VICI PROPERTIES INC. Q4 FY2024 earnings call

• Announced a new strategic and financial relationship with Cain International and Eldridge Industries for the One Beverly Hills development, which includes an Aman-branded hospitality, wellness, and living project, a renovated Beverly Hilton, and botanical gardens. • John Payne discussed growth activities, noting the value of VICI's existing portfolio, Las Vegas tourism records (2024 had 58 million airline passengers and 42 million visitors), and operators' investments in VICI's assets like MGM Grand's $300 million room remodel and Caesars New Orleans' $435 million renovation. • David Kieske highlighted balance sheet improvements since IPO in 2018, including reducing leverage, achieving investment-grade credit ratings, and discussed financial results with AFFO per share for Q4 2024 at $0.57 and full year 2024 at $2.26.

No specific segment performance data on absolute terms and revenue contribution % provided in the transcript.

• Initiated AFFO guidance for 2025: between $2.485 billion and $2.555 billion, or $2.32 to $2.35 per diluted common share. • Expect year-over-year AFFO per share growth of 3.3% in 2025. • Guidance does not include impact of unclosed transactions, non-recurring items, etc.

• Forward-looking statements subject to numerous risks and uncertainties that could cause actual results to differ materially from expectations. • Discussion of credit loss allowances on income statement driven by macroeconomic factors like higher for longer interest rates and potential tariffs, as highlighted by Gabe Wasserman.

Q: Anthony Paolone asked about deal flow in 2024 and current vs prior years, cash yields.

A: Ed Pitoniak and John Payne responded that 2024 had limited compelling high-quality real estate acquisition opportunities, funnel is wider now, with more activity in regional vs strip; cash yields hard to determine on strip due to volatility, more clarity in regional.

Q: Caitlin Burrows inquired about development funding vs acquisitions and share count.

A: Ed Pitoniak and David Kieske discussed that development funding is part of relationships with long-term pipelines, share count uses treasury stock solution method in guidance.

Q: Barry Jonas asked about Caesars Forum Center option and operating casinos in TRS.

A: Ed Pitoniak stated casinos with hotel rooms can't be in TRS, not in plans; John Payne mentioned Caesars Forum Center is on radar.

Q: Greg McGinnis asked about competitive positioning with Cain and Eldridge, CapEx budgets.

A: Ed Pitoniak and John Payne discussed cultural union with Cain/Eldridge, Venetian's capital needs, and CapEx budgets trends for casinos.

Q: Rich Hightower asked about credit losses and Venetian funding.

A: Gabe Wasserman and David Kieske explained credit loss allowances driven by Moody's projections, Venetian funding details.

Q: Jim Kammert asked about note maturities and Chelsea ownership insight.

A: David Kieske discussed note refi rates, Ed Pitoniak talked about Chelsea FC partnership.

Q: Smedes Rose asked about New York casino licensing and Aman demand.

A: John Payne and Ed Pitoniak discussed New York licensing progress and Aman's brand power.

Q: David Katz asked about TAM and strategic underwriting.

A: Ed Pitoniak discussed TAM widening with Cain/Eldridge relationship.

Q: John Kilichowski asked about real estate ownership in Cain deals and casino M&A environment.

A: Ed Pitoniak and John Payne talked about real estate ownership in Cain deals, and casino M&A competition.

Q: John DeCree asked about casino M&A and international lending.

A: Samantha Gallagher and John Payne discussed casino M&A factors and international lending opportunities.

Q: Chris Darling asked about horse racing segment and sale of Canadian operations to IGP.

A: John Payne and Ed Pitoniak talked about horse racing interest and sale of Canadian operations to IGP