VICI Q3 2022 Supplemental Financial & Operating Data 1 SUP P L E M ENTA L F I NA NC I A L & O P ERAT I NG DATA T H I R D Q U A R T E R E N D E D S E P T E M B E R 3 0 , 2 0 2 2 E x h i b i t 9 9 . 2

VICI Q3 2022 Supplemental Financial & Operating Data 2 Disclaimers Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI Properties Inc.’s (“VICI” or the “Company”) current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical facts and by the use of words such as “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward- looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including rising inflation, rising interest rates, supply chain disruptions, consumer confidence levels, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of the rise in interest rates on us, including our ability to successfully pursue investments in, and acquisitions of, additional properties and to obtain debt financing for such investments at attractive interest rates, or at all; the impact of the COVID-19 pandemic on our and our tenants' financial condition, results of operations, cash flows and performance (including the impact of actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures on our tenants, and the ability of our tenants to successfully operate their businesses); risks associated with our recently completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on subsidiaries of Caesars Entertainment, Inc. (“Caesars”), Century Casinos, Inc. (“Century Casinos”), the Eastern Band of Cherokee Indians (“EBCI”), Seminole Hard Rock Entertainment, Inc. (“Hard Rock”), Rock Ohio Ventures LLC (“JACK Entertainment”), MGM Resorts International (“MGM”), PENN Entertainment, Inc. (“PENN Entertainment”), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (“Venetian Las Vegas Tenant”) as tenants of our properties and Caesars, Century Casinos, EBCI, Hard Rock, JACK Entertainment, MGM and PENN Entertainment, or certain of their respective subsidiaries as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the effects of our recently completed transactions on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans; the anticipated benefits of certain arrangements with certain tenants relating to our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our existing lease agreements with such tenants, which we collectively refer to as the Partner Property Growth Fund; our borrowers’ ability to repay their outstanding loan obligations to us; our dependence on the gaming industry; our ability to pursue our business and growth strategies may be limited by our substantial debt service requirements and by the requirement that we distribute 90% of our real estate investment trust (“REIT”) taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; our inability to maintain our qualification for taxation as a REIT; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties and the completion of any transactions on a timely basis, or at all, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew our lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to our lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness, including indebtedness assumed and incurred by us in connection with our recently completed transactions, and ability to service, refinance and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; our inability to successfully pursue investments in, and acquisitions of, additional properties; our ability to obtain the financing necessary to complete acquisitions or related transactions on the terms we currently expect in a timely manner, or at all; the possibility that any transactions may not be completed or that completion may be unduly delayed, and the potential adverse impact on our business, operations and stock price; the possibility that we identify significant environmental, tax, legal or other issues that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our recently completed transactions; the possibility of adverse tax consequences as a result of our recently completed transactions, including tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending and recently completed transactions; our inability to maintain our qualification for taxation as a REIT; our reliance on distributions received from VICI Properties OP LLC, our operating partnership, and its subsidiaries to make distributions to our stockholders; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Tenant and Other Company Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Century Casinos, EBCI, Hard Rock, JACK Entertainment, MGM, PENN Entertainment, Venetian Las Vegas Tenant and other companies included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC and MGM, as the parent and guarantor of MGM Lessee, LLC, the Company's significant lessees, have been filed with the Securities and Exchange Commission (“SEC”). Certain financial and other information for our tenants, guarantors, borrowers and other companies included in this presentation have been derived from their respective filings, if and as applicable, and other publicly available presentations and press releases. While we believe this information to be reliable, we have not independently investigated or verified such data. Market and Industry Data and Trademark Information This presentation contains estimates and information concerning the Company's industry, including market position, rent growth, corporate governance, and other analyses of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands operated at our properties are trademarks of their respective owners. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation. Non‐GAAP Financial Measures This presentation includes reference to Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see “Definitions of Non-GAAP Financial Measures” included in the Appendix at the end of this presentation. Financial Data Financial information provided herein is as of September 30, 2022 unless otherwise indicated.

VICI Q3 2022 Supplemental Financial & Operating Data 3 Corporate Overview About VICI Properties (NYSE: VICI) Senior Management Edward Pitoniak John Payne David Kieske Samantha Gallagher Gabriel Wasserman Kellan Florio Chief Executive Officer & Director President & Chief Operating Officer EVP, Chief Financial Officer EVP, General Counsel & Secretary SVP, Chief Accounting Officer SVP, Chief Investment Officer VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, PENN Entertainment, Inc., and The Venetian Las Vegas. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. Covering Equity Analysts Covering Fixed Income Analysts Firm BofA Merrill Lynch Deutsche Bank Goldman Sachs J.P. Morgan J.P. Morgan Analyst James Kayler Luis Chinchilla Komal Patel Mark Streeter Michael Pace Phone (646) 855-9223 (212) 250-9980 (212) 357-9774 (212) 834-5086 (212) 270-6530 Email James.f.kayler@baml.com Luis.chinchilla@db.com Komal.patel@gs.com Mark.streeter@jpmorgan.com Michael.pace@jpmorgan.com Firm BofA Merrill Lynch Capital One Securities CBRE Citi Deutsche Bank Evercore ISI Green Street Advisors Jefferies JMP Securities J.P. Morgan Keybanc Ladenburg Thalmann & Co. Macquarie Capital Morgan Stanley Raymond James Robert W. Baird Scotiabank SMBC Nikko Securities Stifel Nicolaus Truist Securities Wolfe Research Analyst Shaun Kelley Neil Malkin John DeCree Smedes Rose Carlo Santarelli Steve Sakwa Spenser Allaway David Katz Mitch Germain Anthony Paolone Todd Thomas John Massocca Chad Beynon Ronald Kamdem RJ Milligan Wesley Golladay Greg McGinniss Richard Anderson Simon Yarmak Barry Jonas Andrew Rosivach Email Shaun.kelley@baml.com Neil.malkin@capitalone.com John.decree@cbre.com Smedes.rose@citi.com Carlo.santarelli@db.com Steve.sakwa@evercoreisi.com Sallaway@greenstreetadvisors.com Dkatz@jefferies.com Mgermain@jmpsecurities.com Anthony.paolone@jpmorgan.com Tthomas@key.com Jmassocca@ladenburg.com Chad.beynon@macquarie.com Ronald.kamdem@morganstanley.com Rjmilligan@raymondjames.com Wgolladay@rwbaird.com Greg.mcginniss@scotiabank.com Randerson@smbcnikko-si.com Yarmaks@stifel.com Barry.jonas@truist.com Arosivach@wolferesearch.com Phone (646) 855-1005 (571) 633-8191 (702) 691-3213 (212) 816-6243 (212) 250-5815 (212) 446-9462 (949) 640-8780 (212) 323-3355 (212) 906-3537 (212) 622-6682 (917) 368-2286 (212) 409-2543 (212) 231-2634 (212) 296-8319 (727) 567-2585 (216) 737-7510 (212) 225-6906 (646) 521-2351 (443) 224-1345 (212) 590-0998 (646) 582-9250 Contact Information Board of Directors Independent James Abrahamson Diana Cantor Monica Douglas Elizabeth Holland Craig Macnab Edward Pitoniak Michael Rumbolz Director, Chairman of the Board Director, Audit Committee Chair Director Director, Nominating & Governance Committee Chair Director, Compensation Committee Chair Chief Executive Officer & Director Director Corporate Headquarters VICI Properties Inc. 535 Madison Ave., 20th Fl New York, NY 10022 (646) 949-4631 Transfer Agent Computershare 7530 Lucerne Drive, Suite 305 Cleveland, OH 44130 (800) 962-4284 www.computershare.com Investor Relations investors@viciproperties.com Public Markets Detail Ticker: VICI Exchange: NYSE Public Relations pr@viciproperties.com Website www.viciproperties.com      

VICI Q3 2022 Supplemental Financial & Operating Data 4 Table of Contents Consolidated Balance Sheets 6-7 Consolidated Statements of Operations 8-9 Non-GAAP Financial Measures 10-11 2022 Guidance 16 Portfolio Overview 20-21 Summary of Current Lease Terms 22-24 Recently Announced Transaction Activity 25 Definitions of Non-GAAP Financial Measures 29 5 Portfolio Diversification 19 Revenue Detail 12-13 Portfolio & Financial Highlights Debt Detail 17 Embedded Growth Pipeline 27-28 Annualized Contractual Rent and Income from Loans 15 Investment & Capital Markets Activities 26 An S&P 500® Company BREIT Joint Venture Detail 14 Capitalization & Key Credit Metrics 18

