80e3c8ccc508ebc92081bf0040da75b05f8158dda4dc6ee624a483bf25426c93

VICI Properties Inc. is a company focused on owning and acquiring gaming, hospitality, and entertainment destinations, operating under long-term triple-net leases **[0001705696-24-000033_vici-20231231.htm:74]** **[0001705696-24-000119_vici-20240930.htm:54]** **[0001705696-24-000099_vici-20240630.htm:50]**. The company owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the United States and Canada, with notable properties like Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort on the Las Vegas Strip **[0001705696-24-000033_vici-20231231.htm:74]** **[0001705696-24-000119_vici-20240930.htm:54]** **[0001705696-24-000099_vici-20240630.htm:50]**. VICI's properties are leased to leading operators in the gaming, leisure, and hospitality sectors, providing a highly predictable revenue stream with embedded growth potential **[0001705696-24-000119_vici-20240930.htm:54]** **[0001705696-24-000099_vici-20240630.htm:50]**. Additionally, the company owns four championship golf courses and has real estate debt investments that may convert into ownership of underlying real estate **[0001705696-24-000033_vici-20231231.htm:74]** **[0001705696-24-000119_vici-20240930.htm:54]**.

1. **Sales-Type Leases** - Generates revenue through long-term leases of gaming, hospitality, and entertainment properties to leading operators, ensuring a stable and predictable income stream.
2. **Lease Financing Receivables, Loans, and Securities** - Provides financial products related to real estate, contributing significantly to the company's revenue.
3. **Golf Operations** - Owns and operates four championship golf courses, adding to the company's diverse portfolio of experiential assets.

e9863fd77af00a5b928467f0799b4431d01b861df6bac57e1907cdabea4d668b

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from Debt

Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

c0338fd865fd4b9597292e86bf287c065bd6f09de5da077b1e6c42b61b9de577

ea604c4eafc6251406af543f46bcd15f07d6bbb35de6e1792c99533684b0ad77

| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Income from Sales-Type Leases | **386.3**  **[0001705696-23-000034_vici4q22financialsupplem.htm:15]**  | **478.4**  **[0001705696-23-000071_vici1q23financialsupplem.htm:7]**  | **495.4**  **[0001705696-23-000092_vici2q23financialsupplem.htm:12]**  | **500.2**  **[0001705696-23-000112_viciq32023earningsrelease.htm:16]**  | **506.2**  **[0001705696-24-000032_vici4q23financialsupplem.htm:7]**  | **512.8**  **[0001705696-24-000079_viciq12024earningsrelease.htm:14]**  | **512.3**  **[0001705696-24-000098_viciq22024earningsrelease.htm:13]**  | **518.7**  **[0001705696-24-000118_viciq32024earningsrelease.htm:13]**  |
| Income from Lease Financing Receivables, Loans, and Securities | **355.7**  **[0001705696-23-000034_vici4q22financialsupplem.htm:15]**  | **371.1**  **[0001705696-23-000071_vici1q23financialsupplem.htm:7]**  | **373.1**  **[0001705696-23-000092_vici2q23financialsupplem.htm:12]**  | **378.5**  **[0001705696-23-000112_viciq32023earningsrelease.htm:16]**  | **396.8**  **[0001705696-24-000032_vici4q23financialsupplem.htm:7]**  | **409.3**  **[0001705696-24-000079_viciq12024earningsrelease.htm:14]**  | **413.7**  **[0001705696-24-000098_viciq22024earningsrelease.htm:13]**  | **419.1**  **[0001705696-24-000118_viciq32024earningsrelease.htm:13]**  |
| Other Income | **17.8**  **[0001705696-23-000034_vici4q22financialsupplem.htm:15]**  | **18.3**  **[0001705696-23-000071_vici1q23financialsupplem.htm:7]**  | **18.5**  **[0001705696-23-000092_vici2q23financialsupplem.htm:12]**  | **18.2**  **[0001705696-23-000112_viciq32023earningsrelease.htm:16]**  | **18.3**  **[0001705696-24-000032_vici4q23financialsupplem.htm:7]**  | **19.3**  **[0001705696-24-000079_viciq12024earningsrelease.htm:14]**  | **19.3**  **[0001705696-24-000098_viciq22024earningsrelease.htm:13]**  | **19.3**  **[0001705696-24-000118_viciq32024earningsrelease.htm:13]**  |
| Golf Revenues | **10.1**  **[0001705696-23-000034_vici4q22financialsupplem.htm:15]**  | **9.8**  **[0001705696-23-000071_vici1q23financialsupplem.htm:7]**  | **11.1**  **[0001705696-23-000092_vici2q23financialsupplem.htm:12]**  | **7.4**  **[0001705696-23-000112_viciq32023earningsrelease.htm:16]**  | **10.6**  **[0001705696-24-000032_vici4q23financialsupplem.htm:7]**  | **10.1**  **[0001705696-24-000079_viciq12024earningsrelease.htm:14]**  | **11.7**  **[0001705696-24-000098_viciq22024earningsrelease.htm:13]**  | **7.5**  **[0001705696-24-000118_viciq32024earningsrelease.htm:13]**  |
| Total Revenues | **769.9**  **[0001705696-23-000034_vici4q22financialsupplem.htm:15]**  | **877.6**  **[0001705696-23-000071_vici1q23financialsupplem.htm:7]**  | **898.2**  **[0001705696-23-000092_vici2q23financialsupplem.htm:12]**  | **904.3**  **[0001705696-23-000112_viciq32023earningsrelease.htm:16]**  | **931.9**  **[0001705696-24-000032_vici4q23financialsupplem.htm:7]**  | **951.5**  **[0001705696-24-000079_viciq12024earningsrelease.htm:14]**  | **957.0**  **[0001705696-24-000098_viciq22024earningsrelease.htm:13]**  | **964.7**  **[0001705696-24-000118_viciq32024earningsrelease.htm:13]**  |

