Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
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 3Q21 LQA Adj. EBITDA ($MM) (1)
One of the Largest Triple Net Lease REITS
by 3Q21 LQA Adj. EBITDA ($MM) (1)
One of the Top 10 "Four-Wall" REITs by
Enterprise Value ($Bn) (5)
SPG
$4,625
0(2)
PLD
$130
$2,666
PLD
$4,385
EQIX
$84
(3)
PF VICI
$2,569
SPG
$83
EQIX
$3,145
(2)
PSA
$65
O
$2,666
WPC
$1,148
DLR
$61
(3)
PF VICI
$2,569
WELL
$51
GLPI
$1,107
DLR
$2,440
$50
PSA
$2,367
MGP(4)
$1,008
ARE
$44
PF VICI (6)
$42
WELL
$1,932
STOR
$702
EQR
$41
VTR
$1,652
AVB
$41
BXP
NNN
$657
$1,624
BXP
$33
ARE
$1,558
VTR
$33
SRC
$554
MPW
$1,516
EXR
$32
EPR
$433
ESS
$28
EQR
$1,495
MAA
$28
AVB
$1,383
BNL
$312
DRE
$25
INVH
$1,179
PEAK
$25
EPRT
$221
WPC
$1,148
UDR
$24
GLPI
$1,107
SAFE
$158
KIM
$20
HST
$18
ESS
$1,067
FCPT
$154
VNO
$18
PEAK
$1,062
REG
$17
MGP (4)
$1,008
NTST
$42
S&P 500 Constituent
FRT
$15
VICI
Sources: Company 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 Financial Measures" in the appendix for the reconciliation of VICI's Non-GAAP Financial Measures. (2) Pro forma for acquisition of VEREIT; reflects midpoint of announced cash G&A synergies of $35MM-40MM; excludes
$183MM EBITDA attributable to Office SpinCo (per investor presentation dated April 29, 2021). (3) Adjusted for $250MM of rent attributable to the pending Venetian Resort acquisition, $1,008MM 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 full-year impact of $30MM of rent attributable to MGP's acquisition of MGM Springfield.
(5) As of November 5, 2021. (6) Pro forma VICI Enterprise Value (excluding pro rata share of BREIT JV debt) reflects pro forma fully diluted shares outstanding of 963MM and VICI closing share price of $29.74 on November 5, 2021.
42View entire presentation