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8-K
2024-03-07
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535 Madison Avenue, 20th Floor
New York
New York
10022
646
949-4631
0001705696
2024-03-07
2024-03-07
0001705696
VICI:VICIPropertiesLPMember
2024-03-07
2024-03-07
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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): March 7,
2024
VICI Properties Inc.
VICI
Properties L.P.
(Exact
Name of Registrant as Specified in its Charter)
|
|
|
|
|
Maryland (VICI Properties Inc.)
Delaware
(VICI Properties L.P.) |
|
001-38372
333-264352-01 |
|
81-4177147
35-2576503 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
535
Madison Avenue, 20th Floor
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. ¨
Co-Registrant CIK |
0001920791 |
Co-Registrant Amendment Flag |
false |
Co-Registrant Form Type |
8-K |
Co-Registrant DocumentPeriodEndDate |
2024-03-07 |
Co-Registrant Written Communications |
false |
Co-Registrant Solicitating Materials |
false |
Co-Registrant PreCommencement Tender Offer |
false |
Co-Registrant PreCommencement Issuer Tender Offer |
false |
Co-Registrant AddressLine1 |
535
Madison Avenue, 20th Floor |
Co-Registrant City |
New
York |
Co-Registrant State |
New
York |
Co-Registrant ZipCode |
10022 |
Co-Registrant CityAreaCode |
646 |
Co-Registrant LocalPhoneNumber |
949-4631 |
Item 1.01. |
Entry into a Material Definitive Agreement |
On March 7, 2024, VICI
Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI
LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, J.P.
Morgan Securities LLC, BofA Securities, Inc. and Goldman Sachs & Co. LLC, as representatives of the several underwriters
listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $550
million aggregate principal amount of 5.750% Senior Notes due 2034 (the “2034 Notes”) and $500 million aggregate principal
amount of 6.125% Senior Notes due 2054 (the “2054 Notes” and, together with the 2034 Notes, the “Notes”).
The 2034 Notes will be issued
at 99.186% of par value with a coupon of 5.750% per annum. The 2054 Notes will be issued at 98.192% of par value with a coupon of 6.125%
per annum.
Interest on the Notes is payable
semi-annually in arrears on April 1 and October 1 of each year, commencing October 1, 2024.
The 2034 Notes will mature on
April 1, 2034 and the 2054 Notes will mature on April 1, 2054. VICI LP estimates that the net proceeds from this offering will
be approximately $1,025.5 million, after deducting the underwriting discounts and other estimated offering expenses payable by VICI
LP. The offering is expected to close on March 18, 2024 subject to the satisfaction of customary closing conditions.
The offering was made pursuant
to an automatic shelf registration statement filed with the Securities and Exchange Commission on April 18, 2022 (File No. 333-264352-01),
a base prospectus, dated April 18, 2022 and a prospectus supplement, dated March 7, 2024 and filed by VICI LP with the Commission
pursuant to Rule 424(b) under the Securities Act of 1933, as amended.
VICI LP intends to use the net
proceeds from the offering to repay its outstanding (i) $1,024.2 million in aggregate principal amount of the 5.625% senior exchange
notes due 2024 (the “2024 Exchange Notes”) and (ii) $25.8 million in aggregate principal amount of the 5.625% senior
notes due 2024 (the “2024 MGP Notes”).
If any of the underwriters or
their affiliates are holders of the 2024 Exchange Notes or the 2024 MGP Notes, such underwriters or affiliates will receive a portion
of the net proceeds from this offering used to repay such notes.
Under the Underwriting Agreement,
the Company and VICI LP made certain customary representations, warranties and covenants concerning the Company, VICI LP and the registration
statement, and the Company and VICI LP have also agreed to indemnify the Underwriters against certain liabilities and/or to contribute
to payments that the Underwriters may be required to make in respect of those liabilities. Certain of the Underwriters and their respective
affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial banking and investment
banking services for the Company, for which they received or will receive customary fees and expenses.
The foregoing description of
the Underwriting Agreement does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the full
text of the Underwriting Agreement, which is attached hereto as Exhibit 1.1 and is incorporated by reference herein.
Hogan Lovells US LLP, counsel
to the Company and VICI LP, has issued an opinion to the Company and VICI LP dated March 8, 2024 regarding the legality of the Notes.
A copy of the opinion is filed as Exhibit 5.1 hereto and incorporated by reference herein.
Item 9.01. |
Financial Statements and Exhibits. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: March 8, 2024 |
VICI PROPERTIES INC. |
|
|
|
By: |
/s/ Samantha S. Gallagher |
|
|
Samantha S. Gallagher |
|
|
Executive Vice President, General Counsel and Secretary |
|
|
Date: March 8, 2024 |
VICI PROPERTIES L.P. |
|
|
|
By: |
/s/ Samantha S. Gallagher |
|
|
Samantha S. Gallagher |
|
|
Secretary |
Exhibit 1.1
$1,050,000,000
VICI Properties L.P.
(A Delaware limited partnership)
$550,000,000 5.750% Notes due 2034
$500,000,000 6.125% Notes due 2054
UNDERWRITING AGREEMENT
March 7, 2024
Wells Fargo Securities, LLC
J.P. Morgan Securities LLC
BofA Securities, Inc.
Goldman Sachs & Co. LLC
as Representatives
of the several Underwriters named in Schedule I hereto
Ladies and Gentlemen:
VICI Properties Inc., a Maryland corporation (the
“Company”), and VICI Properties L.P., a Delaware limited partnership (the “Issuer”), each confirms
its respective agreements with you as representatives (the “Representatives”) of the several underwriters named in
Schedule I hereto (the “Underwriters”) with respect to the proposed issuance and sale of $550,000,000 aggregate principal
amount of 5.750% Notes due 2034 (the “2034 Notes”) and $500,000,000 aggregate principal amount of 6.125% Notes due
2054 (the “2054 Notes” and, together with the 2034 Notes, the “Securities”) issued by the Issuer.
The Securities are to be issued pursuant to an indenture dated as of April 29, 2022 (the “Base Indenture”), between
the Issuer and UMB Bank, National Association, as trustee (the “Trustee”), as supplemented by a second supplemental
indenture, to be dated as of March 18, 2024 (the “Second Supplemental Indenture” and, together with the Base Indenture,
the “Indenture”), among the Issuer and the Trustee. This underwriting agreement is herein referred to as the “Agreement.”
The Company and the Issuer have each filed with
the Securities and Exchange Commission (the “Commission”) a joint automatic shelf registration statement on Form S-3
(Nos. 333-264352 and 333-264352-01), including a prospectus covering the public offering and sale of certain securities, including the
Securities. The registration statement, as amended at the time it became effective, including the information (if any) deemed to be part
of the registration statement at the time of effectiveness pursuant to Rule 430A or Rule 430B under the Securities Act of 1933,
as amended (the “Securities Act”), is hereinafter referred to as the “Registration Statement”; the
related prospectus covering such securities dated April 18, 2022, in the form first used to confirm sales of the Securities (or in
the form first made available to the Underwriters by the Issuer to meet requests of purchasers pursuant to Rule 173 under the Securities
Act) is hereinafter referred to as the “Base Prospectus.” The Base Prospectus, as supplemented by the prospectus supplement
specifically relating to the Securities in the form first used to confirm sales of the Securities (or in the form first made available
to the Underwriters by the Issuer to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred
to as the “Prospectus” and the term “preliminary prospectus” means the preliminary form of the Prospectus
dated March 7, 2024 and distributed to prospective purchasers of the Securities.
For purposes
of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under the Securities Act, “Time
of Sale Prospectus” means the preliminary prospectus together with the free writing prospectus, each identified in Schedule
II hereto, and “broadly available road show” means a “road show that is a written communication” within
the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission that has been made available without
restriction to any person. As used herein, the terms “Registration Statement,” “Base Prospectus,”
“preliminary prospectus,” “Time of Sale Prospectus” and “Prospectus” shall include
the documents, if any, incorporated by reference therein as of the date hereof. The terms “supplement,” “amendment”
and “amend” as used herein with respect to the Registration Statement, the Base Prospectus, the preliminary prospectus,
the Time of Sale Prospectus or the Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant
to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are deemed to be incorporated by reference
therein. For purposes of this Agreement, the term “Time of Sale” means 2:39 p.m.,
New York City time, on the date hereof.
1. Representations
and Warranties by the Company and the Issuer. Each of the Company and the Issuer, jointly and severally, represents and warrants
to and agrees with each of the Underwriters that:
(a) The
Registration Statement has been filed with the Commission and became effective upon filing; no stop order suspending the effectiveness
of the Registration Statement is in effect, and no proceedings for such purpose are pending before or, to the knowledge of the Company
or the Issuer, threatened by the Commission.