VICI Q3 2022 Supplemental Financial & Operating Data 5 Three Months Ended Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Net Income (Loss) Per Common Share Basic $0.34 ($0.06) $0.35 $0.45 $0.29 Diluted $0.34 ($0.06) $0.35 $0.44 $0.28 Funds From Operations Per Common Share Basic $0.35 ($0.06) $0.35 $0.45 $0.29 Diluted $0.35 ($0.06) $0.35 $0.44 $0.28 Adjusted Funds From Operations Per Common Share Basic $0.49 $0.48 $0.45 $0.44 $0.46 Diluted $0.49 $0.48 $0.44 $0.44 $0.45 Net Income (Loss) Attributable to Common Stockholders $330,905 ($57,706) $240,383 $281,479 $161,862 Adjusted EBITDA Attributable to Common Stockholders $638,614 $564,490 $357,967 $329,300 $324,544 Annualized Dividend Per Share $1.56 $1.44 $1.44 $1.44 $1.44 Dividend Yield at Period End 5.2% 4.8% 5.1% 4.8% 5.1% Portfolio & Financial Highlights (amounts in thousands, except per share, portfolio and property data) Financial Highlights as of September 30, 2022 1. See "Non-GAAP Financial Measures" on pages 10-11 of this presentation for the reconciliations and "Definitions of Non-GAAP Financial Measures" on page 29 of this presentation for the definitions of these Non-GAAP Financial Measures. 2. Based on 963.1 million shares of VICI common stock and 12.2 million additional operating partnership units of VICI Properties OP LLC (“OP Units”) held by third parties and closing share price of $29.85 on September 30, 2022. 3. LQA Net Leverage Ratio is defined as Total Debt less Cash, Cash Equivalents & Short Term Investments divided by last quarter annualized (“LQA”) Adjusted EBITDA for the quarter ended September 30, 2022. LTM Net Leverage for the period ended September 30, 2022 was 7.8x. For the LTM period ended September 30, 2022, Adjusted EBITDA reflects the impact of the MGP acquisition for the period from the date of its consummation, April 29, 2022, to September 30, 2022, and, as a result, the LTM Net Leverage Ratio as of September 30, 2022 does not reflect a full 12 months of income from the MGP acquisition. See “Q3’22 LQA Net Leverage" on page 18 for more information and reconciliations on this metric. 4. Pro forma for (i) VICI’s pending acquisition of the leasehold interest in the land and buildings associated with Rocky Gap Casino Resort (“Rocky Gap”), (ii) MGM’s pending sale of the operations of the Mirage Hotel & Casino (the “Mirage”) to Hard Rock and (iii) MGM’s pending sale of the operations of the Gold Strike Casino Resort (“Gold Strike”) to CNE Gaming Holdings LLC, a subsidiary of Cherokee Nation Businesses, L.L.C. ("Cherokee Nation"), all of which are subject to customary closing conditions and regulatory approvals. No assurance can be provided that these transactions will close on the anticipated timeline or at all. Please refer to page 25 of this presentation for additional details regarding these pending transactions. 5. Based on annualized contractual rent as of November 2022, including initial annual rent for pending Rocky Gap acquisition. MGM Master Lease rent is allocated based on internal rent allocations by property location. Las Vegas 55% Philadelphia 13% New Orleans 5% Detroit 4% Washington D.C. 3% San Francisco 2% Chicago 2% Cleveland 2% Louisville 2% Memphis 2% Boston 2% Dallas 1% Cincinnati 1% Kansas City 1% Omaha 1% Laughlin 1% Pittsburgh 1% New York 0.4% Nashville 0.4% St. Louis 0.2% % of Total Square Footage 1 Geographic Diversity Tenant Diversity (Pro Forma)4 80% Public Tenants / 20% Private Tenants (By % of Rent)4,544% Las Vegas / 56% Regional (By % of Rent)4,5 Caesars 43% MGM 33% Venetian 9% Hard Rock 5% PENN 3% JACK 3% Century Casinos 2% Cherokee Nation 1% EBCI 1% % of Rent5 1 1 Equity Market Capitalization2 $29,113,445 Total Debt $15,453,000 Cash, Cash Equivalents & Short-Term Investments $726,105 Enterprise Value $43,840,340 LQA Net Leverage Ratio3 5.8x Summary Capitalization Portfolio Highlights Portfolio Summary Properties 43 Golf Courses 4 Developable Las Vegas Strip Land 34 acres States 15 Metropolitan Statistical Areas ("MSAs") 20 Weighted Average Remaining Lease Term, Including Renewal Options (as of 9/30/2022) 43.7 years Occupancy Rate 100%

VICI Q3 2022 Supplemental Financial & Operating Data 6 (amounts in thousands, except share and per share data) Consolidated Balance Sheets September 30, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,011,585$ 13,136,664$ Investments in leases - financing receivables, net 16,441,616 2,644,824 Investments in loans, net 579,805 498,002 Investment in unconsolidated affiliate 1,463,230 — Land 153,560 153,576 Cash and cash equivalents 518,383 739,614 Short-term investments 207,722 — Other assets 932,081 424,693 Total assets 37,307,982$ 17,597,373$ Liabilities Debt, net 13,730,503$ 4,694,523$ Accrued expenses and deferred revenue 202,888 113,530 Dividends payable 380,174 226,309 Other liabilities 932,120 375,837 Total liabilities 15,245,685 5,410,199 Stockholders' equity 9,631 6,289 — — Additional paid-in capital 21,641,945 11,755,069 Accumulated other comprehensive income 191,314 884 Retained (deficit) earnings (133,311) 346,026 Total VICI stockholders' equity 21,709,579 12,108,268 Non-controlling interests 352,718 78,906 Total stockholders' equity 22,062,297 12,187,174 Total liabilities and stockholders' equity 37,307,982$ 17,597,373$ Common stock, $0.01 par value, 1,350,000,000 shares authorized and 963,093,424 and 628,942,092 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2022 and December 31, 2021

VICI Q3 2022 Supplemental Financial & Operating Data 7 Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 17,011,585$ 17,075,857$ 17,113,699$ 13,136,664$ Investments in leases - financing receivables, net 16,441,616 16,486,522 2,650,633 2,644,824 Investments in loans, net 579,805 545,162 513,128 498,002 Investment in unconsolidated affiliate 1,463,230 1,464,766 — — Land 153,560 153,576 153,576 153,576 Cash and cash equivalents 518,383 614,001 568,702 739,614 Short-term investments 207,722 — — — Other assets 932,081 949,333 741,583 424,693 Total assets 37,307,982$ 37,289,217$ 21,741,321$ 17,597,373$ Liabilities Debt, net 13,730,503$ 13,721,500$ 5,297,014$ 4,694,523$ Accrued expenses and deferred revenue 202,888 173,734 99,062 113,530 Dividends payable 380,174 346,526 269,276 226,309 Other liabilities 932,120 932,570 592,183 375,837 Total liabilities 15,245,685 15,174,330 6,257,535 5,410,199 Stockholders' equity Common stock 9,631 9,631 7,484 6,289 Preferred stock — — — — Additional paid-in capital 21,641,945 21,644,198 14,971,890 11,755,069 Accumulated other comprehensive income 191,314 197,275 109,495 884 Retained (deficit) earnings (133,311) (88,610) 315,809 346,026 Total VICI stockholders' equity 21,709,579 21,762,494 15,404,678 12,108,268 Non-controlling interest 352,718 352,393 79,108 78,906 Total stockholders' equity 22,062,297 22,114,887 15,483,786 12,187,174 Total liabilities and stockholders' equity 37,307,982$ 37,289,217$ 21,741,321$ 17,597,373$

