VICI Dividend Growth & Investment Grade Ratings
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)
ANNUAL
ESCALATION
CPI
PROTECTION
TRIPLE
NET
MASTER
LEASES
~1.8% Weighted
Average Annual
~97% Contractual
Contractual Rent
Escalation
Rent Subject to
CPI Escalator
100% Triple Net
Leases
~81% Master Lease
Protection (4)
LEASE
TERM
43.2 Weighted
Average Lease Term
(inclusive of all tenant
renewal options)
TENANT
STRENGTH
~80% Rent Roll from
S&P 500 Tenants
VICI HAS THE LONGEST DATED LEASE MATURITY PROFILE COMPARED TO SELECT TRIPLE NET REITS...
Weighted Average Lease Term (5)(6)
43.2
14.0
13.4
10.8
10.6
10.4
9.3
9.3
9.0
(5)
VICI
ESSENTIAL PROPERTIES
STORE
W. P. CAREY
capital
NATIONAL RETAIL
PROPERTIES
SPIRIT
AGREE REALTY
CORPORATION
#++ FCPT
REALTY INCOME
NYSE:NNN
The Monthly Dividend Company"
REALTY
... COUPLED WITH THE STRONGEST EARNINGS GROWTH
2019-2021 AFFO Per Share Compound Annual Growth Rate (CAGR)(3)(5)(6)
10.7%
8.4%
VICI
(7)
ESSENTIAL PROPERTIES
Source: Public filings as of Q4 2021.
7.8%
5.9%
4.5%
4.0%
1.5%
0.3%
(0.5%)
AGREE REALTY
CORPORATION
+ FCPT
NATIONAL RETAIL
PROPERTIES
REALTY
INCOME
STORE
W. P. CAREY
SPIRIT
The Monthly Dividend Company"
NYSE NNN
capital
REALTY
VICI
(1) VICI metrics (except AFFO Per Share CAGR) shown pro forma for the pending acquisition of MGP and Mirage OpCo sale. (2) Represents LTM Adjusted EBITDA / Revenue. (3) See "Reconciliation from GAAP to Non-GAAP
Measures" in the appendix for additional information, including the definition and reconciliation to the most comparable VICI GAAP financial measures. (4) Represents percentage of annual contractual rent subject to master lease
structure. (5) Other companies may calculate these measures (including AFFO and weighted average lease term) differently and, accordingly, VICI's similarly-titled measures may not be comparable to such measures disclosed by
other companies. (6) 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. (7) VICI's 2019-2021 Net Income Per Share CAGR was 19.1%.
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