(b) (i) Each
document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Time of Sale Prospectus or the
Prospectus complied, or will comply when so filed, in all material respects with the requirements of the Exchange Act and the applicable
rules and regulations of the Commission thereunder, (ii) the Registration Statement, when it became effective, did not contain
and, as amended or supplemented, if applicable, will not as of the date of any such amendment or supplement contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iii) the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable, will comply, in all material
respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iv) the Time of Sale
Prospectus, or any free writing prospectus, when considered together with the Time of Sale Prospectus, does not, and at the time of each
sale of the Securities in connection with the offering when the Prospectus is not yet available to prospective purchasers and on the
Closing Date (as defined in Section 4), as then amended or supplemented by the Issuer, if applicable, will not, contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (v) each broadly available road show, if any, when considered together with the Time
of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading and (vi) the Prospectus, as of its date, does
not contain and, as amended or supplemented, if applicable, as of the date of such amendment or supplement and as of the Closing Date,
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in
this paragraph do not apply to (A) statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus
based upon information relating to any Underwriter, furnished to the Company or the Issuer in writing by an Underwriter through you expressly
for use therein, it being understood and agreed that the only such information is: (i) the information in the first paragraph under
the caption “Commissions and Discounts,” (ii) the information under the caption “Price Stabilization and Short
Positions” and (iii) the information under the caption “Other Relationships,” in each case under the heading “Underwriting
(Conflicts of Interest)” contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus (collectively,
the “Underwriter Information”) or (B) that part of the Registration Statement that constitutes the Statement
of Eligibility (Form T-1) under the Trust Indenture Act of 1939 (the “Trust Indenture Act”), of the Trustee.
(c) (i) At
the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying
with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed
pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Issuer, or any person
acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating
to the securities in reliance on the exemption of Rule 163 under the Securities Act, and (iv) as of the Time of Sale, each of
the Company and the Issuer was and is a “well-known seasoned issuer” (as defined in Rule 405 under the Securities Act).
(d) Each
of the Company and the Issuer is not an “ineligible issuer” as defined in Rule 405 under the Securities Act, without
taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that
the Company or the Issuer be considered an ineligible issuer, as of the eligibility determination date specified in Rule 164 under
the Securities Act. Any free writing prospectus that the Issuer is required to file pursuant to Rule 433(d) under the Securities
Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and
regulations of the Commission thereunder. Each free writing prospectus that the Issuer is required to file pursuant to Rule 433(d) under
the Securities Act or that was prepared by or on behalf of or used or referred to by the Issuer complies or will comply in all material
respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except
for the free writing prospectus identified in Schedule II hereto forming part of the Time of Sale Prospectus, and electronic road shows,
if any, each furnished to you before first use, the Company and the Issuer has not prepared, used or referred to, and will not, without
your prior consent, prepare, use or refer to, any free writing prospectus.
(e) All
of the outstanding partnership interests of the Issuer have been duly authorized and validly issued, and are, to the extent applicable,
fully paid and nonassessable and, except for restrictions on transferability in the organizational documents or as otherwise set forth
in the Registration Statement, the Time of Sale Prospectus and the Prospectus, all outstanding partnership interests of the Issuer are
owned by the Company, either directly or through one or more subsidiaries, free and clear of any perfected security interest or any other
security interests, claims, mortgages, pledges, liens, encumbrances or other restrictions of any kind.
(f) The
Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the State of Maryland, has
the corporate power and authority to own and lease its properties and to conduct its business as described in the Registration Statement,
the Time of Sale Prospectus and the Prospectus and to enter into and perform its obligations under this Agreement, and is duly qualified
to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of
property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a
material adverse effect on the Company and its subsidiaries, including the Issuer, taken as a whole (“Material Adverse Effect”).
(g) VICI
Properties GP LLC (the “General Partner”) has the limited liability company power and authority, as the sole general
partner of the Issuer, to cause the Issuer to enter into and perform the Issuer’s obligations under this Agreement and under the
Indenture.
(h) The
Issuer is duly organized and validly existing as a limited partnership in good standing under the laws of the State of Delaware, has
the limited partnership power and authority to own and lease its properties and to conduct its business as described in the
Registration Statement, the Time of Sale Prospectus and the Prospectus and to enter into and perform its obligations under this
Agreement, the Indenture and the Securities, and is duly qualified to transact business and is in good standing in each jurisdiction
in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that
the failure to be so qualified or be in good standing would not have a Material Adverse Effect. The Company is and will be as of the
Closing Date the sole member of the General Partner. The General Partner is and will be as of the Closing Date the sole general
partner of the Issuer. The Second Amended and Restated Agreement of Limited Partnership of the Issuer, dated as of April 29,
2022 (the “Partnership Agreement”), has been duly and validly authorized, executed and delivered by the Company
and is a valid and binding agreement of the Company, enforceable against the Company and the General Partner in accordance with its
terms.
(i) Each
“significant subsidiary” of the Company and the Issuer, as the term is defined in Rule 1-02 of Regulation S-X (each,
a “Significant Subsidiary,” and together, the “Significant Subsidiaries”), has been duly organized,
is validly existing as a corporation, limited liability company, limited partnership or other type of entity or organization, as the case
may be, in good standing under the laws of the jurisdiction of its incorporation, organization or formation, has the corporate, limited
partnership, limited liability company or similar power and authority to own and lease its properties and to conduct its business as described
in the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good
standinvg in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification,
except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect. The only subsidiaries
of the Company are (A) the subsidiaries of the Company listed on Exhibit 21.1 to the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023 and (B) certain other subsidiaries which, considered in the aggregate as a single subsidiary,
do not constitute a Significant Subsidiary. The Issuer, VICI Properties HoldCo LLC, VICI Properties OP LLC, VICI Properties 2 L.P., VICI
Properties 1 LLC, CPLV Property Owner LLC, MGP Lessor, LLC and MGP Lessor Holdings, LLC are the only Significant Subsidiaries of the Company
or the Issuer.
(j) This
Agreement has been duly authorized, executed and delivered by each of the Company and the Issuer. The Company has the requisite corporate
power and authority, and the General Partner has the requisite limited liability company power and authority, as the sole general partner
of the Issuer, to cause the Issuer, to execute and deliver this Agreement and to perform its obligations hereunder.
(k) The
Issuer has all requisite limited partnership power and authority to execute, deliver and perform its obligations under the Securities.
The Securities, when issued, will be in the forms contemplated by the Indenture. The Securities have been duly and validly authorized
by the Issuer and, when executed by the Issuer and authenticated by the Trustee in accordance with the applicable provisions of the Indenture
and delivered to and paid for by the Underwriters in accordance with the terms of this Agreement, will constitute valid and legally binding
obligations of the Issuer, entitled to the benefits of the Indenture, and enforceable against the Issuer in accordance with their terms,
except to the extent that enforceability may be limited by (i) the effect of bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the rights or remedies of creditors,
and (ii) the effect of general principles of equity, whether enforcement is considered in a proceeding in equity or at law, and the
discretion of the court before which any proceeding therefor may be brought and, as to rights of indemnification and contribution, by
federal or state securities law or principles of public policy (collectively, the “Enforceability Exceptions”).
(l) The
Base Indenture has been duly authorized, executed and delivered by the Issuer and constitutes a valid and legally binding agreement of
the Issuer, enforceable against the Issuer in accordance with its terms, subject to the Enforceability Exceptions, and the Base Indenture
has been duly qualified under the Trust Indenture Act. The Second Supplemental Indenture has been duly authorized by the Issuer and, prior
to the delivery and payment for the Securities on the Closing Date, will have been duly executed and delivered by the Issuer and (assuming
the due authorization, execution and delivery by the Trustee) will constitute a valid and legally binding agreement of the Issuer, enforceable
against the Issuer in accordance with its terms, subject to the Enforceability Exceptions.
(m) The
Securities and the Indenture conform and will conform in all material respects to the respective statements relating thereto contained
in the Registration Statement, the Time of Sale Prospectus and the Prospectus.
(n) The
issued and outstanding units of general, limited and/or preferred partner interests of the Issuer are as set forth in the Registration
Statement, the Time of Sale Prospectus and the Prospectus.
(o) All
of the outstanding shares of capital stock or other ownership interests of each Significant Subsidiary other than the Issuer have been
duly authorized and are validly issued, and are, to the extent applicable, fully paid and non-assessable, and, except for restrictions
on transferability in the organizational documents or as otherwise set forth in the Registration Statement, the Time of Sale Prospectus
and the Prospectus, all outstanding shares of capital stock or other ownership interests of the Company’s Significant Subsidiaries
other than the Issuer are owned by the Company or the Issuer either directly or through subsidiaries that are wholly-owned (other than
any third-party interests disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus), free and clear of
any perfected security interest or any other security interests, claims, mortgages, pledges, liens, encumbrances or other restrictions
of any kind. Except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no outstanding
options, warrants, or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or
exchange any securities or interests for capital stock or other ownership interests of any Significant Subsidiary other than the Issuer.