VICI Q3 2022 Supplemental Financial & Operating Data 8 Impact to net (loss) income related to non‐cash change in allowance for credit losses ‐ CECL (232,763)$ (9,031)$ (865,459)$ 24,453$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.24)$ (0.02)$ (1.02)$ 0.05$ Diluted (0.24)$ (0.02)$ (1.02)$ 0.04$ Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues Income from sales-type leases 376,048$ 292,059$ 1,077,952$ 873,337$ Income from lease financing receivables and loans 350,945 70,205 685,544 210,578 Other income 17,862 6,936 41,811 20,897 Golf revenues 6,688 6,504 25,484 21,602 Total revenues 751,543 375,704 1,830,791 1,126,414 Operating expenses General and administrative 12,063 8,379 33,311 24,092 Depreciation 816 771 2,371 2,320 Other expenses 17,862 6,936 41,811 20,897 Golf expenses 5,186 5,143 16,330 14,881 Change in allowance for credit losses 232,763 9,031 865,459 (24,453) Transaction and acquisition expenses 1,947 177 19,366 9,689 Total operating expenses 270,637 30,437 978,648 47,426 Income from unconsolidated affiliate 22,719 — 37,853 — Interest expense (169,354) (165,099) (370,624) (321,953) Interest income 3,024 26 3,897 75 Loss from extinguishment of debt — (15,622) — (15,622) Income before income taxes 337,295 164,572 523,269 741,488 Income tax expense (417) (388) (1,844) (2,128) Net income 336,878 164,184 521,425 739,360 Less: Net income attributable to non-controlling interests (5,973) (2,322) (7,843) (6,988) Net income attributable to common stockholders 330,905$ 161,862$ 513,582$ 732,372$ Net (loss) income per common share Basic 0.34$ 0.29$ 0.61$ 1.35$ Diluted 0.34$ 0.28$ 0.60$ 1.31$ Weighted average number of shares of common stock outstanding Basic 962,573,646 555,153,692 848,839,357 542,843,855 Diluted 964,134,340 571,894,545 850,823,037 557,113,510 Consolidated Statements of Operations (amounts in thousands, except share and per share data) 1. Refer to Note 5 – Allowance for Credit Losses within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 for further details. 1 1

VICI Q3 2022 Supplemental Financial & Operating Data 9 Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Revenues Income from sales-type leases 376,048$ 375,169$ 326,735$ 294,635$ Income from lease financing receivables and loans 350,945 261,721 72,878 72,664 Other income 17,862 15,563 8,386 6,911 Golf revenues 6,688 10,170 8,626 8,944 Total revenues 751,543 662,623 416,625 383,154 Operating expenses General and administrative 12,063 11,782 9,466 9,030 Depreciation 816 779 776 771 Other expenses 17,862 15,563 8,386 6,911 Golf expenses 5,186 5,859 5,285 5,881 Change in allowance for credit losses 232,763 551,876 80,820 4,899 Transaction and acquisition expenses 1,947 16,664 755 713 Total operating expenses 270,637 602,523 105,488 28,205 Income from unconsolidated affiliate 22,719 15,134 — — Interest expense (169,354) (133,128) (68,142) (70,437) Interest income 3,024 780 93 45 Income (loss) before income taxes 337,295 (57,114) 243,088 284,557 Income tax expense (417) (1,027) (400) (759) Net income (loss) 336,878 (58,141) 242,688 283,798 Less: Net (income) loss attributable to non-controlling interests (5,973) 435 (2,305) (2,319) Net income (loss) attributable to common stockholders 330,905$ (57,706)$ 240,383$ 281,479$ Net income (loss) per common share Basic 0.34$ (0.06)$ 0.35$ 0.45$ Diluted 0.34$ (0.06)$ 0.35$ 0.44$ Weighted average number of shares of common stock outstanding Basic 962,573,646 896,545,880 684,341,045 628,632,771 Diluted 964,134,340 896,545,880 687,914,683 637,407,750 Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) 1. Refer to Note 5 – Allowance for Credit Losses within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 for further details. 2. For the calculation of diluted net income (loss) per common share for the quarter ending June 30, 2022, the diluted weighted average number of shares of common stock outstanding is equal to the basic weighted average number of shares of common stock outstanding. Refer to page 11 for further details. 2 1 1Impact to net (loss) income related to non‐cash change in allowance for credit losses ‐ CECL (232,763)$ (551,876)$ (80,820)$ (4,899)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.24)$ (0.62)$ (0.12)$ (0.01)$ Diluted (0.24)$ (0.62)$ (0.12)$ (0.01)$

VICI Q3 2022 Supplemental Financial & Operating Data 10 Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) 1. See definitions of Non-GAAP Financial Measures on page 29 of this presentation. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders 330,905$ 161,862$ 513,582$ 732,372$ Real estate depreciation — — — — Joint venture depreciation and non-controlling interest adjustments 9,743 — 17,053 — Funds From Operations (FFO) attributable to common stockholders1 340,648 161,862 530,635 732,372 Non-cash leasing and financing adjustments (108,553) (30,865) (230,522) (88,063) Non-cash change in allowance for credit losses 232,763 9,031 865,459 (24,453) Non-cash stock-based compensation 3,493 2,395 9,359 7,067 Transaction and acquisition expenses 1,947 177 19,366 9,689 Amortization of debt issuance costs and original issue discount 10,326 34,098 38,294 50,723 Other depreciation 785 742 2,280 2,228 Capital expenditures (437) (131) (1,093) (1,638) (Gain) loss on extinguishment of debt and interest rate swap settlements — 79,861 (5,405) 79,861 Joint venture non-cash adjustments and non-controlling interest adjustments (10,315) 250 (22,171) 773 Adjusted Funds From Operations (AFFO) attributable to common stockholders1 470,657 257,420 1,206,202 768,559 Interest expense, net 156,004 66,736 333,838 206,916 Income tax expense 417 388 1,844 2,128 Joint venture adjustments and non-controlling interest adjustments 11,536 — 19,187 — Adjusted EBITDA attributable to common stockholders1 638,614$ 324,544$ 1,561,071$ 977,603$ Net income per common share Basic 0.34$ 0.29$ 0.61$ 1.35$ Diluted 0.34$ 0.28$ 0.60$ 1.31$ FFO per common share Basic 0.35$ 0.29$ 0.63$ 1.35$ Diluted 0.35$ 0.28$ 0.62$ 1.31$ AFFO per common share Basic 0.49$ 0.46$ 1.42$ 1.42$ Diluted 0.49$ 0.45$ 1.42$ 1.38$ Weighted average number of shares of common stock outstanding ‐ Net Income, FFO and AFFO Basic 962,573,646 555,153,692 848,839,357 542,843,855 Diluted 964,134,340 571,894,545 850,823,037 557,113,510

VICI Q3 2022 Supplemental Financial & Operating Data 11 Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) 1. See definitions of Non-GAAP Financial Measures on page 29 of this presentation. 2. For the three months ended June 30, 2022, the diluted weighted average number of shares of common stock outstanding in relation to AFFO is adjusted to include the dilutive effect, using the treasury stock method, of the assumed conversion of our restricted stock in the amount of 816,708 shares. For the three months ended June 30, 2022, such amounts have been excluded from the diluted weighted average number of shares of common stock in relation to net income (loss) and FFO as these were in loss positions and the effect of inclusion would have been anti- dilutive. Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Net income (loss) income attributable to common stockholders 330,905$ (57,706)$ 240,383$ 281,479$ Real estate depreciation — — — — Joint venture depreciation and non-controlling interest adjustments 9,743 7,310 — — Funds From Operations (FFO) attributable to common stockholders1 340,648 (50,396) 240,383 281,479 Non-cash leasing and financing adjustments (108,553) (86,405) (35,564) (31,363) Non-cash change in allowance for credit losses 232,763 551,876 80,820 4,899 Non-cash stock-based compensation 3,493 3,236 2,630 2,304 Transaction and acquisition expenses 1,947 16,664 755 713 Amortization of debt issuance costs and original issue discount 10,326 11,991 15,977 20,729 Other depreciation 785 749 746 742 Capital expenditures (437) (202) (454) (852) (Gain) loss on extinguishment of debt and interest rate swap settlements — (5,405) — — Joint venture non-cash adjustments and non-controlling interest adjustments (10,315) (12,058) 202 227 Adjusted Funds From Operations (AFFO) attributable to common stockholders1 470,657 430,050 305,495 278,878 Interest expense, net 156,004 125,762 52,072 49,663 Income tax expense 417 1,027 400 759 Joint venture adjustments and non-controlling interest adjustments 11,536 7,651 — — Adjusted EBITDA attributable to common stockholders1 638,614$ 564,490$ 357,967$ 329,300$ Net income (loss) per common share Basic 0.34$ (0.06)$ 0.35$ 0.45$ Diluted 0.34$ (0.06)$ 0.35$ 0.44$ FFO per common share Basic 0.35$ (0.06)$ 0.35$ 0.45$ Diluted 0.35$ (0.06)$ 0.35$ 0.44$ Weighted average number of shares of common stock outstanding ‐ Net Income (Loss) and FFO Basic 962,573,646 896,545,880 684,341,045 628,632,771 Diluted 964,134,340 896,545,880 687,914,683 637,407,750 AFFO per common share Basic 0.49$ 0.48$ 0.45$ 0.44$ Diluted 0.49$ 0.48$ 0.44$ 0.44$ Weighted average number of shares of common stock outstanding ‐ AFFO Basic 962,573,646 896,545,880 684,341,045 628,632,771 Diluted2 964,134,340 897,362,588 687,914,683 637,407,750

