How will VICI's share repurchase program work?

The program authorizes repurchases of up to $2.0 billion in VICI common stock and expires September 30, 2029. Management may make purchases at its discretion through open-market purchases, privately negotiated transactions, Rule 10b5-1 plans, or other methods. The program may be suspended or discontinued at any time.

VICI Properties Q3 net income falls 55.1% to $343M

Q: How much revenue did VICI report in the third quarter of 2026?

VICI reported total revenue of $1,065.5 million for the three months ended September 30, 2026, up 5.8% year over year from $1,007.5 million. Revenue included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income.

Q: What are the terms of VICI's Highfield lease?

The new lease's initial annual base rent is C$10.7 million, approximately US$7.5 million as of the day before the announcement. Upon closing, it will begin a 20-year initial term with four 5-year tenant renewal options. Closing is subject to customary conditions and regulatory approvals.

Revenue and AFFO increased, while net income declined amid the period's $478.2 million aggregate CECL allowance change.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

VICI Properties Inc. reported third-quarter 2026 revenue of $1,065.5 million, up 5.8% year over year, and AFFO of $685.2 million, up 7.5%. Net income attributable to common stockholders fell 55.1% to $342.5 million; VICI attributed the decline to a $478.2 million aggregate change in the CECL allowance. AFFO per diluted share was $0.62, up 4.3%.

VICI raised full-year 2026 AFFO guidance to $2,695 million–$2,705 million, or $2.47–$2.48 per diluted share. It declared a quarterly dividend of $0.46 per share, up 2.2% year over year, and issued $1.75 billion of senior notes to refinance 2026 maturities. The board authorized up to $2.0 billion in share repurchases, with the program expiring September 30, 2029; repurchases are discretionary and the program does not obligate VICI to buy a particular amount.

VICI agreed to lease the Century Mile and Century Downs real estate to a Highfield subsidiary under a new triple-net master lease, subject to customary closing conditions and regulatory approvals. Closing is expected in the fourth quarter of 2026 or the first quarter of 2027, and VICI stated aggregate rent will not change.

4 points · 1 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 AFFO guidance rose to $2,695 million–$2,705 million.
Moderate pointRevenue rose 5.8% year over year to $1,065.5 million.
Moderate pointAFFO increased 7.5% year over year to $685.2 million.
Minor pointQuarterly dividend increased 2.2% to $0.46 per share.

Negative

Moderate pointNet income fell 55.1% to $342.5 million; CECL allowance change: $478.2 million. 1.8% of market cap

Filing Explained

As of September 30, 2026, 1,101,083,124 shares were outstanding after completed issuances that reduce existing holders' ownership percentages, absent offsets.

Form 8-K reports specified material events; this filing reports VICI's third-quarter results and related updates. During the nine months ended September 30, 2026, VICI issued 24,296,255 common shares in the Golden Entertainment transaction and 7,750,000 shares on physical settlement of forward sale agreements; 1,101,083,124 common shares were outstanding at quarter-end. These completed issuances increased the share count, reducing existing holders' percentage ownership absent offsetting changes.

If completed, the separate triple-net lease with a Highfield subsidiary is set to have initial annual rent of C$10.7 million, a 20-year initial term with four five-year renewal options, and a guarantee from Highfield Investment Group. Annual rent escalation is the greater of 1.25% and Canadian CPI, capped at 2.50%.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $1,065.5 million Net income attributable to common stockholders: $342.5 million AFFO attributable to common stockholders: $685.2 million +5 more

8 metrics

Total revenue $1,065.5 million Three months ended September 30, 2026; up 5.8% year over year

Net income attributable to common stockholders $342.5 million Three months ended September 30, 2026; down 55.1% year over year

AFFO attributable to common stockholders $685.2 million Three months ended September 30, 2026; up 7.5% year over year

AFFO per diluted share $0.62 Three months ended September 30, 2026; up 4.3% year over year

Full-year 2026 AFFO guidance $2,695 million–$2,705 million Raised guidance for the year ending December 31, 2026

Quarterly cash dividend $0.46 per share Declared for the third quarter of 2026; up 2.2% year over year

Senior notes issued $1.75 billion Issued to refinance 2026 maturities

Share repurchase authorization Up to $2.0 billion Program expires September 30, 2029

Key Terms

Adjusted Funds From Operations (AFFO), CECL allowance, triple-net master lease, forward-starting interest rate swaps

4 terms

Adjusted Funds From Operations (AFFO) financial

"AFFO attributable to common stockholders"

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

CECL allowance financial

"aggregate change in the CECL allowance"

CECL allowance is the amount a lender sets aside on its balance sheet to cover expected future loan losses under a forward‑looking accounting rule. It represents an estimate of credit losses over the life of loans rather than losses that have already happened. For investors, a larger CECL allowance can reduce reported profits and capital but signals prudence against rising default risk — like keeping an emergency fund in anticipation of bad weather.

triple-net master lease financial

"new separate triple-net master lease"

A triple-net master lease is a long-term rental agreement that covers a group of properties (or an entire property portfolio) under a single contract where the tenant pays base rent plus property taxes, insurance, and most maintenance costs. For investors, it matters because it provides steadier, more predictable cash flow and shifts many operating risks to the tenant, which can raise or stabilize a property’s value but reduce the landlord’s upside from cost savings.

forward-starting interest rate swaps financial

"forward-starting interest rate swaps and treasury locks"

An interest rate swap contract agreed today whose regular exchange of fixed and floating interest payments begins at a specified future date instead of immediately. The parties fix the notional, payment dates and a fixed rate now so that the contract has zero value at inception; cash flows are calculated on the notional from the later start date and no principal is exchanged. Forward-starting swaps function like a forward contract on borrowing rates— they transfer future interest rate exposure that will only take effect once the swap’s deferred effective date arrives.

Earnings Snapshot

Total revenue: $1,065.5 million · Guidance included

Third quarter 2026

Total revenue $1,065.5 million +5.8% year over year

Net income attributable to common stockholders $342.5 million -55.1% year over year

AFFO attributable to common stockholders $685.2 million +7.5% year over year

AFFO per diluted share $0.62 +4.3% year over year

Guidance

Raised full-year 2026 AFFO guidance to $2,695 million–$2,705 million, or $2.47–$2.48 per diluted share.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did VICI report in the third quarter of 2026?

VICI reported total revenue of $1,065.5 million for the three months ended September 30, 2026, up 5.8% year over year from $1,007.5 million. Revenue included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income.

Why did VICI's net income fall in the third quarter of 2026?

Net income attributable to common stockholders was $342.5 million, down 55.1% from $762.0 million a year earlier. VICI said the year-over-year decrease was driven, on an absolute basis, by the $478.2 million aggregate change in the CECL allowance.

What are the terms of VICI's Highfield lease?

The new lease's initial annual base rent is C$10.7 million, approximately US$7.5 million as of the day before the announcement. Upon closing, it will begin a 20-year initial term with four 5-year tenant renewal options. Closing is subject to customary conditions and regulatory approvals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

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Available on EDGAR 10/28/2026 - 07:23 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:16 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________________________

FORM 8-K

__________________________________________________

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 28, 2026

__________________________________________________

VICI Properties Inc.

VICI Properties L.P.

(Exact Name of Registrant as Specified in its Charter)

__________________________________________________


Maryland (VICI Properties Inc.)	001-38372	81-4177147
Delaware (VICI Properties L.P.)	333-264352-01	35-2576503
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

535 Madison Avenue

New York, New York 10022

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (646) 949-4631

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

__________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.01 par value

VICI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


VICI Properties Inc.	☐	Emerging growth company
VICI Properties L.P.	☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


VICI Properties Inc.			☐
VICI Properties L.P.			☐


Item 2.02.			Results of Operations and Financial Condition.

On October 28, 2026, VICI Properties Inc. (the “Company”) issued a press release announcing its consolidated financial results for the three and nine months ended September 30, 2026, and made available supplemental financial and operating information concerning the Company as of September 30, 2026. A copy of the press release and a copy of this supplemental information are furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.


Item 7.01.			Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

The information included in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of the information included in Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.


Item 9.01.			Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Press Release, dated October 28, 2026

99.2						Supplemental Financial & Operating Data, Third Quarter Ended September 30, 2026

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	VICI PROPERTIES INC.
Date: October 28, 2026	By:	/s/ SAMANTHA S. GALLAGHER
		Samantha S. Gallagher
		Executive Vice President, General Counsel and Secretary

	VICI PROPERTIES L.P.
Date: October 28, 2026	By:	/s/ SAMANTHA S. GALLAGHER
		Samantha S. Gallagher
		Secretary

Exhibit 99.1

VICI PROPERTIES INC. ANNOUNCES THIRD QUARTER 2026 RESULTS

- Announced Agreement to Add Highfield Investment Group to VICI's Tenant Roster -

- Completed $1.75 Billion Investment Grade Senior Notes Offering -

- Increased Annual Dividend for 9th Consecutive Year -

- Raised Guidance for Full Year 2026 -

NEW YORK, NY – October 28, 2026 – VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended September 30, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.

