Investor Presentaiton
BALANCE SHEET POSITIONED FOR GROWTH
LONG TERM NET LEVERAGE TARGET OF 5.0-5.5X
SUMMARY CAPITALIZATION
($ and shares in millions)
Pro Forma MGP
Unsecured $2.5Bn Revolving Credit Facility
Unsecured $1.0Bn Delayed Draw Term Loan
Senior Unsecured Notes
Total Unsecured Debt
Pro Rata Share of BREIT JV CMBS Debt
13,950
$13,950
1,503
Total Debt
$15,453
Cash & Cash Equivalents as of May 27, 2022
~502
Net Debt
$14,951
Common Shares
OP Units
963.0
12.2
DEBT COMPOSITION ($MM) (1)
100% fixed rate debt outstanding
90% unsecured debt, including unconsolidated share of BREIT JV debt
✓ 7.4 weighted average years to maturity
Total Shares and Units Outstanding
975.2
Share Price as of May 27, 2022
$30.87
500
Equity Market Capitalization
$30,105
Total Enterprise Value
$45,056
800
LTM Q1'22 Pro Forma Adj. EBITDA (2)
$2,572
Pro Forma Total Leverage Ratio(2)
6.0x
Pro Forma Net Leverage Ratio(2)(3)
5.8x
VICI Ratings
S&P: BBB- / Stable
Fitch: BBB- / Stable
Moody's: Ba1/ Stable
On April 20, 2022, VICI priced
its inaugural investment grade
bond offering - the $5.0bn
issuance marks the largest REIT
IG debt issuance ever
VICI
500
750
1,250
1,250
1,050
750
750
350
1,000
750
1,503
1,500
1,000 1,000
750
2022
2023
2024 2025 2026 2027 2028
2029 2030 2031 2032 2052
Existing VICI Notes
■New Notes Issued April'22
Exchanged MGP Notes
BREIT JV CMBS Debt
Note: The documents governing the Company's debt are consistent with certain tax-related requirements related to security for the Company's debt.
(1) Does not reflect undrawn revolving credit facility and delayed draw term loan, which mature in 2027 inclusive of applicable extension options. (2) LTM Q1 2022 Adj. EBITDA pro forma for the rent attributable to the acquisition of the Venetian Resort from
April 1, 2021 - February 23, 2022, the closing date of such acquisition, and the impact of the MGP acquisition, which closed subsequent to quarter end on April 29, 2022, including $996mm of LTM Q1 2022 Adj. EBITDA attributable to MGP (adjusted to include 19
rent attributable to the acquisition of MGM Springfield from April 1, 2021 - October 29, 2021, the date of such acquisition), $12mm of expected G&A synergies, and to reflect a $13mm rent differential between rent received from April 1, 2021 - March 31,
2022 by MGP under the MGM Master Lease and the terms of VICI's Amended and Restated MGM Master Lease. See "Reconciliation from GAAP to Non-GAAP Measures" in the appendix for additional information, including the definition and reconciliation to
the most comparable GAAP financial measures. (3) Pro Forma Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by LTM Q1'22 Pro Forma Adj. EBITDA.View entire presentation