VICI Properties (VICI) Investor presentation summary

Investment highlights and business model

• Owns a large, high-quality portfolio of gaming, hospitality, wellness, entertainment, and leisure properties, with over $39 billion invested since 2017 and $4.0 billion in 2025 revenues.

• Maintains 100% occupancy and rent collection, including during COVID, with 46% of 2026 rent roll subject to CPI-linked escalation and 90% over the long term.

• Triple net lease model for non-commodity experiential assets enables operators to unlock real estate value and supports sustainable growth.

• 79% of rent roll comes from SEC-reporting tenants, providing transparency into performance and credit quality.

• Holds investment-grade ratings from Fitch, Moody's, and S&P, and was added to the S&P 500 in June 2022.

Portfolio scale, diversification, and tenant investments

• Portfolio includes 54 gaming and 39 other experiential properties across 26 states and 1 Canadian province, with 13 tenants and 8 financing partners.

• Largest owner of hotel room real estate and privately-owned meeting, convention, and event space in the U.S., with ~60,300 hotel rooms and 6.7 million sq. ft. of meeting space.

• Tenants continue to invest in assets, with recent projects including a $1.5 billion Venetian Resort reinvestment, $435 million Caesars New Orleans renovation, and $300 million MGM Grand Las Vegas remodel.

• Owns 10 trophy assets on the Las Vegas Strip, including 41,400 hotel rooms and 5.9 million sq. ft. of conference space, and controls 2.6 miles of Strip frontage.

• Geographic and revenue stream diversification, with 51% of gaming rent from regional markets, 48% from Las Vegas, and 1% international.

Financial performance and growth strategy

• Achieved 375% adjusted EBITDA growth since formation, reaching $3,279 million in 2025.

• Delivers sustainable per-share returns, with consistent AFFO and dividend growth; 6.6% dividend CAGR since inception and $1.80 annualized dividend per share in 2025.

• Maintains one of the highest net income margins in the S&P 500 and is among the largest U.S. REIT dividend payers.

• Long-term net leverage target of 5.0–5.5x, with 99% fixed-rate debt and 82% unsecured debt; investment-grade credit ratings.

• Multi-pronged investment strategy includes real estate acquisitions, the Partner Property Growth Fund, and Experiential Credit Solutions to drive AFFO growth.