") to the North Fork Rancheria Economic Development Authority, a wholly owned entity of the North Fork Rancheria of Mono Indians of California. Proceeds from the Term Loan Arrangement will be used for the development of the North Fork Mono Casino & Resort ("North Fork") located near Madera, California, which will be developed and managed by affiliates of Red Rock Resorts, Inc. (NASDAQ: RRR) ("Red Rock Resorts"). Upon completion, North Fork is expected to feature approximately 2,400 slot machines, 40 table games, two restaurants, three bars, a food hall and a small retail offering. This transaction marks the Company's first investment with Red Rock Resorts, a premier gaming, development, and management company with extensive experience in regional gaming and entertainment, including Native American gaming development and management. The Term Loan Arrangement consists of a $340.0 million Term Loan A, of which the Company has committed up to $125.0 million, and a $385.0 million Term Loan B, of which the Company has committed up to the full $385.0 million, for a total VICI commitment of up to $510.0 million. The Term Loan A has a term of five years and the Term Loan B has a term of six years.

On June 23, 2025, the Company increased its investment into a mezzanine loan related to the development of One Beverly Hills, a landmark 17.5-acre luxury mixed-use development located in Beverly Hills, California, by $150.0 million for a total commitment

------

of $450.0 million, concurrent with a commensurate increase in the total size of the mezzanine loan. This incremental investment follows the Company's announcement on February 19, 2025 of the establishment of a strategic relationship with Cain International and Eldridge Industries dedicated to investing in high-growth, experience-driven real estate, pursuant to a non-binding letter of intent, which launched with the Company's initial $300.0 million investment into the One Beverly Hills development mezzanine loan. The mezzanine loan has an initial maturity in March 2026 and has one 12-month extension option subject to certain conditions.

**Second Quarter 2025 and Subsequent Capital Markets Activity** 

On April 7, 2025, VICI Properties L.P., a subsidiary of the Company, issued notes comprised of (i) $400.0 million in aggregate principal amount of 4.750% senior notes due 2028 and (ii) $900.0 million in aggregate principal amount of 5.625% senior notes due 2035 (the "April 2025 Notes"). The weighted average interest rate for the April 2025 Notes is 5.356%, and the adjusted weighted-average interest rate, after taking into account the impact of forward-starting interest rate swaps and treasury locks, is 5.342%. The Company used the net proceeds of the April 2025 Notes offering to redeem its then-outstanding (i) $500.0 million in aggregate principal amount of 4.375% senior notes due May 2025, (ii) $799.4 million in aggregate principal amount of 4.625% senior exchange notes due June 2025, and (iii) $0.6 million in aggregate principal amount of 4.625% senior notes due June 2025.

Subsequent to quarter-end, on July 1, 2025, the Company physically settled 9,662,116 shares under an outstanding forward sale agreement in exchange for total net settlement proceeds of approximately $296.0 million.

Subsequent to quarter-end, on July 2, 2025, the Company repaid $175.0 million of the outstanding USD balance on its revolving credit facility.

The following table details the issuance of outstanding shares of common stock, including restricted common stock:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**Common Stock Outstanding** | **2025** | **2024** |
| **Beginning Balance January 1,** | 1056366685 | 1042702763 |
| Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures | 339078 | 468980 |
| **Ending Balance June 30,** | 1056705763 | 1043171743 |

---

The following table reconciles the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ***<u>(In thousands)</u>*** | **2025** | **2024** | **2025** | **2024** |
| **Determination of shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average shares of common stock outstanding | 1056223 | 1042651 | 1056118 | 1042530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed conversion of restricted stock | 669 | 309 | 530 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed settlement of forward sale agreements | 379 |  | 204 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted-average shares of common stock outstanding | 1057271 | 1042960 | 1056852 | 1043138 |

---

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**Balance Sheet and Liquidity**

As of June 30, 2025, the Company had approximately $17.3 billion in total debt and approximately $3.0 billion in liquidity, comprised of $233.0 million in cash and cash equivalents, $621.5 million of estimated net proceeds available upon physical settlement of 19,851,372 shares outstanding under its forward sale agreements, and approximately $2.2 billion of availability under its revolving credit facility. Following the forward settlement and revolving credit facility paydown subsequent to quarter-end, the Company had 10,189,256 forward shares outstanding for approximately $325.6 million in estimated net proceeds available upon settlement and approximately $2.4 billion of availability under its revolving credit facility. In addition, the Company's revolving credit facility includes the option to (i) increase the revolving loan commitments by up to $1.0 billion, and (ii) add one or more tranches of term loans of up to $2.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.

The Company's outstanding indebtedness as of June 30, 2025 was as follows:

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| | |
|:---|:---|
| ***($ in millions USD)*** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;Revolving Credit Facility  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD Borrowings | $175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;CAD Borrowings <sup>(1)</sup> | 128.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;GBP Borrowings <sup>(1)</sup> | 19.9 |
| &nbsp;&nbsp;&nbsp;4.500% Notes Due 2026 | 500.0 |
| &nbsp;&nbsp;&nbsp;4.250% Notes Due 2026 | 1250.0 |
| &nbsp;&nbsp;&nbsp;5.750% Notes Due 2027 | 750.0 |
| &nbsp;&nbsp;&nbsp;3.750% Notes Due 2027 | 750.0 |
| &nbsp;&nbsp;&nbsp;4.500% Notes Due 2028 | 350.0 |
| &nbsp;&nbsp;&nbsp;4.750% Notes Due 2028 | 1250.0 |
| &nbsp;&nbsp;&nbsp;4.750% Notes Due 2028 | 400.0 |
| &nbsp;&nbsp;&nbsp;3.875% Notes Due 2029 | 750.0 |
| &nbsp;&nbsp;&nbsp;4.625% Notes Due 2029 | 1000.0 |
| &nbsp;&nbsp;&nbsp;4.950% Notes Due 2030 | 1000.0 |
| &nbsp;&nbsp;&nbsp;4.125% Notes Due 2030 | 1000.0 |
| &nbsp;&nbsp;&nbsp;5.125% Notes Due 2031 | 750.0 |
| &nbsp;&nbsp;&nbsp;5.125% Notes Due 2032 | 1500.0 |
| &nbsp;&nbsp;&nbsp;5.750% Notes Due 2034 | 550.0 |
| &nbsp;&nbsp;&nbsp;5.625% Notes Due 2035 | 900.0 |
| &nbsp;&nbsp;&nbsp;5.625% Notes Due 2052 | 750.0 |
| &nbsp;&nbsp;&nbsp;6.125% Notes Due 2054 | 500.0 |
| Total Unsecured Debt Outstanding | $14273.5 |
| &nbsp;&nbsp;&nbsp;CMBS Debt Due 2032 | $3000.0 |
| Total Debt Outstanding | $17273.5 |
| Cash and Cash Equivalents | $233.0 |
| Net Debt | $17040.5 |

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___________________

*(1) Based on applicable exchange rates as of June 30, 2025.*

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**Dividends**

On June 5, 2025, the Company declared a regular quarterly cash dividend of $0.4325 per share. The Q2 2025 dividend was paid on July 10, 2025 to stockholders of record as of the close of business on June 18, 2025 and totaled in aggregate approximately $456.9 million.

**2025 Guidance**

The Company is raising its AFFO guidance for the full year 2025. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in the United States ("GAAP") financial measure. In reliance on the exception provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 AFFO to GAAP net income because we are 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 and, as disclosed in our historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company's reported GAAP results. For more information, see "Non-GAAP Financial Measures."

The Company estimates AFFO for the year ending December 31, 2025 will be between $2,500 million and $2,520 million, or between $2.35 and $2.37 per diluted common share. Guidance does 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 2025 guidance:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Updated Guidance** | **Updated Guidance** | **Prior Guidance** | **Prior Guidance** |
|<br>**For the Year Ending December 31, 2025:** | **Low** | **High** | **Low** | **High** |
| Estimated Adjusted Funds From Operations (AFFO) *(in millions)* | $2500 | $2520 | $2470 | $2500 |
| Estimated Adjusted Funds From Operations (AFFO) per diluted share | $2.35 | $2.37 | $2.33 | $2.36 |
| Estimated Weighted Average Share Count for the Year *(in millions)* | 1062.4 | 1062.4 | 1058.6 | 1058.9 |

---

The above per share estimates reflect the dilutive effect of the 10,189,256 shares currently pending under the Company's outstanding forward sale agreements, as calculated under the treasury stock method. VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock.

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 release. 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.

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**Supplemental Information**

In addition to this release, the Company has furnished Supplemental Financial Information, which is available on our website in the "Investors" section, under the menu heading "Financials". This additional information is being provided as a supplement to the information in this release and our other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company's portfolio, capital structure or future expectations, except as may be required by applicable law.

