0001705696-23-000072 | 10-Q | XBRL Viewer

$ 22,579,820,000

$ 17,172,325,000

1,460,775,000

Cash and cash equivalents

153,560,000

247,673,000

208,933,000

Short-term investments

217,342,000

Other assets

934,049,000

936,328,000

Total assets

41,852,813,000

37,575,826,000

Liabilities

Debt, net

16,606,240,000

13,739,675,000

Accrued expenses and deferred revenue

221,283,000

213,388,000

Dividends and distributions payable

396,212,000

380,178,000

Other liabilities

954,543,000

952,472,000

Total liabilities

18,178,278,000

15,285,713,000

Commitments and contingent liabilities (Note 10)

Stockholders’ equity

Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,004,204,918 and 963,096,563 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively

10,042,000

9,631,000

Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at March 31, 2023 and December 31, 2022

Additional paid-in capital

22,910,509,000

21,645,499,000

Accumulated other comprehensive income

170,441,000

185,353,000

Retained earnings

220,254,000

93,154,000

Total VICI stockholders’ equity

23,311,246,000

21,933,637,000

Non-controlling interests

363,289,000

356,476,000

Total stockholders’ equity

23,674,535,000

22,290,113,000

Total liabilities and stockholders’ equity

41,852,813,000

37,575,826,000

^[1]

17,051,187,000

16,740,770,000

^[1]

$ 886,524,000

$ 685,793,000

[1]

Note: As of March 31, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of $716.6 million, $689.5 million, $15.7 million and $17.0 million, respectively, and $570.4 million, $726.7 million, $6.9 million and $19.8 million of allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000
Common stock, shares issued (in shares)	1,004,204,918	963,096,563
Common stock, shares outstanding (in shares)	1,004,204,918	963,096,563
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Sales-type and direct financing, allowance for credit losses	$ 716,604	$ 570,387
Other assets (sales-type sub-leases), allowance for credit losses	16,971	19,750
Investments in leases - financing receivables, net
Allowance for credit losses	689,503	726,707
Investments in loans and securities, net
Allowance for credit losses	$ 15,723	$ 6,865

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Income from sales-type leases	$ 478,394	$ 326,735
Income from lease financing receivables, loans and securities	371,069	72,878
Other income	18,339	8,386
Golf revenues	9,845	8,626
Total revenues	877,647	416,625
Operating expenses
General and administrative	15,005	9,466
Depreciation	814	776
Other expenses	18,339	8,386
Golf expenses	5,952	5,285
Change in allowance for credit losses	111,477	80,820
Transaction and acquisition expenses	(958)	755
Total operating expenses	150,629	105,488
Income from unconsolidated affiliate	1,280	0
Interest expense	(204,360)	(68,142)
Interest income	3,047	93
Other gains (losses)	1,963	0
Income before income taxes	528,948	243,088
Income tax expense	(1,087)	(400)
Net income	527,861	242,688
Less: Net income attributable to non-controlling interests	(9,121)	(2,305)
Net income attributable to common stockholders	$ 518,740	$ 240,383
Net income per common share
Basic (in dollars per share)	$ 0.52	$ 0.35
Diluted (in dollars per share)	$ 0.52	$ 0.35
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,001,526,645	684,341,045
Diluted (in shares)	1,003,831,325	687,914,683
Other comprehensive income
Net income	$ 527,861	$ 242,688
Reclassification of derivative gain to Interest expense	(6,037)	0
Unrealized (loss) gain on cash flow hedges	(7,393)	108,611
Foreign currency translation adjustments	(1,664)	0
Comprehensive income	512,767	351,299
Comprehensive income attributable to non-controlling interest	(8,939)	(2,305)
Comprehensive income attributable to common stockholders	$ 503,828	$ 348,994

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total VICI Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings (Deficit)	Non-controlling Interests
Beginning balance at Dec. 31, 2021	$ 12,187,174	$ 12,108,268	$ 6,289	$ 11,755,069	$ 884	$ 346,026	$ 78,906
Increase (Decrease) in Stockholders' Equity
Net income	242,688	240,383				240,383	2,305
Issuance of common stock, net	3,218,097	3,218,097	1,190	3,216,907
Dividends and distributions declared	(272,703)	(270,600)				(270,600)	(2,103)
Stock-based compensation, net of forfeitures	(81)	(81)	5	(86)
Reclassification of derivative gain to Interest expense	0
Unrealized (loss) gain on cash flow hedges	108,611	108,611			108,611
Foreign currency translation adjustments	0
Ending balance at Mar. 31, 2022	15,483,786	15,404,678	7,484	14,971,890	109,495	315,809	79,108
Beginning balance at Dec. 31, 2022	22,290,113	21,933,637	9,631	21,645,499	185,353	93,154	356,476
Increase (Decrease) in Stockholders' Equity
Net income	527,861	518,740				518,740	9,121
Issuance of common stock, net	1,271,472	1,271,472	406	1,271,066
Reallocation of equity	0	(4,936)		(4,936)	0		4,936
Dividends and distributions declared	(398,688)	(391,640)				(391,640)	(7,048)
Stock-based compensation, net of forfeitures	(1,129)	(1,115)	5	(1,120)			(14)
Reclassification of derivative gain to Interest expense	(6,037)	(5,964)			(5,964)		(73)
Unrealized (loss) gain on cash flow hedges	(7,393)	(7,304)			(7,304)		(89)
Foreign currency translation adjustments	(1,664)	(1,644)			(1,644)		(20)
Ending balance at Mar. 31, 2023	$ 23,674,535	$ 23,311,246	$ 10,042	$ 22,910,509	$ 170,441	$ 220,254	$ 363,289

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.3900	$ 0.3600

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Cash flows from operating activities
Net income	$ 527,861	$ 242,688
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(122,834)	(35,564)
Stock-based compensation	3,467	2,630
Depreciation	814	776
Amortization of debt issuance costs and original issue discount	13,641	15,977
Change in allowance for credit losses	111,477	80,820
Income from unconsolidated affiliate	(1,280)	0
Distributions from unconsolidated affiliate	3,273	0
Foreign currency remeasurement gain	(1,963)	0
Change in operating assets and liabilities:
Other assets	1,380	(2,057)
Accrued expenses and deferred revenue	(12,282)	(7,170)
Other liabilities	(1,521)	73
Net cash provided by operating activities	522,033	298,173
Cash flows from investing activities
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	(1,266,905)	0
Investments in leases - sales-type	(6,100)	(4,012,096)
Investments in leases - financing receivables	(202,683)	0
Investments in loans and securities	(209,302)	(15,559)
Capitalized transaction costs	(220)	(136)
Maturities of short-term investments	217,342	0
Acquisition of property and equipment	(988)	(454)
Net cash used in investing activities	(1,468,856)	(4,028,245)
Cash flows from financing activities
Proceeds from offering of common stock, net	1,272,270	3,219,123
Proceeds from Revolving Credit Facility	352,704	600,000
Repayment of Revolving Credit Facility	(250,000)	0
Debt issuance costs	0	(27,285)
Repurchase of stock for tax withholding	(4,595)	(2,712)
Distributions to non-controlling interests	(2,278)	(2,103)
Dividends paid	(382,612)	(227,863)
Net cash provided by financing activities	985,489	3,559,160
Effect of exchange rate changes on cash, cash equivalents and restricted cash	74	0
Net increase (decrease) in cash, cash equivalents and restricted cash	38,740	(170,912)
Cash, cash equivalents and restricted cash, beginning of period	208,933	739,614
Cash, cash equivalents and restricted cash, end of period	247,673	568,702
Supplemental cash flow information:
Cash paid for interest	178,047	48,921
Cash paid for income taxes	0	2
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid	396,410	269,429
Debt issuance costs payable	0	465
Deferred transaction costs payable	1,622	2,219
Non-cash change in Investments in leases - financing receivables	69,621	6,696
Obtaining right-of-use assets in exchange for lease liabilities	$ 0	$ 208,949

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)

Mar. 31, 2023

Dec. 31, 2022

$ 22,579,820,000

$ 17,172,325,000

1,460,775,000

Cash and cash equivalents

153,560,000

247,673,000

208,933,000

Short-term investments

217,342,000

Other assets

934,049,000

936,328,000

Total assets

41,852,813,000

37,575,826,000

Liabilities

Debt, net

16,606,240,000

13,739,675,000

Accrued expenses and deferred revenue

221,283,000

213,388,000

Distributions payable

396,212,000

380,178,000

Other liabilities

954,543,000

952,472,000

Total liabilities

18,178,278,000

15,285,713,000

Commitments and contingent liabilities (Note 10)

Partners’ Capital

Accumulated other comprehensive income

170,441,000

185,353,000

Total liabilities and stockholders’ equity

41,852,813,000

37,575,826,000

VICI Properties LP

22,579,820,000

17,172,325,000

1,460,775,000

Cash and cash equivalents

153,560,000

201,002,000

142,600,000

Short-term investments

217,342,000

Other assets

852,072,000

856,605,000

Total assets

41,724,165,000

37,429,770,000

Liabilities

Debt, net

16,606,240,000

13,739,675,000

Accrued expenses and deferred revenue

214,966,000

206,643,000

Distributions payable

396,813,000

380,581,000

Other liabilities

939,792,000

937,655,000

Total liabilities

18,157,811,000

15,264,554,000

Commitments and contingent liabilities (Note 10)

Partners’ Capital

Partners’ capital, 1,016,436,291 and 975,327,936 operating partnership units issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

23,316,182,000

21,900,511,000

Accumulated other comprehensive income

170,107,000

185,201,000

Total VICI LP’s capital

23,486,289,000

22,085,712,000

Non-controlling interest

80,065,000

79,504,000

Total capital attributable to partners

23,566,354,000

22,165,216,000

Total liabilities and stockholders’ equity

41,724,165,000

37,429,770,000

Investments in leases - financing receivables, net | VICI Properties LP

^[1]

17,051,187,000

16,740,770,000

^[2]

17,051,187,000

16,740,770,000

Investments in loans and securities, net | VICI Properties LP

^[1]

886,524,000

685,793,000

Business Combination and Asset Acquisition [Abstract]

^[2]

$ 886,524,000

$ 685,793,000

[1]

[2]

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Sales-type and direct financing, allowance for credit losses	$ 716,604	$ 570,387
Other assets (sales-type sub-leases), allowance for credit losses	16,971	19,750
Investments in leases - financing receivables, net
Allowance for credit losses	689,503	726,707
Investments in loans and securities, net
Allowance for credit losses	$ 15,723	$ 6,865
VICI Properties LP
Operating partnership units issued (in shares)	1,016,436,291	975,327,936
Operating partnership units outstanding (in shares)	1,016,436,291	975,327,936
Sales-type and direct financing, allowance for credit losses	$ 716,600	$ 570,400
Other assets (sales-type sub-leases), allowance for credit losses	17,000	19,800
VICI Properties LP \| Investments in leases - financing receivables, net
Allowance for credit losses	689,500	726,700
VICI Properties LP \| Investments in loans and securities, net
Allowance for credit losses	$ 15,700	$ 6,900

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Income from sales-type leases	$ 478,394	$ 326,735
Income from lease financing receivables, loans and securities	371,069	72,878
Other income	18,339	8,386
Total revenues	877,647	416,625
Operating expenses
General and administrative	15,005	9,466
Depreciation	814	776
Other expenses	18,339	8,386
Change in allowance for credit losses	111,477	80,820
Transaction and acquisition expenses	(958)	755
Total operating expenses	150,629	105,488
Income from unconsolidated affiliate	1,280	0
Interest expense	(204,360)	(68,142)
Interest income	3,047	93
Other gains (losses)	1,963	0
Income before income taxes	528,948	243,088
Income tax expense	(1,087)	(400)
Net income	527,861	242,688
Less: Net income attributable to non-controlling interests	(9,121)	(2,305)
Net income attributable to common stockholders	$ 518,740	$ 240,383
Net income per common share
Basic (in dollars per share)	$ 0.52	$ 0.35
Diluted (in dollars per share)	$ 0.52	$ 0.35
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,001,526,645	684,341,045
Diluted (in shares)	1,003,831,325	687,914,683
Other comprehensive income
Net income attributable to common stockholders	$ 518,740	$ 240,383
Reclassification of derivative gain to Interest expense	(6,037)	0
Unrealized (loss) gain on cash flow hedges	(7,393)	108,611
Foreign currency translation adjustments	(1,664)	0
Comprehensive income attributable to common stockholders	503,828	348,994
VICI Properties LP
Revenues
Income from sales-type leases	478,394	326,735
Income from lease financing receivables, loans and securities	371,069	72,878
Other income	18,339	8,386
Total revenues	867,802	407,999
Operating expenses
General and administrative	15,005	9,466
Depreciation	31	30
Other expenses	18,339	8,386
Change in allowance for credit losses	111,477	80,820
Transaction and acquisition expenses	(958)	755
Total operating expenses	143,894	99,457
Income from unconsolidated affiliate	1,280	0
Interest expense	(204,360)	(68,142)
Interest income	2,490	90
Other gains (losses)	1,963	0
Income before income taxes	525,281	240,490
Income tax expense	(366)	162
Net income	524,915	240,652
Less: Net income attributable to non-controlling interests	(2,839)	(2,305)
Net income attributable to common stockholders	$ 522,076	$ 238,347
Net income per common share
Basic (in dollars per share)	$ 0.51	$ 0.35
Diluted (in dollars per share)	$ 0.51	$ 0.35
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,013,758,018	684,341,045
Diluted (in shares)	1,016,062,698	687,914,683
Net Income (Loss) Attributable To Partners	$ 522,076	$ 238,347
Other comprehensive income
Net income attributable to common stockholders	522,076	238,347
Reclassification of derivative gain to Interest expense	(6,037)	0
Unrealized (loss) gain on cash flow hedges	(7,393)	108,611
Foreign currency translation adjustments	(1,664)	0
Comprehensive income attributable to common stockholders	$ 506,982	$ 346,958

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (UNAUDITED) - USD ($) $ in Thousands	Total	VICI Properties LP	VICI Properties LP Limited Partner	VICI Properties LP Accumulated Other Comprehensive Income	VICI Properties LP Non-controlling Interests
Beginning balance at Dec. 31, 2021		$ 12,090,488	$ 12,010,698	$ 884	$ 78,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		240,653	238,348		2,305
Contributions from Parent		3,229,165	3,229,165
Distributions to Parent		(281,990)	(281,990)
Distributions to non-controlling interest		(2,103)			(2,103)
Stock-based compensation, net of forfeitures	$ (81)	2,602	2,602
Reclassification of derivative gain to Interest expense	0	0
Unrealized (loss) gain on cash flow hedges	108,611	108,611		108,611
Foreign currency translation adjustments	0	0
Ending balance at Mar. 31, 2022		15,387,426	15,198,823	109,495	79,108
Beginning balance at Dec. 31, 2022		22,165,216	21,900,511	185,201	79,504
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		524,915	522,076		2,839
Contributions from Parent		1,303,243	1,303,243
Distributions to Parent		(408,519)	(408,519)
Distributions to non-controlling interest		(2,278)			(2,278)
Stock-based compensation, net of forfeitures	(1,129)	(1,129)	(1,129)
Reclassification of derivative gain to Interest expense	(6,037)	(6,037)		(6,037)
Unrealized (loss) gain on cash flow hedges	(7,393)	(7,393)		(7,393)
Foreign currency translation adjustments	$ (1,664)	(1,664)		(1,664)
Ending balance at Mar. 31, 2023		$ 23,566,354	$ 23,316,182	$ 170,107	$ 80,065

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Cash flows from operating activities
Net income	$ 527,861	$ 242,688
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(122,834)	(35,564)
Stock-based compensation	3,467	2,630
Depreciation	814	776
Amortization of debt issuance costs and original issue discount	13,641	15,977
Change in allowance for credit losses	111,477	80,820
Income from unconsolidated affiliate	(1,280)	0
Distributions from unconsolidated affiliate	3,273	0
Foreign currency remeasurement gain	(1,963)	0
Change in operating assets and liabilities:
Other assets	1,380	(2,057)
Accrued expenses and deferred revenue	(12,282)	(7,170)
Other liabilities	(1,521)	73
Net cash provided by operating activities	522,033	298,173
Cash flows from investing activities
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	(1,266,905)	0
Investments in leases - sales-type	(6,100)	(4,012,096)
Investments in leases - financing receivables	(202,683)	0
Investments in loans and securities	(209,302)	(15,559)
Capitalized transaction costs	(220)	(136)
Maturities of short-term investments	217,342	0
Net cash used in investing activities	(1,468,856)	(4,028,245)
Cash flows from financing activities
Proceeds from Revolving Credit Facility	352,704	600,000
Repayment of Revolving Credit Facility	(250,000)	0
Debt issuance costs	0	(27,285)
Repurchase of stock for tax withholding	(4,595)	(2,712)
Distributions to non-controlling interests	(2,278)	(2,103)
Net cash provided by financing activities	985,489	3,559,160
Effect of exchange rate changes on cash, cash equivalents and restricted cash	74	0
Net increase (decrease) in cash, cash equivalents and restricted cash	38,740	(170,912)
Cash, cash equivalents and restricted cash, beginning of period	208,933	739,614
Cash, cash equivalents and restricted cash, end of period	247,673	568,702
Supplemental cash flow information:
Cash paid for interest	178,047	48,921
Cash paid for income taxes	0	2
Supplemental non-cash investing and financing activity:
Debt issuance costs payable	0	465
Deferred transaction costs payable	1,622	2,219
Non-cash change in Investments in leases - financing receivables	69,621	6,696
Obtaining right-of-use assets in exchange for lease liabilities	0	208,949
VICI Properties LP
Cash flows from operating activities
Net income	524,915	240,652
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(122,834)	(35,564)
Stock-based compensation	3,467	2,602
Depreciation	31	30
Amortization of debt issuance costs and original issue discount	13,641	15,977
Change in allowance for credit losses	111,477	80,820
Income from unconsolidated affiliate	(1,280)	0
Distributions from unconsolidated affiliate	3,273	0
Foreign currency remeasurement gain	(1,963)	0
Change in operating assets and liabilities:
Other assets	4,227	(1,513)
Accrued expenses and deferred revenue	(19,225)	(9,790)
Other liabilities	(1,456)	4
Net cash provided by operating activities	514,273	293,218
Cash flows from investing activities
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	(1,266,905)	0
Investments in leases - sales-type	(6,100)	(4,012,096)
Investments in leases - financing receivables	(202,683)	0
Investments in loans and securities	(209,302)	(15,559)
Capitalized transaction costs	(220)	(136)
Maturities of short-term investments	217,342	0
Net cash used in investing activities	(1,467,868)	(4,027,791)
Cash flows from financing activities
Contributions from Parent	1,296,270	3,219,202
Distributions to Parent	(380,178)	(227,000)
Proceeds from Revolving Credit Facility	352,704	600,000
Repayment of Revolving Credit Facility	(250,000)	0
Debt issuance costs	0	(27,285)
Repurchase of stock for tax withholding	(4,595)	0
Distributions to non-controlling interests	(2,278)	(2,103)
Net cash provided by financing activities	1,011,923	3,562,814
Effect of exchange rate changes on cash, cash equivalents and restricted cash	74	0
Net increase (decrease) in cash, cash equivalents and restricted cash	58,402	(171,759)
Cash, cash equivalents and restricted cash, beginning of period	142,600	705,566
Cash, cash equivalents and restricted cash, end of period	201,002	533,807
Supplemental cash flow information:
Cash paid for interest	178,047	48,921
Cash paid for income taxes	0	2
Supplemental non-cash investing and financing activity:
Distributions payable	396,410	269,276
Debt issuance costs payable	0	465
Deferred transaction costs payable	1,622	2,219
Non-cash change in Investments in leases - financing receivables	69,621	6,696
Obtaining right-of-use assets in exchange for lease liabilities	$ 0	$ 208,949

