VICI Properties (VICI) 10-Q 29 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38372
Entity Registrant Name	VICI Properties Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4177147
Entity Address, Address Line One	535 Madison Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	949-4631
Title of each class	Common stock, $0.01 par value
Trading Symbol	VICI
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		533,668,779
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Central Index Key	0001705696
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Real estate portfolio:
Investments in leases - direct financing and sales-type, net	$ 10,372,656,000	$ 10,734,245,000
Investments in leases - operating	1,086,658,000	1,086,658,000
Land	94,711,000	94,711,000
Cash and cash equivalents	1,680,536,000	1,101,893,000
Restricted cash	2,000,000,000	0
Short-term investments	0	59,474,000
Other assets	180,561,000	188,638,000
Total assets	16,277,634,000	13,265,619,000
Liabilities
Debt, net	6,758,132,000	4,791,563,000
Accrued interest	48,828,000	20,153,000
Deferred financing liability	73,600,000	73,600,000
Deferred revenue	358,000	70,340,000
Dividends payable	158,659,000	137,056,000
Other liabilities	163,646,000	123,918,000
Total liabilities	7,203,223,000	5,216,630,000
Commitments and contingent liabilities (Note 11)
Stockholders’ equity
Common stock, $0.01 par value, 700,000,000 shares authorized and 533,667,755 and 461,004,742 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	5,337,000	4,610,000
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at June 30, 2020 and December 31, 2019	0	0
Additional paid-in capital	9,296,511,000	7,817,582,000
Accumulated other comprehensive loss	(117,265,000)	(65,078,000)
Retained (deficit) earnings	(191,835,000)	208,069,000
Total VICI stockholders’ equity	8,992,748,000	7,965,183,000
Non-controlling interest	81,663,000	83,806,000
Total stockholders’ equity	9,074,411,000	8,048,989,000
Total liabilities and stockholders’ equity	16,277,634,000	13,265,619,000
Investments in leases - financing receivables, net
Real estate portfolio:
Notes receivable	812,636,000	0
Investments in loans, net
Real estate portfolio:
Notes receivable	$ 49,876,000	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	533,667,755	461,004,742
Common stock, shares outstanding (in shares)	533,667,755	461,004,742
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
Direct financing and sales-type, allowance for credit losses	$ (355,336)	$ 0
Investments in leases - financing receivables, net
Allowance for credit losses	37,617
Investments in loans, net
Allowance for credit losses	$ 437

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Income from direct financing and sales-type leases	$ 223,895	$ 201,549	$ 448,147	$ 397,299
Income from operating leases	10,913	10,914	21,826	21,827
Income from lease financing receivables and loans	17,026	0	29,869	0
Other income	733	0	1,426	0
Golf operations	5,335	8,283	11,635	15,622
Revenues	257,902	220,746	512,903	434,748
Operating expenses
General and administrative	7,498	6,518	14,513	12,743
Depreciation	1,213	1,018	2,080	1,948
Other expenses	736	0	1,439	0
Golf operations	4,139	4,848	8,509	8,940
Change in allowance for credit losses	(65,480)	0	84,028	0
Transaction and acquisition expenses	1,160	2,867	5,677	3,756
Total operating expenses	(50,734)	15,251	116,246	27,387
Operating income	308,636	205,495	396,657	407,361
Interest expense	(77,693)	(54,819)	(153,786)	(108,405)
Interest income	1,009	4,004	6,529	9,171
Loss from extinguishment of debt	0	0	(39,059)	0
Income before income taxes	231,952	154,680	210,341	308,127
Income tax expense	(309)	(553)	(763)	(1,074)
Net income	231,643	154,127	209,578	307,053
Less: Net income attributable to non-controlling interest	(2,241)	(2,078)	(4,188)	(4,155)
Net income attributable to common stockholders	$ 229,402	$ 152,049	$ 205,390	$ 302,898
Net income per common share
Basic (in dollars per share)	$ 0.47	$ 0.37	$ 0.43	$ 0.74
Diluted (in dollars per share)	$ 0.47	$ 0.37	$ 0.43	$ 0.74
Weighted average number of shares of common stock outstanding
Basic (in shares)	489,012,165	412,309,577	477,094,795	409,040,025
Diluted (in shares)	489,213,427	412,821,400	481,652,482	409,473,202
Other comprehensive income
Net income attributable to common stockholders	$ 229,402	$ 152,049	$ 205,390	$ 302,898
Unrealized gain (loss) on cash flow hedges	951	(30,688)	(52,187)	(47,879)
Comprehensive income attributable to common stockholders	$ 230,353	$ 121,361	$ 153,203	$ 255,019

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total VICI Stockholders’ Equity	Total VICI Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained (Deficit) Earnings	Retained (Deficit) EarningsCumulative Effect, Period of Adoption, Adjustment	Non-controlling Interest	Non-controlling InterestCumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	$ 6,901,022		$ 6,817,449		$ 4,047	$ 6,648,430	$ (22,124)	$ 187,096		$ 83,573
Beginning balance at Dec. 31, 2018	6,901,022		6,817,449		4,047	6,648,430	(22,124)	187,096		83,573
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	7,045,888		6,962,269		4,110	6,777,683	(39,315)	219,791		83,619
Net income (loss)	152,926		150,849					150,849		2,077
Issuance of common stock, net	128,265		128,265		62	128,203
Distributions to non-controlling interest	(2,031)									(2,031)
Dividends declared	(118,154)		(118,154)					(118,154)
Stock-based compensation, net of forfeitures	1,051		1,051		1	1,050
Unrealized (loss) gain on cash flow hedges	(17,191)		(17,191)				(17,191)
Ending balance at Mar. 31, 2019	7,045,888		6,962,269		4,110	6,777,683	(39,315)	219,791		83,619
Beginning balance at Dec. 31, 2018	6,901,022		6,817,449		4,047	6,648,430	(22,124)	187,096		83,573
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	8,072,423		7,988,737		4,610	7,814,829	(70,003)	239,301		83,686
Net income (loss)	307,053
Ending balance at Jun. 30, 2019	8,072,423		7,988,737		4,610	7,814,829	(70,003)	239,301		83,686
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	7,045,888		6,962,269		4,110	6,777,683	(39,315)	219,791		83,619
Beginning balance at Mar. 31, 2019	7,045,888		6,962,269		4,110	6,777,683	(39,315)	219,791		83,619
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	8,072,423		7,988,737		4,610	7,814,829	(70,003)	239,301		83,686
Net income (loss)	154,127		152,049					152,049		2,078
Issuance of common stock, net	1,036,280		1,036,280		500	1,035,780
Distributions to non-controlling interest	(2,011)									(2,011)
Dividends declared	(132,539)		(132,539)					(132,539)
Stock-based compensation, net of forfeitures	1,366		1,366			1,366
Unrealized (loss) gain on cash flow hedges	(30,688)		(30,688)				(30,688)
Ending balance at Jun. 30, 2019	8,072,423		7,988,737		4,610	7,814,829	(70,003)	239,301		83,686
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	8,072,423		7,988,737		4,610	7,814,829	(70,003)	239,301		83,686
Cumulative effect of adoption of ASC 326	8,048,989	$ (309,362)	7,965,183	$ (307,114)	4,610	7,817,582	(65,078)	208,069	$ (307,114)	83,806	$ (2,248)
Beginning balance at Dec. 31, 2019	8,048,989	(309,362)	7,965,183	(307,114)	4,610	7,817,582	(65,078)	208,069	(307,114)	83,806	(2,248)
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	7,724,031	(309,362)	7,642,568	(307,114)	4,686	8,018,568	(118,216)	(262,470)	(307,114)	81,463	(2,248)
Net income (loss)	(22,065)		(24,012)					(24,012)		1,947
Issuance of common stock, net	199,877		199,877		75	199,802
Distributions to non-controlling interest	(2,042)									(2,042)
Dividends declared	(139,413)		(139,413)					(139,413)
Stock-based compensation, net of forfeitures	1,185		1,185		1	1,184
Unrealized (loss) gain on cash flow hedges	(53,138)		(53,138)				(53,138)
Ending balance at Mar. 31, 2020	$ 7,724,031		7,642,568		4,686	8,018,568	(118,216)	(262,470)		81,463
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance at Dec. 31, 2019	$ 8,048,989	(309,362)	7,965,183	(307,114)	4,610	7,817,582	(65,078)	208,069	(307,114)	83,806	(2,248)
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	8,048,989	$ (309,362)	8,992,748	$ (307,114)	5,337	9,296,511	(117,265)	(191,835)	$ (307,114)	81,663	$ (2,248)
Net income (loss)	209,578
Ending balance at Jun. 30, 2020	9,074,411		8,992,748		5,337	9,296,511	(117,265)	(191,835)		81,663
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	7,724,031		7,642,568		4,686	8,018,568	(118,216)	(262,470)		81,463
Beginning balance at Mar. 31, 2020	7,724,031		7,642,568		4,686	8,018,568	(118,216)	(262,470)		81,463
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	7,724,031		8,992,748		5,337	9,296,511	(117,265)	(191,835)		81,663
Net income (loss)	231,643		229,402					229,402		2,241
Issuance of common stock, net	1,276,624		1,276,624		650	1,275,974
Distributions to non-controlling interest	(2,041)									(2,041)
Dividends declared	(158,767)		(158,767)					(158,767)
Stock-based compensation, net of forfeitures	1,970		1,970		1	1,969
Unrealized (loss) gain on cash flow hedges	951		951				951
Ending balance at Jun. 30, 2020	9,074,411		8,992,748		5,337	9,296,511	(117,265)	(191,835)		81,663
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASC 326	$ 9,074,411		$ 8,992,748		$ 5,337	$ 9,296,511	$ (117,265)	$ (191,835)		$ 81,663

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.2975	$ 0.2975	$ 0.2875	$ 0.2875

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income (loss)	$ 209,578,000	$ 307,053,000
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	6,226,000	(4,789,000)
Stock-based compensation	3,361,000	2,417,000
Depreciation	2,080,000	1,948,000
Amortization of debt issuance costs and original issue discount	11,136,000	3,364,000
Change in allowance for credit losses	84,028,000	0
Loss on extinguishment of debt	39,059,000	0
Change in operating assets and liabilities:
Other assets	596,000	(6,924,000)
Accrued interest	28,675,000	(219,000)
Deferred revenue	(69,982,000)	(43,600,000)
Other liabilities	3,740,000	3,692,000
Net cash provided by operating activities	318,497,000	262,942,000
Cash flows from investing activities
Investments in leases - financing receivables	(847,159,000)	0
Investments in loans	(50,343,000)	0
Investments in leases - direct financing and sales-type	0	(970,763,000)
Principal repayments of lease financing receivables	868,000	0
Capitalized transaction costs	(1,084,000)	(1,105,000)
Investments in short-term investments	0	(97,586,000)
Maturities of short-term investments	59,474,000	520,877,000
Proceeds from sale of land	0	1,044,000
Acquisition of property and equipment	(2,187,000)	(1,481,000)
Net cash used in investing activities	(840,431,000)	(549,014,000)
Cash flows from financing activities
Proceeds from offering of common stock, net	1,476,717,000	1,165,008,000
Proceeds from issuance of unsecured debt	2,500,000,000	0
Redemption of Second Lien Notes	(537,538,000)	0
Repurchase of stock for tax withholding	(206,000)	0
Debt issuance costs	(57,784,000)	(5,371,000)
Distributions to non-controlling interest	(4,083,000)	(4,042,000)
Dividends paid	(276,529,000)	(234,418,000)
Net cash provided by financing activities	3,100,577,000	921,177,000
Net increase in cash, cash equivalents and restricted cash	2,578,643,000	635,105,000
Cash, cash equivalents and restricted cash, beginning of period	1,101,893,000	598,447,000
Cash, cash equivalents and restricted cash, end of period	3,680,536,000	1,233,552,000
Supplemental cash flow information:
Cash paid for interest	113,974,000	105,484,000
Cash paid for income taxes	0	1,500,000
Supplemental non-cash investing and financing activity:
Dividends declared, not paid	158,767,000	132,539,000
Lease liabilities arising from obtaining right-of-use assets	0	11,133,000
Deferred transaction costs payable	2,305,000	4,454,000
Equity issuance costs payable	1,040,000	650,000
Debt issuance costs payable	$ 0	$ 5,783,000

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations, subject to long-term triple net leases. As of June 30, 2020, our national, geographically diverse portfolio consisted of 28 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas (and following the consummation of the Eldorado Transaction on July 20, 2020, our portfolio consists of 31 properties). As of June 30, 2020, our properties are leased to, and our tenants are, subsidiaries of Pre-Merger Caesars, Penn National, Hard Rock, Century Casinos and JACK Entertainment (and following the consummation of the Eldorado Transaction on July 20, 2020, Caesars, Penn National, Hard Rock, Century Casinos and JACK Entertainment). We also own and operate four championship golf courses located near certain of our properties. We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, 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. We conduct our real property business through our Operating Partnership and our golf course business, through a taxable REIT subsidiary (a “TRS”), VICI Golf. Impact of the COVID-19 Pandemic on our Business On March 11, 2020, the World Health Organization declared the outbreak of a novel strain of coronavirus (“COVID-19”) a pandemic, and on March 13, 2020, the United States declared a national emergency. Among the broader public health, societal and global impact, the COVID-19 pandemic resulted in state governments and/or regulatory authorities issuing various directives, mandates, orders or similar actions, resulting in the temporary closure of our tenants’ operations at all of our properties. Our golf course business has also been impacted, with all four courses temporarily ceasing operations in March 2020 as a result of the COVID-19 pandemic, although our golf courses were subsequently reopened in early to mid-May 2020 in compliance with applicable regulations and restrictions. As of July 29, 2020, the operations of substantially all of our properties have reopened, subject to operating limitations set forth by the state and local governments and/or regulatory authorities. One property, Greektown, remains closed as the local government and regulatory authority have yet to allow it to reopen. While most of our tenants’ facilities at our properties have reopened, they have reopened at reduced capacity and subject to additional operating restrictions, and we cannot predict how long they will be required to operate subject to such operating restrictions or whether they will be subject to additional restrictions or forced to reclose in the future. The full extent to which the COVID-19 pandemic ultimately impacts us and our tenants continues to depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures on our tenants, including the length of time our tenants’ operations at our properties are closed or subject to operating restrictions, including reduced capacity, any requirement for our tenants’ operations to reclose, our tenants’ financial performance following reopening and the extent of operating limitations and reduced capacity requirements upon reopening. We continue to closely monitor the impact of the COVID-19 pandemic on us, our tenants and our pending transactions. All of our tenants have fulfilled their rent obligations in full through July 2020 and we continue to engage with our tenants in connection with the ongoing COVID-19 pandemic and its impact on their operations, liquidity and financial performance. Due to the continuing uncertainty of the ultimate impact of the COVID-19 pandemic, including the impact on us and our tenants discussed above, there can be no assurance that our tenants will continue to fulfill their rent obligations in full.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated 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 consolidated financial statements, including the notes thereto, are unaudited and 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 consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K and 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. 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 from these estimates. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Principles of Consolidation and Non-controlling Interest The accompanying consolidated financial statements include our accounts and the accounts of our Operating Partnership, and the subsidiaries in which we or our Operating Partnership has a controlling interest, which includes a single variable interest entity (“VIE”) where we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. We present non-controlling interest and classify such interest as a component of consolidated stockholders’ equity, separate from VICI stockholders’ equity. Our non-controlling interest represents 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 Agreement. 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 stated at the lower of cost or market value. 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. As of June 30, 2020, restricted cash was solely related to funds held in escrow from the February 2020 Senior Unsecured Notes offering, which were subsequently released from escrow and used to consummate the Eldorado Transaction on July 20, 2020. As of June 30, 2019, restricted cash was primarily comprised of funds paid by us into a restricted account for a lender required furniture, fixtures and equipment (“FF&E”) replacement reserve for the CPLV CMBS Debt. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Balance Sheet to the total of the same such amounts presented in the Statement of Cash Flows. (In thousands) June 30, 2020 June 30, 2019 Cash and cash equivalents $ 1,680,536 $ 1,205,335 Restricted cash 2,000,000 28,217 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 3,680,536 $ 1,233,552 Short-Term Investments We generally 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. The related income is recognized as interest income in our Statement of Operations. We had $59.5 million of short-term investments as of December 31, 2019. We did not have any short-term investments as of June 30, 2020. Investments in Leases - Direct Financing and 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, unless the impact of doing so is immaterial. 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. Due to the nature of our assets, the net investment in the lease is generally equal to the purchase price of the asset, and the land and building components of an investment generally have the same lease classification. Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. As such, we did not reassess the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. Prior to the consummation of the Eldorado Transaction, the Caesars Lease Agreements continued to be accounted for as direct financing leases and were included within Investments in leases - direct financing and sales-type, net on the Balance Sheet, with the exception of the land component of Caesars Palace Las Vegas which was determined to be an operating lease and was included in Investments in leases - operating on the Balance Sheet. The income recognition for our direct financing leases recognized under ASC 840 was consistent with the income recognition for our sales-type lease under ASC 842. Upon the consummation of the Eldorado Transaction on July 20, 2020, we modified the CPLV Lease Agreement, HLV Lease Agreement, Non-CPLV Lease Agreement and Joliet Lease Agreement, which included amending certain of the lease terms, and combining the CPLV Lease Agreement and HLV Lease Agreement into the Las Vegas Master Lease Agreement and replacing the Non-CPLV Lease Agreement with the Regional Master Lease Agreement. Upon modification, we prospectively reassessed the lease classification of the Las Vegas Master Lease Agreement, Regional Master Lease Agreement and Joliet Lease Agreement and determined the leases meet the definition of a sales-type lease, including the land component of Caesars Palace Las Vegas. Accordingly, we will reclassify the land component of Caesars Palace Las Vegas from Investments in leases - operating to Investments in leases - sales-type. Further, as a result of the reclassifications of the Caesars Lease Agreements from direct financing and operating leases to sales-type leases subsequent to June 30, 2020, we will be required to record the investments at their estimated fair values as of the modification date and recognize a gain or loss equal to the difference in fair value of the asset and its carrying value immediately prior to the modification. Subsequent to the consummation of the Eldorado Transaction, we will no longer have any leases classified as direct financing or operating and, as such, there will no longer be any amounts recorded through Investments in leases - operating. Refer to Note 4 - Property Transactions for further discussion surrounding the lease modifications. We have determined that the land and building components of the Margaritaville Lease Agreement, the Greektown Lease Agreement, the Hard Rock Cincinnati Lease Agreement and the Century Portfolio Lease Agreement meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, net For leases determined to be sales-type leases, we further assess to determine whether the transaction is considered a sale leaseback transaction. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a lease financing receivable and is accounted for in accordance with ASC 310 “Receivables” (“ASC 310”). The accounting for a lease as an investment in leases - financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - direct financing and sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease Agreement meets the definition of a sales-type lease and further meets the definition for a sale leaseback transaction. As such, the JACK Cleveland/Thistledown Lease Agreement is accounted for in accordance with ASC 310 and presented as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses. Upon the consummation of the Eldorado Transaction on July 20, 2020, and reassessment of the classification of the Caesars Lease Agreements, as described above, we determined that the MTA Properties Acquisitions, as defined in Note 4 - Property Transaction, meet the definition of a separate contract under ASC 842. In accordance with this guidance, we are required to separately assess the lease classification apart from the other assets in the Regional Master Lease Agreement. We determined that the MTA Properties (as defined in Note 4 - Property Transactions ) will meet the definition of a sales-type lease and will further meet the definition of a sale leaseback transaction under ASC 842. Accordingly, subsequent to July 20, 2020, the MTA Properties will be accounted for as Investments in leases - financing receivables in accordance with ASC 310. Investments in Loans, net Investments in loans, representing our investment in the ROV Loan (as defined in Note 4 - Property Transactions ), are held-for-investment and are carried at historical cost, net 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. 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 in our properties and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our direct financing leases, 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 direct financing leases, 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 direct financing and 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 - direct financing and sales-type, net or Investments in leases - financing receivables, net, as applicable. Under ASC 840, we determined that the land component of Caesars Palace Las Vegas was greater than 25% of the overall fair value of the combined land and building components. At lease inception the land was determined to be an operating lease and we recorded the related income on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land element after deducting executory costs, including any profit thereon, was determined by applying the lessee’s incremental borrowing rate to the value of the land. Revenue from this lease was recorded as Income from operating leases in our Statement of Operations. Upon the consummation of the Eldorado Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas was reassessed for lease classification and determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, the income will be recognized as Income from sales-type leases. Initial direct costs incurred in connection with entering into investments classified as direct financing or 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. Allowance for Credit Losses On January 1, 2020, we adopted ASC 326 - “Credit Losses” (“ASC 326”) which 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 - direct financing and sales-type, investment in leases - financing receivables and investments in loans. We have elected to use a discounted cash flow model to estimate the CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease or loan 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 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 their parent guarantors 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 their parent guarantors. 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 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 the past 35 years that have similar credit profiles or characteristics to our tenants and their parent guarantors. We were 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 - direct financing and sales type, Investments in leases - financing receivables and Investments in loans 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. To the extent we have contractual commitments to extend credit, such as those under revolving credit facilities, we are required to estimate a CECL allowance related to these future funding commitments. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. As of June 30, 2020, we did not have any contractual commitments to extend credit. Write-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 write-offs or recoveries for the three and six months ended June 30, 2020. Refer to Note 6 - Allowance for Credit Losses for further information. Impairment We assess our investments in operating leases, land and property and equipment used in operations for impairment under ASC 360 - “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows. Other income and Other expenses Other income primarily represents sub-lease income related to certain ground and use leases, 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 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 the ground and use leases. We previously recorded the sub-lease income as a component of General and administrative expenses on a net basis with the sub-lease expense. In the prior quarter, we re-classified these amounts to be presented gross in Other income with an offsetting amount in Other expenses within the Statement of Operations. For the three and six months ended June 30, 2019, such amounts, included net in General and administrative expenses, were $0.7 million and $1.4 million, respectively. 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 10 - 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 items. 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 is recorded in Accumulated other comprehensive income and recognized in earnings when the cash flows that were hedged affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive loss on our consolidated financial statements. We use derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, 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 Pre-Merger Caesars was the guarantor of all the lease payment obligations of the tenants under the respective leases of the properties that it leases from us, with the exception of Harrah’s Las Vegas, which was guaranteed by a subsidiary of Pre-Merger Caesars. In connection with the consummation of the Eldorado Transaction, Caesars replaced Pre-Merger Caesars as guarantor of all of the Caesars Lease Agreements. Revenue from the Caesars Lease Agreements represented 80% and 81% of our lease revenues for the three and six months ended June 30, 2020, respectively, and 95% and 96% of our lease revenues for the three and six months ended June 30, 2019, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 28% and 29% of our lease revenue for the three and six months ended June 30, 2020, respectively, and 34% and 34% of our lease revenue for the three and six months ended June 30, 2019, respectively. Other than having a single tenant 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.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted Accounting Standard Update (“ASU”) No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through February 2020) : This amended guidance changes how entities measure credit losses for most financial assets and certain other instruments, including direct financing and sales-type leases, that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach, which will generally result in earlier recognition of allowance for credit losses. As a result of the guidance, we are required to estimate and record non-cash credit losses related to our Investments in leases - direct financing and sales-type, Investments in lease - financing receivables and loans and expand our credit quality disclosures. The new standard did not materially impact any of our other financial assets or instruments that we currently have on our Balance Sheet. We adopted the guidance on January 1, 2020 using the modified retrospective approach method of adoption. Under this method we recorded a cumulative-effect adjustment to our opening Balance Sheet as a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Such amount was determined by applying our methodology for estimating allowances for credit losses to our existing Investments in leases - direct financing and sales-type as of January 1, 2020, which resulted in a $309.4 million cumulative adjustment, representing a 2.88% credit allowance upon adoption. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Each time we enter into a new direct financing or sales-type lease, lease financing receivable or loan, we will be required to estimate a credit allowance which will result in a non-cash charge to the Statement of Operations and a corresponding reduction in our net investment in the asset. Finally, each reporting period we are required to update the estimated allowance for any estimated changes in the credit loss, with the resulting change being recorded on the Statement of Operations and a corresponding change in our net investment in the asset. ASU No. 2020-04 - Reference Rate Reform (Topic 848) - March 2020 :