(p) Except
as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i) the Company is not currently prohibited,
directly or indirectly, from making any distributions to its stockholders to the extent permitted by applicable law and (ii) the
Issuer is not currently prohibited, directly or indirectly, from paying any dividends or distributions to the Company to the extent permitted
by applicable law, from making any other distribution on the Issuer’s limited partnership interest, from repaying to the Company
any loans or advances to the Issuer from the Company or from transferring any of the Issuer’s property or assets to the Company.
(q) Neither
the Company, nor the Issuer, nor any of their subsidiaries is (i) in violation of its articles of incorporation, charter, bylaws,
certificate of limited partnership, agreement of limited partnership, certificate of formation, limited liability company agreement or
other organizational document, as applicable, as amended or supplemented, (ii) in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement,
note, lease, ground lease or other agreement or instrument to which the Company, the Issuer or any of their subsidiaries is a party or
by which it or any of them may be bound or to which any of the properties of the Company, the Issuer or any of their subsidiaries (the
“Properties”) or any other assets of the Company, the Issuer or any of their subsidiaries is subject (collectively,
“Agreements and Instruments”), or (iii) in violation of any law, statute, rule, regulation, judgment, order,
writ or decree applicable to the Company, the Issuer or any of their subsidiaries of any arbitrator, court, governmental body, regulatory
body, administrative agency or other authority, body or agency having jurisdiction over the Company, the Issuer or any of their subsidiaries
or the Properties or any of their respective other assets or operations, except, in the case of clauses (ii) and (iii) of this
sentence, for any such defaults or violations that would not have a Material Adverse Effect. The execution and delivery by the Company
and the Issuer of, and the performance by the Company and the Issuer of their respective obligations under this Agreement, and the execution
and delivery by the Issuer of, and the performance by the Issuer of its obligations under the Indenture and the Securities, as applicable,
will not (i) contravene any provision of applicable law or any judgment, order or decree of any governmental body, agency or court
having jurisdiction over the Company, the Issuer or any of their respective subsidiaries, (ii) result in the violation of the organizational
documents of the Company, the Issuer or any of their respective subsidiaries or (iii) result in a breach or violation of any Agreements
and Instruments binding upon the Company, the Issuer or any of their respective subsidiaries, except, in the case of clauses (i) and
(iii) of this sentence, for any such contravention, violation or breach that would not have a Material Adverse Effect. No consent,
approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company
or the Issuer of their respective obligations under this Agreement, and no consent, approval, authorization or order of, or qualification
with, any governmental body or agency is required for the performance by the Issuer of its obligations under the Indenture and the Securities,
as applicable, except (i) as have been obtained or made by the Company or the Issuer and (ii) (A) such as may be required
by the securities laws of any U.S. state or non-U.S. jurisdiction or Blue Sky laws of the various U.S. states in connection with the
offer and sale of the Securities and (B) such approvals as have been obtained under the rules and regulations of the Financial
Industry Regulatory Authority, Inc. (“FINRA”). Except as described in the Registration Statement, the Time of
Sale Prospectus and the Prospectus, the execution and delivery by the Company and the Issuer of, and the performance by the Company and
the Issuer of their respective obligations under this Agreement and the execution and delivery by the Issuer of, and the performance
by the Issuer of its obligations under the Indenture and the Securities, as applicable, will not constitute a Repayment Event (as defined
below) under, or result in the creation or imposition of any lien, charge or encumbrance upon the Properties or any other assets of the
Company, the Issuer or any of their respective subsidiaries pursuant to, the Agreements and Instruments (except for such Repayment Events,
liens, charges or encumbrances that would not have a Material Adverse Effect). As used herein, a “Repayment Event”
means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on
such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by
the Company, the Issuer or any of their respective subsidiaries.
(r) There
has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial
or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in
the Time of Sale Prospectus.
(s) Except
as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no legal or governmental proceedings
pending or, to the Company’s and the Issuer’s knowledge, threatened to which the Company or any of its subsidiaries is a party
or to which any of the Properties is subject, which would, if determined adversely to the Company or the Issuer, reasonably be expected
to have a Material Adverse Effect, or which would materially and adversely affect the consummation of the transactions contemplated by
this Agreement or the Registration Statement, the Time of Sale Prospectus and the Prospectus; and there are no material contracts or other
documents that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed
as exhibits to the Registration Statement that are not described or filed as required.
(t) Each
preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant
to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the applicable
rules and regulations of the Commission thereunder.
(u) Each
of the Company and the Issuer is not, and immediately after giving effect to the offering and sale of the Securities pursuant to this
Agreement and the application of the net proceeds therefrom as described in the Time of Sale Prospectus, will not be, required to register
as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.
(v) Except
as disclosed in the Registration Statement, the Time of Sale Prospectus or the Prospectus, the Company and its subsidiaries (i) are
in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health
and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”),
(ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where
such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with
the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, be reasonably expected to have
a Material Adverse Effect.
(w) There
are (i) no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures
required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties) and (ii) no notices of potential liability or claims pending
or, to the knowledge of the Company or the Issuer, threatened against the Company or any of its subsidiaries or any of the Properties
concerning Environmental Laws, which in the case of sub-clause (i) or (ii) would, singly or in the aggregate, be reasonably
expected to have a Material Adverse Effect; neither the Company or any of its subsidiaries nor, to the knowledge of the Company or the
Issuer, any other person has contaminated or caused conditions that threaten to contaminate any of the Properties with Hazardous Materials
(as defined below), except for such contamination or threats of contamination that would not, singly or in the aggregate, be reasonably
expected to have a Material Adverse Effect; none of the Properties is included on or, to the knowledge of the Company or the Issuer, is
proposed for inclusion on the National Priorities List pursuant to the Comprehensive Environmental Response, Compensation, and Liability
Act, 42 U.S.C. §. 9601 et seq., or any similar list or inventory of contaminated properties, the result of which would, singly or
in the aggregate, be reasonably expected to have a Material Adverse Effect. As used herein, “Hazardous Material” shall
mean any hazardous material, hazardous waste, hazardous substance, hazardous constituent, toxic substance, pollutant, contaminant, asbestos,
petroleum, petroleum waste, radioactive material, biohazardous material, explosive or any other material, the presence of which in the
environment is prohibited, regulated, or serves as the basis of liability, as defined, listed, or regulated by any applicable federal,
state, or local environmental law, ordinance, rule, or regulation.
(x) (i) None
of the Company or its subsidiaries, or, to the Company’s or the Issuer’s knowledge, any director, officer, affiliate, employee,
agent or representatives of the Company or of any of the Company’s subsidiaries or affiliates, has taken or will take any action
in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property,
gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee of a government
or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or
on behalf of any of the foregoing, or any political party or party official or candidate for political office) in order to influence official
action, or to any person, in violation of any applicable anti-corruption laws; (ii) the Company and its subsidiaries and controlled
affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained policies
and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained
herein; and (iii) neither the Company nor its subsidiaries will use, directly or indirectly, the proceeds of the offering of the
Securities in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any person in violation of any applicable anti-corruption laws.
(y) The
operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable financial
recordkeeping and reporting requirements of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money
laundering statutes of applicable jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is
pending or, to the knowledge of the Company or the Issuer, threatened.
(z) (i) None
of the Company or any of its subsidiaries, or, to the Company’s or the Issuer’s knowledge, any director, officer, employee,
agent or affiliate of the Company or any of its subsidiaries, is an individual or entity (“Person”) that is, or is
owned or controlled by one or more Persons that are:
(A) the
subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”),
or
(B) located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Cuba, Iran, North
Korea, Syria, and the Crimea, so-called Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine).
(ii) The Company and the Issuer will
not, directly or indirectly, use the proceeds of the offering of the Securities, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other Person:
(A) to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or
facilitation, is the subject of Sanctions; or
(B) in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether
as underwriter, advisor, investor or otherwise).
(iii) Since its formation, the Company
and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions
with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.