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business We are primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations, subject to long-term triple-net leases. As of March 31, 2023, our geographically diverse real estate portfolio consisted of 49 gaming facilities in the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Our properties are leased to, and our tenants are, subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, CNB, EBCI, Foundation Gaming, JACK Entertainment, MGM, PENN Entertainment, PURE Canadian Gaming and Seminole Hard Rock, with Caesars and MGM being our largest tenants. VICI also owns four championship golf courses located near certain of our properties. VICI, the parent company, is a Maryland corporation and internally managed real estate investment trust (“REIT”) for U.S. federal income tax purposes. Our real property business, which represents the substantial majority of our assets, is conducted through VICI OP and indirectly through VICI LP and our golf course business, VICI Golf, is conducted through a direct wholly owned taxable REIT subsidiary (“TRS”) of VICI. As a REIT, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements, including the notes thereto, are unaudited and condense or exclude some of the disclosures and information normally required in audited financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited Financial Statements and related notes should be read in conjunction with our audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K, as updated from time to time in our other filings with the SEC. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of March 31, 2023, VICI’s non-controlling interests represent an approximate 1.2% third-party ownership of VICI OP in the form of VICI OP Units and a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo LLC. Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of March 31, 2023 and December 31, 2022, we did not have any restricted cash. Short-Term Investments Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value. We may invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available for sale securities. Interest on our short-term investments is recognized as interest income in our Statement of Operations. We had $217.3 million of short-term investments as of December 31, 2022. We did not have any short-term investments as of March 31, 2023. Purchase Price Accounting We assess all of our property acquisitions under ASC 805 - Business Combinations (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business combination when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets, (ii) the acquisition does not include a substantive process in the form of an acquired workforce, or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition. We allocate the purchase price to the identifiable assets acquired and liabilities assumed, as applicable, using their relative fair value. Generally, with the exception of the MGP Transactions and the MGM Grand/Mandalay Bay JV Interest Acquisition (each as further described in Note 3 - P roperty Transactions), our acquisitions consist of properties without existing leases or debt and, accordingly, the assets acquired are comprised of land, building and site improvements. Further, since all the components of our leases are classified as sales-type leases or financing receivables, as further described below, the assets acquired are transferred into the net investment in lease or financing receivable, as applicable. Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Gold Strike Lease, Hard Rock Cincinnati Lease, MGM Grand/Mandalay Bay Lease, PENN Entertainment Leases, Southern Indiana Lease and Venetian Lease meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the Foundation Master Lease, Harrah’s Call Properties components of the Caesars Regional Master Lease, JACK Master Lease, MGM Master Lease and PURE Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, such leases are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the Lease Agreements and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Investments in Loans and Securities, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. We classify our investments in securities on the date of acquisition of the investment as either trading, available-for-sale or held-to-maturity. We classify our debt securities as held-to-maturity, as we have the intent and ability to hold this security until maturity, the accounting of which is materially consistent with that of our Investments in loans. Allowance for Credit Losses ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans and securities. We have elected to use a discounted cash flow model to estimate the Allowance for credit losses, or CECL allowance for our Investments in leases - sales-type, Investments in leases - financing receivables and certain of our loans and securities, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease, loan or security and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant or borrower and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants, borrowers and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Sales-type sub-leases (included in Other assets) on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties through the Partner Property Growth Fund. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers’ and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the three months ended March 31, 2023 and 2022. Refer to Note 5 - Allowance for Credit Losses for further information. Foreign Currency Translation and Remeasurement Our investment in the PURE Portfolio is denominated in Canadian Dollars (“CAD” or “C$”), and accordingly, we translate the financial statements of the subsidiaries that own the PURE Portfolio into U.S. Dollars (“USD” or “US$”) when we consolidate their financial results and position. Generally, assets and liabilities are translated at the exchange rate in effect at the date of the Balance Sheet and the resulting translation adjustments are included in Accumulated other comprehensive income in the Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income Statement accounts are translated using the average exchange rate for the period. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is denominated CAD, which is not our and our consolidated subsidiaries functional currency of USD. When the debt and related operating receivables and/or payables are remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Other gains (losses), net in the Statement of Operations. Other Income and Other Expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under these certain ground and use leases. Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. Refer to Note 9 - Fair Value for further information. Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) in our Balance Sheet with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes. Concentrations of Credit Risk Caesars and MGM are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from the Caesars Leases represented 38% of our lease revenues for the three months ended March 31, 2023 and 76% of our lease revenues for the three months ended March 31, 2022. Revenue from the MGM Leases represented 39% of our lease revenues for the three months ended March 31, 2023. We did not have any revenue from the MGM Leases for the three months ended March 31, 2022 as the MGP Transactions closed on April 29, 2022. Additionally, our properties on the Las Vegas Strip generated approximately 48% and 38% of our lease revenues for the three months ended March 31, 2023 and 2022, respectively. Other than having two tenants from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk.

Real Estate Transactions

3 Months Ended

Mar. 31, 2023

Real Estate Transactions

2023 Property Acquisitions

PURE Canadian Gaming Transaction

On January 6, 2023, we acquired the real estate assets of PURE Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary, and PURE Casino Lethbridge, all of which are located in Alberta, Canada, from PURE Canadian Gaming for an aggregate purchase price of approximately C$271.9 million (approximately US$200.8 million based on the exchange rate at the time of the acquisition) (the “PURE Canadian Gaming Transaction”). We financed the PURE Canadian Gaming Transaction with a combination of cash on hand and a C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) draw under our Revolving Credit Facility. Simultaneous with the acquisition, we entered into the PURE Master Lease. The PURE Master Lease has an initial total annual rent of approximately C$21.8 million (approximately US$16.1 million based on the exchange rate at the time of the acquisition), an initial term of 25 years, with four 5-year tenant renewal options, escalation of 1.25% per annum in lease years two and three (and thereafter at the greater of 1.5% and the Canadian Consumer Price Index, capped at 2.5%) and minimum capital expenditure requirements of 1.0% of annual net revenue (excluding gaming equipment). The tenant’s obligations under the PURE Master Lease are guaranteed by the parent entity of PURE Canadian Gaming. We determined that the PURE Canadian Gaming Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of the PURE Master Lease meet the definition of a sales-type lease. Since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the PURE Master Lease is accounted for as Investments in leases - financing receivables on our Balance Sheet, net of an initial allowance for estimated credit losses in the amount of $19.6 million.

MGM Grand/Mandalay Bay JV Interest Acquisition

On January 9, 2023, we closed on the previously announced acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV (previously referred to as the “BREIT JV”) from Blackstone Real Estate Income Trust, Inc. (“BREIT”) (the “MGM Grand/Mandalay Bay JV Interest Acquisition”) for cash consideration of $1,261.9 million. We also assumed BREIT’s $1,497.0 million pro rata share of an aggregate $3.0 billion of property-level debt, which matures in 2032 and bears interest at a fixed rate of 3.558% per annum through March 2030. The cash consideration was funded through a combination of cash on hand and proceeds from the settlement of the November 2022 Forward Sale Agreements and ATM Forward Sale Agreements (each as described in Note 11 - Stockholders Equity). The MGM Grand/Mandalay Bay Lease currently has an annual rent of $309.9 million, all of which we are entitled to following the closing of the MGM Grand/Mandalay Bay JV Interest Acquisition. The MGM Grand/Mandalay Bay Lease has a remaining initial lease term of approximately 27 years (expiring in 2050), with two ten-year tenant renewal options. Rent under the MGM Grand/Mandalay Bay Lease escalates annually at 2.0% through 2035 (year 15 of the initial lease term) and thereafter at the greater of 2.0% or the Consumer Price Index (“CPI”) (subject to a 3.0% ceiling). As of December 31, 2022, the MGM Grand/Mandalay Bay JV was accounted for as an equity method investment under the voting interest model within Investment in unconsolidated affiliate on our Balance Sheets.

Simultaneously with closing of the MGM Grand/Mandalay Bay JV, as a result of acquiring full ownership, we consolidated the joint venture and determined that the consolidation should be accounted for as an asset acquisition under ASC 805-50. In application of the asset acquisition guidance we retained the prior cost basis of our 50.1% interest, which we previously acquired in connection with the MGP Transaction, and combined such basis to the purchase price of the MGM Grand/Mandalay Bay JV Interest Acquisition. The following is a summary of our net assets acquired upon consolidation of the MGM Grand/Mandalay Bay JV:


(In thousands)	Amount
Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions	$	1,458,782
Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition	1,261,882
Transaction costs	14,630
Total net assets acquired	$	2,735,294

Under ASC 805-50, we allocated the net assets acquired by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the consolidation of the MGM Grand/Mandalay Bay JV:


(In thousands)	Amount
Investments in leases - sales-type	$	5,494,351
Cash and cash equivalents (1)	9,607
Debt, net (3)	(2,747,877)
Accrued expenses and deferred revenue (1)	(20,787)
Total net assets acquired	$	2,735,294

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(1) Amount represents their current carrying value, which is equal to fair value.

(2) Amount represents the fair value of the $3.0 billion principal amount of CMBS debt as of January 9, 2023, which was estimated as a $252.1 million discount to principal value. The fair value of the debt was estimated by modeling the contractual cash flows and discounting them back to the present value using an estimated market yield. Additionally, we considered current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value measurement are considered Level 3 of the fair value hierarchy.

Concurrent with the closing of the MGM Grand/Mandalay Bay JV Interest Acquisition and consolidation of the MGM Grand/Mandalay Bay Lease, we assessed the lease classification of the MGM Grand/Mandalay Bay Lease and determined that it met the definition of a sales-type lease. Accordingly, the relative fair value of the MGM Grand/Mandalay Bay Lease of $5.5 billion was recorded as an Investment in leases - sales-type on our Balance Sheet, net of an initial allowance for estimated credit losses in the amount of $210.0 million.

Gold Strike Severance Lease

On February 15, 2023, in connection with MGM’s sale of the operations of Gold Strike, we entered into the Gold Strike Lease with CNB related to the land and real estate assets of Gold Strike, and entered into an amendment to the MGM Master Lease in order to account for the divestiture of the operations of Gold Strike. The Gold Strike Lease has initial annual base rent of $40.0 million with other economic terms substantially similar to the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. The Gold Strike Lease is guaranteed by CNB. Upon the closing of the sale of Gold Strike, the MGM Master Lease was amended to account for MGM’s divestiture of the Gold Strike operations and resulted in a reduction of the annual base rent under the MGM Master Lease by $40.0 million.

2023 Loan and Security Investment Activity

Hard Rock Ottawa Secured Notes

On March 28, 2023, we purchased $85.0 million of senior secured notes issued by H.R. Ottawa, L.P. (“Hard Rock Ottawa Notes”), which owns and operates the Hard Rock Ottawa Casino. H.R. Ottawa, L.P. intends to use the proceeds of the Hard Rock Ottawa Notes to fund a portion of (i) the redevelopment and rebrand of the existing Rideau Carleton Raceway Casino, located in Ottawa, Canada, (ii) the development of an integrated “Hard Rock” branded hotel with approximately 150 rooms, and (iii) the repayment of existing debt. The Hard Rock Ottawa Notes are denominated and issued in USD.

Pending Transactions

Rocky Gap Casino

On August 24, 2022, we and Century Casinos entered into definitive agreements to acquire Rocky Gap Casino Resort (“Rocky Gap Casino”), located in Flintstone, Maryland, from Golden Entertainment, Inc. for an aggregate purchase price of $260.0 million. Pursuant to the transaction agreements, we will acquire an interest in the land and buildings associated with Rocky Gap Casino for approximately $203.9 million, and Century Casinos will acquire the operating assets of the property for approximately $56.1 million. Simultaneous with the closing of the transaction, the Century Master Lease will be amended to include Rocky Gap Casino, and annual rent under the Century Master Lease will increase by $15.5 million. Additionally, the terms of the Century Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term remaining, with four 5-year tenant renewal options. The tenant’s obligations under the Century Master Lease will continue to be guaranteed by Century Casinos. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in mid-2023.

Significant 2022 Transactions

MGP Transactions

On April 29, 2022, we closed on the previously announced MGP Transactions governed by the MGP Master Transaction Agreement, pursuant to which we acquired MGP for total consideration of $11.6 billion, plus the assumption of approximately $5.7 billion principal amount of debt, inclusive of a 50.1% share of the MGM Grand/Mandalay Bay JV CMBS debt, at the time. Upon closing, the MGP Transactions added $1,012.2 million of annualized rent to our portfolio from 15 Class A entertainment casino resort properties spread across nine regions and comprising 36,000 hotel rooms, 3.6 million square feet of meeting and convention space and hundreds of food, beverage and entertainment venues. Under the terms of the MGP Master Transaction Agreement, each outstanding MGP Class A common share was converted into 1.366 (the “Exchange Ratio”) shares of VICI common stock. The fixed Exchange Ratio represented an agreed upon price of $43.00 per share of MGP Class A common shares based on VICI’s trailing 5-day volume weighted average price of $31.47 as of July 30, 2021. MGM received $43.00 per unit in cash for the redemption of the majority of its MGP OP units that it held for total cash consideration of approximately $4.404 billion and also acquired approximately 12.2 million units in VICI OP. The MGP Class B share that was held by MGM was cancelled and ceased to exist simultaneous with closing.

The number of MGP Class A common shares converted to shares of VICI common stock was determined as follows:


MGP Class A common shares outstanding as of April 29, 2022			156,757,773
Exchange Ratio			1.366
VICI common stock issued (1)			214,131,064
VICI common stock issued for MGP stock-based compensation awards			421,468
Total VICI common stock issued			214,552,532

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(1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Class A common shares.

Simultaneous with the closing of the MGP Transactions on April 29, 2022, we entered into the MGM Master Lease. The MGM Master Lease has an initial term of 25 years, with three 10-year tenant renewal options and had an initial total annual rent of $860.0 million. Rent under the MGM Master Lease escalates at a rate of 2.0% per annum for the first 10 years and thereafter at the greater of 2.0% per annum or the increase in CPI, subject to a 3.0% cap. The total annual rent under the MGM Master Lease was reduced by $90.0 million upon the close of MGM’s sale of the operations of the Mirage to Hard Rock and entrance into the Mirage Lease on December 19, 2022, and further reduced by $40.0 million upon the close of MGM’s sale of the operations of Gold Strike on February 15, 2023 (which results in total annual rent under the MGM Master Lease of $730.0 million). Additionally, we retained a 50.1% ownership stake in the MGM Grand/Mandalay Bay JV, which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay. At the time of acquisition, the MGM Grand/Mandalay Bay Lease provided for total annual base rent of approximately $303.8 million, and had an initial term of thirty years with two 10-year tenant renewal options. Rent under the MGM Grand/Mandalay Bay Lease escalates at a rate of 2.0% per annum for the first 15 years and thereafter at the greater of 2.0% per annum or CPI, subject to a 3.0% cap. On January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and accordingly own 100% of the interest in the MGM Grand/Mandalay Bay JV, including the full $3.0 billion of CMBS debt held by the joint venture.

We assessed the MGP Transactions in accordance with ASC 805, and determined that the acquisition of MGP did not meet the definition of a business as substantially all the assets were concentrated in a group of similarly identifiable acquired assets, and did not include a substantive process in the form of an acquired workforce. Accordingly, the MGP Transactions were accounted for as an asset acquisition under ASC 805-50 and we determined the consideration transferred under the MGP Transactions was $11.6 billion, comprised of the following:


(In thousands)	Amount
REIT Merger Consideration (1)	$	6,568,480
Redemption payment to MGM	4,404,000
VICI OP Units retained by MGM (2)	374,769
Repayment of MGP revolving credit facility (3)	90,000
Transactions costs (4)	119,741
Total consideration transferred	$	11,556,990
Assumption of MGP OP Notes and Exchange Notes, at principal value	4,200,000
Assumption of our proportionate share of the BREIT JV CMBS debt, at principal value	1,503,000
Total purchase price	$	17,259,990

____________________

(1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Class A common shares outstanding immediately prior to the REIT Merger and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock.

(2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share.

(3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated.

(4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred.

Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions valued as of April 29, 2022:


(In thousands)	Amount
Investments in leases - financing receivables (1) (2)	$	14,245,868
Investment in unconsolidated affiliate (2) (3)	1,465,814
Cash and cash equivalents (4)	25,387
Other assets (4)	338,212
Debt, net (5)	(4,106,082)
Accrued expenses and deferred revenue (4)	(79,482)
Other liabilities (4)	(332,727)
Total net assets acquired	$	11,556,990

____________________

(1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x - 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value.

(2) The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy.

(3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the BREIT JV.

(4) Amounts represents their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions.

(5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

Concurrent with the closing of the MGP Transactions and entry into the MGM Master Lease, we assessed the lease classification of the MGM Master Lease and determined that it met the definition of a sales-type lease. Further, since MGM controlled and consolidated MGP prior to the MGP Transactions, the lease was assessed under the sale-leaseback guidance and determined to be a failed sale-leaseback under which the lease is accounted for as a financing receivable under ASC 310. In relation to the MGM Grand/Mandalay Bay JV, we determined that such investment should be accounted for as an equity method investment and, accordingly, recorded the relative fair value as an Investment in unconsolidated affiliate on our Balance Sheet. The requirement to record our investment in the MGM Grand/Mandalay Bay JV at relative fair value under ASC 805 resulted in a difference in our acquired basis from that of the underlying records, or historical cost basis, of the MGM Grand/Mandalay Bay JV. Accordingly, we compared our proportionate share of the historical cost basis of the MGM Grand/Mandalay Bay JV as of April 29, 2022 to our proportionate share of the relative fair value, the difference of which was amortized through Income from unconsolidated affiliate over the life of the related asset or liability. On January 9, 2023, we acquired the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV from BREIT and consolidated the operations of the joint venture. Refer to “MGM Grand/Mandalay Bay JV Interest Acquisition” above for further details.

Real Estate Portfolio

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Real Estate Portfolio

As of March 31, 2023, our real estate portfolio consisted of the following:

•Investments in leases - sales-type, representing our investment in 25 casino assets leased on a triple-net basis to our tenants, Apollo, Caesars, Century Casinos, EBCI, Hard Rock, MGM and PENN Entertainment under ten separate lease agreements;

•Investments in leases - financing receivables, representing our investment in 24 casino assets leased on a triple-net basis to our tenants, Caesars, CNB, Foundation Gaming, Hard Rock, JACK Entertainment, MGM and PURE Canadian Gaming under seven separate lease agreements;

•Investments in loans and securities, representing our investments in eleven senior secured and mezzanine loans and the Hard Rock Ottawa Notes; and

•Land, representing our investment in certain underdeveloped or undeveloped land adjacent to the Las Vegas strip and non-operating, vacant land parcels.

The following is a summary of the balances of our real estate portfolio as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022






Investments in leases - sales-type, net (1)	$	22,579,820	$	17,172,325

Investments in leases - financing receivables, net (1)	17,051,187		16,740,770
Total investments in leases, net	39,631,007		33,913,095
Investments in loans and securities, net	886,524		685,793
Investment in unconsolidated affiliate (2)	—		1,460,775
Land	153,560		153,560
Total real estate portfolio	$	40,671,091	$	36,213,223

____________________

(1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective Lease Agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of March 31, 2023 and December 31, 2022, the estimated residual values of the leased properties under our Lease Agreements were $15.6 billion and $11.5 billion, respectively.