Property Transactions

Property Transactions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Property Transactions	Property Transactions 2020 Transactions Our significant activities in 2020, in reverse chronological order, are as follows: Consummation of the Eldorado Transaction Subsequent to June 30, 2020, on July 20, 2020, concurrent with the consummation of the Eldorado/Caesars Merger, we consummated the Eldorado Transaction contemplated by the MTA and the MTA Property Purchase Agreements (as defined below). We funded the Eldorado Transaction with a combination of cash on hand, the proceeds from the physical settlement of the June 2019 Forward Sale Agreements on June 2, 2020, as described in Note 12 - Stockholders’ Equity , and the proceeds from our February 2020 Senior Unsecured Notes offering previously held in escrow. Any references to Caesars in the subsequent transaction discussion refer to the combined Eldorado/Caesars subsequent to the consummation of the Eldorado/Caesars Merger. The closing of the Eldorado Transaction includes the consummation of the transactions contemplated by the following agreements: • Acquisition of the MTA Properties. We acquired all of the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City (collectively, the “MTA Properties”) for an aggregate purchase price of $1,823.5 million (the “MTA Properties Acquisitions”). The Regional Master Lease Agreement was amended to, among other things, include each such property, with initial aggregate total annual rent payable to us increased by $154.0 million to $621.7 million, and to extend the initial term to July 2035 and to adjust certain minimum capital expenditure requirements and other related terms and conditions as a result of the MTA Properties being included in the Regional Master Lease Agreement as further described in “—Lease Amendments and Terminations” below. We completed the MTA Properties Acquisitions pursuant to the following agreements: (i) a Purchase and Sale Agreement (the “Harrah’s New Orleans Purchase Agreement”) pursuant to which we agreed to acquire, and Eldorado agreed to cause to be sold, all of the fee and leasehold interests in the land and real property improvements associated with Harrah’s New Orleans in New Orleans, Louisiana (“Harrah’s New Orleans”) for a cash purchase price of $789.5 million, (ii) a Purchase and Sale Agreement (the “Harrah’s Atlantic City Purchase Agreement”) pursuant to which we agreed to acquire, and Eldorado agreed to cause to be sold, all of the land and real property improvements associated with Harrah’s Resort Atlantic City and Harrah’s Atlantic City Waterfront Conference Center in Atlantic City, New Jersey for a cash purchase price of $599.3 million; and (iii) a Purchase and Sale Agreement (the “Harrah’s Laughlin Purchase Agreement” and, collectively with the Harrah’s New Orleans Purchase Agreement and the Harrah’s Atlantic City Purchase Agreement, the “MTA Property Purchase Agreements”) pursuant to which we agreed to acquire, and Eldorado agreed to cause to be sold, all of the equity interests in a newly formed entity that acquired the land and real property improvements associated with Harrah’s Laughlin Hotel & Casino in Laughlin, Nevada for a cash purchase price of $434.8 million. Each of our existing call options on the MTA Properties terminated upon the closing of the MTA Properties Acquisitions. On July 20, 2020, in connection with the completion of the purchase of Harrah’s New Orleans, the tenant’s leasehold interest in that certain Second Amended and Restated Lease Agreement (the “Ground Lease”) dated as of April 3, 2020, by and among Jazz Casino Company, L.L.C., a Louisiana limited liability company (“JCC”), New Orleans Building Corporation (“NOBC”) and the City of New Orleans, was assigned by JCC to us. The Ground Lease sets forth the terms and conditions pursuant to which we lease from NOBC a portion of the land upon which Harrah’s New Orleans is located. Simultaneous with entering into the assignment of the Ground Lease, we subleased our interest in the Ground Lease to Caesars in accordance with the terms and conditions of the Regional Master Lease Agreement. Pursuant to the Regional Master Lease Agreement, Caesars is required to perform our obligations as tenant under the Ground Lease, which include the obligation to construct a new hotel intended to be located on the ground-leased premises and to expend at least $325.0 million in connection with the construction of such hotel. The Ground Lease contains certain rights in our favor should Caesars fail to perform our obligations thereunder, including providing us with additional cure periods to cure defaults. If we are unable to cure a Caesars default during any such additional cure period, then, subject to certain conditions more particularly set forth in the Ground Lease, we will have a further additional period (up to 12-24 months) to seek to terminate Caesars as tenant and to enter into a replacement sublease with a new operator with respect to the leased premises. If we fail to cure such default at the end of such additional cure period, NOBC would have the right to exercise remedies, including termination of the Ground Lease, in which case we would no longer have any right, title or interest to the leased premises or the improvements located thereon. • Creation of Las Vegas Master Lease. In consideration of a payment by us to (i) the tenant under the CPLV Lease Agreement of $1,189.9 million (the “CPLV Lease Amendment Payment”) and (ii) the tenant under the HLV Lease Agreement of $213.8 million (the “HLV Lease Amendment Payment”), upon the consummation of the Eldorado Transaction, (a) the CPLV Lease Agreement was amended to (A) combine the CPLV Lease Agreement and the HLV Lease Agreement into a single Las Vegas Master Lease Agreement, (B) increase the annual rent payable to us thereunder associated with Caesars Palace Las Vegas by $83.5 million (the “CPLV Additional Rent Acquisition”), (C) increase the annual rent previously payable to us with respect to the Harrah’s Las Vegas property by $15.0 million (the “HLV Additional Rent Acquisition”) under the Las Vegas Master Lease Agreement and (D) to provide for the amended terms described below, and (b) the HLV Lease Agreement and the related lease guaranty were terminated. As a result of such amendments, the Harrah’s Las Vegas property is also now subject to the higher rent escalator under the Las Vegas Master Lease Agreement. • Lease Amendments and Terminations. Each of the Caesars Lease Agreements was amended to, among other things, (i) remove the rent coverage floors, which coverage floors served to reduce the rent escalators under such leases in the event that the “EBITDAR to Rent Ratio” (as defined in the applicable Caesars Lease Agreements) coverage was below the stated floor and (ii) extend the term of each such lease by such additional period of time as necessary to ensure that each lease will have a full 15-year initial lease term following the consummation of the Eldorado Transaction. The Regional Master Lease Agreement was also amended to, among other things: (a) permit the tenant under the Regional Master Lease Agreement to cause facilities subject to the Regional Master Lease Agreement that in the aggregate represent up to five percent of the aggregate EBITDAR of (A) all of the facilities under such Regional Master Lease Agreement and (B) the Harrah’s Joliet facility, for the 2018 fiscal year (defined as the “2018 EBITDAR Pool” in the Regional Master Lease Agreement, without giving effect to any increase in the 2018 EBITDAR Pool as a result of a facility being added to the Regional Master Lease Agreement) to be sold (whereby the tenant and landlord under the Regional Master Lease Agreement would sell the operations and real estate, respectively, with respect to such facility), provided, among other things, that (1) we and Caesars mutually agree to the split of proceeds from such sales, (2) such sales do not result in any impairment(s)/asset write down(s) by us, (3) rent under the Regional Master Lease Agreement remains unchanged following such sale and (4) the sale does not result in us recognizing certain taxable gain; (b) restrict the ability of the tenant thereunder to transfer and sell the operating business of Harrah’s New Orleans and Harrah’s Atlantic City to replacement tenants without our consent and remove such restrictions with respect to Horseshoe Southern Indiana (in connection with the restrictions applying to Harrah’s New Orleans) and Horseshoe Bossier City (in connection with the restrictions applying to Harrah’s Atlantic City), provided that the tenant under the Regional Master Lease Agreement may only sell such properties if certain terms and conditions are met, including that replacement tenants meet certain criteria provided in the Regional Master Lease Agreement; and (c) require that the tenant under the Regional Master Lease Agreement complete and pay for all capital improvements and other payments, costs and expenses related to the extension of the existing operating license with respect to Harrah’s New Orleans, including, without limitation, any such payments, costs and expenses required to be made to the City of New Orleans, the State of Louisiana or any other governmental body or agency. Caesars has executed new guaranties with respect to the Las Vegas Master Lease Agreement (the “Las Vegas Lease Guaranty”), the Regional Master Lease Agreement (the “Regional Lease Guaranty”) and the Joliet Lease Agreement (the “Joliet Lease Guaranty” and, together with the Las Vegas Lease Guaranty and the Regional Lease Guaranty, the “Caesars Guaranties”), guaranteeing the prompt and complete payment and performance in full of: (i) all monetary obligations of the tenants under the Caesars Lease Agreements, including all rent and other sums payable by the tenants under the Caesars Lease Agreements and any obligation to pay monetary damages in connection with any breach and to pay any indemnification obligations of the tenants under the Caesars Lease Agreements; and (ii) the performance when due of all other covenants, agreements and requirements to be performed and satisfied by the tenants under the Caesars Lease Agreements. In connection with entering into the amendments to the Caesars Lease Agreements and the Caesars Guaranties described above, we and Caesars terminated the Management and Lease Support Agreements, dated as of October 6, 2017, with respect to each of the Caesars Lease Agreements, pursuant to which, among other things, Pre-Merger Caesars previously guaranteed the tenants’ monetary obligations under the Caesars Lease Agreements and the Guaranty of Lease dated as of December 22, 2017 pursuant to which, among other things, a subsidiary of Pre-Merger Caesars guaranteed the tenant’s obligations under the HLV Lease Agreement. • Centaur Properties Put-Call Agreement . Prior to the consummation of the Eldorado Transaction, we were party to a right of first refusal agreement with affiliates of Pre-Merger Caesars with respect to two gaming facilities in Indiana - Harrah’s Hoosier Park and Indiana Grand (together, the “Centaur Properties”). Upon the consummation of the Eldorado Transaction, the Second Amended and Restated Right of First Refusal Agreement between us and Pre-Merger Caesars terminated in accordance with its terms, which included the right of first refusal that we had with respect to the Centaur Properties, and we entered into a Put-Call Right Agreement with Caesars (the “Centaur Put-Call Agreement”), whereby (i) we have the right to acquire all of the land and real estate assets associated with the Centaur Properties at a price equal to 13.0x the initial annual rent of each facility (determined as provided below), and to simultaneously lease back each such property to a subsidiary of Caesars for initial annual rent equal to the property’s trailing four quarters EBITDA at the time of acquisition divided by 1.3 (i.e., the initial annual rent will be set at 1.3x rent coverage) and (ii) Caesars will have the right to require us to acquire the Centaur Properties at a price equal to 12.5x the initial annual rent of each facility, and to simultaneously lease back each such Centaur Property to a subsidiary of Caesars for initial annual rent equal to the property’s trailing four quarters EBITDA at the time of acquisition divided by 1.3 (i.e., the initial annual rent will be set at 1.3x rent coverage). Either party will be able to trigger its respective put or call, as applicable, beginning on January 1, 2022 and ending on December 31, 2024. The Centaur Put-Call Agreement provides that the leaseback of the Centaur Properties will be implemented through the addition of the Centaur Properties to the Regional Master Lease Agreement. • Amended and Restated Caesars Forum Convention Center Put-Call Agreement. Upon the consummation of the Eldorado Transaction, we entered into an Amended and Restated Put-Call Right Agreement (the “A&R Convention Center Put-Call Agreement”) with Caesars amending and restating that certain put-call agreement related approximately 28 acres of land upon which the Caesars Forum Convention Center is built and/or otherwise used in connection with or necessary for the operation of the Caesars Forum Convention Center (collectively, the “Caesars Forum Convention Center”). The A&R Convention Center Put-Call Agreement provides (i) a put right in favor of Caesars, which, if exercised, would result in the sale by Caesars to us and simultaneous leaseback by us to Caesars, of the Caesars Forum Convention Center (the “Convention Center Put Right”), which may be exercised by Caesars between January 1, 2024 and December 31, 2024 at a price equal to 13.0x the initial annual rent for Caesars Forum Convention Center as proposed by Caesars (which shall be between $25.0 million and $35.0 million), (ii) if Caesars exercises the Convention Center Put Right and, among other things, the sale of the Caesars Forum Convention Center to us does not close for certain reasons more particularly described in the A&R Convention Center Put-Call Agreement, a repurchase right in favor of Caesars, which, if exercised, would result in the sale of Harrah’s Las Vegas by us to Caesars (the “HLV Repurchase Right”), which may be exercised by Caesars during a one Call Right to begin on the scheduled maturity date of the Forum Convention Center Mortgage Loan, as described below in “—Caesars Forum Convention Center Mortgage Loan and Las Vegas Land Acquisition”. • Las Vegas Strip Assets ROFR . Upon the consummation of the Eldorado Transaction, we entered into a right of first refusal agreement with Caesars (the “Las Vegas Strip ROFR Agreement”) pursuant to which we have the first right, with respect to the first two Las Vegas Strip assets described below that Caesars proposes to sell, whether pursuant to a sale leaseback or a WholeCo sale, to a third party, to acquire any such asset (it being understood that we will have the opportunity to find an operating company should Caesars elect to pursue a WholeCo sale). The Las Vegas Strip assets subject to the Las Vegas Strip ROFR Agreement are the land and real estate assets associated (i) with respect to the first such asset subject to the Las Vegas Strip ROFR Agreement, the Flamingo Las Vegas, Paris Las Vegas, Planet Hollywood and Bally’s Las Vegas gaming facilities, and (ii) with respect to the second asset subject to the Las Vegas Strip ROFR Agreement, the foregoing assets plus The LINQ gaming facility. If we enter into a sale leaseback transaction with Caesars on any of these facilities, the leaseback may be implemented through the addition of such properties to the Las Vegas Master Lease Agreement. • Horseshoe Baltimore ROFR. Upon the consummation of the Eldorado Transaction, we entered into a right of first refusal agreement with Caesars pursuant to which we will have the first right to enter into a sale leaseback transaction with respect to the land and real estate assets associated with the Horseshoe Baltimore gaming facility (subject to any consent required from Caesars’ joint venture partners with respect to this asset). • CPLV CMBS Refinancing . We were obligated to cause the CPLV CMBS Debt to be repaid in full prior to the consummation of the Eldorado/Caesars Merger. In November 2019, we repaid the CPLV CMBS Debt in full resulting in a prepayment penalty of $110.8 million, of which $55.4 million was reimbursed by Caesars upon the consummation of the Eldorado Transaction in accordance with the MTA as follows: $31.0 million was paid to us in cash, $20.5 million was credited to us as a reduction in the CPLV Lease Amendment Payment and $3.9 million was credited to us as a reduction in the HLV Lease Amendment Payment. • Eldorado Bridge Facilities . On June 24, 2019, in connection with the Eldorado Transaction, VICI PropCo entered into a commitment letter (the “Commitment Letter”) with Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands Branch (collectively, the “Bridge Lender”), pursuant to which and subject to the terms and conditions set forth therein, the Bridge Lender has agreed to provide (i) a 364-day first lien secured bridge facility of up to $3.3 billion in the aggregate (the “Eldorado Senior Bridge Facility”) and (ii) a 364-day second lien secured bridge facility of up to $1.5 billion in the aggregate (the “Eldorado Junior Bridge Facility,” and, together with the Eldorado Senior Bridge Facility, the “Bridge Facilities”), for the purpose of providing a portion of the financing necessary to fund the Eldorado Transaction. The commitments under the Bridge Facilities were fully terminated at our election in June 2020. JACK Lease Agreement Amendment and Amended and Restated ROV Loan Subsequent to June 30, 2020, on July 16, 2020, we and JACK Entertainment entered into an amendment to the JACK Cleveland/Thistledown Lease Agreement (the “JACK Lease Agreement Amendment”), pursuant to which, among other things, we agreed to fund $18.0 million for the construction of a new gaming patio amenity at JACK Thistledown Racino, which will be leased by JACK Entertainment pursuant to the JACK Lease Agreement Amendment. In connection with the construction of the gaming patio, commencing on April 1, 2022, rent under the JACK Cleveland/Thistledown Lease Agreement (as amended by the JACK Lease Agreement Amendment) will be increased by an incremental $1.8 million. The JACK Lease Agreement Amendment also provides for relief with respect to certain existing covenants through March 31, 2022, adds an additional five years to the initial lease term, with the tenant under the JACK Cleveland/Thistledown Lease Agreement having three (rather than four) five Simultaneously with entry into the JACK Lease Agreement Amendment, we and affiliates of Rock Ohio Ventures entered into an amendment and restatement of our existing $50.0 million term loan agreement with such affiliates of Rock Ohio Ventures (the “Amended and Restated ROV Loan”), pursuant to which, among other things, we increased our existing term loan to $70.0 million, which bears interest at a rate of 9.0% per annum (which interest, at the option of JACK Entertainment, may be paid-in-kind through April 30, 2021 with any paid-in-kind interest required to be paid in cash in eleven equal monthly installments ending March 31, 2022), and added a $25.0 million revolving credit facility, which bears interest at a rate of LIBOR plus 2.75% per annum. A commitment fee of 0.50% per annum calculated on the unused portion of the revolving credit facility is payable quarterly. The Amended and Restated ROV Loan, which includes the term loan and revolving credit facility, matures in January 2025 which maturity date may be extended at the borrower’s election for up to two Caesars Forum Convention Center Mortgage Loan and Las Vegas Land Acquisition On June 15, 2020, we entered into a non-binding letter of intent with Eldorado (the “Mortgage and Land Acquisition Agreement”) pursuant to which we intend to (i) lend $400.0 million to a subsidiary of Caesars (the “Forum Convention Center Borrower”) for a term of five Each of the Forum Convention Center Mortgage Loan and the Las Vegas Land Acquisition is cross-conditioned on the consummation of the other. In addition, the Forum Convention Center Mortgage Loan and the Las Vegas Land Acquisition are each subject to, among other things, the completion of due diligence and negotiation of definitive documentation and is expected to close in the third quarter of 2020. However, we can provide no assurances that the Forum Convention Center Mortgage Loan or the Las Vegas Land Acquisition will close in the anticipated timeframe, on the contemplated terms or at all. We intend to fund the Forum Convention Center Mortgage Loan and the Las Vegas Land Acquisition with the proceeds from the expected physical settlement of the June 2020 Forward Sale Agreement. Forum Convention Center Mortgage Loan The Forum Convention Center Mortgage Loan will be in an amount of $400.0 million and will have a term of five The Forum Convention Center Mortgage Loan will be secured by a first priority mortgage on the Caesars Forum Convention Center that is currently owned by Caesars, including, without limitation the Caesars Forum Convention Center, as well as a first priority lien on the equity interests in the Forum Convention Center Borrower, a first priority security interest in all of the Forum Convention Center Borrower’s interest in furniture, fixtures and equipment used, owned or related to the operation of the Caesars Forum Convention Center, and a first priority assignment of the Forum Convention Center Borrower’s interest in leases and rents, including a collateral assignment of the Forum Convention Center Borrower’s interest in the lease on the Caesars Forum Convention Center pursuant to which the Forum Convention Center Borrower will lease the Caesars Forum Convention Center to a subsidiary of Caesars (the “Caesars Tenant”), which lease will be fully subordinate to the Forum Convention Center Mortgage Loan. In addition, if the Forum Convention Center Borrower defaults on the Forum Convention Center Mortgage Loan and we take possession of the Caesars Forum Convention Center, we may, at our option under certain circumstances, assume the lease with the Caesars Tenant (which lease will be guaranteed by Caesars and have an initial annual rent of $33.9 million, subject to annual increases equal to the greater of 2% and the annual consumer price index increase). In connection with the Forum Convention Center Mortgage Loan, we will amend the A&R Convention Center Put-Call Agreement to include the following terms: • The Convention Center Call Right, which is currently exercisable for the one • If there is an event of default on the Forum Convention Center Mortgage Loan, (i) the Convention Center Put Right, which is currently exercisable for the one-year period commencing on January 1, 2024, will not be exercisable, and (ii) we, at our option, may accelerate the Convention Center Call Right so that it is exercisable from the date of such event of default until December 31, 2026 (in addition to any other remedies available to us in connection with such event of default). Las Vegas Land Acquisition We have agreed to purchase the Las Vegas Land for a purchase price of $4.5 million per acre. After we acquire the Las Vegas Land, we will grant subsidiaries of Caesars a revocable license to continue to use the property; provided, that the subsidiaries of Caesars will continue to pay real property taxes, insurance costs, security costs and other operating costs related to the Las Vegas Land (“Las Vegas Land Operating Costs”) (or such portion of the Las Vegas Land that subsidiaries of Caesars continue to occupy). These obligations will be guaranteed by Caesars. Upon six months’ prior written notice, we will have the right to require that the subsidiaries of Caesars vacate the Las Vegas Land (or any portion thereof). Upon six months’ prior written notice to us, the subsidiaries of Caesars may vacate the Las Vegas Land (or any portion thereof). In each case upon such vacancy, the subsidiaries of Caesars will no longer be responsible for Las Vegas Land Operating Costs with respect to the portion of the Las Vegas Land vacated. Omnibus Lease Amendment On June 1, 2020, we entered into an Omnibus Amendment to Leases (the “Omnibus Amendment”) with Pre-Merger Caesars. Pursuant to the Omnibus Amendment, Pre-Merger Caesars, and after the consummation of the Eldorado Transaction, Caesars, will be granted certain relief with respect to a portion of their capital expenditure obligations under the Caesars Lease Agreements conditioned upon (i) funding by Caesars of certain minimum capital expenditures in fiscal year 2020 (which represent a reduction of the minimum capital expenditure amounts currently set forth in the Caesars Lease Agreements), (ii) timely payment of Caesars’ rent obligations under the Caesars Lease Agreements during the compliance period set forth in the Omnibus Amendment, and (iii) no tenant event of default occurring under any of the Caesars Lease Agreements during the compliance period set forth in the Omnibus Amendment. Caesars will receive credit for certain deemed capital expenditure amounts, which credit may be used to satisfy certain of their capital expenditure obligations in the 2020, 2021 and 2022 fiscal years, provided that the foregoing conditions are satisfied. If Caesars fails to satisfy any of the foregoing conditions, Caesars will be required to satisfy the capital expenditure obligations set forth in the Caesars Lease Agreements or, in certain cases, to deposit amounts in respect thereof into a capital expenditure reserve in accordance with the Omnibus Amendment. Sale of Bally’s Atlantic City On April 24, 2020, we and Caesars entered into definitive agreements to sell the Bally’s Atlantic City Hotel & Casino for $25.0 million to a subsidiary of Twin River Worldwide Holdings, Inc. We are entitled to receive approximately $19.0 million of the proceeds from the sale and Caesars is entitled to approximately $6.0 million of the proceeds. The annual rent payments under the Regional Master Lease Agreement will remain unchanged following completion of the disposition, which we anticipate will close by the end of the year and remains subject to regulatory approval and customary closing conditions. Closing of Purchase of JACK Cleveland/Thistledown On January 24, 2020, we completed the previously announced transaction to acquire the casino-entitled land and real estate and related assets of the JACK Cleveland Casino (“JACK Cleveland”), located in Cleveland, Ohio and the JACK Thistledown Racino (“JACK Thistledown”) located in North Randall, Ohio (the “JACK Cleveland/Thistledown Acquisition”) from JACK Entertainment, for approximately $843.3 million. Simultaneous with the closing of the JACK Cleveland/Thistledown Acquisition, we entered into a master triple-net lease agreement for JACK Cleveland and JACK Thistledown with a subsidiary of JACK Entertainment. The lease has an initial total annual rent of $65.9 million and an initial term of 15 years, with four five gaming real estate assets owned by such affiliates and guaranteed by Rock Ohio Ventures. The terms of the JACK Cleveland/Thistledown Lease Agreement and the Amended and Restated ROV Loan were subsequently amended on July 16, 2020 as described above under “— JACK Lease Agreement Amendment and the Amended and Restated ROV Loan.” We determined that the land and building components of the JACK Cleveland/Thistledown Acquisition meet the definition of a sales-type lease and further meet the definition of a sale leaseback transaction as defined in ASC 842. Accordingly, we have classified these assets as Investments in leases - financing receivables on our Balance Sheet as a sale leaseback transaction that is accounted for as a lease financing receivable under ASC 310. 2019 Transactions Our significant activities in 2019, in reverse chronological order, are as follows: Sale of Harrah’s Reno On December 31, 2019, we and Caesars entered into a definitive agreement to sell the Harrah’s Reno asset to a third party, which agreement was amended on May 29, 2020. The purchase price for Harrah’s Reno is $41.5 million (which reflects a purchase price adjustment of $8.5 million). We are entitled to receive 75% of the proceeds of the sale and Caesars is entitled to receive 25% of the proceeds. The annual rent payments under the Regional Master Lease Agreement will remain unchanged following completion of the disposition, which we anticipate will close by the end of the year and remains subject to customary closing conditions. Closing of Purchase of Century Portfolio On December 6, 2019, we completed the previously announced transaction to acquire the Century Portfolio, comprised of the land and real estate assets of (i) Mountaineer Casino, Racetrack & Resort located in New Cumberland, West Virginia, (ii) Lady Luck Casino Caruthersville located in Caruthersville, Missouri, and (iii) Isle Casino Cape Girardeau located in Cape Girardeau, Missouri from affiliates of Eldorado, for approximately $277.8 million, and a subsidiary of Century Casinos acquired the operating assets of the Century Portfolio for approximately $107.2 million (together, the “Century Portfolio Acquisition”). Simultaneous with the closing of the Century Portfolio Acquisition, we entered into a master triple-net lease agreement for the Century Portfolio with a subsidiary of Century Casinos. The Century Portfolio Lease Agreement has an aggregate initial total annual rent of $25.0 million and an initial term of 15 years, with four five Closing of Purchase of Hard Rock Cincinnati On September 20, 2019, we completed the previously announced transaction to acquire the casino-entitled land and real estate and related assets of Hard Rock Cincinnati, located in Cincinnati, Ohio from affiliates of JACK Entertainment LLC, for approximately $558.3 million, and a subsidiary of Hard Rock acquired the operating assets of the Hard Rock Cincinnati Casino for $186.5 million (together, the “Hard Rock Cincinnati Acquisition”). Simultaneous with the closing of the Hard Rock Cincinnati Acquisition, we entered into a triple-net lease agreement for Hard Rock Cincinnati with a subsidiary of Hard Rock. The Hard Rock Cincinnati Lease Agreement has an initial total annual rent of $42.8 million and an initial term of 15 years, with four five Closing of Purchase of Greektown On May 23, 2019, we completed the previously announced transaction to acquire from affiliates of JACK Entertainment LLC all of the land and real estate assets associated with Greektown, for $700.0 million in cash, and an affiliate of Penn National acquired the operating assets of Greektown for $300.0 million in cash (together, the “Greektown Acquisition”). Simultaneous with the closing of the Greektown Acquisition, we entered into a triple-net lease agreement for Greektown with a subsidiary of Penn National. The Greektown Lease Agreement has an initial total annual rent of $55.6 million and an initial term of 15 years, with four five Agreement meet the definition of a sales-type lease and have recorded the corresponding asset, including related acquisition and transaction costs, in Investments in leases - direct financing and sales-type on our Balance Sheet. Closing of Purchase of Margaritaville five