VICI Q3 2022 Supplemental Financial & Operating Data 12 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Contractual revenue from sales‐type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 122,729$ 126,603$ 368,187$ 384,683$ Caesars Las Vegas Master Lease 105,556 100,652 316,668 301,956 The Venetian Resort Las Vegas Lease 62,500 — 150,298 — Greektown Lease 12,830 12,829 38,490 40,255 Hard Rock Lease 11,010 10,848 33,030 32,544 Caesars Southern Indiana Lease 8,166 2,437 24,416 2,437 Century Master Lease 6,376 6,313 19,128 18,939 Margaritaville Lease 5,953 5,866 17,831 17,604 Income from sales-type leases non-cash adjustment 40,928 26,511 109,904 74,919 Income from sales‐type leases 376,048 292,059 1,077,952 873,337 Contractual revenue from lease financing receivables MGM Master Lease 215,000 — 363,112 — Harrah's NOLA, AC, and Laughlin 39,663 39,077 118,989 117,231 JACK Entertainment Master Lease 17,250 16,470 51,191 49,410 Income from lease financing receivables non-cash adjustment 67,629 4,631 120,614 13,498 Income from lease financing receivables 339,542 60,178 653,906 180,139 Contractual interest income Senior Secured Loans 9,508 10,033 27,723 30,516 Mezzanine Loans 1,898 271 3,910 276 Income from loans non-cash adjustment (3) (277) 5 (353) Income from loans 11,403 10,027 31,638 30,439 Income from lease financing receivables and loans 350,945 70,205 685,544 210,578 Other income 17,862 6,936 41,811 20,897 Golf revenues 6,688 6,504 25,484 21,602 Total revenues 751,543$ 375,704$ 1,830,791$ 1,126,414$ Revenue Detail Note: Revenue attributable to the BREIT JV is accounted for in Income from Unconsolidated Affiliates. Please see page 14 for more information. 1. On September 3, 2021, in connection with EBCI’s acquisition of the operations of Caesars Southern Indiana, VICI entered into a triple-net lease agreement with EBCI and the annual base rent payment under the Caesars Regional Master Lease was reduced by $32.5 million. 2. Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (amounts in thousands, except share and per share data) 1 2 2 2

VICI Q3 2022 Supplemental Financial & Operating Data 13 Three Months Ended September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Contractual revenue from sales‐type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet 122,729$ 122,729$ 122,729$ 122,127$ Caesars Las Vegas Master Lease 105,556 105,556 105,556 103,923 The Venetian Resort Las Vegas Lease 62,500 62,500 25,298 - Greektown Lease 12,830 12,830 12,830 12,830 Hard Rock Lease 11,010 11,010 11,010 11,010 Caesars Southern Indiana Lease 8,166 8,125 8,125 8,125 Century Master Lease 6,376 6,376 6,376 6,311 Margaritaville Lease 5,953 5,954 5,924 5,865 Income from sales-type leases non-cash adjustment 40,928 40,089 28,887 24,444 Income from sales‐type leases 376,048 375,169 326,735 294,635 Contractual revenue from lease financing receivables MGM Master Lease 215,000 148,112 — — Harrah's NOLA, AC, and Laughlin 39,663 39,663 39,663 39,470 JACK Entertainment Master Lease 17,250 17,251 16,690 16,470 Income from lease financing receivables non-cash adjustment 67,629 46,319 6,666 6,929 Income from lease financing receivables 339,542 251,345 63,019 62,869 Contractual interest income Senior Secured Loans 9,508 9,185 9,030 9,269 Mezzanine Loans 1,898 1,194 818 537 Income from loans non-cash adjustment (3) (3) 11 (11) Income from loans 11,403 10,376 9,859 9,795 Income from lease financing receivables and loans 350,945 261,721 72,878 72,664 Other income 17,862 15,563 8,386 6,911 Golf revenues 6,688 10,170 8,626 8,944 Total revenues 751,543$ 662,623$ 416,625$ 383,154$ Revenue Detail – Quarterly (amounts in thousands, except share and per share data) Note: Revenue attributable to the BREIT JV is accounted for in Income from Unconsolidated Affiliates. Please see page 14 for more information. 1. Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. 1 1 1

VICI Q3 2022 Supplemental Financial & Operating Data 14 BREIT Joint Venture Detail Note: Operating data represents VICI’s 50.1% share of BREIT JV revenues and expenses. As the MGP acquisition (including the acquisition of VICI’s share in the BREIT JV) closed in Q2’22, there is no comparable prior year comparison. (amounts in thousands, except share and per share data) Company's Pro‐Rata Share of BREIT Joint Venture Operations: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease income 49,439$ —$ 83,498$ —$ Expenses Depreciation 10,497 — 17,728 — General and administrative 99 — 203 — Interest expense 13,731 — 23,134 — Basis difference amortization 2,394 — 4,581 — Total expenses 26,721 — 45,645 — Income from unconsolidated affiliates 22,719$ —$ 37,853$ —$ Company's Pro‐Rata Share of BREIT Joint Venture Operations ‐ Quarterly: Three Months Ended September 30, 2022 June 30, 2022 March 30, 2022 June 30, 2022 Lease income 49,439$ 34,058$ —$ —$ Expenses Depreciation 10,497 7,231 — — General and administrative 99 103 — — Interest expense 13,731 9,403 — — Basis difference amortization 2,394 2,187 — — Total expenses 26,721 18,924 ‐ — Income from unconsolidated affiliates 22,719$ 15,134$ —$ —$

VICI Q3 2022 Supplemental Financial & Operating Data 15 Annualized Contractual Rent and Income from Loans ($ in millions, as of November 2022) 1. MGM Grand and Mandalay Bay are owned by a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”), in which VICI owns a 50.1% interest following the acquisition of MGP. Assets Per Lease Locations Annualized Rent Annualized Contractual Rent MGM Master Lease 13 Las Vegas / Regional $860.0 Caesars Regional Master Lease & Joliet Lease 16 Regional 703.7 Caesars Las Vegas Master Lease 2 Las Vegas 454.5 The Venetian Resort Las Vegas Lease 1 Las Vegas 250.0 Pro Rata Share of MGM Grand / Mandalay Bay BREIT JV Master Lease1 2 Las Vegas 152.2 JACK Entertainment Master Lease 2 Regional 69.0 Greektown Lease 1 Regional 51.3 Hard Rock Cincinnati Lease 1 Regional 44.7 Caesars Southern Indiana Lease 1 Regional 33.0 Century Master Lease 3 Regional 25.5 Margaritaville Lease 1 Regional 23.8 Total Annualized Contractual Rent 43 $2,667.7 Principal Balance as of September 30, 2022 Blended Interest Rate Annualized Income from Loans Annualized Contractual Income from Loans [] Senior Secured Loans $474.2 7.8% $37.2 Mezzanine Loans 111.6 7.9% $8.8 Total Annualized Contractual Income from Loans $585.8 7.9% $46.0 Total Annualized Contractual Rent and Income from Loans $2,713.7