(2) Represents our 50.1% investment in the MGM Grand/Mandalay Bay JV prior to the MGM Grand/Mandalay Bay JV Interest Acquisition on January 9, 2023, which was accounted for as an equity method investment.

Investments in Leases

The following table details the components of our income from sales-type leases and lease financing receivables:


	Three Months Ended March 31,
(In thousands)	2023		2022
Income from sales-type leases, fixed rent	$	459,490	$	322,258
Income from sales-type leases - contingent rent (1)	18,904		4,477

Income from lease financing receivables - fixed rent (2)	352,328		63,019
Income from lease financing receivables - contingent rent (1) (2)	2,510		—
Total lease revenue	833,232		389,754
Non-cash adjustment (3)	(122,841)		(35,553)
Total contractual lease revenue	$	710,391	$	354,201

____________________

(1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. As of March 31, 2023, we have recognized contingent rent from our Margaritaville Lease and Greektown Lease in relation to the variable rent portion of the respective leases and the Caesars Las Vegas Master Lease, Caesars Regional Master Lease, Joliet Lease and Century Master Lease in relation to the CPI portion of the annual escalator.

(2) Represents the MGM Master Lease, Harrah’s Call Properties, JACK Master Lease, Foundation Master Lease and PURE Master Lease, all of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310.

(3) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.

At March 31, 2023, minimum lease payments owed to us for each of the five succeeding years under sales-type leases and our leases accounted for as financing receivables, are as follows:


	Minimum Lease Payments (1) (2)
	Investments in Leases
(In thousands)	Sales-Type		Financing Receivables		Total
2023 (remaining)	$	1,242,554	$	859,428	$	2,101,982
2024	1,682,826		1,164,081		2,846,907
2025	1,712,512		1,185,650		2,898,162
2026	1,738,641		1,207,803		2,946,444
2027	1,765,545		1,230,444		2,995,989
2028	1,793,651		1,253,781		3,047,432
Thereafter	77,247,331		87,195,403		164,442,734
Total	$	87,183,060	$	94,096,590	$	181,279,650

Weighted Average Lease Term (2)	38.6 years		50.3 years		43.7 years

____________________

(1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the Lease Agreements.

(2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.

Lease Provisions

As of March 31, 2023, we owned 49 properties leased under 16 separate Lease Agreements with subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, CNB, EBCI, Foundation Gaming, JACK Entertainment, MGM, PENN Entertainment, PURE Canadian Gaming and Seminole Hard Rock, certain of which are master lease agreements governing multiple properties and certain of which are for single assets. Our Lease Agreements are generally long-term in nature with initial terms ranging from 15 to 30 years and are structured with several tenant renewal options extending the term of the lease for another 5 to 30 years. All of our Lease Agreements provide for annual base rent escalations, which range from 1% in the earlier years to the greater of 2% or CPI in later years, with certain of our leases providing for a cap with respect to the maximum CPI-based increase. Additionally, certain of our Lease Agreements provide for a variable rent component in which a portion of the annual rent, generally 20%, is subject to adjustment based on the revenues of the underlying asset in specified periods.

Lease Overview

The following is a summary of the material lease provisions of our Caesars Leases and MGM Leases, our two most significant tenants:

($ In thousands)

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas
Master Lease

MGM Master Lease

MGM Grand/

Mandalay Bay Lease (1)

Lease Provision

Initial term

18 years

25 years

30 years

Initial term maturity

7/31/2035

4/30/2047

2/28/2050

Renewal terms

Four, five-year terms

Three, ten-year terms

Two, ten-year terms

Current lease year

11/1/22 - 10/31/23
(Lease Year 6)

5/1/23-4/30/24 (Lease Year 2)

3/1/23 - 2/29/24 (Lease Year 4)

Current annual rent

$703,678 (2)

$454,478

$744,600

$309,873

Annual escalator (3)

Lease years 2-5 - 1.5%

Lease years 6-end of term - CPI subject to 2.0% floor

> 2% / change in CPI

Lease years 2-10 - 2%

Lease years 11-end of term - >2% / change in CPI (capped at 3%)

Lease years 2-15 - 2%

Lease years 16-end of term - >2% / change in CPI (capped at 3%)

Variable rent adjustment (4)

Year 8: 70% base rent / 30% variable rent

Years 11 & 16: 80% base rent / 20% variable rent

Years 8, 11 & 16: 80% base rent / 20% variable rent

None

Variable rent adjustment calculation

4% of revenue increase/decrease:

Year 8: Avg. of years 5-7 less avg. of years 0-2

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

4% of revenue increase/decrease:

Year 8: Avg. of years 5-7 less avg. of years 0-2

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

None

____________________

(1) On January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and acquired the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV and accordingly, the amounts set forth above reflect our consolidated interest.

(2) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Joliet Lease is $694.6 million.

(3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(4) Variable rent is not subject to the Escalator.

Capital Expenditure Requirements

We manage our residual asset risk through protective covenants in our Lease Agreements, which require the tenant to, among other things, hold specific insurance coverage, engage in ongoing maintenance of the property and invest in capital improvements. With respect to the capital improvements, the Lease Agreements specify certain minimum amounts that our tenants must spend on capital expenditures that constitute installation, restoration and repair or other improvements of items with respect to the leased properties. The following table summarizes the capital expenditure requirements of our tenants under their respective Lease Agreements:

Provision

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas Master Lease

MGM Grand/ Mandalay Bay Lease

Venetian Lease

All Other Leases (1)

Yearly minimum expenditure

1% of net revenues (2)

3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves

2% of net revenues based on rolling three-year basis

1% of net revenues

Rolling three-year minimum (3)

$311 million

$84 million

N/A

____________________

(1) Represents the tenants under our other Lease Agreements not specifically outlined in the table, as specified in the respective Lease Agreements.

(2) The Caesars Leases require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.

(3) Certain tenants under the Caesars Leases, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars Lease in such proportion as such tenants may elect. Additionally, the tenants under the Regional Master Lease and Joliet Lease are required to expend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement.

Investments in Loans and Securities

The following is a summary of our investments in loans and securities as of March 31, 2023 and December 31, 2022:


March 31, 2023
Investment Type	Principal Balance		Carrying Value(1)		Future Funding Commitments(2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes (5)	$	85,000	$	77,996	$	—	11.0	%	8.0 years
Senior Secured Loans (6)	526,110		523,707		649,810		7.8	%	3.1 years
Mezzanine Loans	293,510		284,821		321,999		9.7	%	4.3 years





Total	$	904,620	$	886,524	$	971,809	8.7	%	4.0 years


December 31, 2022
Investment Type	Principal Balance		Carrying Value(1)		Future Funding Commitments(2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Loans	$	495,901	$	492,895	$	584,049	7.8	%	3.2 years
Mezzanine Loans	196,597		192,898		514,882		9.1	%	4.3 years



Total	$	692,498	$	685,793	$	1,098,931	8.2	%	3.5 years

____________________

(1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses.

(2) Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of March 31, 2023.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

(5) Represents our investment in the Hard Rock Ottawa Notes, which are accounted for as held-to-maturity securities.

(6) Subsequent to quarter-end, on May 1, 2023, the Forum Convention Center Mortgage Loan, representing $400.0 million in principal balance of our senior secured loans, was repaid in full.

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Allowance for Credit Losses

Under ASC 326, we are required to estimate and record non-cash credit losses related to our historical and any future investments in sales-type leases, lease financing receivables, loans and securities classified as held-to-maturity.

During the three months ended March 31, 2023, we recognized a $111.5 million increase in our allowance for credit losses primarily driven by (i) initial CECL allowances in relation to (a) the consolidation of the MGM Grand/Mandalay Bay JV in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition and related classification of the MGM Grand/Mandalay Bay Lease as a sales-type lease, (b) the PURE Canadian Gaming Transaction and related classification of the PURE Master Lease as a lease financing receivable and (c) the purchase of the Hard Rock Ottawa Notes, and (ii) an increase in the Long-Term Period, probability of default, or PD, as a result of a standard annual update made to the Long-Term PD default study we utilize to estimate our CECL allowance. This increase was partially offset by (i) a decrease in the reasonable and supportable period, or R&S Period, PD of our tenants and their parent guarantors as a result of their market performance during the current quarter and (ii) changes in the macroeconomic model used to scenario condition our R&S Period PD.

During the three months ended March 31, 2022, we recognized an $80.8 million increase in our allowance for credit losses primarily driven by (i) the initial CECL allowance in relation to (a) the Venetian Acquisition and classification of the Venetian Lease as a sales-type lease, (b) the estimated future funding commitments under our Property Growth Fund Agreement with the Venetian Tenant and (c) the sales-type sub-lease agreements we assumed in connection with the Venetian Acquisition and are required to present gross and (ii) the increase in the R&S Period PD of our tenants and their parent guarantors as a result of market volatility during the first quarter of 2022. This was partially offset by a decrease in the Long-Term Period PD as a result of a standard annual update made to the Long-Term PD default study we utilize to estimate our CECL allowance.

As of March 31, 2023 and December 31, 2022, and since our formation date on October 6, 2017, all of our Lease Agreements and loan and security investments are current in payment of their obligations to us and no investments are on non-accrual status.

The following tables detail the allowance for credit losses as of March 31, 2023 and December 31, 2022:


	March 31, 2023
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	23,296,424	$	(716,604)	$	22,579,820	3.08	%
Investments in leases - financing receivables	17,740,690		(689,503)		17,051,187		3.89	%
Investments in loans and securities	902,247		(15,723)		886,524		1.74	%
Other assets - sales-type sub-leases	784,407		(16,971)		767,436		2.16	%
Totals	$	42,723,768	$	(1,438,801)	$	41,284,967	3.37	%


	December 31, 2022
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	17,742,712	$	(570,387)	$	17,172,325	3.21	%
Investments in leases - financing receivables	17,467,477		(726,707)		16,740,770		4.16	%
Investments in loans and securities	692,658		(6,865)		685,793		0.99	%
Other assets - sales-type sub-leases	784,259		(19,750)		764,509		2.52	%
Totals	$	36,687,106	$	(1,323,709)	$	35,363,397	3.61	%

____________________

(1) The total allowance excludes the CECL allowance for unfunded commitments of our senior secured and mezzanine loans. As of March 31, 2023 and December 31, 2022, such allowance is $41.3 million and $45.1 million, respectively, and is recorded in Other liabilities.

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(In thousands)	2023		2022
Beginning Balance December 31,	$	1,368,819	$	534,326

Initial allowance from current period investments	234,064		76,037
Current period change in credit allowance	(122,774)		4,783
Charge-offs	—		—
Recoveries	—		—
Ending Balance March 31,	$	1,480,109	$	615,146

Credit Quality Indicators

We assess the credit quality of our investments through the credit ratings of the senior secured debt of the guarantors of our leases, as we believe that our Lease Agreements have a similar credit profile to a senior secured debt instrument. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the guarantor of one of our Lease Agreements does not have senior secured debt with a credit rating, we use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the Long-Term Period PD when estimating credit losses for each investment.

The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2023 and 2022:


	March 31, 2023
(In thousands)	Ba2		Ba3		B1		B2		B3		N/A(2)		Total
Investments in leases - sales-type and financing receivable, Investments in loans and securities and Other assets (1)	$	4,264,385	$	33,078,752	$	3,208,259	$	877,306	$	875,296	$	419,770	$	42,723,768


	March 31, 2022
(In thousands)	Ba2		Ba3		B1		B2		B3		N/A(2)		Total
Investments in leases - sales-type and financing receivable, Investments in loans and securities and Other assets (1)	$	4,198,118	$	949,418	$	14,918,185	$	870,774	$	279,740	$	114,183	$	21,330,419

____________________

(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.

(2)We estimate the CECL allowance for our senior secured and mezzanine loans, excluding the Forum Convention Center Mortgage Loan and Hard Rock Ottawa Notes, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.

Other Assets and Other Liabilities

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2023

Other Liabilities [Abstract]

Other Assets

The following table details the components of our other assets as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Sales-type sub-leases, net (1)	$	767,436	$	764,509
Property and equipment used in operations, net	67,383		67,209
Right of use assets and sub-lease right of use assets	43,377		45,008
Debt financing costs	14,155		18,646
Deferred acquisition costs	12,245		12,834
Prepaid expenses	7,821		7,348
Tenant receivables	7,743		5,498
Other receivables	7,131		6,474
Interest receivable	5,633		6,911

Other	1,125		1,891
Total other assets	$	934,049	$	936,328

_______________________________________________________

(1) As of March 31, 2023 and December 31, 2022, sales-type sub-leases are net of $17.0 million and $19.8 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.

Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Land and land improvements	$	60,351	$	60,332
Buildings and improvements	15,219		15,125
Furniture and equipment	10,439		9,563
Total property and equipment used in operations	86,009		85,020
Less: accumulated depreciation	(18,626)		(17,811)
Total property and equipment used in operations, net	$	67,383	$	67,209


	Three Months Ended March 31,
(In thousands)	2023		2022
Depreciation expense	$	814	$	776

Other Liabilities

The following table details the components of our other liabilities as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Finance sub-lease liabilities	$	784,407	$	784,259
Deferred financing liabilities	73,600		73,600
Lease liabilities and sub-lease liabilities	43,377		45,039
CECL allowance for unfunded commitments	41,308		45,110
Derivative liability	7,393		—
Deferred income taxes	4,333		4,339
Other	125		125
Total other liabilities	$	954,543	$	952,472

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

The following tables detail our debt obligations as of March 31, 2023 and December 31, 2022:


($ In thousands)	March 31, 2023
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)	2026	SOFR + 1.05%	$	—	$	—
CAD Borrowings (2) (3)	2026	CDOR + 1.05%	103,572		103,572
MGM Grand/Mandalay Bay CMBS Debt (4)	2032	3.558%	3,000,000		2,753,800
November 2019 Notes (5)
2026 Maturity	2026	4.250%	1,250,000		1,239,538
2029 Maturity	2029	4.625%	1,000,000		989,331
February 2020 Notes (5)
2025 Maturity	2025	3.500%	750,000		745,606
2027 Maturity	2027	3.750%	750,000		743,505
2030 Maturity	2030	4.125%	1,000,000		988,999
April 2022 Notes (5)
2025 Maturity	2025	4.375%	500,000		496,701
2028 Maturity	2028	4.516% (6)	1,250,000		1,237,710
2030 Maturity	2030	4.541% (6)	1,000,000		988,050
2032 Maturity	2032	3.980% (6)	1,500,000		1,481,308
2052 Maturity	2052	5.625%	750,000		735,483
Exchange Notes (5)
2024 Maturity	2024	5.625%	1,024,169		1,028,276
2025 Maturity	2025	4.625%	799,368		785,244
2026 Maturity	2026	4.500%	480,524		464,191
2027 Maturity	2027	5.750%	729,466		737,943
2028 Maturity	2028	4.500%	349,325		337,168
2029 Maturity	2029	3.875%	727,114		663,086
MGP OP Notes (5)
2024 Maturity	2024	5.625%	25,831		25,888
2025 Maturity	2025	4.625%	632		617
2026 Maturity	2026	4.500%	19,476		18,604
2027 Maturity	2027	5.750%	20,534		20,521
2028 Maturity	2028	4.500%	675		641
2029 Maturity	2029	3.875%	22,886		20,458
Total Debt		4.340% (7)	$	17,053,572	$	16,606,240


($ In thousands)	December 31, 2022
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility (2)(3)	2026	SOFR + 1.05%	$	—	$	—
Delayed Draw Term Loan (8)	2025	SOFR + 1.20%	—		—
November 2019 Notes (5)
2026 Maturity	2026	4.250%	1,250,000		1,238,825
2029 Maturity	2029	4.625%	1,000,000		988,931
February 2020 Notes (5)
2025 Maturity	2025	3.500%	750,000		745,020
2027 Maturity	2027	3.750%	750,000		743,086
2030 Maturity	2030	4.125%	1,000,000		988,626
April 2022 Notes (5)
2025 Maturity	2025	4.375%	500,000		496,314
2028 Maturity	2028	4.516% (6)	1,250,000		1,237,082
2030 Maturity	2030	4.541% (6)	1,000,000		987,618
2032 Maturity	2032	3.980% (6)	1,500,000		1,480,799
2052 Maturity	2052	5.625%	750,000		735,360
Exchange Notes (5)
2024 Maturity	2024	5.625%	1,024,169		1,029,226
2025 Maturity	2025	4.625%	799,368		783,659
2026 Maturity	2026	4.500%	480,524		463,018
2027 Maturity	2027	5.750%	729,466		738,499
2028 Maturity	2028	4.500%	349,325		336,545
2029 Maturity	2029	3.875%	727,114		660,489
MGP OP Notes (5)
2024 Maturity	2024	5.625%	25,831		25,901
2025 Maturity	2025	4.625%	632		615
2026 Maturity	2026	4.500%	19,476		18,542
2027 Maturity	2027	5.750%	20,534		20,520
2028 Maturity	2028	4.500%	675		639
2029 Maturity	2029	3.875%	22,886		20,361
Total Debt		4.496% (7)	$	13,950,000	$	13,739,675

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(2)Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR (or CDOR, as applicable) with an additional 0.10% adjustment for SOFR loans, as applicable. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, depending on our credit ratings. For the three months ended March 31, 2023, the commitment fee for the Revolving Credit Facility was 0.250%.

(3)On January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. The balance above is inclusive of foreign currency remeasurement.

(4)Interest is payable monthly.

(5)Interest is payable semi-annually.

(6)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively.

(7)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of March 31, 2023, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.45%.

(8)The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. On February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms.

The following table is a schedule of future minimum principal payments of our debt obligations as of March 31, 2023:


(In thousands)	Future Minimum Principal Payments
2023 (remaining)	$	—
2024	1,050,000
2025	2,050,000
2026	1,853,572
2027	1,500,000
2028	1,600,000
Thereafter	9,000,000
Total minimum principal payments	$	17,053,572

Senior Unsecured Notes

Exchange Notes

On September 13, 2021, we announced that the VICI Issuers commenced (i) private exchange offers to certain eligible holders (collectively, the “Exchange Offers”) for any and all of each series of the MGP OP Notes for up to an aggregate principal amount of $4.2 billion of new notes issued by the VICI Issuers and (ii) consent solicitations with respect to each series of MGP OP Notes (collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the MGP OP Notes (collectively, the “MGP OP Notes Indentures”), which, among other things, eliminated or modified certain of the covenants, restrictions, provisions and events of default in each of the MGP OP Notes Indentures. Upon settlement of the Exchange Offers and Consent Solicitations on April 29, 2022, supplemental indentures to each of the MGP OP Notes Indentures that effected the proposed amendments became operative.

On April 29, 2022, the VICI Issuers issued $1,024.2 million in aggregate principal amount of 5.625% Senior Notes due May 1, 2024, $799.4 million in aggregate principal amount of 4.625% Senior Notes due June 15, 2025, $480.5 million in aggregate principal amount of 4.500% Senior Notes due September 1, 2026, $729.5 million in aggregate principal amount of 5.750% Senior Notes due February 1, 2027, $349.3 million in aggregate principal amount of 4.500% Senior Notes due January 15, 2028 and $727.1 million in aggregate principal amount of 3.875% Senior Notes due February 15, 2029 in exchange for the validly tendered and not validly withdrawn MGP OP Notes, originally issued by the MGP Issuers, pursuant to the settlement of the Exchange Offers and Consent Solicitations in connection with the closing of the MGP Transactions. The Exchange Notes were issued with the same interest rate, maturity date and redemption terms as the corresponding series of MGP OP Notes, in each case under a supplemental indenture dated as of April 29, 2022, between the VICI Issuers and UMB Bank, National Association, as trustee (the “Trustee”).

