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<\/a><\/a>\nSecond Quarter 2026 Financial and Operating Highlights<\/b><\/p> \nCEO Comments<\/b><\/p> \nEdward Pitoniak, Chief Executive Officer of VICI Properties, said, \u201cThe second quarter of 2026 was emblematic of VICI\u2019s enduring strategic focus on developing and expanding relationships. With the commencement of our lease with Clairvest at Northfield Park, the closing of our acquisition of the Golden Entertainment casino portfolio, and the acquisition and planned redevelopment of Carambola Beach Resort (St. Croix, US Virgin Islands) with Club Med, we welcomed our 14th, 15th and 16th tenants, respectively. Each one of these new tenants is an experienced operator that broadens and strengthens the diversity of VICI\u2019s rent roll. In the case of Club Med, we are expanding our investment practice categorically and geographically, with a global hospitality brand committed to global growth. We believe that our investment in Club Med St. Croix is an ideal start to our long-term partnership. Furthermore, in the second quarter, we grew our quarterly revenue by 5.7% and our AFFO per share by 4.6% year-over-year, and we remain confident that VICI\u2019s partner-driven model will continue to generate attractive, durable growth for our shareholders.\u201d<\/p> \nSecond Quarter 2026 Financial Results<\/b><\/p> \nTotal Revenues<\/i><\/p> \nTotal revenues were $1.1 billion for the quarter, an increase of 5.7% compared to $1.0 billion for the quarter ended June 30, 2025. Total revenues for the quarter included $139.1 million of non-cash leasing and financing adjustments and $18.9 million of other income.<\/p> \nNet Income Attributable to Common Stockholders<\/i><\/p> \nNet income attributable to common stockholders was $526.5 million for the quarter, or $0.48 per share, compared to $865.1 million, or $0.82 per share, for the quarter ended June 30, 2025. The year-over-year decrease in net income was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025.<\/p> \nFunds from Operations (\u201cFFO\u201d)<\/i><\/p> \nFFO attributable to common stockholders was $526.5 million for the quarter, or $0.48 per share, compared to $865.1 million, or $0.82 per share, for the quarter ended June 30, 2025. The year-over-year decrease in FFO was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025.<\/p> \nAdjusted Funds from Operations (\u201cAFFO\u201d)<\/i><\/p> \nAFFO attributable to common stockholders was $679.6 million for the quarter, an increase of 7.8% compared to $630.2 million for the quarter ended June 30, 2025. AFFO per share was $0.62 for the quarter, an increase of 4.6% compared to $0.60 for the quarter ended June 30, 2025.<\/p> \nSecond Quarter 2026 Investment Activity<\/b><\/p> \nInvestment Activity<\/i><\/p> \nOn April 21, 2026, VICI entered into a new triple-net lease agreement (the \u201cNorthfield Park Lease\u201d) with an affiliate of funds managed by Clairvest Group Inc. (\u201cClairvest\u201d) with respect to the real property of MGM Northfield Park, located in Northfield, Ohio (\u201cNorthfield Park\u201d), in connection with MGM Resorts International\u2019s (NYSE: MGM) (\u201cMGM\u201d) previously announced agreement to sell the operations of Northfield Park to an affiliate of Clairvest. In connection with closing, VICI entered into an amendment to the existing MGM Master Lease in order to account for MGM\u2019s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease. The Northfield Park Lease had an initial annual base rent of $53.0 million at closing (which increased to $54.0 million following a 2.0% escalation on May 1, 2026) and a 25-year lease term with three 10-year tenant renewal options, with other economic terms substantially similar to the MGM Master Lease, including escalation of 2.0% per annum on May 1st each year (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032). The Northfield Park Lease is guaranteed by an affiliate of funds managed by Clairvest that owns the operations of Northfield Park, with additional credit support provided by financial covenants within the lease.