Investor Presentaiton

RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income attributable to common stockholders to FFO, AFFO and Adjusted EBITDA for the periods presented. ($ in millions) Net income attributable to common stockholders 2021 $1,014 Year Ended December 31, 2020 2019 2018 $892 $546 $524 Real estate depreciation Funds From Operations ("FFO") $1,014 $892 $546 $524 Non-cash leasing and financing adjustments (1) (119) (40) 0 (45) Non-cash change in allowance for credit losses (20) 245 Non-cash stock-based compensation 9 7 5 2 Transaction and acquisition expenses 10 9 5 0 Amortization of debt issuance costs and original issue discount 71 20 20 33 6 Other depreciation (2) 3 4 4 4 Capital expenditures (2) (2) (2) (1) Loss on extinguishment of debt and interest rate swap settlement (3) 80 39 58 23 Loss on impairment 12 Non-cash gain upon lease modification (4) Non-cash adjustments attributable to non-controlling interests Adjusted Funds From Operations ("AFFO") Interest expense, net Income tax expense Adjusted EBITDA (333) 1 (4) 0 0 $1,047 $836 $650 $526 257 282 195 195 3 1 2 1 $1,307 $1,119 $847 $722 VICI (1) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. (2) Represents depreciation related to our golf course operations. (3) 2021 includes swap breakage costs of approximately $64.2mm incurred by VICI PropCo in September 2021 in connection with the early settlement of the outstanding interest rate swap agreements. (4) Gain upon lease modification of $333.4mm in the year ended December 31, 2020 resulted from the reclassifications of the Caesars Lease Agreements upon the consummation of the Eldorado Transaction on July 20, 2020. As a result, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the assets and their carrying values immediately prior to the modification. 25 25

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