Risk Factors Update Summary

• Added 5 new properties to the portfolio, increasing the total from 49 to 54 properties.
• The percentage of revenue generated by properties on the Las Vegas Strip increased from 45% to 49%.
• Increased the number of tenant renewal options extending the lease term from 5 to 30 years.
• Long-term indebtedness increased from $15 billion to $17 billion, impacting financial flexibility.
• Pursuing acquisitions of gaming, hospitality, and leisure facilities, with $173.8 million outstanding debt as of December 31, 2023.
• Annual payments from Caesars increased from $1.2 billion to $1.1 billion for 2024.
• The percentage of total estimated annualized cash rent from Caesars and MGM decreased from 79% to 76%.
• Added 3 independent, female directors to the board, enhancing diversity and governance.
• Available capacity to borrow increased from $3 billion to $5 billion, enhancing liquidity.
• Increased risk due to climate change, with properties facing risks from flooding, water stress, and heat stress.
• Lease agreements now have a weighted average term of approximately 41.3 years, up from the previous term.
• The percentage of total revenues generated by properties on the Las Vegas Strip increased from 45% to 49%.
• Number of employees increased from 23 to 28, enhancing human capital management.
• Cybersecurity risks heightened, with potential disruptions from cyber-attacks, intrusions, and unauthorized access.
• Market price risks due to economic factors like inflation, interest rates, consumer confidence, and real estate prices.
• Interest rates have risen, impacting interest rate expenses and ability to pay distributions.
• Loan portfolio now includes $392 million in senior secured loans, $698 million in mezzanine loans, and $85 million in senior secured notes.
• Increased the number of hotel rooms from over 450 to over 500 across the properties.
• Potential liabilities from separation from CEOC and changes in major corporate policies.
• Female representation on the Board increased from 43% to 46% and in leadership roles.
• Expanded the square footage from approximately 124 million to approximately 127 million square feet.
• The percentage of total estimated annualized cash rent from Caesars and MGM decreased from 79% to 76%.
• Impact of strategic actions, equity issuances, and failure to satisfy listing requirements on financial obligations.
• Risks associated with indebtedness and debt service requirements, with expectations of incurring additional debt.