Real Estate Portfolio

Real Estate Portfolio	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Portfolio	Real Estate Portfolio As of June 30, 2020, our real estate portfolio consisted of the following: • Investments in leases - direct financing and sales-type, representing our investment in 26 casino assets leased on a triple net basis to our tenants, Caesars, Penn National, Hard Rock and Century Casinos, under eight separate lease agreements; • Investments in leases - operating, representing the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Non-CPLV Lease Agreement; • Investments in leases - financing receivables, representing our investment in two casino assets leased on a triple net basis to our tenant JACK Entertainment; • Investments in loans, representing our investment in the ROV Loan; and • Land, representing our investment in the Eastside Property and certain non-operating, vacant land parcels contained in the Non-CPLV Lease Agreement. The following is a summary of the balances of our real estate portfolio as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Minimum lease payments receivable under direct financing and sales-type leases (1) $ 31,006,569 $ 31,460,712 Estimated residual values of leased property (not guaranteed) 2,525,469 2,525,469 Gross investment in direct financing and sales-type leases 33,532,038 33,986,181 Unamortized initial direct costs 42,712 42,819 Less: Unearned income (22,846,758) (23,294,755) Less: Allowance for credit losses (355,336) — Investments in leases - direct financing and sales-type, net 10,372,656 10,734,245 Investments in leases - operating 1,086,658 1,086,658 Investments in leases - financing receivables, net 812,636 — Total investments in leases, net 12,271,950 11,820,903 Investments in loans, net 49,876 — Land 94,711 94,711 Total Real estate portfolio $ 12,416,537 $ 11,915,614 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements. The following table details the components of our income from direct financing, sales-type and operating leases and lease financing receivables: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Income from direct financing and sales-type leases, excluding contingent rent (1) $ 223,809 $ 201,549 $ 448,004 $ 397,299 Income from operating leases (2) 10,913 10,914 21,826 21,827 Income from lease financing receivables (1) (3) 15,924 — 27,944 — Total revenue, excluding contingent rent 250,646 212,463 497,774 419,126 Contingent rent (1) 86 — 143 — Total lease revenue 250,732 212,463 497,917 419,126 Non-cash adjustment (4) 3,809 (2,277) 7,063 (4,789) Total contractual lease revenue $ 254,541 $ 210,186 $ 504,980 $ 414,337 ____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842 (or ASC 840), which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of our 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 June 30, 2020, we have only recognized contingent rent on our Margaritaville Lease Agreement in relation to the variable rent portion of the lease. Refer to the Lease Overview section below for information regarding contingent rent on each lease. (2) Represents the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Non-CPLV Lease Agreement. Upon the consummation of the Eldorado Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas and certain operating land parcels were reassessed for lease classification and determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income will be recognized as Income from sales-type leases. (3) Represents the JACK Cleveland/Thistledown Lease Agreement which, in accordance with ASC 842, was determined to meet both the definition of a sales-type lease and sale leaseback transaction and, as a result, is accounted for as a financing under ASC 310. (4) Amounts represent the non-cash adjustment to the minimum lease payments from direct financing leases, 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 June 30, 2020, minimum lease payments owed to us for each of the five succeeding years under direct financing, sales-type and operating leases, as well as leases accounted for as financing receivables, are as follows: Minimum Lease Payments (1) (2) Investments in Leases (In thousands) Direct Financing and Sales-Type Operating Financing Receivables Total 2020 (remaining) $ 456,152 $ 21,827 $ 32,940 $ 510,919 2021 916,720 43,653 66,484 1,026,857 2022 927,351 43,653 67,149 1,038,153 2023 942,285 43,653 68,128 1,054,066 2024 954,569 43,653 68,212 1,066,434 2025 954,765 43,653 68,212 1,066,630 Thereafter 25,854,727 1,171,362 1,983,840 29,009,929 Total $ 31,006,569 $ 1,411,454 $ 2,354,965 $ 34,772,988 Weighted Average Lease Term (2) 32.5 32.3 34.6 32.7 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, 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. Upon the consummation of the Eldorado Transaction, the lease term was extended by three years and as such, subsequent to June 30, 2020, the weighted average lease term will increase accordingly, as applicable. Lease Provisions Caesars Lease Agreements - Overview The following is a summary of the material lease provisions of our Caesars Lease Agreements (both prior and subsequent to the modifications that occurred on July 20, 2020 as a result of the consummation of the Eldorado Transaction): ($ In thousands) Non-CPLV Lease Agreement and Joliet Lease Agreement Regional Master Lease Agreement and Joliet Lease Agreement CPLV Lease Agreement HLV Lease Agreement Las Vegas Master Lease Agreement Lease Provision (1) Prior to Amendment As Amended Prior to Amendment Prior to Amendment As Amended Initial Term (2) 15 years 18 years 15 years 15 years 18 years Initial Term maturity (2) 10/31/2032 7/31/2035 10/31/2032 12/31/2032 7/31/2035 Renewal Terms Four, five Four, five Four, five Four, five Four, five Current annual rent (3) $508,534 $662,534 $207,745 $89,157 $395,401 Escalator (4) Lease years 2-5 - 1.5% Lease years 6-15 - Consumer price index (“CPI”) subject to 2% floor Lease years 2-5 - 1.5% Lease years 6-end of term - CPI subject to 2.0% floor > 2% / Change in CPI Lease years 2-5 - 1% Lease years 6-15 - > 2% floor / change in CPI > 2% / change in CPI EBITDAR to Rent Ratio floor (5) 1.2x commencing lease year 8 None 1.7x commencing lease year 8 1.6x commencing lease year 6 None Variable Rent adjustment Year 8: 70% base rent / 30% variable rent Year 11: 80% base rent / 20% variable rent Year 8: 70% base rent / 30% variable rent Years 11 & 16: 80% base rent / 20% variable rent Years 8 & 11: 80% base rent / 20% variable rent Year 8 & 11: 80% base rent / 20% variable rent Years 8, 11 & 16: 80% base rent / 20% variable rent Variable Rent adjustment calculation (6) 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 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 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 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 ____________________ (1) All capitalized terms used without definition herein have the meanings detailed in the applicable Caesars Lease Agreements. (2) Upon the consummation of the Eldorado Transaction, the Caesars Lease Agreements were extended such that each lease will have a full 15-year initial lease term remaining. (3) Prior to amendment, with respect to the Non-CPLV Lease Agreement, Joliet Lease Agreement and CPLV Lease Agreement, the amount represents the current annual base rent payable for the current lease year which is the period from November 1, 2019 through October 31, 2020. In relation to the HLV Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from January 1, 2020 through December 31, 2020. Subsequent to the consummation of the Eldorado Transaction and the amendments in connection therewith, (i) with respect to the Regional Master Lease Agreement, the amounts represent the current annual base rent payable for the current lease year, inclusive of the additional rent associated with the MTA Properties and (ii) with respect to the Las Vegas Master Lease Agreement, the amounts represent the current annual base rent payable for the current lease year, inclusive of the CPLV Additional Rent Acquisition and HLV Additional Rent Acquisition. (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three months ended June 30, 2020 and 2019. (5) The coverage floors, which coverage floors would have served to reduce the rent escalators under the Caesars Lease Agreements in the event that the “EBITDAR to Rent Ratio” coverage was below the stated floor, were removed upon execution of the amendments to the Caesars Lease Agreements upon the consummation of the Eldorado Transaction. (6) Variable Rent is not subject to the Escalator. Penn National Lease Agreements - Overview The following is a summary of the material lease provisions of our Penn National Lease Agreements: ($ In thousands) Lease Provision Margaritaville Lease Agreement Greektown Lease Agreement Initial term 15 years 15 years Renewal terms Four, five Four, five Current annual rent (1) $23,544 $55,556 Escalation commencement (2) Lease year two Lease year four Escalation 2% of Building base rent, subject to the net revenue to rent ratio floor 2% of Building base rent, subject to the net revenue to rent ratio floor Performance to rent ratio floor (2) 6.1x net revenue commencing lease year two Net revenue ratio to be mutually agreed upon prior to the commencement of lease year four Percentage rent (3) $3,000 (fixed for lease year one and two) $6,384 (fixed for lease year one and two) Percentage rent reset Lease year three and each and every other lease year thereafter Lease year three and each and every other lease year thereafter Percentage rent multiplier The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition) The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition) ____________________ (1) In relation to the Margaritaville Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from February 1, 2020 through January 31, 2021. In relation to the Greektown Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from May 23, 2019 through May 31, 2020. (2) In the event that the net revenue to rent ratio coverage, as applicable, is below the stated floor, the escalation will be reduced to such amount to achieve the stated net revenue to rent ratio coverage, as applicable, provided that the amount shall never result in a decrease to the prior year’s rent. In relation to the Greektown Lease Agreement, in May 2020, the lease was adjusted to remove the escalation for lease years 2 and 3 and to provide for a net revenue to rent ratio coverage floor to be mutually agreed upon by both parties prior to the commencement of lease year four. (3) Percentage rent is subject to the percentage rent multiplier. After the percentage rent reset in lease year three, any amounts related to percentage rent are considered contingent rent in accordance with GAAP. During the three and six months ended June 30, 2020, we recognized approximately $0.1 million and $0.1 million, respectively, in contingent rent in relation to the Margaritaville Lease Agreement escalation. No such rent has been recognized for the three and six months ended June 30, 2019. In relation to the Greektown Lease Agreement, no such rent has been recognized for the three and six months ended June 30, 2020 and 2019. Hard Rock Cincinnati Lease Agreement - Overview The following is a summary of the material lease provisions of our Hard Rock Cincinnati Lease Agreement: ($ In thousands) Lease Provision Term Initial term 15 years Renewal terms Four, five Current base rent (1) $42,750 Escalator commencement Lease year two Escalator (2) Lease years 2-4 - 1.5% Lease years 5-15 - The greater of 2% or the change in CPI unless the change in CPI is less than 0.5%, in which case there is no escalation in rent for such lease year Variable rent commencement/reset Lease year 8 Variable rent split (3) 80% base rent and 20% variable rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year which is the period from September 20, 2019 through September 30, 2020. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and six months ended June 30, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, multiplied by the Variable rent percentage. Century Portfolio Lease Agreement - Overview The following is a summary of the material lease provisions of our Century Portfolio Lease Agreement: ($ In thousands) Lease Provision Term Initial term 15 years Renewal terms Four, five Current annual rent (1) $25,000 Escalator commencement Lease year two Escalator (2) Lease years 2-3 - 1.0% Lease years 4-15 - The greater of 1.25% or the change in CPI Net revenue to rent ratio floor 7.5x commencing lease year six - if the coverage ratio is below the stated amount the escalator will be reduced to 0.75% Variable rent commencement/reset Lease year 8 and 11 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year which is the period from December 6, 2019 through December 31, 2020. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and six months ended June 30, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, in each case multiplied by the Variable rent percentage. JACK Cleveland/Thistledown Lease Agreement - Overview The following is a summary of the material lease provisions of our JACK Cleveland/Thistledown Lease Agreement, as amended on July 16, 2020: ($ In thousands) Lease Provision Term Initial term 20 years Renewal terms Three, five Current annual rent (1) $65,880 Escalator commencement Lease year three Escalator (2) Lease years 3-4 - 1.0% Lease years 5-7 - 1.5% Lease years 8-15 - The greater of 1.5% or the change in CPI capped at 2.5% Net revenue to rent ratio floor 4.9x in any lease year (commencing in lease year 6) - if the coverage ratio is below the stated amount, there is no escalation in rent for such lease year Variable rent commencement/reset Lease year 8, 11 and 16 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year which is the period from January 24, 2020 through January 31, 2021. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and six months ended June 30, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated (i) for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, (ii) for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, and (iii) for lease year 16 as an increase or decrease of the average of net revenues for lease years 13 through 15 compared to the average net revenue for lease years 8 through 10, in each case multiplied by the Variable rent percentage. 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 the respective tenants under the Caesars Lease Agreements, as amended following the consummation of the Eldorado Transaction, which amendments increased the existing capital expenditure requirements in proportion to the overall increase in the tenant’s net revenue arising from the MTA Properties: Provision Regional Master Lease Agreement and Joliet Lease Agreement Las Vegas Master Lease Agreement Yearly minimum expenditure 1% of net revenues (1) 1% of net revenues for CPLV (commencing in 2022 with respect to HLV) (1) Rolling three-year minimum (2) $334 million $84 million Initial minimum capital expenditure N/A $171 million (2017 - 2021) (with respect solely to HLV) ____________________ (1) The lease agreements require a $120.9 million floor on annual capital expenditures for CPLV, Joliet and the Regional Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) CEOC is required to spend $427.7 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $333.6 million allocated to the regional assets, $84.0 million allocated to CPLV and the remaining balance of $10.1 million to facilities covered by any Formation Lease Agreement in such proportion as CEOC may elect. Additionally, CEOC is required to expend a minimum of $598.4 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $427.7 million requirement. In connection with the ongoing COVID-19 pandemic and its impact on operations and financial performance, we have agreed with Pre-Merger Caesars, and after the consummation of the Eldorado Transaction, Caesars, to provide limited relief with respect to a portion of their capital expenditure obligations under the CPLV Lease Agreement, the Non-CPLV Lease Agreement and the Joliet Lease Agreement (and following the consummation of the Eldorado Transaction, the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement and the Joliet Lease Agreement). This relief is conditioned upon (i) expenditures by Caesars of certain minimum capital expenditures, (ii) timely payment of Caesars’ rent obligations under the Caesars Lease Agreements and (iii) no event of default occurring under any of the Caesars Lease Agreements during the applicable compliance period. If Caesars fails to satisfy any of the foregoing conditions, Caesars will be required to satisfy the capital expenditure obligations currently set forth in the CPLV Lease Agreement, the Non-CPLV Lease Agreement and the Joliet Lease Agreement (and following the consummation of the Eldorado Transaction, the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement and the Joliet Lease Agreement). The following table summarizes the capital expenditure requirements of the respective tenants under the Penn National Lease Agreements, Hard Rock Cincinnati Lease Agreement, Century Portfolio Lease Agreement and JACK Cleveland/Thistledown Lease Agreement: Provision Penn National Lease Agreements Hard Rock Cincinnati Lease Agreement Century Portfolio Lease Agreement JACK Cleveland/Thistledown Lease Agreement Yearly minimum expenditure 1% of net revenues based on rolling four 1% of net revenues 1% of net gaming revenues (1) Initial minimum of $30 million (2) Thereafter - 1% of net revenues on a rolling three ____________________ (1) Minimum of 1% of net gaming revenue on a rolling three-year basis for each individual facility and 1% of net gaming revenues per fiscal year for the facilities collectively. In May 2020, in connection with the ongoing COVID-19 pandemic and its impact on operations and financial performance, we agreed to waive Century’s capital expenditure requirements for 2020 and defer to not later than December 31, 2021 certain other expenditures contemplated in connection with the underwriting of the acquired casino properties, conditioned upon (i) Century’s timely payment of rent obligations under the Century Portfolio Lease Agreement during the compliance period set forth in the amendment and (ii) no tenant event of default occurring under the Century Portfolio Lease Agreement during the compliance period set forth in the amendment. If Century fails to satisfy any of the foregoing conditions, Century will be required to satisfy the capital expenditure obligations set forth in the Century Portfolio Lease Agreement or, in certain cases, to deposit amounts in respect thereof into a capital expenditure reserve for expenditure in accordance with the amendment. (2) Initial minimum required to be spent from the period commencing April 1, 2019 through December 31, 2022, which shall include $18.0 million to be advanced by us and expended by JACK Entertainment for the construction of the new gaming patio amenity at JACK Thistledown Racino.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2020
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Adoption of ASC 326 On January 1, 2020, we adopted ASC 326 and, as a result, we are required to estimate and record non-cash credit losses related to our historical and any future investments in direct financing and sales-type leases, lease financing receivables and loans. Upon adoption, we recorded a $309.4 million cumulative adjustment, representing a 2.88% CECL allowance. Such amount was recorded as a cumulative-effect adjustment to our opening balance sheet with a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Periods prior to the adoption date that are presented for comparative purposes are not adjusted or disclosed. Allowance for Credit Losses During the three months ended June 30, 2020, we recognized a $65.5 million decrease in our allowance for credit losses. This decrease was primarily driven by a decrease in the R&S Period PD of our tenants and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of a majority of their gaming operations. During the six months ended June 30, 2020, we recognized an $84.0 million increase in our allowance for credit losses. The increase in the CECL allowance was primarily driven by (i) an increase in the R&S Period PD and LGD of our tenants and their parent guarantors due to decreases in the equity market capitalization of the stock of the parent public-entities of certain of our tenants as well as the utilization of forecasted scenarios that incorporate the expected negative impact of the COVID-19 pandemic on the economy and (ii) an increase in the Long-term Period PD of our tenants due to downgrades on certain of the credit ratings of our tenants’ senior secured debt. Additionally, $22.2 million of the $84.0 million increase related to our initial investment in JACK Cleveland/Thistledown and the ROV Loan in January 2020. This increase was partially offset by a decrease in the R&S Period PD of our tenants and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of a majority of their gaming operations during the second quarter of 2020. The credit loss standard does not require retrospective application and as such there is no corresponding charge for the three and six months ended June 30, 2019. As of June 30, 2020 and December 31, 2019, and since our Formation Date, all of our Lease Agreements and the ROV Loan are current in payment of their obligations to us and no investments are on non-accrual status. Additionally, to the best of our knowledge, none of our tenants were in contravention of any of the Lease Agreements. The following tables detail the allowance for credit losses included as a component in our investments in leases - direct financing and sales-type, Investments in leases - financing receivables and investments in loans as of June 30, 2020 and January 1, 2020, the date of adoption: June 30, 2020 (In thousands, except for %) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - direct financing and sales-type $ 10,727,992 $ (355,336) $ 10,372,656 3.31 % Investments in leases - financing receivables 850,253 (37,617) 812,636 4.42 % Investments in loans 50,313 (437) 49,876 0.87 % Totals $ 11,628,558 $ (393,390) $ 11,235,168 3.38 % January 1, 2020 (In thousands, except for %) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - direct financing and sales-type $ 10,734,245 $ (309,362) $ 10,424,883 2.88 % Investments in leases - financing receivables — — — — % Investments in loans — — — — % Totals $ 10,734,245 $ (309,362) $ 10,424,883 2.88 % The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the six months ended June 30, 2020: (In thousands) Six Months Ended June 30, 2020 Beginning Balance December 31, 2019 $ — Initial allowance upon adoption 309,362 Initial allowance from current period acquisitions 22,158 Current period change in credit allowance 61,870 Write-offs — Recoveries — Ending Balance June 30, 2020 $ 393,390 Impact of Eldorado Transaction on CECL Allowance In the third quarter of 2020, we will be required to record a CECL allowance related to our $1.8 billion investment in the MTA Properties, as well as our aggregate $1.4 billion increased investment in the CPLV Lease Agreement and HLV Lease Agreement as a result of the respective CPLV Additional Rent Acquisition and HLV Additional Rent Acquisition which, following the consummation of the Eldorado Transaction, are reflected in the Las Vegas Master Lease Agreement. We expect the initial CECL allowance percentage related to these investments to be materially consistent with our current CECL allowance percentage as of June 30, 2020. 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 June 30, 2020 and January 1, 2020, the date of adoption: June 30, 2020 (In thousands) Ba2 Ba3 B1 B2 B3 Total Investments in leases - direct financing, sales-type and financing receivable and investments in loans $ — $ 561,116 $ 9,886,007 $ 900,566 $ 280,869 $ 11,628,558 January 1, 2020 (In thousands) Ba2 Ba3 B1 B2 B3 Total Investments in leases - direct financing, sales-type and financing receivable and investments in loans $ 1,527,776 $ — $ 8,926,229 $ 280,240 $ — $ 10,734,245

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2020
Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities Other Assets The following table details the components of our other assets as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Property and equipment used in operations, net $ 70,274 $ 70,406 Other receivables 56,656 60,111 Right of use asset 17,815 17,738 Debt financing costs 10,205 14,575 Deferred acquisition costs 9,492 11,134 Sales-type sub-leases 8,629 8,688 Tenant receivables 3,001 — Prepaid expenses 1,140 3,252 Interest receivable 307 1,626 Other 3,042 1,108 Total other assets $ 180,561 $ 188,638 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 June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Land and land improvements $ 59,117 $ 59,346 Buildings and improvements 14,679 14,805 Furniture and equipment 6,457 4,523 Total property and equipment used in operations 80,253 78,674 Less: accumulated depreciation (9,979) (8,268) Total property and equipment used in operations, net $ 70,274 $ 70,406 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Depreciation expense $ 1,213 $ 1,018 $ 2,080 $ 1,948 Other Liabilities The following table details the components of our other liabilities as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Derivative liability $ 117,265 $ 65,078 Lease liability 17,815 17,738 Other accrued expenses 12,373 21,023 Finance sub-lease liabilities 8,643 8,688 Accrued payroll and other compensation 3,367 7,369 Deferred income taxes 3,342 3,382 Accounts payable 841 640 Total other liabilities $ 163,646 $ 123,918