VICI Q3 2022 Supplemental Financial & Operating Data 16 2022 Guidance Updated Guidance Prior Guidance For the Year Ending December 31, 2022: Low High Low High Estimated Adjusted Funds From Operations (AFFO) $1,682.0 $1,692.0 $1,660.0 $1,690.0 Estimated Adjusted Funds From Operations (AFFO) per common diluted share $1.91 $1.92 $1.89 $1.92 Estimated Weighted Average Common Share Count at Year End (in millions) 879.3 879.3 879.3 879.3 2022 Guidance The Company is updating AFFO guidance for the full year 2022. The Company estimates AFFO for the year ending December 31, 2022 will be between $1,682.0 million and $1,692.0 million, or between $1.91 and $1.92 per diluted common share. Guidance does not include the impact on operating results from any possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The following is a summary of the Company’s updated full-year 2022 guidance: The above per share estimates reflect the dilutive effect of the pending 11,380,980 shares related to the June 2022 Forward Sale Agreement and 3,918,807 shares related to the August 2022 Forward Sale Agreement as calculated under the treasury stock method. VICI OP Units held by a third party are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable GAAP financial measure. For more information, see “Non-GAAP Financial Measures.” The Company is unable to provide a reconciliation of its stated AFFO guidance to net income attributable to common stockholders because it is unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results, the impact of these adjustments could be material, individually or in the aggregate, to the Company's reported GAAP results. The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this presentation. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. ($ in millions, except per share data)

VICI Q3 2022 Supplemental Financial & Operating Data 17 As of September 30, 2022 Maturity Coupon Effective Face % of Carrying Debt Date Rate Rate Value Total Debt Value1 Senior Unsecured Debt2 $2.5Bn Revolving Credit Facility 3/31/20273 SOFR+1.05%4 SOFR+1.05%4 - - - $1.0Bn Delayed Draw Term Loan 3/31/20273 SOFR+1.20%4 SOFR+1.20%4 - - - 2024 Bond Maturity 5.625% Notes due 20245 5/1/2024 5.625% 5.625% 1,050,000 6.8% 1,056,092 2025 Bond Maturities 3.500% Notes due 2025 2/15/2025 3.500% 3.500% 750,000 4.9% 744,434 4.375% Notes due 2025 5/15/2025 4.375% 4.375% 500,000 3.2% 495,927 4.625% Notes due 20255 6/15/2025 4.625% 4.625% 800,000 5.2% 782,690 2026 Bond Maturities 4.500% Notes due 20265 9/1/2026 4.500% 4.500% 500,000 3.2% 480,328 4.250% Notes due 2026 12/1/2026 4.250% 4.250% 1,250,000 8.1% 1,238,112 2027 Bond Maturities 5.750% Notes due 20275 2/1/2027 5.750% 5.750% 750,000 4.9% 759,575 3.750% Notes due 2027 2/15/2027 3.750% 3.750% 750,000 4.9% 742,667 2028 Bond Maturities 4.500% Notes due 20285 1/15/2028 4.500% 4.500% 350,000 2.3% 336,560 4.750% Notes due 2028 2/15/2028 4.750% 4.516%6 1,250,000 8.1% 1,236,455 2029 Bond Maturities 3.875% Notes due 20295 2/15/2029 3.875% 3.875% 750,000 4.9% 678,166 4.625% Notes due 2029 12/1/2029 4.625% 4.625% 1,000,000 6.5% 988,531 2030 Bond Maturities 4.950% Notes due 2030 2/15/2030 4.950% 4.541%6 1,000,000 6.5% 987,186 4.125% Notes due 2030 8/15/2030 4.125% 4.125% 1,000,000 6.5% 988,253 2032 Bond Maturity 5.125% Notes due 2032 5/15/2032 5.125% 3.980%6 1,500,000 9.7% 1,480,290 2025 Bond Maturity 5.625% Notes due 2052 5/15/2052 5.625% 5.625% 750,000 4.9% 735,237 Total Unsecured Debt ‐ ‐ ‐ $13,950,000 90.3% $13,730,503 50.1% Pro Rata Share of BREIT JV Debt (unconsolidated) 3/5/2032 3.558% 3.558% 1,503,000 9.7% 1,500,578 Total Debt 4.56% 4.40%6 $15,453,000 100.0% $15,231,081 Fixed Rate Debt Outstanding 100% Weighted Average Years to Maturity 6.9 Years 1. Carrying value is net of unamortized original issue discount and unamortized debt issuance costs. 2. Holders of the senior notes, as well as the trustee under the governing indentures and the administrative agent and lenders under VICI's Credit Agreement, benefit from a limited pledge of the equity of VICI Properties L.P. (“VICI LP”). Refer to Note 7 - Debt within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 for further details. 3. Maturity date shown inclusive of applicable extension options. 4. Facility fees on total commitments (0.15%-0.375% depending on VICI LP’s ratings). 5. Issued in exchange for senior notes originally issued by MGP OP pursuant to the related exchange offers, which settled on April 29, 2022 in connection with the closing of the MGP acquisition. Principal amounts listed include unexchanged MGP OP notes which remain outstanding, totaling $90.0 million in the aggregate. 6. Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks. Refer to page 26 of this presentation and Note 8 – Derivatives within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, for further details. Debt Detail ($ in thousands)

VICI Q3 2022 Supplemental Financial & Operating Data 18 1. Following the closing of the MGP acquisition, MGM holds ~1.3% of the outstanding OP Units, which may be redeemed for cash or, at VICI's election, shares of common stock. 2. See "Non-GAAP Financial Measures" on pages 10-11 of this presentation for the reconciliations, and "Definitions of Non-GAAP Financial Measures" on page 29 of this presentation for the definitions, of these Non-GAAP Financial Measures. 3. Assumes the physical settlement of the 11,380,980 shares under the June 2022 ATM Forward Sale Agreement at the forward sale price per share of $31.36, and the 3,918,807 shares under the August 2022 ATM Forward Sale Agreement at the forward price per share of $34.08, calculated as of September 30, 2022. Capitalization & Key Credit Metrics ($ in thousands, except share and per share data) Equity Capitalization Shares Outstanding 963,093,424 Third-Party OP Units Outstanding1 12,231,373 Share Price $29.85 Equity Market Capitalization $29,113,445 Total Enterprise Value Total Debt plus Equity Market Capitalization 44,566,445 Less: Cash, Cash Equivalents & Short-Term Investments 726,105 Total Enterprise Value $43,840,340 Total Liquidity as of September 30, 2022 Revolving Credit Facility Capacity 2,500,000 Delayed Draw Term Loan Capacity 1,000,000 Outstanding Forward Sale Agreement Proceeds3 490,442 Cash, Cash Equivalents & Short-Term Investments 726,105 Total Liquidity as of September 30, 2022 $4,716,547 Q3’22 LQA Net Leverage Q3’22 Adj. EBITDA2 $638,614 Annualized Q3’22 Adj. EBITDA 2,554,456 Net Debt 14,726,895 LQA Net Leverage 5.8x Debt Capitalization As of September 30, 2022 Revolving Credit Facility and Delayed Draw Term Loan - Senior Unsecured Notes 13,950,000 50.1% Pro Rata Share of BREIT JV Debt (unconsolidated) 1,503,000 Total Debt $15,453,000 Debt 34.7% Equity 65.3% Capital Structure as of September 30, 2022 VICI Issuer Credit Ratings Moody’s: Ba1 / Stable Outlook S&P: BBB‐ / Stable Outlook Fitch: BBB‐ / Stable Outlook

VICI Q3 2022 Supplemental Financial & Operating Data 19 Portfolio Diversification1 1. Based on annualized contractual rent as of November 2022. 2. MGM Master Lease rent is allocated based on internal rent allocations by property location. 3. Pro forma for (i) VICI’s announced acquisition of the leasehold interest of Rocky Gap, (ii) MGM’s pending sale of the operations of the Mirage to Hard Rock and (iii) MGM’s pending sale of the operations of Gold Strike to CNE Gaming Holdings LLC, a subsidiary of Cherokee Nation, all of which are both subject to customary closing conditions and regulatory approvals. No assurance can be provided that these transactions will close on the anticipated timeline or at all. Please refer to page 25 of this presentation for additional details regarding these pending transactions. GEOGRAPHIC DIVERSIFICATION ACROSS 15 STATES At Formation (2017) 74% 26% Regional Las Vegas Portfolio Pro Forma for Pending Transactions2,3 56% 44% Regional Las Vegas LONG‐TERM PARTNERSHIPS WITH 9 TENANTS 100% At Formation (2017) 43% 33% 9% 5% 3% 3%2% 1% 1% Portfolio Pro Forma for Pending Transactions3