The Exchange Notes due 2025, 2026, 2027, 2028, and 2029 are redeemable at our option, in whole or in part, at any time on or after February 1, 2024, March 15, 2025, June 1, 2026, November 1, 2026, October 15, 2027 and November 15, 2028, respectively, at the redemption prices set forth in the respective indenture governing such Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium.

MGP OP Notes

Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, $25.8 million in aggregate principal amount of MGP OP Notes due 2024, $0.6 million in aggregate principal amount of MGP OP Notes due 2025, $19.5 million in aggregate principal amount of MGP OP Notes due 2026, $20.5 million in aggregate principal amount of MGP OP Notes due 2027, $0.7 million in aggregate principal amount of MGP OP Notes due 2028 and $22.9 million in aggregate principal amount of MGP OP Notes due 2029 remain outstanding.

Each series of the MGP OP Notes is redeemable at our option, in whole or in part, at any time on or after the same dates as set forth above with respect to the corresponding maturity series of the Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium.

April 2022 Notes

On April 29, 2022, VICI LP, our wholly owned subsidiary, issued (i) $500.0 million in aggregate principal amount of 4.375% Senior Notes due 2025, which mature on May 15, 2025, (ii) $1,250.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on February 15, 2028, (iii) $1,000.0 million in aggregate principal amount of 4.950% Senior Notes due 2030, which mature on February 15, 2030, (iv) $1,500.0 million in aggregate principal amount of 5.125% Senior Notes due 2032, which mature on May 15, 2032, and (v) $750.0 million in aggregate principal amount of 5.625% Senior Notes due 2052, which mature on May 15, 2052, (collectively, the “April 2022 Notes”) in each case under a supplemental indenture dated as of April 29, 2022, between VICI LP and the Trustee. We used the net proceeds of the offering to (i) fund the consideration for the redemption of a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash in connection with the closing of the MGP Transactions on April 29, 2022, and (ii) pay down the outstanding $600.0 million balance on our Revolving Credit Facility.

Prior to their maturity date, in the case of the April 2022 Notes due 2025, and January 15, 2028 (one month prior to the maturity date of the April 2022 Notes due 2028), December 15, 2029 (two months prior to the maturity date of the April 2022 Notes due 2030), February 15, 2032 (three months prior to the maturity date of the April 2022 Notes due 2032) and November 15, 2051 (six months prior to the maturity date of the April 2022 Notes due 2052), respectively, in the case of the April 2022 Notes due 2028, 2030, 2032 and 2052, we may redeem the April 2022 Notes at our option, in whole or in part, at any time and from time to time, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. On or after January 15, 2028, December 15, 2029, February 15, 2032 and November 15, 2051, respectively, we may redeem the April 2022 Notes due 2028, 2030, 2032 and 2052 at a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date.

February 2020 Notes

On February 5, 2020, the VICI Issuers issued (i) $750.0 million in aggregate principal amount of 3.500% Senior Notes due 2025, which mature on February 15, 2025, (ii) $750.0 million in aggregate principal amount of 3.750% Senior Notes due 2027, which mature on February 15, 2027, and (iii) $1,000.0 million in aggregate principal amount of 4.125% Senior Notes due 2030, which mature on August 15, 2030 (collectively, the “February 2020 Notes”), under separate indentures, each dated as of February 5, 2020, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee.

The February 2020 Notes due 2025, 2027 and 2030 are redeemable at our option, in whole or in part, at any time on or after February 15, 2022, February 15, 2023, and February 15, 2025, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the February 2020 Notes due 2025, 2027 and 2030 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to February 15, 2022, with respect to the February 2020 Notes due 2025, and February 15, 2023, with respect to the February 2020 Notes due 2027 and 2030, we may redeem up to 40% of the aggregate principal amount of the February 2020 Notes due 2025, 2027 and 2030 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture.

November 2019 Notes

On November 26, 2019, the VICI Issuers issued (i) $1,250.0 million in aggregate principal amount of 4.250% Senior Notes due 2026, which mature on December 1, 2026, and (ii) $1,000.0 million in aggregate principal amount of 4.625% Senior Notes due 2029, which mature on December 1, 2029 (collectively, the “November 2019 Notes”), under separate indentures, each dated as of November 26, 2019, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee.

The November 2019 Notes due 2026 and 2029 are redeemable at our option, in whole or in part, at any time on or after December 1, 2022 and December 1, 2024, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the November 2019 Notes due 2026 or 2029 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to December 1, 2022, we may redeem up to 40% of the aggregate principal amount of the November 2019 Notes due 2026 or 2029 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture.

Guarantee and Financial Covenants

None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes and the April 2022 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes.

Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the Trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant.

The indenture governing the April 2022 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and VICI LP to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications.

Unsecured Credit Facilities

On February 8, 2022, VICI LP entered into the Credit Agreement providing for (i) the Revolving Credit Facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 and (ii) the Delayed Draw Term Loan in the amount of $1.0 billion scheduled to mature on March 31, 2025. The Delayed Draw Term Loan was available to be drawn for up to 12 months following the effective date and, accordingly, expired undrawn in accordance with its terms on February 8, 2023.

The Revolving Credit Facility includes two six-month maturity extension options the exercise of which is subject to customary conditions and the payment of an extension fee of 0.0625% on the extended commitments. Additionally, the Revolving Credit Facility includes the option to increase the revolving loan commitments by up to $1.0 billion to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions. On July 15, 2022, the Credit Agreement was amended pursuant to a First Amendment among VICI LP and the lenders party to the Credit Agreement, in order to permit borrowings under the Revolving Credit Facility in certain foreign currencies in an aggregate principal amount of up to the equivalent of $1.25 billion.

Borrowings under the Revolving Credit Facility will bear interest, at VICI LP’s option, at a rate based on SOFR (or CDOR for Canadian dollars) (including a credit spread adjustment for SOFR) plus a margin ranging from 0.775% to 1.325% or a base rate (or Canadian prime rate for Canadian dollars) plus a margin ranging from 0.00% to 0.325%, in each case, with the actual margin determined according to VICI LP’s debt ratings. The base rate for USD is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject in each case to a floor of 1.0%. The Canadian prime rate is the highest of (i) the PRIMCAN Index rate and (ii) the average rate for thirty day Canadian Dollar bankers’ acceptance quoted by Reuters plus 1.0%, subject in each case to a floor of 1.0%. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.15% to 0.375% (depending on VICI LP’s debt rating) of total revolving commitments.

Pursuant to the terms of the Credit Agreement, VICI LP is subject to, among other things, customary covenants and the maintenance of various financial covenants. The Credit Agreement is consistent with certain tax-related requirements related to security for the Company’s debt.

On February 18, 2022, we drew on the Revolving Credit Facility in the amount of $600.0 million to fund a portion of the purchase price of the Venetian Acquisition. On April 29, 2022, we repaid the outstanding balance of the Revolving Credit Facility using the proceeds from the April 2022 Notes offering.

On January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million to fund a portion of the purchase price of the PURE Canadian Gaming Transaction.

MGM Grand/Mandalay Bay CMBS Debt

On January 9, 2023, as a result of the MGM Grand/Mandalay Bay JV Interest Acquisition, we consolidated the assets and liabilities of the MGM Grand/Mandalay Bay JV, which includes the $3.0 billion in principal amount of outstanding CMBS debt (the “MGM Grand/ Mandalay Bay CMBS Debt”). The MGM Grand/Mandalay Bay CMBS Debt was originally incurred on February 14, 2020 pursuant to a loan agreement (as amended from time to time, the “MGM Grand/Mandalay Bay CMBS Loan Agreement”), and is secured primarily by mortgages on certain affiliates of the MGM Grand/Mandalay Bay JV’s fee interest in the real estate assets related to the MGM Grand Las Vegas and the Mandalay Bay Resort and Casino. The MGM Grand/Mandalay Bay CMBS Debt matures in March 2032 and bears interest at 3.558% per annum until March 2030 at which time the rate can change in accordance with the terms of the MGM Grand Mandalay Bay CMBS Loan Agreement until maturity. The MGM Grand/Mandalay Bay CMBS Loan Agreement contains certain customary affirmative and negative covenants and events of default, including, among other things, restrictions on the ability of the MGM Grand/Mandalay Bay JV and certain of its affiliates to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring certain affiliates of the MGM Grand/Mandalay Bay JV to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings.

Bridge Facilities

On March 2, 2021 and August 4, 2021, in connection with the completion of the Venetian Acquisition and MGP Transactions, respectively, VICI PropCo entered into Commitment Letters with certain lenders pursuant to which they provided commitments in an amount up to $4.0 billion and $9.3 billion, respectively, in the aggregate, each consisting of a 364-day first lien secured bridge facility (the “Venetian Acquisition Bridge Facility” and the “MGP Transactions Bridge Facility,” respectively), for the purpose of providing a portion of the financing necessary in connection with the closing of the Venetian Acquisition and MGP Transactions, as applicable. In each case the commitments were subject to a tiered commitment fee based on the period the respective commitment was outstanding and a structuring fee. During the three months ended March 31, 2022, we recognized $12.5 million in such fees which were recorded in Interest expense in our Statement of Operations. We did not recognize any such fees during the three months ended March 31, 2023, since the Venetian Acquisition Bridge Facility and MGP Transactions Bridge Facility were fully terminated on February 23, 2022 and April 29, 2022, respectively, in connection with such closings.

Financial Covenants

As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain asset and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At March 31, 2023, we were in compliance with all financial covenants under our debt obligations.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

3 Months Ended

Mar. 31, 2023

Derivatives

Forward-Starting Derivatives

In March 2023, we entered into two forward-starting interest rate swap agreements with an aggregate notional amount of $250.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of $250.0 million of senior unsecured notes. We hedged our exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2024. The forward-starting interest rate swaps are designated as cash-flow hedges.

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2023. As of December 31, 2022, there were no derivative instruments outstanding.

($ In thousands)

March 31, 2023

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

3.4565%

200,000

USD-SOFR-COMPOUND

March 6, 2034

Forward-starting interest rate swap

3.0615%

50,000

USD-SOFR-COMPOUND

March 6, 2034

From December 2021 through April 2022, we entered into five forward-starting interest rate swap agreements with an aggregate notional amount of $2.5 billion and two U.S. Treasury Rate Lock agreements with an aggregate notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $3.0 billion of long-term debt. The forward-starting interest rate swaps and treasury locks were designated as cash-flow hedges. In April 2022 in connection with the April 2022 Notes offering, we settled the outstanding forward-starting interest rate swaps for total net proceeds of $202.3 million and the treasury locks for total net proceeds of $4.5 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the April 2022 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense.

The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2023		2022
Unrealized (loss) gain recorded in other comprehensive income	$	(7,393)	$	108,611
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(6,037)		—

Net Investment Hedges

The C$140.0 million draw on the Revolving Credit Facility in connection with the PURE Canadian Gaming Transaction reduces the impact of exchange rate variations associated with our investment in the PURE Canadian Gaming entities and accordingly, has been designated as a hedge of the net investment in the PURE Canadian Gaming entities. As a non-derivative net investment hedge, the impact of changes in foreign currency exchange rates on the principal balance are recognized as a cumulative translation adjustment within accumulated other comprehensive income. For the three months ended March 31, 2023 we recognized $2.4 million in unrealized losses related to such net investment hedge, which were recorded as a component of Foreign currency translation adjustments in the Statement of Operations.

Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


	March 31, 2023
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial liabilities:
Derivative instruments - forward-starting interest rate swaps (1)	$	7,393	$	—	$	7,393	$	—


	December 31, 2022
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:

Short-term investments (2)	$	217,342	$	—	$	217,342	$	—

___________________

(1) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

(2) The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

The estimated fair values of our financial instruments as of March 31, 2023 and December 31, 2022 for which fair value is only disclosed are as follows:


	March 31, 2023				December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	17,051,187	$	17,566,724	$	16,740,770	$	17,871,771
Investments in loans and securities (2)	886,524		878,905		685,793		675,456
Cash and cash equivalents	247,673		247,673		208,933		208,933

Financial liabilities:
Debt (3)
Revolving Credit Facility	103,572		103,572		—		—
MGM Grand/Mandalay Bay CMBS Debt	2,753,800		2,753,800		—		—
Senior Unsecured Notes	13,748,868		13,146,280		13,739,675		13,020,636

____________________

(1)These investments represent the JACK Master Lease, the Harrah’s Call Properties, the MGM Master Lease, the Foundation Master Lease and the PURE Master Lease. In relation to the Harrah’s Call Properties, JACK Master Lease and MGM Master Lease the fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to the Foundation Master Lease and PURE Master Lease, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets.

(2)These investments represent our investments in eleven senior secured and mezzanine loans and one series of senior secured notes. The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to our investments in securities, representing the Hard Rock Ottawa Notes, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets.

(3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2023

Commitments and Contingent Liabilities

Litigation

In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of March 31, 2023, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

Operating Lease Commitments

We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) certain corporate offices, the most material of which is our corporate headquarters in New York, NY, which expires in 2030 and has one five-year renewal option. The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms, and are between 5.3% and 5.5%. The weighted average remaining lease term as of March 31, 2023 under our operating leases was 13.4 years.

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rent expense	$	498	$	499
Contractual rent	473		475

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	1,426
2024	1,847
2025	1,908
2026	1,958
2027	1,979
2028	2,000
Thereafter	13,138
Total minimum lease commitments	$	24,256
Discounting factor	8,401
Lease liability	$	15,855

Sub-Lease Commitments

Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through the Lease Agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord.

We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. The following is a summary of the leases, the lease classification of which has been determined to be either an operating sub-lease or finance sub-lease.

Operating Sub-Lease Commitments

With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the leases and determined that they meet the definition of an operating lease. Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities.


(In thousands)	March 31, 2023		December 31, 2022
Others assets (operating sub-leases)	$	27,522	$	28,953
Other liabilities (operating sub-lease liabilities)	27,522		28,953

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rental income and expense	$	1,712	$	571
Contractual rent	1,631		528

The future minimum lease commitments relating to the sub-leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	4,953
2024	6,553
2025	5,129
2026	3,934
2027	4,010
2028	3,034
Thereafter	2,094
Total minimum lease commitments	$	29,707
Discounting factor	2,185
Sub-lease liabilities	$	27,522

The discount rate for the operating sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 2.6% and 2.9%. The weighted average remaining lease term as of March 31, 2023 under our operating sub-lease was 5.2 years.

Finance Sub-Lease Commitments

With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease. Accordingly, we have recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities.

The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Others assets (sales-type sub-leases, net)	$	767,436	$	764,509
Other liabilities (finance sub-lease liabilities)	784,407		784,259

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rental income and expense	$	14,429	$	6,484
Contractual rent	14,281		6,678

The future minimum lease commitments relating to the ground and use sub-leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	44,487
2024	59,039
2025	59,174
2026	59,174
2027	59,174
2028	59,174
Thereafter	2,496,361
Total minimum lease commitments	$	2,836,583
Discounting factor	2,052,176
Finance sub-lease liability	$	784,407

The discount rates for the finance ground and use sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of March 31, 2023 under our finance sub-leases was 54.5 years.

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stock

Authorized

As of March 31, 2023, we have the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of common stock, $0.01 par value per share, and 50,000,000 shares of preferred stock, $0.01 par value per share.

Public Offerings

From time to time, we offer shares of our common stock through public offerings registered with the SEC. In connection with such offerings, we may issue and sell the offered shares of common stock upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the shares of common stock sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms.

Forward Offerings

The following table summarizes the terms of the forward sale agreements outstanding as of March 31, 2023:


(In thousands, except share and per share data)	Effective Date (1)	Total Shares Sold (2)	Public Offering Price Per Share		Aggregate Offering Value		Initial Forward Sale Price Per Share		Initial Net Value
January 2023 Offering (3)	January 18, 2023	30,302,500	$	33.00	$	999,983	$	31.85	$	964,400

____________________

(1)The forward sale agreements generally require settlement within twelve months of the trade date, which is January 16, 2024 with respect to the January 2023 Offering.

(2)The amount is inclusive of 3,952,500 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock.

(3)As of March 31, 2023, the net forward sales price per share under the January 2023 Offering was $31.69 and would result in us receiving approximately $960.4 million in net cash proceeds if we were to physically settle the shares. Alternatively, if we were to cash settle the shares under the January 2023 Offering, it would result in a cash outflow of $28.1 million, or, if we were to net share settle the shares under the January 2023 Offering, it would result in us issuing approximately 0.9 million shares.

(4)Subsequent to quarter-end, on April 4, 2023, we physically settled 3,200,000 shares under the January 2023 Forward Sale Agreements at a forward share price of $31.71 per share, in exchange for total net proceeds of approximately $101.5 million.

We did not receive any proceeds from the sale of shares at the time we entered into each of the respective forward sale agreements. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

The following table summarizes settlement activity of the outstanding forward sale agreements during the three months ended March 31, 2023 and 2022:


(In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
November 2022 Forward Sale Agreements	January 6, 2023	Physical	18,975,000	$	30.34	$	575,628
September 2021 Forward Sale Agreements	February 18, 2022	Physical	50,000,000	27.81		1,390,600
March 2021 Forward Sale Agreements	February 18, 2022	Physical	69,000,000	26.50		1,828,600
Total			137,975,000	$	27.50	$	3,794,828

At-the-Market Offering Program

On February 28, 2023, we entered into an equity distribution agreement, pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,500.0 million of our common stock (the “ATM Program”) and terminated our prior equity distribution agreement, pursuant to which we previously sold, from time to time, shares of our common stock. Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale contracts. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs.

During the three months ended March 31, 2023 and 2022, we did not sell any shares under the ATM Program or the previous equity distribution agreement. We have no obligation to sell the remaining shares available for sale under the ATM Program.

The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program, all of which were sold subject to a forward sale agreement (collectively, the “ATM Forward Sale Agreements”) and the previous equity distribution agreement, as applicable, during the three months ended March 31, 2023. As of March 31, 2023, we do not have any forward shares outstanding under the ATM Program.


(In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
December 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	6,317,805	$	32.99	$	208,402
August 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	3,918,807	33.96		133,073
June 2022 ATM Forward Sale Agreement	January 3, 2023	Physical	11,380,980	31.20		355,168
Total			21,617,592	$	32.22	$	696,643

Common Stock Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


	Three Months Ended March 31,
Common Stock Outstanding	2023	2022
Beginning Balance January 1,	963,096,563	628,942,092

Issuance of common stock upon physical settlement of forward sale agreements	40,592,592	119,000,000


Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	515,763	471,219
Ending Balance March 31,	1,004,204,918	748,413,311

Distributions

Dividends declared (on a per share basis) during the three months ended March 31, 2023 and 2022 were as follows:

Three Months Ended March 31, 2023

Declaration Date

Record Date

Payment Date

Period

Dividend

March 9, 2023

March 23, 2023

April 6, 2023

January 1, 2023 - March 31, 2023

0.3900

Three Months Ended March 31, 2022

Declaration Date

Record Date

Payment Date

Period

Dividend

March 10, 2022

March 24, 2022

April 7, 2022

January 1, 2022 - March 31, 2022

0.3600

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Earnings Per Share and Earnings Per Unit

Earnings Per Share and Earnings Per Unit

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement).

