VICI Properties (VICI) 10-K 23 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55791
Entity Registrant Name	VICI PROPERTIES INC.
Entity Incorporation, State	MD
Entity Tax Identification Number	81-4177147
Entity Address, Street	535 Madison Avenue, 20th Floor
Entity Address, City	New York,
Entity Address, State	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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 16.6
Entity Common Stock, Shares Outstanding		748,390,629
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Central Index Key	0001705696
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement relating to the 2022 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the calendar year to which this report relates, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K as indicated herein.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Dec. 31, 2021	Dec. 31, 2020
Real estate portfolio:
Investments in leases - sales-type, net	[1]	$ 13,136,664,000	$ 13,027,644,000
Land		153,576,000	158,190,000
Cash and cash equivalents		739,614,000	315,993,000
Short-term investments		0	19,973,000
Other assets		424,693,000	386,530,000
Total assets		17,597,373,000	17,063,613,000
Liabilities
Debt, net		4,694,523,000	6,765,532,000
Accrued expenses and deferred revenue		113,530,000	155,807,000
Dividends payable		226,309,000	176,992,000
Other liabilities		375,837,000	471,537,000
Total liabilities		5,410,199,000	7,569,868,000
Commitments and Contingencies
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 628,942,092 and 536,669,722 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively		6,289,000	5,367,000
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2021 and 2020		0	0
Additional paid-in capital		11,755,069,000	9,363,539,000
Accumulated other comprehensive income (loss)		884,000	(92,521,000)
Retained earnings		346,026,000	139,454,000
Total VICI stockholders’ equity		12,108,268,000	9,415,839,000
Non-controlling interest		78,906,000	77,906,000
Total stockholders’ equity		12,187,174,000	9,493,745,000
Total liabilities and stockholders’ equity		17,597,373,000	17,063,613,000
Investments in leases - financing receivables, net
Real estate portfolio:
Notes receivable	[1]	2,644,824,000	2,618,562,000
Investments in loans, net
Real estate portfolio:
Notes receivable	[1]	$ 498,002,000	$ 536,721,000
[1]	As of December 31, 2021 and December 31, 2020, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $434.9 million, $91.1 million, $0.8 million and $6.5 million, respectively, and $454.2 million, $91.0 million, $1.8 million, and $6.9 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 10, 2021	Sep. 09, 2021	Mar. 02, 2021	Mar. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000	950,000,000	950,000,000	700,000,000	1,350,000,000
Common stock, shares issued (in shares)	628,942,092					536,669,722
Common stock, shares outstanding (in shares)	628,942,092					536,669,722	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
Sales-type and direct financing, allowance for credit losses	$ 434,852					$ 454,201
Other assets (sales-type sub-leases), allowance for credit losses	6,540					6,894
Investments in loans, net
Financing and loans receivable, allowance for credit losses	773					1,826
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	$ 91,124					$ 90,958

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Income from sales-type and direct financing leases	$ 1,167,972	$ 1,007,508	$ 822,205
Income from operating leases	0	25,464	43,653
Income from lease financing receivables and loans	283,242	153,017	0
Other income	27,808	15,793	0
Golf revenues	30,546	23,792	28,940
Total revenues	1,509,568	1,225,574	894,798
Operating expenses
General and administrative	33,122	30,661	24,569
Depreciation	3,091	3,731	3,831
Other expenses	27,808	15,793	0
Golf expenses	20,762	17,632	18,901
Change in allowance for credit losses	(19,554)	244,517	0
Transaction and acquisition expenses	10,402	8,684	4,998
Total operating expenses	75,631	321,018	52,299
Interest expense	(392,390)	(308,605)	(248,384)
Interest income	120	6,795	20,014
Loss from extinguishment of debt	(15,622)	(39,059)	(58,143)
Gain upon lease modification	0	333,352	0
Income before income taxes	1,026,045	897,039	555,986
Income tax expense	(2,887)	(831)	(1,705)
Net income	1,023,158	896,208	554,281
Less: Net income attributable to non-controlling interest	(9,307)	(4,534)	(8,317)
Net income attributable to common stockholders	$ 1,013,851	$ 891,674	$ 545,964
Net income per common share
Basic (in dollars per share)	$ 1.80	$ 1.76	$ 1.25
Diluted (in dollars per share)	$ 1.76	$ 1.75	$ 1.24
Weighted average number of common shares outstanding
Basic (in shares)	564,467,362	506,140,642	435,071,096
Diluted (in shares)	577,066,292	510,908,755	439,152,946
Other comprehensive income
Net income attributable to common stockholders	$ 1,013,851	$ 891,674	$ 545,964
Unrealized gain (loss) on cash flow hedges	29,166	(27,443)	(42,954)
Reclassification of realized loss on cash flow hedges to net income	64,239	0	0
Comprehensive income attributable to common stockholders	$ 1,107,256	$ 864,231	$ 503,010

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS 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 Income (Loss)	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Non-controlling Interest	Non-controlling InterestCumulative Effect, Period of Adoption, Adjustment
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
Net income	554,281		545,964					545,964		8,317
Issuance of common stock, net	1,164,545		1,164,545		562	1,163,983
Distributions to non-controlling interest	(8,084)									(8,084)
Dividends declared	(524,991)		(524,991)					(524,991)
Stock-based compensation, net of forfeitures	5,170		5,170		1	5,169
Unrealized loss on cash flow hedges	(42,954)		(42,954)				(42,954)
Reclassification of realized loss on cash flow hedges to net income	0
Ending 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
Accounting Standards Update	Accounting Standards Update 2016-13 [Member]
Net income	$ 896,208		891,674					891,674		4,534
Issuance of common stock, net	1,539,533		1,539,533		755	1,538,778
Distributions to non-controlling interest	(8,186)									(8,186)
Dividends declared	(653,175)		(653,175)					(653,175)
Stock-based compensation, net of forfeitures	7,181		7,181		2	7,179
Unrealized loss on cash flow hedges	(27,443)		(27,443)				(27,443)
Reclassification of realized loss on cash flow hedges to net income	0
Ending balance at Dec. 31, 2020	9,493,745		9,415,839		5,367	9,363,539	(92,521)	139,454		77,906
Increase (Decrease) in Stockholders' Equity
Net income	1,023,158		1,013,851					1,013,851		9,307
Issuance of common stock, net	2,384,815		2,384,815		919	2,383,896
Distributions to non-controlling interest	(8,307)									(8,307)
Dividends declared	(807,279)		(807,279)					(807,279)
Stock-based compensation, net of forfeitures	7,637		7,637		3	7,634
Unrealized loss on cash flow hedges	29,166		29,166				29,166
Reclassification of realized loss on cash flow hedges to net income	64,239		64,239				64,239
Ending balance at Dec. 31, 2021	$ 12,187,174		$ 12,108,268		$ 6,289	$ 11,755,069	$ 884	$ 346,026		$ 78,906

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300	$ 0.3300	$ 0.3300	$ 0.2975	$ 0.2975	$ 1.3800	$ 1.2550	$ 1.1700

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 1,023,158	$ 896,208	$ 554,281
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(119,969)	(41,764)	239
Stock-based compensation	9,371	7,388	5,223
Depreciation	3,091	3,731	3,831
Amortization of debt issuance costs and original issue discount	71,452	19,872	33,034
Change in allowance for credit losses	(19,554)	244,517	0
Loss on extinguishment of debt	15,622	39,059	58,143
Gain upon lease modification	0	(333,352)	0
Change in operating assets and liabilities:
Other assets	830	(3,065)	(5,635)
Accrued expenses and deferred revenue	(88,127)	49,588	32,704
Other liabilities	476	1,458	339
Net cash provided by operating activities	896,350	883,640	682,159
Cash flows from investing activities
Investments in leases - sales-type and direct financing	0	(1,407,260)	(1,812,404)
Investments in leases - financing receivables	(6,000)	(2,694,503)	0
Investments in loans	(33,614)	(535,476)	0
Principal repayments of lease financing receivables	543	1,961	0
Principal repayments of loan and receipts of deferred fees	70,448	0	0
Capitalized transaction costs	(20,697)	(264)	(8,698)
Investments in short-term investments	0	(19,973)	(440,353)
Maturities of short-term investments	19,973	59,474	901,756
Proceeds from sale of real estate	13,301	50,050	1,044
Acquisition of property and equipment	(2,505)	(2,768)	(2,724)
Net cash provided by (used in) investing activities	41,449	(4,548,759)	(1,361,379)
Cash flows from financing activities
Proceeds from offering of common stock	2,385,779	1,539,748	1,164,307
Proceeds from Senior Unsecured Notes	0	2,500,000	2,250,000
Repayment of Term Loan B Facility	(2,100,000)	0	0
Redemption of Second Lien Notes	0	(537,538)	0
Repayment of CPLV CMBS Debt	0	0	(1,663,544)
CPLV CMBS Debt prepayment penalty reimbursement	0	55,401	0
Repurchase of stock for tax withholding	(1,734)	(207)	0
Debt issuance costs	(31,126)	(57,794)	(56,055)
Distributions to non-controlling interest	(8,307)	(8,186)	(8,084)
Dividends paid	(758,790)	(612,205)	(503,958)
Net cash (used in) provided by financing activities	(514,178)	2,879,219	1,182,666
Net increase (decrease) in cash, cash equivalents and restricted cash	423,621	(785,900)	503,446
Cash, cash equivalents and restricted cash, beginning of period	315,993	1,101,893	598,447
Cash, cash equivalents and restricted cash, end of period	739,614	315,993	1,101,893
Supplemental cash flow information:
Cash paid for interest	323,219	262,464	209,379
Cash paid for income taxes	1,790	561	2,590
Supplemental non-cash investing and financing activity:
Dividends declared, not paid	226,419	177,894	137,149
Debt issuance costs payable	43,005	0	16,066
Deferred transaction costs payable	3,877	496	1,314
Non-cash change in Investments in leases - financing receivables	21,139	8,116	0
Lease liabilities arising from obtaining right-of-use assets	0	282,054	26,516
Transfer of Investments in leases - operating to Investments in leases - sales-type and direct financing due to modification of the Caesars Lease Agreements in connection with the Eldorado Transaction	0	1,023,179	0
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Eldorado Transaction	0	63,479	0
CPLV CMBS Debt prepayment penalty reimbursement receivable from Caesars	$ 0	$ 0	$ 55,401

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization 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. Our national, geographically diverse portfolio consisted of 27 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas (and following the closing of the acquisition of the Venetian Resort on February 23, 2022, our portfolio consists of 28 properties). Our properties are leased to, and our tenants are, subsidiaries of Caesars, Penn National, Hard Rock, Century Casinos, JACK Entertainment and EBCI (and following the closing of the acquisition of the Venetian Resort on February 23, 2022, an entity managed by Apollo also became one of our tenants). 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 (“TRS”), VICI Golf. Impact of the COVID-19 Pandemic on our Business Since the emergence of the COVID-19 pandemic in early 2020, among the broader public health, societal and global impacts, the pandemic has resulted in governmental and/or regulatory actions imposing temporary closures or restrictions from time to time on our tenants’ operations at our properties and our golf course operations. Although all of our leased properties and our golf courses are currently open and operating, without restriction in some jurisdictions, they remain subject to any current or future operating limitations, restrictions or closures imposed by governmental and/or regulatory authorities. While our tenants’ recent performance at many of our leased properties has been at or above pre-pandemic levels, our tenants may continue to face additional challenges and uncertainty due to the impact of the COVID-19 pandemic, such as complying with operational and capacity restrictions and ensuring sufficient employee staffing and service levels, and the sustainability of maintaining improved operating margins and financial performance. Due to prior closures, operating restrictions and other factors, our tenants’ operations, liquidity and financial performance have been adversely affected, and the ongoing nature of the pandemic, including emerging variants, may further adversely affect our tenants’ businesses and, accordingly, our business and financial performance could be adversely affected in the future. All of our tenants have fulfilled their rent obligations through February 2022 and we regularly engage with our tenants in connection with their business performance, operations, liquidity and financial results. As a triple-net lessor, we believe we are generally in a strong creditor position and structurally insulated from operational and performance impacts of our tenants, both positive and negative. However, the full extent to which the COVID-19 pandemic continues to adversely affect our tenants, and ultimately impacts us, depends on future developments which cannot be predicted with confidence, including the actions taken to contain the pandemic or mitigate its impact, including the availability, distribution, public acceptance and efficacy of approved vaccines, new or mutated variants of COVID-19 (including vaccine-resistant variants) or a similar virus, the direct and indirect economic effects of the pandemic and containment measures on our tenants, our tenants’ financial performance and any future operating limitations or closures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 accounting principles generally accepted in the United States (“GAAP”) as 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”). 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 account balances 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 property and is the lessor under the related Joliet Lease Agreement. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. Reportable Segments Our real property business and our golf course business represent two reportable segments. The real property business segment consists of leased real property and real estate lending activities and represents the substantial majority of our business. The golf course business segment consists of four golf courses, each of which is an operating segment and is aggregated into one reportable segment. Corporate and overhead costs are allocated to reportable segments based upon revenue or headcount. Management believes that the assumptions and methodologies used in the allocation of such expenses are reasonable. Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Highly liquid investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of December 31, 2021 and 2020, we did not have any restricted cash. Short-Term Investments Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value. We may invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available for sale securities. Interest on our short-term investments is recognized as interest income in our Statement of Operations. We had $20.0 million of short-term investments as of December 31, 2020. We did not have any short-term investments as of December 31, 2021. Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement (excluding the Harrah’s Original Call Properties (as defined in Note 3 - Property Transactions ) ), the Joliet Lease Agreement, the Margaritaville Lease Agreement, the Greektown Lease Agreement, the Hard Rock Cincinnati Lease Agreement, the Century Portfolio Lease Agreement and the EBCI Lease Agreement meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”). The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease Agreement meet the definition of a sales-type lease and, since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the JACK Cleveland/Thistledown Lease Agreement is accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Upon the consummation of the Eldor ado Transaction on July 20, 2020, we reassessed the classification of the Caesars Lease Agreements and determined that the Harrah’s Original Call Properties Acquisitions (as defined in Note 3 - Property Transactions ) 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 land and building components of the Harrah’s Original Call Properties meet the definition of a sales-type lease and, since we purchased and leased the assets back to Caesars, control is not considered to have transferred to us under GAAP. Accordingly, the Harrah’s Original Call Properties are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested in our properties and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases, direct financing leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases, direct financing leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type and direct financing leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. 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. Further, 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. 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 is recognized as Income from sales-type leases and we no longer have any leases classified as operating or direct financing and, as such, there is no longer any income recorded through Income from operating leases. Initial direct costs incurred in connection with entering into investments classified as sales-type or direct financing leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Investments in Loans, net Investments in loans 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. Allowance for Credit Losses On January 1, 2020, we adopted ASC 326 “Financial Instruments-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 - sales-type, Investments in leases - financing receivables and Investments in loans. We have elected to use a discounted cash flow model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to develop cash flows which is used to 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 credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants or borrowers 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 or borrowers 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 or borrower and the parent guarantor 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 or borrowers and their parent guarantors. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables 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. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan or construction loan. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers, (ii) our borrowers' business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2021, 2020 and 2019. Refer to Note 5 - Allowance for Credit Losses for further information. Investments in Land Our investments in land are held at historical cost and comprised of the following: • Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip . • Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas. • Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put/call option on the land parcels and the Caesars Forum Convention Center. The amount of $73.6 million is presented as Land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheet. Property and Equipment Used in Operations Property and equipment used in operations is included within Other assets on our Balance Sheet and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-5 years Impairment We assess our investments in 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. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under 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. Beginning with the three months ended March 31, 2020, we recorded these amounts to be presented gross in Other income with an offsetting amount in Other expenses within the Statement of Operations. For the year ended December 31, 2019, such amounts, included net in General and administrative expenses, were $2.9 million. Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. Refer to Note 9 - Fair Value for further information. Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) on our Balance Sheet with a corresponding change in Unrealized gain (loss) on cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes. Golf Revenues VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2021, payments under the Golf Course Use Agreement were comprised of a $10.5 million annual membership fee, $3.2 million of use fees and approximately $1.3 million of minimum rounds fees. The annual membership fee, use fees and minimum round fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period. Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less. Income Taxes-REIT Qualification We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates, and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain Code provisions, we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT. The TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that we expect to be in effect when the underlying items of income and expense are realized and the differences reverse. We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations. Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Transaction and Acquisition Expenses Transaction and acquisition-related expenses that are not capitalizable under GAAP, including most leasing costs under ASC 842, are expensed in the period they occur. Transaction and acquisition expenses also include dead deal costs. Stock-Based Compensation We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche. The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for award of equity instruments range from zero See Note 13—Stock-Based Compensation for further information related to the stock-based compensation. Earnings Per Share Earnings per share (”EPS”) is calculated in accordance with ASC 260, “Earnings Per Share”. Basic EPS is computed by dividing net income applicable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS reflects the additional dilution for all potentially dilutive securities including those from our stock incentive plan. See Note 12—Earnings Per Share for the detailed EPS calculation. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. Concentrations of Credit Risk Caesars is the guarantor of all the lease payment obligations of the tenants under the respective leases of the properties that it leases from us. Revenue from the Caesars Lease Agreements represented 85%, 84%, and 93% of our lease revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 32%, 30%, and 33% of our lease revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Following the MGP Transactions, MGM will be guarantor of all the lease payment obligations of the tenants under the MGM Master Lease Agreement. We do not believe there are any other significant concentrations of credit risk. Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov . We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K. Reclassifications As of December 31, 2021 we reclassified amounts previously presented as Accrued interest, Deferred revenue and certain operating accounts payable and accrued expenses previously presented in Other liabilities to Accrued expenses and deferred revenue on the Balance Sheet. In addition, we reclassified the amount previously presented as Deferred financing liability to Other liabilities in the Balance Sheet. Both reclassifications were made in order to simplify our presentation and maintain consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. The following tables present the reclassification changes to Liabilities section of the Balance Sheet as of December 31, 2020, to reflect the aforementioned changes: (In thousands) December 31, 2020 Reclassification December 31, 2020 Liabilities Debt, net 6,765,532 — 6,765,532 Accrued expenses and deferred revenue — 155,807 155,807 Accrued interest 46,422 (46,422) — Deferred financing liability 73,600 (73,600) — Deferred revenue 93,659 (93,659) — Dividends payable 176,992 — 176,992 Other liabilities 413,663 57,874 471,537 Total liabilities 7,569,868 — 7,569,868