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The following tables detail our debt obligations as of June 30, 2020 and December 31, 2019: ($ in thousands) June 30, 2020 Description of Debt Final Interest Rate Face Value Carrying Value (1) VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Term Loan B Facility (3) 2024 L + 1.75% 2,100,000 2,078,545 Senior Unsecured Notes (4) 2025 Notes 2025 3.500% 750,000 739,165 2026 Notes 2026 4.250% 1,250,000 1,231,692 2027 Notes 2027 3.750% 750,000 738,899 2029 Notes 2029 4.625% 1,000,000 984,930 2030 Notes 2030 4.125% 1,000,000 984,901 Total Debt $ 6,850,000 $ 6,758,132 ($ in thousands) December 31, 2019 Description of Debt Final Interest Rate Face Value Carrying Value (1) VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Term Loan B Facility (3) 2024 L + 2.00% 2,100,000 2,076,962 Second Lien Notes (5) 2023 8.00% 498,480 498,480 Senior Unsecured Notes (4) 2026 Notes 2026 4.250% 1,250,000 1,231,227 2029 Notes 2029 4.625% 1,000,000 984,894 Total Debt $ 4,848,480 $ 4,791,563 ____________________ (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. On May 15, 2019, we amended our Revolving Credit Facility to, among other things, increase borrowing capacity by $600.0 million to a total of $1.0 billion and extend the maturity date to May 2024. After giving effect to the amendments executed on May 15, 2019, borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of 1.75% to 2.00% over LIBOR, or between 0.75% and 1.00% over the base rate depending on our total net debt to adjusted total assets ratio. Additionally, after giving effect to the amendments executed on May 15, 2019, the commitment fee under the Revolving Credit Facility is calculated on a leverage-based pricing grid with a range of 0.375% to 0.5%, in each case depending on our total net debt to adjusted total assets ratio. For the three and six months ended June 30, 2020, the commitment fee was 0.375%. (3) Interest on any outstanding balance is payable monthly. In connection with the repricing of the Term Loan B Facility in January 2020, the interest rate was decreased to LIBOR plus 1.75%. As of June 30, 2020 and December 31, 2019, we had six interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $2.0 billion at a blended LIBOR rate of 2.7173%. (4) Interest is payable semi-annually. (5) The Second Lien Notes were redeemed in full on February 20, 2020 with a portion of the proceeds from the February 2020 Senior Unsecured Notes offering. The following table is a schedule of future minimum payments of our debt obligations as of June 30, 2020: (In thousands) Future Minimum Payments 2020 (remaining) $ — 2021 — 2022 10,000 2023 22,000 2024 2,068,000 2025 750,000 Thereafter 4,000,000 Total minimum repayments $ 6,850,000 Senior Unsecured Notes On November 26, 2019, the Operating Partnership and the Co-Issuer (together with the Operating Partnership, the “Issuers”), wholly owned subsidiaries of the Company issued (i) $1,250.0 million in aggregate principal amount of 2026 Notes under an indenture dated as of November 26, 2019 (the “2026 Notes Indenture”), among the Issuers, the subsidiary guarantors party thereto and UMB Bank, National Association, as trustee (the “Trustee”), and (ii) $1,000.0 million in aggregate principal amount of 2029 Notes under an indenture dated as of November 26, 2019 (the “2029 Notes Indenture” and, together with the 2026 Notes Indenture, the “2019 Senior Unsecured Notes Indentures”), among the Issuers, the subsidiary guarantors party thereto and the Trustee. We used a portion of the net proceeds of the offering to repay in full the CPLV CMBS Debt, and pay certain fees and expenses including the net prepayment penalty of $55.4 million. On January 24, 2020, the remaining net proceeds were used to pay for a portion of the purchase price of the JACK Cleveland/Thistledown Acquisition. The 2026 Notes will mature on December 1, 2026, and the 2029 Notes will mature on December 1, 2029. Interest on the 2026 Notes will accrue at a rate of 4.250% per annum, and interest on the 2029 Notes will accrue at a rate of 4.625% per annum. On February 5, 2020, the Issuers issued (i) $750.0 million in aggregate principal amount of 2025 Notes under an indenture dated as of February 5, 2020 (the “2025 Notes Indenture”), among the Issuers, the subsidiary guarantors party thereto and the Trustee, (ii) $750.0 million in aggregate principal amount of 2027 Notes under an indenture dated as of February 5, 2020 (the “2027 Notes Indenture”), among the Issuers, the subsidiary guarantors party thereto and the Trustee and (iii) $1.0 billion in aggregate principal amount of 2030 Notes under an indenture dated as of February 5, 2020 (the “2030 Notes Indenture” and, together with the 2025 Notes Indenture and the 2027 Notes Indenture, the “2020 Senior Unsecured Notes Indentures”), among the Issuers, the subsidiary guarantors party thereto and the Trustee. The 2020 Senior Unsecured Notes Indentures, together with the 2019 Senior Unsecured Notes Indentures, are referred to as the “Senior Unsecured Notes Indentures”. We placed $2.0 billion of the net proceeds of the February 2020 Senior Unsecured Notes offering into escrow pending the consummation of the Eldorado Transaction (which was subsequently released from escrow and used to fund a portion of the purchase price of the Eldorado Transaction on July 20, 2020), and used the remaining net proceeds from the 2025 Notes, together with cash on hand, to redeem in full the outstanding $498.5 million in aggregate principal amount of the Second Lien Notes plus the Second Lien Notes Applicable Premium (as defined in the Second Lien Notes indenture), for a total redemption cost of approximately $537.5 million. The 2025 Notes will mature on February 15, 2025, the 2027 Notes will mature on February 15, 2027 and the 2030 Notes will mature on August 15, 2030. Interest on the 2025 Notes accrues at a rate of 3.500% per annum, interest on the 2027 Notes accrues at a rate of 3.750% per annum and interest on the 2030 Notes accrues at a rate of 4.125% per annum. The November 2019 Senior Unsecured Notes and the February 2020 Senior Unsecured Notes (together, the “Senior Unsecured Notes”) were sold in the United States only to accredited investors pursuant to an exemption from the Securities Act of 1933, as amended (the “Securities Act”), and subsequently resold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. Interest on the November 2019 Senior Unsecured Notes is payable semi-annually in cash in arrears on June 1 and December 1 of each year, commencing on June 1, 2020. Interest on the February 2020 Senior Unsecured Notes is payable semi-annually in cash in arrears on February 15 and August 15 of each year, commencing on August 15, 2020. The Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each existing and future direct and indirect wholly owned material domestic subsidiary of the Operating Partnership that incurs or guarantees certain bank indebtedness or any other material capital market indebtedness, other than certain excluded subsidiaries and the Co-Issuer. The Operating Partnership and its subsidiaries represent our “Real Property Business” segment, with the “Golf Course Business” segment corresponding to the portion of our business operated through entities that are not direct or indirect subsidiaries of the Operating Partnership or obligors of the Senior Unsecured Notes. Refer to “Note 15 - Segment Information” for more information about our segments. The Issuers may redeem the 2025 Notes at any time prior to February 15, 2022, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2025 Notes, in whole or in part, at any time on or after February 15, 2022, at a redemption price of (i) 101.750% of the principal amount should such redemption occur before February 15, 2023, (ii) 100.875% of the principal amount should such redemption occur before February 15, 2024 and (iii) 100% of the principal amount should such redemption occur on or after February 15, 2024, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2026 Notes at any time prior to December 1, 2022, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2026 Notes, in whole or in part, at any time on or after December 1, 2022 at the redemption price of (i) 102.125% of the principal amount should such redemption occur before December 1, 2023, (ii) 101.063% of the principal amount should such redemption occur before December 1, 2024 and (iii) 100% of the principal amount should such redemption occur on or after December 1, 2024, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2027 Notes at any time prior to February 15, 2023, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2027 Notes, in whole or in part, at any time on or after February 15, 2023, at a redemption price of (i) 101.875% of the principal amount should such redemption occur before February 15, 2024, (ii) 100.938% of the principal amount should such redemption occur before February 15, 2025 and (iii) 100% of the principal amount should such redemption occur on or after February 15, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2029 Notes at any time prior to December 1, 2024, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2029 Notes, in whole or in part, at any time on or after December 1, 2024 at the redemption price of (i) 102.313% of the principal amount should such redemption occur before December 1, 2025, (ii) 101.541% of the principal amount should such redemption occur before December 1, 2026, (iii) 100.771% of the principal amount should such redemption occur before December 1, 2027 and (iv) 100% of the principal amount should such redemption occur on or after December 1, 2027, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2030 Notes at any time prior to February 15, 2025, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2030 Notes, in whole or in part, at any time on or after February 15, 2025, at a redemption price of (i) 102.063% of the principal amount should such redemption occur before February 15, 2026, (ii) 101.375% of the principal amount should such redemption occur before February 15, 2027, (iii) 100.688% of the principal amount should such redemption occur before February 15, 2028 and (iv) 100% of the principal amount should such redemption occur on or after February 15, 2028, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, before December 1, 2022, the Issuers may redeem up to 40% of the November 2019 Senior Unsecured Notes with the net cash proceeds from certain equity offerings (i) at a redemption price of 104.250% of the principal amount redeemed in the case of the 2026 Notes and (ii) at a redemption price of 104.625% of the principal amount redeemed in the case of the 2029 Notes. However, the Issuers may only make such redemptions if at least 60% of the aggregate principal amount of the series of November 2019 Senior Unsecured Notes issued under the applicable 2019 Senior Unsecured Notes Indenture remains outstanding after the occurrence of such redemption. Before February 15, 2022, the Issuers may redeem up to 40% of the 2025 Notes with the net cash proceeds from certain equity offerings at a redemption price of 103.500% of the principal amount redeemed. Before February 15, 2023, the Issuers may redeem up to 40% of each of the 2027 Notes and the 2030 Notes, as applicable, with the net cash proceeds from certain equity offerings (i) at a redemption price of 103.750% of the principal amount redeemed in the case of the 2027 Notes and (ii) at a redemption price of 104.125% of the principal amount redeemed in the case of the 2030 Notes. However, the Issuers may only make such redemptions if at least 60% of the aggregate principal amount of the series of February 2020 Senior Unsecured Notes issued under the applicable February 2020 Senior Unsecured Notes Indenture remains outstanding after the occurrence of such redemption. The 2027 Notes, the 2030 Notes and the portion of the 2025 Notes in excess of the amount applied to redeem the Second Lien Notes were previously subject to special mandatory redemption in accordance with the terms of the applicable Indentures, which terms were satisfied in connection with the closing of the transactions pursuant to the MTA (other than the MTA Properties Acquisitions). As such, the 2027 Notes, the 2030 Notes and the 2025 Notes are no longer subject to a special mandatory redemption. The Senior Unsecured Notes Indentures contain covenants that limit the Issuers’ and their restricted subsidiaries’ ability to, among other things: (i) incur additional debt; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting their restricted subsidiaries; (vi) create liens on certain assets to secure debt; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; (viii) enter into certain transactions with their affiliates; and (ix) designate their subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to VICI to the extent necessary for VICI to fund a dividend or distribution by VICI that it believes is necessary to maintain its status as a REIT or to avoid payment of any tax for any calendar year that could be avoided by reason of such distribution, and the ability to make certain restricted payments not to exceed 95% of our cumulative Funds From Operations (as defined in the Senior Unsecured Notes Indentures), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) certain convertible indebtedness of the Operating Partnership. As of June 30, 2020, the restricted net assets of the Operating Partnership were approximately $7.6 billion. Senior Secured Credit Facilities In December 2017, VICI PropCo entered into a credit agreement (the “Credit Agreement”) comprised of a $2.2 billion Term Loan B Facility and a $400.0 million Revolving Credit Facility (the Term Loan B Facility and the Revolving Credit Facility, as amended as discussed below, are referred to together as the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities initially bore interest at LIBOR plus 2.25%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%, as contemplated by the Credit Agreement. On May 15, 2019, VICI PropCo, entered into Amendment No. 2 (“Amendment No. 2”) to the Credit Agreement, pursuant to which certain lenders agreed to provide VICI PropCo with incremental revolving credit commitments and availability under the revolving credit facility in the aggregate principal amount of $600.0 million on the same terms as VICI Propco’s current revolving credit facility under the Revolving Credit Facility. After giving effect to Amendment No. 2, the Credit Agreement, provided total borrowing capacity pursuant to the revolving credit commitments in the aggregate principal amount of $1.0 billion. On May 15, 2019, immediately after giving effect to Amendment No. 2, VICI Propco entered into Amendment No. 3 (“Amendment No. 3”, together with Amendment No. 2, the “Amendments”) to the Credit Agreement, which amended and restated the Credit Agreement in its entirety as of May 15, 2019 ( the “Amended and Restated Credit Agreement”) to, among other things, (i) refinance the Revolving Credit Facility in whole with a new class of revolving commitments, (ii) extend the maturity date to May 15, 2024, which represents an extension of the December 22, 2022 maturity date of the Revolving Credit Facility, (iii) provide that borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of between 1.75% to 2.00% over LIBOR, or between 0.75% and 1.00% over the base rate, in each case depending on our total net debt to adjusted total assets ratio, (iv) provide that the commitment fee payable under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of between 0.375% to 0.50% depending on our total net debt to adjusted total assets ratio, (v) amend the existing springing financial covenant, which previously required VICI Propco to maintain a total net debt to adjusted asset ratio of not more than 0.75 to 1.00 if there was 30% utilization of the Revolving Credit Facility, to require that, only with respect to the Revolving Credit Facility commencing with the first full fiscal quarter ending after the effectiveness of Amendment No. 3, VICI Propco maintain a maximum total net debt to adjusted asset ratio of not more than 0.65 to 1.00 as of the last day of any fiscal quarter (or, during any fiscal quarter in which certain permitted acquisitions were consummated and the three consecutive fiscal quarters thereafter, not more than 0.70 to 1.00), and (vi) include a new financial covenant only with respect to the Revolving Credit Facility, requiring VICI Propco to maintain, commencing with the first full fiscal quarter after the effectiveness of Amendment No. 3, an interest coverage ratio (defined as EBITDA to interest charges) of not less than 2.00 to 1.00 as of the last day of any fiscal quarter. The Revolving Credit Facility is available to be used for working capital purposes, capital expenditures, permitted acquisitions, permitted investments, permitted restricted payments and for other lawful corporate purposes. The Amended and Restated Credit Agreement provides for capacity to add incremental loans in an aggregate amount of: (x) $1.2 billion to be used solely to finance certain acquisitions; plus (y) an unlimited amount, subject to VICI Propco not exceeding certain leverage ratios. On January 24, 2020, VICI PropCo entered into Amendment No. 1 to the Amended and Restated Credit Agreement, which, among other things, reduced the interest rate on the Term Loan B Facility from LIBOR plus 2.00% to LIBOR plus 1.75%. The Amended and Restated Credit Agreement provides that, in the event the LIBOR Rate is no longer in effect, a comparable or successor rate approved by the Administrative Agent under such facility shall be utilized, provided that such approved rate shall be applied in a manner consistent with market practice. The Amended and Restated Credit Agreement contains customary covenants that are consistent with those set forth in the Credit Agreement (except as to the financial covenants described above), which, among other things, limit the ability of VICI PropCo and its restricted subsidiaries to: (i) incur additional indebtedness; (ii) merge with a third party or engage in other fundamental changes; (iii) make restricted payments; (iv) enter into, create, incur or assume any liens; (v) make certain sales and other dispositions of assets; (vi) enter into certain transactions with affiliates; (vii) make certain payments on certain other indebtedness; (viii) make certain investments; and (ix) incur restrictions on the ability of restricted subsidiaries to make certain distributions, loans or transfers of assets to VICI PropCo or any restricted subsidiary. These covenants are subject to a number of exceptions and qualifications, including, with respect to the restricted payments covenant, the ability to make unlimited restricted payments to maintain our REIT status and to avoid the payment of federal or state income or excise tax, the ability to make restricted payments in an amount not to exceed 95% of our Funds from Operations (as defined in the Amended and Restated Credit Agreement) subject to no event of default under the Amended and Restated Credit Agreement and pro forma compliance with the financial covenant pursuant to the Amended and Restated Credit Agreement, and the ability to make additional restricted payments in an aggregate amount not to exceed the greater of 0.6% of Adjusted Total Assets or $30.0 million. We are also subject to the financial covenants under the Revolving Credit Facility, as previously described above. The Senior Secured Credit Facilities are secured by a first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets, including mortgages on their respective real estate, subject to customary exclusions. None of VICI nor certain subsidiaries of VICI PropCo, including CPLV Borrower, are subject to the covenants of the Amended and Restated Credit Agreement or are guarantors of the Senior Secured Credit Facilities. The Term Loan B Facility may be voluntarily prepaid at VICI PropCo’s option, in whole or in part, at any time, and is subject to mandatory prepayment in the event of receipt by VICI PropCo or any of its restricted subsidiaries of the proceeds from the occurrence of certain events, including asset sales, casualty events and issuance of certain indebtedness. In February 2018, we completed an initial public offering resulting in net proceeds of approximately $1.3 billion. We used a portion of those proceeds to pay down the $300.0 million outstanding on the Revolving Credit Facility and to repay $100.0 million of the principal amount outstanding on the Term Loan B Facility. Under the Amended and Restated Credit Agreement, the Term Loan B Facility is subject to amortization of 1.0% of principal per annum payable in equal quarterly installments on the last business day of each calendar quarter. However, as a result of prepaying $100.0 million of the Term Loan B Facility in February 2018 the next principal payment due on the Term Loan B Facility is September 2022. Refer to Note 9 - Derivatives for a discussion of our interest rate swap agreements related to the Term Loan B Facility. Bridge Facilities On June 24, 2019, in connection with the Eldorado Transaction, VICI PropCo entered into the Commitment Letter with the Bridge Lender, pursuant to which and subject to the terms and conditions set forth therein, the Bridge Lender agreed to provide (i) a 364-day first lien secured bridge facility of up to $3.3 billion in the aggregate and (ii) a 364-day second lien secured bridge facility of up to $1.5 billion in the aggregate, for the purpose of providing a portion of the financing necessary to fund the consideration to be paid pursuant to the terms of the Eldorado Transaction documents and related fees and expenses. The Bridge Facilities were subject to a tiered commitment fee based on the period the commitment is outstanding and a structuring fee. The commitment fee was equal to, with respect to any commitments that are terminated prior to July 22, 2019, 0.25% of such commitments, with respect to any commitments that are outstanding on July 22, 2019 and are terminated prior to June 24, 2020, 0.50% of such commitments, with respect to any commitments that are outstanding on June 24, 2020 and are terminated prior to September 24, 2020, 0.75% of such commitments, and with respect to any commitments that are outstanding on September 24, 2020, 1.00% of such commitments. The structuring fee was equal to 0.10% of the total aggregate commitments at the date of the Commitment Letter and is payable as such commitments are terminated. For the three and six months ended June 30, 2020, we have recognized $0.5 million and $3.1 million, respectively, of fees related to the Bridge Facilities in Interest expense on our Statement of Operations. Following the November 2019 Senior Unsecured Notes offering, the commitments under the Bridge Facilities were reduced by $1.6 billion, to $3.2 billion. Following the February 2020 Senior Unsecured Notes offering, we placed $2.0 billion of the net proceeds of the offering into escrow pending the consummation of the Eldorado Transaction and the commitments under the Bridge Facilities were further reduced by $2.0 billion to $1.2 billion. The commitments under the Bridge Facilities were fully terminated at our election in June 2020. Second Lien Notes The Second Lien Notes were issued on October 6, 2017, pursuant to an indenture by and among VICI PropCo and its wholly owned subsidiary, VICI FC Inc., the subsidiary guarantors party thereto, and UMB Bank National Association, as trustee. On February 20, 2020 we used a portion of the proceeds from the issuance of the 2025 Notes, together with cash on hand, to redeem in full the Second Lien Notes at a redemption price of 100% of the principal amount of the Second Lien Notes then outstanding plus the Second Lien Notes Applicable Premium, for a total redemption cost of $537.5 million. In connection with the full redemption, we recognized a loss on extinguishment of debt of $39.1 million. Financial Covenants As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict the Operating Partnership, 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 June 30, 2020, we are in compliance with all financial covenants under our debt obligations.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives On April 24, 2018, we entered into four interest rate swap agreements with third-party financial institutions having an aggregate notional amount of $1.5 billion. On January 3, 2019, we entered into two additional interest rate swap agreements with third-party financial institutions having an aggregate notional amount of $500.0 million. The interest rate swap transactions are designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility at 2.8297% and 2.3802%, respectively. Subsequent to the effectiveness and for the duration of the interest rate swap transactions, we are only subject to interest rate risk on $100.0 million of variable rate debt. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of June 30, 2020 and December 31, 2019: ($ in thousands) June 30, 2020 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $ 1,500,000 USD LIBOR April 22, 2023 Interest Rate Swaps 2 2.3802% $ 500,000 USD LIBOR January 22, 2021 ($ in thousands) December 31, 2019 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $ 1,500,000 USD LIBOR April 22, 2023 Interest Rate Swaps 2 2.3802% $ 500,000 USD LIBOR January 22, 2021 As of June 30, 2020 and December 31, 2019, the interest rate swaps are in net unrealized loss positions and are recorded within Other liabilities. The following table presents the effect of our derivative financial instruments on our Statement of Operations: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Unrealized gain (loss) recorded in other comprehensive income $ 951 $ (30,688) $ (52,187) $ (47,879) Interest recorded in interest expense $ 11,114 $ 1,280 $ 16,694 $ 2,430