Third Quarter 2026 Financial and Operating Highlights

•Total revenues increased 5.8% year-over-year to $1.1 billion

•Net income attributable to common stockholders decreased 55.1% year-over-year to $342.5 million and, on a per share basis, decreased 56.4% year-over-year to $0.31 due to the impact of the change in the CECL allowance for the quarter ended September 30, 2026

•AFFO attributable to common stockholders increased 7.5% year-over-year to $685.2 million and, on a per share basis, increased 4.3% year-over-year to $0.62

•Declared a quarterly cash dividend of $0.46 per share, representing a 2.2% year-over-year increase

•Issued $1.75 billion of investment grade senior notes to refinance 2026 maturities

•Announced an agreement to enter into a new triple-net master lease with Highfield Investment Group, in connection with Century Casinos' agreement to sell the operations of Century Mile Racetrack and Century Downs Racetrack, located in Alberta, Canada, to Highfield, adding to VICI's tenant roster upon closing

•Ended the quarter with $270.3 million in cash and cash equivalents

•Raised AFFO guidance for full year 2026 to between $2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted share

•Subsequent to quarter-end, our Board of Directors authorized a share repurchase program for up to $2.0 billion in shares

CEO Comments

Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “In the third quarter of 2026, we grew our quarterly revenue by 5.8% and our AFFO per share by 4.3% year-over-year, once again demonstrating the flow-through efficiency of our business model, and we were pleased to announce our 9th consecutive annual dividend increase since our IPO almost nine years ago. Our commitment to situational readiness positioned us to refinance all of our remaining 2026 maturities through a $1.75 billion investment grade notes offering in August at an adjusted weighted average interest rate of 5.42%. In September, we announced our agreement to enter into a new lease with Highfield Investment Group, and we look forward to welcoming Highfield to our tenant roster upon closing, further diversifying our tenant base and further strengthening our presence in the dynamic region of Alberta. At VICI, we are always working to strengthen our portfolio while keeping our balance sheet ready to grow alongside new and existing partners. We believe that discipline will enable us to keep compounding value for our stockholders for years to come.”

Third Quarter 2026 Financial Results

Total Revenues

Total revenues were $1.1 billion for the quarter, an increase of 5.8% compared to $1.0 billion for the quarter ended September 30, 2025. Total revenues for the quarter included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income.

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders was $342.5 million for the quarter, or $0.31 per share, compared to $762.0 million, or $0.71 per share, for the quarter ended September 30, 2025. The year-over-year decrease in net income was driven, on an absolute basis, by the $478.2 million aggregate change in the CECL allowance for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.

Funds from Operations (“FFO”)

FFO attributable to common stockholders was $342.5 million for the quarter, or $0.31 per share, compared to $762.0 million, or $0.71 per share, for the quarter ended September 30, 2025. The year-over-year decrease in FFO was driven, on an absolute basis, by the $478.2 million aggregate change in the CECL allowance for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.

Adjusted Funds from Operations (“AFFO”)

AFFO attributable to common stockholders was $685.2 million for the quarter, an increase of 7.5% compared to $637.6 million for the quarter ended September 30, 2025. AFFO per share was $0.62 for the quarter, an increase of 4.3% compared to $0.60 for the quarter ended September 30, 2025.

Third Quarter 2026 Investment and Portfolio Activity

Investment and Portfolio Activity

On September 28, 2026, VICI announced, in connection with Century Casinos, Inc.’s (NASDAQ: CNTY) (“Century Casinos”) agreement to sell the operations of Century Mile Racetrack and Century Downs Racetrack (together, the “Century Canada Racinos”), located in Alberta, Canada, to a subsidiary of Highfield Investment Group, Inc. (“Highfield”), its agreement to enter into a new separate triple-net master lease with a subsidiary of Highfield with respect to the real property of the Century Canada Racinos (the “Highfield Master Lease”) and to amend the Master Lease between VICI and Century Casinos (the “Century Master Lease”).

The Highfield Master Lease will have an initial annual base rent of C$10.7 million (approximately US$7.5 million as of the day prior to the announcement) and, if closing occurs after January 1, 2027, such base rent shall escalate as provided for in the Century Master Lease on such date. Upon closing, the Highfield Master Lease will begin a new 20-year initial lease term with four 5-year tenant renewal options. The other economic terms of the Highfield Master Lease will be substantially similar to the terms for the Century Canada Racinos under the Century Master Lease, including escalation equal to the greater of 1.25% and the change in Canadian CPI (capped at 2.50%) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue at each property. The Highfield Master Lease will be guaranteed by Highfield Investment Group, Inc.

Upon closing, the Century Master Lease will be amended to account for Century Casinos' divestiture of the operations of the Century Canada Racinos, which will result in a corresponding reduction of the annual base rent under the Century Master Lease by C$10.7 million (approximately US$7.5 million as of the day prior to the announcement) with adjustments to reflect the escalated rent if the transaction closing occurs after January 1, 2027. There will be no change to the aggregate rent collected by VICI. The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed in the fourth quarter of 2026 or the first quarter of 2027.

Third Quarter 2026 and Subsequent Capital Markets Activity

On August 5, 2026, VICI priced the offering of $1.75 billion aggregate principal amount of senior unsecured notes (the “August 2026 Notes”). On August 14, 2026, VICI issued the August 2026 Notes comprised of (i) $900.0 million aggregate principal amount of 5.400% Senior Notes due 2031, which mature on October 15, 2031, and (ii) $850.0 million aggregate principal amount of 5.750% Senior Notes due 2036, which mature on October 15, 2036. The weighted average interest rate for the August 2026 Notes is 5.570%, and the adjusted weighted average interest rate, after taking into account the impact of forward-starting interest rate swaps and treasury locks, is 5.422%. The net proceeds of the August 2026 Notes were used to redeem the then-outstanding (i) $480.5 million aggregate principal amount of 4.500% Exchange Notes due 2026, (ii) $1,250.0 million aggregate principal amount of 4.250% November 2019 Notes due 2026, and (iii) $19.5 million aggregate principal amount of 4.500% MGP OP Notes due 2026.

During the nine months ended September 30, 2026, VICI entered into a combination of forward-starting interest rate swap agreements and treasury locks with an aggregate notional amount of $1.1 billion. In connection with the August 2026 Notes offering, VICI settled the outstanding forward-starting interest rate swaps and treasury locks for total proceeds of $20.0 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the anticipated issuance of the August 2026 Notes, the unrealized gain, which was recorded in Accumulated other comprehensive income on VICI's consolidated balance sheets, will be amortized over the term of the respective derivative instruments as a reduction in interest expense.

Subsequent to quarter-end, on October 27, 2026, VICI’s Board of Directors authorized a share repurchase program for up to $2.0 billion in shares of the Company’s common stock, which will expire on September 30, 2029. Repurchases under the share repurchase program may be made from time to time at management’s discretion through open market purchases, privately negotiated transactions, Rule 10b5-1 plans or other methods, in each case in accordance with applicable securities laws. The share repurchase program does not obligate VICI to repurchase any particular amount of common stock and may be suspended or discontinued at any time.

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


	Nine Months Ended September 30,
Common Stock Outstanding	2026	2025
Beginning Balance January 1,	1,068,811,371	1,056,366,685

Issuance of common stock in connection with the Golden Entertainment Transaction	24,296,255	—
Issuance of common stock upon physical settlement of forward sale agreements	7,750,000	12,101,372


Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	225,498	340,637
Ending Balance September 30,	1,101,083,124	1,068,808,694

The following table reconciles the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2026	2025	2026	2025
Determination of shares:
Weighted-average shares of common stock outstanding	1,100,560	1,067,254	1,086,503	1,059,871
Assumed conversion of restricted stock	65	779	78	613
Assumed settlement of forward sale agreements	—	337	—	248
Diluted weighted-average shares of common stock outstanding	1,100,625	1,068,369	1,086,581	1,060,732

Balance Sheet and Liquidity

As of September 30, 2026, the Company had approximately $17.2 billion in total debt and approximately $2.5 billion in liquidity, comprised of $270.3 million in cash and cash equivalents and approximately $2.2 billion of availability under its revolving credit facility.

The Company’s outstanding indebtedness as of September 30, 2026 was as follows:


($ in millions USD)	September 30, 2026
Revolving Credit Facility
USD Borrowings	$	—
CAD Borrowings (1)	245.9
GBP Borrowings (1)	21.9
5.750% Notes Due 2027	750.0
3.750% Notes Due 2027	750.0
4.500% Notes Due 2028	350.0
4.750% Notes Due 2028	1,250.0
4.750% Notes Due 2028	400.0
3.875% Notes Due 2029	750.0
4.625% Notes Due 2029	1,000.0
4.950% Notes Due 2030	1,000.0
4.125% Notes Due 2030	1,000.0
5.400% Notes Due 2031	900.0
5.125% Notes Due 2031	750.0
5.125% Notes Due 2032	1,500.0
5.750% Notes Due 2034	550.0
5.625% Notes Due 2035	900.0
5.750% Notes Due 2036	850.0
5.625% Notes Due 2052	750.0
6.125% Notes Due 2054	500.0
Total Unsecured Debt Outstanding	$	14,217.8
CMBS Debt Due 2032	$	3,000.0
Total Debt Outstanding	$	17,217.8
Cash and Cash Equivalents	$	270.3

Net Debt	$	16,947.5

___________________

(1) Based on applicable exchange rates as of September 30, 2026.

Dividends

On September 3, 2026, the Company declared a regular quarterly cash dividend of $0.46 per share, representing a 2.2% year-over-year increase. The Q3 2026 dividend was paid on October 8, 2026 to stockholders of record as of the close of business on September 17, 2026 and totaled in aggregate approximately $506.3 million.

2026 Guidance

The Company is raising its AFFO guidance for the full year 2026. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in the United States (“GAAP”) financial measure. In reliance on the exception provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 AFFO to GAAP net income because we are 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 and, as disclosed in our historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see “Non-GAAP Financial Measures.”

The Company estimates AFFO for the year ending December 31, 2026 will be between $2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted common share. Guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.

The following is a summary of the Company’s raised full-year 2026 guidance:


	Updated Guidance		Prior Guidance
For the Year Ending December 31, 2026:	Low	High	Low	High
Estimated Adjusted Funds From Operations (AFFO) (in millions)	$2,695	$2,705	$2,675	$2,695
Estimated Adjusted Funds From Operations (AFFO) per diluted share	$2.47	$2.48	$2.45	$2.47
Estimated Weighted Average Share Count for the Year (in millions)	1,090.2	1,090.2	1,090.3	1,090.3

VICI partnership units held by third parties 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.

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 release. 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.

Supplemental Information

In addition to this release, the Company has furnished Supplemental Financial Information, which is available on our website in the “Investors” section, under the menu heading “Financials”. This additional information is being provided as a supplement to the information in this release and our other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations, except as may be required by applicable law.