Property Transactions

Property Transactions	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Property Transactions	Property Transactions Summary of Recent Activities 2021 Transactions Our significant activities in 2021 are as follows: MGP Transactions On August 4, 2021, we entered into the MGP Master Transaction Agreement, pursuant to which we will acquire MGP for total consideration of $17.2 billion, inclusive of the assumption of approximately $5.7 billion of debt. MGP is a publicly traded gaming REIT and the MGP Transactions will add $1,009.0 million of annualized rent to our portfolio from 15 Class A entertainment casino resort properties spread across nine regions and comprising 33,000 hotel rooms, 3.6 million square feet of meeting and convention space and hundreds of food, beverage and entertainment venues. MGP’s portfolio, including properties owned by the BREIT JV, includes seven large-scale entertainment and gaming-related properties located on the Las Vegas Strip: Mandalay Bay, MGM Grand Las Vegas, The Mirage, Park MGM, New York-New York (and The Park, a dining and entertainment district located between New York-New York and Park MGM), Luxor and Excalibur. Outside of Las Vegas, MGP also owns eight high-quality casino resort properties: MGM Grand Detroit in Detroit, Michigan, Beau Rivage in Biloxi, Mississippi, Gold Strike Tunica in Tunica, Mississippi, Borgata in Atlantic City, New Jersey, MGM National Harbor in Prince George’s County, Maryland, MGM Northfield Park in Northfield, Ohio, Empire City in Yonkers, New York and MGM Springfield in Springfield, Massachusetts. MGP’s portfolio includes two of the five largest hotels in the United States and two of the three largest Las Vegas resorts by room count and convention space. We expect the MGP Transactions, which are subject to customary closing conditions, including regulatory approvals, to be completed in the first half of 2022. However, we can provide no assurances that the MGP Transactions will close in the anticipated timeframe, on the contemplated terms or at all. The following is a summary of the contemplated agreements and related activities under the MGP Transactions: • MGP Master Transaction Agreement. On August 4, 2021, we entered into the MGP Master Transaction Agreement with MGP, MGP OP, the Operating Partnership, REIT Merger Sub, New VICI Operating Company, and MGM. Pursuant to the terms and subject to the conditions set forth in the MGP Master Transaction Agreement, at the effective time of the REIT Merger, each outstanding Class A common share, no par value per share, of MGP (“MGP Common Shares”) (other than MGP Common Shares then held in treasury by MGP or owned by any of MGP’s wholly owned subsidiaries) will be converted into the right to receive 1.366 (the “Exchange Ratio”) shares of common stock of the Company (such consideration, the “REIT Merger Consideration”), plus the right, if any, to receive cash in lieu of fractional shares of our common stock into which such MGP Common Shares would have been converted pursuant to the terms and subject to the conditions set forth in the MGP Master Transaction Agreement. The outstanding Class B common share, no par value per share, of MGP (the “Class B Share”), which is held by MGM, will be cancelled at the effective time of the REIT Merger. The REIT Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). Following the REIT Merger, pursuant to and subject to the terms set forth in the MGP Master Transaction Agreement, at the effective time of the Partnership Merger, each limited partnership unit in MGP OP (other than the limited partnership units in MGP OP held by REIT Merger Sub or any subsidiary of MGP OP), all of which are held by MGM and certain of its subsidiaries, will be converted into the right to receive a number of limited liability company units of New VICI Operating Company (“New VICI Operating Company Units”, and such consideration, the “Partnership Merger Consideration”) equal to the Exchange Ratio. The Company will redeem a majority of the New VICI Operating Company Units received by MGM in the Partnership Merger for $4,404.0 million in cash (the “Redemption Consideration”) using the proceeds of long-term debt financing or, if unavailable, borrowings under the MGP Transactions Bridge Facility (as defined below) on the closing date of the Mergers (the “Redemption”). Following the Redemption, MGM will retain approximately 12.0 million New VICI Operating Company Units. The MGP Master Transaction Agreement contains customary covenants, representations, warranties, and closing conditions, as well as certain termination rights for MGP and us, in each case, as more fully described in the MGP Master Transaction Agreement. The consummation of the Mergers is also subject to certain customary closing conditions, including regulatory approvals. In accordance with the MGP Master Transaction Agreement, the Company and MGP jointly prepared and filed with the SEC a Form S-4 registering the Company’s common stock issuable in the REIT Merger, declared effective by the SEC on September 23, 2021, which contains a proxy statement of the Company with respect to the special meeting of the Company’s stockholders convened for purposes of approving the issuance of the Company’s common stock in the REIT Merger and that also constitutes a prospectus of the Company and an information statement of MGP concerning the Mergers and MGM’s written consent to the REIT Merger and the transactions contemplated by the MGP Master Transaction Agreement, as described below. The proxy statement contains, subject to certain exceptions, the recommendation of the VICI board of directors that the Company stockholders vote in favor of the issuance of our common stock in the REIT Merger. At the special meeting of the Company’s stockholders held on October 29, 2021, the Company’s stockholders approved the issuance of the Company’s common stock in the REIT Merger. • MGM Master Lease Agreement and BREIT JV Lease . Simultaneous with the closing of the Mergers, we will enter into the MGM Master Lease Agreement. The MGM Master Lease Agreement will have an initial term of 25 years, with three 10-year tenant renewal options and will have an initial total annual rent of $860.0 million, which will be reduced by $90.0 million to $770.0 million, subject to MGM’s pending sale of the operations of the Mirage to Hard Rock and entrance into the Mirage Lease. Rent under the MGM Master Lease Agreement will escalate at a rate of 2.0% per annum for the first 10 years and thereafter at the greater of 2.0% per annum or the increase in the consumer price index (“CPI”), subject to a 3.0% cap. The tenant’s obligations under the MGM Master Lease will be guaranteed by MGM. Additionally, we will retain MGP’s existing 50.1% ownership stake in the BREIT JV, which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay. The BREIT JV lease will remain unchanged and provides for current total annual base rent of approximately $298.0 million, of which approximately $149.0 million is attributable to MGP’s investment in the BREIT JV, and an initial term of thirty years with two 10-year tenant renewal options. Rent under the BREIT JV lease escalates at a rate of 2.0% per annum for the first fifteen years and thereafter at the greater of 2.0% per annum or CPI, subject to a 3.0% cap. The tenant’s obligations under the BREIT JV lease will be guaranteed by MGM. • Tax Protection Agreement. In connection with the closing of the MGP Transactions, we have agreed with MGM to enter into a tax protection agreement (the “MGM Tax Protection Agreement”) pursuant to which New VICI Operating Company will agree, subject to certain exceptions, for a period of 15 years following the closing of the Mergers (subject to early termination under certain circumstances), to indemnify MGM and certain of its subsidiaries (the “Protected Parties”) for certain tax liabilities resulting from (1) the sale, transfer, exchange or other disposition of a property owned directly or indirectly by MGP OP immediately prior to the closing date of the Mergers (each, a “Protected Property”), (2) a merger, consolidation, transfer of all assets of, or other significant transaction involving New VICI Operating Company pursuant to which the ownership interests of the Protected Parties in New VICI Operating Company are required to be exchanged in whole or in part for cash or other property, (3) the failure of New VICI Operating Company to maintain approximately $8.5 billion of nonrecourse indebtedness allocable to MGM, which amount may be reduced over time in accordance with the MGM Tax Protection Agreement, and (4) the failure of New VICI Operating Company or VICI to comply with certain tax covenants that would impact the tax liabilities of the Protected Parties. In the event that New VICI Operating Company or VICI breaches restrictions in the MGM Tax Protection Agreement, New VICI Operating Company will be liable for grossed-up tax amounts associated with the income or gain recognized as a result of such breach. In addition, the BREIT JV previously entered into a tax protection agreement with MGM with respect to built-in gain and debt maintenance related to MGM Grand Las Vegas and Mandalay Bay, which is effective through mid-2029, and by acquiring MGP, the Company will bear its 50.1% proportionate share in the BREIT JV of any indemnity under this existing tax protection agreement. • Exchange Offers and Consent Solicitations . On September 13, 2021, we announced that the VICI Issuers commenced (i) private exchange offers to certain eligible holders (collectively, the “Exchange Offers”) for any and all of each series of the MGP OP Notes for up to an aggregate principal amount of $4.2 billion of new notes issued by the VICI Issuers and (ii) consent solicitations with respect to each series of MGP OP Notes (collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the MGP OP Notes (collectively, the “MGP OP Notes Indentures”), which, among other things, eliminate or modify certain of the covenants, restrictions, provisions and events of default in each of the MGP OP Notes Indentures. On September 27, 2021, we announced the early tender results of the Exchange Offers and the early participation results of the Consent Solicitations , as well as the extension of the expiration date of the Exchange Offers from October 12, 2021 to December 31, 2021 (such date and time, as the same may be further extended, the “Expiration Date”). Following the receipt of the requisite consents pursuant to the Consent Solicitations, on September 23, 2021, the MGP Issuers executed supplemental indentures to each of the MGP OP Notes Indentures in order to effect the proposed amendments (the “MGP OP Supplemental Indentures”). The MGP OP Supplemental Indentures will become operative upon the settlement of the Exchange Offers and the Consent Solicitations (the “Settlement Date”), which is expected to occur promptly after the Expiration Date on or about the closing date of the Mergers. To the extent the consummation of the MGP Transactions is not anticipated to occur on or before the then-anticipated Settlement Date, for any reason, the VICI Issuers anticipate continuing to extend the Expiration Date until such time that the Mergers may be consummated on or before the Settlement Date. On December 28, 2021, we announced the further extension of the Expiration Date from December 31, 2021 to February 15, 2022. On February 14, 2022, we announced the further extension of the Expiration Date to March 31, 2022. The Exchange Offers and Consent Solicitations are being made solely pursuant to the terms and conditions set forth in the confidential offering memorandum, dated September 13, 2021, in a private offering exempt from, or not subject to, registration under the Securities Act of 1933, as amended (the “Securities Act”), and are subject to the satisfaction of certain conditions, including the consummation of the Mergers. • Mirage Severance Lease. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage Hotel & Casino to Hard Rock, we agreed to enter into a new separate lease with Hard Rock related to the operation of the Mirage (the “Mirage Lease”), and enter into an amendment to the MGM Master Lease Agreement relating to the sale of the Mirage. The Mirage Lease will have initial annual base rent of $90.0 million with other economic terms substantially similar to the MGM Master Lease Agreement, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. The MGM Master Lease Agreement will be amended to account for MGM’s divestiture of the Mirage operations and will result in a reduction of the initial annual base rent under the MGM Master Lease Agreement by $90.0 million. We expect these transactions to be completed in the second half of 2022, and they remain subject to customary closing conditions, regulatory approvals and the closing of the MGP Transactions. Additionally, subject to certain conditions, we may fund up to $1.5 billion of Hard Rock’s redevelopment plan for the Mirage through our Partner Property Growth Fund. Specific terms of the redevelopment and related funding remain under discussion and subject to final documentation. Venetian Acquisition Subsequent to year end, on February 23, 2022, we closed on the previously announced transaction to acquire all of the land and real estate assets associated with the Venetian Resort from LVS for $4.0 billion in cash, and the Venetian Tenant acquired the operating assets of the Venetian Resort for $2.25 billion, of which $1.2 billion is in the form of a secured term loan from LVS and the remainder was paid in cash. We funded the Venetian Acquisition with (i) $3.2 billion in net proceeds from the physical settlement of the March 2021 Forward Sale Agreements and the September 2021 Forward Sale Agreements, (ii) an initial draw on the Revolving Credit Facility of $600.0 million, and (iii) cash on hand. Simultaneous with the closing of the Venetian Acquisition, we entered into the Venetian Lease Agreement with the Venetian Tenant. The Venetian Lease Agreement has an initial total annual rent of $250.0 million and an initial term of 30 years, with two ten-year tenant renewal options. The annual rent will be subject to escalation equal to the greater of 2.0% and the increase in the CPI, capped at 3.0%, beginning in the earlier of (i) the beginning of the third lease year, and (ii) the month following the month in which the net revenue generated by the Venetian Resort returns to its 2019 level (the year immediately prior to the onset of the COVID-19 pandemic) on a trailing twelve-month basis. We anticipate that the land and building components of the Venetian Lease Agreement will meet the definition of a sales-type lease and accordingly, during the three months ended March 31, 2022, we will record the corresponding asset, including related transaction and acquisition expenses, with an offsetting CECL allowance in Investments in leases - sales-type and direct financing on our Balance Sheet. In connection with the Venetian Acquisition, we entered into a Property Growth Fund Agreement (“Venetian PGFA”) with the Venetian Tenant. Under the Venetian PGFA we agreed to provide up to $1.0 billion for various development and construction projects affecting the Venetian Resort to be identified by the Venetian Tenant and that satisfy certain criteria more particularly set forth in the Venetian PGFA, in consideration of additional incremental rent to be paid by the Venetian Tenant under the Venetian Lease Agreement and calculated in accordance with a formula set forth in the Venetian PGFA. Upon execution of the PGFA we will be required to estimate a CECL allowance related to the contractual commitments to extend credit, which will be in part based on our best estimates of funding such commitments. Accordingly, during the three months ended March 31, 2022, we will record a CECL allowance for our unfunded commitment in Other liabilities. In addition, LVS agreed with the Venetian Tenant pursuant to an agreement (the “Contingent Lease Support Agreement”) entered into simultaneously with the closing of the Venetian Acquisition to provide lease payment support designed to guarantee the Venetian Tenant’s rent obligations under the Venetian Lease Agreement through 2023, subject to early termination if EBITDAR (as defined in such agreement) generated by the Venetian Resort in 2022 equals or exceeds $550.0 million, or a tenant change of control occurs. We are a third-party beneficiary of the Contingent Lease Support Agreement and have certain enforcement rights pursuant thereto. The Contingent Lease Support Agreement is limited to coverage of the Venetian Tenant’s rent obligations and does not cover any environmental expenses, litigation claims, or any cure or enforcement costs. The obligations of the Venetian Tenant under the Venetian Lease Agreement are not guaranteed by Apollo or any of its affiliates. After the termination of the Contingent Lease Support Agreement, the Venetian Tenant will be required to provide a letter of credit to secure seven and one-half months of the rent, real estate taxes and assessments and insurance obligations of the Venetian Tenant if the operating results from the Venetian Resort do not exceed certain thresholds. Sale of Louisiana Downs On November 1, 2021, we and Caesars closed on the previously announced transaction to sell Harrah’s Louisiana Downs Casino for $22.0 million to Rubico Acquisition Corp. We received $5.5 million of the proceeds from the sale and Caesars received $16.5 million of the proceeds. We did not recognize any gain or loss on the sale of Louisiana Downs as the asset was sold at its carrying amount. The annual rent payments under the Regional Master Lease Agreement remain unchanged following completion of the disposition. BigShots Strategic Arrangement On September 15, 2021, we and ClubCorp Holdings, Inc. (“ClubCorp”), a portfolio company of Apollo, announced that we entered into a strategic arrangement to grow their BigShots golf subsidiary (“BigShots Golf”), whereby we may provide up to $80.0 million of mortgage financing for the construction of up to five new BigShots Golf facilities throughout the United States. As part of the non-binding arrangement, we will have a call right to acquire the real estate assets associated with any BigShots Golf facility financed by us, which transaction will be structured as a sale leaseback. In addition, for so long as the mortgage financing remains outstanding and we continue to hold a majority interest therein, we expect to have a right of first offer on any additional mortgage, mezzanine, preferred equity, or other similar financing that is treated as debt to be obtained by BigShots Golf (or any of its affiliates) for any multisite financing related to the development of BigShots Golf’s extensive existing and growing pipeline of facilities. Pursuant to the non-binding letter agreement, the terms and conditions of any transaction between the parties will be set forth in definitive documentation. Caesars Southern Indiana Lease Agreement On September 3, 2021, in connection and concurrent with EBCI’s acquisition of the operations of Caesars Southern Indiana from Caesars, we entered into a triple-net lease agreement with a subsidiary of EBCI, the EBCI Lease Agreement, with respect to the real property associated with Caesars Southern Indiana. Initial total annual rent under the lease with EBCI is $32.5 million. The lease has an initial term of 15 years, with four 5-year tenant renewal options. The tenant’s obligations under the lease are guaranteed by EBCI. Annual base rent payments under the Regional Master Lease Agreement were reduced by $32.5 million upon completion of EBCI’s acquisition of the operations of Caesars Southern Indiana and the execution of the EBCI Lease Agreement. We determined that the land and building components of the EBCI Lease Agreement meet the definition of a sales-type lease and, as the asset continues to meet the definition of a sales-type lease under ASC 842, the existing lease balance of Caesars Southern Indiana was transferred from Caesars to EBCI, as the new tenant, and the income is recognized using the revised rate implicit in the lease. In addition, as part of the transaction, EBCI and Caesars entered into a right of first refusal agreement pursuant to which we have the first right to enter into a sale leaseback transaction with respect to the real property associated with the development of a new casino resort in Danville, Virginia (the “Danville ROFR Agreement”). Great Wolf Mezzanine Loan On June 16, 2021, we entered into a mezzanine loan agreement (the “Great Wolf Mezzanine Loan”) with an affiliate of Great Wolf Resorts, Inc. (“Great Wolf”) to provide up to $79.5 million in financing to partially fund the development of the Great Wolf Lodge Maryland, an expansive 48-acre indoor water park resort located in Perryville, MD. The Great Wolf Mezzanine Loan bears interest at a rate of 8.0% per annum and has an initial term of three years with two successive 12-month extension options, subject to certain conditions. Our commitment will be funded subject to customary terms and conditions in disbursements to the borrower based upon construction of the development and, as of December 31, 2021, approximately $33.6 million of the funds have been disbursed. We expect to fund our entire $79.5 million commitment by mid-2022. In addition, pursuant to a non-binding letter agreement, we will have the opportunity for a period of up to five years to provide up to a total of $300.0 million of mezzanine financing, inclusive of the $79.5 million related to the Great Wolf Lodge Maryland, for the development and construction of Great Wolf’s extensive domestic and international indoor water park resort pipeline. 2020 Transactions Our significant activities in 2020, in reverse chronological order, are as follows: Sale of Harrah’s Reno and Bally’s Atlantic City On September 30, 2020, we and Caesars closed on the previously announced transaction to sell Harrah’s Reno to a third party at a purchase price of $41.5 million. Pursuant to the agreement, we received $31.1 million of the proceeds of the sale and Caesars received $10.4 million of the proceeds. We did not recognize any gain or loss on the sale of Harrah’s Reno as the asset was sold at its carrying amount. The annual rent payments under the Regional Master Lease Agreement remain unchanged following completion of the disposition. On November 18, 2020, we and Caesars closed on the previously announced transaction to sell Bally’s Atlantic City Hotel & Casino for $25.0 million to Bally’s Corporation. We received approximately $19.0 million of the proceeds from the sale and Caesars received approximately $6.0 million of the proceeds. We did not recognize any gain or loss on the sale of Bally’s Atlantic City as the asset was sold at its carrying amount. The annual rent payments under the Regional Master Lease Agreement remain unchanged following completion of the disposition. Caesars Forum Convention Center Mortgage Loan On September 18, 2020, we entered into a mortgage loan agreement with a subsidiary of Caesars (the “Forum Convention Center Borrower”) pursuant to which we loaned $400.0 million to the Forum Convention Center Borrower for a term of five years, prepayable beginning in year three, subject to certain conditions (the “Forum Convention Center Mortgage Loan”). The Forum Convention Center Mortgage Loan is secured by, among other things, a first priority fee mortgage on the Caesars Forum Convention Center. The interest rate on the Forum Convention Center Mortgage Loan was initially 7.7% per annum, with annual interest payments subject to 2.0% annual escalation (resulting in year two annual interest of $31.4 million based on a year two interest rate of 7.854%), with interest paid monthly in cash in arrears. Amended and Restated Convention Center Put-Call Agreement On September 18, 2020, concurrent with the entry into the Forum Convention Center Mortgage Loan, we and a subsidiary of Caesars amended and restated the Amended and Restated Put-Call Right Agreement entered into on July 20, 2020 in connection with the consummation of the Eldorado Transaction (as further amended, the “A&R Convention Center Put-Call Agreement”) related to the Caesars Forum Convention Center. The A&R Convention Center Put-Call Agreement provides for (i) a call right in our favor and a put right in favor of Caesars, which, if exercised by either party, 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 Call Right”), 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). We may exercise the call right from September 18, 2025 (the scheduled maturity date of the Forum Convention Center Mortgage Loan) until December 31, 2026, and Caesars may exercise the put right between January 1, 2024 and December 31, 2024. If there is an event of default under the Forum Convention Center Mortgage Loan, the Convention Center Put Right will not be exercisable and 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). The A&R Convention Center Put-Call Agreement also provides for, 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 the Harrah’s Las Vegas property by us to Caesars (the “HLV Repurchase Right”), exercisable by Caesars during a one-year period commencing on the date upon which the closing under the Convention Center Put Right transaction does not occur and ending on the day immediately preceding the one-year anniversary thereof for a price equal to 13.0x the rent of the Harrah’s Las Vegas property for the most recently ended annual period for which Caesars’ financial statements are available as of Caesars’ election to exercise the HLV Repurchase Right. Chelsea Piers Mortgage Loan On August 31, 2020, we entered into an $80.0 million mortgage loan agreement (the “Chelsea Piers Mortgage Loan”) with Chelsea Piers New York (“Chelsea Piers”) secured by the Chelsea Piers complex in New York City, pursuant to which we provided (i) an initial term loan of $65.0 million and (ii) a $15.0 million delayed draw term loan at the borrowers’ election (which remained undrawn as of December 31, 2021), subject to certain conditions. The Chelsea Piers Mortgage Loan bears interest at a rate of 7.0% per annum, with a term of 7 years. Consummation of the Eldorado Transaction On July 20, 2020, concurrent with the consummation of the Eldorado/Caesars Merger, we consummated the Eldorado Transaction contemplated by the Eldorado MTA and the Harrah’s Original Call Property Purchase Agreements (as defined below). We funded the Eldorado Transaction with a combination of cash on hand, the proceeds from the physical settlement, on June 2, 2020, of the forward sale agreements entered into in June 2019 and the proceeds from our February 2020 Senior Unsecured Notes offering. 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 Harrah’s Original Call 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 “Harrah’s Original Call Properties”) for an aggregate purchase price of $1,823.5 million (the “Harrah’s Original Call 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 Harrah’s Original Call Properties being included in the Regional Master Lease Agreement as further described in “—Lease Amendments and Terminations” below. • 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. Caesars has executed new guaranties (and terminated the previous guarantees) 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. • Caesars Indianapolis Put-Call Agreement . We entered into a Put-Call Right Agreement with Caesars (the “Caesars Indianapolis Put-Call Agreement”), with respect to two gaming facilities in Indiana, Harrah’s Hoosier Park and Horseshoe Indianapolis (together, the “Indianapolis Properties”) whereby (i) we have the right to acquire all of the land and real estate assets associated with the Indianapolis 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 Indianapolis Properties at a price equal to 12.5x the initial annual rent of each fac