68945a27ebade23e82d29d3f1c0395c6531a71d0b4398c0090e46e5afb8815dc

1. Given the trend of new openings leading to unit growth and potential cannibalization in regional gaming markets, how are you adjusting your investment and underwriting criteria to mitigate risks associated with same-store sales declines?
2. With the volatility in REIT capital market conditions and uncertainty in consumer economic conditions, how does VICI plan to sustain its capital allocation strategy and generate earnings growth if access to capital becomes constrained?
3. As you look ahead to 2025, how do you balance the trade-offs between pursuing larger, potentially transformative deals versus more frequent, smaller transactions in both gaming and non-gaming spaces to drive meaningful earnings growth?
4. Considering reports of slowness in the lower segments of the consumer spectrum, how might this impact your partners' willingness to reinvest or participate in your growth funds, and what strategies are you employing to address this challenge?
5. Can you elaborate on your approach to acquiring gaming assets in off-strip Las Vegas locations, including the specific metrics like yield, coverage, and operator quality that you consider critical in evaluating these opportunities?

4be6b58c88011c7c75bd99ae92cc46c955aaf91678218b671758be62ae84c191

1. **Deal Pipeline and Growth Opportunities**  
   **Q:** Can you discuss your current deal pipeline and growth opportunities?  
   **A:** Management expressed that they are **sober about the marketplace and capital markets** but continue to work on several opportunities in gaming and non-gaming sectors that excite them \[0\]. They highlighted the magnitude of their existing properties, especially in Las Vegas, such as the Venetian with **17 million square feet**, including **300,000 unfinished square feet** that present incremental investment opportunities \[0\]. They are exploring different target sectors like wellness, indoor water parks, pilgrimage, golf, and family entertainment centers, and have made their first investment in youth sports \[0\].

2. **Caesars Call Option Timing**  
   **Q:** What are your considerations for exercising the Caesars Center call option?  
   **A:** Management aims to be opportunistic with the timing of exercising the call option, depending on their cost of funding \[2\]. They wouldn't exercise it if it would create **dilution** \[2\]. While the rent coverage is set by the current agreement, they are in discussions with Caesars to ensure rent coverages are agreeable for decades to come \[8\].

3. **Mezzanine Lending Strategy**  
   **Q:** How is mezzanine lending becoming part of your capital deployment strategy?  
   **A:** They acknowledged that mezzanine lending and construction financing are growing aspects of their strategy, used to forge relationships and create steady capital allocation \[6\]. These loans will remain a minor percentage of assets under management, focusing on achieving the right risk-adjusted spreads by considering factors like the cost of senior debt, equity sponsorship, and loan-to-value ratios \[6\]. They emphasized rigorous underwriting practices and ensuring that their last dollar exposure is at a comfortable level \[6\].

4. **Guidance and Forward Equity Impact**  
   **Q:** How are you treating forward equity in your guidance share count?  
   **A:** Management clarified that there is **no implied use of proceeds or drawdown** from the forward equity in their guidance \[1\]. There's a slight impact from treasury stock dilution in the share count, but they are not assuming any credit or benefit from the funding and are actually taking a marginal penalty due to the treasury stock method \[1\].

5. **Expanding into Non-Gaming Assets**  
   **Q:** Will you continue to expand into non-gaming experiential assets?  
   **A:** They confirmed plans to invest in non-gaming sectors, identifying opportunities in experiential real estate that offer rich and profitable experiences \[4\]. Partners like Cabot, Canyon Ranch, Bowlero, and Great Wolf have **network growth opportunities** not readily available to gaming operators \[4\]. This diversification allows them to grow when gaming growth is limited, emphasizing investments in assets with **lower-than-average cyclicality** \[4\].

6. **Indiana Assets and 77 Call Option**  
   **Q:** How attractive is the 77 call option on the Indiana assets currently?  
   **A:** Management indicated that the **77 call is not as attractive** as when it was struck a few years ago \[6\]. They would only consider exercising it if it is **accretive** and would avoid any **dilutive** opportunities \[6\].

7. **Financing and Leverage Strategy**  
   **Q:** How do you plan to manage upcoming debt maturities and leverage?  
   **A:** They plan to continue accessing the unsecured market to extend maturity tenors and increase their investment-grade debt \[18\]. They aim to **migrate leverage downwards** from the current **5.5x**, both through over-equitizing transactions and leveraging neutral transactions, depending on deal size \[22\].