The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:


	Three Months Ended March 31,
(In thousands)	2023	2022
Determination of shares:
Weighted-average shares of common stock outstanding	1,001,527	684,341
Assumed conversion of restricted stock	1,073	581
Assumed settlement of forward sale agreements	1,232	2,993
Diluted weighted-average shares of common stock outstanding	1,003,831	687,915


	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Basic:
Net income attributable to common stockholders	$	518,740	$	240,383
Weighted-average shares of common stock outstanding	1,001,527		684,341
Basic EPS	$	0.52	$	0.35

Diluted:
Net income attributable to common stockholders	$	518,740	$	240,383
Diluted weighted-average shares of common stock outstanding	1,003,831		687,915
Diluted EPS	$	0.52	$	0.35

Earnings Per Unit

The following section presents the basic earnings per unit (“EPU”) and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP units outstanding and resulting dilution to EPU.

The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:


	Three Months Ended March 31,
(In thousands)	2023	2022
Determination of units:
Weighted-average units outstanding	1,013,758	684,341
Assumed conversion of VICI restricted stock	1,073	581
Assumed settlement of VICI forward sale agreements	1,232	2,993
Diluted weighted-average units outstanding	1,016,063	687,915


	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Basic:
Net income attributable to partners	$	522,076	$	238,347
Weighted-average units outstanding	1,013,758		684,341
Basic EPU	$	0.51	$	0.35

Diluted:
Net income attributable to partners	$	522,076	$	238,347
Weighted-average units outstanding	1,016,063		687,915
Diluted EPU	$	0.51	$	0.35

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At March 31, 2023, 10.2 million shares of common stock remained available for issuance by us as equity awards under the Plan.

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2023		2022
Stock-based compensation expense	$	3,467	$	2,630

The following table details the activity of our time-based restricted stock and performance-based restricted stock units:


	Three Months Ended March 31, 2023
	Incentive and Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	507	$	27.47	769	$	22.88
Granted	173	34.25		475	28.59
Vested	(159)	27.59		(363)	19.90
Forfeited	(20)	27.69		(116)	19.90
Canceled	—	—		—	—
Outstanding at end of period	501	$	29.77	765	$	28.28


	Three Months Ended March 31, 2022
	Incentive and Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	300	$	24.72	588	$	19.32
Granted	258	28.39		463	27.01
Vested	(125)	24.85		(227)	22.68
Forfeited	(14)	25.26		(80)	22.68
Canceled	—	—		—	—
Outstanding at end of period	419	$	26.92	744	$	22.72

As of March 31, 2023, there was $29.0 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 2.2 years.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements, including the notes thereto, are unaudited and condense or exclude some of the disclosures and information normally required in audited financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited Financial Statements and related notes should be read in conjunction with our audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K, as updated from time to time in our other filings with the SEC. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Principles of Consolidation and Non-controlling Interest	Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of March 31, 2023, VICI’s non-controlling interests represent an approximate 1.2% third-party ownership of VICI OP in the form of VICI OP Units and a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo LLC.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of March 31, 2023 and December 31, 2022, we did not have any restricted cash.
Short-Term Investments	Short-Term Investments Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value. We may invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available for sale securities.
Purchase Price Accounting	Purchase Price Accounting We assess all of our property acquisitions under ASC 805 - Business Combinations (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business combination when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets, (ii) the acquisition does not include a substantive process in the form of an acquired workforce, or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition. We allocate the purchase price to the identifiable assets acquired and liabilities assumed, as applicable, using their relative fair value. Generally, with the exception of the MGP Transactions and the MGM Grand/Mandalay Bay JV Interest Acquisition (each as further described in Note 3 - P roperty Transactions), our acquisitions consist of properties without existing leases or debt and, accordingly, the assets acquired are comprised of land, building and site improvements. Further, since all the components of our leases are classified as sales-type leases or financing receivables, as further described below, the assets acquired are transferred into the net investment in lease or financing receivable, as applicable.
Investments in Leases - Sales-type and Financing Receivables, Net, Lease Term and Income from Leases and Lease Financing Receivables	Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Gold Strike Lease, Hard Rock Cincinnati Lease, MGM Grand/Mandalay Bay Lease, PENN Entertainment Leases, Southern Indiana Lease and Venetian Lease meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the Foundation Master Lease, Harrah’s Call Properties components of the Caesars Regional Master Lease, JACK Master Lease, MGM Master Lease and PURE Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, such leases are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the Lease Agreements and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method.
Investments in Loans and Securities, net	Investments in Loans and Securities, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. We classify our investments in securities on the date of acquisition of the investment as either trading, available-for-sale or held-to-maturity. We classify our debt securities as held-to-maturity, as we have the intent and ability to hold this security until maturity, the accounting of which is materially consistent with that of our Investments in loans.
Allowance for Credit Losses	Allowance for Credit Losses ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans and securities. We have elected to use a discounted cash flow model to estimate the Allowance for credit losses, or CECL allowance for our Investments in leases - sales-type, Investments in leases - financing receivables and certain of our loans and securities, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease, loan or security and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant or borrower and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants, borrowers and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Sales-type sub-leases (included in Other assets) on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties through the Partner Property Growth Fund. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers’ and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the three months ended March 31, 2023 and 2022.
Foreign Currency Translation and Remeasurement	Foreign Currency Translation and Remeasurement Our investment in the PURE Portfolio is denominated in Canadian Dollars (“CAD” or “C$”), and accordingly, we translate the financial statements of the subsidiaries that own the PURE Portfolio into U.S. Dollars (“USD” or “US$”) when we consolidate their financial results and position. Generally, assets and liabilities are translated at the exchange rate in effect at the date of the Balance Sheet and the resulting translation adjustments are included in Accumulated other comprehensive income in the Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income Statement accounts are translated using the average exchange rate for the period. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is denominated CAD, which is not our and our consolidated subsidiaries functional currency of USD. When the debt and related operating receivables and/or payables are remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Other gains (losses), net in the Statement of Operations.
Other Income and Other Expenses	Other Income and Other ExpensesOther income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under these certain ground and use leases.
Fair Value Measurements	Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.
Derivative Financial Instruments	Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) in our Balance Sheet with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
Concentrations of Credit Risk	Concentrations of Credit Risk Caesars and MGM are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from the Caesars Leases represented 38% of our lease revenues for the three months ended March 31, 2023 and 76% of our lease revenues for the three months ended March 31, 2022. Revenue from the MGM Leases represented 39% of our lease revenues for the three months ended March 31, 2023. We did not have any revenue from the MGM Leases for the three months ended March 31, 2022 as the MGP Transactions closed on April 29, 2022. Additionally, our properties on the Las Vegas Strip generated approximately 48% and 38% of our lease revenues for the three months ended March 31, 2023 and 2022, respectively. Other than having two tenants from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk.

Real Estate Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The following is a summary of our net assets acquired upon consolidation of the MGM Grand/Mandalay Bay JV:


(In thousands)	Amount
Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions	$	1,458,782
Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition	1,261,882
Transaction costs	14,630
Total net assets acquired	$	2,735,294


(In thousands)	Amount
Investments in leases - sales-type	$	5,494,351
Cash and cash equivalents (1)	9,607
Debt, net (3)	(2,747,877)
Accrued expenses and deferred revenue (1)	(20,787)
Total net assets acquired	$	2,735,294

____________________

(1) Amount represents their current carrying value, which is equal to fair value.

The number of MGP Class A common shares converted to shares of VICI common stock was determined as follows:


MGP Class A common shares outstanding as of April 29, 2022			156,757,773
Exchange Ratio			1.366
VICI common stock issued (1)			214,131,064
VICI common stock issued for MGP stock-based compensation awards			421,468
Total VICI common stock issued			214,552,532

____________________

(1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Class A common shares.

Accordingly, the MGP Transactions were accounted for as an asset acquisition under ASC 805-50 and we determined the consideration transferred under the MGP Transactions was $11.6 billion, comprised of the following:


(In thousands)	Amount
REIT Merger Consideration (1)	$	6,568,480
Redemption payment to MGM	4,404,000
VICI OP Units retained by MGM (2)	374,769
Repayment of MGP revolving credit facility (3)	90,000
Transactions costs (4)	119,741
Total consideration transferred	$	11,556,990
Assumption of MGP OP Notes and Exchange Notes, at principal value	4,200,000
Assumption of our proportionate share of the BREIT JV CMBS debt, at principal value	1,503,000
Total purchase price	$	17,259,990

____________________

(2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share.


(In thousands)	Amount
Investments in leases - financing receivables (1) (2)	$	14,245,868
Investment in unconsolidated affiliate (2) (3)	1,465,814
Cash and cash equivalents (4)	25,387
Other assets (4)	338,212
Debt, net (5)	(4,106,082)
Accrued expenses and deferred revenue (4)	(79,482)
Other liabilities (4)	(332,727)
Total net assets acquired	$	11,556,990

____________________

(2) The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy.

(3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the BREIT JV.

Real Estate Portfolio (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule Real Estate Portfolio

The following is a summary of the balances of our real estate portfolio as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022






Investments in leases - sales-type, net (1)	$	22,579,820	$	17,172,325

Investments in leases - financing receivables, net (1)	17,051,187		16,740,770
Total investments in leases, net	39,631,007		33,913,095
Investments in loans and securities, net	886,524		685,793
Investment in unconsolidated affiliate (2)	—		1,460,775
Land	153,560		153,560
Total real estate portfolio	$	40,671,091	$	36,213,223

____________________

Schedule of Components of Direct Financing and Operating Leases

The following table details the components of our income from sales-type leases and lease financing receivables:


	Three Months Ended March 31,
(In thousands)	2023		2022
Income from sales-type leases, fixed rent	$	459,490	$	322,258
Income from sales-type leases - contingent rent (1)	18,904		4,477

Income from lease financing receivables - fixed rent (2)	352,328		63,019
Income from lease financing receivables - contingent rent (1) (2)	2,510		—
Total lease revenue	833,232		389,754
Non-cash adjustment (3)	(122,841)		(35,553)
Total contractual lease revenue	$	710,391	$	354,201

____________________

Schedule of Future Minimum Lease Payments for Operating and Capital Leases

At March 31, 2023, minimum lease payments owed to us for each of the five succeeding years under sales-type leases and our leases accounted for as financing receivables, are as follows:


	Minimum Lease Payments (1) (2)
	Investments in Leases
(In thousands)	Sales-Type		Financing Receivables		Total
2023 (remaining)	$	1,242,554	$	859,428	$	2,101,982
2024	1,682,826		1,164,081		2,846,907
2025	1,712,512		1,185,650		2,898,162
2026	1,738,641		1,207,803		2,946,444
2027	1,765,545		1,230,444		2,995,989
2028	1,793,651		1,253,781		3,047,432
Thereafter	77,247,331		87,195,403		164,442,734
Total	$	87,183,060	$	94,096,590	$	181,279,650

Weighted Average Lease Term (2)	38.6 years		50.3 years		43.7 years

____________________

(1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the Lease Agreements.

(2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.

Schedule of Lease Agreements

The following is a summary of the material lease provisions of our Caesars Leases and MGM Leases, our two most significant tenants:

($ In thousands)

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas
Master Lease

MGM Master Lease

MGM Grand/

Mandalay Bay Lease (1)

Lease Provision

Initial term

18 years

25 years

30 years

Initial term maturity

7/31/2035

4/30/2047

2/28/2050

Renewal terms

Four, five-year terms

Three, ten-year terms

Two, ten-year terms

Current lease year

11/1/22 - 10/31/23
(Lease Year 6)

5/1/23-4/30/24 (Lease Year 2)

3/1/23 - 2/29/24 (Lease Year 4)

Current annual rent

$703,678 (2)

$454,478

$744,600

$309,873

Annual escalator (3)

Lease years 2-5 - 1.5%

Lease years 6-end of term - CPI subject to 2.0% floor

> 2% / change in CPI

Lease years 2-10 - 2%

Lease years 11-end of term - >2% / change in CPI (capped at 3%)

Lease years 2-15 - 2%

Lease years 16-end of term - >2% / change in CPI (capped at 3%)

Variable rent adjustment (4)

Year 8: 70% base rent / 30% variable rent

Years 11 & 16: 80% base rent / 20% variable rent

Years 8, 11 & 16: 80% base rent / 20% variable rent

None

Variable rent adjustment calculation

4% of revenue increase/decrease:

Year 8: Avg. of years 5-7 less avg. of years 0-2

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

4% of revenue increase/decrease:

Year 8: Avg. of years 5-7 less avg. of years 0-2

Year 11: Avg. of years 8-10 less avg. of years 5-7

Year 16: Avg. of years 13-15 less avg. of years 8-10

None

____________________

(3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(4) Variable rent is not subject to the Escalator.

Schedule Of Capital Expenditure Requirements Under Lease Agreements

The following table summarizes the capital expenditure requirements of our tenants under their respective Lease Agreements:

Provision

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas Master Lease

MGM Grand/ Mandalay Bay Lease

Venetian Lease

All Other Leases (1)

Yearly minimum expenditure

1% of net revenues (2)

3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves

2% of net revenues based on rolling three-year basis

1% of net revenues

Rolling three-year minimum (3)

$311 million

$84 million

N/A

____________________

(1) Represents the tenants under our other Lease Agreements not specifically outlined in the table, as specified in the respective Lease Agreements.

Summary of Investments In Loans

The following is a summary of our investments in loans and securities as of March 31, 2023 and December 31, 2022:


March 31, 2023
Investment Type	Principal Balance		Carrying Value(1)		Future Funding Commitments(2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Notes (5)	$	85,000	$	77,996	$	—	11.0	%	8.0 years
Senior Secured Loans (6)	526,110		523,707		649,810		7.8	%	3.1 years
Mezzanine Loans	293,510		284,821		321,999		9.7	%	4.3 years





Total	$	904,620	$	886,524	$	971,809	8.7	%	4.0 years


December 31, 2022
Investment Type	Principal Balance		Carrying Value(1)		Future Funding Commitments(2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured Loans	$	495,901	$	492,895	$	584,049	7.8	%	3.2 years
Mezzanine Loans	196,597		192,898		514,882		9.1	%	4.3 years



Total	$	692,498	$	685,793	$	1,098,931	8.2	%	3.5 years

____________________

(1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses.

(2) Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement.

(3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of March 31, 2023.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

(5) Represents our investment in the Hard Rock Ottawa Notes, which are accounted for as held-to-maturity securities.

(6) Subsequent to quarter-end, on May 1, 2023, the Forum Convention Center Mortgage Loan, representing $400.0 million in principal balance of our senior secured loans, was repaid in full.

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Net Investment in Lease, Allowance for Credit Loss

The following tables detail the allowance for credit losses as of March 31, 2023 and December 31, 2022:


	March 31, 2023
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	23,296,424	$	(716,604)	$	22,579,820	3.08	%
Investments in leases - financing receivables	17,740,690		(689,503)		17,051,187		3.89	%
Investments in loans and securities	902,247		(15,723)		886,524		1.74	%
Other assets - sales-type sub-leases	784,407		(16,971)		767,436		2.16	%
Totals	$	42,723,768	$	(1,438,801)	$	41,284,967	3.37	%


	December 31, 2022
($ In thousands)	Amortized Cost		Allowance (1)		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	17,742,712	$	(570,387)	$	17,172,325	3.21	%
Investments in leases - financing receivables	17,467,477		(726,707)		16,740,770		4.16	%
Investments in loans and securities	692,658		(6,865)		685,793		0.99	%
Other assets - sales-type sub-leases	784,259		(19,750)		764,509		2.52	%
Totals	$	36,687,106	$	(1,323,709)	$	35,363,397	3.61	%

____________________

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(In thousands)	2023		2022
Beginning Balance December 31,	$	1,368,819	$	534,326

Initial allowance from current period investments	234,064		76,037
Current period change in credit allowance	(122,774)		4,783
Charge-offs	—		—
Recoveries	—		—
Ending Balance March 31,	$	1,480,109	$	615,146

Financing Receivable Credit Quality Indicators

The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2023 and 2022:


	March 31, 2023
(In thousands)	Ba2		Ba3		B1		B2		B3		N/A(2)		Total
Investments in leases - sales-type and financing receivable, Investments in loans and securities and Other assets (1)	$	4,264,385	$	33,078,752	$	3,208,259	$	877,306	$	875,296	$	419,770	$	42,723,768


	March 31, 2022
(In thousands)	Ba2		Ba3		B1		B2		B3		N/A(2)		Total
Investments in leases - sales-type and financing receivable, Investments in loans and securities and Other assets (1)	$	4,198,118	$	949,418	$	14,918,185	$	870,774	$	279,740	$	114,183	$	21,330,419

____________________

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Other Liabilities [Abstract]

Schedule of Other Assets

The following table details the components of our other assets as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Sales-type sub-leases, net (1)	$	767,436	$	764,509
Property and equipment used in operations, net	67,383		67,209
Right of use assets and sub-lease right of use assets	43,377		45,008
Debt financing costs	14,155		18,646
Deferred acquisition costs	12,245		12,834
Prepaid expenses	7,821		7,348
Tenant receivables	7,743		5,498
Other receivables	7,131		6,474
Interest receivable	5,633		6,911

Other	1,125		1,891
Total other assets	$	934,049	$	936,328

_______________________________________________________

Schedule of Property and Equipment Used in Operations, Net


(In thousands)	March 31, 2023		December 31, 2022
Land and land improvements	$	60,351	$	60,332
Buildings and improvements	15,219		15,125
Furniture and equipment	10,439		9,563
Total property and equipment used in operations	86,009		85,020
Less: accumulated depreciation	(18,626)		(17,811)
Total property and equipment used in operations, net	$	67,383	$	67,209


	Three Months Ended March 31,
(In thousands)	2023		2022
Depreciation expense	$	814	$	776

Schedule of Other Liabilities

The following table details the components of our other liabilities as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Finance sub-lease liabilities	$	784,407	$	784,259
Deferred financing liabilities	73,600		73,600
Lease liabilities and sub-lease liabilities	43,377		45,039
CECL allowance for unfunded commitments	41,308		45,110
Derivative liability	7,393		—
Deferred income taxes	4,333		4,339
Other	125		125
Total other liabilities	$	954,543	$	952,472

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following tables detail our debt obligations as of March 31, 2023 and December 31, 2022:


($ In thousands)	March 31, 2023
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility
USD Borrowings (2)	2026	SOFR + 1.05%	$	—	$	—
CAD Borrowings (2) (3)	2026	CDOR + 1.05%	103,572		103,572
MGM Grand/Mandalay Bay CMBS Debt (4)	2032	3.558%	3,000,000		2,753,800
November 2019 Notes (5)
2026 Maturity	2026	4.250%	1,250,000		1,239,538
2029 Maturity	2029	4.625%	1,000,000		989,331
February 2020 Notes (5)
2025 Maturity	2025	3.500%	750,000		745,606
2027 Maturity	2027	3.750%	750,000		743,505
2030 Maturity	2030	4.125%	1,000,000		988,999
April 2022 Notes (5)
2025 Maturity	2025	4.375%	500,000		496,701
2028 Maturity	2028	4.516% (6)	1,250,000		1,237,710
2030 Maturity	2030	4.541% (6)	1,000,000		988,050
2032 Maturity	2032	3.980% (6)	1,500,000		1,481,308
2052 Maturity	2052	5.625%	750,000		735,483
Exchange Notes (5)
2024 Maturity	2024	5.625%	1,024,169		1,028,276
2025 Maturity	2025	4.625%	799,368		785,244
2026 Maturity	2026	4.500%	480,524		464,191
2027 Maturity	2027	5.750%	729,466		737,943
2028 Maturity	2028	4.500%	349,325		337,168
2029 Maturity	2029	3.875%	727,114		663,086
MGP OP Notes (5)
2024 Maturity	2024	5.625%	25,831		25,888
2025 Maturity	2025	4.625%	632		617
2026 Maturity	2026	4.500%	19,476		18,604
2027 Maturity	2027	5.750%	20,534		20,521
2028 Maturity	2028	4.500%	675		641
2029 Maturity	2029	3.875%	22,886		20,458
Total Debt		4.340% (7)	$	17,053,572	$	16,606,240


($ In thousands)	December 31, 2022
Description of Debt	Maturity	Interest Rate	Principal Amount		Carrying Value (1)
Revolving Credit Facility (2)(3)	2026	SOFR + 1.05%	$	—	$	—
Delayed Draw Term Loan (8)	2025	SOFR + 1.20%	—		—
November 2019 Notes (5)
2026 Maturity	2026	4.250%	1,250,000		1,238,825
2029 Maturity	2029	4.625%	1,000,000		988,931
February 2020 Notes (5)
2025 Maturity	2025	3.500%	750,000		745,020
2027 Maturity	2027	3.750%	750,000		743,086
2030 Maturity	2030	4.125%	1,000,000		988,626
April 2022 Notes (5)
2025 Maturity	2025	4.375%	500,000		496,314
2028 Maturity	2028	4.516% (6)	1,250,000		1,237,082
2030 Maturity	2030	4.541% (6)	1,000,000		987,618
2032 Maturity	2032	3.980% (6)	1,500,000		1,480,799
2052 Maturity	2052	5.625%	750,000		735,360
Exchange Notes (5)
2024 Maturity	2024	5.625%	1,024,169		1,029,226
2025 Maturity	2025	4.625%	799,368		783,659
2026 Maturity	2026	4.500%	480,524		463,018
2027 Maturity	2027	5.750%	729,466		738,499
2028 Maturity	2028	4.500%	349,325		336,545
2029 Maturity	2029	3.875%	727,114		660,489
MGP OP Notes (5)
2024 Maturity	2024	5.625%	25,831		25,901
2025 Maturity	2025	4.625%	632		615
2026 Maturity	2026	4.500%	19,476		18,542
2027 Maturity	2027	5.750%	20,534		20,520
2028 Maturity	2028	4.500%	675		639
2029 Maturity	2029	3.875%	22,886		20,361
Total Debt		4.496% (7)	$	13,950,000	$	13,739,675

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(4)Interest is payable monthly.