Real Estate Portfolio

Real Estate Portfolio	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Portfolio	Real Estate Portfolio As of December 31, 2021, our real estate portfolio consisted of the following: • Investments in leases - sales-type, representing our investment in 22 casino assets leased on a triple net basis to our tenants, Caesars, Penn National, Hard Rock, Century Casinos, and EBCI under eight separate lease agreements; • Investments in leases - financing receivables, representing our investment in five casino assets leased on a triple net basis to our tenants, Caesars and JACK Entertainment, under two separate lease agreements; • Investments in loans, representing our investment in the Chelsea Piers Mortgage Loan, Forum Convention Center Mortgage Loan and Great Wolf Mezzanine Loan; and • Land, representing our investment in certain underdeveloped or undeveloped land adjacent to the Las Vegas strip and non-operating, vacant land parcels. The following is a summary of the balances of our real estate portfolio as of December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Minimum lease payments receivable under sales-type leases (1) $ 44,485,224 $ 45,500,260 Estimated residual values of leased property (not guaranteed) 3,334,549 3,348,174 Gross investment in sales-type leases 47,819,773 48,848,434 Unamortized initial direct costs 23,363 23,764 Less: Unearned income (34,271,620) (35,390,353) Less: Allowance for credit losses (434,852) (454,201) Investments in leases - sales-type, net 13,136,664 13,027,644 Investments in leases - financing receivables, net 2,644,824 2,618,562 Total investments in leases, net 15,781,488 15,646,206 Investments in loans, net 498,002 536,721 Land 153,576 158,190 Total real estate portfolio $ 16,433,066 $ 16,341,117 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements. Lease Portfolio The following table details the components of our income from sales-type, direct financing and operating leases and lease financing receivables: Year Ended December 31, (In thousands) 2021 2020 2019 Income from sales-type and direct financing leases, excluding contingent rent (1) $ 1,161,655 $ 1,007,193 $ 822,205 Income from operating leases (2) — 25,464 43,653 Income from lease financing receivables (1) (3) 243,008 137,344 — Total revenue, excluding contingent rent 1,404,663 1,170,001 865,858 Contingent rent (1) 6,317 315 — Total lease revenue 1,410,980 1,170,316 865,858 Non-cash adjustment (4) (119,790) (39,883) 239 Total contractual lease revenue $ 1,291,190 $ 1,130,433 $ 866,097 ____________________ (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 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 December 31, 2021, we have recognized contingent rent on our Margaritaville Lease Agreement and Greektown Lease Agreement, in relation to the variable rent portion of the lease, and the Las Vegas Master Lease Agreement, in relation to amounts above the specified CPI floor. Refer to the Lease Provisions 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 Regional Master 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 were determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income is recognized as Income from sales-type leases. (3)Represents the Harrah’s Original Call Properties and the JACK Cleveland/Thistledown Lease Agreement, both of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. (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 December 31, 2021, minimum lease payments owed to us for each of the five succeeding years under sales-type leases and our leases accounted for as financing receivables, are as follows: Minimum Lease Payments (1) (2) Investments in Leases (In thousands) Sales-Type Financing Receivables Total 2022 $ 1,075,509 $ 227,627 $ 1,303,136 2023 1,094,189 232,320 1,326,509 2024 1,111,961 236,452 1,348,413 2025 1,126,098 239,835 1,365,933 2026 1,140,571 243,281 1,383,852 Thereafter 38,936,896 8,556,214 47,493,110 Total $ 44,485,224 $ 9,735,729 $ 54,220,953 Weighted Average Lease Term (2) 33.5 33.4 33.5 ____________________ (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. Lease Provisions Caesars Lease Agreements - Overview The following is a summary of the material lease provisions of our Caesars Lease Agreements: ($ in thousands) Regional Master Lease Agreement and Joliet Lease Agreement Las Vegas Master Lease Agreement Lease Provision (1) As Amended As Amended Initial Term (2) 18 years 18 years Initial Term maturity (2) 7/31/2035 7/31/2035 Renewal Terms Four, five Four, five Current annual rent (3) $649,572 $422,224 Escalator (4) Lease years 2-5 - 1.5% Lease years 6-end of term - CPI subject to 2% floor CPI subject to 2% floor Variable Rent adjustment Year 8 : 70% base rent / 30% variable rent Years 11 & 16 : 80% base rent / 20% variable rent Years 8, 11 & 16 : 80% base rent / 20% variable rent Variable Rent adjustment calculation (5) 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 ____________________ (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 has a full 15-year initial term. (3) The amounts represent the current annual base rent payable for the current lease year, which is the period from November 1, 2021 through October 31, 2022. Annual rental payments under the Regional Master Lease Agreement were reduced by $32.5 million, which represents the annual rent for the EBCI Lease Agreement related to the Caesars Southern Indiana property, the operations of which were acquired by EBCI from Caesars on September 3, 2021, as further described in Note 3 - Property Transactions (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. In relation to the Las Vegas Master Lease Agreement during the year ended December 31, 2021, we recognized approximately $2.0 million in contingent rent. No such rent has been recognized for the years ended December 31, 2020 and 2019. In relation to the Regional Master Lease Agreement and Joliet Lease Agreement, no such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. (5) Variable Rent is not subject to the Escalator. Penn National Lease Agreements - Overview The following is a summary of the material provisions of the Penn National Lease Agreements: ($ in thousands) Lease Provision Margaritaville Lease Agreement Greektown Lease Agreement Initial term 15 years 15 years Initial term maturity 1/31/2034 5/23/2034 Renewal terms Four, five Four, five Current annual rent (1) $23,813 $51,321 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) $2,918 $2,149 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, 2022 through January 31, 2023. 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 June 1, 2021 through May 31, 2022. (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 years ended December 31, 2021 and 2020, we recognized approximately $3.0 million and $0.3 million in contingent rent in relation to the Margaritaville Lease Agreement escalation, respectively. No such rent has been recognized for the year ended December 31, 2019. In relation to the Greektown Lease Agreement during the year ended December 31, 2021, we recognized approximately $1.3 million in contingent rent. No such rent has been recognized for the years ended December 31, 2020 and 2019. Hard Rock Cincinnati Lease Agreement - Overview The following is a summary of the material lease provisions of the Hard Rock Cincinnati Lease Agreement: ($ in thousands) Lease Provision Term Initial term 15 years Initial term maturity 9/30/2034 Renewal terms Four, five Current annual rent (1) $44,042 Escalator commencement Lease year two Escalator (2) Lease years 2-4 - 1.5% Lease years 5-15 - The greater of 2% or the change in CPI unless the change in CPI is less than 0.5%, in which case there is no escalation in rent for such lease year Variable rent commencement/reset Lease year 8 Variable rent split (3) 80% base rent and 20% variable rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from October 1, 2021 through September 30, 2022. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, multiplied by the Variable rent percentage. Century Portfolio Lease Agreement - Overview The following is a summary of the material lease provisions of the Century Portfolio Lease Agreement: ($ in thousands) Lease Provision Term Initial term 15 years Initial term maturity 12/31/2034 Renewal terms Four, five Current annual rent (1) $25,503 Escalator commencement Lease year two Escalator (2) Lease years 2-3 - 1.0% Lease years 4-15 - The greater of 1.25% or the change in CPI Net revenue to rent ratio floor 7.5x commencing lease year six - if the coverage ratio is below the stated amount the escalator will be reduced to 0.75% Variable rent commencement/reset Lease year 8 and 11 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from January 1, 2022 through December 31, 2022. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, in each case multiplied by the Variable rent percentage. JACK Cleveland/Thistledown Lease Agreement - Overview The following is a summary of the material lease provisions of our JACK Cleveland/Thistledown Lease Agreement: ($ in thousands) Lease Provision Term Initial term 20 years Initial term maturity 1/31/2040 Renewal terms Three, five Current annual rent (1) $68,704 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% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from February 1, 2022 through January 31, 2023. Effective April 1, 2022, the annualized rent will increase by $1.8 million related to the gaming patio amenity at JACK Thistledown. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. EBCI Lease Agreement - Overview The following is a summary of the material lease provisions of our EBCI Lease Agreement: ($ in thousands) Lease Provision Term Initial term 15 years Initial term maturity 8/31/2036 Renewal terms Four, five Current annual rent (1) $32,500 Escalator commencement Lease year two Escalator (2) Lease years 2-5 - 1.5% Lease years 6-15 - The greater of 2.0% or the change in CPI Variable rent commencement/reset Lease year 8 and 11 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from September 3, 2021 through August 31, 2022. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the year ended December 31, 2021. (3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for the year preceding lease commencement and lease years 1 through 2 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, in each case multiplied by the variable rent percentage. Venetian Lease Agreement - Overview The following is a summary of the material lease provisions of our Venetian Lease Agreement, as entered into on February 23, 2022: ($ in thousands) Lease Provision Term Initial term 30 years Initial term maturity 2/29/2052 Renewal terms Two, ten Current annual rent (1) $250,000 Escalator commencement (2) Lease year two Escalator The greater of 2.0% or the change in CPI capped at 3.0% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from February 23, 2022 through the date specified in the Venetian Lease Agreement. (2) Lease year two will begin on the earlier of (i) March 1, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing twelve months equals or exceeds 2019 net revenue. 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: 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) $311 million $84 million Initial minimum capital expenditure N/A $171 million (2017 - 2021) (with respect solely to HLV) ____________________ (1) The lease agreements require a $114.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease Agreement properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) Certain tenants under the Caesars Lease Agreements, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three In connection with the ongoing COVID-19 pandemic and its impact on operations and financial performance, we entered into an Omnibus Amendment to Leases with Pre-Merger Caesars on June 1, 2020 to provide limited relief with respect to a portion of their capital expenditure obligations under the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement and the Joliet Lease Agreement (which relief was subsequently adjusted on October 27, 2020 to provide for a proportionate adjustment to account for the addition of the Harrah’s Original Call Properties to the Regional Master Lease Agreement). This relief is 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 amendment, and (iii) no tenant event of default occurring under any of the Caesars Lease Agreements during the compliance period set forth in the 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 currently set forth in the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement and the Joliet Lease Agreement or, in certain cases, to deposit amounts in respect thereof into a capital expenditure reserve in accordance with the Omnibus Amendment. 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, JACK Cleveland/Thistledown Lease Agreement and EBCI Lease Agreement: Provision Penn National Lease Agreements Hard Rock Cincinnati Lease Agreement Century Portfolio Lease Agreement JACK Cleveland/Thistledown Lease Agreement EBCI Lease Agreement Venetian 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) three 1% of net revenues 2% of net revenues based on rolling three ____________________ (1) Minimum of 1% of net gaming revenue on a rolling three (2) Initial minimum required to be spent from the period commencing April 1, 2019 through December 31, 2022, which includes $18.0 million to be advanced by us and expended by JACK Entertainment for the construction of the new gaming patio amenity at JACK Thistledown Racino (which construction was completed in the first quarter of 2021). Loan Portfolio The following is a summary of our investments in loans as of December 31, 2021 and 2020: ($ in thousands) December 31, 2021 Investment Name Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Interest Rate (3) Final Maturity (4) Forum Convention Center Mortgage Loan Senior Secured $ 400,000 $ 400,036 $ — 7.9 % 9/18/2025 Chelsea Piers Mortgage Loan Senior Secured 65,000 64,998 15,000 7.0 % 8/31/2027 Great Wolf Mezzanine Loan Mezzanine 33,614 32,968 45,886 8.0 % 7/9/2026 Total $ 498,614 $ 498,002 $ 60,886 7.3 % ($ in thousands) December 31, 2020 Investment Name Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Interest Rate (3) Final Maturity (4) Forum Convention Center Mortgage Loan Senior Secured $ 400,000 $ 400,045 $ — 7.7 % 9/18/2025 Chelsea Piers Mortgage Loan Senior Secured 65,000 64,880 15,000 7.0 % 8/31/2027 Amended and Restated ROV Loan ROV Term Loan (5) Senior Secured 70,000 71,796 — 9.0 % 1/24/2027 ROV Credit Facility (5) Senior Secured — — 25,000 L + 2.75% 1/24/2027 Total $ 535,000 $ 536,721 $ 40,000 7.8 % ____________________ (1) Carrying value is net of unamortized loan origination costs and allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) Represents current interest rate per annum. The interest rate of the Forum Convention Center Mortgage Loan is subject to a 2.0% annual escalation. (4) Final maturity assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2021
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 expected credit losses related to our historical and any future investments in sales-type leases, lease financing receivables and loans. Upon adoption we elected to use the modified retrospective approach, and 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 - sales-type and a corresponding charge to retained earnings. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Allowance for Credit Losses During the year ended December 31, 2021, we recognized a $19.6 million decrease in our allowance for credit losses primarily driven by (i) the decrease in the short-term reasonable and supportable period probability of default, or R&S Period PD, of our tenants or borrowers and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of all of their gaming operations and relative performance of such operations during 2021, (ii) the decrease in the long-term reasonable and supportable period probability of default, or Long-Term Period PD, due to an upgrade of the credit rating of the senior secured debt used to determine the Long-Term Period PD for one of our tenants during 2021 and (iii) the decrease in the R&S Period PD and loss given default, or LGD, as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance . This decrease was partially offset by an increase in the existing amortized cost balances subject to the CECL allowance. During the year ended December 31, 2020, we recognized a $244.5 million increase in our allowance for credit losses primarily driven by the increase in investment balances subject to CECL. Specifically, the increase was primarily attributable to (i) the increase in investment balances resulting from the Eldorado Transaction, which includes (A) an initial CECL allowance on our $1.8 billion investment in the MTA Properties, (B) an additional CECL allowance on our aggregate $1.4 billion increased investment in the Las Vegas Master Lease Agreement as a result of the CPLV Additional Rent Acquisition and HLV Additional Rent Acquisition and (C) an additional CECL allowance on the $333.4 million increased balance of our existing Caesars Lease Agreements as a result of the mark to fair value in connection with the reassessment of lease classification, (ii) an increase related to our initial investment in JACK Cleveland/Thistledown and the ROV Loan in January 2020, (iii) an increase in the R&S Period PD of Caesars as a result of the Eldorado/Caesars Merger and (iv) 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 in connection with the COVID-19 pandemic. The credit loss standard does not require retrospective application and as such there is no corresponding charge for the years ended December 31, 2019. As of December 31, 2021 and 2020, and since our formation date on October 6, 2017, all of our Lease Agreements and loan investments are current in payment of their obligations to us and no investments are on non-accrual status. The following tables detail the allowance for credit losses as of December 31, 2021 and December 31, 2020: December 31, 2021 (In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 13,571,516 $ (434,852) $ 13,136,664 3.20 % Investments in leases - financing receivables 2,735,948 (91,124) 2,644,824 3.33 % Investments in loans 498,775 (773) 498,002 0.15 % Other assets - sales-type sub-leases 280,510 (6,540) 273,970 2.33 % Totals $ 17,086,749 $ (533,289) $ 16,553,460 3.12 % December 31, 2020 (In thousands) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 13,481,845 $ (454,201) $ 13,027,644 3.37 % Investments in leases - financing receivables 2,709,520 (90,958) 2,618,562 3.36 % Investments in loans 538,547 (1,826) 536,721 0.34 % Other assets - sales-type sub-leases 284,376 (6,894) 277,482 2.42 % Totals $ 17,014,288 $ (553,879) $ 16,460,409 3.26 % ____________________ (1) The total allowance excludes the CECL allowance for unfunded loan commitments. As of December 31, 2021, such allowance is $1.0 million and is recorded in Other liabilities. As of December 31, 2020, there was no CECL allowance related to unfunded loan commitments. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the year ended December 31, 2021 and 2020: Year Ended December 31, (In thousands) 2021 2020 Beginning Balance January 1, $ 553,879 $ — Initial allowance upon adoption — 309,362 Initial allowance from current period investments 1,725 90,368 Current period change in credit allowance (21,279) 154,149 Charge-offs — — Recoveries — — Ending Balance December 31, $ 534,325 $ 553,879 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 December 31, 2021 and December 31, 2020: December 31, 2021 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (1) Total Investments in leases - sales-type and financing receivable, Investments in loans, Other assets and Other liabilities $ — $ 951,033 $ 14,888,770 $ 868,629 $ 279,579 $ 98,739 $ 17,086,749 December 31, 2020 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (1) Total Investments in leases - sales-type and financing receivable and Investments in loans $ — $ — $ 15,733,402 $ 934,628 $ 281,246 $ 65,012 $ 17,014,288 ____________________