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ — $ — $ — $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 117,265 $ — $ 117,265 $ — December 31, 2019 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 59,474 $ — $ 59,474 $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 65,078 $ — $ 65,078 $ — ___________________ (1) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2) 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. The estimated fair values of our financial instruments as of June 30, 2020 and December 31, 2019 for which fair value is only disclosed are as follows: June 30, 2020 December 31, 2019 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 812,636 $ 843,300 $ — $ — Investments in loans (1) 49,876 50,000 — — Cash and cash equivalents 1,680,536 1,680,536 1,101,893 1,101,893 Restricted cash 2,000,000 2,000,000 — — Financial liabilities: Debt (2) Revolving Credit Facility $ — $ — $ — $ — Term Loan B Facility 2,078,545 1,974,000 2,076,962 2,110,500 Second Lien Notes — — 498,480 538,358 2025 Notes 739,165 705,000 — — 2026 Notes 1,231,692 1,193,750 1,231,227 1,287,500 2027 Notes 738,899 708,750 — — 2029 Notes 984,930 975,000 984,894 1,045,000 2030 Notes 984,901 950,000 — — ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease Agreement and the ROV Loan, respectively, which were acquired on January 24, 2020. 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) 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 Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	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 June 30, 2020, 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 (ii) offices in New Orleans, LA and New York, NY, which expire in 2020 and 2030, respectively. The weighted average remaining lease term as of June 30, 2020 under our operating leases was 15.9 years. Our Cascata ground lease has three 10-year extension options. The rent of such options would be the in-place rent at the time of renewal. 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Rent expense $ 505 $ 414 $ 1,003 $ 779 Contractual rent $ 345 $ 318 $ 668 $ 636 On May 10, 2019 we entered into a lease agreement for new office space in New York, NY for our corporate headquarters. The lease has a 10-year term, with one 5-year extension option and requires a fixed annual rent of $0.9 million. We determined the lease was an operating lease and the discount rate for the lease was determined to be 5.3% based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms. On January 1, 2019, upon adoption of ASC 842 As of June 30, 2020, we have a $17.8 million right of use asset and corresponding lease liability recorded in Other assets and Other liabilities, respectively, on our Balance Sheet related to our operating lease commitments for which we are the lessee. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at June 30, 2020 are as follows: (In thousands) Lease Commitments 2020 (remaining) $ 902 2021 1,790 2022 1,808 2023 1,827 2024 1,847 2025 1,908 Thereafter 19,074 Total minimum lease commitments $ 29,156 Discounting factor 11,341 Lease liability 17,815 Finance Lease Commitments Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases, 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 provides for their direct payment to the landlord. We have determined we are the primary obligor of the ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. Further, we assessed the classification of the sub-lease to our tenant 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, respectively. The following table details the balance and location in our Balance Sheet of the ground and use leases as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Others assets (sales-type sub-lease) $ 8,629 $ 8,688 Other liabilities (finance sub-lease liability) 8,643 8,688 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Rental income and expense (1) $ 138 $ 81 $ 277 $ 132 Contractual rent $ 154 $ 88 $ 308 $ 144 ____________________ (1) For the three and six months ended June 30, 2020, these amounts are presented gross in Other income with an offsetting amount in Other expenses within the Statement of Operations. For the three and six months ended June 30, 2019, we recorded such amounts as a component of General and administrative expenses on a net basis as these charges were not material to the Statement of Operations. The future minimum lease commitments relating to the ground and use leases at June 30, 2020 are as follows: (In thousands) Lease Commitments 2020 (remaining) $ 308 2021 616 2022 616 2023 616 2024 616 2025 616 Thereafter 18,653 Total minimum lease commitments $ 22,041 Discounting factor 13,398 Finance sub-lease liability $ 8,643 The discount rate for the ground and use leases was determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms and are between 6% and 7%. The weighted average remaining lease term as of June 30, 2020 under our finance leases was 35.8 years.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Authorized We have the authority to issue 750,000,000 shares of stock, consisting of 700,000,000 shares of Common Stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share. June 2020 Offering On June 17, 2020, we completed a primary follow-on offering of 29,900,000 shares of common stock (inclusive of 3,900,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock) at an offering price of $22.15 per share for an aggregate offering value of $662.3 million, all of which are subject to a forward sale agreement to be settled by September 17, 2020 (the “June 2020 Forward Sale Agreement”). We did not initially receive any proceeds from the sale of the shares of common stock in the offering, which were sold to the underwriters by the forward purchaser or its affiliates. We determined that the June 2020 Forward Sale Agreement meets the criteria for equity classification and is therefore exempt from derivative accounting. We recorded the June 2020 Forward Sale Agreement at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. We expect to settle the June 2020 Forward Sale Agreement entirely by the physical delivery by us of 29,900,000 shares of our common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the June 2020 Forward Sale Agreement. The physical settlement of the June 2020 Forward Sale Agreement is calculated based on the initial forward sale price per share of $21.37 as adjusted for a floating interest rate factor and other fixed amounts based on the passage of time, as specified in the June 2020 Forward Sale Agreement. As of June 30, 2020, based on these adjustments, the forward share price was $21.07 and would result in us receiving approximately $630.1 million in cash proceeds if we were to physically settle the June 2020 Forward Sale Agreement. Alternatively, if we were to net cash settle the June 2020 Forward Sale Agreement, it would result in a cash inflow of $26.4 million or, if we were to net share settle the June 2020 Forward Sale Agreement, it would result in us receiving approximately 1.3 million shares. As of June 30, 2020, we have not settled any portion of the June 2020 Forward Sale Agreement. Further, the shares of common stock issuable upon settlement of the June 2020 Forward Sale Agreement will be reflected in our diluted earnings per share calculations using the treasury stock method. 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 June 2020 Forward Sale Agreement 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) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period). If and when we physically settle the June 2020 Forward Sale Agreement, the delivery of shares of our common stock will result in an increase in the number of shares of common stock outstanding and dilution to our earnings per share. We intend to use the net proceeds upon settlement of the June 2020 Forward Sale Agreement to fund the Forum Convention Center Mortgage Loan and the purchase price of the Las Vegas Land and for general corporate purposes, which may include our other pending transactions, the acquisition and improvement of properties, capital expenditures, working capital and the repayment of indebtedness. June 2019 Offering On June 28, 2019, we completed a primary follow-on offering of (i) 50,000,000 shares of common stock (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock) at an offering price of $21.50 per share for an aggregate offering value of $1.1 billion, resulting in net proceeds, after the deduction of the underwriting discount and expenses, of $1.0 billion and (ii) 65,000,000 shares of common stock that were subject to forward sale agreements to be settled by September 26, 2020 (collectively the “June 2019 Forward Sale Agreements”). We did not initially receive any proceeds from the sale of the shares of common stock subject to the June 2019 Forward Sale Agreements that were sold by the forward purchasers or their respective affiliates. We determined that the June 2019 Forward Sale Agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the June 2019 Forward Sale Agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value were not required under equity classification. On June 2, 2020, we physically settled the June 2019 Forward Sale Agreements in full by delivering 65,000,000 shares of our common stock to the forward purchasers, in exchange for total net proceeds of approximately $1.3 billion. The physical settlement of the June 2019 Forward Sale Agreements was calculated based on the forward sale price of $19.64 per share. The proceeds were used to consummate the Eldorado Transaction. At-the-Market Offering Program We have entered into an equity distribution agreement, as amended (the “ATM Agreement”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $750.0 million of our common stock (the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Agreement 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. 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 six months ended June 30, 2020, we sold a total of 7,500,000 shares under the ATM Program for net proceeds of $200.0 million. During the year ended December 31, 2019, we sold a total of 6,107,633 shares under the ATM Program for net proceeds of $128.3 million. We have no obligation to sell the remaining shares available for sale under the ATM Program. The following table details the issuance of outstanding shares of common stock, including restricted common stock: Six Months Ended June 30, Common Stock Outstanding 2020 2019 Beginning Balance January 1, (1) 461,004,742 404,729,616 Issuance of common stock in primary follow-on offerings — 50,000,000 Issuance of common stock upon physical settlement of forward sale agreements (1) 65,000,000 — Issuance of common stock under the at-the-market offering program 7,500,000 6,107,633 Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures (2) 163,013 167,297 Ending Balance June 30, 533,667,755 461,004,546 ____________________ (1) Excludes the 29,900,000 shares subject to June 2020 Forward Sale Agreement as the shares are not yet settled. (2) The six months ended June 30, 2020 and 2019 excludes 239,437 share units and 157,512 share units, respectively, issued under the performance-based stock incentive program. Dividends Dividends declared (on a per share basis) during the six months ended June 30, 2020 and 2019 were as follows: Six Months Ended June 30, 2020 Declaration Date Record Date Payment Date Period Dividend March 12, 2020 March 31, 2020 April 9, 2020 January 1, 2020 - March 31, 2020 $ 0.2975 June 11, 2020 June 30, 2020 July 10, 2020 April 1, 2020 - June 30, 2020 $ 0.2975 Six Months Ended June 30, 2019 Declaration Date Record Date Payment Date Period Dividend March 14, 2019 March 29, 2019 April 11, 2019 January 1, 2019 - March 31, 2019 $ 0.2875 June 13, 2019 June 28, 2019 July 12, 2019 April 1, 2019 - June 30, 2019 $ 0.2875

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	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 the June 2020 Forward Sale Agreement. The shares issuable upon settlement of the June 2020 Forward Sale Agreement, as described in Note 12 - Stockholders' Equity , are reflected in the diluted earnings per share calculations using the treasury stock method. 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 June 2020 Forward Sale Agreement 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) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period). If and when we physically or net share settle the June 2020 Forward Sale Agreement, the delivery of shares of common stock would result in an increase in the number of shares outstanding and dilution to earnings per share. 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Determination of shares: Weighted-average shares of common stock outstanding 489,012 412,310 477,095 409,040 Assumed conversion of restricted stock (1) 198 321 232 363 Assumed settlement of forward sale agreements 3 190 4,326 70 Diluted weighted-average shares of common stock outstanding 489,213 412,821 481,652 409,473 ____________________ (1) For the three and six months ended June 30, 2020, certain unvested restricted shares and unvested performance-based restricted shares were excluded from the computation of diluted EPS because the effect of doing so was anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2020 2019 2020 2019 Basic: Net income attributable to common stockholders $ 229,402 $ 152,049 $ 205,390 $ 302,898 Weighted-average shares of common stock outstanding 489,012 412,310 477,095 409,040 Basic EPS $ 0.47 $ 0.37 $ 0.43 $ 0.74 Diluted: Net income attributable to common stockholders $ 229,402 $ 152,049 $ 205,390 $ 302,898 Diluted weighted-average shares of common stock outstanding 489,213 412,821 481,652 409,473 Diluted EPS $ 0.47 $ 0.37 $ 0.43 $ 0.74

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	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 June 30, 2020, 11,478,446 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Stock-based compensation expense $ 2,012 $ 1,366 $ 3,361 $ 2,417 The following table details the activity of our time-based restricted stock and performance-based restricted stock units: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (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 601 $ 21.16 398 $ 19.60 Granted 421 19.51 336 22.03 Vested (116) 21.08 (93) 19.41 Forfeited (25) 21.21 (12) 20.78 Canceled — — — — Outstanding at end of period 881 $ 20.38 629 $ 20.90 As of June 30, 2020, there was $13.5 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 2.0 years.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Our real property business and our golf course business represent two reportable segments. The real property business segment consists of leased real property and represents the substantial majority of our business. The golf course business segment consists of four golf courses, with each being operating segments that are aggregated into one reportable segment. The results of each reportable segment presented below are consistent with the way our management assesses these results and allocates resources. The following table presents certain information with respect to our segments: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 252,567 $ 5,335 $ 257,902 $ 212,463 $ 8,283 $ 220,746 Operating income 308,622 14 308,636 203,077 2,418 205,495 Interest expense (77,693) — (77,693) (54,819) — (54,819) Loss on extinguishment of debt — — — — — — Income before income taxes 231,935 17 231,952 152,186 2,494 154,680 Income tax expense (257) (52) (309) — (553) (553) Net income (loss) 231,678 (35) 231,643 152,186 1,941 154,127 Depreciation 31 1,182 1,213 2 1,016 1,018 Total assets $ 16,188,235 $ 89,399 $ 16,277,634 $ 12,423,049 $ 98,997 $ 12,522,046 Total liabilities $ 7,186,916 $ 16,307 $ 7,203,223 $ 4,434,057 $ 15,566 $ 4,449,623 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 501,268 $ 11,635 $ 512,903 $ 419,126 $ 15,622 $ 434,748 Operating income 395,555 1,102 396,657 402,623 4,738 407,361 Interest expense (153,786) — (153,786) (108,405) — (108,405) Loss on extinguishment of debt (39,059) — (39,059) — — — Income before income taxes 209,222 1,119 210,341 303,276 4,851 308,127 Income tax expense (514) (249) (763) — (1,074) (1,074) Net income 208,708 870 209,578 303,276 3,777 307,053 Depreciation 54 2,026 2,080 5 1,943 1,948 Total assets $ 16,188,235 $ 89,399 $ 16,277,634 $ 12,423,049 $ 98,997 $ 12,522,046 Total liabilities $ 7,186,916 $ 16,307 $ 7,203,223 $ 4,434,057 $ 15,566 $ 4,449,623

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events and, except for the payment of dividends on July 10, 2020 (as described in Note 12 - Stockholders' Equity ), the entry into the JACK Lease Agreement Amendment and the entry into the Amended and Restated ROV Loan on July 16, 2020 (as described in Note 4 – Property Transactions ) and the consummation of the Eldorado Transaction (as described in Note 4 – Property Transactions ), there were no other events relative to the Financial Statements that require additional disclosure.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated 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 consolidated financial statements, including the notes thereto, are unaudited and 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 consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K and 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.
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 from these estimates. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Principles of Consolidation and Non-controlling Interest	Principles of Consolidation and Non-controlling Interest The accompanying consolidated financial statements include our accounts and the accounts of our Operating Partnership, and the subsidiaries in which we or our Operating Partnership has a controlling interest, which includes a single variable interest entity (“VIE”) where we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. We present non-controlling interest and classify such interest as a component of consolidated stockholders’ equity, separate from VICI stockholders’ equity. Our non-controlling interest represents 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 Agreement.
Cash, Cash Equivalents and Restricted Cash	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 stated at the lower of cost or market value. 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.
Short-Term Investments	Short-Term InvestmentsWe generally 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.
Investments in Leases and Loans, net	Investments in Leases - Direct Financing and 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, unless the impact of doing so is immaterial. 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. Due to the nature of our assets, the net investment in the lease is generally equal to the purchase price of the asset, and the land and building components of an investment generally have the same lease classification. Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. As such, we did not reassess the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. Prior to the consummation of the Eldorado Transaction, the Caesars Lease Agreements continued to be accounted for as direct financing leases and were included within Investments in leases - direct financing and sales-type, net on the Balance Sheet, with the exception of the land component of Caesars Palace Las Vegas which was determined to be an operating lease and was included in Investments in leases - operating on the Balance Sheet. The income recognition for our direct financing leases recognized under ASC 840 was consistent with the income recognition for our sales-type lease under ASC 842. Upon the consummation of the Eldorado Transaction on July 20, 2020, we modified the CPLV Lease Agreement, HLV Lease Agreement, Non-CPLV Lease Agreement and Joliet Lease Agreement, which included amending certain of the lease terms, and combining the CPLV Lease Agreement and HLV Lease Agreement into the Las Vegas Master Lease Agreement and replacing the Non-CPLV Lease Agreement with the Regional Master Lease Agreement. Upon modification, we prospectively reassessed the lease classification of the Las Vegas Master Lease Agreement, Regional Master Lease Agreement and Joliet Lease Agreement and determined the leases meet the definition of a sales-type lease, including the land component of Caesars Palace Las Vegas. Accordingly, we will reclassify the land component of Caesars Palace Las Vegas from Investments in leases - operating to Investments in leases - sales-type. Further, as a result of the reclassifications of the Caesars Lease Agreements from direct financing and operating leases to sales-type leases subsequent to June 30, 2020, we will be required to record the investments at their estimated fair values as of the modification date and recognize a gain or loss equal to the difference in fair value of the asset and its carrying value immediately prior to the modification. Subsequent to the consummation of the Eldorado Transaction, we will no longer have any leases classified as direct financing or operating and, as such, there will no longer be any amounts recorded through Investments in leases - operating. Refer to Note 4 - Property Transactions for further discussion surrounding the lease modifications. We have determined that the land and building components of the Margaritaville Lease Agreement, the Greektown Lease Agreement, the Hard Rock Cincinnati Lease Agreement and the Century Portfolio Lease Agreement meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, net For leases determined to be sales-type leases, we further assess to determine whether the transaction is considered a sale leaseback transaction. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a lease financing receivable and is accounted for in accordance with ASC 310 “Receivables” (“ASC 310”). The accounting for a lease as an investment in leases - financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - direct financing and sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease Agreement meets the definition of a sales-type lease and further meets the definition for a sale leaseback transaction. As such, the JACK Cleveland/Thistledown Lease Agreement is accounted for in accordance with ASC 310 and presented as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses. Upon the consummation of the Eldorado Transaction on July 20, 2020, and reassessment of the classification of the Caesars Lease Agreements, as described above, we determined that the MTA Properties Acquisitions, as defined in Note 4 - Property Transaction, meet the definition of a separate contract under ASC 842. In accordance with this guidance, we are required to separately assess the lease classification apart from the other assets in the Regional Master Lease Agreement. We determined that the MTA Properties (as defined in Note 4 - Property Transactions ) will meet the definition of a sales-type lease and will further meet the definition of a sale leaseback transaction under ASC 842. Accordingly, subsequent to July 20, 2020, the MTA Properties will be accounted for as Investments in leases - financing receivables in accordance with ASC 310. Investments in Loans, net Investments in loans, representing our investment in the ROV Loan (as defined in Note 4 - Property Transactions ), are held-for-investment and are carried at historical cost, net 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. 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 in our properties and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our direct financing leases, 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 direct financing leases, 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 direct financing and 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 - direct financing and sales-type, net or Investments in leases - financing receivables, net, as applicable. Under ASC 840, we determined that the land component of Caesars Palace Las Vegas was greater than 25% of the overall fair value of the combined land and building components. At lease inception the land was determined to be an operating lease and we recorded the related income on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land element after deducting executory costs, including any profit thereon, was determined by applying the lessee’s incremental borrowing rate to the value of the land. Revenue from this lease was recorded as Income from operating leases in our Statement of Operations. Upon the consummation of the Eldorado Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas was reassessed for lease classification and determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, the income will be recognized as Income from sales-type leases. Initial direct costs incurred in connection with entering into investments classified as direct financing or 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.
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2020, we adopted ASC 326 - “Credit Losses” (“ASC 326”) which 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 - direct financing and sales-type, investment in leases - financing receivables and investments in loans. We have elected to use a discounted cash flow model to estimate the CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease or loan 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 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 their parent guarantors 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 their parent guarantors. 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 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 the past 35 years that have similar credit profiles or characteristics to our tenants and their parent guarantors. We were 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 - direct financing and sales type, Investments in leases - financing receivables and Investments in loans 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. To the extent we have contractual commitments to extend credit, such as those under revolving credit facilities, we are required to estimate a CECL allowance related to these future funding commitments. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. As of June 30, 2020, we did not have any contractual commitments to extend credit. Write-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 write-offs or recoveries for the three and six months ended June 30, 2020.
Impairment	Impairment We assess our investments in operating leases, land and property and equipment used in operations for impairment under ASC 360 - “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows.
Tenant Reimbursements	Other income and Other expenses Other income primarily represents sub-lease income related to certain ground and use leases, 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 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 the 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 items. 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 is recorded in Accumulated other comprehensive income and recognized in earnings when the cash flows that were hedged affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive loss on our consolidated financial statements. We use derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, 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 Pre-Merger Caesars was the guarantor of all the lease payment obligations of the tenants under the respective leases of the properties that it leases from us, with the exception of Harrah’s Las Vegas, which was guaranteed by a subsidiary of Pre-Merger Caesars. In connection with the consummation of the Eldorado Transaction, Caesars replaced Pre-Merger Caesars as guarantor of all of the Caesars Lease Agreements. Revenue from the Caesars Lease Agreements represented 80% and 81% of our lease revenues for the three and six months ended June 30, 2020, respectively, and 95% and 96% of our lease revenues for the three and six months ended June 30, 2019, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 28% and 29% of our lease revenue for the three and six months ended June 30, 2020, respectively, and 34% and 34% of our lease revenue for the three and six months ended June 30, 2019, respectively. Other than having a single tenant 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.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted Accounting Standard Update (“ASU”) No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through February 2020) : This amended guidance changes how entities measure credit losses for most financial assets and certain other instruments, including direct financing and sales-type leases, that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach, which will generally result in earlier recognition of allowance for credit losses. As a result of the guidance, we are required to estimate and record non-cash credit losses related to our Investments in leases - direct financing and sales-type, Investments in lease - financing receivables and loans and expand our credit quality disclosures. The new standard did not materially impact any of our other financial assets or instruments that we currently have on our Balance Sheet. We adopted the guidance on January 1, 2020 using the modified retrospective approach method of adoption. Under this method we recorded a cumulative-effect adjustment to our opening Balance Sheet as a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Such amount was determined by applying our methodology for estimating allowances for credit losses to our existing Investments in leases - direct financing and sales-type as of January 1, 2020, which resulted in a $309.4 million cumulative adjustment, representing a 2.88% credit allowance upon adoption. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Each time we enter into a new direct financing or sales-type lease, lease financing receivable or loan, we will be required to estimate a credit allowance which will result in a non-cash charge to the Statement of Operations and a corresponding reduction in our net investment in the asset. Finally, each reporting period we are required to update the estimated allowance for any estimated changes in the credit loss, with the resulting change being recorded on the Statement of Operations and a corresponding change in our net investment in the asset. ASU No. 2020-04 - Reference Rate Reform (Topic 848) - March 2020 :

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Balance Sheet to the total of the same such amounts presented in the Statement of Cash Flows. (In thousands) June 30, 2020 June 30, 2019 Cash and cash equivalents $ 1,680,536 $ 1,205,335 Restricted cash 2,000,000 28,217 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 3,680,536 $ 1,233,552

Real Estate Portfolio (Tables)