8. **Performance of Las Vegas Assets**  
   **Q:** How are your Las Vegas assets, like Fontainebleau, performing?  
   **A:** Management praised the quality of assets like Fontainebleau, noting it's a **beautiful property** built by a strong team \[13\]. While they didn't discuss financial performance, they emphasized that such assets **take time to build up** a customer base \[13\]. They also expressed that media negativity often doesn't reflect actual performance, citing successes like **The Sphere** and **F1 events** in Las Vegas \[13\].

9. **Investing in Professional Sports Venues**  
   **Q:** Are you considering investing in professional sports stadiums, especially in Las Vegas?  
   **A:** They are excited about opportunities related to professional sports in Las Vegas \[23\]. Owning land near significant venues like the A Stadium, T-Mobile Arena, and Allegiant Stadium, they see value in these properties \[23\]. MGM is enthusiastic about **repositioning opportunities** at these locations, reinforcing Las Vegas as a unique, high-growth market \[23\].

10. **Balancing Low G&A and Team Investment**  
    **Q:** How do you balance your low G&A expenses with investing in your acquisitions team?  
    **A:** Management relies on strong partnerships and relationships with advisors, which serve as **force multipliers** \[12\]. By engaging intensely with advisors and rewarding them, they keep G&A low while sourcing opportunities \[12\]. They are open to adding resources if they feel they are shortchanging shareholders by running too thin \[12\].

e4c19bd92cd696b4f5b4862a501b8877f5fa83cbec03bba0326b88468487ff3a

Q3 2024

Q2 2024

Q1 2024

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

6bfa8c146bf84194818116155763108dea5b96c1f4553310135c70d81f9d4798

### Q3 2024 Earnings Call
   - **Issued Period**: Q3 2024
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **AFFO (Adjusted Funds From Operations)**:
       - Expected to be between **$2.36 billion and $2.37 billion**.
       - On a per share basis, expected to be between **$2.25 and $2.26 per diluted common share**.
     - The guidance excludes impacts from transactions not closed, interest income from loans without final draw structures, possible future acquisitions or dispositions, capital markets activity, or other nonrecurring transactions or items  **[VICI_3405473_5]** .

### Q2 2024 Earnings Call
   - **Issued Period**: Q2 2024
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **AFFO**:
       - Expected to be between **$2.35 billion and $2.37 billion**.
       - On a per share basis, expected to be between **$2.24 and $2.26 per diluted common share**.
       - Based on the midpoint, expected year-over-year AFFO per share growth of **4.7%**.
     - The guidance excludes impacts from transactions not closed, interest income from loans without final draw schedules, possible future acquisitions or dispositions, capital markets activity, or other nonrecurring transactions or items  **[VICI_3395965_4]** .

### Q1 2024 Earnings Call
   - **Issued Period**: Q1 2024
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **AFFO**:
       - Expected to be between **$2.32 billion and $2.355 billion**.
       - On a per share basis, expected to be between **$2.22 and $2.25 per diluted common share**.
     - The guidance excludes impacts from transactions not closed, interest income from loans without final draw structures, possible future acquisitions or dispositions, capital markets activity, or other nonrecurring transactions or items  **[VICI_3382399_5]** .

### Q4 2023 Earnings Call
   - **Issued Period**: Q4 2023
   - **Guided Period**: FY 2024
   - **Guidance**:
     - **AFFO**:
       - Expected to be between **$2.32 billion and $2.355 billion**.
       - On a per share basis, expected to be between **$2.22 and $2.25**.
       - Projected year-over-year AFFO per share growth of **4%** based on the midpoint of the guidance  **[VICI_3374883_6]** .

4eed82c3ae80d9e136f3600230e17082422c650c679062c953d8ea529e11c561

- Other REITs
- Gaming companies
- Investment companies
- Private equity firms
- Hedge funds
- Sovereign funds
- Lenders
- Other private investors

These competitors are mentioned in the context of competing for real property investments and transaction opportunities in the gaming, hospitality, wellness, entertainment, and leisure sectors  **[0001705696-24-000033_vici-20231231.htm:18]** **[0001705696-24-000033_vici-20231231.htm:35]** .

fe4ade5e0aabd15b63eb1dc9703fd085c11491e77c753e0dd7513d0c0cb1c56a

Income from sales-type leases

Income from lease financing receivables, loans, and securities

Other income

Golf revenues

Real Property Business

- Leasing Revenue

Food and Beverage Revenues

Retail and Other Revenues

Total Revenue

e92e384cfeb60502e008f61b61ebe02595d7c1760173bd05200961a7d19e922c

**Annual guidance for FY 2024:**
- **AFFO**: $2.36B to $2.37B  **[VICI_3405473_5]**  (raised from $2.35B to $2.37B  **[VICI_3395965_4]** )  
- **AFFO per share**: $2.25 to $2.26  **[VICI_3405473_5]**  (raised from $2.24 to $2.26  **[VICI_3395965_4]** )  