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [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 December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Sales-type sub-leases, net $ 273,970 $ 277,482 Property and equipment used in operations, net 68,515 69,204 Debt financing costs 24,928 8,879 Deferred acquisition costs 24,690 1,788 Right of use assets 16,811 17,507 Tenant receivable for property taxes 5,032 3,384 Prepaid expenses 3,660 2,710 Interest receivable 2,780 2,746 Forward swap asset 884 — Other receivables 341 803 Other 3,082 2,027 Total other assets $ 424,693 $ 386,530 _______________________________________________________ (1) As of December 31, 2021 and December 31, 2020, sales-type sub-leases are net of $6.5 million and $6.9 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details. Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Land and land improvements $ 59,250 $ 59,115 Buildings and improvements 14,880 14,697 Furniture and equipment 9,014 7,020 Total property and equipment used in operations 83,144 80,832 Less: accumulated depreciation (14,629) (11,628) Total property and equipment used in operations, net $ 68,515 $ 69,204 Year Ended December 31, (In thousands) 2021 2020 2019 Depreciation expense $ 3,091 $ 3,731 $ 3,831 Other Liabilities The following table details the components of our other liabilities as of December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Finance sub-lease liabilities $ 280,510 $ 284,376 Deferred financing liability 73,600 73,600 Lease liabilities 16,811 17,507 Deferred income taxes 3,879 3,533 CECL allowance for unfunded loan commitments 1,037 — Derivative liability — 92,521 Total other liabilities $ 375,837 $ 471,537

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The following tables detail our debt obligations as of December 31, 2021 and 2020: ($ in thousands) December 31, 2021 Description of Debt Final Interest Rate Face Value Carrying Value (1) Secured Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Senior Unsecured Notes (3) 2025 Notes 2025 3.500% 750,000 742,677 2026 Notes 2026 4.250% 1,250,000 1,235,972 2027 Notes 2027 3.750% 750,000 741,409 2029 Notes 2029 4.625% 1,000,000 987,331 2030 Notes 2030 4.125% 1,000,000 987,134 Total Debt $ 4,750,000 $ 4,694,523 ($ in thousands) December 31, 2020 Description of Debt Final Interest Rate Face Value Carrying Value (1) VICI PropCo Senior Secured Credit Facilities Secured Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Term Loan B Facility (4) 2024 L + 1.75% 2,100,000 2,080,974 Senior Unsecured Notes (3) 2025 Notes 2025 3.500% 750,000 740,333 2026 Notes 2026 4.250% 1,250,000 1,233,119 2027 Notes 2027 3.750% 750,000 739,733 2029 Notes 2029 4.625% 1,000,000 985,730 2030 Notes 2030 4.125% 1,000,000 985,643 Total Debt $ 6,850,000 $ 6,765,532 ____________________ (1) Carrying value is net of original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) The commitment fee under the Secured Revolving Credit Facility was 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. Subsequent to year end, on February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the Existing Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described below. (3) Interest is payable semi-annually. (4) The Term Loan B Facility was repaid in full on September 15, 2021 using the proceeds from the settlement of the June 2020 Forward Sale Agreement and the September 2021 equity offering and all of our outstanding interest rate swap agreements were subsequently unwound and settled. The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2021: ($ in thousands) Future Minimum Payments 2022 $ — 2023 — 2024 — 2025 750,000 2026 1,250,000 Thereafter 2,750,000 Total minimum repayments $ 4,750,000 Senior Unsecured Notes November 2019 Senior Unsecured Notes On November 26, 2019, the Operating Partnership and the Co-Issuer (together with the Operating Partnership, the “Issuers”), our wholly owned subsidiaries, issued (i) $1,250.0 million in aggregate principal amount of 4.250% 2026 Notes, which mature on December 1, 2026, and (ii) $1,000.0 million in aggregate principal amount of 4.625% 2029 Notes, which mature on December 1, 2029, under separate indentures, each dated as of November 26, 2019, among the Issuers, the subsidiary guarantors party thereto and UMB Bank, National Association, as trustee (the “Trustee”). We used a portion of the net proceeds of the offering to repay in full the $1.55 billion mortgage financing of Caesars Palace Las Vegas, 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. 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. The 2026 Notes and 2029 Notes are redeemable at our option, in whole or in part, at any time on or after December 1, 2022 and December 1, 2024, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the 2026 Notes or the 2029 Notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to December 1, 2022, we may redeem up to 40% of the aggregate principal amount of the 2026 Notes or the 2029 Notes using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. February 2020 Senior Unsecured Notes On February 5, 2020, the Issuers issued (i) $750.0 million in aggregate principal amount of 3.500% 2025 Notes, which mature on February 15, 2025, (ii) $750.0 million in aggregate principal amount of 3.750% 2027 Notes, which mature on February 15, 2027, and (iii) $1,000.0 million in aggregate principal amount of 4.125% 2030 Notes, which mature on August 15, 2030, under separate indentures, each dated as of February 5, 2020, among the Issuers, the subsidiary guarantors party thereto and the Trustee. We placed $2.0 billion of the net proceeds of the 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. 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. The 2025 Notes, 2027 Notes and 2030 Notes are redeemable at our option, in whole or in part, at any time on or after February 15, 2022, February 15, 2023, and February 15, 2025, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the 2025 Notes, 2027 Notes or 2030 Notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to February 15, 2022, with respect to the 2025 Notes, and February 15, 2023, with respect to the 2027 Notes and 2030 Notes, we may redeem up to 40% of the aggregate principal amount of the 2025 Notes, 2027 Notes or 2030 Notes using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. Guarantee and Financial Covenants Until February 8, 2022, the November 2019 Senior Unsecured Notes and the February 2020 Senior Unsecured Notes (together, the “Senior Unsecured Notes”) were 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. All subsidiary guarantees were released upon the execution of the Credit Agreement on February 8, 2022. 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 respective indentures for the Senior Unsecured Notes each 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 December 31, 2021, the restricted net assets of the Operating Partnership were approximately $7.4 billion. New Unsecured Credit Facilities Subsequent to year end, in February 2022, the Operating Partnership entered into the Credit Agreement providing for (i) the Revolving Credit Facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 and (ii) the Delayed Draw Term Loan in the amount of $1.0 billion scheduled to mature on March 31, 2025. The Revolving Credit Facility includes two six-month maturity extension options and the Delayed Draw Term Loan includes two twelve-month extension options, in each case, the exercise of which is subject to customary conditions and the payment of an extension fee of 0.0625% on the extended commitments, in the case of each six-month extension of the Revolving Credit Facility, and 0.125% on the extended term loans, in the case of each twelve-month extension of the Delayed Draw Term Loan. The Credit Facilities include the option to increase the revolving loan commitments by up to $1.0 billion and increase the delayed draw term loan commitments or add one or more new tranches of term loans by up to $1.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions. Borrowings under the Credit Facilities will bear interest, at the Operating Partnership’s option, (i) with respect to the Revolving Credit Facility, at a rate based on SOFR (including a credit spread adjustment) plus a margin ranging from 0.775% to 1.325% or a base rate plus a margin ranging from 0.00% to 0.325%, in each case, with the actual margin determined according to the Operating Partnership’s debt ratings, and (ii) with respect to the Delayed Draw Term Loan, at a rate based on SOFR (including a credit spread adjustment) plus a margin ranging from 0.85% to 1.60% or a base rate plus a margin ranging from 0.00% to 0.60%, in each case, with the actual margin determined according to the Operating Partnership’s debt ratings. The base rate is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject in each case to a floor of 1.0%. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.15% to 0.375% (depending on the Operating Partnership’s debt rating) of total revolving commitments. Pursuant to the terms of the Credit Agreement, the Operating Partnership is subject to, among other things, customary covenants and the maintenance of various financial covenants. The Credit Agreement is consistent with certain tax-related requirements related to security for the Company’s debt. If the MGP Transactions Bridge Facility and/or the Venetian Acquisition Bridge Facility (each as described below) is funded and remains outstanding for 90 days, then the Credit Facilities are required to be secured on a second priority basis with the same collateral securing the MGP Transactions Bridge Facility for so long as the MGP Transactions Bridge Facility remains outstanding. On February 18, 2022, we drew on the Revolving Credit Facility in the amount of $600.0 million to fund a portion of the purchase price of the Venetian Acquisition. Senior Secured Credit Facilities In December 2017, VICI PropCo entered into a credit agreement (as amended, amended and restated and otherwise modified, the “Existing Credit Agreement”), which was subsequently amended and restated in May 2019 and amended in January 2020, comprised of a $2.2 billion Term Loan B Facility and a $1.0 billion Secured Revolving Credit Facility (the Term Loan B Facility and the Secured Revolving Credit Facility, as amended, are referred to together as the “Senior Secured Credit Facilities”). Pursuant to the Existing Credit Agreement, the Term Loan B Facility bore interest at a rate of LIBOR plus 1.75% and the Secured Revolving Credit Facility was subject to an interest 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. The commitment fee payable under the Secured Revolving Credit Facility bore 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. The Secured Revolving Credit Facility also required the payment of a commitment fee of between 0.375% to 0.50% depending on our total net debt to adjusted total assets ratio. The Credit Agreement contained customary covenants and, with respect to the Secured Revolving Credit Facility, certain financial covenants. The Senior Secured Credit Facilities were secured by a first priority lien on substantially all of VICI PropCo’s material assets (and those of its existing and subsequently acquired wholly owned material domestic restricted subsidiaries), including mortgages on their respective real estate, subject to customary exclusions. VICI was not subject to the covenants of the Existing Credit Agreement nor was VICI a guarantor of the Senior Secured Credit Facilities. On September 15, 2021, we used the proceeds from the settlement of the June 2020 Forward Sale Agreement, as defined in Note 11 - Stockholders Equity , and the proceeds from the issuance of 65,000,000 shares of common stock from the September 2021 equity offering to repay in full the Term Loan B Facility, including outstanding accrued interest. In connection with the full repayment, we recognized a loss on extinguishment of debt of $15.6 million during the year ended December 31, 2021, representing the write-off of the remaining unamortized deferred financing costs. Following the repayment in full of the Term Loan B Facility, the Secured Revolving Credit Facility remained in effect pursuant to the Existing Credit Agreement. On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s material assets and those of its existing and subsequently acquired wholly owned material domestic restricted subsidiaries) and the Existing Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described above. Bridge Facilities MGP Transactions Bridge Facility On August 4, 2021, in connection with the MGP Transactions, VICI PropCo entered into a Commitment Letter (the “MGP Transactions Commitment Letter”) with Morgan Stanley Senior Funding, Inc., JPMorgan Chase Bank, N.A. and Citigroup Global Markets Inc. (collectively, the “MGP Transactions Bridge Lender”), pursuant to which, and subject to the terms and conditions set forth therein, the MGP Transactions Bridge Lender provided commitments in an amount up to $9.3 billion in the aggregate, consisting of a 364-day first lien secured bridge facility (the “MGP Transactions Bridge Facility”), for the purpose of providing a portion of the financing necessary to fund (i) the consideration to be paid in connection with the Redemption pursuant to the terms of the MGP Master Transaction Agreement, (ii) amounts to be paid in connection with offers to repurchase the MGP OP Notes pursuant to their respective indentures if the assumption of such notes by the Operating Partnership in the Mergers is unsuccessful and (iii) related fees and expenses. The commitment fee is equal to, (i) with respect to any commitments that remain outstanding on or prior to September 15, 2021, 0.25% of such commitments, (ii) with respect to any commitments that remain outstanding after September 15, 2021 and are terminated on or prior to August 4, 2022, 0.50% of such commitments, and (iii) with respect to any commitments that remain outstanding after August 4, 2022, 0.75% of such commitments. For the year ended December 31, 2021, we recognized $38.7 million of fees related to the MGP Transactions Bridge Facility in Interest expense on our Statement of Operations. Commitments and loans under the MGP Transactions Bridge Facility will be reduced or prepaid, as applicable, in part with the proceeds of certain incurrences of indebtedness, issuances of equity and asset sales. If we use the MGP Transactions Bridge Facility, funding is contingent on the satisfaction of certain customary conditions set forth in the MGP Transactions Commitment Letter, including, among others, (i) the execution and delivery of definitive documentation with respect to the MGP Transactions Bridge Facility in accordance with the terms set forth in the MGP Transactions Commitment Letter and (ii) the consummation of the MGP Transactions in accordance with the MGP Master Transaction Agreement. Although we do not currently expect VICI PropCo to make any borrowings under the MGP Transactions Bridge Facility, there can be no assurance that such borrowings will not be made or that we will be able to incur alternative long-term debt financing in lieu of borrowings under the MGP Transactions Bridge Facility on favorable terms, or at all. Interest under the MGP Transactions Bridge Facility, if funded, will be calculated on a rate between (i) LIBOR plus 200 basis points and LIBOR plus 275 basis points or (ii) the base rate plus 100 basis points and the base rate plus 175 basis points, in each case depending on duration. The MGP Transactions Bridge Facility, if funded, will contain restrictive covenants and events of default substantially similar to those contained in the Senior Secured Credit Facilities. If we draw upon the MGP Transactions Bridge Facility, there can be no assurances that we would be able to refinance the MGP Transactions Bridge Facility on satisfactory terms, or at all. On September 23, 2021, following the successful early tender results and participation of the Exchange Offers and Consent Solicitations, the execution of the MGP OP Supplemental Indentures and the elimination of the change of control covenants in connection therewith, $4,242.0 million in committed financing (representing the second tranche of the MGP Transactions Bridge Facility) was terminated in accordance with the terms of the MGP Transactions Commitment Letter. Venetian Acquisition Bridge Facility On March 2, 2021, in connection with the Venetian Acquisition, VICI PropCo entered into a Commitment Letter (the “Venetian Acquisition Commitment Letter”) with Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands Branch, and Morgan Stanley Senior Funding, Inc. (collectively, the “Venetian Acquisition Bridge Lender”), pursuant to which, and subject to the terms and conditions set forth therein, the Venetian Acquisition Bridge Lender has provided commitments in an amount up to $4.0 billion in the aggregate, consisting of a 364-day first lien secured bridge facility (the “Venetian Acquisition Bridge Facility”), for the purpose of providing a portion of the financing necessary to fund the consideration in connection with the Venetian PropCo Acquisition. On March 8, 2021, following the entry into the March 2021 Forward Sale Agreements, the commitments under the Venetian Acquisition Bridge Facility were reduced by $1,890.0 million. On December 13, 2021, the commitments under Venetian Bridge Acquisition Facility were reduced by an additional $1,410.0 million. As of December 31, 2021, $700.0 million of commitments under the Venetian Acquisition Bridge Facility remained outstanding. Subsequent to year end, on February 23, 2022, the remaining commitments under the Venetian Acquisition Bridge Facility were fully terminated in connection with the closing of the Venetian Acquisition. The Venetian Acquisition Bridge Facility was subject to a tiered commitment fee based on the period the commitment is outstanding and a structuring fee. For the year ended December 31, 2021, we recognized $16.4 million of fees related to the Venetian Acquisition Bridge Facility in Interest expense on our Statement of Operations. Eldorado Transaction Bridge Facilities On June 24, 2019, in connection with the Eldorado Transaction, VICI PropCo entered into a commitment letter with Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands Branch (collectively, the “Eldorado Transaction Bridge Lender”), pursuant to which and subject to the terms and conditions set forth therein, the Eldorado Transaction 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 (collectively the “Eldorado Transaction Bridge Facilities”), 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. Following the November 2019 Senior Unsecured Notes offering, the commitments under the Eldorado Transaction 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 Eldorado Transaction Bridge Facilities were further reduced by $2.0 billion to $1.2 billion. The Eldorado Transaction Bridge Facilities were subject to a tiered commitment fee based on the period the commitment is outstanding and a structuring fee. The structuring fee was equal to 0.10% of the total aggregate commitments at June 24, 2019 and was payable as such commitments were terminated. For the year ended December 31, 2020, we recognized $3.1 million of fees related to the Eldorado Transaction Bridge Facilities in Interest expense on our Statement of Operations. No such amount was recognized for the year ended December 31, 2021 as the Eldorado Transaction 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 (as defined in the Second Lien Notes indenture), 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 during the year ended December 31, 2020. CPLV CMBS Debt The CPLV CMBS Debt was incurred on October 6, 2017 pursuant to a loan agreement, and was secured by a first priority lien on all of the assets of CPLV Property Owner LLC, as borrower. On November 26, 2019, we used the proceeds from the November 2019 Senior Unsecured Notes offering to repay in full the CPLV CMBS Debt. Due to the prepayment of the CPLV CMBS Debt, we recognized a loss on extinguishment of debt of $58.1 million during the year ended December 31, 2019, the majority of which related to the prepayment penalty. 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 December 31, 2021, we are in compliance with all financial covenants under our debt obligations.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives In December 2021, we entered into a forward-starting interest rate swap agreement with a notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $500.0 million of long-term debt. We hedged our exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2023. The forward-starting interest rate swap was designated as a cash-flow hedge. Subsequent to year-end, we entered into additional forward-starting interest rate swap agreements with an aggregate notional amount of $1.5 billion and fixed rates ranging from 1.6390% to 1.6900% and maturities ranging from May 2, 2027 to May 2, 2032. The additional forward-starting interest rate swap agreements continue to hedge our exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2023 and are designated as cash-flow hedges. In April 2018 and January 2019, we entered into six interest rate swap agreements with third party financial institutions having an aggregate notional amount of $2.0 billion. The interest rate swap transactions were 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%. On September 15, 2021, in connection with the full repayment of the Term Loan B Facility, we unwound and settled all of our outstanding interest rate swap agreements resulting in a cash payment of $66.9 million, inclusive of accrued interest of $2.7 million. As the Term Loan B Facility was repaid in full with proceeds from the issuance of 65,000,000 shares of common stock on September 14, 2021 and proceeds from the settlement of the June 2020 Forward Sale Agreement with no replacement debt, the full amount held in Other comprehensive income, $64.2 million, was immediately reclassified to Interest expense. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2020 and 2021: ($ in thousands) December 31, 2021 Instrument Number of Instruments Fixed Rate Notional Index Maturity Forward-starting interest rate swap 1 1.3465% $500,000 USD SOFR- COMPOUND May 2, 2032 ($ in thousands) December 31, 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 As of December 31, 2021 and 2020, the swaps are in net unrealized gain and loss positions, respectively and are recorded within Other assets and Other liabilities, respectively. The following table presents the effect of our derivative financial instruments on our Statement of Operations: Year Ended December 31, (In thousands) 2021 2020 2019 Unrealized gain (loss) recorded in other comprehensive income $ 29,166 $ (27,443) $ (42,954) Interest recorded in interest expense 29,960 42,797 9,269 Interest rate swap settlement recorded in interest expense 64,239 — —

