VICI Dividend Growth & Investment Grade Ratings
One of the Largest Triple Net Lease REITS
by 2021 Adj. EBITDA ($mm)(1)
PRO FORMA SIZE AND SCALE BETTER POSITIONS VICI FOR POTENTIAL INCLUSION
IN THE S&P 500
One of the Top 5 "Four-Wall" REITS
by 2021 Adj. EBITDA ($mm)(1)
Among the Premier "Four-Wall" REITS
by Enterprise Value ($Bn)(5)
SPG
$5,602
(2)
PLD
$126
$2,8381
EQIX
PLD
EQIX
(2)
$75
$4,611
$3,144
O
$2,838
PF VICI (3)
WPC
$2,573
PSA
$73
SPG
$70
$1,151
0
$54
PF VICI (3)
$2,573
DLR
$54
GLPI
$1,097
PSA
$2,569
WELL
$52
DLR
$2,412
MGP (4)
$1,004
ARE
$41
PF VICI (6)
$41
WELL
$1,914
STOR
$686
EQR
$41
VTR
$1,688
AVB
$40
BXP
$1,618
NNN
$632
BXP
$34
MPW
$1,538
VTR
$331
SRC
$559
ARE
$1,518
EXR
$31
EPR
$410
INVH
$31
EQR
$1,461
MAA
$28
AVB
$1,387
BNL
$305
SUI
$27
INVH
$1,171
ESS
$27
EPRT
$207
WPC
$1,151
UDR
$24
GLPI
$1,097
SAFE
$155
DRE
$24
PEAK
$24
PEAK
$1,084
FCPT
$152
MPW
$23
ESS
MGP (4)
$1,069
KIM
$22
NTST
$40
$1,004
WPC
$21
S&P 500 Constituent
VICI
Sources: Public filings and Capital IQ. We have not independently verified this data (other than data in respect of VICI) and are presenting it in accordance with each company's respective public disclosure. For additional
information, refer to the financial information included in the respective company's public filings with the SEC or the sources identified in the respective footnote. "Four-Wall" REITs excludes tower and timber REITs.
(1) Other companies may calculate Adj. EBITDA differently from VICI and each other and, accordingly, VICI's Adj. EBITDA may not be comparable to Adj. EBITDA reported by such other companies. See "Reconciliation from GAAP to
Non-GAAP Measures" in the appendix for the reconciliation of VICI's Non-GAAP Financial Measures. (2) Q4'21 Annualized Pro Forma Adjusted EBITDAre as publicly disclosed by Realty Income, pro forma for, among other things, 39
acquisition of VEREIT. (3) Adjusted for $250mm of rent attributable to the Venetian Resort acquisition, $1,004mm of Adj. EBITDA attributable to the pending MGP acquisition, and $12mm of expected G&A synergies associated with
the pending MGP acquisition. (4) Adjusted to include rent attributable to acquisition of MGM Springfield for January 1, 2021 - October 29, 2021 when MGP acquired MGM Springfield. (5) As of February 23, 2022. (6) Pro forma VICI
Enterprise Value reflects pro forma fully diluted shares outstanding of 963mm and VICI closing share price of $26.97 on February 23, 2022.View entire presentation