**Conference Call and Webcast**

The Company will host a conference call and audio webcast on Thursday, July 31, 2025 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing +1 833-470-1428 (domestic) or +1 929-526-1599 (international) and entering the conference ID 232051. An audio replay of the conference call will be available from 1:00 p.m. ET on July 31, 2025 until midnight ET on August 7, 2025 and can be accessed by dialing +1 866-813-9403 (domestic) or +44 204-525-0658 (international) and entering the passcode 180961.

A live audio webcast of the conference call will be available in listen-only mode through the "Investors" section of the Company's website, www.viciproperties.com, on July 31, 2025, beginning at 10:00 a.m. ET. A replay of the webcast will be available shortly after the call on the Company's website and will continue for one year.

**About VICI Properties**

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, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain International, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

**Forward-Looking Statements**

This press release 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," "projects," "can," "could," "may," "should," "will," "would," and similar expressions that do not relate to historical matters. 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 which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among

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those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer confidence levels, and unemployment levels, and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of "same store" capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; our borrowers' ability to repay their outstanding loan obligations to us; our dependence on the gaming industry; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors' historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all), 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; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, 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 completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, political and public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties, or in areas where our properties are located, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time,

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including our reliance on distributions received from our subsidiaries, including VICI Properties OP LLC, to make such distributions to our stockholders; 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.

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, 2024, 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.

**Non-GAAP Financial Measures**

This press release presents 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.

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 change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment 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 gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions 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 (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), current income tax expense and adjustments attributable to non-controlling interests.

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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.

Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release.

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**VICI Properties Inc.**

**Consolidated Balance Sheets**

*(In thousands)*

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| ***Assets*** | | |
| &nbsp;&nbsp;&nbsp;Real estate portfolio: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in leases - sales-type, net | $23686926 | $23581101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in leases - financing receivables, net | 18577584 | 18430320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in loans and securities, net | 2369049 | 1651533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | 149787 | 150727 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 232983 | 524615 |
| &nbsp;&nbsp;&nbsp;Other assets | 1037694 | 1030644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $46054023 | $45368940 |
| ***Liabilities*** |  |  |
| &nbsp;&nbsp;&nbsp;Debt, net | $16922273 | $16732889 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and deferred revenue | 219814 | 217956 |
| &nbsp;&nbsp;&nbsp;Dividends and distributions payable | 462113 | 461954 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 1005711 | 1004340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18609911 | 18417139 |
| ***Stockholders' equity*** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 10567 | 10564 |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 24515601 | 24515417 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 136107 | 144574 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2362176 | 1867400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total VICI stockholders' equity | 27024451 | 26537955 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 419661 | 413846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 27444112 | 26951801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $46054023 | $45368940 |

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_______________________________________________________

*Note: As of June 30, 2025 and December 31, 2024, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of allowance for credit losses of $817.6 million, $751.6 million, $40.8 million and $21.3 million, respectively, and $802.7 million, $737.1 million, $25.0 million and $20.6 million, respectively.*

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**VICI Properties Inc.**

**Consolidated Statement of Operations**

*(In thousands, except share and per share data)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Revenues*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from sales-type leases | $530348 | $512289 | $1058952 | $1025061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from lease financing receivables, loans and securities | 440260 | 413735 | 866740 | 823036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 19536 | 19323 | 39049 | 38635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Golf revenues | 11190 | 11656 | 20797 | 21752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1001334 | 957003 | 1985538 | 1908484 |
| ***Operating expenses*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 14561 | 15768 | 29421 | 31960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 741 | 992 | 1737 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 19536 | 19323 | 39049 | 38635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Golf expenses | 6619 | 6813 | 12971 | 13324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses | (142001) | (43000) | 44956 | 63918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and acquisition expenses | 7434 | 259 | 7479 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (93110) | 155 | 135613 | 150526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (213797) | (205777) | (423048) | (410659) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2293 | 3926 | 5990 | 9219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other gains | 992 | 990 | 874 | 834 |
| Income before income taxes | 883932 | 755987 | 1433741 | 1357352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (5564) | (3234) | (3108) | (4796) |
| Net income | 878368 | 752753 | 1430633 | 1352556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interests | (13289) | (11451) | (21947) | (21238) |
| Net income attributable to common stockholders | $865079 | $741302 | $1408686 | $1331318 |
| ***Net income per common share*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.82 | $0.71 | $1.33 | $1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.82 | $0.71 | $1.33 | $1.28 |
| ***Weighted average number of common shares outstanding*** | ***Weighted average number of common shares outstanding*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 1056222836 | 1042650713 | 1056118206 | 1042530017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1057270580 | 1042959627 | 1056852269 | 1043137980 |

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**VICI Properties Inc.**

**Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA**

*(In thousands, except share and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common stockholders | $865079 | $741302 | $1408686 | $1331318 |
| Real estate depreciation |  |  |  |  |
| **FFO attributable to common stockholders** | **865079** | **741302** | **1408686** | **1331318** |
| Non-cash leasing and financing adjustments | (130022) | (131283) | (262069) | (266949) |
| Non-cash change in allowance for credit losses | (142001) | (43000) | 44956 | 63918 |
| Non-cash stock-based compensation | 4439 | 4579 | 7343 | 8372 |
| Transaction and acquisition expenses | 7434 | 259 | 7479 | 564 |
| Amortization of debt issuance costs and original issue discount | 18743 | 17644 | 37514 | 34153 |
| Other depreciation | 611 | 835 | 1478 | 1681 |
| Capital expenditures | (618) | (633) | (750) | (1065) |
| Other gains <sup>(1)</sup> | (992) | (990) | (874) | (834) |
| Deferred income tax provision | 4048 | 1853 | 72 | 2288 |
| Non-cash adjustments attributable to non-controlling interests | 3457 | 1859 | 2325 | 2150 |
| **AFFO attributable to common stockholders** | **630178** | **592425** | **1246160** | **1175596** |
| Interest expense, net | 192761 | 184207 | 379544 | 367287 |
| Current income tax expense | 1516 | 1381 | 3036 | 2508 |
| Adjustments attributable to non-controlling interests | (2216) | (2140) | (4365) | (4268) |
| **Adjusted EBITDA attributable to common stockholders** | $**822239** | $**775873** | $**1624375** | $**1541123** |
| **Net income per common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.82 | $0.71 | $1.33 | $1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.82 | $0.71 | $1.33 | $1.28 |
| **FFO per common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.82 | $0.71 | $1.33 | $1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.82 | $0.71 | $1.33 | $1.28 |
| **AFFO per common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.60 | $0.57 | $1.18 | $1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.60 | $0.57 | $1.18 | $1.13 |
| **Weighted average number of shares of common stock outstanding** | **Weighted average number of shares of common stock outstanding** | **Weighted average number of shares of common stock outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 1056222836 | 1042650713 | 1056118206 | 1042530017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1057270580 | 1042959627 | 1056852269 | 1043137980 |

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____________________

*(1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels.*

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**VICI Properties Inc.**

**Revenue Breakdown**

*(In thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Contractual income from sales-type leases** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease | $137689 | $137624 | $275378 | $275248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Las Vegas Master Lease | 123855 | 117305 | 247710 | 234610 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Grand/Mandalay Master Bay Lease | 80598 | 79018 | 160142 | 157002 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Venetian Resort Las Vegas Lease | 75545 | 66306 | 149764 | 131325 |
| &nbsp;&nbsp;&nbsp;&nbsp;PENN Greektown Lease | 13301 | 13213 | 26514 | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Master Lease (excluding Century Canadian Portfolio) | 12321 | 10971 | 24642 | 21942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hard Rock Cincinnati Lease | 11864 | 11541 | 23728 | 23082 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBCI Southern Indiana Lease | 8496 | 8371 | 16992 | 16742 |
| &nbsp;&nbsp;&nbsp;&nbsp;PENN Margaritaville Lease | 6696 | 6706 | 13396 | 13382 |
| Income from sales-type leases non-cash adjustment <sup>(1)</sup> | 59983 | 61234 | 120686 | 125302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from sales-type leases** | 530348 | 512289 | 1058952 | 1025061 |
| **Contractual income from lease financing receivables** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Master Lease | 192405 | 188632 | 382278 | 374782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harrah's NOLA, AC, and Laughlin | 43683 | 44477 | 87366 | 88954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hard Rock Mirage Lease | 23409 | 22950 | 46818 | 45900 |
| &nbsp;&nbsp;&nbsp;&nbsp;JACK Entertainment Master Lease | 18039 | 17772 | 35989 | 35457 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNE Gold Strike Lease | 10543 | 10336 | 20947 | 21069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lucky Strike Master Lease | 8098 | 7900 | 16196 | 15800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Gaming Master Lease | 6184 | 6123 | 12368 | 12246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chelsea Piers Lease | 6000 | 6000 | 12000 | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;PURE Master Lease | 4029 | 4024 | 7899 | 8091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Canadian Portfolio | 3181 | 3159 | 6250 | 6365 |
| Income from lease financing receivables non-cash adjustment <sup>(1)</sup> | 70039 | 70103 | 141437 | 141744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from lease financing receivables** | 385610 | 381476 | 769548 | 762408 |
| **Contractual interest income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior secured notes | 2411 | 2403 | 4820 | 4804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior secured loans | 21447 | 9137 | 36304 | 16986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine loans & preferred equity | 31034 | 20773 | 56364 | 38935 |
| Income from loans non-cash adjustment <sup>(1)</sup> | (242) | (54) | (296) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from loans and securities** | 54650 | 32259 | 97192 | 60628 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from lease financing receivables, loans and securities** | 440260 | 413735 | 866740 | 823036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 19536 | 19323 | 39049 | 38635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Golf revenues | 11190 | 11656 | 20797 | 21752 |
| **Total revenues** | $1001334 | $957003 | $1985538 | $1908484 |