(5)Interest is payable semi-annually.

Schedule of Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum principal payments of our debt obligations as of March 31, 2023:


(In thousands)	Future Minimum Principal Payments
2023 (remaining)	$	—
2024	1,050,000
2025	2,050,000
2026	1,853,572
2027	1,500,000
2028	1,600,000
Thereafter	9,000,000
Total minimum principal payments	$	17,053,572

Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

($ In thousands)

March 31, 2023

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

3.4565%

200,000

USD-SOFR-COMPOUND

March 6, 2034

Forward-starting interest rate swap

3.0615%

50,000

USD-SOFR-COMPOUND

March 6, 2034

The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2023		2022
Unrealized (loss) gain recorded in other comprehensive income	$	(7,393)	$	108,611
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(6,037)		—

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


	March 31, 2023
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial liabilities:
Derivative instruments - forward-starting interest rate swaps (1)	$	7,393	$	—	$	7,393	$	—


	December 31, 2022
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:

Short-term investments (2)	$	217,342	$	—	$	217,342	$	—

___________________

(2) The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments as of March 31, 2023 and December 31, 2022 for which fair value is only disclosed are as follows:


	March 31, 2023				December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	17,051,187	$	17,566,724	$	16,740,770	$	17,871,771
Investments in loans and securities (2)	886,524		878,905		685,793		675,456
Cash and cash equivalents	247,673		247,673		208,933		208,933

Financial liabilities:
Debt (3)
Revolving Credit Facility	103,572		103,572		—		—
MGM Grand/Mandalay Bay CMBS Debt	2,753,800		2,753,800		—		—
Senior Unsecured Notes	13,748,868		13,146,280		13,739,675		13,020,636

____________________

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Lease Cost

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rent expense	$	498	$	499
Contractual rent	473		475

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rental income and expense	$	1,712	$	571
Contractual rent	1,631		528

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Rental income and expense	$	14,429	$	6,484
Contractual rent	14,281		6,678

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	1,426
2024	1,847
2025	1,908
2026	1,958
2027	1,979
2028	2,000
Thereafter	13,138
Total minimum lease commitments	$	24,256
Discounting factor	8,401
Lease liability	$	15,855

The future minimum lease commitments relating to the sub-leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	4,953
2024	6,553
2025	5,129
2026	3,934
2027	4,010
2028	3,034
Thereafter	2,094
Total minimum lease commitments	$	29,707
Discounting factor	2,185
Sub-lease liabilities	$	27,522

Schedule of Assets And Liabilities, Lessor


(In thousands)	March 31, 2023		December 31, 2022
Others assets (operating sub-leases)	$	27,522	$	28,953
Other liabilities (operating sub-lease liabilities)	27,522		28,953

The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Others assets (sales-type sub-leases, net)	$	767,436	$	764,509
Other liabilities (finance sub-lease liabilities)	784,407		784,259

Schedule of Finance Lease, Liability, Maturity

The future minimum lease commitments relating to the ground and use sub-leases at March 31, 2023 are as follows:


(In thousands)	Lease Commitments
2023 (remaining)	$	44,487
2024	59,039
2025	59,174
2026	59,174
2027	59,174
2028	59,174
Thereafter	2,496,361
Total minimum lease commitments	$	2,836,583
Discounting factor	2,052,176
Finance sub-lease liability	$	784,407

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Forward Contracts Indexed to Issuer's Equity

The following table summarizes the terms of the forward sale agreements outstanding as of March 31, 2023:


(In thousands, except share and per share data)	Effective Date (1)	Total Shares Sold (2)	Public Offering Price Per Share		Aggregate Offering Value		Initial Forward Sale Price Per Share		Initial Net Value
January 2023 Offering (3)	January 18, 2023	30,302,500	$	33.00	$	999,983	$	31.85	$	964,400

____________________

(1)The forward sale agreements generally require settlement within twelve months of the trade date, which is January 16, 2024 with respect to the January 2023 Offering.

(2)The amount is inclusive of 3,952,500 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock.

The following table summarizes settlement activity of the outstanding forward sale agreements during the three months ended March 31, 2023 and 2022:


(In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
November 2022 Forward Sale Agreements	January 6, 2023	Physical	18,975,000	$	30.34	$	575,628
September 2021 Forward Sale Agreements	February 18, 2022	Physical	50,000,000	27.81		1,390,600
March 2021 Forward Sale Agreements	February 18, 2022	Physical	69,000,000	26.50		1,828,600
Total			137,975,000	$	27.50	$	3,794,828

Schedule of Shares Sold Activity


(In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
December 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	6,317,805	$	32.99	$	208,402
August 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	3,918,807	33.96		133,073
June 2022 ATM Forward Sale Agreement	January 3, 2023	Physical	11,380,980	31.20		355,168
Total			21,617,592	$	32.22	$	696,643

Schedule Of Common Stock Shares Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


	Three Months Ended March 31,
Common Stock Outstanding	2023	2022
Beginning Balance January 1,	963,096,563	628,942,092

Issuance of common stock upon physical settlement of forward sale agreements	40,592,592	119,000,000


Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	515,763	471,219
Ending Balance March 31,	1,004,204,918	748,413,311

Schedule of Dividends Declared

Dividends declared (on a per share basis) during the three months ended March 31, 2023 and 2022 were as follows:

Three Months Ended March 31, 2023

Declaration Date

Record Date

Payment Date

Period

Dividend

March 9, 2023

March 23, 2023

April 6, 2023

January 1, 2023 - March 31, 2023

0.3900

Three Months Ended March 31, 2022

Declaration Date

Record Date

Payment Date

Period

Dividend

March 10, 2022

March 24, 2022

April 7, 2022

January 1, 2022 - March 31, 2022

0.3600

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

Schedule of Weighted Average Earnings Per Share

Earnings Per Share and Earnings Per Unit (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]


	Three Months Ended March 31,
(In thousands)	2023	2022
Determination of shares:
Weighted-average shares of common stock outstanding	1,001,527	684,341
Assumed conversion of restricted stock	1,073	581
Assumed settlement of forward sale agreements	1,232	2,993
Diluted weighted-average shares of common stock outstanding	1,003,831	687,915


	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Basic:
Net income attributable to common stockholders	$	518,740	$	240,383
Weighted-average shares of common stock outstanding	1,001,527		684,341
Basic EPS	$	0.52	$	0.35

Diluted:
Net income attributable to common stockholders	$	518,740	$	240,383
Diluted weighted-average shares of common stock outstanding	1,003,831		687,915
Diluted EPS	$	0.52	$	0.35

The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:


	Three Months Ended March 31,
(In thousands)	2023	2022
Determination of units:
Weighted-average units outstanding	1,013,758	684,341
Assumed conversion of VICI restricted stock	1,073	581
Assumed settlement of VICI forward sale agreements	1,232	2,993
Diluted weighted-average units outstanding	1,016,063	687,915


	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Basic:
Net income attributable to partners	$	522,076	$	238,347
Weighted-average units outstanding	1,013,758		684,341
Basic EPU	$	0.51	$	0.35

Diluted:
Net income attributable to partners	$	522,076	$	238,347
Weighted-average units outstanding	1,016,063		687,915
Diluted EPU	$	0.51	$	0.35

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Allocated Share-based Compensation Expense

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2023		2022
Stock-based compensation expense	$	3,467	$	2,630

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following table details the activity of our time-based restricted stock and performance-based restricted stock units:


	Three Months Ended March 31, 2023
	Incentive and Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	507	$	27.47	769	$	22.88
Granted	173	34.25		475	28.59
Vested	(159)	27.59		(363)	19.90
Forfeited	(20)	27.69		(116)	19.90
Canceled	—	—		—	—
Outstanding at end of period	501	$	29.77	765	$	28.28


	Three Months Ended March 31, 2022
	Incentive and Time-Based Restricted Stock			Performance-Based Restricted Stock Units
(In thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	300	$	24.72	588	$	19.32
Granted	258	28.39		463	27.01
Vested	(125)	24.85		(227)	22.68
Forfeited	(14)	25.26		(80)	22.68
Canceled	—	—		—	—
Outstanding at end of period	419	$	26.92	744	$	22.72

Business and Organization (Details)	Mar. 31, 2023 property
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	49
Golf Courses
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 08, 2023
BREIT JV
New Accounting Pronouncements or Change in Accounting Principle
Equity method investment ownership percentage			50.10%
Customer Concentration Risk \| Sales Revenue, Net \| Caesars Entertainment Corporation
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	38.00%	76.00%
Geographic Concentration Risk \| Sales Revenue, Net \| MGM Resorts International
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	39.00%
Property, Las Vegas Strip \| Geographic Concentration Risk \| Sales Revenue, Net
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	48.00%	38.00%
VICI OP
New Accounting Pronouncements or Change in Accounting Principle
Ownership percentage by noncontrolling owners	1.20%
Harrah’s Joliet LandCo LLC
New Accounting Pronouncements or Change in Accounting Principle
Ownership percentage by noncontrolling owners	20.00%

Real Estate Transactions (Details)
$ / shares in Units, $ in Thousands, ft² in Millions, $ in Millions

3 Months Ended

Jun. 30, 2023

USD ($)

renewal

Mar. 28, 2023

USD ($)

room

Feb. 15, 2023

USD ($)

renewal

Jan. 09, 2023

USD ($)

renewal

Jan. 03, 2023

USD ($)

renewal

Jan. 03, 2023

CAD ($)

renewal

Dec. 19, 2022

USD ($)

Apr. 29, 2022

USD ($)

ft²

property

renewal

region

hotelRoom

$ / shares

Mar. 31, 2023

USD ($)

property

Mar. 31, 2022

USD ($)

Dec. 31, 2023

Jan. 08, 2023

Jan. 06, 2023

USD ($)

Jan. 06, 2023

CAD ($)

Dec. 31, 2022

USD ($)

Jul. 30, 2021

$ / shares

Proceeds from Revolving Credit Facility

$ 103,400

$ 140.0

$ 352,704

$ 600,000

Number of golf courses | property

$ 22,579,820

$ 17,172,325

Share price (in dollars per share) | $ / shares

$ 43.00

Period of volume of weighted average price | d

Equity interest

$ 4,404,000

BREIT JV

MGM Grand Mandalay Bay Note due 2030

50.10%

Interest rate, stated percentage

3.558%

^[1]

$ 17,051,187

$ 16,740,770

Minimum

5 years

Maximum

30 years

Weighted Average

Share price (in dollars per share) | $ / shares

$ 31.47

PURE Master Lease

$ 16,100

$ 21.8

25 years

5 years

Yearly minimum expenditure

1.50%

1.00%

PURE Master Lease | Investments in leases - financing receivables, net

PURE Master Lease | Minimum

$ 19,600

PURE Master Lease | Maximum

1.25%

MGM Grand Mandalay Bay Lease

2.50%

$ 309,900

$ 303,800

27 years

30 years

Annual rent increase, cap percent

10 years

3.00%

Annual escalation rate period

15 years

MGM Grand Mandalay Bay Lease | Minimum

2.00%

Gold Strike Lease

25 years

Yearly minimum expenditure

10 years

1.00%

Annual rent increase, cap percent

3.00%

Gold Strike Lease | Minimum

Gold Strike Lease | Maximum

2.00%

MGM Master Lease Agreement

$ 40,000

25 years

Annual rent increase, cap percent

10 years

3.00%

Increase (decrease) in annual rent payments

(40,000)

$ (90,000)

Annual escalation rate period

10 years

MGM Master Lease Agreement | Minimum

MGM Master Lease Agreement | Maximum

2.00%

Increase (decrease) in annual rent payments

730,000

$ 860,000

$ (40,000)

Century Master Lease | Forecast

15 years

Increase (decrease) in annual rent payments

5 years

$ 15,500

PURE Portfolio Assets

MGM Grand Mandalay Bay JV

$ 200,800

$ 271.9

Percentage of voting interests acquired

$ 1,261,882

49.90%

Investments in leases - sales-type

$ 5,494,351

MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030

210,000

Equity interest

1,458,782

MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030 | BREIT JV

Liabilities incurred

1,497,000

Hard Rock Ottawa Secured Notes

Liabilities incurred

$ 3,000,000

Rocky Gap Casino Resort | Forecast

Debt securities

$ 85,000

Number of rooms | room

150

Rocky Gap Casino Resort | Forecast | Century Casinos

260,000

Payments to acquire productive assets

56,100

Rocky Gap Casino Resort | Forecast | Land and Building

$ 203,900

MGP

Investment in leases - financing receivables

11,556,990

Liabilities incurred

5,700,000

$ 14,245,868

Number of golf courses | property

Number or regions in which entity operates | region

Number of hotel rooms | hotelRoom

36,000

Area of real estate property (in square feet) | ft²

3.6

Exchange ratio (in shares) | shares

1.366

Share price (in dollars per share) | $ / shares

$ 30.64

Equity interest

$ 6,568,480

Asset acquisition, number of units retained noncontrolling interests (in units) | shares

12,231,373

MGP | BREIT JV

MGP | MGM Grand Mandalay Bay JV

100.00%

50.10%

50.10%

MGP | MGM Leases

Accounts, Notes, Loans and Financing Receivable

$ 1,012,200

[1]

Real Estate Transactions - Asset Acquisition (Details) $ / shares in Units, $ in Thousands	Jan. 09, 2023 USD ($)	Apr. 29, 2022 USD ($) $ / shares shares	Mar. 31, 2023	Jan. 08, 2023	Jul. 30, 2021 $ / shares
Asset Acquisition [Line Items]
Equity interest		$ 4,404,000
Share price (in dollars per share) \| $ / shares		$ 43.00
BREIT JV
Asset Acquisition [Line Items]
Equity method investment ownership percentage				50.10%
Minimum
Asset Acquisition [Line Items]
Rent multiple		15.0
Maximum
Asset Acquisition [Line Items]
Rent multiple		18.5
Weighted Average
Asset Acquisition [Line Items]
Share price (in dollars per share) \| $ / shares					$ 31.47
Rent multiple		16.7
MGM Grand Mandalay Bay JV
Asset Acquisition [Line Items]
Equity interest	$ 1,458,782
Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition	1,261,882
Transaction costs	14,630
Investments in leases - sales-type	5,494,351
Cash and cash equivalents	9,607
Debt, net	(2,747,877)
Accrued expenses and deferred revenue	(20,787)
Total net assets acquired	2,735,294
Debt, gross	3,000,000
Debt discount	252,100
Total consideration transferred	$ 1,261,882
MGP
Asset Acquisition [Line Items]
Equity interest		$ 6,568,480
Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition		11,556,990
Transaction costs		119,741
Investment in leases - financing receivables		14,245,868
Investment in unconsolidated affiliate		1,465,814
Cash and cash equivalents		25,387
Other assets		338,212
Debt, net		(4,106,082)
Accrued expenses and deferred revenue		(79,482)
Other liabilities		(332,727)
Total net assets acquired		$ 11,556,990
MGP Common Shares outstanding as of April 29, 2022 (in shares) \| shares		156,757,773
Exchange ratio (in shares) \| shares		1.366
VICI common stock issued (in shares) \| shares		214,131,064
VICI common stock issued for MGP stock-based compensation awards (in shares) \| shares		421,468
Total VICI common stock Issued (in shares) \| shares		214,552,532
Fractional common shares excluded (in shares) \| shares		54
Redemption payment to MGM		$ 4,404,000
VICI OP Units retained by MGM		374,769
Repayment of MGP revolving credit facility		90,000
Total consideration transferred		11,556,990
Total purchase price		$ 17,259,990
Asset acquisition, number of shares issued (in shares) \| shares		214,375,990
Share price (in dollars per share) \| $ / shares		$ 30.64
Asset acquisition, number of units retained noncontrolling interests (in units) \| shares		12,231,373
Debt discount		$ 93,900
MGP \| BREIT JV
Asset Acquisition [Line Items]
Equity method investment ownership percentage	100.00%	50.10%	50.10%
MGP \| MGP OP Notes and Exchange Notes
Asset Acquisition [Line Items]
Assumption of debt		$ 4,200,000
MGP \| BREIT CMBS Debt
Asset Acquisition [Line Items]
Assumption of debt		$ 1,503,000

Real Estate Portfolio - Narrative (Details)	3 Months Ended
Real Estate Portfolio - Narrative (Details)	Mar. 31, 2023 property casino leaseArrangement loan	Jan. 09, 2023	Jan. 08, 2023	Apr. 29, 2022
Real Estate
Number of casinos \| casino	25
Number of lease arrangements	10
Financing receivable, investment in lease, number of casinos \| casino	24
Financing receivable, investment in lease, number of lease arrangements	7
Number of loans and securities \| loan	11
Number of properties \| property	49
Number of lease agreement	16
Variable Rent
Real Estate
Variable rent split	20.00%
Minimum
Real Estate
Initial term	15 years
Lessor, sales-type lease, renewal term	5 years
Annual escalation rate	1.00%
Maximum
Real Estate
Initial term	30 years
Lessor, sales-type lease, renewal term	30 years
Annual escalation rate	2.00%
BREIT JV
Real Estate
Equity method investment ownership percentage			50.10%
MGP \| BREIT JV
Real Estate
Equity method investment ownership percentage	50.10%	100.00%		50.10%