31c4a3dead758166c67a41ee64bc561b72ba9a06cea7d5df2302eed8ddde0ce3

| Name                  | Position                                                      | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------|---------------------------------------------------------------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Edward B. Pitoniak    | Chief Executive Officer                                       | October 6, 2017  | Edward B. Pitoniak has served as the Chief Executive Officer of VICI Properties Inc. since **October 6, 2017**. Before joining VICI, he was the Vice Chairman of Realterm, a private equity real estate manager, from January 2015 to July 2017. He has extensive experience in the hospitality, entertainment, and real estate industries  **[0001104659-24-034510_tm2324899d4_def14a.htm:18]** **[0001193125-23-070714_d460951ddef14a.htm:17]** .                      |
| John W.R. Payne       | President and Chief Operating Officer                         | October 6, 2017  | John W.R. Payne has been the President and Chief Operating Officer of VICI Properties since **October 6, 2017**. He has over 20 years of experience in the gaming and hospitality industry. Before joining VICI, he served as the CEO of Caesars Entertainment Operating Company, Inc. and held various leadership roles at Caesars  **[0001104659-24-034510_tm2324899d4_def14a.htm:65]** **[0001193125-23-070714_d460951ddef14a.htm:63]** .                           |
| David A. Kieske       | Executive Vice President, Chief Financial Officer, and Treasurer | January 1, 2018  | David A. Kieske has been the Executive Vice President, Chief Financial Officer, and Treasurer of VICI Properties Inc. since **January 1, 2018**. Before this role, he was a Special Advisor to the CEO from November 27, 2017, until December 31, 2017. He previously worked at Wells Fargo Securities/Eastdil Secured and other financial institutions  **[0001104659-24-034510_tm2324899d4_def14a.htm:65]** **[0001193125-23-070714_d460951ddef14a.htm:63]** .          |
| Samantha S. Gallagher | Executive Vice President, General Counsel, and Secretary     | June 12, 2018    | Samantha S. Gallagher has been the Executive Vice President, General Counsel, and Secretary at VICI Properties since **June 12, 2018**. She joined the company as a Special Advisor to the CEO in May 2018. She has over 20 years of experience in representing REITs and real estate companies, and previously worked at First Potomac Realty Trust  **[0001104659-24-034510_tm2324899d4_def14a.htm:65]** **[0001193125-23-070714_d460951ddef14a.htm:64]** . |

d381725fbc36bc2345fda2e48c92f32942e7095458f9b4675fdf2ed25ea3dc1f

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD]

EPS - Diluted [USD]

5b967b4a9d0815b8b6390a8dc947b492f6ad3e1a8773355a0982701add4c6c9e

| Name                 | Start Date | End Date | Reason for Change |
|----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2016  **[0001705696-24-000033_vici-20231231.htm:120]**  | Present  | Current auditor   |

45fa07fda0149b50183106dea2f95b779439fee7ed6a03bcbc494222e28b1287

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

1. **Impact of Interest Rates on Pipeline**  
   **Q:** How are higher rates affecting your pipeline?  
   **A:** Higher interest rates are having a chilling effect on trading activity across asset classes, making asset transactions more difficult. However, we value having levers to generate growth during these periods, such as our property partner growth fund, credit book, and expansion of existing relationships.  **[VICI_3382399_26]** 

2. **The Venetian Investment and Returns**  
   **Q:** Can you discuss the $700 million investment in The Venetian and future opportunities?  
   **A:** We've invested **$700 million** into The Venetian, a rare asset, maintaining an accretive spread that creates value for shareholders. Future opportunities may bring our total investment up to half of the **$1.5 billion** planned improvements, showcasing our ability to invest significant capital into prime assets with solid returns.  **[VICI_3382399_8]** **[VICI_3382399_10]** **[VICI_3382399_21]** **[VICI_3382399_23]** 

3. **Consumer Health and Tenant Impact**  
   **Q:** Any concerns about consumer weakness affecting tenants?  
   **A:** We are monitoring the disparity between lower-income and higher-end consumers. While there may be some stress on lower-end consumers, our tenants continue to perform well, and we've historically collected **100%** of our rent on time, even during downturns like the pandemic.  **[VICI_3382399_17]** **[VICI_3382399_19]** 

4. **Preference for CapEx over M&A**  
   **Q:** Why are operators favoring CapEx over M&A, and how does it affect you?  
   **A:** Operators may be hesitant to engage in M&A due to low trading valuations and strong post-COVID performance. They prefer investing in existing properties, which aligns with our ability to support their growth through capital investments, enhancing our assets' value.  **[VICI_3382399_14]** 

5. **Non-Gaming Initiatives' Durability**  
   **Q:** How do you view the durability of non-gaming assets?  
   **A:** We assess new experiential categories for durability, ensuring they've succeeded over decades and economic cycles. We prefer asset classes with healthy supply-demand balance and low secular threat, avoiding trends that may lack long-term viability.  **[VICI_3382399_15]** 