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 2020: December 31, 2021 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (1) $ 884 $ — $ 884 $ — December 31, 2020 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (2) $ 19,973 $ — $ 19,973 $ — Financial liabilities: Derivative instruments - interest rate swaps (1) $ 92,521 $ — $ 92,521 $ — ____________________ (1) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820. (2) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality. The estimated fair values of our financial instruments at December 31, 2021 and 2020 for which fair value is only disclosed are as follows: December 31, 2021 December 31, 2020 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 2,644,824 $ 3,104,337 $ 2,618,562 $ 2,684,955 Investments in loans (2) 498,002 498,614 536,721 538,151 Cash and cash equivalents 739,614 739,614 315,993 315,993 Financial liabilities: Debt (3) Secured Revolving Credit Facility $ — $ — $ — $ — Term Loan B Facility — — 2,080,974 2,065,875 2025 Notes 742,677 763,125 740,333 766,875 2026 Notes 1,235,972 1,296,875 1,233,119 1,296,875 2027 Notes 741,409 772,500 739,733 763,125 2029 Notes 987,331 1,067,500 985,730 1,070,000 2030 Notes 987,134 1,055,000 985,643 1,045,000 ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease Agreement and the Harrah’s Original Call Properties. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (2) These investments represent the (i) Caesars Forum Convention Center Mortgage Loan, (ii) Chelsea Piers Mortgage Loan, (iii) Amended and Restated ROV Loan (which was terminated on October 4, 2021) and (iv) Great Wolf Mezzanine Loan. We believe the current principal balance of the investments approximates their fair value. (3) The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. Gain Upon Lease Modification in Connection with the Eldorado Transaction On July 20, 2020, in connection with the Eldorado Transaction and as required under ASC 842, we reassessed the lease classifications 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. As a result of the reclassifications of the Caesars Lease Agreements from direct financing and operating leases to sales-type leases, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the asset and its carrying value immediately prior to the modification. We valued the real estate portfolio using a rent multiple taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. With respect to certain assets which were subject to signed sale agreements as of the date of reassessment, and were subject to removal from the Regional Master Lease Agreement upon consummation of such transactions, which includes Harrah’s Reno, Bally’s Atlantic City and Louisiana Downs, these assets were recorded at fair value using the contract price less costs to sell. As a result of the re-measurement of the Caesars Lease Agreements to fair value, we recognized a $333.4 million gain upon lease modification in our Statement of Operations during the year ended December 31, 2020. The following table summarizes our assets measured at fair value on a non-recurring basis in relation to the gain upon modification of the Caesars Lease Agreements on July 20, 2020 the date of modification: July 20, 2020 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Investments in sales-type leases - Caesars Lease Agreements (1) $ 10,228,465 $ — $ — $ 10,228,465 Investments in sales-type leases - assets subject to sales agreements (2) $ 55,325 $ — $ 55,325 $ — ____________________ (1) The fair value measurement of the Caesars Lease Agreements excludes the Harrah’s Original Call Properties Acquisitions, HLV Additional Rent Acquisition and CPLV Additional Rent Acquisition as these transactions occurred in connection with the Eldorado Transaction and the investments are measured at historical cost. (2) Represents the Harrah’s Reno, Bally’s Atlantic City and Louisiana Downs assets, which were subject to sales agreements at the date of the modification. The fair value of these investments is based on the contract price and represents a Level 2 measurement as defined in ASC 820. The following table summarizes the significant unobservable inputs used in non-recurring Level 3 fair value measurements: (In thousands) Significant Assumptions Asset Type Fair Value (1) Valuation Technique Range Weighted Average (2) Investment in sales-type lease - Casinos $ 10,228,465 Rent Multiple 9.75x - 15.50x 13.0x ____________________ (1) The fair value measurement of the Caesars Lease Agreements excludes the Harrah’s Original Call Properties Acquisitions, HLV Additional Rent Acquisition and CPLV Additional Rent Acquisition as these transactions occurred in connection with the Eldorado Transaction and the investments are measured at historical cost.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021, 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. In connection with the Mergers, three lawsuits were filed by purported MGP shareholders and six lawsuits were filed by purported VICI stockholders challenging the disclosures made, as applicable, in the Registration Statement on Form S-4 filed on September 8, 2021 and the Prospectus filed on September 23, 2021. The plaintiffs in each action sought, among other things, to enjoin the Mergers and the transactions contemplated by the MGP Master Transaction Agreement and an award of costs and attorneys’ fees. Each of the lawsuits has been dismissed pursuant to applicable litigation procedure, although additional lawsuits arising out of the MGP Transactions may be filed in the future. Operating Lease Commitments We are the lessee 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 2022 and 2030, respectively. The discount rates for the leases was determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms, and are between 5.3% and 5.5%. The weighted average remaining lease term as of December 31, 2021 under our operating leases was 14.5 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 expenses and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Rent expense $ 2,009 $ 2,008 $ 1,622 Contractual rent $ 1,881 $ 1,600 $ 1,257 As of December 31, 2021, we have a $16.8 million right of use asset and corresponding lease liability recorded in Other assets The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2021 are as follows: (In thousands) Lease Commitments 2022 $ 1,884 2023 1,827 2024 1,847 2025 1,908 2026 1,959 Thereafter 17,117 Total minimum lease commitments $ 26,542 Discounting factor 9,731 Lease liability $ 16,811 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 provide for their direct payment to the landlord. We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. 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 December 31, 2021 and 2020, which is primarily comprised of the HNO Ground Lease: (In thousands) December 31, 2021 December 31, 2020 Others assets (sales-type sub-lease) $ 273,970 $ 277,482 Other liabilities (finance sub-lease liability) 280,510 284,376 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: Year Ended December 31, (In thousands) 2021 2020 2019 Rental income and expense (1) $ 22,484 $ 11,632 $ 410 Contractual rent $ 26,350 $ 17,983 $ 452 ____________________ (1) For the years ended December 31, 2021 and 2020, these amounts are presented gross in Other income with an offsetting amount in Other expenses within the Statement of Operations. For the year ended December 31, 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 December 31, 2021 are as follows: (In thousands) Lease Commitments 2022 $ 26,350 2023 23,350 2024 23,350 2025 23,350 2026 23,350 Thereafter 741,729 Total minimum lease commitments $ 861,479 Discounting factor 580,969 Finance sub-lease liability $ 280,510

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	Stockholders' Equity Authorized Effective September 10, 2021, we amended our Articles of Amendment and Restatement to increase: (i) the number of shares of stock that we are authorized to issue from 1,000,000,000 to 1,400,000,000, (ii) the number of shares of common stock, par value $0.01 per share, that we are authorized to issue from 950,000,000 to 1,350,000,000, and (iii) the aggregate par value of all authorized shares of our stock having par value from $10,000,000 to $14,000,000, in order to have sufficient authorized shares to complete the MGP Transactions, which remain subject to customary closing conditions, including regulatory approvals. We had previously amended our Articles of Amendment and Restatement, effective March 2, 2021, to increase: (i) the number of shares of stock that we were authorized to issue from 750,000,000 to 1,000,000,000, (ii) the number of shares of common stock, par value $0.01 per share, that we were authorized to issue from 700,000,000 to 950,000,000, and (iii) the aggregate par value of all authorized shares of our stock having par value from $7,500,000 to $10,000,000. As of December 31, 2021, we have the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of Common Stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share. Primary Follow-on Offerings September 2021 Offering On September 14, 2021, we completed a primary follow-on offering of 115,000,000 shares of common stock consisting of (i) 65,000,000 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) and (ii) 50,000,000 shares of common stock that were subject to forward sale agreements (collectively the “September 2021 Forward Sale Agreements”), which require settlement by September 9, 2022, in each case at a public offering price of $29.50 per share for an aggregate offering value of $3.4 billion, resulting in net proceeds, after deduction of the underwriting discount and expenses, of $1,859.0 million from the sale of the 65,000,000 shares (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock). We did not initially receive any proceeds from the sale of the 50,000,000 shares subject to the September 2021 Forward Sale Agreements, which were sold to the underwriters by the forward purchasers or their respective affiliates and remain subject to settlement in accordance with the terms of the September 2021 Forward Sale Agreements. Subsequent to year end, on February 18, 2022, we settled the September 2021 Forward Sale Agreements by delivering 50,000,000 shares of our common stock to the forward purchases, in exchange for total net proceeds of approximately $1,390.6 million, which were used to pay for a portion of the purchase price of the Venetian Acquisition. The physical settlement of the September 2021 Forward Sale Agreements were calculated based on the initial forward sale price per share of $28.62, as adjusted for a floating interest rate factor and other fixed amounts based on the passage of time, as specified in the September 2021 Forward Sale Agreements, resulting in a net forward sale price on the settlement date of $27.81 per share. March 2021 Offering On March 4, 2021, we completed a primary follow-on offering of 69,000,000 shares of common stock (inclusive of 9,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock) at a public offering price of $29.00 per share for an aggregate offering value of $2,001.0 million, all of which are subject to forward sale agreements (the “March 2021 Forward Sale Agreements”), which require settlement by March 4, 2022. 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 purchasers or their respective affiliates. Subsequent to year end, on February 18, 2022, we settled the March 2021 Forward Sale Agreements by delivering 69,000,000 shares of our common stock to the forward purchases, in exchange for total net proceeds of approximately $1,828.6 million, which were used to pay for a portion of the purchase price of the Venetian Acquisition. The physical settlement of the March 2021 Forward Sale Agreements were calculated based on the initial forward sale price per share of $28.06, as adjusted for a floating interest rate factor and other fixed amounts based on the passage of time, as specified in the March 2021 Forward Sale Agreements, resulting in a net forward sale price on the settlement date of $26.50 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 a public 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 (the “June 2020 Forward Sale Agreement”), which initially required settlement by September 17, 2020. On September 16, 2020, we amended the June 2020 Forward Sale Agreement to extend the maturity date from September 17, 2020 to June 17, 2021. 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. On September 28, 2020, we partially settled the June 2020 Forward Sale Agreement by delivering 3,000,000 shares of our common stock to the forward purchaser, in exchange for total net proceeds of approximately $63.0 million, which was calculated based on the net forward sale price on the settlement date of $21.04 per share. On September 9, 2021, we physically settled the remaining shares under the June 2020 Forward Sale Agreement by delivering 26,900,000 shares of our common stock to the forward purchaser in exchange for total net proceeds of approximately $526.9 million, which was calculated based on the net forward sale price on the settlement date of $19.59 per share. The physical settlements of the June 2020 Forward Sale Agreement were 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. At-the-Market Offering Program In May 2021, we entered into an equity distribution agreement (the “ATM Agreement”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,000.0 million of our common stock (the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale contracts. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the year ended December 31, 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, 2021, we did not sell any shares under the ATM Program. 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: Common Stock Outstanding 2021 2020 Beginning Balance January 1 536,669,722 461,004,742 Issuance of common stock in primary follow-on offerings 65,000,000 — Issuance of common stock upon physical settlement of forward sale agreements (1) 26,900,000 68,000,000 Issuance of common stock under the at-the-market offering program — 7,500,000 Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures (2) 372,370 164,980 Ending Balance December 31 628,942,092 536,669,722 ____________________ (1) Excludes the 50,000,000 and 69,000,000 remaining shares subject to the September 2021 Forward Sale Agreements and March 2021 Forward Sale Agreements, respectively, as such shares were not yet settled. Subsequent to year end, on February 18, 2022, we physically settled the September 2021 Forward Sale Agreements and March 2021 Forward Sale Agreements. (2) The years ended December 31, 2021 and 2020 excludes 188,003 and 239,437 restricted stock units, respectively, issued under the performance-based stock incentive program. Distributions Dividends declared (on a per share basis) during the years ended December 31, 2021 and 2020 were as follows: Year Ended December 31, 2021 Declaration Date Record Date Payment Date Period Dividend March 11, 2021 March 25, 2021 April 8, 2021 January 1, 2021 - March 31, 2021 $ 0.3300 June 10, 2021 June 24, 2021 July 8, 2021 April 1, 2021 - June 30, 2021 $ 0.3300 August 4, 2021 September 24, 2021 October 7, 2021 July 1, 2021 - September 30, 2021 $ 0.3600 December 9, 2021 December 23, 2021 January 6, 2022 October 1, 2021 - December 31, 2021 $ 0.3600 Year Ended December 31, 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 September 10, 2020 September 30, 2020 October 8, 2020 July 1, 2020 - September 30, 2020 $ 0.3300 December 10, 2020 December 23, 2020 January 7, 2021 October 1, 2020 - December 31, 2020 $ 0.3300

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
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 any outstanding forward sale agreements. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity , are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements 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 shares under the outstanding forward sale agreements, the delivery of shares of common stock will 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: Year Ended December 31, (In thousands) 2021 2020 2019 Determination of shares: Weighted-average shares of common stock outstanding 564,467 506,141 435,071 Assumed conversion of restricted stock 924 412 566 Assumed settlement of forward sale agreements 11,675 4,356 3,516 Diluted weighted-average shares of common stock outstanding 577,066 510,909 439,153 Basic and Diluted Earnings Per Share Year Ended December 31, (In thousands, except per share data) 2021 2020 2019 Basic: Net income attributable to common stockholders $ 1,013,851 $ 891,674 $ 545,964 Weighted-average shares of common stock outstanding 564,467 506,141 435,071 Basic EPS $ 1.80 $ 1.76 $ 1.25 Diluted: Net income attributable to common stockholders $ 1,013,851 $ 891,674 $ 545,964 Diluted weighted-average shares of common stock outstanding 577,066 510,909 439,153 Diluted EPS $ 1.76 $ 1.75 $ 1.24

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-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 December 31, 2021, 10,988,035 shares of common stock remained available for issuance by us as equity awards under the Plan. Time-Based Restricted Stock During the years ended December 31, 2021, 2020 and 2019, the Company granted approximately 172,000, 179,000, and 177,000 shares of restricted stock, respectively, under the Plan, respectively, subject to vesting restrictions based on service. Such restricted time-based stock awards vest ratably on an annual basis over a service period of one Performance-Based Restricted Stock Units During the years ended December 31, 2021, 2020 and 2019 the Company granted approximately 188,000, 239,000, and 158,000 restricted stock units, respectively, under the Plan subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period. We used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be earned and vested pursuant to the award as these awards were deemed to have a market condition. The risk-free interest rate assumptions used in the Monte Carlo Simulation were determined based on the zero-coupon risk-free rate of 0.2% - 2.4% and an expected price volatility of 13.8% - 35.0%. The expected price volatility was calculated based on both historical and implied volatility. The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations: Year Ended December 31, (In thousands) 2021 2020 2019 Stock-based compensation expense $ 9,371 $ 7,388 $ 5,223 The following table details the activity of our incentive stock, time-based restricted stock and performance-based restricted stock units: (In thousands, except for per share data) Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2018 398,253 $ 19.60 Granted 338,788 22.03 Vested (121,786) 18.57 Forfeited (13,783) 20.44 Canceled — — Outstanding as of December 31, 2019 601,472 21.16 Granted 423,181 21.49 Vested (144,694) 20.21 Forfeited (24,655) 21.21 Canceled — — Outstanding as of December 31, 2020 855,304 21.48 Granted 494,335 18.79 Vested (397,204) 19.19 Forfeited (64,271) 19.58 Canceled — — Outstanding as of December 31, 2021 888,164 $ 21.15 As of December 31, 2021, there was $9.8 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 1.7 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We conduct our operations as a REIT for U.S. federal income tax purposes. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pays taxes at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. We intend to meet those requirements and as a result, we generally will not be subject to federal income tax except for the TRS operations. The TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. Accordingly, our tax provision and deferred tax analysis are primarily from the results of TRS activities. The composition of our income tax expense (benefit) was as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 1,066 $ 358 $ 1,424 $ 381 $ 148 $ 529 $ 1,100 $ 46 $ 1,146 State 1,475 (12) 1,463 299 3 302 563 (4) 559 Income tax expense $ 2,541 $ 346 $ 2,887 $ 680 $ 151 $ 831 $ 1,663 $ 42 $ 1,705 At December 31, 2021 and 2020, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were: (In thousands) December 31, 2021 December 31, 2020 Deferred tax assets: Lease liability $ 2,375 $ — Accruals, reserves and other 32 35 Total deferred tax assets 2,407 35 Deferred tax liabilities: Land, buildings and equipment, net (3,911) (3,568) Right of use asset (2,375) — Total deferred tax liabilities (6,286) (3,568) Net deferred tax liability $ (3,879) $ (3,533) The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 ($ in thousands) Amount Percent Amount Percent Amount Percent Federal income tax expense at statutory rate $ 215,469 21.0 % $ 188,378 21.0 % $ 116,757 21.0 % REIT income not subject to federal income tax (214,037) (20.9) (187,839) (20.9) (115,395) (20.8) Pre-tax gain attributable to taxable subsidiaries 1,432 0.1 539 0.1 1,362 0.2 State income taxes, net of federal benefits 1,444 0.1 296 — 542 0.1 Non-deductible expenses and other 11 — (4) — (199) — Income tax expense $ 2,887 0.2 % $ 831 0.1 % $ 1,705 0.3 % We declared dividends of $1.380, $1.255 and $1.170 per common share during the years ended December 31, 2021, 2020 and 2019, respectively. For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2021, 2020 and 2019 are characterized as follows: Year Ended December 31, ($ per share) 2021 2020 2019 Ordinary dividends $ 0.7108 $ 1.2225 $ 0.8465 Section 199A dividends (1) $ 0.7108 $ 1.2225 $ 0.8159 Qualified dividend (1) $ — $ — $ 0.0306 Non-dividend distribution $ 0.6392 $ — $ 0.0985 ____________________ (1) These amounts are a subset of, and are included in, the ordinary dividend amounts. As of December 31, 2021, we had estimated NOLs of $151.6 million, generated by our REIT, that will expire in 2029, unless they are utilized by us prior to expiration. As of December 31, 2021, the 2018, 2019, and 2020 tax years remain subject to examination by federal, state and local tax authorities. The tax filings for tax year 2021 have not yet been filed, and once made, will be subject to examination by taxing authorities for a period of three years.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
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 our real estate lending activities 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 tables present certain information with respect to our segments: Year Ended December 31, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Revenues $ 1,479,021 $ 30,547 $ 1,509,568 Interest expense (392,390) — (392,390) Gain upon lease modification — — — Loss on extinguishment of debt (15,622) — (15,622) Income before income taxes 1,019,225 6,820 1,026,045 Income tax expense (1,373) (1,514) (2,887) Net income 1,017,852 5,306 1,023,158 Total assets $ 17,499,533 $ 97,840 $ 17,597,373 Total liabilities $ 5,392,844 $ 17,355 $ 5,410,199 Year Ended December 31, 2020 (In thousands) Real Property Business Golf Course Business VICI Consolidated Revenues $ 1,201,782 $ 23,792 $ 1,225,574 Interest expense (308,605) — (308,605) Gain upon lease modification 333,352 — 333,352 Loss on extinguishment of debt (39,059) — (39,059) Income before income taxes 894,474 2,565 897,039 Income tax expense (276) (555) (831) Net income 894,198 2,010 896,208 Total assets $ 16,968,975 $ 94,638 $ 17,063,613 Total liabilities $ 7,551,391 $ 18,477 $ 7,569,868 Year Ended December 31, 2019 (In thousands) Real Property Business Golf Course Business VICI Consolidated Revenues $ 865,858 $ 28,940 $ 894,798 Interest expense (248,384) — (248,384) Loss on extinguishment of debt (58,143) — (58,143) Income before income taxes 549,503 6,483 555,986 Income tax expense (470) (1,235) (1,705) Net income 549,033 5,248 554,281