Real Estate Portfolio - Schedule Real Estate Portfolio (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Jan. 09, 2023

Jan. 08, 2023

Dec. 31, 2022

Apr. 29, 2022

Total investments in leases, net

$ 22,579,820

$ 17,172,325

39,631,007

33,913,095

1,460,775

Total real estate portfolio

153,560

40,671,091

36,213,223

Estimated residual value of leased properties and financing receivables

$ 15,600,000

11,500,000

BREIT JV

Accounts, Notes, Loans and Financing Receivable

Accounts, Notes, Loans and Financing Receivable

50.10%

BREIT JV | MGP

50.10%

100.00%

50.10%

Accounts, Notes, Loans and Financing Receivable

Investments in leases and loans

^[1]

$ 17,051,187

16,740,770

Accounts, Notes, Loans and Financing Receivable

Investments in leases and loans

^[1]

$ 886,524

$ 685,793

[1]

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate
Income from sales-type leases	$ 478,394	$ 326,735
Income from lease financing receivables, loans and securities	371,069	72,878
Total lease revenue	833,232	389,754
Non-cash adjustment	(122,841)	(35,553)
Total contractual lease revenue	710,391	354,201
Fixed Rent
Real Estate
Income from sales-type leases	459,490	322,258
Income from lease financing receivables, loans and securities	352,328	63,019
Contingent Rent
Real Estate
Income from sales-type leases	18,904	4,477
Income from lease financing receivables, loans and securities	$ 2,510	$ 0

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Sales-Type
2023 (remaining)	$ 1,242,554
2024	1,682,826
2025	1,712,512
2026	1,738,641
2027	1,765,545
2028	1,793,651
Thereafter	77,247,331
Total	87,183,060
Financing Receivables
2023 (remaining)	859,428
2024	1,164,081
2025	1,185,650
2026	1,207,803
2027	1,230,444
2028	1,253,781
Thereafter	87,195,403
Total	94,096,590
2023 (remaining)	2,101,982
2024	2,846,907
2025	2,898,162
2026	2,946,444
2027	2,995,989
2028	3,047,432
Thereafter	164,442,734
Total	$ 181,279,650
Sales-type lease, weighted average lease term	38 years 7 months 6 days
Financing receivable, weighted average remaining lease term	50 years 3 months 18 days
Sales-type lease and financing receivables, weighted average lease term	43 years 8 months 12 days

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) option	Jan. 09, 2023	Jan. 08, 2023	Apr. 29, 2022
BREIT JV
Property Subject to or Available for Operating Lease
Equity method investment ownership percentage			50.10%
MGP \| BREIT JV
Property Subject to or Available for Operating Lease
Equity method investment ownership percentage	50.10%	100.00%		50.10%
MGM Grand Mandalay Bay JV
Property Subject to or Available for Operating Lease
Percentage of voting interests acquired		49.90%
Harrah’s Joliet LandCo LLC
Property Subject to or Available for Operating Lease
Ownership percentage by noncontrolling owners	20.00%
Minimum
Property Subject to or Available for Operating Lease
Initial term	15 years
Lessor, sales-type lease, renewal term	5 years
Maximum
Property Subject to or Available for Operating Lease
Initial term	30 years
Lessor, sales-type lease, renewal term	30 years
Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease
Property Subject to or Available for Operating Lease
Initial term	18 years
Number of renewal options \| option	4
Lessor, sales-type lease, renewal term	5 years
Current base rent	$ 703,678
Variable rent percentage	4.00%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Harrah’s Joliet LandCo LLC
Property Subject to or Available for Operating Lease
Current base rent	$ 694,600
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Lease Years 2-5
Property Subject to or Available for Operating Lease
Annual escalator	1.50%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Lease Years 8-10 \| Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	70.00%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Lease Years 8-10 \| Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	30.00%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Lease Years 11-15 \| Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Lease Years 11-15 \| Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
Caesars Regional Master and Joliet Lease Properties \| Regional Master Lease and Joliet Lease \| Lease Years 6 Through 18
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
Caesars Las Vegas Master Lease Properties \| Caesars Las Vegas Master Lease
Property Subject to or Available for Operating Lease
Initial term	18 years
Number of renewal options \| option	4
Lessor, sales-type lease, renewal term	5 years
Current base rent	$ 454,478
Annual escalator	2.00%
Variable rent percentage	4.00%
Caesars Las Vegas Master Lease Properties \| Caesars Las Vegas Master Lease \| Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
Caesars Las Vegas Master Lease Properties \| Caesars Las Vegas Master Lease \| Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
MGM Master Lease Properties \| MGM Master Lease Agreement
Property Subject to or Available for Operating Lease
Initial term	25 years
Number of renewal options \| option	3
Lessor, sales-type lease, renewal term	10 years
Current base rent	$ 744,600
MGM Master Lease Properties \| MGM Master Lease Agreement \| Lease Years 2 Through 10 \| Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
MGM Master Lease Properties \| MGM Master Lease Agreement \| Lease Years 11 Through 25 \| Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
MGM Master Lease Properties \| MGM Master Lease Agreement \| Lease Years 11 Through 25 \| Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent	3.00%
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease
Property Subject to or Available for Operating Lease
Initial term	30 years
Number of renewal options \| option	2
Lessor, sales-type lease, renewal term	10 years
Current base rent	$ 309,873
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease \| Lease Years 2 Through 15 \| Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease \| Lease Years 16 Through 30 \| Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
MGM Grand/Mandalay Bay Lease Agreement Properties \| MGM Grand Mandalay Bay Lease \| Lease Years 16 Through 30 \| Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent	3.00%

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
CEOC
Real Estate
Rolling three-year minimum	$ 380.3
Minimum amount to be expended across certain affiliates and other assets	$ 531.9
Regional Master Lease and Joliet Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 311.0
Caesars Las Vegas Master Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 84.0
Caesars Las Vegas Master Lease \| CEOC
Real Estate
Rolling three-year minimum	$ 84.0
Venetian Lease Agreement
Real Estate
Yearly minimum expenditure	2.00%
MGM Grand Mandalay Bay Lease
Real Estate
Yearly minimum expenditure	3.50%
Yearly minimum expenditure, percentage of monthly reserves	1.50%
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Capital expenditures	$ 107.5
Percentage of prior year net revenues	1.00%
CPLV, Joliet And Non-CPLV Lease Agreement \| CEOC
Real Estate
Additional capital expenditure requirement	$ 10.3
Non-CPLV Lease Agreement \| CEOC
Real Estate
Rolling three-year minimum	$ 286.0
All Other Leases
Real Estate
Yearly minimum expenditure	1.00%

Real Estate Portfolio - Summary of Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	May 01, 2023
Loans and Leases Receivable Disclosure
Principal Balance	$ 904,620	$ 692,498
Future funding commitments	$ 971,809	$ 1,098,931
Weighted Average Interest Rate	8.70%	8.20%
Weighted Average Term	4 years	3 years 6 months
Investments in loans and securities, net
Loans and Leases Receivable Disclosure
Carrying Value	$ 886,524	$ 685,793
Senior Notes
Loans and Leases Receivable Disclosure
Principal Balance	85,000
Future funding commitments	$ 0
Weighted Average Interest Rate	11.00%
Weighted Average Term	8 years
Senior Notes \| Investments in loans and securities, net
Loans and Leases Receivable Disclosure
Carrying Value	$ 77,996
Senior Loan
Loans and Leases Receivable Disclosure
Principal Balance	526,110	495,901
Future funding commitments	$ 649,810	$ 584,049
Weighted Average Interest Rate	7.80%	7.80%
Weighted Average Term	3 years 1 month 6 days	3 years 2 months 12 days
Senior Loan \| Investments in loans and securities, net
Loans and Leases Receivable Disclosure
Carrying Value	$ 523,707	$ 492,895
Senior Loan \| Forum Convention Center Mortgage Loan \| Subsequent Event
Loans and Leases Receivable Disclosure
Principal Balance			$ 400,000
Mezzanine Loan
Loans and Leases Receivable Disclosure
Principal Balance	293,510	196,597
Future funding commitments	$ 321,999	$ 514,882
Weighted Average Interest Rate	9.70%	9.10%
Weighted Average Term	4 years 3 months 18 days	4 years 3 months 18 days
Mezzanine Loan \| Investments in loans and securities, net
Loans and Leases Receivable Disclosure
Carrying Value	$ 284,821	$ 192,898

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Credit Loss [Abstract]
Increase (decrease) in allowance for credit losses	$ 111,477	$ 80,820
Initial allowance from current period investments	$ 234,064	$ 76,037

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Mar. 31, 2022

Amortized Cost

Other assets - sales-type sub-leases, amortized cost

$ 23,296,424

$ 17,742,712

784,407

784,259

Amortized cost, total

42,723,768

36,687,106

$ 21,330,419

Allowance

Sales-type and direct financing, allowance for credit losses

(716,604)

(570,387)

Other Assets Sales-type Subleases Allowance For Credit Losses

(16,971)

(19,750)

Allowance, total

(1,438,801)

(1,323,709)

Other assets - sales-type sub-leases

22,579,820

17,172,325

767,436

764,509

Net investment total

$ 41,284,967

$ 35,363,397

Allowance as a % of Amortized Cost

Sales-type and Direct financing, allowance as a percentage of amortized cost

3.08%

3.21%

Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total

2.16%

2.52%

Allowance as a percentage of amortized cost, total

3.37%

3.61%

CECL allowance for unfunded commitments

$ 41,308

$ 45,110

Notes receivable, amortized cost

Amortized Cost

17,740,690

17,467,477

Allowance

Financing and loans receivable, allowance for credit losses

(689,503)

(726,707)

Notes receivable allowance as a percentage of amortized cost, total

^[1]

$ 17,051,187

$ 16,740,770

Allowance as a % of Amortized Cost

3.89%

4.16%

Investments in loans and securities

$ 886,524

$ 685,793

Notes receivable, amortized cost

Amortized Cost

902,247

692,658

Allowance

Financing and loans receivable, allowance for credit losses

(15,723)

(6,865)

Notes receivable allowance as a percentage of amortized cost, total

^[1]

$ 886,524

$ 685,793

Allowance as a % of Amortized Cost

1.74%

0.99%

[1]

Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 1,368,819	$ 534,326
Initial allowance from current period investments	234,064	76,037
Current period change in credit allowance	(122,774)	4,783
Charge-offs	0	0
Recoveries	0	0
Ending balance	$ 1,480,109	$ 615,146

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 42,723,768	$ 36,687,106	$ 21,330,419
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	4,264,385		4,198,118
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	33,078,752		949,418
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	3,208,259		14,918,185
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	877,306		870,774
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	875,296		279,740
N/A
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 419,770		$ 114,183

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Sales-type sub-leases, net	$ 767,436	$ 764,509
Property and equipment used in operations, net	67,383	67,209
Right of use assets and sub-lease right of use assets	43,377	45,008
Debt financing costs	14,155	18,646
Deferred acquisition costs	12,245	12,834
Prepaid expenses	7,821	7,348
Tenant receivables	7,743	5,498
Other receivables	7,131	6,474
Interest receivable	5,633	6,911
Other	1,125	1,891
Total other assets	934,049	936,328
Other assets (sales-type sub-leases), allowance for credit losses	$ 16,971	$ 19,750

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment
Total property and equipment used in operations	$ 86,009		$ 85,020
Less: accumulated depreciation	(18,626)		(17,811)
Total property and equipment used in operations, net	67,383		67,209
Depreciation expense	814	$ 776
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	60,351		60,332
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	15,219		15,125
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 10,439		$ 9,563

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Finance sub-lease liabilities	$ 784,407	$ 784,259
Deferred financing liabilities	73,600	73,600
Lease liabilities and sub-lease liabilities	43,377	45,039
CECL allowance for unfunded commitments	41,308	45,110
Derivative liability	7,393	0
Deferred income taxes	4,333	4,339
Other	125	125
Total other liabilities	$ 954,543	$ 952,472

Debt - Schedule Of Outstanding Indebtedness (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 08, 2022	Mar. 31, 2023	Dec. 31, 2022	Apr. 29, 2022	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Weighted average interest rate		4.34%	4.496%
Principal Amount		$ 17,053,572	$ 13,950,000
Carrying Value		$ 16,606,240	13,739,675
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)	1.00%
Secured Overnight Financing Rate (SOFR) \| USD
Debt Instrument
Basis spread on variable rate (percent)		1.05%
Canadian Dollar Offered Rate (CDOR)
Debt Instrument
Basis spread on variable rate (percent)	1.00%
Canadian Dollar Offered Rate (CDOR) \| CAD
Debt Instrument
Basis spread on variable rate (percent)		1.05%
Unsecured Debt
Debt Instrument
Weighted average interest rate		4.45%
Unsecured Debt \| Delayed Draw Term Loan
Debt Instrument
Principal Amount			0
Carrying Value			$ 0
Unsecured Debt \| Delayed Draw Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)			1.20%
Unsecured Debt \| MGM Grand/Mandalay Bay JV CMBS Debt
Debt Instrument
Interest rate, stated percentage		3.558%
Principal Amount		$ 3,000,000
Carrying Value		$ 2,753,800
Unsecured Debt \| November 2019 Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.25%	4.25%			4.25%
Principal Amount		$ 1,250,000	$ 1,250,000
Carrying Value		$ 1,239,538	$ 1,238,825
Unsecured Debt \| November 2019 Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%			4.625%
Principal Amount		$ 1,000,000	$ 1,000,000
Carrying Value		$ 989,331	$ 988,931
Unsecured Debt \| February 2020 Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage		3.50%	3.50%		3.50%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 745,606	$ 745,020
Unsecured Debt \| February 2020 Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage		3.75%	3.75%		3.75%
Principal Amount		$ 750,000	$ 750,000
Carrying Value		$ 743,505	$ 743,086
Unsecured Debt \| February 2020 Notes Senior Unsecured Notes due 2030
Debt Instrument
Interest rate, stated percentage		4.125%	4.125%		4.125%
Principal Amount		$ 1,000,000	$ 1,000,000
Carrying Value		$ 988,999	$ 988,626
Unsecured Debt \| 4.375% Senior Unsecured Notes Due 2025
Debt Instrument
Interest rate, stated percentage		4.375%	4.375%	4.375%
Principal Amount		$ 500,000	$ 500,000	$ 500,000
Carrying Value		$ 496,701	$ 496,314
Unsecured Debt \| 4.750% Senior Unsecured Notes Due 2028
Debt Instrument
Interest rate, stated percentage		4.75%		4.75%
Hedge adjusted interest rate		4.516%	4.516%
Principal Amount		$ 1,250,000	$ 1,250,000	$ 1,250,000
Carrying Value		$ 1,237,710	$ 1,237,082
Unsecured Debt \| 4.950% Senior Unsecured Notes Due 2030
Debt Instrument
Interest rate, stated percentage		4.95%		4.95%
Hedge adjusted interest rate		4.541%	4.541%
Principal Amount		$ 1,000,000	$ 1,000,000	$ 1,000,000
Carrying Value		$ 988,050	$ 987,618
Unsecured Debt \| 5.125% Senior Unsecured Notes Due 2032
Debt Instrument
Interest rate, stated percentage		5.125%		5.125%
Hedge adjusted interest rate		3.98%	3.98%
Principal Amount		$ 1,500,000	$ 1,500,000	$ 1,500,000
Carrying Value		$ 1,481,308	$ 1,480,799
Unsecured Debt \| 5.625% Senior Unsecured Notes Due 2052
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%	5.625%
Principal Amount		$ 750,000	$ 750,000	$ 750,000
Carrying Value		$ 735,483	$ 735,360
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2024
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%	5.625%
Principal Amount		$ 1,024,169	$ 1,024,169	$ 1,024,200
Carrying Value		$ 1,028,276	$ 1,029,226
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%	4.625%
Principal Amount		$ 799,368	$ 799,368	$ 799,400
Carrying Value		$ 785,244	$ 783,659
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%	4.50%
Principal Amount		$ 480,524	$ 480,524	$ 480,500
Carrying Value		$ 464,191	$ 463,018
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage		5.75%	5.75%	5.75%
Principal Amount		$ 729,466	$ 729,466	$ 729,500
Carrying Value		$ 737,943	$ 738,499
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2028
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%	4.50%
Principal Amount		$ 349,325	$ 349,325	$ 349,300
Carrying Value		$ 337,168	$ 336,545
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage		3.875%	3.875%	3.875%
Principal Amount		$ 727,114	$ 727,114	$ 727,100
Carrying Value		$ 663,086	$ 660,489
Unsecured Debt \| MGP OP Notes due 2024
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%
Principal Amount		$ 25,831	$ 25,831	25,800
Carrying Value		$ 25,888	$ 25,901
Unsecured Debt \| MGP OP Notes due 2025
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%
Principal Amount		$ 632	$ 632	600
Carrying Value		$ 617	$ 615
Unsecured Debt \| MGP OP Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%
Principal Amount		$ 19,476	$ 19,476	19,500
Carrying Value		$ 18,604	$ 18,542
Unsecured Debt \| MGP OP Notes due 2027
Debt Instrument
Interest rate, stated percentage		5.75%	5.75%
Principal Amount		$ 20,534	$ 20,534	20,500
Carrying Value		$ 20,521	$ 20,520
Unsecured Debt \| MGP OP Notes due 2028
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%
Principal Amount		$ 675	$ 675	700
Carrying Value		$ 641	$ 639
Unsecured Debt \| MGP OP Notes due 2029
Debt Instrument
Interest rate, stated percentage		3.875%	3.875%
Principal Amount		$ 22,886	$ 22,886	$ 22,900
Carrying Value		$ 20,458	20,361
Senior Notes \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate adjustment (percent)		0.10%
Senior Notes \| Delayed Draw Term Loan
Debt Instrument
Commitment fee percentage		0.25%
Senior Notes \| Delayed Draw Term Loan \| Minimum
Debt Instrument
Commitment fee percentage		0.15%
Senior Notes \| Delayed Draw Term Loan \| Maximum
Debt Instrument
Commitment fee percentage		0.375%
Revolving Credit Facility \| Minimum
Debt Instrument
Basis spread on variable rate (percent)		0.775%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)	0.775%
Revolving Credit Facility \| Minimum \| Canadian Dollar Offered Rate (CDOR)
Debt Instrument
Basis spread on variable rate (percent)	0.00%
Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument
Basis spread on variable rate (percent)	0.00%
Revolving Credit Facility \| Maximum
Debt Instrument
Basis spread on variable rate (percent)		1.325%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)	1.325%
Revolving Credit Facility \| Maximum \| Canadian Dollar Offered Rate (CDOR)
Debt Instrument
Basis spread on variable rate (percent)	0.325%
Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument
Basis spread on variable rate (percent)	0.325%
Revolving Credit Facility \| Unsecured Debt \| USD
Debt Instrument
Principal Amount		$ 0
Carrying Value		0
Revolving Credit Facility \| Unsecured Debt \| CAD
Debt Instrument
Principal Amount		103,572
Carrying Value		103,572
Revolving Credit Facility \| Senior Notes
Debt Instrument
Principal Amount		$ 600,000
Commitment fee percentage		0.25%
Revolving Credit Facility \| Senior Notes \| Minimum
Debt Instrument
Commitment fee percentage		0.15%
Revolving Credit Facility \| Senior Notes \| Maximum
Debt Instrument
Commitment fee percentage		0.375%
Secured Revolving Credit Facility \| Senior Notes
Debt Instrument
Principal Amount			0
Carrying Value			$ 0
Secured Revolving Credit Facility \| Senior Notes \| LIBOR
Debt Instrument
Basis spread on variable rate (percent)			1.05%