(aa) Except
as disclosed in the Registration Statement, Time of Sale Prospectus and Prospectus: (i) the
Company, either directly or through a subsidiary, has good and marketable fee or leasehold title to the Properties, in each case, free
and clear of all mortgages, pledges, liens, charges, security interests, claims, restrictions or encumbrances of any kind, other than
those that do not, singly or in the aggregate, materially and adversely affect the value of such Properties and do not materially interfere
with the use made or proposed to be made of such Property by the Company or any of its subsidiaries; (ii) none of the Company or
any of its subsidiaries owns any material real property other than the Properties described in the Registration Statement, the Time of
Sale Prospectus and the Prospectus as being so owned; (iii) with respect to the Material Properties, each of the ground leases relating
to a Property, if any, material to the business of the Company and its subsidiaries, taken as a whole, and under which the Company or
any of its subsidiaries holds the Properties, is in full force and effect, with such exceptions as do not materially interfere with the
use made or proposed to be made of such Property by the Company or any of its subsidiaries, and none of the Company or any of its subsidiaries
has received any notice of any material claim of any sort that has been asserted by any ground lessor under a ground lease threatening
the rights of the Company or any of its subsidiaries to the continued possession of the leased premises under any such ground lease; (iv) except
as would not be reasonably expected to have a Material Adverse Effect, to the knowledge of the Company or the Issuer, no lessee of any
of the Properties is in default under any of the leases relating to the Properties and neither the Company nor any of its subsidiaries
knows of any event which, whether with or without the passage of time or the giving of notice, or both, would constitute a default under
any such lease; (v) no tenant under any of the leases at the Material Properties has any option or right of first refusal to purchase
all or part of any of the premises under such lease; (vi) each of the Material Properties complies with all applicable codes, laws
and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to the Material
Properties) and deed restrictions or other covenants, except for such failures to comply that would not, singly or in the aggregate, be
reasonably expected to have a Material Adverse Effect; (vii) none of the Company or any of its subsidiaries has (A) received
from any governmental authority any written notice of any condemnation of or zoning change materially and adversely affecting the Material
Properties, or (B) knowledge of any pending or threatened condemnation proceedings, zoning change or other proceeding or action that
will materially affect the use or value of any of the Material Properties; and (viii) the mortgages and deeds of trust that encumber
the Material Properties are not convertible (in the absence of foreclosures) into equity securities of the entity owning such Material
Property and said mortgages and deeds of trust are not cross-defaulted to any indebtedness other than indebtedness of the Company or any
of its subsidiaries or cross-collateralized with any property other than other Material Properties or assets owned directly or indirectly
by the Company and its subsidiaries. For purposes hereof, “Material Properties” shall mean the Company’s net investment
in any Property which equals 10% or more of the total carrying value of the Company’s real estate portfolio as of December 31,
2023.
(bb) Each
of the material partnership agreements, declarations of trust or trust agreements, limited liability company agreements (or other similar
agreements) and joint venture agreements to which the Company or the Issuer is a party has been duly authorized, executed and delivered
by such applicable party and constitutes the valid agreement thereof, enforceable in accordance with its terms, except as may be limited
by the Enforceability Exceptions.
(cc) The
Company has not received any written communication regarding a tenant’s or guarantor’s termination of or intent not to renew
any of its leases or guarantee agreements with the Company or any of its subsidiaries, and no such termination or non-renewal has been
threatened in writing to the Company or any of its subsidiaries by any other party thereto, in each case that would have a Material Adverse
Effect.
(dd) The
Company and its subsidiaries own or possess the right to use, or can acquire on reasonable terms, all patents, patent rights, licenses,
inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems or procedures), trademarks, service marks and trade names currently used by them in connection with the business now operated
by them, except where the failure to do so would not be reasonably expected to have a Material Adverse Effect; and neither the Company
nor any of its subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any
of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material
Adverse Effect.
(ee) No
material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company or
the Issuer, is imminent, which, in either case, would be reasonably expected to result in a Material Adverse Effect.
(ff) The
Company and each of its subsidiaries are insured by insurers of, in their reasonable judgment, recognized financial responsibility (determined
as of the date such insurance was obtained) against such losses and risks and in such amounts as are customary in the businesses in which
they are engaged; neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for, which
refusal would be reasonably expected to have a Material Adverse Effect; and neither the Company nor any of its subsidiaries has any reason
to believe that it will not be able (i) to renew, if desired, its existing insurance coverage as and when such coverage expires
or (ii) to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not be
reasonably expected to have a Material Adverse Effect. Except where any such failure to do so would not be reasonably expected to have
a Material Adverse Effect, the tenants of the Company and the Issuer maintain insurance on the Properties with carriers against such
risks and in such amounts as the Company and the Issuer deem prudent in their reasonable judgment.
(gg) Except
where any such failure to do so would not be reasonably expected to have a Material Adverse Effect, the Company and its subsidiaries
possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary
to conduct their respective businesses; and neither the Company nor any of its subsidiaries has received any notice of proceedings relating
to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would have a Material Adverse Effect.
(hh) Except
as would not be reasonably expected to have a Material Adverse Effect: (i) each of the Company and the Issuer is in compliance in
all material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including the
regulations and published interpretations thereunder (“ERISA”); (ii) no “reportable event” (as defined
in ERISA) for which notice has not been waived has occurred with respect to any “pension plan” (as defined in ERISA) for
which either the Company or the Issuer would have any material liability; (iii) neither the Company nor the Issuer has incurred
or expects to incur material liability under (A) Title IV of ERISA with respect to termination of, or withdrawal from, any “pension
plan” or (B) Sections 412, 403, 431, 432 or 4971 of the Internal Revenue Code of 1986, as amended (the “Code”);
and (iv) each “pension plan” for which either the Company or the Issuer would have any liability that is intended to
be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred thereunder,
whether by action or by failure to act, which would cause the loss of such qualification.
(ii) (i) The
consolidated financial statements of the Company and the Issuer included in or incorporated by reference into the Registration
Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes thereto, present fairly in
all material respects the financial position of the Company and the Issuer, as of the dates shown and their results of operations,
stockholders’ or partners’ equity, as applicable, and cash flows for the periods shown; and (ii) such financial
statements of the Company and the Issuer have been prepared in conformity with the generally accepted accounting principles
(“GAAP”) applied on a consistent basis throughout the periods involved, except to the extent expressly otherwise
stated in the related notes thereto, and the supporting schedules, if any, included in the Registration Statement, the Time of Sale
Prospectus and the Prospectus present fairly in all material respects in accordance with GAAP the information stated
therein.
Other than the historical financial statements
(and schedules) included in or incorporated by reference into the Registration Statement, the Time of Sale Prospectus and the Prospectus
or as expressly permitted by the Commission, no other historical or pro forma financial statements (or schedules) are required to be included
therein under the Securities Act or the rules and regulations thereunder.
All disclosures contained in the Registration
Statement, the Time of Sale Prospectus and the Prospectus regarding “non-GAAP financial measures” (as such term is defined
by the rules and regulations of the Commission) comply in all material respects with Regulation G under the Exchange Act, and Item
10 of Regulation S-K under the Securities Act, in each case to the extent applicable.
(jj) Each
of the Company and the Issuer maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions
by each of the Company and the Issuer, and their respective subsidiaries are executed in accordance with management’s general or
specific authorizations; (ii) transactions of each of the Company, the Issuer and their respective subsidiaries are recorded as
necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access
to assets of each of the Company, the Issuer and their respective subsidiaries is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets of each of the Company, the Issuer and their
respective subsidiaries is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Except as described in the Time of Sale Prospectus, since the date of the
Company’s and the Issuer’s most recently audited financial statements, (i) no material weakness in the Company’s
internal control over financial reporting (whether or not remediated) has been identified and (ii) no change in the Company’s
internal control over financial reporting has materially and adversely affected, or is reasonably likely to materially and adversely
affect, the Company’s or the Issuer’s internal control over financial reporting.
(kk) The
interactive data in eXtensible Business Reporting Language included in or incorporated by reference into the Registration Statement fairly
presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and
guidelines applicable thereto.
(ll) The
Company has made a timely election to be subject to tax as a real estate investment trust (a “REIT”) pursuant to Sections
856 through 860 of the Code for its taxable year ended December 31, 2017. Commencing with its
taxable year ended December 31, 2017, the Company was organized and operated in conformity with the requirements for qualification
and taxation as a REIT under the Code and its proposed method of operation, as described in, and subject to the limitations, qualifications
and assumptions set forth in, the Registration Statement, the Time of Sale Prospectus and the Prospectus, will enable it to continue
to meet the requirements for qualification and taxation as a REIT under the Code. All statements regarding the Company’s qualification
and taxation as a REIT and descriptions of the Company’s organization and proposed method of operation (inasmuch as they relate
to the Company’s qualification and taxation as a REIT) set forth in the Registration Statement, the Time of Sale Prospectus and
the Prospectus are accurate and fair summaries of the legal or tax matters described therein in all materials respects.
(mm) The
Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the date
of this Agreement or have requested extensions thereof and have paid all taxes required to be paid thereon, except, in each case, where
the failure to file such tax returns or pay such taxes would not have a Material Adverse Effect, or, except as such taxes currently being
contested in good faith and for which reserves required by U.S. GAAP have been made, and no proposed tax deficiency has been determined
adversely to the Company or any of its subsidiaries which has had (nor does the Company nor any of its subsidiaries have any notice or
knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and
which could reasonably be expected to have) a Material Adverse Effect.
(nn) The
Company has taken all necessary actions to ensure that it is and will be in compliance in all material respects with all applicable provisions
of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder or implementing the provisions thereof that
are then in effect.