Schedule I Condensed Financial

Schedule I Condensed Financial Information of Registrant Parent Company Only	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Schedule I Condensed Financial Information of Registrant Parent Company Only	Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY VICI PROPERTIES INC. CONDENSED BALANCE SHEETS (In thousands, except share and per share data) December 31, 2021 December 31, 2020 Assets Cash and cash equivalents $ 15,851 $ 15,833 Other assets 1,036 86 Due from affiliates 7,208 7,383 Investment in subsidiaries 12,311,168 9,571,044 Total assets $ 12,335,263 $ 9,594,346 Liabilities Accrued expenses and deferred revenue $ 686 $ 1,514 Dividends payable 226,309 176,992 Total liabilities 226,995 178,506 Stockholders’ equity Common stock, $0.01 par value, 1,350,000,000 shares authorized and 628,942,092 and 536,669,722 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 6,289 5,367 Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2021 and 2020 — — Additional paid in capital 11,755,069 9,363,540 Accumulated other comprehensive income (loss) 884 (92,521) Retained earnings 346,026 139,454 Total stockholders’ equity 12,108,268 9,415,840 Total liabilities and stockholders’ equity $ 12,335,263 $ 9,594,346 See accompanying Notes to Condensed Financial Information Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY VICI PROPERTIES INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands) Year Ended December 31, 2021 2020 2019 Expenses General and administrative $ — $ 8 $ — Total expenses — 8 — Equity in earnings of investment in subsidiary 1,013,840 891,620 532,699 Interest income 11 62 13,265 Income before income taxes 1,013,851 891,674 545,964 Income taxes — — — Net income $ 1,013,851 $ 891,674 $ 545,964 Other comprehensive income Net income $ 1,013,851 $ 891,674 $ 545,964 Unrealized gain (loss) on cash flow hedges - investment in subsidiaries 29,166 (27,443) (42,954) Reclassification of realized loss on cash flow hedges to net income - investment in subsidiaries 64,239 — — Comprehensive income $ 1,107,256 $ 864,231 $ 503,010 See accompanying Notes to Condensed Financial Information Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY VICI PROPERTIES INC. CONDENSED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2021 2020 2019 Cash flows from operating activities Net income $ 1,013,851 $ 891,674 $ 545,964 Adjustments to reconcile net income to cash flows provided by operating activities: Equity in income from subsidiaries (1,013,840) (891,620) (532,699) Distributions of earnings from subsidiaries — — 13,334 Change in operating assets and liabilities: Change in other assets (1,288) 30 48 Change in accrued expenses and deferred revenue 1,077 275 1,370 Change in intercompany balances, net 613 (182) (1,985) Cash flows from operating activities 413 177 26,032 Cash flows from investing activities Investment in subsidiary (2,387,866) (1,540,227) (1,700,748) Distributions from subsidiaries 759,350 614,314 232,875 Investments in short-term investments — — (342,767) Maturities of short-term investments — — 760,419 Cash flows used in investing activities (1,628,516) (925,913) (1,050,221) Cash flows from financing activities Proceeds from follow-on offering of common stock 2,386,911 1,539,862 1,164,307 Dividends paid (758,790) (612,205) (503,958) Cash flows provided by financing activities 1,628,121 927,657 660,349 Net increase (decrease) in cash, cash equivalents and restricted cash 18 1,921 (363,840) Cash, cash equivalents and restricted cash, beginning of period 15,833 13,912 377,752 Cash, cash equivalents and restricted cash, end of period $ 15,851 $ 15,833 $ 13,912 See accompanying Notes to Condensed Financial Information Schedule I CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY VICI PROPERTIES INC. NOTES TO CONDENSED FINANCIAL INFORMATION 1. Background and Basis of Presentation The condensed parent company financial information has been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of VICI exceeds 25% of the consolidated net assets of VICI. This information should be read in conjunction with our Financial Statements included elsewhere in this filing. 2. Restricted net assets of subsidiaries VICI PropCo has certain restrictions on its ability to pay dividends or make intercompany loans and advances pursuant to financing arrangements. On December 22, 2017, VICI PropCo entered into the Existing Credit Agreement governing the Term Loan B Facility and the Secured Revolving Credit Facility. The Existing Credit Agreement contains customary covenants that, 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 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 Existing Credit Agreement) subject to no event of default under the Existing Credit Agreement and pro forma compliance with the financial covenant pursuant to the Existing 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 (as defined in the Existing Credit Agreement) or $30,000,000. Commencing with the first full fiscal quarter ended after December 22, 2017, if the outstanding amount of the Secured Revolving Credit Facility plus any drawings under letters of credit issued pursuant to the Existing Credit Agreement that have not been reimbursed as of the end of any fiscal quarter exceeds 30% of the aggregate amount of the Secured Revolving Credit Facility, VICI PropCo and its restricted subsidiaries on a consolidated basis would be required to maintain a maximum Total Net Debt to Adjusted Total Assets Ratio, as defined in the Existing Credit Agreement, as of the last day of any applicable fiscal quarter. On September 15, 2021, we repaid in full the Term Loan B Facility and, as of December 31, 2021, no amount was outstanding under the existing Secured Revolving Credit Facility. Subsequent to year end on February 8, 2022, we entered into the Credit Agreement providing for the Credit Facilities, comprised of (i) the Revolving Credit Facility in the amount of $2.5 billion and the Delayed Draw Term Loan in the amount of $1.0 billion and concurrently terminated our Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and Existing Credit Agreement. Pursuant to the terms of the Credit Agreement, the Operating Partnership is subject to, among other things, customary covenants and the maintenance of various financial covenants. The November 2019 Senior Unsecured Notes and the February 2020 Senior Unsecured Notes (together, the “Senior Unsecured Notes”) were issued in November 2019 and February 2020, respectively, pursuant to indentures (the “Senior Unsecured Notes Indentures”) by and among the Operating Partnership and VICI Note Co. Inc. (the “Co-Issuer” and, together with the Operating Partnership, the “Senior Unsecured Notes Issuers”), the subsidiary guarantors party thereto and UMB Bank, National Association, as trustee. 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. The amount of restricted net assets the Company’s consolidated subsidiaries held as of December 31, 2021 was approximately $7.4 billion. Schedule I 3. Commitments, contingencies, and long-term obligations For a discussion of our commitments, contingencies, and long-term obligations under its senior secured credit facilities, see Note 7 - Debt of our Financial Statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as 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”).
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 account balances 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates.
Reportable Segments	Reportable Segments Our real property business and our golf course business represent two reportable segments. The real property business segment consists of leased real property and real estate lending activities and represents the substantial majority of our business. The golf course business segment consists of four golf courses, each of which is an operating segment and is aggregated into one reportable segment. Corporate and overhead costs are allocated to reportable segments based upon revenue or headcount. Management believes that the assumptions and methodologies used in the allocation of such expenses are reasonable.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash consists of cash-on-hand and cash-in-bank. Highly liquid investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value.
Short-Term Investments	Short-Term Investments Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value.
Investments in Leases and Loans	Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement (excluding the Harrah’s Original Call Properties (as defined in Note 3 - Property Transactions ) ), the Joliet Lease Agreement, the Margaritaville Lease Agreement, the Greektown Lease Agreement, the Hard Rock Cincinnati Lease Agreement, the Century Portfolio Lease Agreement and the EBCI Lease Agreement meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”). The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease Agreement meet the definition of a sales-type lease and, since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the JACK Cleveland/Thistledown Lease Agreement is accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Upon the consummation of the Eldor ado Transaction on July 20, 2020, we reassessed the classification of the Caesars Lease Agreements and determined that the Harrah’s Original Call Properties Acquisitions (as defined in Note 3 - Property Transactions ) 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 land and building components of the Harrah’s Original Call Properties meet the definition of a sales-type lease and, since we purchased and leased the assets back to Caesars, control is not considered to have transferred to us under GAAP. Accordingly, the Harrah’s Original Call Properties are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested in our properties and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases, direct financing leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases, direct financing leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type and direct financing leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. 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. Further, 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. 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 is recognized as Income from sales-type leases and we no longer have any leases classified as operating or direct financing and, as such, there is no longer any income recorded through Income from operating leases. Initial direct costs incurred in connection with entering into investments classified as sales-type or direct financing leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Investments in Loans, net
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2020, we adopted ASC 326 “Financial Instruments-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 - sales-type, Investments in leases - financing receivables and Investments in loans. We have elected to use a discounted cash flow model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to develop cash flows which is used to 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 credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants or borrowers 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 or borrowers 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 or borrower and the parent guarantor 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 or borrowers and their parent guarantors. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables 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. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan or construction loan. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers, (ii) our borrowers' business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2021, 2020 and 2019.
Investments in Land	Investments in Land Our investments in land are held at historical cost and comprised of the following: • Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip . • Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas. • Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put/call option on the land parcels and the Caesars Forum Convention Center. The amount of $73.6 million is presented as Land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheet.
Property and Equipment Used in Operations	Property and Equipment Used in Operations Property and equipment used in operations is included within Other assets on our Balance Sheet and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-5 years
Impairment	Impairment We assess our investments in 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 and Other expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under 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 transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) on our Balance Sheet with a corresponding change in Unrealized gain (loss) on cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
Golf Revenues	Golf Revenues VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2021, payments under the Golf Course Use Agreement were comprised of a $10.5 million annual membership fee, $3.2 million of use fees and approximately $1.3 million of minimum rounds fees. The annual membership fee, use fees and minimum round fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period. Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less.
Income Taxes - REIT Qualification	Income Taxes-REIT Qualification We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates, and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain Code provisions, we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT. The TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that we expect to be in effect when the underlying items of income and expense are realized and the differences reverse.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.
Transaction and Acquisition Expenses	Transaction and Acquisition ExpensesTransaction and acquisition-related expenses that are not capitalizable under GAAP, including most leasing costs under ASC 842, are expensed in the period they occur. Transaction and acquisition expenses also include dead deal costs.
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche. The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for award of equity instruments range from zero
Earnings Per Share	Earnings Per ShareEarnings per share (”EPS”) is calculated in accordance with ASC 260, “Earnings Per Share”. Basic EPS is computed by dividing net income applicable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS reflects the additional dilution for all potentially dilutive securities including those from our stock incentive plan.
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.
Concentrations of Credit Risk	Concentrations of Credit Risk Caesars is the guarantor of all the lease payment obligations of the tenants under the respective leases of the properties that it leases from us. Revenue from the Caesars Lease Agreements represented 85%, 84%, and 93% of our lease revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 32%, 30%, and 33% of our lease revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Following the MGP Transactions, MGM will be guarantor of all the lease payment obligations of the tenants under the MGM Master Lease Agreement. We do not believe there are any other significant concentrations of credit risk. Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov . We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K.
Reclassifications	ReclassificationsAs of December 31, 2021 we reclassified amounts previously presented as Accrued interest, Deferred revenue and certain operating accounts payable and accrued expenses previously presented in Other liabilities to Accrued expenses and deferred revenue on the Balance Sheet. In addition, we reclassified the amount previously presented as Deferred financing liability to Other liabilities in the Balance Sheet. Both reclassifications were made in order to simplify our presentation and maintain consistency with the current year presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule Of Depreciation	Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-5 years 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 December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Land and land improvements $ 59,250 $ 59,115 Buildings and improvements 14,880 14,697 Furniture and equipment 9,014 7,020 Total property and equipment used in operations 83,144 80,832 Less: accumulated depreciation (14,629) (11,628) Total property and equipment used in operations, net $ 68,515 $ 69,204 Year Ended December 31, (In thousands) 2021 2020 2019 Depreciation expense $ 3,091 $ 3,731 $ 3,831
Schedule Of Reclassifications	The following tables present the reclassification changes to Liabilities section of the Balance Sheet as of December 31, 2020, to reflect the aforementioned changes: (In thousands) December 31, 2020 Reclassification December 31, 2020 Liabilities Debt, net 6,765,532 — 6,765,532 Accrued expenses and deferred revenue — 155,807 155,807 Accrued interest 46,422 (46,422) — Deferred financing liability 73,600 (73,600) — Deferred revenue 93,659 (93,659) — Dividends payable 176,992 — 176,992 Other liabilities 413,663 57,874 471,537 Total liabilities 7,569,868 — 7,569,868

Real Estate Portfolio (Tables)

Real Estate Portfolio (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule Real Estate Portfolio	The following is a summary of the balances of our real estate portfolio as of December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Minimum lease payments receivable under sales-type leases (1) $ 44,485,224 $ 45,500,260 Estimated residual values of leased property (not guaranteed) 3,334,549 3,348,174 Gross investment in sales-type leases 47,819,773 48,848,434 Unamortized initial direct costs 23,363 23,764 Less: Unearned income (34,271,620) (35,390,353) Less: Allowance for credit losses (434,852) (454,201) Investments in leases - sales-type, net 13,136,664 13,027,644 Investments in leases - financing receivables, net 2,644,824 2,618,562 Total investments in leases, net 15,781,488 15,646,206 Investments in loans, net 498,002 536,721 Land 153,576 158,190 Total real estate portfolio $ 16,433,066 $ 16,341,117 ____________________ (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	Year Ended December 31, (In thousands) 2021 2020 2019 Income from sales-type and direct financing leases, excluding contingent rent (1) $ 1,161,655 $ 1,007,193 $ 822,205 Income from operating leases (2) — 25,464 43,653 Income from lease financing receivables (1) (3) 243,008 137,344 — Total revenue, excluding contingent rent 1,404,663 1,170,001 865,858 Contingent rent (1) 6,317 315 — Total lease revenue 1,410,980 1,170,316 865,858 Non-cash adjustment (4) (119,790) (39,883) 239 Total contractual lease revenue $ 1,291,190 $ 1,130,433 $ 866,097 ____________________ (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 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 December 31, 2021, we have recognized contingent rent on our Margaritaville Lease Agreement and Greektown Lease Agreement, in relation to the variable rent portion of the lease, and the Las Vegas Master Lease Agreement, in relation to amounts above the specified CPI floor. Refer to the Lease Provisions 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 Regional Master 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 were determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income is recognized as Income from sales-type leases. (3)Represents the Harrah’s Original Call Properties and the JACK Cleveland/Thistledown Lease Agreement, both of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. (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.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases	At December 31, 2021, minimum lease payments owed to us for each of the five succeeding years under sales-type leases and our leases accounted for as financing receivables, are as follows: Minimum Lease Payments (1) (2) Investments in Leases (In thousands) Sales-Type Financing Receivables Total 2022 $ 1,075,509 $ 227,627 $ 1,303,136 2023 1,094,189 232,320 1,326,509 2024 1,111,961 236,452 1,348,413 2025 1,126,098 239,835 1,365,933 2026 1,140,571 243,281 1,383,852 Thereafter 38,936,896 8,556,214 47,493,110 Total $ 44,485,224 $ 9,735,729 $ 54,220,953 Weighted Average Lease Term (2) 33.5 33.4 33.5 ____________________ (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: ($ in thousands) Regional Master Lease Agreement and Joliet Lease Agreement Las Vegas Master Lease Agreement Lease Provision (1) As Amended As Amended Initial Term (2) 18 years 18 years Initial Term maturity (2) 7/31/2035 7/31/2035 Renewal Terms Four, five Four, five Current annual rent (3) $649,572 $422,224 Escalator (4) Lease years 2-5 - 1.5% Lease years 6-end of term - CPI subject to 2% floor CPI subject to 2% floor Variable Rent adjustment Year 8 : 70% base rent / 30% variable rent Years 11 & 16 : 80% base rent / 20% variable rent Years 8, 11 & 16 : 80% base rent / 20% variable rent Variable Rent adjustment calculation (5) 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 ____________________ (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 has a full 15-year initial term. (3) The amounts represent the current annual base rent payable for the current lease year, which is the period from November 1, 2021 through October 31, 2022. Annual rental payments under the Regional Master Lease Agreement were reduced by $32.5 million, which represents the annual rent for the EBCI Lease Agreement related to the Caesars Southern Indiana property, the operations of which were acquired by EBCI from Caesars on September 3, 2021, as further described in Note 3 - Property Transactions (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. In relation to the Las Vegas Master Lease Agreement during the year ended December 31, 2021, we recognized approximately $2.0 million in contingent rent. No such rent has been recognized for the years ended December 31, 2020 and 2019. In relation to the Regional Master Lease Agreement and Joliet Lease Agreement, no such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. (5) Variable Rent is not subject to the Escalator. The following is a summary of the material provisions of the Penn National Lease Agreements: ($ in thousands) Lease Provision Margaritaville Lease Agreement Greektown Lease Agreement Initial term 15 years 15 years Initial term maturity 1/31/2034 5/23/2034 Renewal terms Four, five Four, five Current annual rent (1) $23,813 $51,321 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) $2,918 $2,149 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, 2022 through January 31, 2023. 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 June 1, 2021 through May 31, 2022. (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 years ended December 31, 2021 and 2020, we recognized approximately $3.0 million and $0.3 million in contingent rent in relation to the Margaritaville Lease Agreement escalation, respectively. No such rent has been recognized for the year ended December 31, 2019. In relation to the Greektown Lease Agreement during the year ended December 31, 2021, we recognized approximately $1.3 million in contingent rent. No such rent has been recognized for the years ended December 31, 2020 and 2019. The following is a summary of the material lease provisions of the Hard Rock Cincinnati Lease Agreement: ($ in thousands) Lease Provision Term Initial term 15 years Initial term maturity 9/30/2034 Renewal terms Four, five Current annual rent (1) $44,042 Escalator commencement Lease year two Escalator (2) Lease years 2-4 - 1.5% Lease years 5-15 - The greater of 2% or the change in CPI unless the change in CPI is less than 0.5%, in which case there is no escalation in rent for such lease year Variable rent commencement/reset Lease year 8 Variable rent split (3) 80% base rent and 20% variable rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from October 1, 2021 through September 30, 2022. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, multiplied by the Variable rent percentage. The following is a summary of the material lease provisions of the Century Portfolio Lease Agreement: ($ in thousands) Lease Provision Term Initial term 15 years Initial term maturity 12/31/2034 Renewal terms Four, five Current annual rent (1) $25,503 Escalator commencement Lease year two Escalator (2) Lease years 2-3 - 1.0% Lease years 4-15 - The greater of 1.25% or the change in CPI Net revenue to rent ratio floor 7.5x commencing lease year six - if the coverage ratio is below the stated amount the escalator will be reduced to 0.75% Variable rent commencement/reset Lease year 8 and 11 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from January 1, 2022 through December 31, 2022. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. (3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, in each case multiplied by the Variable rent percentage. The following is a summary of the material lease provisions of our JACK Cleveland/Thistledown Lease Agreement: ($ in thousands) Lease Provision Term Initial term 20 years Initial term maturity 1/31/2040 Renewal terms Three, five Current annual rent (1) $68,704 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% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from February 1, 2022 through January 31, 2023. Effective April 1, 2022, the annualized rent will increase by $1.8 million related to the gaming patio amenity at JACK Thistledown. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the years ended December 31, 2021, 2020 and 2019. The following is a summary of the material lease provisions of our EBCI Lease Agreement: ($ in thousands) Lease Provision Term Initial term 15 years Initial term maturity 8/31/2036 Renewal terms Four, five Current annual rent (1) $32,500 Escalator commencement Lease year two Escalator (2) Lease years 2-5 - 1.5% Lease years 6-15 - The greater of 2.0% or the change in CPI Variable rent commencement/reset Lease year 8 and 11 Variable rent split (3) 80% Base Rent and 20% Variable Rent Variable rent percentage (3) 4% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from September 3, 2021 through August 31, 2022. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the year ended December 31, 2021. (3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for the year preceding lease commencement and lease years 1 through 2 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, in each case multiplied by the variable rent percentage. The following is a summary of the material lease provisions of our Venetian Lease Agreement, as entered into on February 23, 2022: ($ in thousands) Lease Provision Term Initial term 30 years Initial term maturity 2/29/2052 Renewal terms Two, ten Current annual rent (1) $250,000 Escalator commencement (2) Lease year two Escalator The greater of 2.0% or the change in CPI capped at 3.0% ____________________ (1) The amount represents the current annual base rent payable for the current lease year, which is the period from February 23, 2022 through the date specified in the Venetian Lease Agreement. (2) Lease year two will begin on the earlier of (i) March 1, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing twelve months equals or exceeds 2019 net revenue.
Schedule Of Capital Expenditure Requirements Under Lease Agreements	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) $311 million $84 million Initial minimum capital expenditure N/A $171 million (2017 - 2021) (with respect solely to HLV) ____________________ (1) The lease agreements require a $114.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease Agreement properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) Certain tenants under the Caesars Lease Agreements, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three 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, JACK Cleveland/Thistledown Lease Agreement and EBCI Lease Agreement: Provision Penn National Lease Agreements Hard Rock Cincinnati Lease Agreement Century Portfolio Lease Agreement JACK Cleveland/Thistledown Lease Agreement EBCI Lease Agreement Venetian 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) three 1% of net revenues 2% of net revenues based on rolling three ____________________ (1) Minimum of 1% of net gaming revenue on a rolling three (2) Initial minimum required to be spent from the period commencing April 1, 2019 through December 31, 2022, which includes $18.0 million to be advanced by us and expended by JACK Entertainment for the construction of the new gaming patio amenity at JACK Thistledown Racino (which construction was completed in the first quarter of 2021).
Summary of Investments In Loans	The following is a summary of our investments in loans as of December 31, 2021 and 2020: ($ in thousands) December 31, 2021 Investment Name Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Interest Rate (3) Final Maturity (4) Forum Convention Center Mortgage Loan Senior Secured $ 400,000 $ 400,036 $ — 7.9 % 9/18/2025 Chelsea Piers Mortgage Loan Senior Secured 65,000 64,998 15,000 7.0 % 8/31/2027 Great Wolf Mezzanine Loan Mezzanine 33,614 32,968 45,886 8.0 % 7/9/2026 Total $ 498,614 $ 498,002 $ 60,886 7.3 % ($ in thousands) December 31, 2020 Investment Name Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Interest Rate (3) Final Maturity (4) Forum Convention Center Mortgage Loan Senior Secured $ 400,000 $ 400,045 $ — 7.7 % 9/18/2025 Chelsea Piers Mortgage Loan Senior Secured 65,000 64,880 15,000 7.0 % 8/31/2027 Amended and Restated ROV Loan ROV Term Loan (5) Senior Secured 70,000 71,796 — 9.0 % 1/24/2027 ROV Credit Facility (5) Senior Secured — — 25,000 L + 2.75% 1/24/2027 Total $ 535,000 $ 536,721 $ 40,000 7.8 % ____________________ (1) Carrying value is net of unamortized loan origination costs and allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) Represents current interest rate per annum. The interest rate of the Forum Convention Center Mortgage Loan is subject to a 2.0% annual escalation. (4) Final maturity assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2021
Credit Loss [Abstract]
Net Investment in Lease, Allowance for Credit Loss	The following tables detail the allowance for credit losses as of December 31, 2021 and December 31, 2020: December 31, 2021 (In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 13,571,516 $ (434,852) $ 13,136,664 3.20 % Investments in leases - financing receivables 2,735,948 (91,124) 2,644,824 3.33 % Investments in loans 498,775 (773) 498,002 0.15 % Other assets - sales-type sub-leases 280,510 (6,540) 273,970 2.33 % Totals $ 17,086,749 $ (533,289) $ 16,553,460 3.12 % December 31, 2020 (In thousands) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 13,481,845 $ (454,201) $ 13,027,644 3.37 % Investments in leases - financing receivables 2,709,520 (90,958) 2,618,562 3.36 % Investments in loans 538,547 (1,826) 536,721 0.34 % Other assets - sales-type sub-leases 284,376 (6,894) 277,482 2.42 % Totals $ 17,014,288 $ (553,879) $ 16,460,409 3.26 % ____________________ (1) The total allowance excludes the CECL allowance for unfunded loan commitments. As of December 31, 2021, such allowance is $1.0 million and is recorded in Other liabilities. As of December 31, 2020, there was no CECL allowance related to unfunded loan commitments. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the year ended December 31, 2021 and 2020: Year Ended December 31, (In thousands) 2021 2020 Beginning Balance January 1, $ 553,879 $ — Initial allowance upon adoption — 309,362 Initial allowance from current period investments 1,725 90,368 Current period change in credit allowance (21,279) 154,149 Charge-offs — — Recoveries — — Ending Balance December 31, $ 534,325 $ 553,879
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 December 31, 2021 and December 31, 2020: December 31, 2021 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (1) Total Investments in leases - sales-type and financing receivable, Investments in loans, Other assets and Other liabilities $ — $ 951,033 $ 14,888,770 $ 868,629 $ 279,579 $ 98,739 $ 17,086,749 December 31, 2020 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (1) Total Investments in leases - sales-type and financing receivable and Investments in loans $ — $ — $ 15,733,402 $ 934,628 $ 281,246 $ 65,012 $ 17,014,288 ____________________