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity
2023 (remaining)	$ 0
2024	1,050,000
2025	2,050,000
2026	1,853,572
2027	1,500,000
2028	1,600,000
Thereafter	9,000,000
Total minimum principal payments	$ 17,053,572

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 29, 2022	Mar. 31, 2023	Dec. 31, 2022	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Debt instrument, face amount		$ 17,053,572	$ 13,950,000
MGP
Debt Instrument
Liabilities incurred	$ 5,700,000
MGP
Debt Instrument
Cash consideration	4,404,000
MGP OP Notes \| MGP
Debt Instrument
Liabilities incurred	4,200,000
Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)		100.00%
Senior Notes \| Revolving Credit Facility
Debt Instrument
Debt instrument, face amount		$ 600,000
Exchange Notes Senior Unsecured Notes due 2024 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 1,024,200	$ 1,024,169	$ 1,024,169
Interest rate, stated percentage	5.625%	5.625%	5.625%
Exchange Notes Senior Unsecured Notes due 2025 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 799,400	$ 799,368	$ 799,368
Interest rate, stated percentage	4.625%	4.625%	4.625%
Exchange Notes Senior Unsecured Notes due 2026 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 480,500	$ 480,524	$ 480,524
Interest rate, stated percentage	4.50%	4.50%	4.50%
Exchange Notes Senior Unsecured Notes due 2027 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 729,500	$ 729,466	$ 729,466
Interest rate, stated percentage	5.75%	5.75%	5.75%
Exchange Notes Senior Unsecured Notes due 2028 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 349,300	$ 349,325	$ 349,325
Interest rate, stated percentage	4.50%	4.50%	4.50%
Exchange Notes Senior Unsecured Notes due 2029 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 727,100	$ 727,114	$ 727,114
Interest rate, stated percentage	3.875%	3.875%	3.875%
Senior Unsecured April 2022 Notes
Debt Instrument
Ratio of unencumbered assets to unsecured indebtedness		1.50
4.375% Senior Unsecured Notes Due 2025 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 500,000	$ 500,000	$ 500,000
Interest rate, stated percentage	4.375%	4.375%	4.375%
4.750% Senior Unsecured Notes Due 2028 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 1,250,000	$ 1,250,000	$ 1,250,000
Interest rate, stated percentage	4.75%	4.75%
4.950% Senior Unsecured Notes Due 2030 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 1,000,000	$ 1,000,000	1,000,000
Interest rate, stated percentage	4.95%	4.95%
5.125% Senior Unsecured Notes Due 2032 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 1,500,000	$ 1,500,000	1,500,000
Interest rate, stated percentage	5.125%	5.125%
5.625% Senior Unsecured Notes Due 2052 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 750,000	$ 750,000	$ 750,000
Interest rate, stated percentage	5.625%	5.625%	5.625%
November 2019 Notes Senior Unsecured Notes \| Unsecured Debt
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40.00%
November 2019 Notes Senior Unsecured Notes due 2026 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount		$ 1,250,000	$ 1,250,000
Interest rate, stated percentage		4.25%	4.25%		4.25%
Redemption price, percentage (equal to)		100.00%
November 2019 Notes Senior Unsecured Notes due 2026 \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument
Debt instrument, face amount					$ 1,250,000
November 2019 Notes Senior Unsecured Notes due 2029 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount		$ 1,000,000	$ 1,000,000
Interest rate, stated percentage		4.625%	4.625%		4.625%
November 2019 Notes Senior Unsecured Notes due 2029 \| Unsecured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument
Debt instrument, face amount					$ 1,000,000
February 2020 Notes Senior Unsecured Notes due 2025 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount		$ 750,000	$ 750,000
Interest rate, stated percentage		3.50%	3.50%	3.50%
Redemption price, percentage (equal to)		100.00%
February 2020 Notes Senior Unsecured Notes due 2025 \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument
Debt instrument, face amount				$ 750,000
February 2020 Notes Senior Unsecured Notes due 2027 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount		$ 750,000	$ 750,000
Interest rate, stated percentage		3.75%	3.75%	3.75%
February 2020 Notes Senior Unsecured Notes due 2027 \| Unsecured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument
Debt instrument, face amount				$ 750,000
February 2020 Notes Senior Unsecured Notes due 2030 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount		$ 1,000,000	$ 1,000,000
Interest rate, stated percentage		4.125%	4.125%	4.125%
February 2020 Notes Senior Unsecured Notes due 2030 \| Unsecured Debt \| Debt Instrument, Redemption, Period Three
Debt Instrument
Debt instrument, face amount				$ 1,000,000
February 2020 Notes Senior Unsecured Notes \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40.00%
MGP OP Notes due 2024 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 25,800	$ 25,831	$ 25,831
Interest rate, stated percentage		5.625%	5.625%
MGP OP Notes due 2025 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	600	$ 632	$ 632
Interest rate, stated percentage		4.625%	4.625%
MGP OP Notes due 2026 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	19,500	$ 19,476	$ 19,476
Interest rate, stated percentage		4.50%	4.50%
MGP OP Notes due 2027 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	20,500	$ 20,534	$ 20,534
Interest rate, stated percentage		5.75%	5.75%
MGP OP Notes due 2028 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	700	$ 675	$ 675
Interest rate, stated percentage		4.50%	4.50%
MGP OP Notes due 2029 \| Unsecured Debt
Debt Instrument
Debt instrument, face amount	$ 22,900	$ 22,886	$ 22,886
Interest rate, stated percentage		3.875%	3.875%
MGP OP Notes \| Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)	100.00%
Exchange Notes \| Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)	100.00%

Debt - New Unsecured Credit Facilities (Details) $ in Thousands, $ in Millions					3 Months Ended
	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Feb. 18, 2022 USD ($)	Feb. 08, 2022 USD ($) option	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jul. 15, 2022 USD ($)
Line of Credit Facility [Line Items]
Proceeds from Revolving Credit Facility	$ 103,400	$ 140.0			$ 352,704	$ 600,000
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.00%
Federal Reserve Bank Of New York Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.50%
Canadian Dollar Offered Rate (CDOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 2,500,000			$ 1,250,000
Number of extension options \| option				2
Extension term				6 months
Extension fee percentage				0.0625%
Increase in borrowing capacity				$ 1,000,000
Proceeds from Revolving Credit Facility			$ 600,000
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					0.775%
Facility fee percentage				0.15%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.775%
Revolving Credit Facility \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.00%
Revolving Credit Facility \| Minimum \| Canadian Dollar Offered Rate (CDOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.00%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					1.325%
Facility fee percentage				0.375%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.325%
Revolving Credit Facility \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.325%
Revolving Credit Facility \| Maximum \| Canadian Dollar Offered Rate (CDOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.325%
Delayed Draw Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 1,000,000

Debt - MGM Grand/Mandalay Bay CMBS Debt (Details) $ in Millions	Jan. 09, 2023 USD ($)
MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Interest rate, stated percentage	3.558%
MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Liabilities incurred	$ 1,497.0
BREIT JV \| MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Liabilities incurred	3,000.0
BREIT JV \| MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay Note due 2032
Debt Instrument
Liabilities incurred	$ 3,000.0

Debt - Bridge Facilities (Details) - USD ($) $ in Thousands			3 Months Ended
Debt - Bridge Facilities (Details) - USD ($) $ in Thousands	Aug. 04, 2021	Mar. 02, 2021	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument
Interest expense			$ 204,360	$ 68,142
Venetian Acquisition Bridge Facility
Debt Instrument
Maximum borrowing capacity		$ 4,000,000
MGP Transactions Bridge Facility
Debt Instrument
Maximum borrowing capacity	$ 9,300,000
MGP Transactions Bridge Facility \| First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term	364 days
Venetian Acquisition Bridge Facility and MGP Transactions Bridge Facility
Debt Instrument
Interest expense			$ 0	$ 12,500
Venetian Acquisition Bridge Facility and MGP Transactions Bridge Facility \| First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term		364 days

Derivatives - Schedule of Derivatives (Details)	Mar. 31, 2023 USD ($) instrument
3.4565% Forward-Starting Interest Rate Swap Maturing March 6, 2034
Derivative
Number of Instruments \| instrument	1
Fixed Rate	3.4565%
Notional \| $	$ 200,000,000
3.0615% Forward-Starting Interest Rate Swap Maturing March 6, 2034
Derivative
Number of Instruments \| instrument	1
Fixed Rate	3.0615%
Notional \| $	$ 50,000,000

Derivatives - Narrative (Details) $ in Thousands, $ in Millions			1 Months Ended	3 Months Ended
	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Apr. 30, 2022 USD ($) instrument	Mar. 31, 2023 USD ($) instrument	Mar. 31, 2022 USD ($)
Derivative
Draw on credit facility	$ 103,400	$ 140.0		$ 352,704	$ 600,000
Unrealized losses				1,664	$ 0
Secured Revolving Credit Facility \| Senior Notes
Derivative
Draw on credit facility		$ 140.0
Net Investment Hedging
Derivative
Unrealized losses				$ 2,400
Forward-Starting Interest Rate Swap
Derivative
Number of Instruments \| instrument			5	2
Notional amount			$ 2,500,000	$ 250,000
Derivative debt			3,000,000
Net proceeds from derivative instruments			$ 202,300
Treasury Lock
Derivative
Number of Instruments \| instrument			2
Notional amount			$ 500,000
Net proceeds from derivative instruments			$ 4,500

Derivatives - Schedule of Derivatives on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative
Unrealized (loss) gain recorded in other comprehensive income	$ (7,393)	$ 108,611
Reclassification of derivative gain to Interest expense	(6,037)	0
Forward-Starting Interest Rate Swap
Derivative
Unrealized (loss) gain recorded in other comprehensive income	(7,393)	108,611
Reclassification of derivative gain to Interest expense	$ (6,037)	$ 0

Fair Value - Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount \| Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	$ 7,393
Carrying Amount \| Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps		$ 217,342
Level 1 \| Fair Value \| Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	0
Level 1 \| Fair Value \| Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps		0
Level 2 \| Fair Value \| Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	7,393
Level 2 \| Fair Value \| Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps		217,342
Level 3 \| Fair Value \| Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	$ 0
Level 3 \| Fair Value \| Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps		$ 0

Fair Value - Schedule Of Estimated Fair Values (Details) $ in Thousands	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Financial liabilities:
Number of loans and securities \| loan	11
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 247,673	$ 208,933
Carrying Amount \| Lease Financing Receivable
Financial assets:
Receivables	17,051,187	16,740,770
Carrying Amount \| Loans Receivables and Securities
Financial assets:
Receivables	886,524	685,793
Carrying Amount \| Revolving Credit Facility
Financial liabilities:
Debt	103,572	0
Carrying Amount \| Delayed Draw Term Loan
Financial liabilities:
Debt	2,753,800	0
Carrying Amount \| Senior Unsecured Notes
Financial liabilities:
Debt	13,748,868	13,739,675
Fair Value
Financial assets:
Cash and cash equivalents	247,673	208,933
Fair Value \| Lease Financing Receivable
Financial assets:
Receivables	17,566,724	17,871,771
Fair Value \| Loans Receivables and Securities
Financial assets:
Receivables	878,905	675,456
Fair Value \| Revolving Credit Facility
Financial liabilities:
Debt	103,572	0
Fair Value \| Delayed Draw Term Loan
Financial liabilities:
Debt	2,753,800	0
Fair Value \| Senior Unsecured Notes
Financial liabilities:
Debt	$ 13,146,280	$ 13,020,636

Commitments and Contingent Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 option
Loss Contingencies
Weighted average remaining lease term	13 years 4 months 24 days
Finance lease, weighted average remaining lease term	54 years 6 months
Operating Sub-Lease
Loss Contingencies
Weighted average remaining lease term	5 years 2 months 12 days
Minimum
Loss Contingencies
Operating lease, discount rate (percent)	5.30%
Lessee, finance lease, discount rate (percent)	6.00%
Minimum \| Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (percent)	2.60%
Maximum
Loss Contingencies
Operating lease, discount rate (percent)	5.50%
Lessee, finance lease, discount rate (percent)	8.00%
Maximum \| Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (percent)	2.90%
Cascata Golf Course
Loss Contingencies
Number of extension options	3
Renewal term	10 years
Corporate Headquarters
Loss Contingencies
Number of extension options	1
Renewal term	5 years

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases, Operating [Abstract]
Rent expense	$ 498	$ 499
Contractual rent	473	475
Others assets (operating sub-leases)	43,377		$ 45,008
Other liabilities (operating sub-lease liabilities)	$ 15,855
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets		Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities		Other liabilities
Leases, Finance [Abstract]
Sales-type sub-leases, net	$ 767,436		$ 764,509
Finance sub-lease liabilities	784,407		784,259
Rental expense	14,429	6,484
Rental income	14,429	6,484
Contractual rent	14,281	6,678
Operating Sub-Lease
Leases, Operating [Abstract]
Rent expense	1,712	571
Contractual rent	1,631	528
Others assets (operating sub-leases)	27,522		28,953
Other liabilities (operating sub-lease liabilities)	27,522		$ 28,953
Rental income	$ 1,712	$ 571

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (remaining)	$ 1,426
2024	1,847
2025	1,908
2026	1,958
2027	1,979
2028	2,000
Thereafter	13,138
Total minimum lease commitments	24,256
Discounting factor	8,401
Lease liability	15,855
Financing Receivables
2023 (remaining)	44,487
2024	59,039
2025	59,174
2026	59,174
2027	59,174
2028	59,174
Thereafter	2,496,361
Total minimum lease commitments	2,836,583
Discounting factor	2,052,176
Finance sub-lease liability	784,407	$ 784,259
Operating Sub-Lease
Operating Leases
2023 (remaining)	4,953
2024	6,553
2025	5,129
2026	3,934
2027	4,010
2028	3,034
Thereafter	2,094
Total minimum lease commitments	29,707
Discounting factor	2,185
Lease liability	$ 27,522	$ 28,953

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock
Total number of common and preferred shares authorized (in shares)		1,400,000,000
Common stock, shares authorized (in shares)		1,350,000,000		1,350,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
ATM Stock Offering Program
Class of Stock
Maximum amount of shares to be sold	$ 1,500.0
Shares issued in IPO (in shares)		0	0

Stockholders' Equity - Forward Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 04, 2023	Jan. 18, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock
Aggregate Offering Value			$ 1,271,472	$ 3,218,097
Total Net Proceeds			$ 1,272,270	$ 3,219,123
Public Stock Offering And Forward Sales Agreement
Class of Stock
Number of Shares Settled (in shares)			137,975,000
Forward Share Price Upon Settlement (in dollars per share)			$ 27.50
Total Net Proceeds			$ 3,794,828
Public Stock Offering And Forward Sales Agreement \| January 2023 Forward Sales Agreement
Class of Stock
Shared Offered (in shares)		30,302,500
Public Offering Price (in shares)		$ 33.00
Aggregate Offering Value		$ 999,983
Offering forward price (in dollars per share)		$ 31.85
Initial Net Value		$ 964,400
Future stock to be issued during period, shares sold pursuant to the exercise In full of underwriters' option to purchase additional common stock		3,952,500
Offering forward price, net (in dollars per share)			$ 31.69
Forward agreement on the proceeds from issuance of common stock			$ 960,400
Forward share agreements, payments for repurchase of common stock			$ 28,100
Shares received from issuance of common stock (in shares)			900,000
Public Stock Offering And Forward Sales Agreement \| January 2023 Forward Sales Agreement \| Subsequent Event
Class of Stock
Number of Shares Settled (in shares)	3,200,000
Forward Share Price Upon Settlement (in dollars per share)	$ 31.71
Total Net Proceeds	$ 101,500
Public Stock Offering And Forward Sales Agreement \| November 2022 Forward Sales Agreement
Class of Stock
Number of Shares Settled (in shares)			18,975,000
Forward Share Price Upon Settlement (in dollars per share)			$ 30.34
Total Net Proceeds			$ 575,628
Public Stock Offering And Forward Sales Agreement \| September 2021 Forward Sales Agreement
Class of Stock
Number of Shares Settled (in shares)			50,000,000
Forward Share Price Upon Settlement (in dollars per share)			$ 27.81
Total Net Proceeds			$ 1,390,600
Public Stock Offering And Forward Sales Agreement \| March 2021 Forward Sales Agreement
Class of Stock
Number of Shares Settled (in shares)			69,000,000
Forward Share Price Upon Settlement (in dollars per share)			$ 26.50
Total Net Proceeds			$ 1,828,600

Stockholders' Equity - ATM Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock
Proceeds from issuance of common stock	$ 1,272,270	$ 3,219,123
ATM Stock Offering Program
Class of Stock
Number of Shares Settled (in shares)	21,617,592
Forward Share Price Upon Settlement (in dollars per share)	$ 32.22
Proceeds from issuance of common stock	$ 696,643
ATM Stock Offering Program \| December 2022 ATM Forward Sale Agreement
Class of Stock
Number of Shares Settled (in shares)	6,317,805
Forward Share Price Upon Settlement (in dollars per share)	$ 32.99
Proceeds from issuance of common stock	$ 208,402
ATM Stock Offering Program \| August 2022 ATM Forward Sale Agreement
Class of Stock
Number of Shares Settled (in shares)	3,918,807
Forward Share Price Upon Settlement (in dollars per share)	$ 33.96
Proceeds from issuance of common stock	$ 133,073
ATM Stock Offering Program \| June 2022 ATM Forward Sale Agreement
Class of Stock
Number of Shares Settled (in shares)	11,380,980
Forward Share Price Upon Settlement (in dollars per share)	$ 31.20
Proceeds from issuance of common stock	$ 355,168

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	963,096,563	628,942,092
Issuance of common stock upon physical settlement of forward sale agreements (in shares)	40,592,592	119,000,000
Ending balance (in shares)	1,004,204,918	748,413,311
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures (in shares)	515,763	471,219

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.3900	$ 0.3600

Earnings Per Share and Earnings Per Unit - Schedule Of Weighted Average Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common stock outstanding (in shares)	1,001,526,645	684,341,045
Assumed conversion of restricted stock (in shares)	1,073,000	581,000
Assumed settlement of forward sale agreements (in shares)	1,232,000	2,993,000
Diluted weighted-average shares of common stock outstanding (in shares)	1,003,831,325	687,914,683
VICI Properties LP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common stock outstanding (in shares)	1,013,758,018	684,341,045
Assumed conversion of restricted stock (in shares)	1,073,000	581,000
Assumed settlement of forward sale agreements (in shares)	1,232,000	2,993,000
Diluted weighted-average shares of common stock outstanding (in shares)	1,016,062,698	687,914,683

Earnings Per Share and Earnings Per Unit - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net income attributable to common stockholders	$ 518,740	$ 240,383
Weighted-average common stock outstanding (in shares)	1,001,526,645	684,341,045
Basic EPS (in dollars per share)	$ 0.52	$ 0.35
Diluted:
Net income attributable to common stockholders	$ 518,740	$ 240,383
Diluted weighted-average shares of common stock outstanding (in shares)	1,003,831,325	687,914,683
Diluted EPS (in dollars per share)	$ 0.52	$ 0.35
VICI Properties LP
Basic:
Net income attributable to common stockholders	$ 522,076	$ 238,347
Weighted-average common stock outstanding (in shares)	1,013,758,018	684,341,045
Basic EPS (in dollars per share)	$ 0.51	$ 0.35
Diluted:
Net income attributable to common stockholders	$ 522,076	$ 238,347
Diluted weighted-average shares of common stock outstanding (in shares)	1,016,062,698	687,914,683
Diluted EPS (in dollars per share)	$ 0.51	$ 0.35

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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