VICI Q3 2022 Supplemental Financial & Operating Data 20 Portfolio Overview 1. Owned by Harrah's Joliet Landco LLC, a joint venture of which a subsidiary of VICI is the 80% owner and managing member. 2. MGM Grand and Mandalay Bay are owned by a joint venture with BREIT, in which VICI owns a 50.1% interest following the acquisition of MGP. (Square footage shown in thousands) Major MSAs Total Casino Meeting Slot Table Hotel Served Property Location Sq. Ft. Sq. Ft. Sq. Ft. Machines Games Rooms Boston MGM Springfield Springfield, MA 2,000 106 34 1,571 52 240 Horseshoe Hammond Hammond, IN 1,716 117 -- 1,970 120 -- Harrah's Joliet1 Joliet, IL 1,011 39 6 880 20 200 Cincinnati Hard Rock Cincinnati Cincinnati, OH 1,482 100 33 1,800 100 -- JACK Cleveland Cleveland, OH 844 96 -- 1,330 120 -- JACK Thistledown North Randall, OH 1,004 57 -- 1,480 -- -- MGM Northfield Park Northfield, OH 724 73 -- 1,669 -- -- Horseshoe Bossier City Bossier City, LA 1,419 28 22 1,060 60 600 Margaritaville Bossier City Bossier City, LA 380 30 -- 986 50 395 Hollywood Casino at Greektown Detroit, MI 2,200 100 14 2,155 64 400 MGM Grand Detroit Detroit, MI 3,220 147 30 2,817 140 400 Kansas City Harrah's North Kansas City North Kansas City, MO 1,435 60 13 960 60 390 Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,400 180 3,970 Excalibur Las Vegas, NV 2,860 93 25 894 42 3,981 Harrah's Las Vegas Las Vegas, NV 4,100 89 24 1,070 60 2,540 Luxor Las Vegas, NV 3,398 101 35 819 45 4,397 Mandalay Bay2 Las Vegas, NV 9,581 152 2,121 990 69 4,750 MGM Grand Las Vegas2 Las Vegas, NV 9,068 169 850 1,245 122 6,071 The Mirage Las Vegas, NV 4,795 94 170 835 71 3,044 New York - New York & The Park Las Vegas, NV 2,765 81 31 893 54 2,024 Park MGM Las Vegas, NV 5,099 66 77 745 65 2,898 The Venetian Resort Las Vegas Las Vegas, NV 16,970 225 2,300 1,480 210 7,100 Laughlin Harrah's Laughlin Laughlin, NV 1,413 58 7 760 40 1,510 Louisville Caesars Southern Indiana Elizabeth, IN 2,510 74 24 1,100 90 500 Gold Strike Tunica Tunica, MS 1,460 57 17 1,082 61 1,109 Horseshoe Tunica Robinsonville, MS 1,008 63 20 970 100 510 Chicago Cleveland Dallas Detroit Las Vegas Memphis

VICI Q3 2022 Supplemental Financial & Operating Data 21 Portfolio Overview (Continued) (Square footage shown in thousands) 1. Subsequent to quarter end, on October 1, 2022, VICI entered into a management agreement with CDN Golf Management Inc. (“CDN”), an affiliate of Cabot, pursuant to which CDN manages and operates VICI’s golf courses. Major MSAs Total Casino Meeting Slot Table Hotel Served Property Location Sq. Ft. Sq. Ft. Sq. Ft. Machines Games Rooms Nashville Harrah's Metropolis Metropolis, IL 474 24 -- 650 20 210 Beau Rivage Biloxi, MS 3,633 85 50 1,516 75 1,740 Harrah's Gulf Coast Biloxi, MS 1,031 32 -- 600 30 500 Harrah's New Orleans New Orleans, LA 1,180 104 47 1,260 120 450 New York Empire City Yonkers, NY 549 137 0 4,696 0 0 Harrah's Council Bluffs Council Bluffs, IA 790 23 6 510 20 250 Horseshoe Council Bluffs Council Bluffs, IA 632 55 -- 1,330 60 150 Pittsburgh Mountaineer Casino New Cumberland, WV 890 72 70 1,110 35 357 Borgata Atlantic City, NJ 5,673 213 106 2,816 163 2,767 Caesars Atlantic City Atlantic City, NJ 3,816 113 29 1,900 130 1,150 Harrah's Atlantic City Atlantic City, NJ 4,470 150 125 1,860 130 2,590 Harrah’s Philadelphia Chester, PA 2,000 100 12 1,700 70 -- Harvey's Lake Tahoe Lake Tahoe, NV 1,670 51 19 600 30 740 Harrah's Lake Tahoe Stateline, NV 1,057 54 18 720 60 510 Century Casino Cape Girardeau Cape Girardeau, MO 170 42 8 839 23 -- Century Casino Caruthersville Caruthersville, MO 90 21 12 525 9 -- Washington D.C. MGM National Harbor Prince George's County, MD 3,349 150 50 2,123 158 308 Total VICI Leased Property Portfolio 20 MSAs 43 Properties 15 States 122,516 3,825 6,705 57,716 3,128 58,751 Cascata Golf Course Boulder City, NV 37 -- -- -- -- -- Rio Secco Golf Course Henderson, NV 30 -- -- -- -- -- Grand Bear Golf Course Saucier, MS 5 -- -- -- -- -- Chariot Run Golf Course Laconia, IN 5 -- -- -- -- -- Golf Courses1 New Orleans Omaha Philadelphia San Francisco /Sacramento St. Louis

VICI Q3 2022 Supplemental Financial & Operating Data 22 Summary of Current Lease Terms MGM Master Lease Caesars Regional Master Lease and Joliet Lease1 Caesars Las Vegas Master Lease1 Venetian Resort Las Vegas Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Annual Cash Rent as of November 2022 $860.0 million $703.7 million2 $454.5 million $250.0 million Current Lease Year Apr. 29, 2022 – Apr. 30, 2023 Lease Year 1 Nov. 1, 2022 – Oct. 31, 2023 Lease Year 6 Nov. 1, 2022 – Oct. 31, 2023 Lease Year 6 Feb. 23, 2022 – Feb. 28, 20233 Lease Year 1 Annual Escalator 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) >2% / change in CPI, subject to 2% floor >2% / change in CPI, subject to 2% floor4 >2% / change in CPI (capped at 3%), beginning in year 2 Coverage Floor None None None None Rent Adjustment5 None Year 8: 70% Base / 30% Variable Year 11 & 16: 80% Base / 20% Variable Year 8, 11 & 16: 80% Base / 20% Variable None Variable Rent Adjustment Mechanic5 None 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 None Term 25-year initial term with three 10-year renewal options 18-year initial term with four 5-year renewal options 30-year initial term with two 10-year renewal options Guarantor MGM Resorts International Caesars Entertainment, Inc. Caesars Entertainment, Inc. Las Vegas Sands Corp. provides contingent lease payment support through 2023, which will terminate after (i) 2022 if 2022 EBITDAR ≥ $550mm or (ii) a change of control occurs Capex 1% of Net Revenues Minimum of 1% of Net Revenue annually, with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 1% of Net Revenue annually, with rolling three-year minimum (allocated among Caesars Palace and Harrah’s Las Vegas) 2.0% of Net Revenues annually (exclusive of gaming equipment) on a rolling three- year basis with ramp up 1. The Caesars Regional Master Lease and Joliet Lease consists of 16 Caesars properties leased from VICI and the Caesars Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah’s Las Vegas. 2. Cash rent amounts are presented prior to accounting for the portion of rent payable to the 20% JV partner at Harrah’s Joliet. After adjusting for the portion of rent payable to the 20% JV partner, Current Annual Cash Rent is $694.6 million. 3. Lease year 1 ends on the earlier of (i) February 28, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort Las Vegas for the trailing 12 months equals or exceeds 2019 net revenue. 4. Annual escalation does not apply to $35 million of rent attributable to the Octavius Tower at Caesars Palace Las Vegas. 5. Rent adjustments in the Caesars Regional Master Lease and Caesars Las Vegas Master Lease occur in lease years based on a lease commencement date of October 6, 2017.