6. **Return Requirements and Cost of Capital**  
   **Q:** How do you approach return levels and cost of capital?  
   **A:** We aim for blended yields on investments, matching capital deployment into assets like The Venetian with other opportunities offering more substantial yields. This ensures we maintain an accretive spread and create shareholder value despite market conditions.  **[VICI_3382399_8]** 

7. **Potential Sale of MGM Springfield**  
   **Q:** What is your role if MGM sells Springfield operations?  
   **A:** While we don't comment on our operators' sale transactions, if MGM were to sell the operating business, we would retain the asset and enter into a lease with the new operator, as we've successfully done in similar situations before.  **[VICI_3382399_17]** 

8. **Pipeline Depth for Growth Investments**  
   **Q:** How deep is the pipeline for growth investments?  
   **A:** We have significant opportunities across our **130 million square feet** of properties. Investing even **1% to 2%** translates to substantial growth. Our partners continually seek ways to enhance their assets, and we're excited about future investments.  **[VICI_3382399_10]** 

9. **Las Vegas Exposure and Investment Comfort**  
   **Q:** Are you comfortable with your Las Vegas exposure?  
   **A:** We are very comfortable, owning **10 assets** on the Las Vegas Strip. We see additional growth opportunities in regional and downtown markets and continue to evaluate further investments without setting a specific ceiling.  **[VICI_3382399_13]** 

10. **Option to Purchase Centaur Assets**  
    **Q:** What's the timing on the Centaur assets option?  
    **A:** We're going through the regulatory process in Indiana. Should we elect to exercise the option, we'll follow all rules and regulations, but we have no specific timing to share at this moment.  **[VICI_3382399_9]** 

11. **Negotiations and Yields for The Venetian**  
    **Q:** How did negotiations for The Venetian deal transpire?  
    **A:** Discussions began during the initial lease amid the pandemic. We focus on creating beneficial deals for both sides, reaching a price we both feel good about, leading to win-win outcomes.  **[VICI_3382399_21]** 

12. **Development Financing and Market Conditions**  
    **Q:** Any headwinds or tailwinds in development financing?  
    **A:** We closely monitor our tenants and loan investments and aren't seeing any headwinds in development completion or asset performance where we have loan investments.  **[VICI_3382399_20]** 

13. **Homefield Partnership and Growth Potential**  
    **Q:** What's the status and potential growth of the Homefield partnership?  
    **A:** We've started funding an **18-month** development build for the Margaritaville Hotel. Homefield is a best-in-class youth sports operator, and while they have no immediate plans to grow, they may have future expansion opportunities.  **[VICI_3382399_7]** 

14. **Competitive Environment for Deals**  
    **Q:** Has the competitive environment for deals changed?  
    **A:** The competitive environment remains the same as before; we continue to engage with partners and explore opportunities across our sectors.  **[VICI_3382399_11]** 

9621fa8b18956a48fc76814ba9d0c24ae5886145568cf5cf244be4629aff8880

- **Total Revenue**: $964.7 million (+7% YoY)  **[0001705696-24-000119_vici-20240930.htm:6]** **[0001705696-24-000119_vici-20240930.htm:59]** **[0001705696-23-000113_vici-20230930.htm:6]**   
- Income from Lease Financing Receivables: $419.1 million (+11% YoY)  **[0001705696-23-000113_vici-20230930.htm:11]** **[0001705696-24-000119_vici-20240930.htm:11]** **[0001705696-24-000119_vici-20240930.htm:6]** **[0001705696-24-000119_vici-20240930.htm:59]**   
- Other Income: $19.3 million (+6% YoY)  **[0001705696-23-000113_vici-20230930.htm:11]** **[0001705696-24-000119_vici-20240930.htm:11]** **[0001705696-24-000119_vici-20240930.htm:6]** **[0001705696-24-000119_vici-20240930.htm:59]**   
- **Net Income**: $744.5 million (+30% YoY)  **[0001705696-24-000119_vici-20240930.htm:6]** **[0001705696-23-000113_vici-20230930.htm:6]**   
- **EPS (Diluted)**: $0.70 (+30% YoY)  **[0001705696-24-000119_vici-20240930.htm:6]** **[0001705696-23-000113_vici-20230930.htm:6]**   