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets	The following table details the components of our other assets as of December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Sales-type sub-leases, net $ 273,970 $ 277,482 Property and equipment used in operations, net 68,515 69,204 Debt financing costs 24,928 8,879 Deferred acquisition costs 24,690 1,788 Right of use assets 16,811 17,507 Tenant receivable for property taxes 5,032 3,384 Prepaid expenses 3,660 2,710 Interest receivable 2,780 2,746 Forward swap asset 884 — Other receivables 341 803 Other 3,082 2,027 Total other assets $ 424,693 $ 386,530 _______________________________________________________ (1) As of December 31, 2021 and December 31, 2020, sales-type sub-leases are net of $6.5 million and $6.9 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
Schedule Of Property and Equipment Used in Operations, Net	Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-5 years 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 December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Land and land improvements $ 59,250 $ 59,115 Buildings and improvements 14,880 14,697 Furniture and equipment 9,014 7,020 Total property and equipment used in operations 83,144 80,832 Less: accumulated depreciation (14,629) (11,628) Total property and equipment used in operations, net $ 68,515 $ 69,204 Year Ended December 31, (In thousands) 2021 2020 2019 Depreciation expense $ 3,091 $ 3,731 $ 3,831
Schedule of Other Liabilities	The following table details the components of our other liabilities as of December 31, 2021 and 2020: (In thousands) December 31, 2021 December 31, 2020 Finance sub-lease liabilities $ 280,510 $ 284,376 Deferred financing liability 73,600 73,600 Lease liabilities 16,811 17,507 Deferred income taxes 3,879 3,533 CECL allowance for unfunded loan commitments 1,037 — Derivative liability — 92,521 Total other liabilities $ 375,837 $ 471,537

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail our debt obligations as of December 31, 2021 and 2020: ($ in thousands) December 31, 2021 Description of Debt Final Interest Rate Face Value Carrying Value (1) Secured Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Senior Unsecured Notes (3) 2025 Notes 2025 3.500% 750,000 742,677 2026 Notes 2026 4.250% 1,250,000 1,235,972 2027 Notes 2027 3.750% 750,000 741,409 2029 Notes 2029 4.625% 1,000,000 987,331 2030 Notes 2030 4.125% 1,000,000 987,134 Total Debt $ 4,750,000 $ 4,694,523 ($ in thousands) December 31, 2020 Description of Debt Final Interest Rate Face Value Carrying Value (1) VICI PropCo Senior Secured Credit Facilities Secured Revolving Credit Facility (2) 2024 L + 2.00% $ — $ — Term Loan B Facility (4) 2024 L + 1.75% 2,100,000 2,080,974 Senior Unsecured Notes (3) 2025 Notes 2025 3.500% 750,000 740,333 2026 Notes 2026 4.250% 1,250,000 1,233,119 2027 Notes 2027 3.750% 750,000 739,733 2029 Notes 2029 4.625% 1,000,000 985,730 2030 Notes 2030 4.125% 1,000,000 985,643 Total Debt $ 6,850,000 $ 6,765,532 ____________________ (1) Carrying value is net of original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) The commitment fee under the Secured Revolving Credit Facility was 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. Subsequent to year end, on February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the Existing Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described below. (3) 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 December 31, 2021: ($ in thousands) Future Minimum Payments 2022 $ — 2023 — 2024 — 2025 750,000 2026 1,250,000 Thereafter 2,750,000 Total minimum repayments $ 4,750,000

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31, 2020 and 2021: ($ in thousands) December 31, 2021 Instrument Number of Instruments Fixed Rate Notional Index Maturity Forward-starting interest rate swap 1 1.3465% $500,000 USD SOFR- COMPOUND May 2, 2032 ($ in thousands) December 31, 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
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	As of December 31, 2021 and 2020, the swaps are in net unrealized gain and loss positions, respectively and are recorded within Other assets and Other liabilities, respectively. The following table presents the effect of our derivative financial instruments on our Statement of Operations: Year Ended December 31, (In thousands) 2021 2020 2019 Unrealized gain (loss) recorded in other comprehensive income $ 29,166 $ (27,443) $ (42,954) Interest recorded in interest expense 29,960 42,797 9,269 Interest rate swap settlement recorded in interest expense 64,239 — —

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 and 2020: December 31, 2021 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (1) $ 884 $ — $ 884 $ — December 31, 2020 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (2) $ 19,973 $ — $ 19,973 $ — Financial liabilities: Derivative instruments - interest rate swaps (1) $ 92,521 $ — $ 92,521 $ — ____________________ (1) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820. (2) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality.
Schedule Of Estimated Fair Value	The estimated fair values of our financial instruments at December 31, 2021 and 2020 for which fair value is only disclosed are as follows: December 31, 2021 December 31, 2020 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 2,644,824 $ 3,104,337 $ 2,618,562 $ 2,684,955 Investments in loans (2) 498,002 498,614 536,721 538,151 Cash and cash equivalents 739,614 739,614 315,993 315,993 Financial liabilities: Debt (3) Secured Revolving Credit Facility $ — $ — $ — $ — Term Loan B Facility — — 2,080,974 2,065,875 2025 Notes 742,677 763,125 740,333 766,875 2026 Notes 1,235,972 1,296,875 1,233,119 1,296,875 2027 Notes 741,409 772,500 739,733 763,125 2029 Notes 987,331 1,067,500 985,730 1,070,000 2030 Notes 987,134 1,055,000 985,643 1,045,000 ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease Agreement and the Harrah’s Original Call Properties. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (2) These investments represent the (i) Caesars Forum Convention Center Mortgage Loan, (ii) Chelsea Piers Mortgage Loan, (iii) Amended and Restated ROV Loan (which was terminated on October 4, 2021) and (iv) Great Wolf Mezzanine Loan. We believe the current principal balance of the investments approximates their fair value. (3) The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.
Summary of Assets Measured at Fair Value On a Non-recurring Basis	The following table summarizes our assets measured at fair value on a non-recurring basis in relation to the gain upon modification of the Caesars Lease Agreements on July 20, 2020 the date of modification: July 20, 2020 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Investments in sales-type leases - Caesars Lease Agreements (1) $ 10,228,465 $ — $ — $ 10,228,465 Investments in sales-type leases - assets subject to sales agreements (2) $ 55,325 $ — $ 55,325 $ — ____________________ (1) The fair value measurement of the Caesars Lease Agreements excludes the Harrah’s Original Call Properties Acquisitions, HLV Additional Rent Acquisition and CPLV Additional Rent Acquisition as these transactions occurred in connection with the Eldorado Transaction and the investments are measured at historical cost. (2) Represents the Harrah’s Reno, Bally’s Atlantic City and Louisiana Downs assets, which were subject to sales agreements at the date of the modification. The fair value of these investments is based on the contract price and represents a Level 2 measurement as defined in ASC 820.
Summary of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques	The following table summarizes the significant unobservable inputs used in non-recurring Level 3 fair value measurements: (In thousands) Significant Assumptions Asset Type Fair Value (1) Valuation Technique Range Weighted Average (2) Investment in sales-type lease - Casinos $ 10,228,465 Rent Multiple 9.75x - 15.50x 13.0x ____________________ (1) The fair value measurement of the Caesars Lease Agreements excludes the Harrah’s Original Call Properties Acquisitions, HLV Additional Rent Acquisition and CPLV Additional Rent Acquisition as these transactions occurred in connection with the Eldorado Transaction and the investments are measured at historical cost.

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Rent Expenses	Total rental expense, included in golf expenses and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Rent expense $ 2,009 $ 2,008 $ 1,622 Contractual rent $ 1,881 $ 1,600 $ 1,257 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: Year Ended December 31, (In thousands) 2021 2020 2019 Rental income and expense (1) $ 22,484 $ 11,632 $ 410 Contractual rent $ 26,350 $ 17,983 $ 452 ____________________ (1) For the years ended December 31, 2021 and 2020, these amounts are presented gross in Other income with an offsetting amount in Other expenses within the Statement of Operations. For the year ended December 31, 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 December 31, 2021 are as follows: (In thousands) Lease Commitments 2022 $ 1,884 2023 1,827 2024 1,847 2025 1,908 2026 1,959 Thereafter 17,117 Total minimum lease commitments $ 26,542 Discounting factor 9,731 Lease liability $ 16,811
Schedule of Assets And Liabilities	The following table details the balance and location in our Balance Sheet of the ground and use leases as of December 31, 2021 and 2020, which is primarily comprised of the HNO Ground Lease: (In thousands) December 31, 2021 December 31, 2020 Others assets (sales-type sub-lease) $ 273,970 $ 277,482 Other liabilities (finance sub-lease liability) 280,510 284,376
Schedule of Finance Lease, Liability, Fiscal Year Maturity	The future minimum lease commitments relating to the ground and use leases at December 31, 2021 are as follows: (In thousands) Lease Commitments 2022 $ 26,350 2023 23,350 2024 23,350 2025 23,350 2026 23,350 Thereafter 741,729 Total minimum lease commitments $ 861,479 Discounting factor 580,969 Finance sub-lease liability $ 280,510

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Common Stock Shares Outstanding	The following table details the issuance of outstanding shares of common stock, including restricted common stock: Common Stock Outstanding 2021 2020 Beginning Balance January 1 536,669,722 461,004,742 Issuance of common stock in primary follow-on offerings 65,000,000 — Issuance of common stock upon physical settlement of forward sale agreements (1) 26,900,000 68,000,000 Issuance of common stock under the at-the-market offering program — 7,500,000 Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures (2) 372,370 164,980 Ending Balance December 31 628,942,092 536,669,722 ____________________ (1) Excludes the 50,000,000 and 69,000,000 remaining shares subject to the September 2021 Forward Sale Agreements and March 2021 Forward Sale Agreements, respectively, as such shares were not yet settled. Subsequent to year end, on February 18, 2022, we physically settled the September 2021 Forward Sale Agreements and March 2021 Forward Sale Agreements.
Summary of Dividends Declared	Dividends declared (on a per share basis) during the years ended December 31, 2021 and 2020 were as follows: Year Ended December 31, 2021 Declaration Date Record Date Payment Date Period Dividend March 11, 2021 March 25, 2021 April 8, 2021 January 1, 2021 - March 31, 2021 $ 0.3300 June 10, 2021 June 24, 2021 July 8, 2021 April 1, 2021 - June 30, 2021 $ 0.3300 August 4, 2021 September 24, 2021 October 7, 2021 July 1, 2021 - September 30, 2021 $ 0.3600 December 9, 2021 December 23, 2021 January 6, 2022 October 1, 2021 - December 31, 2021 $ 0.3600 Year Ended December 31, 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 September 10, 2020 September 30, 2020 October 8, 2020 July 1, 2020 - September 30, 2020 $ 0.3300 December 10, 2020 December 23, 2020 January 7, 2021 October 1, 2020 - December 31, 2020 $ 0.3300

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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: Year Ended December 31, (In thousands) 2021 2020 2019 Determination of shares: Weighted-average shares of common stock outstanding 564,467 506,141 435,071 Assumed conversion of restricted stock 924 412 566 Assumed settlement of forward sale agreements 11,675 4,356 3,516 Diluted weighted-average shares of common stock outstanding 577,066 510,909 439,153 Basic and Diluted Earnings Per Share Year Ended December 31, (In thousands, except per share data) 2021 2020 2019 Basic: Net income attributable to common stockholders $ 1,013,851 $ 891,674 $ 545,964 Weighted-average shares of common stock outstanding 564,467 506,141 435,071 Basic EPS $ 1.80 $ 1.76 $ 1.25 Diluted: Net income attributable to common stockholders $ 1,013,851 $ 891,674 $ 545,964 Diluted weighted-average shares of common stock outstanding 577,066 510,909 439,153 Diluted EPS $ 1.76 $ 1.75 $ 1.24

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
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: Year Ended December 31, (In thousands) 2021 2020 2019 Stock-based compensation expense $ 9,371 $ 7,388 $ 5,223
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	The following table details the activity of our incentive stock, time-based restricted stock and performance-based restricted stock units: (In thousands, except for per share data) Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2018 398,253 $ 19.60 Granted 338,788 22.03 Vested (121,786) 18.57 Forfeited (13,783) 20.44 Canceled — — Outstanding as of December 31, 2019 601,472 21.16 Granted 423,181 21.49 Vested (144,694) 20.21 Forfeited (24,655) 21.21 Canceled — — Outstanding as of December 31, 2020 855,304 21.48 Granted 494,335 18.79 Vested (397,204) 19.19 Forfeited (64,271) 19.58 Canceled — — Outstanding as of December 31, 2021 888,164 $ 21.15

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The composition of our income tax expense (benefit) was as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 1,066 $ 358 $ 1,424 $ 381 $ 148 $ 529 $ 1,100 $ 46 $ 1,146 State 1,475 (12) 1,463 299 3 302 563 (4) 559 Income tax expense $ 2,541 $ 346 $ 2,887 $ 680 $ 151 $ 831 $ 1,663 $ 42 $ 1,705
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2021 and 2020, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were: (In thousands) December 31, 2021 December 31, 2020 Deferred tax assets: Lease liability $ 2,375 $ — Accruals, reserves and other 32 35 Total deferred tax assets 2,407 35 Deferred tax liabilities: Land, buildings and equipment, net (3,911) (3,568) Right of use asset (2,375) — Total deferred tax liabilities (6,286) (3,568) Net deferred tax liability $ (3,879) $ (3,533)
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 ($ in thousands) Amount Percent Amount Percent Amount Percent Federal income tax expense at statutory rate $ 215,469 21.0 % $ 188,378 21.0 % $ 116,757 21.0 % REIT income not subject to federal income tax (214,037) (20.9) (187,839) (20.9) (115,395) (20.8) Pre-tax gain attributable to taxable subsidiaries 1,432 0.1 539 0.1 1,362 0.2 State income taxes, net of federal benefits 1,444 0.1 296 — 542 0.1 Non-deductible expenses and other 11 — (4) — (199) — Income tax expense $ 2,887 0.2 % $ 831 0.1 % $ 1,705 0.3 %
Summary of Federal Income Tax Note	For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2021, 2020 and 2019 are characterized as follows: Year Ended December 31, ($ per share) 2021 2020 2019 Ordinary dividends $ 0.7108 $ 1.2225 $ 0.8465 Section 199A dividends (1) $ 0.7108 $ 1.2225 $ 0.8159 Qualified dividend (1) $ — $ — $ 0.0306 Non-dividend distribution $ 0.6392 $ — $ 0.0985 ____________________