Conference Call and Webcast

The Company will host a conference call and audio webcast on Thursday, October 29, 2026 at 10:00 a.m. Eastern Time (ET). Please visit the VICI Properties website (https://investors.viciproperties.com/news-events/events) to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on the Company’s earnings call registration webpage (https://register-conf.media-server.com/register/BI4ddda18555004fa48ace389ea769214e). All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website (https://investors.viciproperties.com/news-events/events) immediately following the conclusion of the live call for a period of one year.

About VICI Properties

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, wellness, entertainment and leisure 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 owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts, and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “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, which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among those risks, uncertainties and other factors are: the impact of, and expectations relating to, changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer

confidence levels, unemployment levels, governmental action, and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments, and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any pending or future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; the credit risk of our tenants and borrowers in connection with the rental and other obligations owed to us under applicable leases, related guarantees, or loan agreements, including risks distinct to our lending activities with respect to development and construction loans for non-stabilized properties; our dependence on the gaming industry, which is characterized by, among other things, a high degree of competition, extensive regulation, and sensitivity to changes in consumer behavior and discretionary spending; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our 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; the impact of extensive regulation from gaming and other regulatory authorities, including developments relating to the regulation of emerging alternative platforms; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all), 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; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, 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 pending and completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our pending and completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending and completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, geopolitical uncertainty, tariffs and trade barriers, public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties, or in areas where our properties are located, or globally, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the impact of reduced travel demand or increased costs of travel affecting visitation and operating performance at the properties operated by our tenants, particularly in destination markets such as Las Vegas; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities

associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time, including our reliance on distributions received from our subsidiaries, including VICI OP, to make such distributions to our stockholders; 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, 2025, 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.

Non-GAAP Financial Measures

This press release presents 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.

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 our 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 and (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.

AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate 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, capitalized interest on real estate under development, 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 gains (or losses), deferred income tax provision (or benefit), other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.

We calculate 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), current income tax expense and adjustments attributable to non-controlling interests.

These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to 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 our financial results in accordance with GAAP.

Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release.

VICI Properties Inc.

Consolidated Balance Sheets

(In thousands)


	September 30, 2026		December 31, 2025
Assets
Real estate portfolio:
Investments in leases - sales-type, net	$	24,370,572	$	23,706,563

Investments in leases - financing receivables, net	19,235,774		18,697,133
Investments in loans and securities, net	2,984,010		2,525,457
Real estate under development	25,499		—
Land	148,002		148,002
Cash and cash equivalents	270,321		563,479

Short-term investments	—		44,484
Other assets	1,030,126		1,039,050
Total assets	$	48,064,304	$	46,724,168

Liabilities
Debt, net	$	16,916,934	$	16,773,241
Accrued expenses and deferred revenue	178,249		238,715


Dividends and distributions payable	511,884		486,259
Other liabilities	1,017,579		1,003,366
Total liabilities	18,624,646		18,501,581

Stockholders’ equity
Common stock	11,011		10,688
Preferred stock	—		—
Additional paid-in capital	25,859,760		24,898,868
Accumulated other comprehensive income	115,455		121,031
Retained earnings	3,025,489		2,767,053
Total VICI stockholders’ equity	29,011,715		27,797,640
Non-controlling interests	427,943		424,947
Total stockholders’ equity	29,439,658		28,222,587
Total liabilities and stockholders’ equity	$	48,064,304	$	46,724,168

________________________________________

Note: As of September 30, 2026 and December 31, 2025, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of allowance for credit losses of $1,282.4 million, $884.9 million, $159.0 million and $29.7 million, respectively, and $919.2 million, $769.9 million, $56.4 million and $23.9 million, respectively.

VICI Properties Inc.

Consolidated Statements of Operations

(In thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues
Income from sales-type leases	$	556,749	$	531,765	$	1,642,668	$	1,590,717

Income from lease financing receivables, loans and securities	482,642		447,986		1,412,990		1,314,726
Other income	18,969		19,547		56,783		58,596
Golf revenues	7,124		8,190		30,069		28,987
Total revenues	1,065,484		1,007,488		3,142,510		2,993,026

Expenses
General and administrative	17,479		16,344		48,884		45,765
Depreciation	876		937		2,841		2,674
Other expenses	18,969		19,547		56,783		58,596
Golf expenses	6,858		6,765		20,722		19,736
Change in allowance for credit losses	458,030		(20,153)		610,314		24,803
Transaction and acquisition expenses	194		9		2,176		7,488
Total expenses	502,406		23,449		741,720		159,062


Interest expense	(214,983)		(210,333)		(634,272)		(633,381)
Interest income	1,564		3,881		8,285		9,871
Other (losses) gains	(229)		(82)		(595)		792

Income before income taxes	349,430		777,505		1,774,208		2,211,246
Provision for income taxes	(2,579)		(3,885)		(6,092)		(6,993)
Net income	346,851		773,620		1,768,116		2,204,253
Less: Net income attributable to non-controlling interests	(4,317)		(11,580)		(26,671)		(33,527)
Net income attributable to common stockholders	$	342,534	$	762,040	$	1,741,445	$	2,170,726

Net income per common share
Basic	$	0.31	$	0.71	$	1.60	$	2.05
Diluted	$	0.31	$	0.71	$	1.60	$	2.05

Weighted average number of shares of common stock outstanding
Basic	1,100,560,183		1,067,253,644		1,086,503,368		1,059,870,808
Diluted	1,100,625,472		1,068,369,218		1,086,581,026		1,060,732,039

VICI Properties Inc.

Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA

(In thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income attributable to common stockholders	$	342,534	$	762,040	$	1,741,445	$	2,170,726
Real estate depreciation	—		—		—		—

FFO attributable to common stockholders	342,534		762,040		1,741,445		2,170,726
Non-cash leasing and financing adjustments	(131,953)		(131,171)		(401,130)		(393,240)
Non-cash change in allowance for credit losses	458,030		(20,153)		610,314		24,803
Non-cash stock-based compensation	4,895		4,415		13,629		11,758
Transaction and acquisition expenses	194		9		2,176		7,488
Amortization of debt issuance costs and original issue discount	18,070		17,395		52,759		54,909
Capitalized interest on real estate under development	(283)		—		(339)		—
Other depreciation	743		806		2,445		2,284
Capital expenditures	(2,660)		(189)		(3,420)		(939)
Other losses (gains) (1)	229		82		595		(792)

Deferred income tax provision	1,476		2,776		1,486		2,848
Non-cash adjustments attributable to non-controlling interests	(6,070)		1,559		(4,212)		3,884
AFFO attributable to common stockholders	685,205		637,569		2,015,748		1,883,729
Interest expense, net	195,632		189,057		573,567		568,601
Current income tax expense	1,103		1,109		4,606		4,145
Adjustments attributable to non-controlling interests	(2,162)		(2,153)		(6,415)		(6,518)
Adjusted EBITDA attributable to common stockholders	$	879,778	$	825,582	$	2,587,506	$	2,449,957

Net income per common share
Basic	$	0.31	$	0.71	$	1.60	$	2.05
Diluted	$	0.31	$	0.71	$	1.60	$	2.05
FFO per common share
Basic	$	0.31	$	0.71	$	1.60	$	2.05
Diluted	$	0.31	$	0.71	$	1.60	$	2.05




AFFO per common share
Basic	$	0.62	$	0.60	$	1.86	$	1.78
Diluted	$	0.62	$	0.60	$	1.86	$	1.78
Weighted average number of shares of common stock outstanding
Basic	1,100,560,183		1,067,253,644		1,086,503,368		1,059,870,808
Diluted	1,100,625,472		1,068,369,218		1,086,581,026		1,060,732,039

________________________

(1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels.

VICI Properties Inc.

Revenue Breakdown

(In thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Contractual income from sales-type leases
Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease	$	140,534	$	137,689	$	421,602	$	413,067
Caesars Las Vegas Master Lease	126,419		123,855		379,257		371,565
MGM Grand/Mandalay Bay Lease	82,210		80,598		245,555		240,740
The Venetian Resort Las Vegas Lease	77,175		75,545		230,439		225,309
PENN Master Lease (1)	20,379		20,178		60,800		60,088
Clairvest Northfield Park Lease	13,504		—		23,978		—
Century Master Lease (excluding Century Canadian Portfolio)	12,677		12,321		38,031		36,963
Hard Rock Cincinnati Lease	12,192		11,864		36,576		35,592
EBCI Southern Indiana Lease	8,730		8,538		25,978		25,530
PURE Master Lease (2)	2,867		—		3,089		—
Income from sales-type leases non-cash adjustment (3)	60,062		61,177		177,363		181,863
Income from sales-type leases	556,749		531,765		1,642,668		1,590,717





Contractual income from lease financing receivables
MGM Master Lease	184,039		193,671		563,488		575,949
Harrah's NOLA, AC, and Laughlin (4)	44,603		43,683		133,809		131,049
Hard Rock Mirage Lease	23,877		23,409		71,631		70,227
Golden Entertainment Master Lease	21,750		—		36,250		—
JACK Entertainment Master Lease	18,490		18,039		55,320		54,028
CNE Gold Strike Lease	10,824		10,612		32,190		31,559
Lucky Strike Master Lease	8,300		8,098		24,900		24,294
Foundation Master Lease	6,354		6,184		19,062		18,552
Chelsea Piers Lease	6,075		6,000		18,225		18,000
PURE Master Lease	4,073		4,047		12,317		11,946
Century Canadian Portfolio (5)	3,217		3,197		9,751		9,447
Income from lease financing receivables non-cash adjustment (3)	71,902		70,070		223,846		211,507
Income from lease financing receivables	403,504		387,010		1,200,789		1,156,558

Contractual interest income
Senior secured notes	3,900		2,398		8,836		7,218
Senior secured loans	27,558		22,907		76,575		59,211
Mezzanine loans & preferred equity	47,866		35,887		127,368		92,251
Income from loans non-cash adjustment (3)	(186)		(216)		(578)		(512)
Income from loans and securities	79,138		60,976		212,201		158,168
Income from lease financing receivables, loans and securities	482,642		447,986		1,412,990		1,314,726

Other income	18,969		19,547		56,783		58,596
Golf revenues	7,124		8,190		30,069		28,987
Total revenues	$	1,065,484	$	1,007,488	$	3,142,510	$	2,993,026

____________________

(1) On December 4, 2025, VICI combined the individual leases with PENN Entertainment (the PENN Greektown Lease and the PENN Margaritaville Lease) into one master lease for both properties (the “PENN Master Lease”). There was no change to the aggregate amount of rent collected by VICI. (2) Reflects Gamehost Portfolio. (3) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (4) Assets are part of the Caesars Regional Master Lease. (5) Assets are part of the Century Master Lease.