66ddc9ef7fc1df851dfd07b42d13c5e313c4c5dd74747f571cb40dddcb6212d8

ec4b19b2d163cd8ea4984aa2ae7a1142914dd07b5722bb8a8e30f5e400bbe004

3b4f301bd37aefc3dc2626e974aebcdb666a58f323f7944931c2b50818931782

| Year  | Amount Due (in billions) | Debt Type                          | Interest Rate | % of Total Debt                          |
|-------|---------------------------|------------------------------------|---------------|------------------------------------------|
| 2025  | 2.05                      | 3.500% Notes, 4.375% Notes, 4.625% Notes | 3.500%, 4.375%, 4.625% | 12.0% = (2.05 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2026  | 1.92                      | 4.500% Notes, 4.250% Notes        | 4.500%, 4.250% | 11.2% = (1.92 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2027  | 1.50                      | 5.750% Notes, 3.750% Notes        | 5.750%, 3.750% | 8.8% = (1.50 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2028  | 1.60                      | 4.500% Notes, 4.750% Notes        | 4.500%, 4.750% | 9.4% = (1.60 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2029  | 1.75                      | 3.875% Notes, 4.625% Notes        | 3.875%, 4.625% | 10.2% = (1.75 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2030  | 1.00                      | 4.950% Notes, 4.125% Notes        | 4.950%, 4.125% | 5.8% = (1.00 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2032  | 1.00                      | 5.125% Notes, MGM Grand/Mandalay Bay CMBS Debt | 5.125%, 3.558% | 5.8% = (1.00 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2034  | 0.50                      | 5.750% Notes                      | 5.750%        | 2.9% = (0.50 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2052  | 0.50                      | 5.625% Notes                      | 5.625%        | 2.9% = (0.50 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| 2054  | 0.50                      | 6.125% Notes                      | 6.125%        | 2.9% = (0.50 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |
| Thereafter | 8.30                 | Various Notes                     | Various       | 48.5% = (8.30 / 17.1) * 100 **[0001705696-24-000119_vici-20240930.htm:33]** **[0001705696-24-000119_vici-20240930.htm:35]** |

ac870953ac18442fc007e4d0d3109ec150faca727e3a50692c9b8b09a453d2d5

- **Potential risks in the regional gaming market due to increased competition, cannibalization, and same-store sales declines.** Executives acknowledge the need for discipline in investments and understanding operators' ability to compete profitably for market share over the next decade.  **[VICI_3405473_14]**
- **Slowdown in the lower segments of the business, impacting both gaming and experiential partners.** There is a falloff in the weaker consumer segment, which could affect growth and investments.  **[VICI_3405473_22]** **[VICI_3405473_12]**
- **Hesitancy to engage in tribal gaming opportunities may limit growth.** VICI is cautious about idiosyncratic risks associated with tribal land transactions, potentially missing out on opportunities that competitors are pursuing.  **[VICI_3405473_6]**

551dddde9f4170e923dd6f89bad87f7869533679f2bc5458002e28ad5b6224c3

- VICI remains highly concentrated in the gaming sector, with **98% of rent coming from gaming assets**  **[VICI_3382399_27]** , potentially exposing the company to sector-specific risks and lack of diversification.
- Potential weakening of lower-end consumer spending in regional gaming markets could negatively impact VICI's tenants' revenues, posing a risk to VICI's rental income stability. Executives acknowledge stress among lower-income consumers and less liquidity compared to a year or two ago.  **[VICI_3382399_17]** **[VICI_3382399_19]**
- VICI's recent investment in The Venetian offers a lower-than-targeted return and **not a significant accretive spread**, indicating challenges in finding higher-yield opportunities and pressures on return requirements.  **[VICI_3382399_8]**

ef766cd038510fffe6aca53fb59165e250e791a9dcc0e774b3454a9a0cd3ac78

- **VICI's addressable market is expanding** as they explore **new experiential sectors beyond gaming**, such as **indoor water parks**, **youth sports**, **wellness**, **pilgrimage**, **golf**, and **family entertainment centers**, broadening growth opportunities  **[VICI_3374883_23]** ,.  **[VICI_3374883_8]**
- **Significant opportunities exist within VICI's existing Class A assets**, particularly in **Las Vegas**, where assets like **the Venetian** have **substantial undeveloped space** that can be leveraged for growth, offering **incremental investment opportunities** not common in other REITs  **[VICI_3374883_8]** ,.  **[VICI_3374883_28]**
- **Potential for significant investment in existing properties**, such as the **MGM property in Yonkers**, which, if granted a **full gaming license**, would represent a **major incremental investment opportunity** for VICI.  **[VICI_3374883_28]**

c0091d94bb2376bc5b78aa5b868a56d549bb7a6a547298f70fef5f7590848dbb

1. **Decision on Centaur Assets**  
   **Q:** Why not exercise the option on Centaur now?  
   **A:** We decided not to exercise the call option on the Indiana assets because strategic factors influencing our decision won't change this year. To be fair to our partners and efficiently manage our time, we announced it now instead of waiting until year-end. The cap rate was acceptable, but we have more compelling opportunities to allocate our capital elsewhere ** **[VICI_3395965_10]** , **[VICI_3395965_14]** **.

2. **Capital Allocation Strategy**  
   **Q:** What are your alternative investment opportunities?  
   **A:** We have compelling investment opportunities that we believe will drive stronger continuous improvement in our access to and cost of capital. These investments focus on fee interests in gaming assets and are less heavily weighted to a single deal, promoting a sustained and sustainable capital allocation and funding cadence **[VICI_3395965_21]**.

3. **Caesars Lease Variable Component**  
   **Q:** How will the upcoming variable component affect the Caesars lease?  
   **A:** Starting November 1, we'll enter lease year eight with Caesars, introducing a variable rent component. Based on current data, we expect it to be relatively neutral with no significant impact on our escalations **[VICI_3395965_8]**.