<\/p> \nOn April 30, 2026, VICI closed the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, Inc. (NASDAQ: GDEN) (\u201cGolden Entertainment\u201d). VICI entered into a triple-net master lease (the \u201cGolden Entertainment Master Lease\u201d) with a newly formed entity owned and controlled by Blake L. Sartini, former chairman and chief executive officer of Golden Entertainment, which concurrently acquired the operating business of Golden Entertainment (\u201cGolden OpCo\u201d). The Golden Entertainment Master Lease has an initial total annual rent of $87.0 million, representing an acquisition cap rate of 7.5%, and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Entertainment Master Lease will escalate annually at 2.0% beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Entertainment Master Lease are guaranteed by a holding company owned and controlled by Mr. Sartini which owns all of the gaming and operating assets of Golden Entertainment, with additional credit support provided by financial covenants within the lease. Upon the closing of this transaction, prior Golden Entertainment shareholders received approximately 24.3 million shares of newly issued VICI common stock in exchange for the outstanding shares of Golden Entertainment stock, which represented an agreed-upon exchange ratio of 0.902 per share of Golden Entertainment\u2019s common stock based on VICI\u2019s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration that was payable by an affiliate of the Golden OpCo. In connection with the closing of the transaction, VICI assumed and immediately retired Golden Entertainment\u2019s outstanding $426.0 million of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.<\/p> \nOn June 15, 2026, VICI and Club Med Group (\u201cClub Med\u201d) announced a partnership to acquire the Carambola Beach Resort in St. Croix, U.S. Virgin Islands (the \u201cCarambola Resort\u201d). VICI has acquired the Carambola Resort for $20.3 million and leased it to Club Med under a triple-net lease and will fund Club Med's planned $55.2 million redevelopment of the Carambola Resort through a build-to-suit structure. Construction is expected to commence in the summer of 2026 with a targeted reopening in the fourth quarter of 2027. Upon completion, the Carambola Resort will join Club Med's Exclusive Collection, the brand's portfolio of premium all-inclusive resorts.<\/p> \nOn June 24, 2026, VICI completed the previously announced C$200.6 million (US$141.0 million based on the exchange rate at the time of the transaction closing) acquisition of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino (collectively, the \u201cGamehost Portfolio\u201d) located in Alberta, Canada, in connection with the closing of Pure Casino Entertainment Limited Partnership\u2019s (\u201cPURE\u201d) take-private acquisition of Gamehost Inc.(\u201cGamehost\u201d). VICI funded the acquisition with a combination of cash on hand and through a Canadian dollar-denominated draw on its multicurrency revolving credit facility. Simultaneous with the closing of the acquisition, the Gamehost Portfolio was added to the existing triple-net master lease agreement between VICI and PURE (the \u201cPURE Master Lease\u201d) and annual rent increased by C$16.1 million (US$11.3 million based on the exchange rate at the time of the transaction closing). The Gamehost Portfolio rent will escalate at 1.0% on February 1, 2028, and subsequent escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease was extended such that the PURE Master Lease has a full 25-years remaining in the initial base lease term, with four 5-year tenant renewal options. The tenants\u2019 obligations under the PURE Master Lease continue to be guaranteed by Indigenous Gaming Partners, Inc.<\/p> \nSecond Quarter 2026 Capital Markets Activity<\/b><\/p> \nOn April 29, 2026, VICI physically settled the remaining 7,750,000 shares under its outstanding forward sale agreement in exchange for total net settlement proceeds of approximately $242.1 million.<\/p> \nOn June 23, 2026, VICI drew C$185.0 million on its revolving credit facility to fund a portion of the purchase price of the Gamehost Portfolio acquisition.<\/p> \nDuring the three months ended June 30, 2026, VICI entered into forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million. As of quarter end, VICI has entered into a total of $600.0 million of forward-starting interest rate swap agreements, intended to reduce the variability in future cash flows for a forecasted issuance of long-term debt.<\/p> \nThe following table details the issuance of outstanding shares of common stock, including restricted common stock:<\/p>\n