VICI Q3 2022 Supplemental Financial & Operating Data 23 Summary of Current Lease Terms (Continued) MGM Grand & Mandalay Bay BREIT JV Master Lease JACK Cleveland / Thistledown Master Lease Greektown Lease Hard Rock Cincinnati Lease Tenant MGM Resorts International JACK Entertainment PENN Entertainment Hard Rock Entertainment Annual Cash Rent as of November 2022 $303.8 million (VICI’s Pro Rata Share: $152.2 million) $69.0 million $51.3 million $44.7 million Current Lease Year Mar. 1, 2022 – Feb. 28, 2023 Lease Year 3 Feb. 1, 2022 – Jan. 31, 2023 Lease Year 3 June 1, 2022 – May 31, 2023 Lease Year 4 Oct. 1, 2022 – Sept. 30, 2023 Lease Year 4 Annual Escalator 2% in years 2-15 >2% / change in CPI thereafter (capped at 3%) 1.0% in years 3 1.5% in years 4-6 >1.5% / change in CPI thereafter (capped at 2.5%) 2% for Building Base Rent ($42.8 million) 1.5% in years 2-4 > 2.0% / change in CPI thereafter1 Coverage Floor None None Net Revenue to Rent Ratio to be mutually agreed upon prior to the commencement of lease year 5 None Rent Adjustment None None Percentage (Variable) Rent adjusts every 2 years beginning in year 5 Year 8: 80% Base (subject to escalator) / 20% Variable Variable Rent Adjustment Mechanic None None 4% of the average net revenues for trailing 2-year period less threshold amount 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Term 30-year initial term with two 10-year renewal options Initial term of 20 years with three 5-year renewal options 15-year initial term with four 5-year renewal options 15-year initial term with four 5-year renewal options Guarantor MGM Resorts International Rock Ohio Ventures LLC PENN Entertainment Seminole Hard Rock Entertainment, Inc. Capex 3.5% of Net Revenues based on 5-year rolling test (subject to minimum 2.5% for each property); 1.5% monthly revenues Initial minimum of $30 million in first 3 years; 1% of Net Revenues beginning in lease year 4, based on a rolling three-year basis2 Minimum 1% of Net Revenues based on a four-year average Minimum 1% of Net Revenues 1. Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. 2. Minimum of $30 million includes amounts spent on the gaming patio amenity at JACK Thistledown Racino, gaming equipment and the May Company Garage from the period commencing April 1, 2019 until December 31, 2022.

VICI Q3 2022 Supplemental Financial & Operating Data 24 Summary of Current Lease Terms (Continued) Caesars Southern Indiana Lease Century Master Lease1 Margaritaville Bossier City Lease Tenant Eastern Band of Cherokee Indians Century Casinos PENN Entertainment Annual Cash Rent as of November 2022 $33.0 million $25.5 million $23.8 million Current Lease Year Sept. 3, 2022 – Aug. 31, 2023 Lease Year 2 Jan. 1, 2022 – Dec. 31, 2022 Lease Year 3 Feb. 1, 2022 – Jan. 31, 2023 Lease Year 4 Annual Escalator 1.5% in years 2-5 >2% / change in CPI thereafter 1.0% in years 2-3 > 1.25% / change in CPI thereafter 2% for Building Base Rent ($17.2 million) Coverage Floor None Net Revenue to Rent Ratio: 7.5x beginning in year 6 Net Revenue to Rent Ratio: 6.1x beginning in year 2 Rent Adjustment Year 8 & 11: 80% Base (subject to escalator) / 20% Variable Year 8 & 11: 80% Base (subject to escalator) Percentage (Variable) Rent adjusts every 2 years beginning in year 3 Variable Rent Adjustment Mechanic 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-22 Year 11: Avg. of years 8-10 less avg. of years 5-7 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Year 11: Avg. of years 8-10 less avg. of years 5-7 4% of the average net revenues for trailing 2-year period less threshold amount Term 15-year initial term with four 5-year renewal options 15-year initial term with four 5-year renewal options 15-year initial term with four 5-year renewal options Guarantor Eastern Band of Cherokee Indians Century Casinos, Inc. PENN Entertainment Capex 1% of annual Net Revenues Minimum 1% of Net Revenues on a rolling three-year basis for each individual facility; 1% of Net Gaming Revenue per fiscal year for the facilities collectively Minimum 1% of Net Revenues based on a four-year average 1. Pro forma for the pending acquisition of the leasehold interest of Rocky Gap, the Century Master Lease will be amended to include incremental rent of $15.5 million, remove the variable rent provisions and eliminate the coverage floor concept. 2. With respect to lease year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Caesars Southern Indiana Lease will provide for the use of 2019 net revenues, pro rated for the period of such closure.

VICI Q3 2022 Supplemental Financial & Operating Data 25 Recently Announced Transaction Activity 1. Subject to customary closing conditions and regulatory approvals; no assurances can be provided that these transactions will close on the anticipated timeline or at all. 2. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage to Hard Rock, VICI agreed to enter into a separate lease with Hard Rock related to the land and real estate assets of the Mirage. Upon closing of the transaction, the MGM Master Lease will be amended to reflect the removal of the Mirage and annual rent payments will be reduced by $90.0 million. 3. On June 9, 2022, in connection with MGM’s agreement to sell the operations of Gold Strike to Cherokee Nation, VICI agreed to enter into a separate lease with Cherokee Nation related to the land and real estate assets of Gold Strike. Upon closing of the transaction, the MGM Master Lease will be amended to reflect the removal of Gold Strike and annual rent payments will be reduced by $40.0 million. 4. On August 24, 2022, VICI entered into definitive agreements to acquire from Golden Entertainment Inc. the interest in the land and buildings associated with Rocky Gap for approximately $203.9 million in cash. Century has agreed to acquire the operating assets of Rocky Gap for approximately $56.1 million. Simultaneous with the closing of the transaction, Rocky Gap will be added to the existing Century Master Lease and annual rent will increase by $15.5 million. Property Announcement Date Status Rent Purchase Price Tenant Pending Transactions1 The Mirage Hotel & Casino Lease2 (Las Vegas, NV) $90.0 million (MGM Master Lease rent will be reduced by the $90 million attributable to the Mirage upon closing) N/A Hard Rock acquisition of Mirage OpCo expected to close Q4 2022 Hard Rock International12/13/2021 Gold Strike Casino Resort3 (Tunica, MS) $40.0 million (MGM Master Lease rent will be reduced by the $40 million attributable to Gold Strike upon closing) N/A Cherokee Nation acquisition of Gold Strike OpCo expected to close H1 2023 Cherokee Nation6/9/2022 Rocky Gap Casino Resort4 (Flintstone, MD) 8/25/2022 VICI acquisition of Rocky Gap real estate interest and Century Casinos acquisition of Rocky Gap OpCo expected H1 2023 $15.5 million $203.9 million Century Casinos