4. **Refinancing Upcoming Debt Maturities**  
   **Q:** How are you addressing the $2 billion in notes due next year?  
   **A:** We feel very good about our ability to refinance the upcoming maturities in the first half of next year. Our strong investment-grade rating and deep, liquid credit profile support our confidence in extending and laddering our maturity profile **[VICI_3395965_18]**.

5. **Underwriting Gaming Assets**  
   **Q:** How are you approaching gaming asset investments now?  
   **A:** We're refining our capital allocation strategy, focusing on factors like tenant diversity, geographic diversity, tenant credit quality, and rent coverage. We aim to invest our capital where it will achieve the highest and best use, ensuring sustainable growth and a cost of capital advantage **[VICI_3395965_10]**.

6. **International Expansion Opportunities**  
   **Q:** What international opportunities are you exploring?  
   **A:** We're actively studying and traveling in countries like **Australia**, **New Zealand**, the **U.K.**, and parts of **Europe**. We see opportunities to grow and diversify not only in location but also with new tenants in both gaming and experiential sectors ** **[VICI_3395965_6]** , **[VICI_3395965_7]** **.

7. **Guidance Increase Drivers**  
   **Q:** What led to the increase in guidance?  
   **A:** The increase is due to finalized funding and recent investments, including the **Great Wolf** transaction. We've also continued funding through our loan book, giving us confidence in achieving our updated guidance **[VICI_3395965_20]**.

8. **Lease Protections Amid Operator M&A**  
   **Q:** How protected are leases if operators merge?  
   **A:** Our leases have strong protections addressing change-of-control scenarios. We've previously navigated a tenant merger successfully, and we're confident in our lease structures to handle any future operator M&A **[VICI_3395965_19]**.

9. **Consumer Weakness Impact on Pipeline**  
   **Q:** Has consumer softness changed your acquisition plans?  
   **A:** While there is some softness among lower-end consumers, it hasn't caused concern yet. We're focused on middle to higher-end experiential categories and remain confident in our acquisition pipeline ** **[VICI_3395965_8]** , **[VICI_3395965_17]** **.

10. **Las Vegas Investment and Development**  
    **Q:** Any plans for your Las Vegas strip land and development?  
    **A:** We believe strongly in the Las Vegas ecosystem and are comfortable investing additional capital there. Our vacant land offers long-term potential to invest and expand our exposure in this unique global destination ** **[VICI_3395965_7]** , **[VICI_3395965_17]** **.

11. **Experiential Credit Investments**  
    **Q:** How large will your credit solutions strategy become?  
    **A:** Our credit portfolio is approximately **$2.2 billion**, about **4%–5%** of total assets. We feel comfortable at this level, using it to develop relationships and learn about new segments, which could lead to future real estate ownership opportunities **[VICI_3395965_15]**.

12. **Potential Live Entertainment Investments**  
    **Q:** Will you invest in live entertainment venues?  
    **A:** We're studying the live entertainment sector to understand the economics and see if it supports our investment model. While we love the growth in sports and entertainment in Las Vegas, any investment would require durable cash flows and strong operator partnerships **[VICI_3395965_26]**.

b4c47bcd567b11da7f6f69ae3f6666e96e119ec906cb877cee5f06cad7e48794

1. **2025 Growth Outlook**  
   **Q:** Will you focus on smaller deals or big acquisitions in 2025?  
   **A:** We remain confident in bringing both gaming and nongaming deals, big and small, to continue our growth profile in 2025. Despite the trade-offs in our strategy, we are working on exciting opportunities and aim to maintain our growth.  **[VICI_3405473_13]** 

2. **Rate Volatility Impact**  
   **Q:** Has recent rate volatility affected deal activity?  
   **A:** The volatility has caused indecision and inaction, affecting deal flow and underwriting. We hope conditions will calm down soon.  **[VICI_3405473_9]** **[VICI_3405473_16]** **[VICI_3405473_17]** 

3. **Regional Gaming Underwriting**  
   **Q:** Are you more conservative on regional gaming underwriting?  
   **A:** We are being thoughtful and disciplined, considering competition and potential new markets. Understanding operator quality and asset competitiveness is crucial.  **[VICI_3405473_11]** **[VICI_3405473_14]** 

4. **Off-Strip Vegas Opportunities**  
   **Q:** Are you exploring off-strip Vegas acquisitions?  
   **A:** Yes, we've been meeting with operators in locals and downtown markets. There are **fabulous assets**, and we aim to partner with great operators to grow.  **[VICI_3405473_10]** **[VICI_3405473_15]** 

5. **Casino Real Estate Cap Rates**  
   **Q:** Do Vegas trends impact casino real estate cap rates?  
   **A:** Cap rates depend more on capital market conditions than short-term operator performance. We feel confident about Las Vegas and our operators' ability to navigate challenges.  **[VICI_3405473_21]** 

6. **Experiential Partners Performance**  
   **Q:** How are your experiential partners performing?  
   **A:** Great Wolf's performance is solid, with some falloff in lower-end consumers. Cabot and Canyon Ranch continue to attract customers with unique offerings and high-quality service.  **[VICI_3405473_22]** 