Real Estate Portfolio (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule Real Estate Portfolio	The following is a summary of the balances of our real estate portfolio as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Minimum lease payments receivable under direct financing and sales-type leases (1) $ 31,006,569 $ 31,460,712 Estimated residual values of leased property (not guaranteed) 2,525,469 2,525,469 Gross investment in direct financing and sales-type leases 33,532,038 33,986,181 Unamortized initial direct costs 42,712 42,819 Less: Unearned income (22,846,758) (23,294,755) Less: Allowance for credit losses (355,336) — Investments in leases - direct financing and sales-type, net 10,372,656 10,734,245 Investments in leases - operating 1,086,658 1,086,658 Investments in leases - financing receivables, net 812,636 — Total investments in leases, net 12,271,950 11,820,903 Investments in loans, net 49,876 — Land 94,711 94,711 Total Real estate portfolio $ 12,416,537 $ 11,915,614 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.
Schedule of Components of Direct Financing and Operating Leases	The following table details the components of our income from direct financing, sales-type and operating leases and lease financing receivables: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Income from direct financing and sales-type leases, excluding contingent rent (1) $ 223,809 $ 201,549 $ 448,004 $ 397,299 Income from operating leases (2) 10,913 10,914 21,826 21,827 Income from lease financing receivables (1) (3) 15,924 — 27,944 — Total revenue, excluding contingent rent 250,646 212,463 497,774 419,126 Contingent rent (1) 86 — 143 — Total lease revenue 250,732 212,463 497,917 419,126 Non-cash adjustment (4) 3,809 (2,277) 7,063 (4,789) Total contractual lease revenue $ 254,541 $ 210,186 $ 504,980 $ 414,337 ____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842 (or ASC 840), which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of our 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 June 30, 2020, we have only recognized contingent rent on our Margaritaville Lease Agreement in relation to the variable rent portion of the lease. Refer to the Lease Overview section below for information regarding contingent rent on each lease. (2) Represents the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Non-CPLV Lease Agreement. Upon the consummation of the Eldorado Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas and certain operating land parcels were reassessed for lease classification and determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income will be recognized as Income from sales-type leases. (3) Represents the JACK Cleveland/Thistledown Lease Agreement which, in accordance with ASC 842, was determined to meet both the definition of a sales-type lease and sale leaseback transaction and, as a result, is accounted for as a financing under ASC 310.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases	At June 30, 2020, minimum lease payments owed to us for each of the five succeeding years under direct financing, sales-type and operating leases, as well as leases accounted for as financing receivables, are as follows: Minimum Lease Payments (1) (2) Investments in Leases (In thousands) Direct Financing and Sales-Type Operating Financing Receivables Total 2020 (remaining) $ 456,152 $ 21,827 $ 32,940 $ 510,919 2021 916,720 43,653 66,484 1,026,857 2022 927,351 43,653 67,149 1,038,153 2023 942,285 43,653 68,128 1,054,066 2024 954,569 43,653 68,212 1,066,434 2025 954,765 43,653 68,212 1,066,630 Thereafter 25,854,727 1,171,362 1,983,840 29,009,929 Total $ 31,006,569 $ 1,411,454 $ 2,354,965 $ 34,772,988 Weighted Average Lease Term (2) 32.5 32.3 34.6 32.7 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.
Schedule of Lease Agreements	The following is a summary of the material lease provisions of our Caesars Lease Agreements (both prior and subsequent to the modifications that occurred on July 20, 2020 as a result of the consummation of the Eldorado Transaction): ($ In thousands) Non-CPLV Lease Agreement and Joliet Lease Agreement Regional Master Lease Agreement and Joliet Lease Agreement CPLV Lease Agreement HLV Lease Agreement Las Vegas Master Lease Agreement Lease Provision (1) Prior to Amendment As Amended Prior to Amendment Prior to Amendment As Amended Initial Term (2) 15 years 18 years 15 years 15 years 18 years Initial Term maturity (2) 10/31/2032 7/31/2035 10/31/2032 12/31/2032 7/31/2035 Renewal Terms Four, five Four, five Four, five Four, five Four, five Current annual rent (3) $508,534 $662,534 $207,745 $89,157 $395,401 Escalator (4) Lease years 2-5 - 1.5% Lease years 6-15 - Consumer price index (“CPI”) subject to 2% floor Lease years 2-5 - 1.5% Lease years 6-end of term - CPI subject to 2.0% floor > 2% / Change in CPI Lease years 2-5 - 1% Lease years 6-15 - > 2% floor / change in CPI > 2% / change in CPI EBITDAR to Rent Ratio floor (5) 1.2x commencing lease year 8 None 1.7x commencing lease year 8 1.6x commencing lease year 6 None Variable Rent adjustment Year 8: 70% base rent / 30% variable rent Year 11: 80% base rent / 20% variable rent Year 8: 70% base rent / 30% variable rent Years 11 & 16: 80% base rent / 20% variable rent Years 8 & 11: 80% base rent / 20% variable rent Year 8 & 11: 80% base rent / 20% variable rent Years 8, 11 & 16: 80% base rent / 20% variable rent Variable Rent adjustment calculation (6) 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 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 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 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 ____________________ (1) All capitalized terms used without definition herein have the meanings detailed in the applicable Caesars Lease Agreements. (2) Upon the consummation of the Eldorado Transaction, the Caesars Lease Agreements were extended such that each lease will have a full 15-year initial lease term remaining. (3) Prior to amendment, with respect to the Non-CPLV Lease Agreement, Joliet Lease Agreement and CPLV Lease Agreement, the amount represents the current annual base rent payable for the current lease year which is the period from November 1, 2019 through October 31, 2020. In relation to the HLV Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from January 1, 2020 through December 31, 2020. Subsequent to the consummation of the Eldorado Transaction and the amendments in connection therewith, (i) with respect to the Regional Master Lease Agreement, the amounts represent the current annual base rent payable for the current lease year, inclusive of the additional rent associated with the MTA Properties and (ii) with respect to the Las Vegas Master Lease Agreement, the amounts represent the current annual base rent payable for the current lease year, inclusive of the CPLV Additional Rent Acquisition and HLV Additional Rent Acquisition. (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three months ended June 30, 2020 and 2019. (5) The coverage floors, which coverage floors would have served to reduce the rent escalators under the Caesars Lease Agreements in the event that the “EBITDAR to Rent Ratio” coverage was below the stated floor, were removed upon execution of the amendments to the Caesars Lease Agreements upon the consummation of the Eldorado Transaction. (6) Variable Rent is not subject to the Escalator. The following is a summary of the material lease provisions of our Penn National Lease Agreements: ($ In thousands) Lease Provision Margaritaville Lease Agreement Greektown Lease Agreement Initial term 15 years 15 years Renewal terms Four, five Four, five Current annual rent (1) $23,544 $55,556 Escalation commencement (2) Lease year two Lease year four Escalation 2% of Building base rent, subject to the net revenue to rent ratio floor 2% of Building base rent, subject to the net revenue to rent ratio floor Performance to rent ratio floor (2) 6.1x net revenue commencing lease year two Net revenue ratio to be mutually agreed upon prior to the commencement of lease year four Percentage rent (3) $3,000 (fixed for lease year one and two) $6,384 (fixed for lease year one and two) Percentage rent reset Lease year three and each and every other lease year thereafter Lease year three and each and every other lease year thereafter Percentage rent multiplier The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition) The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition) ____________________ (1) In relation to the Margaritaville Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from February 1, 2020 through January 31, 2021. In relation to the Greektown Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from May 23, 2019 through May 31, 2020. (2) In the event that the net revenue to rent ratio coverage, as applicable, is below the stated floor, the escalation will be reduced to such amount to achieve the stated net revenue to rent ratio coverage, as applicable, provided that the amount shall never result in a decrease to the prior year’s rent. In relation to the Greektown Lease Agreement, in May 2020, the lease was adjusted to remove the escalation for lease years 2 and 3 and to provide for a net revenue to rent ratio coverage floor to be mutually agreed upon by both parties prior to the commencement of lease year four. (3) Percentage rent is subject to the percentage rent multiplier. After the percentage rent reset in lease year three, any amounts related to percentage rent are considered contingent rent in accordance with GAAP. During the three and six months ended June 30, 2020, we recognized approximately $0.1 million and $0.1 million, respectively, in contingent rent in relation to the Margaritaville Lease Agreement escalation. No such rent has been recognized for the three and six months ended June 30, 2019. In relation to the Greektown Lease Agreement, no such rent has been recognized for the three and six months ended June 30, 2020 and 2019. The following is a summary of the material lease provisions of our Hard Rock Cincinnati Lease Agreement: ($ In thousands) Lease Provision Term Initial term 15 years Renewal terms Four, five Current base rent (1) $42,750 Escalator commencement Lease year two Escalator (2) Lease years 2-4 - 1.5% Lease years 5-15 - The greater of 2% or the change in CPI unless the change in CPI is less than 0.5%, in which case there is no escalation in rent for such lease year Variable rent commencement/reset Lease year 8 Variable rent split (3) 80% base rent and 20% variable rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year which is the period from September 20, 2019 through September 30, 2020. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and six months ended June 30, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, multiplied by the Variable rent percentage. The following is a summary of the material lease provisions of our Century Portfolio Lease Agreement: ($ In thousands) Lease Provision Term Initial term 15 years Renewal terms Four, five Current annual rent (1) $25,000 Escalator commencement Lease year two Escalator (2) Lease years 2-3 - 1.0% Lease years 4-15 - The greater of 1.25% or the change in CPI Net revenue to rent ratio floor 7.5x commencing lease year six - if the coverage ratio is below the stated amount the escalator will be reduced to 0.75% Variable rent commencement/reset Lease year 8 and 11 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year which is the period from December 6, 2019 through December 31, 2020. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and six months ended June 30, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, in each case multiplied by the Variable rent percentage. The following is a summary of the material lease provisions of our JACK Cleveland/Thistledown Lease Agreement, as amended on July 16, 2020: ($ In thousands) Lease Provision Term Initial term 20 years Renewal terms Three, five Current annual rent (1) $65,880 Escalator commencement Lease year three Escalator (2) Lease years 3-4 - 1.0% Lease years 5-7 - 1.5% Lease years 8-15 - The greater of 1.5% or the change in CPI capped at 2.5% Net revenue to rent ratio floor 4.9x in any lease year (commencing in lease year 6) - if the coverage ratio is below the stated amount, there is no escalation in rent for such lease year Variable rent commencement/reset Lease year 8, 11 and 16 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year which is the period from January 24, 2020 through January 31, 2021. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and six months ended June 30, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated (i) for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, (ii) for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, and (iii) for lease year 16 as an increase or decrease of the average of net revenues for lease years 13 through 15 compared to the average net revenue for lease years 8 through 10, in each case multiplied by the Variable rent percentage.
Schedule Of Capital Expenditure Requirements Under Lease Agreements	The following table summarizes the capital expenditure requirements of the respective tenants under the Caesars Lease Agreements, as amended following the consummation of the Eldorado Transaction, which amendments increased the existing capital expenditure requirements in proportion to the overall increase in the tenant’s net revenue arising from the MTA Properties: Provision Regional Master Lease Agreement and Joliet Lease Agreement Las Vegas Master Lease Agreement Yearly minimum expenditure 1% of net revenues (1) 1% of net revenues for CPLV (commencing in 2022 with respect to HLV) (1) Rolling three-year minimum (2) $334 million $84 million Initial minimum capital expenditure N/A $171 million (2017 - 2021) (with respect solely to HLV) ____________________ (1) The lease agreements require a $120.9 million floor on annual capital expenditures for CPLV, Joliet and the Regional Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) CEOC is required to spend $427.7 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $333.6 million allocated to the regional assets, $84.0 million allocated to CPLV and the remaining balance of $10.1 million to facilities covered by any Formation Lease Agreement in such proportion as CEOC may elect. Additionally, CEOC is required to expend a minimum of $598.4 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $427.7 million requirement. The following table summarizes the capital expenditure requirements of the respective tenants under the Penn National Lease Agreements, Hard Rock Cincinnati Lease Agreement, Century Portfolio Lease Agreement and JACK Cleveland/Thistledown Lease Agreement: Provision Penn National Lease Agreements Hard Rock Cincinnati Lease Agreement Century Portfolio Lease Agreement JACK Cleveland/Thistledown Lease Agreement Yearly minimum expenditure 1% of net revenues based on rolling four 1% of net revenues 1% of net gaming revenues (1) Initial minimum of $30 million (2) Thereafter - 1% of net revenues on a rolling three ____________________ (1) Minimum of 1% of net gaming revenue on a rolling three-year basis for each individual facility and 1% of net gaming revenues per fiscal year for the facilities collectively. In May 2020, in connection with the ongoing COVID-19 pandemic and its impact on operations and financial performance, we agreed to waive Century’s capital expenditure requirements for 2020 and defer to not later than December 31, 2021 certain other expenditures contemplated in connection with the underwriting of the acquired casino properties, conditioned upon (i) Century’s timely payment of rent obligations under the Century Portfolio Lease Agreement during the compliance period set forth in the amendment and (ii) no tenant event of default occurring under the Century Portfolio Lease Agreement during the compliance period set forth in the amendment. If Century fails to satisfy any of the foregoing conditions, Century will be required to satisfy the capital expenditure obligations set forth in the Century Portfolio Lease Agreement or, in certain cases, to deposit amounts in respect thereof into a capital expenditure reserve for expenditure in accordance with the amendment. (2) Initial minimum required to be spent from the period commencing April 1, 2019 through December 31, 2022, which shall include $18.0 million to be advanced by us and expended by JACK Entertainment for the construction of the new gaming patio amenity at JACK Thistledown Racino.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Credit Loss [Abstract]
Net Investment in Lease, Allowance for Credit Loss	The following tables detail the allowance for credit losses included as a component in our investments in leases - direct financing and sales-type, Investments in leases - financing receivables and investments in loans as of June 30, 2020 and January 1, 2020, the date of adoption: June 30, 2020 (In thousands, except for %) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - direct financing and sales-type $ 10,727,992 $ (355,336) $ 10,372,656 3.31 % Investments in leases - financing receivables 850,253 (37,617) 812,636 4.42 % Investments in loans 50,313 (437) 49,876 0.87 % Totals $ 11,628,558 $ (393,390) $ 11,235,168 3.38 % January 1, 2020 (In thousands, except for %) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - direct financing and sales-type $ 10,734,245 $ (309,362) $ 10,424,883 2.88 % Investments in leases - financing receivables — — — — % Investments in loans — — — — % Totals $ 10,734,245 $ (309,362) $ 10,424,883 2.88 % The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the six months ended June 30, 2020: (In thousands) Six Months Ended June 30, 2020 Beginning Balance December 31, 2019 $ — Initial allowance upon adoption 309,362 Initial allowance from current period acquisitions 22,158 Current period change in credit allowance 61,870 Write-offs — Recoveries — Ending Balance June 30, 2020 $ 393,390
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 June 30, 2020 and January 1, 2020, the date of adoption: June 30, 2020 (In thousands) Ba2 Ba3 B1 B2 B3 Total Investments in leases - direct financing, sales-type and financing receivable and investments in loans $ — $ 561,116 $ 9,886,007 $ 900,566 $ 280,869 $ 11,628,558 January 1, 2020 (In thousands) Ba2 Ba3 B1 B2 B3 Total Investments in leases - direct financing, sales-type and financing receivable and investments in loans $ 1,527,776 $ — $ 8,926,229 $ 280,240 $ — $ 10,734,245

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities [Abstract]
Schedule of Other Assets	The following table details the components of our other assets as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Property and equipment used in operations, net $ 70,274 $ 70,406 Other receivables 56,656 60,111 Right of use asset 17,815 17,738 Debt financing costs 10,205 14,575 Deferred acquisition costs 9,492 11,134 Sales-type sub-leases 8,629 8,688 Tenant receivables 3,001 — Prepaid expenses 1,140 3,252 Interest receivable 307 1,626 Other 3,042 1,108 Total other assets $ 180,561 $ 188,638
Schedule of Property and Equipment Used in Operations, Net	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 June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Land and land improvements $ 59,117 $ 59,346 Buildings and improvements 14,679 14,805 Furniture and equipment 6,457 4,523 Total property and equipment used in operations 80,253 78,674 Less: accumulated depreciation (9,979) (8,268) Total property and equipment used in operations, net $ 70,274 $ 70,406 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Depreciation expense $ 1,213 $ 1,018 $ 2,080 $ 1,948
Schedule of Other Liabilities	The following table details the components of our other liabilities as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Derivative liability $ 117,265 $ 65,078 Lease liability 17,815 17,738 Other accrued expenses 12,373 21,023 Finance sub-lease liabilities 8,643 8,688 Accrued payroll and other compensation 3,367 7,369 Deferred income taxes 3,342 3,382 Accounts payable 841 640 Total other liabilities $ 163,646 $ 123,918

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail our debt obligations as of June 30, 2020 and December 31, 2019: ($ in thousands) June 30, 2020 Description of Debt Final Interest Rate Face Value Carrying Value (1) VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Term Loan B Facility (3) 2024 L + 1.75% 2,100,000 2,078,545 Senior Unsecured Notes (4) 2025 Notes 2025 3.500% 750,000 739,165 2026 Notes 2026 4.250% 1,250,000 1,231,692 2027 Notes 2027 3.750% 750,000 738,899 2029 Notes 2029 4.625% 1,000,000 984,930 2030 Notes 2030 4.125% 1,000,000 984,901 Total Debt $ 6,850,000 $ 6,758,132 ($ in thousands) December 31, 2019 Description of Debt Final Interest Rate Face Value Carrying Value (1) VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Term Loan B Facility (3) 2024 L + 2.00% 2,100,000 2,076,962 Second Lien Notes (5) 2023 8.00% 498,480 498,480 Senior Unsecured Notes (4) 2026 Notes 2026 4.250% 1,250,000 1,231,227 2029 Notes 2029 4.625% 1,000,000 984,894 Total Debt $ 4,848,480 $ 4,791,563 ____________________ (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. On May 15, 2019, we amended our Revolving Credit Facility to, among other things, increase borrowing capacity by $600.0 million to a total of $1.0 billion and extend the maturity date to May 2024. After giving effect to the amendments executed on May 15, 2019, borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of 1.75% to 2.00% over LIBOR, or between 0.75% and 1.00% over the base rate depending on our total net debt to adjusted total assets ratio. Additionally, after giving effect to the amendments executed on May 15, 2019, the commitment fee under the Revolving Credit Facility is calculated on a leverage-based pricing grid with a range of 0.375% to 0.5%, in each case depending on our total net debt to adjusted total assets ratio. For the three and six months ended June 30, 2020, the commitment fee was 0.375%. (3) Interest on any outstanding balance is payable monthly. In connection with the repricing of the Term Loan B Facility in January 2020, the interest rate was decreased to LIBOR plus 1.75%. As of June 30, 2020 and December 31, 2019, we had six interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $2.0 billion at a blended LIBOR rate of 2.7173%. (4) Interest is payable semi-annually.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule	The following table is a schedule of future minimum payments of our debt obligations as of June 30, 2020: (In thousands) Future Minimum Payments 2020 (remaining) $ — 2021 — 2022 10,000 2023 22,000 2024 2,068,000 2025 750,000 Thereafter 4,000,000 Total minimum repayments $ 6,850,000

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives	The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of June 30, 2020 and December 31, 2019: ($ in thousands) June 30, 2020 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $ 1,500,000 USD LIBOR April 22, 2023 Interest Rate Swaps 2 2.3802% $ 500,000 USD LIBOR January 22, 2021 ($ in thousands) December 31, 2019 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $ 1,500,000 USD LIBOR April 22, 2023 Interest Rate Swaps 2 2.3802% $ 500,000 USD LIBOR January 22, 2021 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Unrealized gain (loss) recorded in other comprehensive income $ 951 $ (30,688) $ (52,187) $ (47,879) Interest recorded in interest expense $ 11,114 $ 1,280 $ 16,694 $ 2,430

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ — $ — $ — $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 117,265 $ — $ 117,265 $ — December 31, 2019 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 59,474 $ — $ 59,474 $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 65,078 $ — $ 65,078 $ — ___________________ (1) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2) 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.
Schedule Of Estimated Fair Value	The estimated fair values of our financial instruments as of June 30, 2020 and December 31, 2019 for which fair value is only disclosed are as follows: June 30, 2020 December 31, 2019 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 812,636 $ 843,300 $ — $ — Investments in loans (1) 49,876 50,000 — — Cash and cash equivalents 1,680,536 1,680,536 1,101,893 1,101,893 Restricted cash 2,000,000 2,000,000 — — Financial liabilities: Debt (2) Revolving Credit Facility $ — $ — $ — $ — Term Loan B Facility 2,078,545 1,974,000 2,076,962 2,110,500 Second Lien Notes — — 498,480 538,358 2025 Notes 739,165 705,000 — — 2026 Notes 1,231,692 1,193,750 1,231,227 1,287,500 2027 Notes 738,899 708,750 — — 2029 Notes 984,930 975,000 984,894 1,045,000 2030 Notes 984,901 950,000 — — ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease Agreement and the ROV Loan, respectively, which were acquired on January 24, 2020. 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) 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 Contingent Li_2

Commitments and Contingent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Rent expense $ 505 $ 414 $ 1,003 $ 779 Contractual rent $ 345 $ 318 $ 668 $ 636 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Rental income and expense (1) $ 138 $ 81 $ 277 $ 132 Contractual rent $ 154 $ 88 $ 308 $ 144 ____________________ (1) For the three and six months ended June 30, 2020, these amounts are presented gross in Other income with an offsetting amount in Other expenses within the Statement of Operations. For the three and six months ended June 30, 2019, we recorded such amounts as a component of General and administrative expenses on a net basis as these charges were not material to the Statement of Operations.
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 June 30, 2020 are as follows: (In thousands) Lease Commitments 2020 (remaining) $ 902 2021 1,790 2022 1,808 2023 1,827 2024 1,847 2025 1,908 Thereafter 19,074 Total minimum lease commitments $ 29,156 Discounting factor 11,341 Lease liability 17,815
Schedule of Assets And Liabilities, Lessor	The following table details the balance and location in our Balance Sheet of the ground and use leases as of June 30, 2020 and December 31, 2019: (In thousands) June 30, 2020 December 31, 2019 Others assets (sales-type sub-lease) $ 8,629 $ 8,688 Other liabilities (finance sub-lease liability) 8,643 8,688
Schedule of Finance Lease, Liability, Maturity	The future minimum lease commitments relating to the ground and use leases at June 30, 2020 are as follows: (In thousands) Lease Commitments 2020 (remaining) $ 308 2021 616 2022 616 2023 616 2024 616 2025 616 Thereafter 18,653 Total minimum lease commitments $ 22,041 Discounting factor 13,398 Finance sub-lease liability $ 8,643

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule Of Common Stock Shares Outstanding	The following table details the issuance of outstanding shares of common stock, including restricted common stock: Six Months Ended June 30, Common Stock Outstanding 2020 2019 Beginning Balance January 1, (1) 461,004,742 404,729,616 Issuance of common stock in primary follow-on offerings — 50,000,000 Issuance of common stock upon physical settlement of forward sale agreements (1) 65,000,000 — Issuance of common stock under the at-the-market offering program 7,500,000 6,107,633 Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures (2) 163,013 167,297 Ending Balance June 30, 533,667,755 461,004,546 ____________________ (1) Excludes the 29,900,000 shares subject to June 2020 Forward Sale Agreement as the shares are not yet settled.
Schedule of Dividends Declared	Dividends declared (on a per share basis) during the six months ended June 30, 2020 and 2019 were as follows: Six Months Ended June 30, 2020 Declaration Date Record Date Payment Date Period Dividend March 12, 2020 March 31, 2020 April 9, 2020 January 1, 2020 - March 31, 2020 $ 0.2975 June 11, 2020 June 30, 2020 July 10, 2020 April 1, 2020 - June 30, 2020 $ 0.2975 Six Months Ended June 30, 2019 Declaration Date Record Date Payment Date Period Dividend March 14, 2019 March 29, 2019 April 11, 2019 January 1, 2019 - March 31, 2019 $ 0.2875 June 13, 2019 June 28, 2019 July 12, 2019 April 1, 2019 - June 30, 2019 $ 0.2875

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Weighted Average Earnings Per Share	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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Determination of shares: Weighted-average shares of common stock outstanding 489,012 412,310 477,095 409,040 Assumed conversion of restricted stock (1) 198 321 232 363 Assumed settlement of forward sale agreements 3 190 4,326 70 Diluted weighted-average shares of common stock outstanding 489,213 412,821 481,652 409,473 ____________________ (1) For the three and six months ended June 30, 2020, certain unvested restricted shares and unvested performance-based restricted shares were excluded from the computation of diluted EPS because the effect of doing so was anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2020 2019 2020 2019 Basic: Net income attributable to common stockholders $ 229,402 $ 152,049 $ 205,390 $ 302,898 Weighted-average shares of common stock outstanding 489,012 412,310 477,095 409,040 Basic EPS $ 0.47 $ 0.37 $ 0.43 $ 0.74 Diluted: Net income attributable to common stockholders $ 229,402 $ 152,049 $ 205,390 $ 302,898 Diluted weighted-average shares of common stock outstanding 489,213 412,821 481,652 409,473 Diluted EPS $ 0.47 $ 0.37 $ 0.43 $ 0.74

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Stock-based compensation expense $ 2,012 $ 1,366 $ 3,361 $ 2,417
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: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (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 601 $ 21.16 398 $ 19.60 Granted 421 19.51 336 22.03 Vested (116) 21.08 (93) 19.41 Forfeited (25) 21.21 (12) 20.78 Canceled — — — — Outstanding at end of period 881 $ 20.38 629 $ 20.90

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents certain information with respect to our segments: Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 252,567 $ 5,335 $ 257,902 $ 212,463 $ 8,283 $ 220,746 Operating income 308,622 14 308,636 203,077 2,418 205,495 Interest expense (77,693) — (77,693) (54,819) — (54,819) Loss on extinguishment of debt — — — — — — Income before income taxes 231,935 17 231,952 152,186 2,494 154,680 Income tax expense (257) (52) (309) — (553) (553) Net income (loss) 231,678 (35) 231,643 152,186 1,941 154,127 Depreciation 31 1,182 1,213 2 1,016 1,018 Total assets $ 16,188,235 $ 89,399 $ 16,277,634 $ 12,423,049 $ 98,997 $ 12,522,046 Total liabilities $ 7,186,916 $ 16,307 $ 7,203,223 $ 4,434,057 $ 15,566 $ 4,449,623 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 501,268 $ 11,635 $ 512,903 $ 419,126 $ 15,622 $ 434,748 Operating income 395,555 1,102 396,657 402,623 4,738 407,361 Interest expense (153,786) — (153,786) (108,405) — (108,405) Loss on extinguishment of debt (39,059) — (39,059) — — — Income before income taxes 209,222 1,119 210,341 303,276 4,851 308,127 Income tax expense (514) (249) (763) — (1,074) (1,074) Net income 208,708 870 209,578 303,276 3,777 307,053 Depreciation 54 2,026 2,080 5 1,943 1,948 Total assets $ 16,188,235 $ 89,399 $ 16,277,634 $ 12,423,049 $ 98,997 $ 12,522,046 Total liabilities $ 7,186,916 $ 16,307 $ 7,203,223 $ 4,434,057 $ 15,566 $ 4,449,623

Business and Organization (Deta

Business and Organization (Details)	Jul. 29, 2020property	Jun. 30, 2020property	Jun. 30, 2020golf_course
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		28	4
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	31
Golf Courses
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,680,536	$ 1,101,893	$ 1,205,335
Restricted cash	2,000,000	0	28,217
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$ 3,680,536	$ 1,101,893	$ 1,233,552	$ 598,447

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle
Short-term investments	$ 0		$ 0		$ 59,474,000
General and administrative expenses		$ 700,000		$ 1,400,000
Customer Concentration Risk | Sales Revenue, Net | Caesars Entertainment Corporation
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	80.00%	95.00%	81.00%	96.00%
Property, Las Vegas Strip | Geographic Concentration Risk | Sales Revenue, Net
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	28.00%	34.00%	29.00%	34.00%
Harrah’s Joliet LandCo LLC
New Accounting Pronouncements or Change in Accounting Principle
Ownership percentage by noncontrolling owners	20.00%		20.00%

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect of adoption of ASC 326	$ 9,074,411	$ 7,724,031		$ 8,048,989	$ 8,072,423	$ 7,045,888	$ 6,901,022
Credit allowance percentage			2.88%
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect of adoption of ASC 326			$ 309,400	$ (309,362)
Credit allowance percentage			2.88%

Property Transactions (Details)

Property Transactions (Details)

Jul. 16, 2020USD ($)renewal

Jun. 30, 2020USD ($)

Jun. 15, 2020USD ($)a

Apr. 24, 2020USD ($)

Jan. 24, 2020USD ($)renewal

Dec. 06, 2019USD ($)renewal

Sep. 20, 2019USD ($)renewal

Jun. 24, 2019USD ($)

May 23, 2019USD ($)renewal

Jan. 02, 2019USD ($)renewal

Nov. 30, 2019USD ($)

Jun. 30, 2020USD ($)

Jun. 30, 2019USD ($)

May 29, 2020USD ($)

Jun. 30, 2020USD ($)gambling_facility

Jun. 30, 2019USD ($)

Dec. 31, 2027USD ($)

Dec. 31, 2024USD ($)

Feb. 20, 2020USD ($)

Dec. 31, 2019USD ($)

Business Acquisition

Payments to acquire real estate

$ 0

$ 970,763,000

Payments for rent

$ 345,000

$ 318,000

$ 668,000

$ 636,000

Lessor, sales-type lease, term of contract (years)

1 year

1 year

1 year

Purchase price multiple

13

Denominator amount of property's trailing four quarters EBITDA at time of acquisition

1.3

Initial annual rent coverage (multiple)

1.3

Initial annual rent to be acquired (multiple)

12.5

Proceeds from reimbursement receivable

$ 31,000,000

Debt instrument, face amount

$ 6,850,000,000

$ 6,850,000,000

$ 6,850,000,000

$ 4,848,480,000

Forecast

Business Acquisition

Purchase price multiple

13

13

Plan

Business Acquisition

Acres of parcel | a

23

Minimum | Forecast

Business Acquisition

Payments for rent

$ 25,000,000

$ 25,000,000

Maximum | Forecast

Business Acquisition

Payments for rent

$ 35,000,000

$ 35,000,000

Harrah's Reno Asset

Business Acquisition

Property sale price

$ 41,500,000

Purchase price adjustment

$ 8,500,000

Proceeds from sale of asset, percentage

75.00%

Bally's Atlantic City Hotel and Casino | Discontinued Operations, Disposed of by Sale

Business Acquisition

Property sale price

$ 25,000,000

Proceeds from sale of property

19,000,000

Caesars Entertainment Operating Company, Inc. | Harrah's Reno Asset

Business Acquisition

Proceeds from sale of asset, percentage

25.00%

Caesars Entertainment Operating Company, Inc. | Bally's Atlantic City Hotel and Casino | Discontinued Operations, Disposed of by Sale

