Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
VICI TARGETED TOTAL STOCKHOLDER RETURN BUILDING BLOCKS
EXTERNAL AFFO
GROWTH
SAME-STORE
AFFO GROWTH
✓ ~$12.3Bn Announced Investment Volume from
Inception in 2017 to Today, Excluding Corporate
M&A Activity
~$500MM Annual Retained Free Cash Flow to Fund
Future Acquisitions (1)
Embedded Growth Pipeline of Put/Call and ROFR
Options
Ability to Invest in Existing Operating Partners'
Growth Opportunities and Acquire Incremental NOI
~2.6% Annual, Same Store AFFO Growth, Target
Comprised of Contractual Annual Rent Growth Pro
Forma for Pending Transactions, Net of Pro Forma
Interest Expense (2)
Potential for Further Upside in Rent Growth from
CPI Kickers
VICI'S GOAL IS TO
COMBINE SUSTAINABLE
AFFO GROWTH AND
DIVIDEND YIELD IN
ORDER TO DELIVER
10-12% TARGETED
TOTAL RETURN
TO VICI'S
STOCKHOLDERS
DIVIDEND
YIELD
✓ 4.8% Annualized Dividend Yield (3)
9% Dividend Increase in Q3 2021
✓ 11% Dividend Increase in Q3 2020
Targeted Total Stockholder Return
Building Blocks
VICI
(1) Pro forma for the pending acquisition of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. (2) Pro forma interest expense includes the impact of the
assumption of MGP's $5.7Bn of outstanding debt, the issuance of $600MM of unsecured notes to fund the pending Venetian Resort acquisition and ~$4.4Bn of unsecured notes to fund the cash consideration to MGM (assumes
VICI issues notes at weighted average fixed interest rate of 3.5%). (3) Based on VICI's annualized dividend per share of $1.44 and closing share price of $29.74 on November 5, 2021.
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