VICI Q3 2022 Supplemental Financial & Operating Data 26 Investment & Capital Markets Activities Financing Activities Inaugural Investment Grade Unsecured Notes Offering of $5.0 billion • On April 29, 2022, issued $500 million 3-Year Notes at 4.375%, $1.25 billion 5-Year Notes at 4.750%, $1.0 billion 7-Year Notes at 4.950%, $1.5 billion 10-Year Notes at 5.125% and $750 million 30-Year Notes at 5.625% Entered into New $3.5 billion Unsecured Credit Facility • On February 8, 2022, entered into a new $2.5 billion unsecured revolving credit facility and $1.0 billion unsecured delayed draw term loan facility and concurrently terminated the secured $1.0 billion revolving credit facility • On February 18, 2022, drew $600.0 million on our revolving credit facility in connection with the closing of the Venetian acquisition. On April 29, 2022, utilized funds from the April 2022 notes offering and cash on hand to pay down the outstanding balance Interest Rate Swap and Treasury Lock Agreements • From December 2021 to April 2022, entered into forward-starting interest rate swaps and U.S. Treasury rate locks with a notional amount of $3.0 billion to hedge against changes in future cash flows resulting from changes in interest rates • In connection with the April 2022 notes offering, settled the swaps and treasury locks for total proceeds of $206.8 million to be amortized into interest expense in future periods Up to $1.0 billion At‐the‐Market (ATM) Equity Program • During Q3 2022, sold 3.9 million shares of common stock subject to a forward sale agreement at a weighted average price of $34.73 per share for gross proceeds of ~$136.1 million1 • During Q2 2022, sold 11.4 million shares of common stock subject to a forward sale agreement at a weighted average price of $32.28 per share for gross proceeds of ~$367.4 million1 $3.4 billion Follow‐On Equity Offering at $29.50 per share • On September 14, 2021, offered 115.0 million shares and issued 65.0 million shares with the remaining 50.0 million shares issued upon settlement of the forward sale agreements on February 18, 2022 $2.0 billion Follow‐On Equity Offering at $29.00 per share • On March 3, 2021, offered 69.0 million shares issued upon settlement of the forward sale agreements on February 18, 2022 Debt Capital Markets Equity Capital Markets The Venetian Resort Las Vegas 3/3/2021 $250 million 6.25% $4 billion2/23/2022 Affiliate of Apollo Global Management, Inc. Property / Loan Announcement Date Closing Date Rent / Income Cap Rate / Yield Price / Loan Size Tenant / Borrower Recently Completed Transactions BigShots Golf Loan 7/14/2022 - - Up to $59 million7/1/2022 Great Wolf ResortsGreat Wolf South Florida Mezzanine Loan 9/15/2021 - - Up to $80 million4/7/2022 BigShots Golf, a subsidiary of ClubCorp Holdings, Inc. MGM Growth Properties’ Portfolio 8/4/2021 $1.0 billion - ~$17 billion4/29/2022 MGM Resorts International 6/6/2022 - - Up to $120 million6/6/2022 Cabot Citrus FarmsCabot Citrus Farms Loan Great Wolf Gulf Coast Texas Mezzanine Loan 9/22/2022 8/30/2022 - - Up to $127 million Great Wolf Resorts Canyon Ranch Austin Loan 10/18/2022 10/7/2022 - - Up to $200 million Canyon Ranch 1. Proceeds to be received upon settlement of the forward sales agreements and issuance of shares.

VICI Q3 2022 Supplemental Financial & Operating Data 27 Gaming Embedded Growth Pipeline The descriptions of the Put/Call Agreements and ROFR Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Put/Call Agreements Harrah’s Hoosier Park and Horseshoe Indianapolis: VICI has the right to call Harrah’s Hoosier Park and Horseshoe Indianapolis from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent of each facility in a sale leaseback transaction. Caesars has the right to put Harrah’s Hoosier Park and Horseshoe Indianapolis to VICI at a 12.5x multiple (8.0% cap rate) of the initial annual rent of each facility in a sale leaseback transaction. The put/call agreement can be exercised between January 1, 2022 and December 31, 2024. Caesars Forum Convention Center: VICI has the right to call the Caesars Forum Convention Center from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale leaseback transaction between September 18, 2025 and December 31, 2026. Caesars has the right to put the Caesars Forum Convention Center to VICI at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale leaseback transaction between January 1, 2024 and December 31, 2024. Right of First Refusal (“ROFR”) Agreements Las Vegas Strip Assets1: VICI has a ROFR to acquire the land and real estate assets of each of the first two of certain specified Las Vegas Strip assets should the properties be sold by Caesars, whether pursuant to an OpCo/PropCo or a WholeCo sale. The first property subject to the ROFR will be one of: Flamingo Las Vegas, Bally’s Las Vegas, Paris Las Vegas and Planet Hollywood Resort & Casino. The second property subject to the ROFR will be selected from one of the aforementioned four properties plus The LINQ Hotel & Casino. Horseshoe Casino Baltimore1,2: VICI has a ROFR to enter into a sale leaseback transaction with respect to the land and real estate assets of Horseshoe Baltimore should the property be sold by Caesars. Caesars Virginia Development1,2: VICI has a ROFR to enter into a sale leaseback transaction with respect to the land and real estate assets associated with the development of a new casino resort in Danville, Virginia by Caesars and EBCI. 1. Caesars does not have a contractual obligation to sell the properties subject to the ROFR Agreements and will make an independent financial decision regarding whether to trigger the ROFR agreements and VICI will make an independent financial decision whether to purchase the properties. 2. Subject to any consent required from Caesars’ applicable joint venture partners.

VICI Q3 2022 Supplemental Financial & Operating Data 28 Non‐Gaming Embedded Growth Pipeline The descriptions of the Put/Call Agreements and Purchase Right Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Call Agreements BigShots Golf: VICI has the right to call the real estate assets associated with any BigShots Golf facility financed by VICI in a sale-leaseback transaction. Canyon Ranch Austin: In connection with VICI’s $200 million delayed draw term loan to Canyon Ranch, VICI has the right to call the real estate assets of Canyon Ranch Austin at pre-negotiated terms in a sale-leaseback transaction for up to 24 months following stabilization. In connection with the sale leaseback, VICI and Canyon Ranch would enter into a triple-net lease with an initial term of 25 years, with eight 5-year tenant renewal options. Longer Term Financing Partnerships Chelsea Piers New York: VICI entered into an agreement with Chelsea Piers for the life of the existing mortgage loan, subject to a minimum of 5 years, that could lead to a longer-term financing partnership in the future. Great Wolf: Pursuant to a non-binding letter agreement, VICI has the opportunity for a period of up to 5 years to provide a total of $300 million of mezzanine financing (including the existing $80 million, $59 million and $127 million financings) for the development and construction of Great Wolf’s extensive domestic and international indoor water park resort pipeline. BigShots Golf: VICI has the opportunity to provide up to $80 million of mortgage financing for the construction of up to five new BigShots Golf™ facilities throughout the United States. As long as the BigShots loan remains outstanding, VICI will have the right of first offer on debt financing for the development of BigShots Golf facilities. Cabot Citrus Farms: In connection with VICI’s $120 million delayed draw term loan to Cabot, VICI also entered into a purchase and sale agreement, pursuant to which VICI will convert a portion of the Cabot Citrus Farms loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five 5-year tenant renewal options. Canyon Ranch: VICI entered into a right of first offer agreement on future financing opportunities with Canyon Ranch for funding of certain facilities until the earlier of five years from the commencement of the Canyon Ranch Austin lease or the date VICI is no longer landlord. Purchase Right Agreements Canyon Ranch Lenox & Canyon Ranch Tucson1: VICI has a purchase option to acquire the real estate assets associated with the existing Canyon Ranch Tucson in Tucson, Arizona and Canyon Ranch Lenox in Lenox, Massachusetts should Canyon Ranch elect to sell the real estate of either property through a sale leaseback for a specific period of time, subject to certain exceptions. If the purchase right(s) are exercised, Canyon Ranch would continue to operate the applicable wellness resorts subject to a long-term triple-net lease with VICI. 1. Canyon Ranch does not have a contractual obligation to sell the properties subject to the purchase right agreements and will make an independent financial decision regarding whether to trigger the purchase right agreements and VICI will make an independent financial decision whether to purchase the properties.

VICI Q3 2022 Supplemental Financial & Operating Data 29 Definitions of Non‐GAAP Financial Measures FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (NAREIT), we define FFO as VICI’s net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control, (iv) impairment write- downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) our proportionate share of such adjustments from our investment in unconsolidated affiliate. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate VICI’s performance. We calculate VICI’s AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other non-recurring non-cash transactions, our proportionate share of non-cash adjustments from our investment in unconsolidated affiliate (including the amortization of any basis differences) with respect to certain of the foregoing and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing. We calculate VICI’s Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), income tax expense and our proportionate share of such adjustments from our investment in unconsolidated affiliate. These non-GAAP financial measures: (i) do not represent VICI’s cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to VICI’s net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to VICI’s cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of VICI’s financial results in accordance with GAAP.