Business Acquisition

Proceeds from sale of property

$ 6,000,000

CPLV CMBS Debt

Business Acquisition

Payment for debt extinguishment or debt prepayment cost

110,800,000

Debt prepayment penalty reimbursement receivable

55,400,000

Eldorado Senior Bridge Facility

Business Acquisition

Maximum borrowing capacity (up to)

3,200,000,000

$ 1,200,000,000

Eldorado Senior Bridge Facility | Debt Instrument, Redemption, Year 3

Business Acquisition

Commitment fee (percent)

0.25%

Eldorado Senior Bridge Facility | Debt Instrument, Redemption, Year 4

Business Acquisition

Commitment fee (percent)

0.50%

Eldorado Senior Bridge Facility | First Lien Secured Bridge Facility

Business Acquisition

Debt instrument, term

364 days

Maximum borrowing capacity (up to)

$ 3,300,000,000

Eldorado Senior Bridge Facility | Second Lien Secured Bridge Facility

Business Acquisition

Maximum borrowing capacity (up to)

$ 1,500,000,000

Forum Convention Center Mortgage Loan

Business Acquisition

Contractual rent amount

$ 33,900,000

Interest rate, stated percentage

7.70%

Debt instrument, term

5 years

Debt instrument, face amount

$ 400,000,000

Annual escalation percentage

2.00%

Annual increases percentage

2.00%

Debt instrument call right term

1 year

Forum Convention Center Mortgage Loan | Debt Instrument, Redemption, Year 3

Business Acquisition

Redemption price, percentage (equal to)

102.00%

Forum Convention Center Mortgage Loan | Debt Instrument, Redemption, Year 4

Business Acquisition

Redemption price, percentage (equal to)

101.00%

Indiana

Business Acquisition

Number of facilities, future acquisition (facilities) | gambling_facility

2

Rock Ohio Ventures | Affiliated Entity | Subsequent Event

Business Acquisition

Notes receivable

$ 70,000,000

CPLV Lease Agreement

Business Acquisition

Increase in annual rent payments

$ 83,500,000

Consideration for property acquired

1,189,900,000

Reduction in debt in lieu of cash

20,500,000

HLV Lease Agreement

Business Acquisition

Increase in annual rent payments

15,000,000

Consideration for property acquired

$ 213,800,000

Reduction in debt in lieu of cash

$ 3,900,000

Caesars Lease Agreements

Business Acquisition

Lessor, sales-type lease, term of contract (years)

15 years

15 years

15 years

Aggregate EBITDA of all facilities under lease agreement (percent)

5.00%

Mortgage and Land Acquisition Agreement | Plan

Business Acquisition

Notes receivable

$ 400,000,000

Notes receivable (term)

5 years

Las Vegas Land Acquisition

Business Acquisition

Payments to acquire real estate

$ 4,500,000

Las Vegas Land Acquisition | Plan

Business Acquisition

Payments to acquire real estate per acre

$ 4,500,000

MTA Property Acquisitions

Business Acquisition

Payments to acquire real estate

1,823,500,000

Increase in annual rent payments

$ 154,000,000

Harrah’s New Orleans Purchase Agreement

Business Acquisition

Payments to acquire real estate

789,500,000

Harrah’s Atlantic City Purchase Agreement

Business Acquisition

Payments to acquire real estate

599,300,000

Harrah’s Laughlin Purchase Agreement

Business Acquisition

Payments to acquire real estate

434,800,000

Regional Master Lease Agreement

Business Acquisition

Contractual rent amount

621,700,000

$ 621,700,000

621,700,000

Construction commitment

$ 325,000,000

$ 325,000,000

$ 325,000,000

Regional Master Lease Agreement | Minimum

Business Acquisition

Ground lease further additional period (months)

12 months

Regional Master Lease Agreement | Maximum

Business Acquisition

Ground lease further additional period (months)

24 months

JACK Cleveland Casino

Business Acquisition

Contractual rent amount

$ 65,900,000

Lessor, sales-type lease, term of contract (years)

15 years

Cash consideration

$ 843,300,000

Lessor, leasing arrangements, sales type leases, number of renewal options | renewal

4

Lessor, sales-type lease, renewal term

5 years

JACK Cleveland Casino | Subsequent Event

Business Acquisition

Increase in annual rent payments

1,800,000

Construction commitment

$ 18,000,000

Lessor, leasing arrangements, sales type leases, number of renewal options | renewal

4

Lessor, sales-type lease, renewal term

5 years

JACK Cleveland Casino | Adjustment | Subsequent Event

Business Acquisition

Lessor, leasing arrangements, sales type leases, number of renewal options | renewal

3

JACK Cleveland Casino | Rock Ohio Ventures | Affiliated Entity | Subsequent Event

Business Acquisition

Debt Instrument, extension term

2 years

Note receivable, interest rate

9.00%

JACK Cleveland Casino | Rock Ohio Ventures | Affiliated Entity | Jack Entertainment

Business Acquisition

Notes receivable

$ 50,000,000

JACK Cleveland Casino | Rock Ohio Ventures | Affiliated Entity | Jack Entertainment | Subsequent Event

Business Acquisition

Maximum borrowing capacity (up to)

$ 25,000,000

JACK Cleveland Casino | Rock Ohio Ventures | Affiliated Entity | LIBOR | Jack Entertainment | Subsequent Event

Business Acquisition

Basis spread on variable rate (percent)

2.75%

Commitment fee (percent)

0.50%

JACK Cincinnati Casino

Business Acquisition

Payments to acquire real estate

$ 558,300,000

Hard Rock

Business Acquisition

Payments to acquire real estate

186,500,000

Contractual rent amount

$ 42,800,000

Lessor, sales-type lease, term of contract (years)

15 years

Lessor, sales-type lease, renewal term

5 years

Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | renewal

4

Century Portfolio

Business Acquisition

Payments to acquire real estate

$ 277,800,000

Contractual rent amount

$ 25,000,000

Lessor, sales-type lease, term of contract (years)

15 years

Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | renewal

4

Century Casinos

Business Acquisition

Payments to acquire real estate

$ 107,200,000

Lessor, sales-type lease, renewal term

5 years

5 years

Greektown Acquisition | Penn National

Business Acquisition

Contractual rent amount

$ 55,600,000

Lessor, sales-type lease, term of contract (years)

15 years

Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | renewal

4

Greektown Acquisition | JACK Entertainment LLC

Business Acquisition

Payments to acquire real estate

$ 700,000,000

Greektown Acquisition | Penn National

Business Acquisition

Payments to acquire real estate

$ 300,000,000

Margaritaville

Business Acquisition

Payments to acquire real estate

$ 261,100,000

Lessor, sales-type lease, renewal term

5 years

Penn National

Business Acquisition

Payments to acquire real estate

$ 114,900,000

Contractual rent amount

$ 23,200,000

Lessor, sales-type lease, term of contract (years)

15 years

Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | renewal

4

Real Estate Portfolio - Narrati

Real Estate Portfolio - Narrative (Details)	6 Months Ended
	Jun. 30, 2020casinoarrangement
Property Subject to or Available for Operating Lease
Number of casinos	26
Number of lease arrangements | arrangement	8
JACK Cincinnati Lease Agreement
Property Subject to or Available for Operating Lease
Financing receivable, investment in lease, number of casinos	2

Real Estate Portfolio - Schedul

Real Estate Portfolio - Schedule Real Estate Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Minimum lease payments receivable under direct financing and sales-type leases	$ 31,006,569		$ 31,460,712
Estimated residual values of leased property (not guaranteed)	2,525,469		2,525,469
Gross investment in direct financing and sales-type leases	33,532,038		33,986,181
Unamortized initial direct costs	42,712		42,819
Less: Unearned income	(22,846,758)		(23,294,755)
Less: Allowance for credit losses	(355,336)	$ (309,362)	0
Investments in leases - direct financing and sales-type, net	10,372,656	10,424,883	10,734,245
Investments in leases - operating	1,086,658		1,086,658
Total investments in leases, net	12,271,950		11,820,903
Land	94,711		94,711
Total Real estate portfolio	12,416,537		11,915,614
Investments in leases - financing receivables, net
Accounts, Notes, Loans and Financing Receivable
Notes receivable	812,636	0	0
Investments in loans, net
Accounts, Notes, Loans and Financing Receivable
Notes receivable	$ 49,876	$ 0	$ 0

Real Estate Portfolio - Sched_2

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Income from direct financing and sales-type leases, excluding contingent rent	$ 223,809	$ 201,549	$ 448,004	$ 397,299
Income from operating leases	10,913	10,914	21,826	21,827
Income from lease financing receivables	15,924	0	27,944	0
Total revenue, excluding contingent rent	250,646	212,463	497,774	419,126
Contingent rent	86	0	143	0
Total lease revenue	250,732	212,463	497,917	419,126
Non-cash adjustment	3,809	(2,277)	7,063	(4,789)
Total contractual lease revenue	$ 254,541	$ 210,186	$ 504,980	$ 414,337

Real Estate Portfolio - Sched_3

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Direct Financing and Sales-Type
2020 (remaining)	$ 456,152
2021	916,720
2022	927,351
2023	942,285
2024	954,569
2025	954,765
Thereafter	25,854,727
Total	31,006,569
Operating
2020 (remaining)	21,827
2021	43,653
2022	43,653
2023	43,653
2024	43,653
2025	43,653
Thereafter	1,171,362
Total	1,411,454
Financing Receivables
2020 (remaining)	32,940
2021	66,484
2022	67,149
2023	68,128
2024	68,212
2025	68,212
Thereafter	1,983,840
Total	2,354,965
2020 (remaining)	510,919
2021	1,026,857
2022	1,038,153
2023	1,054,066
2024	1,066,434
2025	1,066,630
Thereafter	29,009,929
Total	$ 34,772,988
Direct financing and sales-type lease, weighted average lease term	32 years 6 months
Operating lease, weighted average remaining lease term	32 years 3 months 18 days
Financing receivable, weighted average remaining lease term	34 years 7 months 6 days
Direct financing, sales-type and operating leases, weighted average lease term	32 years 8 months 12 days

Real Estate Portfolio - Sched_4

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands	Jul. 16, 2020USD ($)option	Dec. 06, 2019option	Sep. 20, 2019USD ($)option	May 23, 2019USD ($)	Jan. 02, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)option
Non-CPLV Lease Agreement and Joliet Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term							15 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Lessor, sales-type lease, renewal term						5 years	5 years
Rent ratio floor							120.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 6 Through 15
Property Subject to or Available for Operating Lease
Consumer price index							2.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease
Consumer price index							1.50%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 8-10 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							70.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 8-10 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							30.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 11-15 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							80.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 11-15 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							20.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Prior to Amendment
Property Subject to or Available for Operating Lease
Current base rent							$ 508,534
Variable rent percentage							4.00%
Regional Master Lease Agreement and Joliet Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term							18 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Lessor, sales-type lease, renewal term						5 years	5 years
Current base rent							$ 662,534
Variable rent percentage							4.00%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 6 Through 15
Property Subject to or Available for Operating Lease
Consumer price index							2.00%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease
Consumer price index							1.50%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 8-10 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							70.00%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 8-10 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							30.00%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 11-15 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							80.00%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 11-15 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							20.00%
CPLV Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term							15 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Lessor, sales-type lease, renewal term						5 years	5 years
Consumer price index							2.00%
Rent ratio floor							170.00%
Variable rent percentage							4.00%
CPLV Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							80.00%
CPLV Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							20.00%
CPLV Lease Agreement | Prior to Amendment
Property Subject to or Available for Operating Lease
Current base rent							$ 207,745
HLV Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term							15 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Lessor, sales-type lease, renewal term						5 years	5 years
Current base rent							$ 89,157
Rent ratio floor							160.00%
Variable rent percentage							4.00%
HLV Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							80.00%
HLV Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							20.00%
HLV Lease Agreement | Lease Years 6 Through 15
Property Subject to or Available for Operating Lease
Consumer price index							2.00%
HLV Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease
Consumer price index							1.00%
Las Vegas Master Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term							18 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Lessor, sales-type lease, renewal term						5 years	5 years
Current base rent							$ 395,401
Consumer price index							2.00%
Variable rent percentage							4.00%
Las Vegas Master Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split							80.00%
Las Vegas Master Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split							20.00%
Magaritaville Lease | Penn National
Property Subject to or Available for Operating Lease
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Consumer price index					2.00%
Percentage rent					$ 3,000
Rent ratio floor					610.00%
Lessor sales-type and direct financing lease, renewal term							5 years
Lessor, sales-type and direct financing lease, percentage rent multiplier					4.00%
Lessor, sales-type/Direct financing lease, period of revenue of rent multiplier					2 years
Lessor, sales-type/Direct financing lease, percentage of rent revenue prior to acquisition					50.00%
Greektown lease Agreement | Penn National
Property Subject to or Available for Operating Lease
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option							4
Consumer price index					2.00%
Percentage rent					$ 6,384
Lessor sales-type and direct financing lease, renewal term							5 years
Lessor, sales-type and direct financing lease, percentage rent multiplier					4.00%
Lessor, sales-type/Direct financing lease, period of revenue of rent multiplier					2 years
Lessor, sales-type/Direct financing lease, percentage of rent revenue prior to acquisition					50.00%
JACK Cincinnati Lease Agreement | JACK Cincinnati Casino
Property Subject to or Available for Operating Lease
Initial Term			15 years
Current base rent			$ 42,750
Variable rent percentage			4.00%
JACK Cleveland/Thirstledown Lease Agreement | JACK Cleveland Casino | Subsequent Event
Property Subject to or Available for Operating Lease
Initial Term	20 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option	3
Lessor sales-type and direct financing lease, renewal term	5 years
Variable rent percentage	4.00%
Lessor, current annual rent	$ 65,880
JACK Cleveland/Thirstledown Lease Agreement | Base Rent | JACK Cleveland Casino | Subsequent Event
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
JACK Cleveland/Thirstledown Lease Agreement | Variable Rent | JACK Cleveland Casino | Subsequent Event
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 2 through 3 | JACK Cleveland Casino | Subsequent Event
Property Subject to or Available for Operating Lease
Consumer price index	1.00%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 4 through 6 | JACK Cleveland Casino | Subsequent Event
Property Subject to or Available for Operating Lease
Consumer price index	1.50%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 7 through 15 | JACK Cleveland Casino | Minimum | Subsequent Event
Property Subject to or Available for Operating Lease
Consumer price index	1.50%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 7 through 15 | JACK Cleveland Casino | Maximum | Subsequent Event
Property Subject to or Available for Operating Lease
Consumer price index	2.50%
Century Portfolio Lease Agreement | Century Portfolio
Property Subject to or Available for Operating Lease
Initial Term		15 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option		4
Rent ratio floor		750.00%
Lessor sales-type and direct financing lease, renewal term		5 years
Variable rent percentage		4.00%
Lessor, current annual rent						$ 25,000	$ 25,000
Century Portfolio Lease Agreement | Base Rent | Century Portfolio
Property Subject to or Available for Operating Lease
Variable rent split		80.00%
Century Portfolio Lease Agreement | Variable Rent | Century Portfolio
Property Subject to or Available for Operating Lease
Variable rent split		20.00%
Century Portfolio Lease Agreement | Lease Years 2 through 3 | Century Portfolio
Property Subject to or Available for Operating Lease
Consumer price index		1.00%
Century Portfolio Lease Agreement | Lease Years 4 Through 15 | Century Portfolio
Property Subject to or Available for Operating Lease
Consumer price index		1.25%
Hard Rock Cincinnati Lease Agreement | Hard Rock
Property Subject to or Available for Operating Lease
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options | option			4
Lessor sales-type and direct financing lease, renewal term			5 years
Hard Rock Cincinnati Lease Agreement | Base Rent | Hard Rock
Property Subject to or Available for Operating Lease
Variable rent split			80.00%
Hard Rock Cincinnati Lease Agreement | Variable Rent | Hard Rock
Property Subject to or Available for Operating Lease
Variable rent split			20.00%
Hard Rock Cincinnati Lease Agreement | Lease Years 2-4 | Hard Rock
Property Subject to or Available for Operating Lease
Consumer price index			1.50%
Hard Rock Cincinnati Lease Agreement | Lease Years 5-15 | Hard Rock | Minimum
Property Subject to or Available for Operating Lease
Consumer price index			0.50%
Hard Rock Cincinnati Lease Agreement | Lease Years 5-15 | Hard Rock | Maximum
Property Subject to or Available for Operating Lease
Consumer price index			2.00%
Penn National | Magaritaville Lease
Property Subject to or Available for Operating Lease
Initial Term					15 years
Current base rent					$ 23,544
Lessor, Contingent Rent						$ 100	$ 100
Penn National | Greektown lease Agreement
Property Subject to or Available for Operating Lease
Initial Term				15 years
Current base rent				$ 55,556

Real Estate Portfolio - Sched_5

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Regional Master Lease and Joliet Lease
Real Estate
Yearly minimum expenditure, percentage of net revenues	1.00%
Rolling three-year minimum	$ 334
Las Vegas Master
Real Estate
Yearly minimum expenditure, percentage of net revenues	1.00%
Rolling three-year minimum	$ 84
Initial minimum capital expenditure	$ 171
Penn National Agreement
Real Estate
Yearly minimum expenditure, percentage of net revenues	1.00%
Average period of yearly minimum expenditure	4 years
Construction commitment	$ 18
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Capital expenditures	$ 120.9
Percentage of prior year net revenues	1.00%
Hard Rock Cincinnati Lease Agreement
Real Estate
Yearly minimum expenditure, percentage of net revenues	1.00%
Century Portfolio Lease Agreement
Real Estate
Yearly minimum expenditure, percentage of net revenues	1.00%
JACK Cleveland/Thirstledown Lease Agreement
Real Estate
Yearly minimum expenditure, percentage of net revenues	1.00%
Average period of yearly minimum expenditure	3 years
Initial minimum capital expenditure	$ 30
CEOC
Real Estate
Rolling three-year minimum	427.7
Minimum amount to be expended across certain affiliates and other assets	598.4
CEOC | CPLV Lease Agreement
Real Estate
Rolling three-year minimum	84
CEOC | CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Additional capital expenditure requirement	10.1
CEOC | Non-CPLV Lease Agreement
Real Estate
Rolling three-year minimum	$ 333.6

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle
Credit allowance percentage						2.88%
Change in allowance for credit losses	$ (65,480)	$ 0	$ 84,028	$ 0
Financial receivable, allowance for credit loss, increase in current acquisition	$ 22,200		$ 22,200
CPLV Lease Agreement | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle
Allowance for credit losses					$ 1,400,000
HLV Lease Agreement | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle
Allowance for credit losses					1,400,000
MTA Property Acquisitions | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle
Allowance for credit losses					$ 1,800,000
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Allowance for credit losses						$ 309,400
Credit allowance percentage						2.88%

Allowance for Credit Losses -_2

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Direct financing and sales-type, amortized cost	$ 10,734,245	$ 10,727,992
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	10,734,245	11,628,558
Allowance
Direct financing and sales-type, allowance for credit losses	(309,362)	(355,336)	$ 0
Allowance, total	(309,362)	(393,390)	0
Net Investment
Direct financing and sales-type, net investment	10,424,883	10,372,656	10,734,245
Net investment total	$ 10,424,883	$ 11,235,168
Allowance as a % of Amortized Cost
Direct financing and sales-type, allowance as a percentage of amortized cost	2.88%	3.31%
Allowance as a percentage of amortized cost, total	2.88%	3.38%
Investments in leases - financing receivables, net
Amortized Cost
Notes receivable, amortized cost	$ 0	$ 850,253
Allowance
Financing and loans receivable, allowance for credit losses	0	(37,617)
Net Investment
Notes receivable	$ 0	$ 812,636	0
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total	0.00%	4.42%
Investments in loans, net
Amortized Cost
Notes receivable, amortized cost	$ 0	$ 50,313
Allowance
Financing and loans receivable, allowance for credit losses	0	(437)
Net Investment
Notes receivable	$ 0	$ 49,876	$ 0
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total	0.00%	0.87%

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 0
Initial allowance from current period acquisitions	22,158
Current period change in credit allowance	61,870
Write-offs	0
Recoveries	0
Ending balance	393,390
Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 309,362

Allowance for Credit Losses - F

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020
Financing Receivable, Credit Quality Indicator
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$ 11,628,558	$ 10,734,245
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	0	1,527,776
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	561,116	0
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	9,886,007	8,926,229
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	900,566	280,240
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$ 280,869	$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Other Liabilities [Abstract]
Property and equipment used in operations, net	$ 70,274	$ 70,406
Other receivables	56,656	60,111
Right of use asset	17,815	17,738
Debt financing costs	10,205	14,575
Deferred acquisition costs	9,492	11,134
Sales-type sub-leases	8,629	8,688	$ 8,688
Tenant receivables	3,001	0
Prepaid expenses	1,140	3,252
Interest receivable	307	1,626
Other	3,042	1,108
Other assets	$ 180,561	$ 188,638
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment
Total property and equipment used in operations	$ 80,253		$ 80,253		$ 78,674
Less: accumulated depreciation	(9,979)		(9,979)		(8,268)
Total property and equipment used in operations, net	70,274		70,274		70,406
Depreciation expense	1,213	$ 1,018	2,080	$ 1,948
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	59,117		59,117		59,346
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	14,679		14,679		14,805
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 6,457		$ 6,457		$ 4,523

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jan. 01, 2019
Other Liabilities [Abstract]
Derivative liability	$ 117,265	$ 65,078
Lease liability	17,815	17,738		$ 11,100
Other accrued expenses	12,373	21,023
Finance sub-lease liabilities	8,643	8,688	$ 8,688
Accrued payroll and other compensation	3,367	7,369
Deferred income taxes	3,342	3,382
Accounts payable	841	640
Total other liabilities	$ 163,646	$ 123,918
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities

Debt - Schedule Of Outstanding

Debt - Schedule Of Outstanding Indebtedness (Details)	Jan. 24, 2020	May 15, 2019USD ($)	Feb. 05, 2018	Jan. 31, 2020	Dec. 31, 2017USD ($)	Jun. 30, 2020USD ($)instrument	Jun. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument	May 19, 2019USD ($)	Jan. 03, 2019USD ($)instrument	Apr. 24, 2018USD ($)instrument
Debt Instrument
Debt instrument, face amount						$ 6,850,000,000	$ 6,850,000,000	$ 4,848,480,000
Carrying Value						$ 6,758,132,000	$ 6,758,132,000	$ 4,791,563,000
Interest Rate Swaps
Debt Instrument
Number of instruments | instrument										2	4
Notional amount										$ 500,000,000	$ 1,500,000,000
Interest Rate Swaps | LIBOR
Debt Instrument
Number of instruments | instrument						6	6	6
Notional amount						$ 2,000,000,000	$ 2,000,000,000	$ 2,000,000,000
Fixed interest rate						2.7173%	2.7173%	2.7173%
Term B Loan Facility
Debt Instrument
Debt instrument, face amount					$ 2,200,000,000
Senior Notes | Term B Loan Facility
Debt Instrument
Debt instrument, face amount						$ 2,100,000,000	$ 2,100,000,000	$ 2,100,000,000
Carrying Value						$ 2,078,545,000	$ 2,078,545,000	$ 2,076,962,000
Senior Notes | Term B Loan Facility | LIBOR
Debt Instrument
Basis spread on variable rate (percent)							1.75%	200.00%
Senior Notes | Second Lien Notes
Debt Instrument
Interest rate, stated percentage								8.00%
Debt instrument, face amount								$ 498,480,000
Carrying Value								$ 498,480,000
Unsecured Debt | Senior Unsecured 2025 Notes
Debt Instrument
Interest rate, stated percentage						3.50%	3.50%
Debt instrument, face amount						$ 750,000,000	$ 750,000,000
Carrying Value						$ 739,165,000	$ 739,165,000
Unsecured Debt | Senior Unsecured 2026 Notes
Debt Instrument
Interest rate, stated percentage						4.25%	4.25%	4.25%
Debt instrument, face amount						$ 1,250,000,000	$ 1,250,000,000	$ 1,250,000,000
Carrying Value						$ 1,231,692,000	$ 1,231,692,000	$ 1,231,227,000
Unsecured Debt | Senior Unsecured 2027 Notes
Debt Instrument
Interest rate, stated percentage						3.75%	3.75%
Debt instrument, face amount						$ 750,000,000	$ 750,000,000
Carrying Value						$ 738,899,000	$ 738,899,000
Unsecured Debt | Senior Unsecured 2029 Notes
Debt Instrument
Interest rate, stated percentage						4.625%	4.625%	4.625%
Debt instrument, face amount						$ 1,000,000,000	$ 1,000,000,000	$ 1,000,000,000
Carrying Value						$ 984,930,000	$ 984,930,000	984,894,000
Unsecured Debt | Senior Unsecured 2030 Notes
Debt Instrument
Interest rate, stated percentage						4.125%	4.125%
Debt instrument, face amount						$ 1,000,000,000	$ 1,000,000,000
Carrying Value						984,901,000	984,901,000
Revolving Credit Facility
Debt Instrument
Debt instrument, face amount		$ 1,200,000,000			$ 400,000,000
Revolving Credit Facility | Minimum
Debt Instrument
Interest rate, stated percentage		0.375%
Revolving Credit Facility | Minimum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)		1.75%
Revolving Credit Facility | Minimum | Base Rate
Debt Instrument
Basis spread on variable rate (percent)		0.75%
Revolving Credit Facility | Maximum
Debt Instrument
Interest rate, stated percentage		0.50%
Revolving Credit Facility | Maximum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)		2.00%
Revolving Credit Facility | Maximum | Base Rate
Debt Instrument
Basis spread on variable rate (percent)		1.00%
Revolving Credit Facility | Term B Loan Facility | LIBOR
Debt Instrument
Basis spread on variable rate (percent)			2.00%	1.75%	2.25%
Revolving Credit Facility | Term B Loan Facility | Minimum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)	1.75%	1.75%
Revolving Credit Facility | Term B Loan Facility | Minimum | Base Rate
Debt Instrument
Basis spread on variable rate (percent)		0.75%
Revolving Credit Facility | Term B Loan Facility | Maximum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)	2.00%	2.00%
Revolving Credit Facility | Term B Loan Facility | Maximum | Base Rate
Debt Instrument
Basis spread on variable rate (percent)		1.00%
Revolving Credit Facility | Senior Notes
Debt Instrument
Debt instrument, face amount						0	0	0
Carrying Value						0	0	$ 0
Increase in borrowing capacity		$ 600,000,000
Maximum borrowing capacity		$ 600,000,000				$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Commitment fee percentage						0.375%	0.375%
Revolving Credit Facility | Senior Notes | LIBOR
Debt Instrument
Basis spread on variable rate (percent)							2.00%	200.00%
Revolving Credit Facility | Senior Notes | Minimum
Debt Instrument
Commitment fee percentage		0.375%
Revolving Credit Facility | Senior Notes | Maximum
Debt Instrument
Commitment fee percentage		0.50%