(oo) Neither
the Company nor any of its subsidiaries or other controlled affiliates has taken or will take, directly or indirectly, any action which
is designed, or would reasonably be expected, to cause or result in, or which constitutes, the stabilization or manipulation of the price
of any security of the Company or any of its subsidiaries to facilitate the sale or resale of the Securities or a violation of Regulation
M under the Exchange Act.
(pp) Any
statistical, tenant and market-related data included in the Registration Statement, the Time of Sale Prospectus or the Prospectus are
based on or derived from sources that the Company and the Issuer believe to be reliable and accurate in all material respects and, to
the extent required, the Company and the Issuer have obtained the written consent to the use of such data from such sources.
(qq) The
accountants who certified the financial statements and supporting schedules included in the Registration Statement, the Time of Sale
Prospectus and the Prospectus are independent public accountants as required by Securities Act and the rules and regulations under
the Securities Act, the Exchange Act and the rules and regulations under the Exchange Act and the Public Company Accounting Oversight
Board.
2. Agreements
to Sell and Purchase. Upon the basis of the representations and warranties herein contained and subject to the terms and conditions
hereinafter stated, the Issuer hereby agrees to sell to the several Underwriters, and each Underwriter agrees, severally and not jointly,
to purchase from the Issuer the respective principal amounts of Securities set forth in Schedule I hereto opposite its name at a purchase
price equal to 98.536% of the principal amount of the 2034 Notes and 97.317% of the principal amount of the 2054 Notes. The Issuer will
not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein.
3. Public
Offering. The Company and the Issuer are advised by the Representatives that the Underwriters propose to make a public offering of
their respective portions of the Securities as soon after this Agreement is fully executed as in the judgment of the Representatives is
advisable. The Company and the Issuer are further advised by the Representatives that the Securities are to be offered to the public upon
the terms set forth in the Prospectus.
4. Payment
and Delivery. Payment for the Securities shall be made to, or at the direction of, the Issuer by wire transfer in federal (same day)
or other funds immediately available to the account(s) specified by the Issuer against delivery to the nominee of The Depository
Trust Company (“DTC”), for the respective accounts of the several Underwriters, of one or more global notes representing
the Securities, registered in such names and in such denominations as the Representatives shall request in writing not later than one
full business day prior to the Closing Date, with any transfer taxes payable in connection with the transfer of the Securities to the
Underwriters duly paid, at 10:00 a.m., New York City time, on March 18, 2024, or at such other time on the same or such other date,
not later than the seventh business day thereafter, as shall be designated in writing by the Representatives. The date of such payment
is hereinafter referred to as the “Closing Date.”
5. Conditions
to the Underwriters’ Obligations. The several obligations of the Underwriters are subject to the following conditions:
(a) Subsequent
to the execution and delivery of this Agreement and prior to the Closing Date:
(i) there
shall not have occurred any downgrading, nor shall any public notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Securities or any
other debt securities of the Company, the Issuer, or any of the subsidiaries by any “nationally recognized statistical rating organization,”
as such term is defined in Section 3(a)(62) of the Exchange Act; and
(ii) there
shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in
the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus
that, in your judgment, is material and adverse and that makes it, in your judgment, impracticable to market the Securities on the terms
and in the manner contemplated in the Time of Sale Prospectus.
(b) The
Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the
Company and the General Partner, to the effect set forth in Section 5(a)(i) and 5(a)(ii) above and to the effect that
the representations and warranties of the Company and the Issuer contained in this Agreement are true and correct as of the Closing Date
and that each of the Company and the Issuer has complied with all of the agreements and satisfied all of the conditions on its part to
be performed or satisfied hereunder on or before the Closing Date. The officer signing and delivering such certificate on behalf of the
Company and the General Partner may rely upon the best of his or her knowledge as to proceedings threatened.
(c) The
Underwriters shall have received on the Closing Date an opinion (including a negative assurance letter) of Hogan Lovells US LLP, outside
counsel for the Company and the Issuer, dated the Closing Date, with respect to the matters identified in Exhibits A-1 and A-2 hereto.
In giving such opinions, such counsel may rely, as to matters of fact, to the extent it deems proper, on certificates of officers of the
Company and the General Partner and certificates of public officials.
(d) The
Underwriters shall have received on the Closing Date an opinion (including a negative assurance letter) of Sidley Austin llp,
in form and substance reasonably satisfactory to the Underwriters. In giving such opinion such counsel may rely, as to all matters governed
by Maryland law, upon the opinion of Hogan Lovells US LLP referred to in Section 5(c) hereof. In giving such opinions, such
counsel may rely, as to matters of fact, to the extent it deems proper, on certificates of officers of the Company and the General Partner
and certificates of public officials.
(e) The
Underwriters shall have received, on each of the date hereof and the Closing Date, letters dated the date hereof or the Closing Date,
as the case may be, in form and substance satisfactory to the Underwriters, from Deloitte & Touche LLP, an independent registered
public accounting firm for the Company, the Issuer and MGM Growth Properties LLC, containing statements and information of the type ordinarily
included in accountants’ “comfort letters” to underwriters with respect to (i) the financial statements and certain
financial information of the Company, (ii) the financial statements and certain financial information of the Issuer and (iii) the
financial statements and certain financial information of MGM Growth Properties LLC, in each case contained in the Registration Statement,
the Time of Sale Prospectus and the Prospectus.
(f) The
Underwriters shall have received, on each of the date hereof and the Closing Date, certificates dated the date hereof or the Closing Date,
as the case may be, signed by the Chief Financial Officer of the Company, certifying as to the accuracy of certain financial information
included in the Registration Statement, the Time of Sale Prospectus and the Prospectus, in form and substance satisfactory to the Underwriters.
(g) FINRA
has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements
relating to the offering of the Securities.
(h) The
Indenture, in form and substance satisfactory to the Representatives, shall have been duly executed and delivered by a duly authorized
officer of each of the Issuer and the Trustee; the Securities shall have been duly executed and delivered by a duly authorized officer
of the Issuer and duly authenticated by the Trustee.
6. Covenants
of the Company and the Issuer. Each of the Company and the Issuer covenants with each Underwriter as follows:
(a) To
furnish to each of the Representatives and their counsel, without charge, signed copies of the Registration Statement (including exhibits
thereto and documents incorporated by reference) and to deliver to each of the Underwriters during the period mentioned in Section 6(e) or
6(f) hereof, as many copies of the Time of Sale Prospectus, the Prospectus, any documents incorporated by reference therein (excluding
exhibits thereto or incorporated by reference therein) and any supplements and amendments thereto or to the Registration Statement as
the Representatives may reasonably request.
(b) Before
amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to the Representatives
a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives
reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities
Act any prospectus required to be filed pursuant to such Rule. The Issuer will notify the Representatives immediately, and confirm the
notice in writing, if the Company or the Issuer becomes the subject of a proceeding under Section 8A of the Securities Act in connection
with this offering.
(c) To
furnish to the Representatives a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred
to by the Company or the Issuer and not to use or refer to any proposed free writing prospectus to which the Representatives reasonably
object.
(d) Not
to take any action that would result in an Underwriter, or the Company or the Issuer, being required to file with the Commission pursuant
to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter
otherwise would not have been required to file thereunder.
(e) If
the Time of Sale Prospectus is being used to solicit offers to buy the Securities at a time when the Prospectus is not yet available to
prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time
of Sale Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained
in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement
the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense,
to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements
in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances under which they were made when
the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended
or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented,
will comply with applicable law.
(f) If,
during such period after the first date of the public offering of the Securities as in the opinion of counsel for the Underwriters, the
Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered
in connection with sales by an Underwriter or dealer (the “Delivery Period”), any event shall occur or condition exist
as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the
circumstances under which they were made when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the
Securities Act) is delivered to a purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary
to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its
own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which
Securities may have been sold by the Representatives on behalf of the Underwriters and to any other dealers upon request, either amendments
or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the
circumstances under which they were made when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the
Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable
law.
(g) During
the Delivery Period to advise each Underwriter, promptly after it receives notice thereof, of the issuance of any stop order by the Commission,
of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, of the initiation or threatening of
any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement
or the Prospectus or for additional information; and, in the event of the issuance of any such stop order or of any order preventing or
suspending the use of any prospectus relating to the Securities or suspending any such qualification, to promptly use its commercially
reasonable efforts to obtain its withdrawal.
(h) To
use its reasonable best efforts to qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions
as you shall reasonably request and to maintain such qualifications in effect so long as required to complete the distribution of the
Securities; provided that in no event shall the Company or the Issuer be obligated to file any general consent to service of process
or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it is not so qualified or to subject it
to taxation in any jurisdiction where it is not otherwise so subject.
(i) To
make generally available to the Company’s security holders and to the Representatives as soon as practicable an earnings statement
covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement
which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission
thereunder.
(j) The
Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT under the Code for its
taxable year ending December 31, 2024, and, unless the board of directors of the Company determines otherwise, use its best efforts
to remain qualified for taxation as a REIT thereafter.
