VICI Dividend Growth & Investment Grade Ratings
MASTER LEASE AGREEMENTS (CONTINUED)
TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY
MGM Master Lease (1)
MGM Grand & Mandalay Bay BREIT JV Lease (1)
The Mirage Lease (1)
Tenant
Current
Annual Cash
Rent
MGM Resorts International
MGM Resorts International
$770mm
($860mm less $90mm attributable to the Mirage (2))
$298mm (VICI's 50.1% Pro Rata Share: $149mm)
Hard Rock
$90mm (2)
Current
Lease Year
Subject to closing
Lease Year 2
Subject to closing
Annual
Escalator
2% in years 2-10
2% in years 2-15
2% in years 2-10
> 2%/ change in CPI thereafter (capped at 3.0%)
>2% / change in CPI thereafter (capped at 3%)
> 2% / change in CPI thereafter (capped at 3.0%)
Coverage
Floor
Rent
Adjustment
Variable Rent
Adjustment
Mechanic
None
None
None
None
None
None
None
None
None
Term
25-year initial term with three 10-year renewals
30-year initial term with two 10-year renewals
25-year initial term with three 10-year renewals
Guarantor
Capex
MGM Resorts International
1% of Net Revenues
MGM Resorts International
3.5% of Net Revenues based on 5-year rolling test
(subject to minimum 2.5% for each property); 1.5%
monthly reserves
Seminole Hard Rock Entertainment, Inc.;
Seminole Hard Rock International, LLC
1% of Net Revenues
VICI
(1) Pending transaction close and subject to customary closing conditions and regulatory approvals. (2) On December 13, 2021, in connection with MGM's agreement to sell the operations of the Mirage to Hard Rock, VICI agreed
to enter into a separate lease with Hard Rock related to the Mirage, subject to customary closing conditions, regulatory approvals and the closing of the MGP Transactions. Upon closing of the transaction, the MGM Master Lease
will be amended to reflect the removal of the Mirage and initial annual rent payments will be reduced by $90.0mm.
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