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____________________

*(1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP.*

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**Investor Contacts:**

<u>Investors@viciproperties.com</u>

(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

<u>DKieske@viciproperties.com</u>

Moira McCloskey

SVP, Capital Markets

<u>MMcCloskey@viciproperties.com</u>

**LinkedIn:**

<u>www.linkedin.com/company/vici-properties-inc</u> 

**Press Release Category: Financial Results**

## Exhibit 99.2

![](vici2q25financialsupplem001.jpg)

Supplemental Financial & Operating Data Second Quarter Ended June 30, 2025 Exhibit 99.2

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![](vici2q25financialsupplem002.jpg)

2Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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," "projects," "targets," "can," "may," "should," "will," "would," and similar expressions that do not relate to historical matters. 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 which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer confidence levels, and unemployment levels, and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of "same store" capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; our borrowers' ability to repay their outstanding loan obligations to us; our dependence on the gaming industry; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors' historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all) 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; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, 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 completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, political and public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties or in areas where our properties are located, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time, including our reliance on distributions received from our subsidiaries, including VICI Properties OP LLC, to make such distributions to our stockholders; 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. 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, 2024, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission ("SEC"). 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. Tenant, Borrower and Other Company Information The Company makes no representation as to the accuracy or completeness of the information regarding its tenants, including Caesars Entertainment, Inc. ("Caesars"), Century Casinos, Inc. ("Century Casinos"), Chelsea Piers in New York City ("Chelsea Piers"), Cherokee Nation Entertainment, L.L.C. ("CNE"), the Eastern Band of Cherokee Indians ("EBCI"), Foundation Gaming and Entertainment LLC ("Foundation Gaming"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), JACK Ohio LLC ("JACK Entertainment"), Lucky Strike Entertainment ("Lucky Strike"), MGM Resorts International ("MGM"), PENN Entertainment, Inc. ("PENN Entertainment"), an affiliate ("PURE Tenant") of Indigenous Gaming Partners Inc. ("IGP"), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. ("Venetian Las Vegas Tenant"), borrowers and other companies included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC and MGM, as the parent and guarantor of MGM Lessee, LLC, the Company's significant lessees, have been filed with the SEC. Certain financial and other information for our tenants, guarantors, borrowers and other companies 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 and Trademark Information This presentation may contain estimates and information concerning the Company's industry, including market position, rent growth, corporate governance, and other analyses 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 a variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands, trademarks, service marks and logos ("Trademarks") operated at our properties are Trademarks of their respective owners. Their use in this presentation does not imply a relationship or endorsement by the Trademark owners, nor does it suggest any affiliation with or sponsorship by VICI. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation. Any such Trademarks are used only to identify the products and services of their respective owners, and no sponsorship or endorsement on the part of VICI should be inferred from the use of the marks. 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 on page 28 of this presentation. Financial Data Financial information provided herein is as of June 30, 2025 unless otherwise indicated. DISCLAIMERS

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3Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA **TABLE OF CONTENTS** Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statement of Operations……………………………….…………………… 8-9 Non-GAAP Financial Measures…………………………………………………………….. 10-11 Revenue Detail……………………………………………………………………………….. 12-13 Annualized Contractual Rent and Income from Loans………………………………....... 14 2025 Guidance……………………………………………………………………………….. 15 Capitalization & Key Credit Metrics………………………………………………………… 16 Debt Detail……………………………………………………………………………………. 17 Geographic Diversification…………………………………………………………………. 18 Summary of Current Lease Terms…………………………………………………………. 19-22 Recent Investment Activity……..…………………………………………………………… 23 Recent Capital Markets Activity………………………………..…………………………… 24 Gaming Embedded Growth Pipeline………………………………………………………. 25 Other Experiential Embedded Growth Pipeline…..………………………………………. 26 Analyst Coverage…………………………………………………………………………….. 27 Definitions of Non-GAAP Financial Measures…………………………….…………….... 28

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4Q2 2025 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, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long- term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain International, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com. Senior Management Board of Directors Contact Information Edward Pitoniak Chief Executive Officer & Director John Payne President & Chief Operating Officer David Kieske Executive Vice President, Chief Financial Officer & Treasurer Samantha Gallagher Executive Vice President, General Counsel & Secretary Gabriel Wasserman Senior Vice President, Chief Accounting Officer & Managing Director, V.E.C.S. Erin Ferreri Senior Vice President, Finance Moira McCloskey Senior Vice President, Capital Markets James Abrahamson\* Director, Chairman of the Board Diana Cantor\* Director, Audit Committee Chair Monica Douglas\* Director Elizabeth Holland\* Director, Nominating & Governance Committee Chair Craig Macnab\* Director, Compensation Committee Chair Edward Pitoniak Director, Chief Executive Officer Michael Rumbolz\* Director Note: \* Denotes independent director Corporate Headquarters – VICI Properties Inc. 535 Madison Avenue, 28th Floor New York, New York 10022 (646) 949-4631 Public Markets Detail Ticker: VICI Exchange: NYSE Transfer Agent – Computershare 7530 Lucerne Drive, Suite 305 Cleveland, OH 44130 (800) 962-4284 www.computershare.com Website www.viciproperties.com LinkedIn www.linkedin.com/company/vici-properties-inc Investor Relations investors@viciproperties.com

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5Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sept. 30, 2024 Net Income Per Common Share Basic $0.82 $0.51 $0.58 $0.70 Diluted $0.82 $0.51 $0.58 $0.70 Funds From Operations Per Common Share Basic $0.82 $0.51 $0.58 $0.70 Diluted $0.82 $0.51 $0.58 $0.70 Adjusted Funds From Operations Per Common Share Basic $0.60 $0.58 $0.57 $0.57 Diluted $0.60 $0.58 $0.57 $0.57 Net Income Attributable to Common Stockholders $865,079 $543,607 $614,594 $732,898 Adjusted EBITDA Attributable to Common Stockholders $822,239 $802,136 $785,799 $777,995 Annualized Dividend Per Share $1.73 $1.73 $1.73 $1.73 Dividend Yield at Period End 5.3% 5.3% 5.9% 5.2% PORTFOLIO & FINANCIAL HIGHLIGHTS (1) See "Non-GAAP Financial Measures" on pages 10-11 of this presentation for reconciliations and "Definitions of Non-GAAP Financial Measures" on page 28 of this presentation for the definitions of these Non-GAAP Financial Measures. (2) Inclusive of all tenant renewal options based on contractual rent. (3) LQA Net Leverage defined as Total Debt less Cash & Cash Equivalents divided by last quarter annualized ("LQA") Adjusted EBITDA for the quarter ended June 30, 2025. See page 16 of this presentation for more information and reconciliations of this metric. LTM Net Leverage for the period ended June 30, 2025 was 5.3x. ($ amounts in thousands, except share, per share, portfolio and property data) Financial Highlights as of June 30, 2025 Common Shares Outstanding 1,056,705,763 Third-Party Partnership Units Outstanding 13,054,659 Share Price $32.60 Equity Market Capitalization $34,874,190 Total Debt $17,273,519 Cash & Cash Equivalents $232,983 Total Enterprise Value $51,914,726 LQA Net Leverage Ratio(3) 5.2x Summary Capitalization Portfolio Highlights 54 Gaming Properties ~33 Acres of Undeveloped and Underdeveloped Land around the Las Vegas Strip 26 States & 1 Canadian Province 40.2 Year Weighted Average Lease Term as of June 30, 2025(2) 100% Occupancy Rate 13 Tenants with 79% of Rent from Publicly Traded Tenants Moody's S&P Fitch Baa3 / Stable Outlook BBB- / Stable Outlook BBB- / Stable Outlook Credit Ratings (1) (1) (1) 39 Other Experiential Properties 4 Golf Courses