(k) The
Company and the Issuer will cooperate with the Underwriters and use their best efforts to permit the Securities to be eligible for clearance,
settlement and trading through the facilities of DTC.
(l) Whether
or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company will pay or cause
to be paid all expenses incident to the performance of its obligations and the obligations of the Issuer under this Agreement, including:
(i) the fees, disbursements and expenses of the Company’s counsel and the Company’s accountants in connection with the
registration and delivery of the Securities under the Securities Act and all other fees or expenses in connection with the preparation
and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus
prepared by or on behalf of, used by, or referred to by the Company and the Issuer and amendments and supplements to any of the foregoing,
including the filing fees payable to the Commission relating to the Securities (within the time required by Rule 456(b)(1), if applicable),
all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities
hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of the Securities to the Underwriters, including
any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or Legal Investment memorandum
in connection with the offer and sale of the Securities under state securities laws and all expenses in connection with the qualification
of the Securities for offer and sale under state securities laws as provided in Section 6(h) hereof, including filing fees and
the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the
Blue Sky or Legal Investment memorandum; (iv) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters
incurred in connection with the review and qualification of the offering of the Securities by FINRA which shall not exceed $10,000; (v) the
cost of the preparation, issuance and delivery of the Securities, (vii) the costs and expenses of the Company and the Issuer relating
to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Securities,
including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated
with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations
with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and the Issuer
and any such consultants, and one-half of the cost of any aircraft chartered in connection with the road show, (viii) the document
production charges and expenses associated with printing this Agreement, (ix) the fees and expenses of any agent of the Trustee and
the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities, (x) the fees of any “nationally
recognized statistical rating organization” (as defined in Section 3(a)(62) under the 1934 Act), and (xi) all other costs
and expenses incident to the performance of the obligations of the Company and the Issuer hereunder for which provision is not otherwise
made in this Section. It is understood, however, that except as provided in this Section, Section 8 entitled “Indemnity and
Contribution,” and the last paragraph of Section 10 below, the Underwriters will pay all of their costs and expenses, including
fees and disbursements of their counsel, transfer taxes payable on resale of any of the Securities by them, any advertising expenses connected
with any offers they may make, one-half of the cost of any aircraft chartered in connection with the road show, any lodging, commercial
airfare and other expenses attributable to employees of the Underwriters (including in connection with the road show), and other expenses
incurred by the Underwriters on their own behalf in connection with presentations to prospective purchasers of the Securities.
(m) During
the period beginning on the date hereof and continuing to and including the Closing Date, not to offer, sell, contract to sell or otherwise
dispose of any debt securities of the Company or the Issuer or warrants to purchase or otherwise acquire debt securities of the Company
or the Issuer substantially similar to the Securities (other than (i) the Securities, (ii) commercial paper issued in the ordinary
course of business or (iii) securities or warrants permitted with the prior written consent of the Representatives).
(n) To
prepare a final term sheet relating to the offering of the Securities, containing only information that describes the final terms of the
Securities or the offering in the form consented to by the Representatives included as Schedule III hereto, and to file such final
term sheet within the period required by Rule 433(d)(5)(ii) under the Securities Act following the date the final terms have
been established for the offering of the Securities.
7. Covenants
of the Underwriters. Each of the Underwriters, severally and not jointly, covenants with the Company and the Issuer not to use, authorize
the use of, refer to, or participate in the planning for the use of, any “free writing prospectus” as defined in Rule 405
under the Securities Act (which term includes use of any written information furnished to the Commission by the Company or the Issuer
and not incorporated by reference into the Registration Statement and any press release issued by the Company) that would result in the
Company or the Issuer being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or
on behalf of such Underwriter, that otherwise would not be required to be filed by the Company or the Issuer thereunder, but for the action
of such Underwriter.
8. Indemnity
and Contribution.
(a) The
Company and the Issuer, jointly and severally, agree to indemnify and hold harmless each Underwriter, their directors, their officers,
each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act from and against
any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any
amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any
Company or Issuer information that the Company or the Issuer has filed, or is required to file, pursuant to Rule 433(d) under
the Securities Act, any road show as defined in Rule 433(h) under the Securities Act (a “road show”), or
the Prospectus or any amendment or supplement thereto or caused by any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities
are caused by any such untrue statement or omission or alleged untrue statement or omission based upon the Underwriter Information.
(b) Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company and the Issuer, their respective directors and
officers who sign the Registration Statement, and each person, if any, who controls the Company or the Issuer within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity (contained
in Section 8(a) hereof) from the Company and the Issuer to such Underwriter, but only with reference to the Underwriter Information.
(c) In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to Section 8(a) or 8(b) hereof, such person (the “indemnified party”) shall promptly
notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying
party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel
related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall
not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties
and that all such fees and expenses shall be reimbursed as they are incurred. The indemnifying party shall not be liable for any settlement
of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff,
the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying
party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement
is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party
shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding
in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims that are
the subject matter of such proceeding and (ii) does not include any statement as to or any admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.
(d) To
the extent the indemnification provided for in Section 8(a) or 8(b) hereof is unavailable to an indemnified party or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received
by the Company and the Issuer, on the one hand, and the Underwriters, on the other hand, from the offering of the Securities or (ii) if
the allocation provided by Section 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in Section 8(d)(i) above but also the relative fault of the Company and the
Issuer, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the
parties shall be deemed to be the same respective proportions as: (i) in the case of the Company and the Issuer, the net proceeds
from the offering of the Securities (before deducting expenses) received by the Company and the Issuer and (ii) in the case of the
Underwriters, the total underwriting discounts and commissions received by the Underwriters. The relative fault of the Company and the
Issuer, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company and the Issuer or by the Underwriters and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Underwriters’ respective obligations to contribute pursuant
to this Section 8 are several in proportion to the respective principal amounts of Securities they have purchased hereunder, and
not joint.
(e) The
parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by pro
rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does
not take account of the equitable considerations referred to in Section 8(d) hereof. The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in Section 8(d) hereof shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter shall be required
to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to
the public were offered to the public exceeds the amount of any damages that such Underwriter would otherwise have been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights
or remedies which may otherwise be available to any indemnified party at law or in equity.
(f) The
indemnity and contribution provisions contained in this Section 8 and the representations, warranties and other statements of the
Company and the Issuer contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any
affiliate of any Underwriter or on behalf of the Company, its officers or directors, the Issuer or any person controlling the Company
or the Issuer and (iii) acceptance of and payment for any of the Securities.
9. Termination.
The Underwriters may terminate this Agreement by notice given by the Representatives to the Company, if after the execution and delivery
of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on, or by,
as the case may be, any of the New York Stock Exchange or the NASDAQ Global Market, (ii) trading of any securities of the Company
shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement,
payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall
have been declared by federal or New York State authorities, or (v) there shall have occurred any outbreak or escalation of hostilities,
or any change in financial markets or any calamity or crisis that, in the judgment of the Representatives, is material and adverse and
which, singly or together with any other event specified in this clause (v), makes it, in the judgment of the Representatives, impracticable
or inadvisable to proceed with the offer, sale or delivery of the Securities on the terms and in the manner contemplated in the Registration
Statement, the Time of Sale Prospectus or the Prospectus.
10. Effectiveness;
Defaulting Underwriters. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.
If, on the Closing Date, any one or more of the
Underwriters shall fail or refuse to purchase the Securities that it has or they have agreed to purchase hereunder on such date, and the
aggregate principal amount of Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is
not more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, the other Underwriters shall be
obligated severally in the proportions that the principal amount of Securities set forth opposite their respective names in Schedule I
bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Underwriters, or in such
other proportions as the Representatives may specify, to purchase the Securities which such defaulting Underwriter or Underwriters agreed
but failed or refused to purchase on such date; provided that in no event shall the aggregate principal amount of Securities that
any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 10 by an amount in excess
of one-ninth of such principal amount of Securities without the written consent of such Underwriter. If, on the Closing Date, any Underwriter
or Underwriters shall fail or refuse to purchase Securities and the aggregate principal amount of Securities with respect to which such
default occurs is more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, and arrangements satisfactory
to the Representatives and the Company for the purchase of such Securities are not made within 36 hours after such default, this Agreement
shall terminate without liability on the part of any non-defaulting Underwriter, the Company or the Issuer. In any such case the Representatives,
or the Company or the Issuer, shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order
that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents
or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in
respect of any default of such Underwriter under this Agreement.
If this Agreement
shall be terminated by the Underwriters or any of them, because of any failure or refusal on the part of the Company or the Issuer to
comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform
its obligations under this Agreement (which, for the purposes of this Section 10, shall not include termination by the Underwriters
under items (i), (iii), (iv) or (v) of Section 9 hereof), the Company will reimburse the Underwriters or any of them that
have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements
of their external counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.
