Chelsea Piers New York Transaction Overview

CHELSEA PIERS MEETS EACH OF VICI'S INVESTMENT CRITERIA X (1) Per IBIS World.. VICI ooo Low Cyclicality Favorable Supply / Demand Balance CHELSEA PIERS NEW YORK EST. NY 1995 Low Secular Threat Experiential Durability & Longevity 10 ini 610 Low Cyclicality • The recreational sports industry has demonstrated long-term durability driven by wide appeal to adults and children across demographic groups • Chelsea Piers' leasing business has experienced an average vacancy rate of nearly 0% over the past 25 years During recessionary periods, the recreational sports industry benefits from resilient demand as consumers, specifically parents, look to cut costs in other areas of spending before trimming back spending on their children Low Secular Threat • The core Chelsea Piers experience is a combination of socialization and sports / active recreation, which cannot be digitized or disrupted ● · Despite the expansion of technology in daily lives since the dot-com boom, total sports participation has steadily increased from 16.4% in 2000 to 20.1% in 2022(1) Experiential Durability & Longevity • Durable business model with a track record of recovering quickly from financial (e.g., 2008 financial crisis), civil (e.g., 9/11), natural (e.g., Hurricane Sandy) and health (e.g., COVID-19 pandemic) crises while achieving consistent EBITDA margins Subscription and membership pricing model provides a large, stable source of recurring revenue resulting from a loyal customer base Favorable Supply / Demand Balance • There are significant barriers to entry in the recreational sports sector in New York City, especially at the size and scale of Chelsea Piers • Chelsea Piers has the only recreational ice hockey rinks in New York City and has indoor sport, pool and film production facilities in an otherwise supply- constrained market LO 5

View entire presentation