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6Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA June 30, 2025 December 31, 2024 Assets Real estate portfolio: Investments in leases - sales-type, net 23,686,926$23,581,101$ Investments in leases - financing receivables, net 18,577,584 18,430,320 Investments in loans and securities, net 2,369,049 1,651,533 Land 149,787 150,727 Cash and cash equivalents 232,983 524,615 Other assets 1,037,694 1,030,644 Total assets 46,054,023$45,368,940$ Liabilities Debt, net 16,922,273$16,732,889$ Accrued expenses and deferred revenue 219,814 217,956 Dividends and distributions payable 462,113 461,954 Other liabilities 1,005,711 1,004,340 Total liabilities 18,609,911 18,417,139 Stockholders' equity 10,567 10,564 — — Additional paid-in capital 24,515,601 24,515,417 Accumulated other comprehensive income 136,107 144,574 Retained earnings 2,362,176 1,867,400 Total VICI stockholders' equity 27,024,451 26,537,955 Non-controlling interests 419,661 413,846 Total stockholders' equity 27,444,112 26,951,801 Total liabilities and stockholders' equity 46,054,023$45,368,940$ Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,056,705,763 and 1,056,366,685 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at June 30, 2025 and December 31, 2024 CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share and per share data)

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7Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Assets Real estate portfolio: Investments in leases - sales-type, net 23,686,926$23,506,674$23,581,101$23,429,732$ Investments in leases - financing receivables, net 18,577,584 18,455,017 18,430,320 18,410,105 Investments in loans and securities, net 2,369,049 2,036,533 1,651,533 1,550,680 Land 149,787 150,727 150,727 150,727 Cash and cash equivalents 232,983 334,317 524,615 355,667 Other assets 1,037,694 1,042,796 1,030,644 1,021,195 Total assets 46,054,023$45,526,064$45,368,940$44,918,106$ Liabilities Debt, net 16,922,273$16,847,001$16,732,889$16,743,584$ Accrued expenses and deferred revenue 219,814 191,548 217,956 194,201 Dividends and distributions payable 462,113 462,092 461,954 457,977 Other liabilities 1,005,711 1,002,758 1,004,340 999,272 Total liabilities 18,609,911 18,503,399 18,417,139 18,395,034 Stockholders' equity Common stock 10,567 10,567 10,564 10,472 Preferred stock — — — — Additional paid-in capital 24,515,601 24,512,026 24,515,417 24,247,840 Accumulated other comprehensive income 136,107 132,452 144,574 141,705 Retained earnings 2,362,176 1,954,124 1,867,400 1,711,277 Total VICI stockholders' equity 27,024,451 26,609,169 26,537,955 26,111,294 Non-controlling interests 419,661 413,496 413,846 411,778 Total stockholders' equity 27,444,112 27,022,665 26,951,801 26,523,072 Total liabilities and stockholders' equity 46,054,023$45,526,064$45,368,940$44,918,106$ CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands)

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8Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Income from sales-type leases 530,348$512,289$1,058,952$1,025,061$ Income from lease financing receivables, loans and securities 440,260 413,735 866,740 823,036 Other income 19,536 19,323 39,049 38,635 Golf revenues 11,190 11,656 20,797 21,752 Total revenues 1,001,334 957,003 1,985,538 1,908,484 Operating expenses General and administrative 14,561 15,768 29,421 31,960 Depreciation 741 992 1,737 2,125 Other expenses 19,536 19,323 39,049 38,635 Golf expenses 6,619 6,813 12,971 13,324 Change in allowance for credit losses (142,001) (43,000) 44,956 63,918 Transaction and acquisition expenses 7,434 259 7,479 564 Total operating expenses (93,110) 155 135,613 150,526 Interest expense (213,797) (205,777) (423,048) (410,659) Interest income 2,293 3,926 5,990 9,219 Other gains 992 990 874 834 Income before income taxes 883,932 755,987 1,433,741 1,357,352 Provision for income taxes (5,564) (3,234) (3,108) (4,796) Net income 878,368 752,753 1,430,633 1,352,556 Less: Net income attributable to non-controlling interests (13,289) (11,451) (21,947) (21,238) Net income attributable to common stockholders 865,079$741,302$1,408,686$1,331,318$ Net income per common share Basic 0.82$0.71$1.33$1.28$ Diluted 0.82$0.71$1.33$1.28$ Weighted average number of shares of common stock outstanding Basic 1,056,222,836 1,042,650,713 1,056,118,206 1,042,530,017 Diluted 1,057,270,580 1,042,959,627 1,056,852,269 1,043,137,980 Impact to net income related to non-cash change in allowance for credit losses - CECL 142,001$43,000$(44,956)$(63,918)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.13$0.04$(0.04)$(0.06)$ Diluted 0.13$0.04$(0.04)$(0.06)$ CONSOLIDATED STATEMENT OF OPERATIONS ($ amounts in thousands, except share and per share data) (1) (1) Refer to Note 5 – Allowance for Credit Losses within our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. (1)

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9Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Revenues Income from sales-type leases 530,348$528,604$524,691$518,691$ Income from lease financing receivables, loans and securities 440,260 426,480 420,738 419,115 Other income 19,536 19,513 19,472 19,315 Golf revenues 11,190 9,607 11,151 7,548 Total revenues 1,001,334 984,204 976,052 964,669 Operating expenses General and administrative 14,561 14,860 20,691 16,458 Depreciation 741 996 992 1,008 Other expenses 19,536 19,513 19,472 19,315 Golf expenses 6,619 6,352 6,747 6,824 Change in allowance for credit losses (142,001) 186,957 94,428 (31,626) Transaction and acquisition expenses 7,434 45 2,839 1,164 Total operating expenses (93,110) 228,723 145,169 13,143 Interest expense (213,797) (209,251) (208,121) (207,317) Interest income 2,293 3,697 4,079 2,797 Other gains (losses) 992 (118) (189) (64) Income before income taxes 883,932 549,809 626,652 746,942 (Provision for) benefit from income taxes (5,564) 2,456 (2,447) (2,461) Net income 878,368 552,265 624,205 744,481 Less: Net income attributable to non-controlling interests (13,289) (8,658) (9,611) (11,583) Net income attributable to common stockholders 865,079$543,607$614,594$732,898$ Net income per common share Basic 0.82$0.51$0.58$0.70$ Diluted 0.82$0.51$0.58$0.70$ Weighted average number of shares of common stock outstanding Basic 1,056,222,836 1,056,012,414 1,054,993,118 1,046,626,838 Diluted 1,057,270,580 1,056,432,790 1,055,807,977 1,048,338,348 Impact to net income related to non-cash change in allowance for credit losses - CECL 142,001$(186,957)$(94,428)$31,626$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.13$(0.18)$(0.09)$0.03$ Diluted 0.13$(0.18)$(0.09)$0.03$ CONSOLIDATED STATEMENT OF OPERATIONS – QUARTERLY ($ amounts in thousands, except share and per share data) (1) (1) (1) Refer to Note 5 – Allowance for Credit Losses within our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

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10Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA NON-GAAP FINANCIAL MEASURES ($ amounts in thousands, except share and per share data) (1) See definitions of Non-GAAP Financial Measures on page 28 of this presentation. (2) Represents non-cash foreign currency remeasurement adjustments and gain on sale of certain land parcels. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income attributable to common stockholders 865,079$741,302$1,408,686$1,331,318$ Real estate depreciation — — — — Funds From Operations (FFO) attributable to common stockholders (1) 865,079 741,302 1,408,686 1,331,318 Non-cash leasing and financing adjustments (130,022) (131,283) (262,069) (266,949) Non-cash change in allowance for credit losses (142,001) (43,000) 44,956 63,918 Non-cash stock-based compensation 4,439 4,579 7,343 8,372 Transaction and acquisition expenses 7,434 259 7,479 564 Amortization of debt issuance costs and original issue discount 18,743 17,644 37,514 34,153 Other depreciation 611 835 1,478 1,681 Capital expenditures (618) (633) (750) (1,065) Other gains (2) (992) (990) (874) (834) Deferred income tax provision 4,048 1,853 72 2,288 Non-cash adjustments attributable to non-controlling interests 3,457 1,859 2,325 2,150 Adjusted Funds From Operations (AFFO) attributable to common stockholders (1) 630,178 592,425 1,246,160 1,175,596 Interest expense, net 192,761 184,207 379,544 367,287 Current income tax expense 1,516 1,381 3,036 2,508 Adjustments attributable to non-controlling interests (2,216) (2,140) (4,365) (4,268) Adjusted EBITDA attributable to common stockholders (1) 822,239$775,873$1,624,375$1,541,123$ Net income per common share Basic 0.82$0.71$1.33$1.28$ Diluted 0.82$0.71$1.33$1.28$ FFO per common share Basic 0.82$0.71$1.33$1.28$ Diluted 0.82$0.71$1.33$1.28$ AFFO per common share Basic 0.60$0.57$1.18$1.13$ Diluted 0.60$0.57$1.18$1.13$ Weighted average number of shares of common stock outstanding Basic 1,056,222,836 1,042,650,713 1,056,118,206 1,042,530,017 Diluted 1,057,270,580 1,042,959,627 1,056,852,269 1,043,137,980 (1) (1)

