Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
FAVORABLE LEASE STRUCTURE AND MATURITY PROFILE FOR MISSION CRITICAL
REAL ESTATE ASSETS (1)
TRUE TRIPLE NET LEASES RESULT IN APPROXIMATELY 87% ADJUSTED EBITDA MARGIN FOR VICI (2)(3)
~1.8%
High Barriers to Entry
~97%
Weighted Average Annual
Contractual Rent Escalation
Contractual Rent Subject to
CPI Escalators
100%
Triple Net Leases
Attractive Yields
ā Consistent Annual Rent Escalation
~84%
43.4
Mission Critical Real Estate
Master Lease Protection (4)
Weighted Average
Lease Term (5)
~84%
Rent Roll from
S&P 500 Tenants (6)
Master Lease Protection
VICI HAS THE LONGEST DATED LEASE MATURITY PROFILE COMPARED TO SELECT TRIPLE NET REITS...
Weighted Average Lease Term(7)
43.4
13.9
13.5
10.6
10.6
10.3
9.6
9.5
8.8
(5)
VICI
ESSENTIAL PROPERTIES
STORE
W. P. CAREY
capital
NATIONAL RETAIL
PROPERTIES
SPIRIT
NYSE NNN
AGREE REALTY
CORPORATION
#++ FCPT
REALTY
INCOME
REALTY
The Monthly Dividend Company"
2020 AFFO Per Share Growth (3)(7)(8)
... COUPLED WITH THE STRONGEST EARNINGS GROWTH
10.8%
VICI
VICI
6.0%
3.6%
2.1%
AGREE REALTY
CORPORATION
(2.6%)
(5.2%)
(8.0%)
#FCPT
REALTY
INCOME
ESSENTIAL PROPERTIES
W. P. CAREY
STORE
The Monthly Dividend Company"
NN
capital
(10.4%)
NATIONAL RETAIL
PROPERTIES
NYSE:NNN
Source: Company filings as of Q3 2021.
(11.7%)
SPIRIT
REALTY
(1) VICI metrics (except 2020 AFFO Per Share Growth) shown 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) Represents LTM Adjusted EBITDA / Revenue. (3) See the appendix for additional information, including the definition and reconciliation to the most comparable VICI GAAP financial measures. (4) Represents percentage of
current annual contractual rent subject to master lease structure. (5) VICI weighted average lease term Inclusive of all tenant renewal options. (6) Comprised of Caesars, MGM and Penn National. (7) 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. (8) Other companies may calculate AFFO differently from VICI and each other, accordingly, VICI's AFFO may not be comparable to AFFO reported by such other companies.
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