The lease remains unchanged and will generate annual rent of approximately $310 million upon the commencement of the next rental escalation on March 1, 2023. The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resorts International (NYSE: MGM). The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030. The cash consideration was funded through a combination of cash on hand and proceeds from the settlement of forward equity sale agreements. (“BREIT”) for cash consideration of approximately $1.27 billion and VICI’s assumption of BREIT’s pro-rata share of existing property-level debt. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today that the Company has closed on the previously announced acquisition of the remaining 49.9% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort from Blackstone Real Estate Income Trust, Inc.

NEW YORK-( BUSINESS WIRE)-VICI Properties Inc.

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