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11Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income attributable to common stockholders 865,079$543,607$614,594$732,898$ Real estate depreciation — — — — Funds From Operations (FFO) attributable to common stockholders (1) 865,079 543,607 614,594 732,898 Non-cash leasing and financing adjustments (130,022) (132,047) (134,869) (135,890) Non-cash change in allowance for credit losses (142,001) 186,957 94,428 (31,626) Non-cash stock-based compensation 4,439 2,904 4,538 4,601 Transaction and acquisition expenses 7,434 45 2,839 1,164 Amortization of debt issuance costs and original issue discount 18,743 18,771 18,692 18,747 Other depreciation 611 867 864 883 Capital expenditures (618) (132) (1,064) (878) Other (gains) losses (2) (992) 118 189 64 Deferred income tax provision (benefit) 4,048 (3,976) 1,206 1,945 Non-cash adjustments attributable to non-controlling interests 3,457 (1,132) (78) 1,950 Adjusted Funds From Operations (AFFO) attributable to common stockholders (1) 630,178 615,982 601,339 593,858 Interest expense, net 192,761 186,783 185,350 185,773 Current income tax expense 1,516 1,520 1,241 516 Adjustments attributable to non-controlling interests (2,216) (2,149) (2,131) (2,152) Adjusted EBITDA attributable to common stockholders (1) 822,239$802,136$785,799$777,995$ Net income per common share Basic 0.82$0.51$0.58$0.70$ Diluted 0.82$0.51$0.58$0.70$ FFO per common share Basic 0.82$0.51$0.58$0.70$ Diluted 0.82$0.51$0.58$0.70$ AFFO per common share Basic 0.60$0.58$0.57$0.57$ Diluted 0.60$0.58$0.57$0.57$ Weighted average number of shares of common stock outstanding Basic 1,056,222,836 1,056,012,414 1,054,993,118 1,046,626,838 Diluted 1,057,270,580 1,056,432,790 1,055,807,977 1,048,338,348 NON-GAAP FINANCIAL MEASURES – QUARTERLY (1) See definitions of Non-GAAP Financial Measures on page 28 of this presentation. (2) Represents non-cash foreign currency remeasurement adjustments and gain on sale of certain land parcels. ($ amounts in thousands, except share and per share data) (1) (1)

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12Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 137,689$137,624$275,378$275,248$ Caesars Las Vegas Master Lease 123,855 117,305 247,710 234,610 MGM Grand/Mandalay Bay Master Lease 80,598 79,018 160,142 157,002 The Venetian Resort Las Vegas Lease 75,545 66,306 149,764 131,325 PENN Greektown Lease 13,301 13,213 26,514 26,426 Century Master Lease (excluding Century Canadian Portfolio) 12,321 10,971 24,642 21,942 Hard Rock Cincinnati Lease 11,864 11,541 23,728 23,082 EBCI Southern Indiana Lease 8,496 8,371 16,992 16,742 PENN Margaritaville Lease 6,696 6,706 13,396 13,382 Income from sales-type leases non-cash adjustment 59,983 61,234 120,686 125,302 Income from sales-type leases 530,348 512,289 1,058,952 1,025,061 Contractual income from lease financing receivables MGM Master Lease 192,405 188,632 382,278 374,782 Harrah's NOLA, AC, and Laughlin 43,683 44,477 87,366 88,954 Hard Rock Mirage Lease 23,409 22,950 46,818 45,900 JACK Entertainment Master Lease 18,039 17,772 35,989 35,457 CNE Gold Strike Lease 10,543 10,336 20,947 21,069 Lucky Strike Master Lease 8,098 7,900 16,196 15,800 Foundation Gaming Master Lease 6,184 6,123 12,368 12,246 Chelsea Piers Lease 6,000 6,000 12,000 12,000 PURE Master Lease 4,029 4,024 7,899 8,091 Century Canadian Portfolio 3,181 3,159 6,250 6,365 Income from lease financing receivables non-cash adjustment 70,039 70,103 141,437 141,744 Income from lease financing receivables 385,610 381,476 769,548 762,408 Contractual interest income Senior secured notes 2,411 2,403 4,820 4,804 Senior secured loans 21,447 9,137 36,304 16,986 Mezzanine loans & preferred equity 31,034 20,773 56,364 38,935 Income from loans non-cash adjustment (242) (54) (296) (97) Income from loans and securities 54,650 32,259 97,192 60,628 Income from lease financing receivables, loans and securities 440,260 413,735 866,740 823,036 Other income 19,536 19,323 39,049 38,635 Golf revenues 11,190 11,656 20,797 21,752 Total revenues 1,001,334$957,003$1,985,538$1,908,484$ REVENUE DETAIL (1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (2) Assets are part of the Caesars Regional Master Lease. (3) Assets are part of the Century Master Lease. ($ amounts in thousands) (1) (1) (1) (2) (3)

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13Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 137,689$137,689$137,667$137,624$ Caesars Las Vegas Master Lease 123,855 123,855 121,671 117,305 MGM Grand/Mandalay Bay Master Lease 80,598 79,544 79,018 79,018 The Venetian Resort Las Vegas Lease 75,545 74,219 70,838 68,118 PENN Greektown Lease 13,301 13,213 13,213 13,214 Century Master Lease (excluding Century Canadian Portfolio) 12,321 12,321 11,318 10,971 Hard Rock Cincinnati Lease 11,864 11,864 11,864 11,541 EBCI Southern Indiana Lease 8,496 8,496 8,496 8,412 PENN Margaritaville Lease 6,696 6,700 6,706 6,706 Income from sales-type leases non-cash adjustment 59,983 60,703 63,900 65,782 Income from sales-type leases 530,348 528,604 524,691 518,691 Contractual income from lease financing receivables MGM Master Lease 192,405 189,873 189,873 189,873 Harrah's NOLA, AC, and Laughlin 43,683 43,683 43,948 44,477 Hard Rock Mirage Lease 23,409 23,409 22,950 22,950 JACK Entertainment Master Lease 18,039 17,950 17,772 17,772 CNE Gold Strike Lease 10,543 10,404 10,404 10,404 Lucky Strike Master Lease 8,098 8,098 8,032 7,900 Foundation Gaming Master Lease 6,184 6,184 6,123 6,123 Chelsea Piers Lease 6,000 6,000 6,000 6,000 PURE Master Lease 4,029 3,870 3,935 4,037 Century Canadian Portfolio 3,181 3,069 3,091 3,170 Income from lease financing receivables non-cash adjustment 70,039 71,398 71,037 70,162 Income from lease financing receivables 385,610 383,938 383,165 382,868 Contractual interest income Senior secured notes 2,411 2,409 2,407 2,405 Senior secured loans 21,447 14,857 13,183 11,334 Mezzanine loans & preferred equity 31,034 25,330 22,051 22,562 Income from loans non-cash adjustment (242) (54) (68) (54) Income from loans and securities 54,650 42,542 37,573 36,247 Income from lease financing receivables, loans and securities 440,260 426,480 420,738 419,115 Other income 19,536 19,513 19,472 19,315 Golf revenues 11,190 9,607 11,151 7,548 Total revenues 1,001,334$984,204$976,052$964,669$ REVENUE DETAIL – QUARTERLY ($ amounts in thousands) (1) (1) (1) (2) (1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (2) Assets are part of the Caesars Regional Master Lease. (3) Assets are part of the Century Master Lease. (3)

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14Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) Includes rent or a portion of rent collected in CAD, assuming an exchange rate of C$1:00:US$0.73 as of June 30, 2025. (2) Based on initial maturity, not inclusive of applicable extension options. ($ amounts in millions USD) Caesars 39% MGM 35% Venetian 10% Hard Rock 4% PENN 3% JACK 2% Century Casinos(1) 2% Cherokee Nation 1% EBCI 1% Lucky Strike 1% Foundation 1% Chelsea Piers 1% PURE(1) <1% Partnerships with 13 Tenants Assets Annualized Rent Per Lease Tenant as of July 2025 Annualized Contractual Rent MGM Master Lease 11 MGM Resorts International $774.7 Caesars Regional Master Lease & Joliet Lease 16 Caesars Entertainment 725.5 Caesars Las Vegas Master Lease 2 Caesars Entertainment 495.4 MGM Grand/Mandalay Bay Master Lease 2 MGM Resorts International 322.4 The Venetian Resort Las Vegas Lease 1 Venetian Las Vegas Tenant 302.2 Hard Rock Mirage Lease 1 Hard Rock Entertainment 93.6 JACK Entertainment Master Lease 2 JACK Entertainment 72.2 Century Master Lease (1) 8 Century Casinos 62.2 PENN Greektown Lease 1 PENN Entertainment 53.9 Hard Rock Cincinnati Lease 1 Hard Rock Entertainment 47.5 CNE Gold Strike Lease 1 Cherokee Nation Entertainment 42.4 EBCI Southern Indiana Lease 1 Eastern Band of Cherokee Indians 34.0 Lucky Strike Master Lease 38 Lucky Strike Entertainment 32.4 PENN Margaritaville Lease 1 PENN Entertainment 26.8 Foundation Gaming Master Lease 2 Foundation Gaming 24.7 Chelsea Piers Lease 1 Chelsea Piers 24.0 PURE Master Lease (1) 4 PURE Tenant 16.4 Totals 93 $3,150.3 Total Commitments as of June 30, 2025 Principal Balance as of June 30, 2025 Years to Maturity (2) Blended Interest Rate Annualized Income Annualized Contractual Income from Loans and Securities Senior Secured Notes $84.5 $84.5 5.8 11.0% $9.3 Senior Secured Loans 1,504.6 947.7 3.4 8.3% 78.5 Mezzanine Loans & Preferred Equity 1,609.0 1,376.7 1.7 10.0% 137.2 Total / Weighted Average $3,198.0 $2,408.8 2.6 9.3% $224.9 Total Annualized Contractual Rent and Income from Loans and Securities $3,375.2