11. Entire
Agreement.
(a) This
Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this
Agreement) that relate to the offering of the Securities, represents the entire agreement among the Company, the Issuer and the Underwriters
with respect to the Registration Statement, the preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the
offering, and the purchase and sale of the Securities. For the avoidance of doubt, this agreement constitutes the entire understanding
of the parties related to fees payable by the Company or the Issuer to the Underwriters related to the issuance and sale of Securities
and supersedes all previous agreements relating to such subject matter should they exist.
(b) The
Company and the Issuer acknowledge that in connection with the offering of the Securities (i) the Underwriters have acted at arm’s
length, are not agents of, and owe no fiduciary duties to, the Company, the Issuer or any other person, (ii) the Underwriters owe
the Company and the Issuer only those duties and obligations set forth in this Agreement and prior written agreements (to the extent not
superseded by this Agreement), if any, (iii) the Underwriters may have interests that differ from those of the Company and the Issuer.
The Company and the Issuer waive to the full extent permitted by applicable law any claims they may have against the Underwriters arising
from an alleged breach of fiduciary duty in connection with the offering of the Securities and none of the activities of the Underwriters
in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action
by the Underwriters with respect to any entity or natural person.
12. Recognition
of the U.S. Special Resolution Regimes.
(a) In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.
(b) In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such party becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against such party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.
(c) For
purposes of this Section 12, a “BHC Act Affiliate” has the meaning assigned to the term “affiliate”
in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered
FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right” has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
13. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement. The words “execution,” “signed,” “signature,”
and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement, the Indenture
or the Securities shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code.
14. Applicable
Law. This Agreement or any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed
in accordance with the internal laws of the State of New York without giving effect to any choice of law or conflicting provision or rule (whether
of the State of New York, or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of New York to
be applied.
15. Headings.
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of
this Agreement.
16. Notices.
All communications hereunder shall be in writing and effective only upon receipt and:
(a) If
to the Underwriters shall be delivered, mailed or sent to you at Wells Fargo Securities, LLC, 550
South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention: Transaction Management (email: tmgcapitalmarkets@wellsfargo.com);
J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, Fax: (212)
834-6081; BofA Securities, Inc., 114 W 47th St., NY8-114-07-01, New York, New York 10036, Fax:
(646) 855-5958, Email: dg.hg_ua_notices@bofa.com, Attention: High Grade Transaction Management/Legal; and Goldman Sachs &
Co. LLC, 200 West Street, New York, New York 10282, Attention: Registration Department; and
(b) If
to the Company or the Issuer shall be delivered, mailed or sent to VICI Properties Inc., 535 Madison Avenue, 20th Floor, New York, New
York 10022, Attention: Samantha S. Gallagher, or via email at sgallagher@viciproperties.com;
with a copy to Hogan Lovells US LLP, Columbia Square, 555 Thirteenth Street, NW, Washington, D.C.
20004, Attention: David W. Bonser and Andrew Zahn (Fax: (202) 637-5910), or via email at david.bonser@hoganlovells.com and andrew.zahn@hoganlovells.com.
17. Waiver
of Jury Trial. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
18. Submission
to Jurisdiction. Each of the parties hereto (i) submits to the exclusive jurisdiction of the U.S. federal and New York state
courts in the Borough of Manhattan in New York City in any suit or proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby; (ii) waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding
in such courts; and (iii) agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive
and binding upon such party, as applicable, and may be enforced in any court to the jurisdiction of which such party, as applicable, is
subject by a suit upon such judgment.
[Signature pages follow]
|
VICI Properties Inc. |
|
|
|
By: |
/s/ David A. Kieske |
|
|
Name: David A. Kieske |
|
|
Title: Executive Vice President, |
|
|
Chief Financial Officer and Treasurer |
|
VICI Properties L.P. |
|
|
|
By: VICI Properties GP LLC, its general partner |
|
|
|
By: |
/s/ David A. Kieske |
|
|
Name: David A. Kieske |
|
|
Title: Treasurer |
[Signature Page to
the Underwriting Agreement]
Accepted as of the date hereof
Wells Fargo Securities, LLC
J.P. Morgan Securities LLC
BofA Securities, Inc.
Goldman Sachs & Co. LLC
Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto.
Wells Fargo Securities, LLC |
|
|
|
|
By: |
/s/ Carolyn Hurley |
|
Name: |
Carolyn Hurley |
|
Title: |
Managing Director |
|
|
|
|
J.P. Morgan Securities LLC |
|
|
|
|
By: |
/s/ Som Bhattacharyya |
|
Name: |
Som Bhattacharyya |
|
Title: |
Executive Director |
|
|
|
|
BofA Securities, Inc. |
|
|
|
|
By: |
/s/ Evan Ladouceur |
|
Name: |
Evan Ladouceur |
|
Title: |
Managing Director |
|
|
|
|
Goldman Sachs & Co. LLC |
|
|
|
|
By: |
/s/ Taylor Williams-Martin |
|
Name: |
Taylor Williams-Martin |
|
Title: |
Managing Director |
|
[Signature Page to
the Underwriting Agreement]
SCHEDULE I
| |
Principal Amount of | |
Underwriter | |
2034 Notes | | |
2054 Notes | |
Wells Fargo Securities, LLC | |
$ | 60,500,000 | | |
$ | 55,000,000 | |
J.P. Morgan Securities LLC | |
| 60,500,000 | | |
| 55,000,000 | |
BofA Securities, Inc. | |
| 49,500,000 | | |
| 45,000,000 | |
Goldman Sachs & Co. LLC | |
| 49,500,000 | | |
| 45,000,000 | |
Barclays Capital Inc. | |
| 33,000,000 | | |
| 30,000,000 | |
BNP Paribas Securities Corp. | |
| 33,000,000 | | |
| 30,000,000 | |
Citigroup Global Markets Inc. | |
| 33,000,000 | | |
| 30,000,000 | |
Citizens JMP Securities, LLC | |
| 33,000,000 | | |
| 30,000,000 | |
Deutsche Bank Securities Inc. | |
| 33,000,000 | | |
| 30,000,000 | |
Morgan Stanley & Co. LLC | |
| 33,000,000 | | |
| 30,000,000 | |
Scotia Capital (USA) Inc. | |
| 33,000,000 | | |
| 30,000,000 | |
Truist Securities, Inc. | |
| 33,000,000 | | |
| 30,000,000 | |
Capital One Securities, Inc. | |
| 22,000,000 | | |
| 20,000,000 | |
SMBC Nikko Securities America, Inc. | |
| 16,500,000 | | |
| 15,000,000 | |
Mizuho Securities USA LLC | |
| 16,500,000 | | |
| 15,000,000 | |
KeyBanc Capital Markets Inc. | |
| 5,500,000 | | |
| 5,000,000 | |
Raymond James & Associates, Inc. | |
| 5,500,000 | | |
| 5,000,000 | |
Total: | |
$ | 550,000,000 | | |
$ | 500,000,000 | |
SCHEDULE II
Time of Sale Prospectus
| 1. | Preliminary Prospectus dated March 7, 2024 |
| 2. | Free Writing Prospectus dated March 7, 2024 |
SCHEDULE III
Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-264352-01
VICI Properties L.P.
$1,050,000,000
Final Term Sheet
March 7, 2024
$550,000,000 5.750% Notes due 2034
$500,000,000 6.125% Notes due 2054
This free writing prospectus relates only to the
securities described below and should be read together with the preliminary prospectus supplement dated March 7, 2024 (the “Preliminary
Prospectus Supplement”), the accompanying prospectus dated April 18, 2022 and the documents incorporated and deemed to be incorporated
by reference therein.