Investor Contacts:

Investors@viciproperties.com

(646) 949-4631

David Kieske

EVP, Chief Financial Officer

DKieske@viciproperties.com

Moira McCloskey

SVP, Capital Markets

MMcCloskey@viciproperties.com

LinkedIn:

www.linkedin.com/company/vici-properties-inc

Press Release Category: Financial Results

Supplemental Financial & Operating Data Third Quarter Ended September 30, 2026 Exhibit 99.2

2Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “targets,” “can,” “may,” “should,” “will,” “would,” 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, which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among those risks, uncertainties and other factors are: the impact of, and expectations relating to, changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer confidence levels, unemployment levels, governmental action, and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments, and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any pending or future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; the credit risk of our tenants and borrowers in connection with the rental and other obligations owed to us under applicable leases, related guarantees, or loan agreements, including risks distinct to our lending activities with respect to development and construction loans for non-stabilized properties; our dependence on the gaming industry, which is characterized by, among other things, a high degree of competition, extensive regulation, and sensitivity to changes in consumer behavior and discretionary spending; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our 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; the impact of extensive regulation from gaming and other regulatory authorities, including developments relating to the regulation of emerging alternative platforms; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all), 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; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, 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 pending and completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our pending and completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending and completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, geopolitical uncertainty, tariffs and trade barriers, public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties, or in areas where our properties are located, or globally, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the impact of reduced travel demand or increased costs of travel affecting visitation and operating performance at the properties operated by our tenants, particularly in destination markets such as Las Vegas; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time, including our reliance on distributions received from our subsidiaries, including VICI OP, to make such distributions to our stockholders; 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, 2025, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission (“SEC”). 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, Borrower and Other Company Information The Company makes no representation as to the accuracy or completeness of the information regarding its tenants, including Caesars Entertainment, Inc. (“Caesars”), Century Casinos, Inc. (“Century Casinos”), Chelsea Piers in New York City (“Chelsea Piers”), Clairvest Group Inc. (“Clairvest”), Club Med SAS (“Club Med”), Cherokee Nation Entertainment, L.L.C. (“CNE”), the Eastern Band of Cherokee Indians (“EBCI”), Foundation Gaming and Entertainment LLC (“Foundation Gaming”), Golden Entertainment LLC (“Golden Entertainment”), Seminole Hard Rock Entertainment, Inc. (“Hard Rock”), JACK Ohio LLC (“JACK Entertainment”), Lucky Strike Entertainment (“Lucky Strike”), MGM Resorts International (“MGM”), PENN Entertainment, Inc. (“PENN Entertainment”), an affiliate (“PURE Tenant”) of Indigenous Gaming Partners Inc. (“IGP”), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (“Venetian Las Vegas Tenant”), borrowers 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 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 may contain 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, trademarks, service marks and logos (“Trademarks”) operated at our properties are Trademarks of their respective owners. Their use in this presentation does not imply a relationship or endorsement by the Trademark owners, nor does it suggest any affiliation with or sponsorship by VICI. 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. Any such Trademarks are used only to identify the products and services of their respective owners, and no sponsorship or endorsement on the part of VICI should be inferred from the use of the marks. 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 on page 26 of this presentation. Financial Data Financial information provided herein is as of September 30, 2026 unless otherwise indicated. DISCLAIMERS

3Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statement of Operations……………………………….…………………… 8-9 Non-GAAP Financial Measures…………………………………………………………….. 10-11 Revenue Detail……………………………………………………………………………….. 12-13 Annualized Contractual Rent and Income from Loans………………………………....... 14 2026 Guidance……………………………………………………………………………….. 15 Capitalization & Key Credit Metrics………………………………………………………… 16 Debt Detail……………………………………………………………………………………. 17 Geographic Diversification…………………………………………………………………. 18 Summary of Current Lease Terms…………………………………………………………. 19-20 Recent Investment Activity……..…………………………………………………………… 21 Recent Capital Markets Activity………………………………..…………………………… 22 Gaming Embedded Growth Pipeline………………………………………………………. 23 Other Experiential Embedded Growth Pipeline…..………………………………………. 24 Analyst Coverage…………………………………………………………………………….. 25 Definitions of Non-GAAP Financial Measures…………………………….…………….... 26

4Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA CORPORATE OVERVIEW 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, wellness, entertainment and leisure 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 owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long- term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts, and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com. Senior Management Board of Directors Contact Information Edward Pitoniak Chief Executive Officer & Director John Payne President & Chief Operating Officer David Kieske Executive Vice President, Chief Financial Officer & Treasurer Samantha Gallagher Executive Vice President, General Counsel & Secretary Jeremy Waxman Chief Accounting Officer Erin Ferreri Senior Vice President, Finance Moira McCloskey Senior Vice President, Capital Markets Gabriel Wasserman Managing Director, Business Development & V.E.C.S. James Abrahamson* Director, Chairman of the Board Diana Cantor* Director, Audit Committee Chair Monica Douglas* Director Elizabeth Holland* Director, Nominating & Governance Committee Chair Craig Macnab* Director, Compensation Committee Chair Edward Pitoniak Director, Chief Executive Officer Michael Rumbolz* Director John Sullivan* Director Note: * Denotes independent director Corporate Headquarters – VICI Properties Inc. 535 Madison Avenue New York, New York 10022 (646) 949-4631 Public Markets Detail Ticker: VICI Exchange: NYSE Transfer Agent – Computershare 7530 Lucerne Drive, Suite 305 Cleveland, OH 44130 (800) 962‐4284 www.computershare.com Website www.viciproperties.com LinkedIn www.linkedin.com/company/vici-properties-inc Investor Relations investors@viciproperties.com

5Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Sept. 30, 2026 Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025 Net Income Per Common Share Basic $0.31 $0.48 $0.82 $0.57 Diluted $0.31 $0.48 $0.82 $0.57 Funds From Operations Per Common Share Basic $0.31 $0.48 $0.82 $0.57 Diluted $0.31 $0.48 $0.82 $0.57 Adjusted Funds From Operations Per Common Share Basic $0.62 $0.62 $0.61 $0.60 Diluted $0.62 $0.62 $0.61 $0.60 Net Income Attributable to Common Stockholders $342,534 $526,521 $872,390 $604,767 Adjusted EBITDA Attributable to Common Stockholders $879,778 $869,502 $838,226 $828,752 Annualized Dividend Per Share $1.84 $1.80 $1.80 $1.80 Dividend Yield at Period End 8.0% 6.8% 6.6% 6.4% PORTFOLIO & FINANCIAL HIGHLIGHTS Note: Refer to "Non‐GAAP Financial Measures" on pages 10-11 of this presentation for reconciliations and "Definitions of Non-GAAP Financial Measures" on page 26 of this presentation (1) Inclusive of all tenant renewal options based on contractual rent. (2) Defined as Total Debt less Cash and Cash Equivalents divided by last quarter annualized (“LQA”) Adjusted EBITDA. ($ amounts in thousands, except share, per share, portfolio and property data) Financial Highlights as of September 30, 2026 Common Shares Outstanding 1,101,083,124 Third-Party Partnership Units Outstanding 13,054,659 Share Price $22.97 Equity Market Capitalization $25,591,745 Total Debt $17,217,832 Cash & Cash Equivalents $270,321 Total Enterprise Value $42,539,256 LQA Net Leverage Ratio(2) 4.8x Summary Capitalization Portfolio Highlights 63 Gaming Properties ~33 Acres of Undeveloped and Underdeveloped Land around the Las Vegas Strip 26 States, 1 U.S. Territory, & 1 Canadian Province 39.4 Year Weighted Average Lease Term as of September 30, 2026(1) 100% Occupancy Rate 16 Tenants with 88% of Rent with a Parent Guarantee Moody’s S&P Fitch Baa3 / Stable Outlook BBB- / Stable Outlook BBB- / Stable Outlook Credit Ratings 40 Other Experiential Properties 4 Golf Courses

6Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA September 30, 2026 December 31, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net 24,370,572$ 23,706,563$ Investments in leases - financing receivables, net 19,235,774 18,697,133 Investments in loans and securities, net 2,984,010 2,525,457 Real estate under development 25,499 — Land 148,002 148,002 Cash and cash equivalents 270,321 563,479 Short-term investments — 44,484 Other assets 1,030,126 1,039,050 Total assets 48,064,304$ 46,724,168$ Liabilities Debt, net 16,916,934$ 16,773,241$ Accrued expenses and deferred revenue 178,249 238,715 Dividends and distributions payable 511,884 486,259 Other liabilities 1,017,579 1,003,366 Total liabilities 18,624,646 18,501,581 Stockholders' equity 11,011 10,688 — — Additional paid-in capital 25,859,760 24,898,868 Accumulated other comprehensive income 115,455 121,031 Retained earnings 3,025,489 2,767,053 Total VICI stockholders' equity 29,011,715 27,797,640 Non-controlling interests 427,943 424,947 Total stockholders' equity 29,439,658 28,222,587 Total liabilities and stockholders' equity 48,064,304$ 46,724,168$ Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,101,083,124 and 1,068,811,371 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2026 and December 31, 2025 CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share and per share data)

7Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Assets Real estate portfolio: Investments in leases - sales-type, net 24,370,572$ 24,577,355$ 23,897,827$ 23,706,563$ Investments in leases - financing receivables, net 19,235,774 19,280,057 18,806,242 18,697,133 Investments in loans and securities, net 2,984,010 2,917,311 2,710,021 2,525,457 Real estate under development 25,499 23,272 — — Land 148,002 148,002 148,002 148,002 Cash and cash equivalents 270,321 288,063 480,206 563,479 Short-term investments — — — 44,484 Other assets 1,030,126 1,037,160 1,047,376 1,039,050 Total assets 48,064,304$ 48,271,220$ 47,089,674$ 46,724,168$ Liabilities Debt, net 16,916,934$ 16,931,155$ 16,787,100$ 16,773,241$ Accrued expenses and deferred revenue 178,249 220,415 173,509 238,715 Dividends and distributions payable 511,884 500,755 486,316 486,259 Other liabilities 1,017,579 1,016,184 1,023,887 1,003,366 Total liabilities 18,624,646 18,668,509 18,470,812 18,501,581 Stockholders' equity Common stock 11,011 11,011 10,690 10,688 Preferred stock — — — — Additional paid-in capital 25,859,760 25,854,906 24,900,713 24,898,868 Accumulated other comprehensive income 115,455 115,412 118,852 121,031 Retained earnings 3,025,489 3,189,420 3,158,398 2,767,053 Total VICI stockholders' equity 29,011,715 29,170,749 28,188,653 27,797,640 Non-controlling interests 427,943 431,962 430,209 424,947 Total stockholders' equity 29,439,658 29,602,711 28,618,862 28,222,587 Total liabilities and stockholders' equity 48,064,304$ 48,271,220$ 47,089,674$ 46,724,168$ CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands)

8Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Income from sales-type leases 556,749$ 531,765$ 1,642,668$ 1,590,717$ Income from lease financing receivables, loans and securities 482,642 447,986 1,412,990 1,314,726 Other income 18,969 19,547 56,783 58,596 Golf revenues 7,124 8,190 30,069 28,987 Total revenues 1,065,484 1,007,488 3,142,510 2,993,026 Expenses General and administrative 17,479 16,344 48,884 45,765 Depreciation 876 937 2,841 2,674 Other expenses 18,969 19,547 56,783 58,596 Golf expenses 6,858 6,765 20,722 19,736 Change in allowance for credit losses(1) 458,030 (20,153) 610,314 24,803 Transaction and acquisition expenses 194 9 2,176 7,488 Total expenses 502,406 23,449 741,720 159,062 Interest expense (214,983) (210,333) (634,272) (633,381) Interest income 1,564 3,881 8,285 9,871 Other (losses) gains (229) (82) (595) 792 Income before income taxes 349,430 777,505 1,774,208 2,211,246 Provision for income taxes (2,579) (3,885) (6,092) (6,993) Net income 346,851 773,620 1,768,116 2,204,253 Less: Net income attributable to non-controlling interests (4,317) (11,580) (26,671) (33,527) Net income attributable to common stockholders 342,534$ 762,040$ 1,741,445$ 2,170,726$ Net income per common share Basic 0.31$ 0.71$ 1.60$ 2.05$ Diluted 0.31$ 0.71$ 1.60$ 2.05$ Weighted average number of shares of common stock outstanding Basic 1,100,560,183 1,067,253,644 1,086,503,368 1,059,870,808 Diluted 1,100,625,472 1,068,369,218 1,086,581,026 1,060,732,039 Impact to net income related to non-cash change in allowance for credit losses - CECL(1) (458,030)$ 20,153$ (610,314)$ (24,803)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.42)$ 0.02$ (0.56)$ (0.02)$ Diluted (0.42)$ 0.02$ (0.56)$ (0.02)$ CONSOLIDATED STATEMENT 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, 2026 (“Q3 2026 Form 10-Q”).

9Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Revenues Income from sales-type leases 556,749$ 549,202$ 536,717$ 534,650$ Income from lease financing receivables, loans and securities 482,642 478,395 451,953 448,768 Other income 18,969 18,915 18,899 18,883 Golf revenues 7,124 11,993 10,952 10,789 Total revenues 1,065,484 1,058,505 1,018,521 1,013,090 Expenses General and administrative 17,479 15,429 15,976 19,317 Depreciation 876 998 967 963 Other expenses 18,969 18,915 18,899 18,883 Golf expenses 6,858 7,395 6,469 6,994 Change in allowance for credit losses(1) 458,030 271,059 (118,775) 153,084 Transaction and acquisition expenses 194 1,815 167 241 Total expenses 502,406 315,611 (76,297) 199,482 Interest expense (214,983) (209,927) (209,362) (210,233) Interest income 1,564 2,228 4,493 4,492 Other (losses) gains (229) (345) (21) 1,866 Income before income taxes 349,430 534,850 889,928 609,733 (Provision for) benefit from income taxes (2,579) 461 (3,974) 4,558 Net income 346,851 535,311 885,954 614,291 Less: Net income attributable to non-controlling interests (4,317) (8,790) (13,564) (9,524) Net income attributable to common stockholders 342,534$ 526,521$ 872,390$ 604,767$ Net income per common share Basic 0.31$ 0.48$ 0.82$ 0.57$ Diluted 0.31$ 0.48$ 0.82$ 0.57$ Weighted average number of shares of common stock outstanding Basic 1,100,560,183 1,090,197,080 1,068,399,427 1,068,343,727 Diluted 1,100,625,472 1,090,236,611 1,068,527,584 1,068,506,481 Impact to net income related to non-cash change in allowance for credit losses - CECL(1) (458,030)$ (271,059)$ 118,775$ (153,084)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.42)$ (0.25)$ 0.11$ (0.14)$ Diluted (0.42)$ (0.25)$ 0.11$ (0.14)$ CONSOLIDATED STATEMENT OF OPERATIONS – QUARTERLY ($ amounts in thousands, except share and per share data) (1) Refer to Note 5 – Allowance for Credit Losses within our Q3 2026 Form 10-Q.

10Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income attributable to common stockholders 342,534$ 762,040$ 1,741,445$ 2,170,726$ Real estate depreciation — — — — Funds From Operations (FFO) attributable to common stockholders 342,534 762,040 1,741,445 2,170,726 Non-cash leasing and financing adjustments (131,953) (131,171) (401,130) (393,240) Non-cash change in allowance for credit losses 458,030 (20,153) 610,314 24,803 Non-cash stock-based compensation 4,895 4,415 13,629 11,758 Transaction and acquisition expenses 194 9 2,176 7,488 Amortization of debt issuance costs and original issue discount 18,070 17,395 52,759 54,909 Capitalized interest on real estate under development (283) — (339) — Other depreciation 743 806 2,445 2,284 Capital expenditures (2,660) (189) (3,420) (939) Other losses (gains)(1) 229 82 595 (792) Deferred income tax provision 1,476 2,776 1,486 2,848 Non-cash adjustments attributable to non-controlling interests (6,070) 1,559 (4,212) 3,884 Adjusted Funds From Operations (AFFO) attributable to common stockholders 685,205 637,569 2,015,748 1,883,729 Interest expense, net 195,632 189,057 573,567 568,601 Current income tax expense 1,103 1,109 4,606 4,145 Adjustments attributable to non-controlling interests (2,162) (2,153) (6,415) (6,518) Adjusted EBITDA attributable to common stockholders 879,778$ 825,582$ 2,587,506$ 2,449,957$ Net income per common share Basic 0.31$ 0.71$ 1.60$ 2.05$ Diluted 0.31$ 0.71$ 1.60$ 2.05$ FFO per common share Basic 0.31$ 0.71$ 1.60$ 2.05$ Diluted 0.31$ 0.71$ 1.60$ 2.05$ AFFO per common share Basic 0.62$ 0.60$ 1.86$ 1.78$ Diluted 0.62$ 0.60$ 1.86$ 1.78$ Weighted average number of shares of common stock outstanding Basic 1,100,560,183 1,067,253,644 1,086,503,368 1,059,870,808 Diluted 1,100,625,472 1,068,369,218 1,086,581,026 1,060,732,039 NON-GAAP FINANCIAL MEASURES ($ amounts in thousands, except share and per share data) (1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels.

11Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Net income attributable to common stockholders 342,534$ 526,521$ 872,390$ 604,767$ Real estate depreciation — — — — Funds From Operations (FFO) attributable to common stockholders 342,534 526,521 872,390 604,767 Non-cash leasing and financing adjustments (131,953) (139,145) (130,032) (130,947) Non-cash change in allowance for credit losses 458,030 271,059 (118,775) 153,084 Non-cash stock-based compensation 4,895 4,609 4,125 4,437 Transaction and acquisition expenses 194 1,815 167 241 Amortization of debt issuance costs and original issue discount 18,070 17,406 17,283 17,428 Capitalized interest on real estate under development (283) (56) — — Other depreciation 743 866 836 831 Capital expenditures (2,660) (131) (629) (299) Other losses (gains)(1) 229 345 21 (1,866) Deferred income tax provision (benefit) 1,476 (2,096) 2,106 (4,591) Non-cash adjustments attributable to non-controlling interests (6,070) (1,557) 3,415 (558) Adjusted Funds From Operations (AFFO) attributable to common stockholders 685,205 679,636 650,907 642,527 Interest expense, net 195,632 190,349 187,586 188,313 Current income tax expense 1,103 1,635 1,868 33 Adjustments attributable to non-controlling interests (2,162) (2,118) (2,135) (2,121) Adjusted EBITDA attributable to common stockholders 879,778$ 869,502$ 838,226$ 828,752$ Net income per common share Basic 0.31$ 0.48$ 0.82$ 0.57$ Diluted 0.31$ 0.48$ 0.82$ 0.57$ FFO per common share Basic 0.31$ 0.48$ 0.82$ 0.57$ Diluted 0.31$ 0.48$ 0.82$ 0.57$ AFFO per common share Basic 0.62$ 0.62$ 0.61$ 0.60$ Diluted 0.62$ 0.62$ 0.61$ 0.60$ Weighted average number of shares of common stock outstanding Basic 1,100,560,183 1,090,197,080 1,068,399,427 1,068,343,727 Diluted 1,100,625,472 1,090,236,611 1,068,527,584 1,068,506,481 Three Months Ended NON-GAAP FINANCIAL MEASURES – QUARTERLY ($ amounts in thousands, except share and per share data) (1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels.

12Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 140,534$ 137,689$ 421,602$ 413,067$ Caesars Las Vegas Master Lease 126,419 123,855 379,257 371,565 MGM Grand/Mandalay Bay Master Lease 82,210 80,598 245,555 240,740 The Venetian Resort Las Vegas Lease 77,175 75,545 230,439 225,309 PENN Master Lease(1) 20,379 20,178 60,800 60,088 Clairvest Northfield Park Lease 13,504 — 23,978 — Century Master Lease (excluding Century Canadian Portfolio) 12,677 12,321 38,031 36,963 Hard Rock Cincinnati Lease 12,192 11,864 36,576 35,592 EBCI Southern Indiana Lease 8,730 8,538 25,978 25,530 PURE Master Lease 2,867 — 3,089 — Income from sales-type leases non-cash adjustment(2) 60,062 61,177 177,363 181,863 Income from sales-type leases 556,749 531,765 1,642,668 1,590,717 Contractual income from lease financing receivables MGM Master Lease 184,039 193,671 563,488 575,949 Harrah's NOLA, AC, and Laughlin(3) 44,603 43,683 133,809 131,049 Hard Rock Mirage Lease 23,877 23,409 71,631 70,227 Golden Entertainment Master Lease 21,750 — 36,250 — JACK Entertainment Master Lease 18,490 18,039 55,320 54,028 CNE Gold Strike Lease 10,824 10,612 32,190 31,559 Lucky Strike Master Lease 8,300 8,098 24,900 24,294 Foundation Gaming Master Lease 6,354 6,184 19,062 18,552 Chelsea Piers Lease 6,075 6,000 18,225 18,000 PURE Master Lease 4,073 4,047 12,317 11,946 Century Canadian Portfolio(4) 3,217 3,197 9,751 9,447 Income from lease financing receivables non-cash adjustment(2) 71,902 70,070 223,846 211,507 Income from lease financing receivables 403,504 387,010 1,200,789 1,156,558 Contractual interest income Senior secured notes 3,900 2,398 8,836 7,218 Senior secured loans 27,558 22,907 76,575 59,211 Mezzanine loans & preferred equity 47,866 35,887 127,368 92,251 Income from loans non-cash adjustment(2) (186) (216) (578) (512) Income from loans and securities 79,138 60,976 212,201 158,168 Income from lease financing receivables, loans and securities 482,642 447,986 1,412,990 1,314,726 Other income 18,969 19,547 56,783 58,596 Golf revenues 7,124 8,190 30,069 28,987 Total revenues 1,065,484$ 1,007,488$ 3,142,510$ 2,993,026$ REVENUE DETAIL (1) On December 4, 2025, VICI combined the PENN Greektown Lease and PENN Margaritaville Lease with PENN Entertainment into a single master lease (the “PENN Master Lease”). VICI’s aggregate rent remained unchanged. (2) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (3) Assets are part of the Caesars Regional Master Lease. (4) Assets are part of the Century Master Lease. ($ amounts in thousands)

13Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 140,534$ 140,534$ 140,534$ 139,586$ Caesars Las Vegas Master Lease 126,419 126,419 126,419 125,564 MGM Grand/Mandalay Bay Master Lease 82,210 82,210 81,135 80,598 The Venetian Resort Las Vegas Lease 77,175 77,175 76,089 75,545 PENN Master Lease(1) 20,379 20,244 20,177 20,178 Clairvest Northfield Park Lease 13,504 10,474 — — Century Master Lease (excluding Century Canadian Portfolio) 12,677 12,677 12,677 12,321 Hard Rock Cincinnati Lease 12,192 12,192 12,192 12,192 EBCI Southern Indiana Lease 8,730 8,624 8,624 8,624 PURE Master Lease 2,867 222 — — Income from sales-type leases non-cash adjustment(2) 60,062 58,431 58,870 60,042 Income from sales-type leases 556,749 549,202 536,717 534,650 Contractual income from lease financing receivables MGM Master Lease 184,039 185,779 193,670 193,670 Harrah's NOLA, AC, and Laughlin(3) 44,603 44,603 44,603 44,296 Hard Rock Mirage Lease 23,877 23,877 23,877 23,409 Golden Entertainment Master Lease 21,750 14,500 — — JACK Entertainment Master Lease 18,490 18,490 18,340 18,039 CNE Gold Strike Lease 10,824 10,754 10,612 10,612 Lucky Strike Master Lease 8,300 8,300 8,300 8,232 Foundation Gaming Master Lease 6,354 6,354 6,354 6,184 Chelsea Piers Lease 6,075 6,075 6,075 6,000 PURE Master Lease 4,073 4,118 4,126 3,998 Century Canadian Portfolio(4) 3,217 3,252 3,282 3,157 Income from lease financing receivables non-cash adjustment(2) 71,902 80,743 71,201 70,944 Income from lease financing receivables 403,504 406,845 390,440 388,541 Contractual interest income Senior secured notes 3,900 2,565 2,371 2,384 Senior secured loans 27,558 25,275 23,742 22,564 Mezzanine loans & preferred equity 47,866 43,912 35,590 35,497 Income from loans non-cash adjustment(2) (186) (202) (190) (218) Income from loans and securities 79,138 71,550 61,513 60,227 Income from lease financing receivables, loans and securities 482,642 478,395 451,953 448,768 Other income 18,969 18,915 18,899 18,883 Golf revenues 7,124 11,993 10,952 10,789 Total revenues 1,065,484$ 1,058,505$ 1,018,521$ 1,013,090$ REVENUE DETAIL – QUARTERLY ($ amounts in thousands) (1) Reflects combined PENN Master Lease, described further on page 12. (2) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (3) Assets are part of the Caesars Regional Master Lease. (4) Assets are part of the Century Master Lease.

14Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA As of September 30, 2026 Total Commitments Principal Balance Years to Maturity(3) Blended Interest Rate Annualized Income Annualized Contractual Income from Loans and Securities Senior Secured Loans 1,510.0 $1,347.6 2.5 8.6% 116.0 Mezzanine Loans & Preferred Equity 2,618.0 $1,814.9 2.6 10.4% 188.0 Total / Weighted Average $4,128.0 $3,162.5 2.5 9.6% $304.0 Total Annualized Contractual Rent and Income from Loans and Securities $3,619.0 Assets Annualized Rent Per Lease Tenant as of October 2026 Real Estate Portfolio Caesars Regional Master Lease & Joliet Lease 16 Caesars Entertainment $740.5 MGM Master Lease 10 MGM Resorts International 736.2 Caesars Las Vegas Master Lease 2 Caesars Entertainment 505.7 MGM Grand/Mandalay Bay Master Lease 2 MGM Resorts International 328.8 The Venetian Resort Las Vegas Lease 1 Venetian Las Vegas Tenant 308.7 Hard Rock Mirage Lease 1 Hard Rock Entertainment 95.5 Golden Entertainment Master Lease 7 Golden Entertainment 87.0 PENN Master Lease 2 PENN Entertainment 81.5 JACK Entertainment Master Lease 2 JACK Entertainment 74.0 Century Master Lease(1)(2) 8 Century Casinos 63.4 Clairvest Northfield Park Lease 1 Clairvest 54.0 Hard Rock Cincinnati Lease 1 Hard Rock Entertainment 50.4 CNE Gold Strike Lease 1 Cherokee Nation Entertainment 43.3 EBCI Southern Indiana Lease 1 Eastern Band of Cherokee Indians 35.8 Lucky Strike Master Lease 38 Lucky Strike Entertainment 33.2 PURE Master Lease(2) 6 PURE Tenant 27.3 Foundation Gaming Master Lease 2 Foundation Gaming 25.4 Chelsea Piers Lease 1 Chelsea Piers 24.3 Real Estate Under Development Club Med St. Croix Lease 1 Club Med - Total 103 $3,315.0 ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) On September 28, 2026, VICI announced its agreement to enter into a separate lease with a subsidiary of Highfield Investment Group, Inc. (“Highfield”) related to the real property of Century Mile and Century Downs in Alberta, Canada, in connection with Century Casinos’ agreement to sell the operations of Century Mile & Century Downs, subject to customary closing conditions and regulatory approvals. There will be no change to aggregate rent collected by VICI. (2) Includes rent or a portion of rent collected in CAD, assuming an exchange rate of C$1.00:US$0.70 as of September 30, 2026. (3) Based on next maturity, not inclusive of applicable extension options. ($ amounts in millions USD) Caesars 38% MGM 32% Venetian 9% Hard Rock 4% Golden Entertainment 3% PENN 2% JACK 2% Century Casinos(1)(2) 2% Clairvest 2% Cherokee Nation 1% EBCI 1% Lucky Strike 1% PURE(2) 1% Foundation 1% Chelsea Piers 1% Club Med - 16 Tenant Partnerships (% of Annualized Rent)

15Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2026 Guidance Updated Guidance Prior Guidance For the Year Ending December 31, 2026: Low High Low High Estimated Adjusted Funds From Operations (AFFO) $2,695.0 $2,705.0 $2,675.0 $2,695.0 Estimated Adjusted Funds From Operations (AFFO) per common diluted share $2.47 $2.48 $2.45 $2.47 Estimated Weighted Average Common Share Count at Year End 1,090.2 1,090.2 1,090.3 1,090.3 2026 GUIDANCE ($ and share amounts in millions, except per share data) The Company is raising AFFO guidance for the full year 2026. 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. In reliance on the exemption provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 AFFO to GAAP net income because we are 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 and as disclosed in the Company’s historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see “Non-GAAP Financial Measures” on page 26 of this presentation. The Company estimates AFFO for the year ending December 31, 2026 will be between $2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted common share. Guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The following is a summary of the Company’s full-year 2026 guidance: VICI partnership units held by third parties 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. 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.

16Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF SEPTEMBER 30, 2026 (1) MGM and Lucky Strike hold third-party partnership units, which may be redeemed for cash or, at VICI's election, shares of common stock. (2) Revolver draws denominated in CAD and GBP, shown here in USD, based on applicable exchange rates as of quarter end. (3) See "Non‐GAAP Financial Measures" on pages 10-11 of this presentation for the reconciliations, and "Definitions of Non-GAAP Financial Measures" on page 26 of this presentation. ($ amounts in thousands, except share and per share data) Capitalization Common Shares Outstanding 1,101,083,124 Third-Party Partnership Units Outstanding(1) 13,054,659 Share Price $22.97 Equity Market Capitalization $25,591,745 Revolving Credit Facility(2) 267,832 Senior Unsecured Notes 13,950,000 CMBS Debt 3,000,000 Total Debt $17,217,832 Total Market Capitalization $42,809,577 Less: Cash & Cash Equivalents 270,321 Total Enterprise Value $42,539,256 Q3’26 LQA Net Leverage Q3’26 Adj. EBITDA(3) $879,778 Annualized Q3’26 Adj. EBITDA 3,519,112 Net Debt 16,947,511 LQA Net Leverage Ratio 4.8x VICI Issuer Credit Ratings Moody’s: Baa3 / Stable Outlook S&P: BBB- / Stable Outlook Fitch: BBB- / Stable Outlook Investment Grade Bond Covenants Thresholds Actuals Total Net Debt to Adjusted Total Assets < 60% 34% Senior Secured Net Debt to Adjusted Total Assets < 40% 6% Interest Coverage Ratio > 1.5x 4.1x Total Unencumbered Assets to Unsecured Debt > 150% 322% Total Liquidity Revolving Credit Facility Capacity $2,232,168 Cash & Cash Equivalents 270,321 Total Liquidity $2,502,489

17Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Holders of the senior notes, as well as the trustee, administrative agent and lenders under VICI's Credit Agreement, benefit from a limited pledge of the equity of VICI Properties L.P. (2) Shown inclusive of applicable extension options. (3) Based on applicable benchmark rates as of September 30, 2026. (4) Issued in exchange for senior notes originally issued by MGM Growth Properties Operating Partnership LP (“MGP OP”). Principal amounts listed include unexchanged MGP OP notes which remain outstanding, totaling $44.1 million in the aggregate. (5) Represents the contractual interest rates adjusted to account for the impact of forward-starting interest rate swaps and treasury locks. ($ amounts in thousands USD) Refer to Note 7 – Debt and Note 8 – Derivatives within our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 for additional detail. As of September 30, 2026 Debt Maturity Date Coupon Rate Effective Rate Face Value % of Total Debt Carrying Value (GAAP) Senior Unsecured Debt(1) $2.5Bn Revolving Credit Facility Borrowings in USD 2/3/2030(2) SOFR+0.85% 4.763%(3) - - - Borrowings in CAD 2/3/2030(2) CORRA+0.85% 3.160%(3) $245,945 1.4% $245,945 Borrowings in GBP 2/3/2030(2) SONIA+0.85% 4.583%(3) $21,887 0.1% $21,887 5.750% Notes due 2027(4) 2/1/2027 5.750% 5.750% $750,000 4.4% $750,732 3.750% Notes due 2027 2/15/2027 3.750% 3.750% $750,000 4.4% $749,371 4.500% Notes due 2028(4) 1/15/2028 4.500% 4.500% $350,000 2.0% $346,677 4.750% Notes due 2028 2/15/2028 4.750% 4.516%(5) $1,250,000 7.3% $1,246,526 4.750% Notes due 2028 4/1/2028 4.750% 4.750% $400,000 2.3% $398,005 3.875% Notes due 2029(4) 2/15/2029 3.875% 3.875% $750,000 4.4% $722,408 4.625% Notes due 2029 12/1/2029 4.625% 4.625% $1,000,000 5.8% $994,932 4.950% Notes due 2030 2/15/2030 4.950% 4.541%(5) $1,000,000 5.8% $994,118 4.125% Notes due 2030 8/15/2030 4.125% 4.125% $1,000,000 5.8% $994,220 5.400% Notes due 2031 10/15/2031 5.400% 5.406%(5) $900,000 5.2% $891,799 5.125% Notes due 2031 11/15/2031 5.125% 4.969%(5) $750,000 4.4% $742,871 5.125% Notes due 2032 5/15/2032 5.125% 3.980%(5) $1,500,000 8.7% $1,488,452 5.750% Notes due 2034 4/1/2034 5.750% 5.689%(5) $550,000 3.2% $542,683 5.625% Notes due 2035 4/1/2035 5.625% 5.601%(5) $900,000 5.2% $886,584 5.750% Notes due 2036 10/15/2036 5.750% 5.440%(5) $850,000 4.9% $828,387 5.625% Notes due 2052 5/15/2052 5.625% 5.625% $750,000 4.4% $737,213 6.125% Notes due 2054 4/1/2054 6.125% 6.125% $500,000 2.9% $486,266 Total Unsecured Debt - - - $14,217,832 82.6% $14,069,076 CMBS Debt 3/5/2032 3.558% 3.558% $3,000,000 17.4% $2,847,858 Weighted Average / Total 4.73% 4.57% (5) $17,217,832 100.0% $16,916,934 Fixed Rate Debt Outstanding 98.4% Weighted Average Years to Maturity 6.0 Years

18Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of October 1, 2026. Diversified Portfolio: 26 States, 1 U.S. Territory, and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (52% Regional, 47% Las Vegas Strip, 1% International)(1) Other Experiential: 17 States (6 of Which Also Include Gaming) & 1 U.S. Territory Alberta, Canada Gaming Other Experiential St. Croix, USVI

19Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (1) 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 $730.9 million. (2) The Caesars Master Leases are each subject to a variable rent component in Lease Years 11 and 16. (3) Annual rent escalation does not apply to $35 million of annual rent attributable to the Octavius Tower at Caesars Palace. (4) The PENN Master Lease escalated at 1% on June 1, 2026 and will escalate at 1% if the minimum net revenue to rent ratio (the “Minimum Ratio”) is achieved thereafter. Lease Tenant Annual Cash Rent as of October 2026 ($mm) Current Lease Year Annual Escalator Term Caesars Regional Master Lease and Joliet Lease Caesars Entertainment $740.5(1) Lease Year 9 11/1/25 – 10/31/26 >2% / change in CPI(2) 18-year initial term with four 5-year renewal options MGM Master Lease MGM Resorts International 736.2 Lease Year 5 5/1/26 – 4/30/27 2% in years 2-10; >2% / change in CPI thereafter (capped at 3%) 25-year initial term with three 10-year renewal options Caesars Las Vegas Master Lease Caesars Entertainment 505.7 Lease Year 9 11/1/25 – 10/31/26 >2% / change in CPI(2)(3) 18-year initial term with four 5-year renewal options MGM Grand / Mandalay Bay Master Lease MGM Resorts International 328.8 Lease Year 7 3/1/26 – 2/28/27 2% in years 2-15; >2% / change in CPI thereafter (capped at 3%) 30-year initial term with two 10-year renewal options The Venetian Resort Las Vegas Lease Affiliate of funds managed by affiliates of Apollo Global Management, Inc. 308.7 Lease Year 5 3/1/26 – 2/28/27 >2% / change in CPI (capped at 3%) 30-year initial term with two 10-year renewal options Hard Rock Mirage Lease Hard Rock Entertainment 95.5 Lease Year 4 1/1/26 – 12/31/26 2% in years 2-10; >2% / change in CPI thereafter (capped at 3%) 25-year initial term with three 10-year renewal options Golden Entertainment Master Lease Golden Entertainment 87.0 Lease Year 1 5/1/26 – 4/30/27 2% starting in year 3 30-year initial term with four 5-year renewal options PENN Master Lease PENN Entertainment 81.5 Lease Year 8 6/1/26 – 5/31/27 Up to 1% in years 9-15 subject to a Minimum Ratio(4) 15-year initial term with four 5-year renewal options JACK Entertainment Master Lease JACK Entertainment 74.0 Lease Year 7 2/1/26 – 1/31/27 >1.5% / change in CPI (capped at 2.5%) 20-year initial term with three 5-year renewal options For additional information, please reference our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

20Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONT.) Lease Tenant Annual Cash Rent as of October 2026 ($mm) Current Lease Year Annual Escalator Term Century Master Lease Century Casinos $63.4(1)(2) Lease Year 7 1/1/26 – 12/31/26 >1.25% / change in CPI (Century Canada escalation based on Canadian CPI and capped at 2.5%) 24-year initial term with three 5-year renewal options Clairvest Northfield Park Lease An affiliate of funds managed by Clairvest 54.0 Lease Year 1 5/1/26 – 4/30/27 2% in years 2-6; >2% / change in CPI thereafter (capped at 3%) 25-year initial term with three 10-year renewal options Hard Rock Cincinnati Lease Hard Rock Entertainment 50.4 Lease Year 8 10/1/26 – 9/30/27 >2.0% / change in CPI(3) 28-year initial term with three 10-year renewal options CNE Gold Strike Lease Cherokee Nation Entertainment 43.3 Lease Year 5 5/1/26 – 4/30/27 2% in years 2-10; >2% / change in CPI thereafter (capped at 3%) 25-year initial term with three 10-year renewal options EBCI Southern Indiana Lease Eastern Band of Cherokee Indians 35.8 Lease Year 6 9/1/26 – 8/31/27 >2% / change in CPI(4) 15-year initial term with four 5-year renewal options Lucky Strike Master Lease Lucky Strike Entertainment 33.2 Lease Year 3 11/1/25 – 10/31/26 >2% / change in CPI (capped at 2.5%) 25-year initial term with six 5- year renewal options PURE Master Lease Affiliate of IGP(5) C$38.8 / US$27.3(2) Lease Year 4 2/1/26 – 1/31/27 >1.5% / change in Canadian CPI (capped at 2.5%)(6) 25-year initial term(6) with four 5-year renewal options Foundation Gaming Master Lease Foundation Gaming 25.4 Lease Year 4 1/1/26 – 12/31/26 >1.5% / change in CPI (capped at 3%) 15-year initial term with four 5-year renewal options Chelsea Piers Lease Chelsea Piers 24.3 Lease Year 3 1/1/26 – 12/31/26 1.5% 32-year initial term with one 10-year extension option (1) Reflects a portion of rent paid in CAD with respect to the Century Canadian Portfolio, which has a current annual base rent of C$18.0 million (US$12.7 million). (2) Assumes an exchange rate of C$1.00:US$0.70 as of September 30, 2026. (3) If the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (4) The EBCI Southern Indiana Lease is subject to a variable rent component in Lease Years 8 and 11. (5) IGP is a gaming partnership established by five institutional Nova Scotia-based First Nations to acquire gaming assets in North America. (6) In connection with the Gamehost real estate acquisition (see page 21 for additional details), C$16.1 million of rent will not escalate until February 1, 2028, at which point it will escalate at 1.0%. Thereafter, such rent will escalate in line with the PURE Master Lease terms outlined herein. The initial term of the lease was reset upon closing such that the lease has a full 25-year initial term remaining starting in 2026. For additional information, please reference our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

21Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA Property / Loan Announcement Date Closing Date Transaction Size Rent Tenant / Borrower Pending Transactions Century Mile & Century Downs Separate Lease 9/28/2026 Expected Q4 2026 or Q1 2027 N/A C$10.7 million / USD$7.5 million(1) Subsidiary of Highfield Investment Group, Inc. Recently Completed Transactions Gamehost Real Estate Acquisition 3/30/2026 6/24/2026 C$200.6 million / USD$141.0 million(2) C$16.1 million / USD$11.3 million(2) Affiliate of IGP Club Med St. Croix Build-to-Suit 6/15/2026 6/12/2026 $75.5 million -- Club Med SAS Golden Entertainment Sale-Leaseback 11/6/2025 4/30/2026 $1.16 billion(3) $87.0 million Holding company owned and controlled by Blake L. Sartini(4) Clairvest Northfield Park Lease 10/16/2025 4/21/2026 N/A $54.0 million(5) Affiliate of funds managed by Clairvest One Beverly Hills Construction Financing 3/23/2026 3/23/2026 $1.5 billion N/A Cain RECENT INVESTMENT ACTIVITY (1) If closing happens after January 1, 2027, the base rent escalates as provided in the Century Master Lease on that date. After that, escalation is the greater of 1.25% and the change in Canadian CPI, capped at 2.50%. Based on the applicable exchange rate the day prior to announcement. (2) Based on applicable exchange rate at the time of the transaction closing. (3) Transaction size at the time of announcement. (4) The holding company owns all of the gaming and operating assets of Golden Entertainment. (5) Reflects 2% escalation that occurred on May 1, 2026.

22Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA RECENT CAPITAL MARKETS ACTIVITY (1) Includes $480.5 million of 4.500% senior unsecured notes redeemed on August 17, 2026 and $19.5 million of 4.500% senior unsecured notes (unexchanged MGP OP Notes) repaid at maturity on September 1, 2026. (2) Represents the contractual interest rates adjusted to account for the impact of forward-starting interest rate swaps. Refer to Note 8 – Derivatives within our Q3 2026 Form 10-Q for more information. Forward Equity Offering Shares Sold Gross Offering Value Shares Settled Net Proceeds Received to Date 2025 ATM Sales 7,835,973 $254.2 million 7,835,973 $245.0 million 2024 ATM Sales 12,015,399 $384.6 million 12,015,399 $372.9 million Equity Capital Markets Type of Debt Timing Coupon Rate Effective Rate Gross Proceeds Received Redemption / Repayment Amt. Senior Unsecured Notes due September 2026(1) Redeemed August 17, 2026 4.500% 4.500% - $500.0 million Senior Unsecured Notes due December 2026 Redeemed August 17, 2026 4.250% 4.250% - $1,250.0 million Senior Unsecured Notes due October 2031 Issued August 14, 2026 5.400% 5.406%(2) $900.0 million Senior Unsecured Notes due October 2036 Issued August 14, 2026 5.750% 5.440%(2) $850.0 million Debt Capital Markets

23Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and Right of First Refusal / Right of First Offer 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 ROFR / ROFO Agreements (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. 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 until December 31, 2028. Las Vegas Strip Assets(1): VICI has a right of first refusal (“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, Horseshoe 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 Baltimore(1)(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 ROFR(1)(2): VICI has a ROFR to enter into a sale- leaseback transaction with respect to the land and real estate assets associated with the casino resort in Danville, Virginia owned and operated by Caesars and EBCI. Indigenous Gaming Partners: VICI has a five-year right of first offer (“ROFO”) on future sale-leaseback transactions with IGP. Any additional properties acquired pursuant to the ROFO will be added to the existing master lease for the PURE portfolio. INDIGENOUS GAMING PARTNERS

24Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Call Agreements and Right of First Refusal / Right of First Offer 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. Canyon Ranch Lenox & Canyon Ranch Tucson: VICI has the right to call the real estate assets of each of Canyon Ranch Tucson and Canyon Ranch Lenox at pre-negotiated terms in a sale-leaseback transaction, subject to certain conditions. If the call right(s) are exercised, Canyon Ranch would continue to operate the applicable wellness resort(s) subject to a long-term triple-net master lease with VICI. Call Right Agreements Longer Term Financing Partnerships Canyon Ranch Austin: 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, subject to certain conditions. If the call right is exercised, Canyon Ranch would continue to operate Canyon Ranch Austin subject to a long-term triple-net lease with VICI. Cabot Citrus Farms: VICI 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 financing agreement pursuant to which VICI will have the first right, but not the obligation, to serve as the real estate capital financing partner for Canyon Ranch with respect to the acquisition, build-out and/or redevelopment of future greenfield and build-to- suit wellness resorts. Lucky Strike: VICI has a right of first offer to acquire the real estate assets of any current or future Lucky Strike asset should Lucky Strike elect to enter into a sale-leaseback transaction in the first 8 years of the lease term. Homefield KC and Margaritaville Resort: VICI has the option to call the real estate assets of the new Homefield Showcase Center, new Homefield Baseball Center, Homefield Sports and Training Complex – Olathe, and the Margaritaville Resort Kansas City, subject to certain conditions. If the call right is exercised, all of the properties, including the Margaritaville Resort, would be subject to a single long-term triple net master lease with VICI. Homefield: VICI entered into a ROFR agreement under which VICI has the right to acquire the real estate of any future Homefield properties in a sale- leaseback transaction if Homefield elects to monetize such assets.

25Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE Firm Analyst Phone Email Barclays Rich Hightower (212) 526-8768 Richard.hightower@barclays.com BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Cantor Fitzgerald Rich Anderson (929) 441-6927 Richard.anderson@cantor.com Capital One Securities Dan Guglielmo (202) 213-6408 Daniel.guglielmo@capitalone.com CBRE John DeCree (702) 691-3213 John.decree@cbre.com Citi Smedes Rose (212) 816-6243 Smedes.rose@citi.com Citizens Mitch Germain (212) 906-3537 Mitchell.germain@citizensbank.com Deutsche Bank Steven Pizzella (212) 250‐9817 Steven.pizzella@db.com Evercore ISI Jim Kammert (312) 705-4233 James.kammert@evercoreisi.com Goldman Sachs Caitlin Burrows (212) 902-4736 Caitlin.burrows@gs.com Green Street Advisors Chris Darling (949) 640-8780 Cdarling@greenstreet.com Jefferies David Katz (212) 323-3355 Dkatz@jefferies.com J.P. Morgan Anthony Paolone (212) 622-6682 Anthony.paolone@jpmorgan.com Keybanc Todd Thomas (917) 368-2286 Tthomas@key.com Macquarie Capital Chad Beynon (212) 231-2634 Chad.beynon@macquarie.com Mizuho Securities Haendel St. Juste (212) 205-7860 Haendel.st.juste@mizuhogroup.com Morgan Stanley Ronald Kamdem (212) 296-8319 Ronald.kamdem@morganstanley.com Raymond James RJ Milligan (727) 567-2585 Rjmilligan@raymondjames.com RBC Brad Heffern (512) 708-6311 Brad.Heffern@rbccm.com Robert W. Baird Wesley Golladay (216) 737-7510 Wgolladay@rwbaird.com Scotiabank Greg McGinniss (212) 225-6906 Greg.mcginniss@scotiabank.com Stifel Nicolaus Simon Yarmak (443) 224‐1345 Yarmaks@stifel.com Truist Securities Barry Jonas (212) 590-0998 Barry.jonas@truist.com Wells Fargo James Feldman (212) 214-5328 James.Feldman@wellsfargo.com Wolfe Research Andrew Rosivach (646) 582-9250 Arosivach@wolferesearch.com Firm Analyst Phone Email BofA Securities James Kayler (646) 855-9223 James.f.kayler@bofa.com CBRE Colin Mansfield (702) 932-3812 Colin.mansfield@cbre.com J.P. Morgan Mark Streeter (212) 834-5086 Mark.streeter@jpmorgan.com Wells Fargo Kevin McClure (704) 410-1100 Kevin.mcclure@wellsfargo.com Covering Fixed Income Analysts Covering Equity Analysts

26Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 our 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 and (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. 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, capitalized interest on real estate under development, 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 gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions, and non-cash adjustments attributable to non-controlling interests 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), current income tax expense and adjustments attributable to non-controlling interests. 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.

Source: View Original Filing on SEC EDGAR

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