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15Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2025 GUIDANCE ($ and share amounts in millions, except per share data) The Company is raising AFFO guidance for the full year 2025. 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. In reliance on the exemption provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 AFFO to GAAP net income because we are 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 and as disclosed in the Company's historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company's reported GAAP results. For more information, see "Non-GAAP Financial Measures" on page 28 of this presentation. The Company estimates AFFO for the year ending December 31, 2025 will be between $2,500 million and $2,520 million, or between $2.35 and $2.37 per diluted common share. Guidance does 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 full-year 2025 guidance: The above per share estimates reflect the dilutive effect of the 10,189,256 shares currently pending under the Company's outstanding forward sale agreements as calculated under the treasury stock method. VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock. 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. 2025 Guidance Updated Guidance Prior Guidance For the Year Ending December 31, 2025: Low High Low High Estimated Adjusted Funds From Operations (AFFO) $2,500.0 $2,520.0 $2,470.0 $2,500.0 Estimated Adjusted Funds From Operations (AFFO) per common diluted share $2.35 $2.37 $2.33 $2.36 Estimated Weighted Average Common Share Count at Year End 1,062.4 1,062.4 1,058.6 1,058.6

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16Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF JUNE 30, 2025 (1) MGM and Lucky Strike hold third-party partnership units, which may be redeemed for cash or, at VICI's election, shares of common stock. (2) Revolver draws denominated in CAD and GBP, shown here in USD, based on applicable exchange rates as of quarter end. Subsequent to quarter-end, on July 2, 2025, the Company repaid $175.0 million of the then-outstanding USD balance on its revolving credit facility. (3) Estimated based on the forward sale price calculated as of June 30, 2025, and total amount of shares available for settlement under the outstanding forward sale agreements. Subsequent to quarter-end, on July 1, 2025, the Company physically settled 9,662,116 shares under an outstanding forward sale agreement in exchange for total net settlement proceeds of approximately $296.0 million. (4) See "Non-GAAP Financial Measures" on pages 10-11 of this presentation for the reconciliations, and "Definitions of Non-GAAP Financial Measures" on page 28 of this presentation for the definitions of these Non-GAAP Financial Measures. ($ amounts in thousands, except share and per share data) Capitalization Common Shares Outstanding 1,056,705,763 Third-Party Partnership Units Outstanding(1) 13,054,659 Share Price $32.60 Equity Market Capitalization $34,874,190 Revolving Credit Facility(2) 323,519 Senior Unsecured Notes 13,950,000 CMBS Debt 3,000,000 Total Debt $17,273,519 Total Market Capitalization $52,147,709 Less: Cash & Cash Equivalents 232,983 Total Enterprise Value $51,914,726 Q2'25 LQA Net Leverage Q2'25 Adj. EBITDA(4) $822,239 Annualized Q2'25 Adj. EBITDA 3,288,956 Net Debt 17,040,536 LQA Net Leverage Ratio 5.2x VICI Issuer Credit Ratings Moody's: Baa3 / Stable Outlook S&P: BBB- / Stable Outlook Fitch: BBB- / Stable Outlook Investment Grade Bond Covenants Thresholds Actuals Total Net Debt to Adjusted Total Assets < 60% 37% Senior Secured Net Debt to Adjusted Total Assets < 40% 6% Interest Coverage Ratio > 1.5x 3.8x Total Unencumbered Assets to Unsecured Debt > 150% 292% Total Liquidity Revolving Credit Facility Capacity $2,176,481 Outstanding Forward Sale Agreement Proceeds(3) 621,537 Cash & Cash Equivalents 232,983 Total Liquidity $3,031,001

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17Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Holders of the senior notes, as well as the trustee, administrative agent and lenders under VICI's Credit Agreement, benefit from a limited pledge of the equity of VICI Properties L.P. (2) Shown inclusive of applicable extension options. (3) Based on applicable benchmark rates as of June 30, 2025. (4) Issued in exchange for senior notes originally issued by MGM Growth Properties Operating Partnership LP ("MGP OP"). Principal amounts listed include unexchanged MGP OP notes which remain outstanding, totaling $63.6 million in the aggregate. Subsequent to quarter-end, on July 2, 2025, the Company repaid $175.0 million of the then-outstanding USD balance on its revolving credit facility. (5) Represents the contractual interest rates adjusted to account for the impact of forward-starting interest rate swaps and treasury locks. ($ amounts in thousands USD) Refer to Note 7 – Debt and Note 8 – Derivatives within our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 for additional detail. As of June 30, 2025 Debt Maturity Date Coupon Rate Effective Rate Face Value % of Total Debt Carrying Value (GAAP) Senior Unsecured Debt(1) $2.5Bn Revolving Credit Facility Borrowings in USD 2/3/2030(2) SOFR+0.85% 5.172%(3) $175,000(4) 1.0% $175,000 Borrowings in CAD 2/3/2030(2) CORRA+0.85% 3.603%(3) $128,608 0.7% $128,608 Borrowings in GBP 2/3/2030(2) SONIA+0.85% 5.067%(3) $19,911 0.1% $19,911 4.500% Notes due 2026(4) 9/1/2026 4.500% 4.500% $500,000 2.9% $494,057 4.250% Notes due 2026 12/1/2026 4.250% 4.250% $1,250,000 7.2% $1,245,958 5.750% Notes due 2027(4) 2/1/2027 5.750% 5.750% $750,000 4.3% $753,484 3.750% Notes due 2027 2/15/2027 3.750% 3.750% $750,000 4.3% $747,276 4.500% Notes due 2028(4) 1/15/2028 4.500% 4.500% $350,000 2.0% $343,483 4.750% Notes due 2028 2/15/2028 4.750% 4.516%(5) $1,250,000 7.2% $1,243,370 4.750% Notes due 2028 4/15/2028 4.750% 4.750% $400,000 2.3% $396,352 3.875% Notes due 2029(4) 2/15/2029 3.875% 3.875% $750,000 4.3% $708,280 4.625% Notes due 2029 12/1/2029 4.625% 4.625% $1,000,000 5.8% $992,932 4.950% Notes due 2030 2/15/2030 4.950% 4.541%(5) $1,000,000 5.8% $991,947 4.125% Notes due 2030 8/15/2030 4.125% 4.125% $1,000,000 5.8% $992,355 5.125% Notes due 2031 11/15/2031 5.125% 4.969%(5) $750,000 4.3% $741,133 5.125% Notes due 2032 5/15/2032 5.125% 3.980%(5) $1,500,000 8.7% $1,485,897 5.750% Notes due 2034 4/1/2034 5.750% 5.689%(5) $550,000 3.2% $541,471 5.625% Notes due 2035 4/15/2035 5.625% 5.601%(5) $900,000 5.2% $884,626 5.625% Notes due 2052 5/15/2052 5.625% 5.625% $750,000 4.3% $736,595 6.125% Notes due 2054 4/1/2054 6.125% 6.125% $500,000 2.9% $485,651 Total Unsecured Debt - - - $14,273,519 82.6% $14,108,386 CMBS Debt 3/5/2032 3.558% 3.558% $3,000,000 17.4% $2,813,887 Weighted Average / Total 4.62% 4.47% (5) $17,273,519 100.0% $16,922,273 Fixed Rate Debt Outstanding 98.1% Weighted Average Years to Maturity 6.5 Years

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18Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of July 1, 2025. Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (51% Regional, 48% Las Vegas, 1% International)(1) Other Experiential: 17 States (6 of Which Also Include Gaming) Alberta, Canada Gaming Other Experiential

