VICI Investor Presentation

INDUSTRY-LEADING CPI PROTECTION & G&A EFFICIENCY Estimated CPI Protection as % of VICI's Rent Roll Over Time(1) 50% 55% 82% 2026E 85% 2023E Source: Respective company filings (1) Percentage of rent roll reflects rent inclusive of minimum contractual rent escalation pursuant to current lease agreements, refers to CPI-linked escalators in effect in the presented year (subject to any applicable caps). (2) Based on Q2'23 company filings for ADC, FCPT, EPR, GLPI, NNN, O, SRC and WPC. VICI 2032E 96% 2033E 2035E 50% VICI's rent roll with CPI-linked escalation for 2023E 96% VICI's rent roll with CPI-linked escalation by 2035E PARK MGM 2% VICI's G&A as a % of Revenue in Q2'23 M Lowest Exposure to G&A Costs Among Select Triple Net Lease REITS (2) 7

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