7. **Tribal Gaming Investments**  
   **Q:** Any updates on tribal gaming investments?  
   **A:** We value partnering with American Tribal Nations but remain cautious due to idiosyncratic risks in on-tribal land transactions. We focus on understanding and pricing these risks appropriately.  **[VICI_3405473_6]** 

8. **Election Impact on Gaming**  
   **Q:** Any election ballot items affecting regional gaming?  
   **A:** It's relatively quiet this year, with some activity in **Missouri**, **Arkansas**, and **Virginia** regarding new casinos and online sports betting.  **[VICI_3405473_19]** 

9. **Nongaming Sector Growth**  
   **Q:** Are new relationships mainly in nongaming sectors?  
   **A:** Not necessarily; we see opportunities in both gaming and nongaming. While nongaming deals may be smaller, we continue to focus on growth across all sectors.  **[VICI_3405473_24]** 

c47e3cb2384010f62e7e41b152803f8d01b378877f8a01444561b79e4f97e51f

- **VICI's assets in Las Vegas are benefiting from record visitation and diversification into sports and entertainment, driving strong performance and growth.** For example, Harry Reid International Airport had back-to-back record months, with **5.1 million passengers** in June, the third best month ever.  **[VICI_3395965_17]** ,  **[VICI_3395965_26]**
- **The company practices disciplined capital allocation and strategic focus**, choosing to invest in opportunities that improve the quality and intrinsic value of their portfolio, and not just growth for growth's sake. Their decision not to exercise the call right to acquire certain assets demonstrates their commitment to allocating capital effectively.  **[VICI_3395965_11]** ,  **[VICI_3395965_19]**
- **VICI's focus on high-quality experiential assets with strong operators provides resilience amid consumer weakness and economic uncertainty.** They are not significantly impacted by pockets of consumer weakness, as they focus on middle to higher-end experiential categories.  **[VICI_3395965_8]** ,  **[VICI_3395965_15]**

a4f2a49c73af416263daedefeb01f75f2f8ef85df01ecf40618fa3b5dce0c085

- **VICI Properties' Las Vegas assets are performing strongly, with operators like MGM Resorts achieving 94% occupancy in Q3**, demonstrating the resilience of the Las Vegas market.  **[VICI_3405473_21]**
- **VICI has multiple pillars of growth**, including real estate acquisitions, property partner growth funds, and experiential credit solutions, providing diverse opportunities for sustainable and consistent capital deployment.  **[VICI_3405473_8]**
- VICI is actively exploring expansion into **off-strip Las Vegas locations**, focusing on partnering with great operators and high-quality assets, which can drive future growth.  **[VICI_3405473_10]**

e35ce827b80632c0222e6e9e3acfc4ed2243fa5ba91ce5216ebe5e2f9559fac4

- **High concentration risk with 45% of rent collected from Las Vegas assets**, which could impact revenues if the Las Vegas market faces downturns.  **[VICI_3395965_3]**
- **Exposure to potential weakness in lower-end consumer spending**, as noted by executives regarding softness in some businesses and hearing about consumer weakness, particularly in the lower-end segment, which could affect tenant performance.  **[VICI_3395965_17]** **[VICI_3395965_8]**
- **Elevated leverage with a net debt to adjusted EBITDA ratio of 5.4x**, at the high end of their target range, which may pose risks in a rising interest rate environment.  **[VICI_3395965_1]** **[VICI_3395965_4]**

9690e02011f4422731060b03c6dda7fd371708d04c6f7a375a369409f322da36

- **Limited growth opportunities in gaming due to strict regulatory controls**, forcing VICI to seek growth in other experiential sectors that may carry higher risks or uncertainties.  **[VICI_3374883_8]** **[VICI_3374883_12]**
- **Management acknowledges a challenging macroeconomic environment**, stating they are "sober about the marketplace, capital markets, and what kind of activity may be available to us".  **[VICI_3374883_8]**
- **Tax dispute at MGM National Harbor, an important asset for VICI**, which could have implications for the company, but management declined to comment.  **[VICI_3374883_24]**

43f0f2f3a795c4a170823b37a77ef0bc5d762d683505c80e4da51a4298dd04e5

- **Strong Growth Opportunities with Existing Partners and Assets:** VICI is capitalizing on its relationships with operators who are expanding and seeking to enhance their properties, particularly in Las Vegas, leading to potential growth through reinvestment and development projects.  **[VICI_3382399_6]** **[VICI_3382399_13]**
- **VICI's Large and Diversified Real Estate Portfolio Positions It for Continued Growth:** As the largest owner of hotel room real estate and one of the largest owners of convention space in America, with approximately **130 million square feet**, VICI has significant opportunities for reinvestment and incremental returns within its existing asset base.  **[VICI_3382399_10]**
- **Resilient Business Model with Stable Rent Collection Regardless of Market Conditions:** VICI has a track record of collecting **100% of rent on time and in cash**, even during economic downturns or periods of consumer pullback, demonstrating the stability and reliability of its revenue streams.  **[VICI_3382399_17]**

6293e446826a41aa92d18340992566770c277c734442ddf2fdb2eaed345f93a6

VICI Properties Inc (VICI)

Financials