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19Q2 2025 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 Cash Rent as of July 2025 $774.7 million $725.5 million(2) $495.4 million $322.4 million Current Lease Year May 1, 2025 – Apr. 30, 2026 Lease Year 4 Nov. 1, 2024 – Oct. 31, 2025 Lease Year 8 Nov. 1, 2024 – Oct. 31, 2025 Lease Year 8 Mar. 1, 2025 – Feb. 28, 2026 Lease Year 6 Annual Escalator 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) >2% / change in CPI >2% / change in CPI(3) 2% in years 2-15 >2% / change in CPI thereafter (capped at 3%) Coverage Floor None None None None Rent Adjustment None Year 11 & 16: 80% Base / 20% Variable Year 11 & 16: 80% Base / 20% Variable None Variable Rent Adjustment Mechanic None 4% of revenue increase/decrease 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 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 None Term 25-year initial term with three 10-year renewal options 18-year initial term with four 5-year renewal options 30-year initial term with two 10-year renewal options Guarantor MGM Resorts International Caesars Entertainment, Inc. Caesars Entertainment, Inc. MGM Resorts International Capex Minimum of 1% of net revenues Minimum of 1% of net revenue annually, with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 1% of net revenue annually (Caesars Palace and Harrah's Las Vegas), with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 3.5% of net revenues based on 5-year rolling test (subject to minimum 2.5% for each property); 1.5% monthly reserves SUMMARY OF CURRENT LEASE TERMS (1) The Caesars Regional Master Lease and Joliet Lease consists of 16 Caesars properties leased from VICI and the Caesars 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 $716.0 million. (3) Annual rent escalation does not apply to $35 million of annual rent attributable to the Octavius Tower at Caesars Palace Las Vegas.

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20Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas Lease Hard Rock Mirage Lease JACK Entertainment Master Lease Century Master Lease Tenant Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Hard Rock Entertainment JACK Entertainment Century Casinos Annual Cash Rent as of July 2025 $302.2 million(1) $93.6 million $72.2 million $62.2 million(3) Current Lease Year Mar. 1, 2025 – Feb. 28, 2026 Lease Year 4 Jan. 1, 2025 – Dec. 31, 2025 Lease Year 3 Feb. 1, 2025 – Jan. 31, 2026 Lease Year 6 Jan. 1, 2025 – Dec. 31, 2025 Lease Year 6 Annual Escalator >2% / change in CPI (capped at 3%)(2) 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) >1.5% / change in CPI (capped at 2.5%) >1.25% / change in CPI (Century Canadian Portfolio escalation based on Canadian CPI and capped at 2.5%) Coverage Floor None None None None Rent Adjustment None None None None Variable Rent Adjustment Mechanic None None None None Term 30-year initial term with two 10-year renewal options 25-year initial term with three 10-year renewal options 20-year initial term with three 5-year renewal options 24-year term with three 5-year renewal options Guarantor Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC Rock Ohio Ventures LLC and JACK Investment Co., LLC Century Casinos, Inc. Capex Minimum of 1.5% of net revenues annually (exclusive of gaming equipment) on a rolling three-year basis until December 31, 2029, and a minimum of 2% thereafter Minimum of 1% of net revenues Minimum of 1% of net revenues beginning January 1, 2025, based on a rolling three-year basis Minimum of 1% of net revenues on a rolling three-year basis for each individual facility; 1% of net revenues per fiscal year for the facilities collectively (1) Annual cash rent includes the impact of incremental rent resulting from the capital investment at The Venetian Resort Las Vegas (the "Incremental Venetian Rent") that VICI announced on May 1, 2024. Refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 for additional detail. (2) The Incremental Venetian Rent will begin escalating annually at 2.0% on March 1, 2029, and commencing on March 1, 2031, will begin escalating on the same terms as the rest of the rent payable under the Venetian Resort Lease. (3) Reflects a portion of rent paid in CAD with respect to the Century Canadian Portfolio, which has a current annual base rent of C$17.6 million (US$12.9 million). Assumes an exchange rate of C$1:00:US$0.73 as of June 30, 2025.

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21Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) If the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (2) 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. PENN Greektown Lease Hard Rock Cincinnati Lease CNE Gold Strike Lease EBCI Southern Indiana Lease Tenant PENN Entertainment Hard Rock Entertainment Cherokee Nation Entertainment Eastern Band of Cherokee Indians Annual Cash Rent as of July 2025 $53.9 million $47.5 million $42.4 million $34.0 million Current Lease Year Jun. 1, 2025 – May 31, 2026 Lease Year 7 Oct. 1, 2024 – Sept. 30, 2025 Lease Year 6 May 1, 2025 – Apr. 30, 2026 Lease Year 4 Sept. 1, 2024 – Aug. 31, 2025 Lease Year 4 Annual Escalator 2% for Building Base Rent ($42.8 million) >2.0% / change in CPI(1) 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) 1.5% in years 2-5 >2% / change in CPI thereafter Coverage Floor Net Revenue to Rent Ratio to be mutually agreed upon None None None Rent Adjustment Percentage (Variable) Rent adjusts every 2 years beginning in year 3 None None Year 8 & 11: 80% Base (subject to escalator) / 20% Variable Variable Rent Adjustment Mechanic 4% of the average net revenues for trailing 2-year period less threshold amount None None 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2(2) Year 11: Avg. of years 8-10 less avg. of years 5-7 Term 15-year initial term with four 5-year renewal options 28-year initial term with three 10-year renewal options 25-year initial term with three 10-year renewal options 15-year initial term with four 5-year renewal options Guarantor PENN Entertainment, Inc. Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC Cherokee Nation Businesses, L.L.C. The Eastern Band of Cherokee Indians Capex Minimum of 1% of net revenues based on a four-year average Minimum of 1% of net revenues Minimum of 1% of net revenues Minimum of 1% of net revenues annually

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22Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Lucky Strike Master Lease PENN Margaritaville Lease Foundation Gaming Master Lease Chelsea Piers Lease PURE Master Lease Tenant Lucky Strike Entertainment PENN Entertainment Foundation Gaming Chelsea Piers Affiliate of IGP(1) Annual Cash Rent as of July 2025 $32.4 million $26.8 million $24.7 million $24.0 million C$22.3 / US$16.4 million(2) Current Lease Year Nov. 1, 2024 – Oct. 31, 2025 Lease Year 2 Feb. 1, 2025 – Jan. 31, 2026 Lease Year 7 Jan. 1, 2025 – Dec. 31, 2025 Lease Year 3 Jan. 1, 2025 – Dec. 31, 2025 Lease Year 2 Feb. 1, 2025 – Jan. 31, 2026 Lease Year 3 Annual Escalator >2% / change in CPI (capped at 2.5%) 2% for Building Base Rent ($19.0 million) >1.5% / change in CPI (capped at 3%) 1.25% in year 3; 1.50% thereafter >1.5% / change in Canadian CPI (capped at 2.5%) Coverage Floor None Net Revenue to Rent Ratio: 6.1x None None None Rent Adjustment None Percentage (Variable) Rent adjusts every 2 years beginning in year 3 None None None Variable Rent Adjustment Mechanic None 4% of the average net revenues for trailing 2-year period less threshold amount None None None Term 25-year initial term with six 5- year renewal options 15-year initial term with four 5-year renewal options 15-year initial term with four 5-year renewal options 32-years with one 10-year extension option 25-year initial term with four 5-year renewal options Guarantor Lucky Strike Entertainment Corp. PENN Entertainment, Inc. Foundation Gaming & Entertainment, LLC Chelsea Piers Management Inc., Silver Screen LLC, North River Property LLC and Waterfront Services I LLC Indigenous Gaming Partners Inc. Capex None Minimum of 1% of net revenues based on a four- year average Minimum of 1% of net revenue (excluding gaming equipment, IT etc.) annually on a rolling 3-year basis and a per-facility triennial capex requirement of 1% of three- year rolling net revenue Minimum of 2% of total revenues on a 5-year rolling average Minimum of 1% of net revenue (excluding gaming equipment, IT etc.) annually (1) IGP is a gaming partnership established by five institutional Nova Scotia-based First Nations (Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We'koqma'q L'nue'kati, and Paqtnkek Mi'kmaw Nation) to acquire gaming assets in North America. (2) Assumes an exchange rate of C$1:00:US$0.73 as of June 30, 2025.

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23Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA RECENT INVESTMENT ACTIVITY (1) On June 23, 2025, VICI increased its investment into the mezzanine loan related to the development of One Beverly Hills by $150.0 million for a total commitment of $450.0 million. (2) Represents an incremental $300.0 million that the Venetian Resort has the option, but not the obligation, to draw in whole or in part until November 1, 2026. Property / Loan Announcement Date Closing Date Transaction Size Tenant / Borrower / Issuer Recently Completed Transactions North Fork Delayed Draw Term Loan Facility 4/30/2025 4/4/2025 Up to $510.0 million North Fork Rancheria Economic Development Authority One Beverly Hills Mezzanine Loan 2/19/2025 2/19/2025 $450.0 million(1) One Beverly Hills Great Wolf Mezzanine Loan 5/9/2024 5/9/2024 $250.0 million Great Wolf Resorts The Venetian Resort – Partner Property Growth Fund Investment 5/1/2024 5/1/2024 $400.0 million + $300.0 million(2) Affiliate of Apollo Global Management, Inc.