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Jun. 30, 2020USD ($)
Long-term Debt, Fiscal Year Maturity
2020 (remaining)	$ 0
2021	0
2022	10,000
2023	22,000
2024	2,068,000
2025	750,000
Thereafter	4,000,000
Total minimum repayments	$ 6,850,000

Debt - Senior Unsecured Debt (D

Debt - Senior Unsecured Debt (Details) - USD ($)	Feb. 05, 2020	Nov. 26, 2019	Nov. 30, 2019	Jun. 30, 2020	Jan. 24, 2020	Dec. 31, 2019
Debt Instrument
Debt instrument, face amount				$ 6,850,000,000		$ 4,848,480,000
Escrow deposit	$ 2,000,000,000
VICI Properties LP [Member]
Debt Instrument
Restricted net assets				$ 7,600,000,000
Unsecured Debt
Debt Instrument
Cumulative adjusted funds from operations rate				95.00%
Senior Unsecured Notes due 2026 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage					4.25%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Debt instrument, face amount		$ 1,250,000,000
Redemption price, percentage (equal to)				102.125%
Senior Unsecured Notes due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Redemption price, percentage (equal to)				101.063%
Senior Unsecured Notes due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period Five
Debt Instrument
Redemption price, percentage (equal to)				104.25%
Senior Unsecured Notes due 2029 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage					4.625%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Redemption price, percentage (equal to)				102.313%
Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Debt instrument, face amount		1,000,000,000
Redemption price, percentage (equal to)				101.541%
Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument
Redemption price, percentage (equal to)				100.771%
Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period Four
Debt Instrument
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period Six
Debt Instrument
Redemption price, percentage (equal to)				104.625%
CPLV CMBS Debt
Debt Instrument
Payment for debt extinguishment or debt prepayment cost			$ 110,800,000
CPLV CMBS Debt | CPLV CMBS Debt
Debt Instrument
Payment for debt extinguishment or debt prepayment cost		$ 55,400,000
Senior Unsecured Notes due 2025 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	3.50%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2025 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Debt instrument, face amount	$ 750,000,000
Redemption price, percentage (equal to)				101.75%
Senior Unsecured Notes due 2025 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Redemption price, percentage (equal to)				100.875%
Senior Unsecured Notes due 2025 | Unsecured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2025 | Unsecured Debt | Debt Instrument, Redemption, Period Five
Debt Instrument
Percentage of aggregate principal redeemable (percent)				40.00%
Redemption price, percentage (equal to)				103.50%
Senior Unsecured Notes Due 2019 | Unsecured Debt
Debt Instrument
Percentage of aggregate principal redeemable (percent)				60.00%
Senior Unsecured Notes Due 2019 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Percentage of aggregate principal redeemable (percent)				40.00%
Senior Unsecured Notes due 2027 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	3.75%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2027 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Redemption price, percentage (equal to)				101.875%
Senior Unsecured Notes due 2027 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Debt instrument, face amount	$ 750,000,000
Redemption price, percentage (equal to)				100.938%
Senior Unsecured Notes due 2027 | Unsecured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2027 | Unsecured Debt | Debt Instrument, Redemption, Period Five
Debt Instrument
Percentage of aggregate principal redeemable (percent)				40.00%
Redemption price, percentage (equal to)				103.75%
Senior Unsecured Notes due 2030 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.125%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Redemption price, percentage (equal to)				102.063%
Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Redemption price, percentage (equal to)				101.375%
Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument
Debt instrument, face amount	$ 1,000,000,000
Redemption price, percentage (equal to)				100.688%
Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Four
Debt Instrument
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Five
Debt Instrument
Percentage of aggregate principal redeemable (percent)				40.00%
Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Six
Debt Instrument
Redemption price, percentage (equal to)				104.125%
Second Lien Notes | Unsecured Debt
Debt Instrument
Repayments of debt	498,500,000
Second Lien Notes And Second Lien Notes Applicable Premium | Unsecured Debt
Debt Instrument
Repayments of debt	$ 537,500,000
Senior Unsecured Notes Due 2020 | Unsecured Debt | Debt Instrument, Redemption, Period Six
Debt Instrument
Percentage of principal required to be outstanding for redemption (percent)				60.00%

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facilities (Details) - USD ($)

Jun. 02, 2020

Jan. 24, 2020

Jun. 28, 2019

May 15, 2019

Feb. 05, 2018

Jan. 31, 2020

Feb. 28, 2018

Dec. 31, 2017

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2019

May 19, 2019

Debt Instrument

Debt instrument, face amount

$ 6,850,000,000

$ 4,848,480,000

Total net debt to adjusted asset ratio (not more than)

0.65

Permitted acquisitions consummated (not more than)

0.70

EBITDA to interest charges (not less than)

2

Proceeds from offering of common stock, net

$ 1,300,000,000

$ 1,000,000,000

1,476,717,000

$ 1,165,008,000

Revolving Credit Facility

Debt Instrument

Debt instrument, face amount

$ 1,200,000,000

$ 400,000,000

Total net debt to adjusted asset ratio (not more than)

0.75

Percentage of utilization of credit facility

30.00%

Repayment of revolving credit facility

$ 300,000,000

Minimum | Revolving Credit Facility

Debt Instrument

Interest rate, stated percentage

0.375%

Maximum | Revolving Credit Facility

Debt Instrument

Interest rate, stated percentage

0.50%

LIBOR | Minimum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

1.75%

LIBOR | Maximum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

2.00%

Base Rate | Minimum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

0.75%

Base Rate | Maximum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

1.00%

Senior Notes

Debt Instrument

Percentage of funds from operations (not more than)

95.00%

Percentage of adjusted total assets

0.60%

Amount of adjusted total assets

$ 30,000,000

Senior Notes | Revolving Credit Facility

Debt Instrument

Debt instrument, face amount

0

$ 0

Maximum borrowing capacity

$ 600,000,000

$ 1,000,000,000

$ 1,000,000,000

Senior Notes | LIBOR | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

2.00%

200.00%

Term B Loan Facility

Debt Instrument

Debt instrument, face amount

$ 2,200,000,000

Repayments of debt

$ 100,000,000

Percentage of amortization of principal amount per annum

1.00%

Term B Loan Facility | Revolving Credit Facility

Debt Instrument

Proceeds from offering of common stock, net

$ 1,300,000,000

Term B Loan Facility | LIBOR | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

2.00%

1.75%

2.25%

Term B Loan Facility | LIBOR | Minimum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

1.75%

1.75%

Term B Loan Facility | LIBOR | Maximum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

2.00%

2.00%

Term B Loan Facility | Base Rate | Minimum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

0.75%

Term B Loan Facility | Base Rate | Maximum | Revolving Credit Facility

Debt Instrument

Basis spread on variable rate (percent)

1.00%

Term B Loan Facility | Senior Notes

Debt Instrument

Debt instrument, face amount

$ 2,100,000,000

$ 2,100,000,000

Term B Loan Facility | Senior Notes | LIBOR

Debt Instrument

Basis spread on variable rate (percent)

1.75%

200.00%

Debt - Bridge Facilities (Detai

Debt - Bridge Facilities (Details) - USD ($)	Feb. 20, 2020	Jun. 24, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Feb. 05, 2020	Nov. 30, 2019
Debt Instrument
Interest recorded in interest expense			$ 77,693,000	$ 54,819,000	$ 153,786,000	$ 108,405,000
Escrow deposit							$ 2,000,000,000
Eldorado Senior Bridge Facility
Debt Instrument
Maximum borrowing capacity	$ 1,200,000,000							$ 3,200,000,000
Line of credit facility, structuring fee, percentage					0.10%
Interest recorded in interest expense			$ 500,000		$ 3,100,000
Eldorado Senior Bridge Facility | Debt Instrument, Redemption, Period One
Debt Instrument
Commitment fee percentage		0.25%
Eldorado Senior Bridge Facility | Debt Instrument, Redemption, Period Two
Debt Instrument
Commitment fee percentage		0.50%
Eldorado Senior Bridge Facility | Debt Instrument, Redemption, Period Three
Debt Instrument
Commitment fee percentage		0.75%
Eldorado Senior Bridge Facility | Debt Instrument, Redemption, Period Four
Debt Instrument
Commitment fee percentage		1.00%
First Lien Secured Bridge Facility | Eldorado Senior Bridge Facility
Debt Instrument
Maximum borrowing capacity		$ 3,300,000,000
Second Lien Secured Bridge Facility | Eldorado Senior Bridge Facility
Debt Instrument
Maximum borrowing capacity		$ 1,500,000,000
Escrow deposit	2,000,000,000							$ 1,600,000,000
Maximum borrowing capacity, reduction amount	$ 2,000,000,000

Debt - Second Lien Notes (Detai

Debt - Second Lien Notes (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Feb. 20, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument
Loss from extinguishment of debt			$ 0	$ 0	$ (39,059)	$ 0
Second Lien Notes | Senior Notes
Debt Instrument
Redemption price, percentage (equal to)	100.00%
Repayments of debt	$ 537,500
Loss from extinguishment of debt		$ (39,100)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	Jun. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument	Jan. 03, 2019USD ($)instrument	Apr. 24, 2018USD ($)instrument
Term B Loan Facility | Senior Notes
Derivative
Variable rate debt not subject to interest rate swaps	$ 100,000,000
Interest Rate Swaps
Derivative
Number of instruments | instrument			2	4
Notional amount			$ 500,000,000	$ 1,500,000,000
Interest Rate Swap Maturing April 22, 2023
Derivative
Number of instruments | instrument	4	4
Notional amount	$ 1,500,000,000	$ 1,500,000,000
Fixed interest rate	2.8297%	2.8297%

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details)	Jun. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument
Interest Rate Swap Maturing April 22, 2023
Derivative
Number of Instruments | instrument	4	4
Fixed Rate	2.8297%	2.8297%
Notional | $	$ 1,500,000,000	$ 1,500,000,000
Interest Rate Swap Maturing January 22, 2021
Derivative
Number of Instruments | instrument	2	2
Fixed Rate	2.3802%	2.3802%
Notional | $	$ 500,000,000	$ 500,000,000

Derivatives - Schedule of Der_2

Derivatives - Schedule of Derivatives on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative
Unrealized gain (loss) recorded in other comprehensive income	$ 951	$ (30,688)	$ (52,187)	$ (47,879)
Interest recorded in interest expense	77,693	54,819	153,786	108,405
Interest Rate Swaps
Derivative
Interest recorded in interest expense	$ 11,114	$ 1,280	$ 16,694	$ 2,430

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Financial assets:
Short-term investments	$ 0	$ 59,474,000
Financial liabilities:
Derivative instruments - interest rate swaps	117,265,000	65,078,000
Carrying Amount
Financial assets:
Short-term investments	0	59,474,000
Carrying Amount | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	117,265,000	65,078,000
Level 1 | Fair Value
Financial assets:
Short-term investments	0	0
Level 1 | Fair Value | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	0	0
Level 2 | Fair Value
Financial assets:
Short-term investments	0	59,474,000
Level 2 | Fair Value | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	117,265,000	65,078,000
Level 3 | Fair Value
Financial assets:
Short-term investments	0	0
Level 3 | Fair Value | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	$ 0	$ 0

Fair Value - Schedule Of Estima

Fair Value - Schedule Of Estimated Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 1,680,536	$ 1,101,893
Restricted cash	2,000,000	0
Carrying Amount | Lease Financing Receivable
Financial assets:
Receivables	812,636	0
Carrying Amount | Lease Loans Receivable
Financial assets:
Receivables	49,876	0
Carrying Amount | Revolving Credit Facility
Financial liabilities:
Debt	0	0
Carrying Amount | Term Loan B Facility
Financial liabilities:
Debt	2,078,545	2,076,962
Carrying Amount | Second Lien Notes
Financial liabilities:
Debt	0	498,480
Carrying Amount | 2025 Notes
Financial liabilities:
Debt	739,165	0
Carrying Amount | 2026 Notes
Financial liabilities:
Debt	1,231,692	1,231,227
Carrying Amount | 2027 Notes
Financial liabilities:
Debt	738,899	0
Carrying Amount | 2029 Notes
Financial liabilities:
Debt	984,930	984,894
Carrying Amount | 2030 Notes
Financial liabilities:
Debt	984,901	0
Fair Value
Financial assets:
Cash and cash equivalents	1,680,536	1,101,893
Restricted cash	2,000,000	0
Fair Value | Lease Financing Receivable
Financial assets:
Receivables	843,300	0
Fair Value | Lease Loans Receivable
Financial assets:
Receivables	50,000	0
Fair Value | Revolving Credit Facility
Financial liabilities:
Debt	0	0
Fair Value | Term Loan B Facility
Financial liabilities:
Debt	1,974,000	2,110,500
Fair Value | Second Lien Notes
Financial liabilities:
Debt	0	538,358
Fair Value | 2025 Notes
Financial liabilities:
Debt	705,000	0
Fair Value | 2026 Notes
Financial liabilities:
Debt	1,193,750	1,287,500
Fair Value | 2027 Notes
Financial liabilities:
Debt	708,750	0
Fair Value | 2029 Notes
Financial liabilities:
Debt	975,000	1,045,000
Fair Value | 2030 Notes
Financial liabilities:
Debt	$ 950,000	$ 0

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands	May 10, 2019USD ($)	Jan. 01, 2019USD ($)	Mar. 31, 2020	Jun. 30, 2020USD ($)option	Dec. 31, 2019USD ($)
Loss Contingencies
Weighted average remaining lease term				32 years 3 months 18 days
Renewal term	5 years
Lessee, initial term	10 years
Expenses related to operating lease commitments	$ 900
Investments in leases - operating		$ 11,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]				us-gaap:OtherAssets	us-gaap:OtherAssets
Lease liability		$ 11,100		$ 17,815	$ 17,738
Operating Lease, Liability, Statement of Financial Position [Extensible List]				us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance lease, weighted average remaining lease term				35 years 9 months 18 days
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201613Member
Minimum
Loss Contingencies
Operating lease, discount rate (percent)	5.30%
Lessee, finance lease, discount rate (percent)				6.00%
Maximum
Loss Contingencies
Operating lease, discount rate (percent)	5.50%
Lessee, finance lease, discount rate (percent)				7.00%
Cascata Golf Course And Various Office In New Orleans And New York
Loss Contingencies
Weighted average remaining lease term				15 years 10 months 24 days
Cascata Golf Course
Loss Contingencies
Number of extension options | option				3
Renewal term				10 years

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Leases, Operating [Abstract]
Rent expense	$ 505	$ 414	$ 1,003	$ 779
Contractual rent	345	318	668	636
Leases, Finance [Abstract]
Sales-type sub-leases	8,629	8,688	8,629	8,688	$ 8,688
Finance sub-lease liabilities	8,643	8,688	8,643	8,688	$ 8,688
Contractual rent	154	88	308	144
Other income
Leases, Finance [Abstract]
Rental income	138		277
Rental expense	$ 138		$ 277
General and administrative expense
Leases, Finance [Abstract]
Rental income		81		132
Rental expense		$ 81		$ 132

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jan. 01, 2019
Operating Leases
2020 (remaining)	$ 902
2021	1,790
2022	1,808
2023	1,827
2024	1,847
2025	1,908
Thereafter	19,074
Total minimum lease commitments	29,156
Discounting factor	11,341
Lease liability	17,815	$ 17,738		$ 11,100
Financing Receivables
2020 (remaining)	308
2021	616
2022	616
2023	616
2024	616
2025	616
Thereafter	18,653
Total minimum lease commitments	22,041
Discounting factor	13,398
Finance sub-lease liabilities	$ 8,643	$ 8,688	$ 8,688

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	Jun. 17, 2020	Jun. 02, 2020	Jun. 28, 2019	Dec. 19, 2018	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jun. 17, 2019
Class of Stock
Total number of common and preferred shares authorized (in shares)					750,000,000				750,000,000
Common stock, shares authorized (in shares)					700,000,000				700,000,000		700,000,000
Common stock, par value (in dollars per share)					$ 0.01				$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)					50,000,000				50,000,000		50,000,000
Preferred stock, par value (in dollars per share)					$ 0.01				$ 0.01		$ 0.01
Shares issued in IPO (in shares)			50,000,000
Future stock to be issued during period, shares sold pursuant to the exercise In full of underwriters' option to purchase additional common stock			15,000,000
Offering forward price (in dollars per share)	$ 21.37	$ 19.64
Share price (in dollars per share)			$ 21.50
Aggregate offering value of shares			$ 1,100,000,000		$ 1,276,624,000	$ 199,877,000	$ 1,036,280,000	$ 128,265,000
Proceeds from issuance of common stock		$ 1,300,000,000	$ 1,000,000,000						$ 1,476,717,000	$ 1,165,008,000
Additional shares subject to forward sale agreement (in shares)		65,000,000	65,000,000						65,000,000	0
ATM Stock Offering Program
Class of Stock
Shares issued in IPO (in shares)									7,500,000	6,107,633	6,107,633
Proceeds from issuance of common stock									$ 200,000,000		$ 128,300,000
Maximum amount of shares to be sold				$ 750,000,000
Plan
Class of Stock
Shares issued in IPO (in shares)	29,900,000
Future stock to be issued during period, shares sold pursuant to the exercise In full of underwriters' option to purchase additional common stock	3,900,000
Share price (in dollars per share)												$ 22.15
Aggregate offering value of shares	$ 662,300,000
Pro Forma
Class of Stock
Shares issued related to forward sale (shares)	29,900,000
Offering forward price (in dollars per share)					$ 21.07				$ 21.07
Forward agreement on the proceeds from issuance of common stock									$ 630,100,000
Forward share agreements, payments for repurchase of common stock									$ 26,400,000
Forward contract indexed to issuer's equity (in shares)									1,300,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	Jun. 02, 2020	Jun. 28, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity
Beginning balance			461,004,742	404,729,616	404,729,616
Stock issued during period (in shares)		50,000,000
Additional shares subject to forward sale agreement (in shares)	65,000,000	65,000,000	65,000,000	0
Ending balance			533,667,755	461,004,546	461,004,742
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)			163,013	167,297
Performance-Based Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)			239,437	157,512
Follow-On Offerings
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)			0	50,000,000
Additional shares subject to forward sale agreement (in shares)			29,900,000
ATM Stock Offering Program
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)			7,500,000	6,107,633	6,107,633

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.2975	$ 0.2975	$ 0.2875	$ 0.2875

Earnings Per Share - Schedule O

Earnings Per Share - Schedule Of Weighted Average Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	489,012,165	412,309,577	477,094,795	409,040,025
Assumed conversion of restricted stock (in shares)	198,000	321,000	232,000	363,000
Assumed settlement of forward sale agreements (in shares)	3,000	190,000	4,326,000	70,000
Diluted weighted-average common shares outstanding (in shares)	489,213,427	412,821,400	481,652,482	409,473,202

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic:
Net income attributable to common stockholders	$ 229,402	$ 152,049	$ 205,390	$ 302,898
Weighted-average common shares outstanding (in shares)	489,012,165	412,309,577	477,094,795	409,040,025
Basic EPS (in dollars per share)	$ 0.47	$ 0.37	$ 0.43	$ 0.74
Diluted:
Net income attributable to common stockholders	$ 229,402	$ 152,049	$ 205,390	$ 302,898
Diluted weighted-average common shares outstanding (in shares)	489,213,427	412,821,400	481,652,482	409,473,202
Diluted EPS (in dollars per share)	$ 0.47	$ 0.37	$ 0.43	$ 0.74

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs | $	$ 13.5
Weighted average period (in years)	2 years
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	12,750,000
Number of remaining shares authorized (in shares)	11,478,446

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 2,012	$ 1,366	$ 3,361	$ 2,417

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Shares
Beginning balance (in shares)	601	398
Granted (in shares)	421	336
Vested (in shares)	(116)	(93)
Forfeited (in shares)	(25)	(12)
Canceled (in shares)	0	0
Ending balance (in shares)	881	629
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.16	$ 19.60
Granted (in dollars per share)	19.51	22.03
Vested (in dollars per share)	21.08	19.41
Forfeited (in dollars per share)	21.21	20.78
Canceled (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 20.38	$ 20.90

Segment Information - Narrative

Segment Information - Narrative (Details) - 6 months ended Jun. 30, 2020	segmentproperty	golf_course
Segment Reporting Information
Number of reportable segments	2
Number of real estate properties (properties)	28	4
Golf Course Business
Segment Reporting Information
Number of reportable segments	1

Segment Information - Schedule

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information
Revenues	$ 257,902		$ 220,746		$ 512,903	$ 434,748
Operating income	308,636		205,495		396,657	407,361
Interest expense	(77,693)		(54,819)		(153,786)	(108,405)
Loss on extinguishment of debt	0		0		(39,059)	0
Income before income taxes	231,952		154,680		210,341	308,127
Income tax expense	(309)		(553)		(763)	(1,074)
Net income (loss)	231,643	$ (22,065)	154,127	$ 152,926	209,578	307,053
Depreciation	1,213		1,018		2,080	1,948
Total assets	16,277,634		12,522,046		16,277,634	12,522,046	$ 13,265,619
Total liabilities	7,203,223		4,449,623		7,203,223	4,449,623	$ 5,216,630
Real Property Business
Segment Reporting Information
Revenues	252,567		212,463		501,268	419,126
Operating income	308,622		203,077		395,555	402,623
Interest expense	(77,693)		(54,819)		(153,786)	(108,405)
Loss on extinguishment of debt	0		0		(39,059)	0
Income before income taxes	231,935		152,186		209,222	303,276
Income tax expense	(257)		0		(514)	0
Net income (loss)	231,678		152,186		208,708	303,276
Depreciation	31		2		54	5
Total assets	16,188,235		12,423,049		16,188,235	12,423,049
Total liabilities	7,186,916		4,434,057		7,186,916	4,434,057
Golf Course Business
Segment Reporting Information
Revenues	5,335		8,283		11,635	15,622
Operating income	14		2,418		1,102	4,738
Interest expense	0		0		0	0
Loss on extinguishment of debt	0		0		0	0
Income before income taxes	17		2,494		1,119	4,851
Income tax expense	(52)		(553)		(249)	(1,074)
Net income (loss)	(35)		1,941		870	3,777
Depreciation	1,182		1,016		2,026	1,943
Total assets	89,399		98,997		89,399	98,997
Total liabilities	$ 16,307		$ 15,566		$ 16,307	$ 15,566