Issuer: | VICI Properties L.P. (the “Company”) |
| |
Ratings*: | [Intentionally omitted] |
| |
Trade Date: |
March 7, 2024 |
|
|
Settlement Date**: |
March 18, 2024 (T+7) |
|
|
5.750% Notes due 2034 |
|
|
|
Securities Offered: |
5.750% Notes due 2034 |
|
|
Aggregate Principal Amount Offered: |
$550,000,000 |
|
|
Interest Payment Dates: |
April 1 and October 1, beginning on October 1, 2024 (long first coupon) |
|
|
Interest Rate: |
5.750% per annum, accruing from March 18, 2024 |
|
|
Maturity Date: |
April 1, 2034 |
|
|
Benchmark Treasury: |
4.000% due February 15, 2034 |
|
|
Benchmark Treasury Yield: |
4.108% |
Spread to Benchmark
Treasury: |
+175 basis points |
|
|
Yield to Maturity: |
5.858% |
|
|
Price to Public: |
99.186% of the principal amount, plus accrued interest, if any |
|
|
Optional Redemption Provision: |
At the Company’s option, prior to January 1, 2034 (the “2034 Notes Par Call Date”), make-whole call at Treasury Rate (as defined in the Preliminary Prospectus Supplement) +30 basis points; on and after the 2034 Notes Par Call Date, at 100% of the principal amount. See the Preliminary Prospectus Supplement for further terms and provisions applicable to optional redemption. |
|
|
CUSIP: |
925650AF0 |
|
|
ISIN: |
US925650AF04 |
|
|
6.125% Notes due 2054 |
|
|
|
Securities Offered: |
6.125% Notes due 2054 |
|
|
Aggregate Principal Amount Offered: |
$500,000,000 |
|
|
Interest Payment Dates: |
April 1 and October 1, beginning on October 1, 2024 (long first coupon) |
|
|
Interest Rate: |
6.125% per annum, accruing from March 18, 2024 |
|
|
Maturity Date: |
April 1, 2054 |
|
|
Benchmark Treasury: |
4.750% due November 15, 2053 |
|
|
Benchmark Treasury Yield: |
4.259% |
|
|
Spread to Benchmark Treasury: |
+200 basis points |
|
|
Yield to Maturity: |
6.259% |
|
|
Price to Public: |
98.192% of the principal amount, plus accrued interest, if any |
|
|
Optional Redemption Provision: |
At the Company’s option, prior to October 1, 2053 (the “2054 Notes Par Call Date”), make-whole call at Treasury Rate (as defined in the Preliminary Prospectus Supplement) +30 basis points; on and after the 2054 Notes Par Call Date, at 100% of the principal amount. See the Preliminary Prospectus Supplement for further terms and provisions applicable to optional redemption. |
|
|
CUSIP: | 925650AG8 |
| |
ISIN: | US925650AG86 |
All Notes Offered Hereby |
|
|
|
Total Net Proceeds: |
Approximately $1,028.5 million, after deducting the underwriting discounts (but before deducting the estimated offering expenses payable by the Company). |
|
|
Joint Book-Running Managers: |
Wells Fargo Securities, LLC |
|
J.P. Morgan Securities LLC |
|
BofA Securities, Inc. |
|
Goldman Sachs & Co. LLC |
|
Barclays Capital Inc. |
|
BNP Paribas Securities Corp. |
|
Citigroup Global Markets Inc. |
|
Citizens JMP Securities, LLC |
|
Deutsche Bank Securities Inc. |
|
Morgan Stanley & Co. LLC |
|
Scotia Capital (USA) Inc. |
|
Truist Securities, Inc. |
|
|
Co-Managers: | Capital One Securities, Inc. |
| SMBC Nikko Securities America, Inc. |
| Mizuho Securities USA LLC |
| KeyBanc Capital Markets Inc. |
| Raymond James & Associates, Inc. |
*A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
** Pursuant to Rule 15c6-1 under the Securities Exchange Act
of 1934, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers of the notes who wish to trade the notes before the second business day prior to the Settlement
Date will be required, by virtue of the fact that the notes initially will settle in T+7, to specify an alternative settlement cycle at
the time of any such trade to prevent failed settlement, and should consult their own advisors.
The Company has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete
information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you
request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751, by calling J.P. Morgan Securities LLC toll-free at 1-212-834-4533,
by calling BofA Securities, Inc. toll-free at 1-800-294-1322 or by calling Goldman Sachs & Co. LLC toll-free at 1-866-471-2526.
Any legends, disclaimers or other notices that may appear below
are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically
generated as a result of this communication having been sent via Bloomberg or another system.
Exhibit 5.1
![](https://www.sec.gov/Archives/edgar/data/1920791/000110465924032475/tm248306d1_ex5-1img001.jpg) |
Hogan Lovells US LLP
Columbia Square
555 Thirteenth Street, NW
Washington, DC 20004
T +1 202 637 5600
F +1 202 637 5910
www.hoganlovells.com |
March 8, 2024
Board of Directors
VICI Properties Inc.
VICI Properties GP LLC
VICI Properties L.P.
535 Madison Avenue, 20th Floor
New York, New York 10022
To the addressees referred to above:
We are acting as counsel to VICI Properties Inc.,
a Maryland corporation (the “Company”) and VICI Properties L.P., a Delaware limited partnership (the “Issuer”),
in connection with the proposed sale of up to $550,000,000 aggregate principal amount of 5.750% Senior Notes due 2034 (the “2034
Notes”) and $500,000,000 aggregate principal amount of 6.125% Senior Notes due 2054 (the “2054 Notes” and,
together with the 2034 Notes, the “Notes”) pursuant to (i) an Underwriting Agreement, dated March 7, 2024
(the “Underwriting Agreement”), by and among the Company, the Issuer and Wells
Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and Goldman Sachs & Co. LLC, as the representatives
of the several underwriters named in Schedule I thereto, (ii) the Issuer’s registration statement on Form S-3 (File No. 333-264352-01)
(the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Act”), (iii) a base prospectus contained in the Registration
Statement (the “Base Prospectus”) and (iv) the final prospectus supplement, dated March 7, 2024, filed with
the Commission pursuant to Rule 424(b) under the Act (the “Prospectus Supplement” and, together with the
Base Prospectus, the “Prospectus”). The Notes are to be issued pursuant to an indenture (the “Base Indenture”),
as supplemented by a supplemental indenture (the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), in each case to be entered into by the Issuer and UMB Bank, National Association, as trustee (the “Trustee”).
This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation
S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.
For purposes of this opinion letter, we have examined
copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter
expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all
natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity
to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied
on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so
relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.
Hogan
Lovells US LLP is a limited liability partnership registered in the state of Delaware. “Hogan Lovells” is an international
legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore
Berlin Beijing Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong
Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia
Paris Philadelphia Riyadh Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C.
Associated Offices: Budapest Jakarta Shanghai FTZ. Business Service Centers: Johannesburg Louisville. For more information see www.hoganlovells.com
Board of Directors
VICI Properties Inc.
VICI Properties GP LLC
VICI Properties L.P. |
2 |
March 8,
2024 |
For the purposes of this opinion letter, we have
assumed that (i) the Trustee has all requisite power and authority under all applicable law and governing documents to execute, deliver
and perform its obligations under the Indenture and has complied with all legal requirements pertaining to its status as such status relates
to its rights to enforce the Indenture against the Issuer; (ii) the Trustee will duly authorize, execute and deliver the Indenture;
(iii) the Trustee is validly existing and in good standing in all necessary jurisdictions; (iv) the Indenture will constitute
a valid and binding obligation of the Trustee, enforceable against the Trustee in accordance with its terms; (v) there has been no
mutual mistake of fact or misunderstanding, or fraud, duress or undue influence, in connection with the negotiation, execution or delivery
of the Indenture, and the conduct of all parties to the Indenture has complied with any requirements of good faith, fair dealing and conscionability;
and (vi) there are and have been no agreements or understandings among the parties, written or oral, and there is and has been no
usage of trade or course of prior dealing among the parties (and no act or omission of any party), that would, in any such case, define,
supplement or qualify the terms of the Indenture. We have also assumed the validity and constitutionality of each relevant statute, rule,
regulation and agency action covered by this opinion letter.
This opinion letter is based as to matters of
law solely on the applicable provisions of the laws of the State of New York and, to the extent relevant for our opinion herein, the Delaware
Revised Uniform Limited Partnership Act, as amended, (but not including any laws, statutes, ordinances, administrative decisions, rules or
regulations of any political subdivision below the state level), as currently in effect. We express no opinion herein as to any other
laws, statutes, ordinances, rules or regulations (and in particular, we express no opinion as to any effect that such other laws,
statutes, ordinances, rules or regulations may have on the opinion expressed herein). As used herein, the term “Delaware Revised
Uniform Limited Partnership Act” includes the statutory provisions contained therein, all applicable provisions of the Delaware
Constitution and reported judicial decisions interpreting these laws.
Based upon, subject to and limited by the foregoing,
we are of the opinion that the Notes have been duly authorized on behalf of the Issuer and that following (i) the execution of the
Indenture, (ii) receipt of the consideration specified in the Underwriting Agreement and (iii) the due execution, authentication,
issuance and delivery of the Notes pursuant to the terms of the Indenture and as contemplated by the Prospectus, the Notes will constitute
valid and binding obligations of the Issuer.
This opinion letter has been prepared for use
in connection with the filing by the Company and the Issuer of a Current Report on Form 8-K on the date hereof, which Form 8-K
will be incorporated by reference into the Registration Statement, and speaks as of the date hereof. We assume no obligation to advise
you of any changes in the foregoing subsequent to the delivery of this letter.
We hereby consent to the filing of this opinion
letter as Exhibit 5.1 to the above-described Form 8-K and to the reference to this firm under the caption “Legal Matters”
in the Prospectus Supplement, which constitutes part of the Registration Statement. In giving this consent, we do not thereby admit that
we are an “expert” within the meaning of the Act.
Very truly yours,
/s/ Hogan Lovells US LLP
HOGAN LOVELLS US LLP
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