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24Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA RECENT CAPITAL MARKETS ACTIVITY (1) Settled subsequent to quarter-end on July 1, 2025. (2) In addition to the $799.4 million of MGP OP Notes redeemed on April 8, 2025, redemption amount listed includes $0.6 million of the unexchanged original issue notes that remained outstanding following the closing of the MGP acquisition, which were redeemed on April 26, 2025. (3) Represents the contractual interest rates adjusted to account for the impact of forward-starting interest rate swaps. Refer to Note 8 – Derivatives within our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Forward Equity Offering Shares Sold Gross Offering Value Shares Settled Net Proceeds Received to Date Q1 2025 ATM Sales 7,835,973 $254.2 million - - Q4 2024 ATM Sales 356,800 $11.6 million - - Q3 2024 ATM Sales 1,996,483 $67.5 million - - Q1 2024 ATM Sales 9,662,116 $305.5 million 9,662,116(1) $296.0 million(1) Equity Capital Markets Type of Debt Timing Coupon Rate Effective Rate Gross Proceeds Received Redemption / Repayment Amt. Senior Unsecured Notes due May 2025 Redeemed April 8, 2025 4.375% 4.375% - $500.0 million Senior Unsecured Notes due June 2025(2) Redeemed April 8, 2025 4.625% 4.625% - $800.0 million Senior Unsecured Notes due April 2028 Issued April 7, 2025 4.750% 4.750% $400.0 million - Senior Unsecured Notes due April 2035 Issued April 7, 2025 5.625% 5.601%(3) $900.0 million - Senior Unsecured Notes due Feb. 2025 Redeemed December 20, 2024 3.500% 3.500% - $750.0 million Senior Unsecured Notes due Nov. 2031 Issued December 19, 2024 5.125% 4.969%(3) $750.0 million Debt Capital Markets

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25Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and Right of First Refusal / Right of First Offer 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 (1) Caesars does not have a contractual obligation to sell the properties subject to the ROFR Agreements and will make an independent financial decision regarding whether to trigger the ROFR agreements and VICI will make an independent financial decision whether to purchase the properties. (2) Subject to any consent required from Caesars' applicable joint venture partners. Caesars Forum Convention Center: VICI has the right to call the Caesars Forum Convention Center from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale-leaseback transaction between September 18, 2025 and December 31, 2028. Las Vegas Strip Assets(1): VICI has a right of first refusal ("ROFR") to acquire the land and real estate assets of each of the first two of certain specified Las Vegas Strip assets should the properties be sold by Caesars, whether pursuant to an OpCo/PropCo or a WholeCo sale. The first property subject to the ROFR will be one of: Flamingo Las Vegas, Horseshoe Las Vegas, Paris Las Vegas and Planet Hollywood Resort & Casino. The second property subject to the ROFR will be selected from one of the aforementioned four properties plus The LINQ Hotel & Casino. Horseshoe Casino Baltimore(1)(2): VICI has a ROFR to enter into a sale- leaseback transaction with respect to the land and real estate assets of Horseshoe Baltimore should the property be sold by Caesars. Caesars Virginia Development(1)(2): VICI has a ROFR to enter into a sale- leaseback transaction with respect to the land and real estate assets associated with the development of a new casino resort in Danville, Virginia by Caesars and EBCI. Indigenous Gaming Partners: VICI has a five-year right of first offer ("ROFO") on future sale-leaseback transactions with IGP. Any additional properties acquired pursuant to the ROFO will be added to the existing master lease for the PURE portfolio. INDIGENOUS GAMING PARTNERS

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26Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Agreements and Right of First Refusal / Right of First Offer 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. Canyon Ranch Lenox & Canyon Ranch Tucson: VICI has the right to call the real estate assets of each of Canyon Ranch Tucson and Canyon Ranch Lenox at pre-negotiated terms in a sale-leaseback transaction following stabilization, subject to certain conditions. If the call right(s) are exercised, Canyon Ranch would continue to operate the applicable wellness resort(s) subject to a long-term triple-net master lease with VICI. Call Right Agreements Longer Term Financing Partnerships Canyon Ranch Austin: VICI has the right to call the real estate assets of Canyon Ranch Austin at pre-negotiated terms in a sale-leaseback transaction for up to 24 months following stabilization, subject to certain conditions. If the call right is exercised, Canyon Ranch would continue to operate Canyon Ranch Austin subject to a long-term triple-net lease with VICI. Cabot Citrus Farms: VICI entered into a purchase and sale agreement, pursuant to which VICI will convert a portion of the Cabot Citrus Farms loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five 5-year tenant renewal options. Canyon Ranch: VICI entered into a right of first financing agreement pursuant to which VICI will have the first right, but not the obligation, to serve as the real estate capital financing partner for Canyon Ranch with respect to the acquisition, build-out and/or redevelopment of future greenfield and build-to- suit wellness resorts. Lucky Strike: VICI has a right of first offer to acquire the real estate assets of any current or future Lucky Strike asset should Lucky Strike elect to enter into a sale-leaseback transaction in the first 8 years of the lease term. Homefield KC and Margaritaville Resort: VICI has the option to call the real estate assets of the new Homefield Showcase Center, new Homefield Baseball Center, Homefield Sports and Training Complex – Olathe, and the Margaritaville Resort Kansas City, subject to certain conditions. If the call right is exercised, all of the properties, including the Margaritaville Resort, would be subject to a single long-term triple net master lease with VICI. Homefield: VICI entered into a ROFR agreement under which VICI has the right to acquire the real estate of any future Homefield properties in a sale- leaseback transaction if Homefield elects to monetize such assets. Cabot Highlands: In connection with VICI's financing on Cabot Highlands, VICI also agreed in principle to enter into a call right agreement to acquire a portion of the real estate assets upon stabilization of the resort, subject to negotiation of definitive documentation and other deal terms.

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27Q2 2025 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE Firm Analyst Phone Email Barclays Rich Hightower (212) 526-8768 Richard.hightower@barclays.com 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@capitalone.com CBRE John DeCree (702) 691-3213 John.decree@cbre.com Citi Smedes Rose (212) 816-6243 Smedes.rose@citi.com Citizens Mitch Germain (212) 906-3537 Mitchell.germain@citizensbank.com Deutsche Bank Steven Pizzella (212) 250-9817 Steven.pizzella@db.com Evercore ISI Jim Kammert (312) 705-4233 James.kammert@evercoreisi.com Goldman Sachs Caitlin Burrows (212) 902-4736 Caitlin.burrows@gs.com Green Street Advisors Chris Darling (949) 640-8780 Cdarling@greenstreet.com Jefferies David Katz (212) 323-3355 Dkatz@jefferies.com J.P. Morgan Anthony Paolone (212) 622-6682 Anthony.paolone@jpmorgan.com Keybanc Todd Thomas (917) 368-2286 Tthomas@key.com Macquarie Capital Chad Beynon (212) 231-2634 Chad.beynon@macquarie.com Mizuho Securities Haendel St. Juste (212) 205-7860 Haendel.st.juste@mizuhogroup.com Morgan Stanley Ronald Kamdem (212) 296-8319 Ronald.kamdem@morganstanley.com Raymond James RJ Milligan (727) 567-2585 Rjmilligan@raymondjames.com Robert W. Baird Wesley Golladay (216) 737-7510 Wgolladay@rwbaird.com Scotiabank Greg McGinniss (212) 225-6906 Greg.mcginniss@scotiabank.com Stifel Nicolaus Simon Yarmak (443) 224-1345 Yarmaks@stifel.com Truist Securities Barry Jonas (212) 590-0998 Barry.jonas@truist.com Wells Fargo John Kilichowski (212) 214-5311 John.kilichowski@wellsfargo.com Wolfe Research Andrew Rosivach (646) 582-9250 Arosivach@wolferesearch.com Firm Analyst Phone Email BofA Securities James Kayler (646) 855-9223 James.f.kayler@bofa.com CBRE Colin Mansfield (702) 932-3812 Colin.mansfield@cbre.com Deutsche Bank Luis Chinchilla (212) 250-9980 Luis.chinchilla@db.com J.P. Morgan Mark Streeter (212) 834-5086 Mark.streeter@jpmorgan.com Wells Fargo Kevin McClure (704) 410-1100 Kevin.mcclure@wellsfargo.com Covering Fixed Income Analysts Covering Equity Analysts

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28Q2 2025 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 of Real Estate Investment Trusts (Nareit), we define our 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 our AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment 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 gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions, and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing. We calculate our Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), current income tax expense and adjustments attributable to non-controlling interests. 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.

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