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The results of each reportable segment presented below are consistent with the way our management assesses these results and allocates resources. The following tables present certain information with respect to our segments: Year Ended December 31, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Revenues $ 1,479,021 $ 30,547 $ 1,509,568 Interest expense (392,390) — (392,390) Gain upon lease modification — — — Loss on extinguishment of debt (15,622) — (15,622) Income before income taxes 1,019,225 6,820 1,026,045 Income tax expense (1,373) (1,514) (2,887) Net income 1,017,852 5,306 1,023,158 Total assets $ 17,499,533 $ 97,840 $ 17,597,373 Total liabilities $ 5,392,844 $ 17,355 $ 5,410,199 Year Ended December 31, 2020 (In thousands) Real Property Business Golf Course Business VICI Consolidated Revenues $ 1,201,782 $ 23,792 $ 1,225,574 Interest expense (308,605) — (308,605) Gain upon lease modification 333,352 — 333,352 Loss on extinguishment of debt (39,059) — (39,059) Income before income taxes 894,474 2,565 897,039 Income tax expense (276) (555) (831) Net income 894,198 2,010 896,208 Total assets $ 16,968,975 $ 94,638 $ 17,063,613 Total liabilities $ 7,551,391 $ 18,477 $ 7,569,868 Year Ended December 31, 2019 (In thousands) Real Property Business Golf Course Business VICI Consolidated Revenues $ 865,858 $ 28,940 $ 894,798 Interest expense (248,384) — (248,384) Loss on extinguishment of debt (58,143) — (58,143) Income before income taxes 549,503 6,483 555,986 Income tax expense (470) (1,235) (1,705) Net income 549,033 5,248 554,281

Business and Organization (Deta

Business and Organization (Details) - property	Feb. 23, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		27
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	28
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 - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2021USD ($)propertysegment	Dec. 31, 2021USD ($)propertytradingDay	Dec. 31, 2021USD ($)dproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)a
Real Estate Properties
Number of reportable segments | segment				2
Number of golf courses | property	27	27	27	27	27	27
Restricted cash	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Short-term investments	$ 0	0	$ 0	$ 0	$ 0	$ 0	$ 19,973,000
Sublease income								$ 2,900,000
Variable golf fees		10,500,000
Use fees		3,200,000
Minimum rounds fees		$ 1,300,000
Eastside Property
Real Estate Properties
Area of real estate property | a									18.4
Proceeds from sale of land held-for-investment									$ 73,600,000
Deposit liability									$ 73,600,000
Property, Las Vegas Strip | Geographic Concentration Risk | Revenue Benchmark
Real Estate Properties
Concentration risk percentage			32.00%				30.00%	33.00%
Caesars Entertainment Corporation | Customer Concentration Risk | Revenue Benchmark
Real Estate Properties
Concentration risk percentage			85.00%				84.00%	93.00%
Minimum
Real Estate Properties
Award vesting period (in years)	0 years
Maximum
Real Estate Properties
Award vesting period (in years)	3 years
Harrah’s Joliet LandCo LLC
Real Estate Properties
Percentage of non-controlling interests owned by parent	20.00%	20.00%	20.00%	20.00%	20.00%	20.00%
Time-Based Restricted Shares
Real Estate Properties
Period of volume of weighted average price					10	10
Trading days | tradingDay					10
Time-Based Restricted Shares | Minimum
Real Estate Properties
Award vesting period (in years)	1 year
Time-Based Restricted Shares | Maximum
Real Estate Properties
Award vesting period (in years)	3 years
Golf Courses
Real Estate Properties
Number of reportable segments | segment				1
Number of golf courses | property	4	4	4	4	4	4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule Of Depreciation (Details)	12 Months Ended
	Dec. 31, 2021
Depreciable land improvements | Minimum
Property, Plant and Equipment
Useful life	2 years
Depreciable land improvements | Maximum
Property, Plant and Equipment
Useful life	50 years
Building and improvements | Minimum
Property, Plant and Equipment
Useful life	5 years
Building and improvements | Maximum
Property, Plant and Equipment
Useful life	25 years
Furniture and equipment | Minimum
Property, Plant and Equipment
Useful life	2 years
Furniture and equipment | Maximum
Property, Plant and Equipment
Useful life	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities
Debt, net	$ 4,694,523	$ 6,765,532
Accrued expenses and deferred revenue	113,530	155,807
Accrued interest		0
Deferred financing liability	73,600	73,600
Deferred revenue		0
Dividends payable	226,309	176,992
Other liabilities	375,837	471,537
Total liabilities	$ 5,410,199	7,569,868
Historical
Liabilities
Debt, net		6,765,532
Accrued expenses and deferred revenue		0
Accrued interest		46,422
Deferred financing liability		73,600
Deferred revenue		93,659
Dividends payable		176,992
Other liabilities		413,663
Total liabilities		7,569,868
Reclassification
Liabilities
Debt, net		0
Accrued expenses and deferred revenue		155,807
Accrued interest		(46,422)
Deferred financing liability		(73,600)
Deferred revenue		(93,659)
Dividends payable		0
Other liabilities		57,874
Total liabilities		$ 0

Property Transactions - MGP Tra

Property Transactions - MGP Transactions (Details) $ in Thousands, ft² in Millions	Dec. 13, 2021USD ($)renewal	Dec. 31, 2022USD ($)	Jun. 30, 2022USD ($)ft²propertyrenewalregionhotelRoomshares	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition
Number of golf courses | property				27
Payments to acquire real estate				$ 0	$ 1,407,260	$ 1,812,404
Debt, net				$ 4,694,523	$ 6,765,532
Mirage Severance Lease
Business Acquisition
Initial lease term	25 years
Number of renewal options | renewal	3
Lessor, sales-type lease, renewal term	10 years
Annual rent increase, cap percent	3.00%
Minimum capital expenditure requirements percent	1.00%
Mirage Severance Lease | Maximum
Business Acquisition
Contractual annual rent amounts	$ 90,000
Mirage Severance Lease | Minimum
Business Acquisition
Annual escalation rate	2.00%
Forecast | MGM Master Lease Agreement
Business Acquisition
Contractual annual rent amounts			$ 770,000
Initial lease term			25 years
Number of renewal options | renewal			3
Lessor, sales-type lease, renewal term			10 years
Annual escalation rate period			10 years
Annual rent increase, cap percent			3.00%
Forecast | MGM Master Lease Agreement | Maximum
Business Acquisition
Contractual annual rent amounts			$ 860,000
Increase (decrease) in annual rent payments			$ (90,000)
Forecast | MGM Master Lease Agreement | Minimum
Business Acquisition
Annual escalation rate			2.00%
Forecast | BREIT JV Lease Agreement
Business Acquisition
Contractual annual rent amounts			$ 298,000
Initial lease term			30 years
Number of renewal options | renewal			2
Lessor, sales-type lease, renewal term			10 years
Annual escalation rate period			15 years
Annual rent increase, cap percent			3.00%
Forecast | BREIT JV Lease Agreement | Blackstone Real Estate Income Trust
Business Acquisition
Contractual annual rent amounts			$ 149,000
Forecast | BREIT JV Lease Agreement | Minimum
Business Acquisition
Annual escalation rate			2.00%
Forecast | Mirage Severance Lease
Business Acquisition
Future funding commitments		$ 1,500,000
Forecast | Mirage Severance Lease | Maximum
Business Acquisition
Increase (decrease) in annual rent payments		$ (90,000)
Forecast | MGP
Business Acquisition
Purchase price			$ 17,200,000
Debt assumed in acquisition			$ 5,700,000
Number of golf courses | property			15
Number of regions in which entity operates | region			9
Number of hotel rooms | hotelRoom			33,000
Area of real estate property | ft²			3.6
Business combination, consideration transferred, shares issued per acquiree share (in shares) | shares			1.366
Cash payment in business acquisition			$ 4,404,000
Business acquisition equity interest retained (in shares) | shares			12,000,000
Tax protection agreement period			15 years
Tax protection, holding amount			$ 8,500,000
Forecast | MGP | MGP OP Notes
Business Acquisition
Debt assumed in acquisition			$ 4,200,000
Forecast | MGP | Blackstone Real Estate Income Trust
Business Acquisition
Percentage of voting interests acquired			50.10%
Forecast | MGP | Las Vegas Strip Entertainment and Gaming-Related Property
Business Acquisition
Number of golf courses | property			7
Forecast | MGP | Regional Casino Resorts
Business Acquisition
Number of golf courses | property			8
Forecast | MGP | Largest Hotel | UNITED STATES
Business Acquisition
Number of golf courses | property			2
Forecast | MGP | Largest Resort Property | Las Vegas
Business Acquisition
Number of golf courses | property			2
Forecast | MGP | MGM Master Lease Agreement and BREIT JV Lease Agreement
Business Acquisition
Contractual annual rent amounts			$ 1,009,000

Property Transactions - Venetia

Property Transactions - Venetian Acquisition (Details) $ in Thousands	Feb. 23, 2022USD ($)renewal	Feb. 18, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition
Payments to acquire real estate			$ 0	$ 1,407,260	$ 1,812,404
Debt, net			4,694,523	6,765,532
Proceeds from offering of common stock			$ 2,385,779	$ 1,539,748	$ 1,164,307
Subsequent Event | Secured Revolving Credit Facility
Business Acquisition
Proceeds from lines of credit		$ 600,000
Subsequent Event | Forward Sales Agreement
Business Acquisition
Proceeds from offering of common stock		$ 3,200,000
Venetian Resort | Subsequent Event
Business Acquisition
Payments to acquire real estate	$ 4,000,000
Contractual annual rent amounts	$ 250,000
Initial lease term	30 years
Number of renewal options | renewal	2
Lessor, sales-type lease, renewal term	10 years
Annual rent increase, cap percent	3.00%
Future funding commitments	$ 1,000,000
Contractual lease support agreement, EBITDAR floor amount	$ 550,000
Contractual lease support agreement, letter of credit period	7 months 15 days
Venetian Resort | Subsequent Event | OpCo Buyer
Business Acquisition
Payments to acquire productive assets	$ 2,250,000
Debt, net	$ 1,200,000
Venetian Resort | Minimum | Subsequent Event
Business Acquisition
Annual escalation rate	2.00%

Property Transactions - Sale of

Property Transactions - Sale of Louisiana Downs (Details) - Discontinued Operations, Disposed of by Sale - Harrah’s Louisiana Downs Casino $ in Millions	Nov. 01, 2021USD ($)
Business Acquisition
Property sale price	$ 22
Proceeds from sale of property	5.5
Caesars Entertainment Operating Company, Inc.
Business Acquisition
Proceeds from sale of property	$ 16.5

Property Transactions - BigShot

Property Transactions - BigShots Strategic Arrangement (Details) $ in Thousands	Sep. 15, 2021USD ($)facility	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Business Acquisition
Future funding commitments		$ 60,886	$ 40,000
BigShots Loan
Business Acquisition
Future funding commitments	$ 80,000
Number of facilities, future construction | facility	5

Property Transactions - Caesars

Property Transactions - Caesars Southern Indiana Lease Agreement (Details) $ in Millions	Sep. 03, 2021USD ($)renewal
Caesars Southern Indiana
Business Acquisition
Contractual annual rent amounts	$ 32.5
Initial lease term	15 years
Number of renewal options | renewal	4
Lessor, sales-type lease, renewal term	5 years
Regional Master Lease Agreement
Business Acquisition
Reduce in annual base rent payments	$ 32.5

Property Transactions - Great W

Property Transactions - Great Wolf Mezzanine Loan (Details) $ in Thousands	Jun. 16, 2021USD ($)option	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Business Acquisition
Future funding commitments		$ 60,886	$ 40,000
Great Wolf Mezzanine Loan
Business Acquisition
Future funding commitments	$ 79,500	45,886
Interest rate	8.00%
Financing receivable term	3 years
Number of extension options | option	2
Financing receivable extension term	12 months
Principal balance		$ 33,600
Great Wolf Mezzanine Loan | Great Wolf Water Part Resort Pipeline
Business Acquisition
Future funding commitments	$ 300,000
Financing receivable term	5 years

Property Transactions - Sale _2

Property Transactions - Sale of Bally’s Atlantic City (Details) - Discontinued Operations, Disposed of by Sale - Bally's Atlantic City Hotel and Casino $ in Millions	Nov. 18, 2020USD ($)
Business Acquisition
Property sale price	$ 25
Proceeds from sale of property	19
Caesars Entertainment Operating Company, Inc.
Business Acquisition
Proceeds from sale of property	$ 6

Property Transactions - Sale _3

Property Transactions - Sale of Harrah's Reno (Details) - Harrah’s Reno - Discontinued Operations, Disposed of by Sale $ in Millions	Sep. 30, 2020USD ($)
Business Acquisition
Property sale price	$ 41.5
Proceeds from sale of property	31.1
Caesars Entertainment Operating Company, Inc.
Business Acquisition
Proceeds from sale of property	$ 10.4

Property Transactions - Caesa_2

Property Transactions - Caesars Forum Convention Center Mortgage Loan (Details) - USD ($) $ in Thousands	Sep. 18, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition
Receivable interest rate		7.30%	7.80%
Forum Convention Center Mortgage Loan | Forum Convention Center Borrower
Business Acquisition
Receivable interest rate	7.70%
Annual escalation percentage	2.00%
Forum Convention Center Mortgage Loan | Forum Convention Center Borrower | Debt Instrument, Redemption, Period One
Business Acquisition
Receivable interest rate	7.854%
Debt instrument annual interest payments	$ 31,400
Investments in loans, net
Business Acquisition
Notes receivable, amortized cost		$ 498,775	$ 538,547
Forum Convention Center Borrower | Investments in loans, net
Business Acquisition
Notes receivable, amortized cost	$ 400,000
Receivable (term)	5 years

Property Transactions - Amended

Property Transactions - Amended and Restated Convention Center Put-Call Agreement (Details) $ in Thousands	12 Months Ended			15 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2026USD ($)
Business Acquisition
Contractual rent	$ 1,881	$ 1,600	$ 1,257
Caesars Forum Convention Center
Business Acquisition
Purchase price multiple	13
Lease term (years)	1 year
Caesars Forum Convention Center | Forecast
Business Acquisition
Purchase price multiple				13
Caesars Forum Convention Center | Forecast | Maximum
Business Acquisition
Contractual rent				$ 35,000
Caesars Forum Convention Center | Forecast | Minimum
Business Acquisition
Contractual rent				$ 25,000

Property Transactions - Chelsea

Property Transactions - Chelsea Piers Mortgage Loan (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition
Future funding commitments		$ 60,886	$ 40,000
Chelsea Piers Mortgage Loan
Business Acquisition
Financing receivable term	7 years
Chelsea Piers Mortgage Loan
Business Acquisition
Principal balance	$ 80,000
Chelsea Piers Mortgage Loan | Senior Loans
Business Acquisition
Principal balance	65,000
Future funding commitments	$ 15,000	$ 15,000	$ 15,000
Interest rate	7.00%

Property Transactions - Consumm

Property Transactions - Consummation of Eldorado Transaction (Details) $ in Thousands	Jul. 20, 2020USD ($)	Nov. 30, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2024	Feb. 05, 2020USD ($)	Jun. 24, 2019USD ($)
Business Acquisition
Payments to acquire real estate			$ 0	$ 1,407,260	$ 1,812,404
CPLV CMBS Debt prepayment penalty reimbursement			$ 0	$ 55,401	$ 0
CPLV CMBS Debt
Business Acquisition
Payment for debt extinguishment or debt prepayment cost		$ 110,800
CPLV CMBS Debt prepayment penalty reimbursement		55,400
Eldorado Senior Bridge Facility
Business Acquisition
Maximum borrowing capacity		$ 3,200,000					$ 1,200,000	$ 4,800,000
Eldorado Senior Bridge Facility | First Lien Secured Bridge Facility
Business Acquisition
Maximum borrowing capacity								$ 3,300,000
CPLV Additional Rent Acquisition
Business Acquisition
Increase (decrease) in annual rent payments	$ 83,500
Consideration for property acquired	1,189,900
HLV Additional Rent Acquisition
Business Acquisition
Increase (decrease) in annual rent payments	15,000
Consideration for property acquired	$ 213,800
Caesars Lease Agreements
Business Acquisition
Initial lease term	15 years
MTA Property Acquisitions
Business Acquisition
Payments to acquire real estate	$ 1,823,500
Increase (decrease) in annual rent payments	154,000
Regional Master Lease Agreement
Business Acquisition
Contractual rent amounts	$ 621,700
Centaur Properties Lease Agreement | Forecast
Business Acquisition
Purchase price multiple						13
Denominator amount of properties 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

Property Transactions - JACK Le

Property Transactions - JACK Lease Agreement Amendment and Amended and Restated ROV Loan (Details) $ in Thousands	Jan. 24, 2020USD ($)renewal	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition
Payments to acquire real estate		$ 0	$ 1,407,260	$ 1,812,404
JACK Cleveland and Thistledown Acquisition
Business Acquisition
Payments to acquire real estate	$ 843,300
Contractual annual rent amounts	$ 65,900
Initial lease term	15 years
Increase (decrease) in annual rent payments			1,800
Construction commitment			$ 18,000
Number of renewal options | renewal	4
Lessor, sales-type lease, renewal term	5 years
JACK Cleveland and Thistledown Acquisition | Jack Entertainment
Business Acquisition
Notes receivable, amortized cost	$ 25,000
JACK Cleveland and Thistledown Acquisition | ROV Term Loan | Jack Entertainment
Business Acquisition
Notes receivable, amortized cost	$ 70,000

Real Estate Portfolio - Narrati

Real Estate Portfolio - Narrative (Details)	12 Months Ended
	Dec. 31, 2021leaseArrangementcasino
Real Estate [Abstract]
Number of casinos | casino	22
Number of lease arrangements | leaseArrangement	8
Financing receivable, investment in lease, number of casinos | casino	5
Financing receivable, investment in lease, number of lease arrangements | leaseArrangement	2

Real Estate Portfolio - Schedul

Real Estate Portfolio - Schedule Of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Minimum lease payments receivable under direct financing and sales-type leases		$ 44,485,224	$ 45,500,260
Estimated residual values of leased property (not guaranteed)		3,334,549	3,348,174
Gross investment in sales-type leases		47,819,773	48,848,434
Unamortized initial direct costs		23,363	23,764
Less: Unearned income		(34,271,620)	(35,390,353)
Less: Allowance for credit losses		(434,852)	(454,201)
Investments in leases - sales-type, net	[1]	13,136,664	13,027,644
Total investments in leases, net		15,781,488	15,646,206
Land		153,576	158,190
Total real estate portfolio		16,433,066	16,341,117
Investments in leases - sales-type, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases - sales-type, net		13,136,664	13,027,644
Investments in leases - financing receivables, net
Accounts, Notes, Loans and Financing Receivable
Notes receivable	[1]	2,644,824	2,618,562
Investments in loans, net
Accounts, Notes, Loans and Financing Receivable
Notes receivable	[1]	$ 498,002	$ 536,721
[1]	As of December 31, 2021 and December 31, 2020, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $434.9 million, $91.1 million, $0.8 million and $6.5 million, respectively, and $454.2 million, $91.0 million, $1.8 million, and $6.9 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

Real Estate Portfolio - Sched_2

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Income from sales-type and direct financing leases, excluding contingent rent	$ 1,161,655	$ 1,007,193	$ 822,205
Income from operating leases	0	25,464	43,653
Income from lease financing receivables	243,008	137,344	0
Total revenue, excluding contingent rent	1,404,663	1,170,001	865,858
Contingent rent	6,317	315	0
Total lease revenue	1,410,980	1,170,316	865,858
Non-cash adjustment	(119,790)	(39,883)	239
Total contractual lease revenue	$ 1,291,190	$ 1,130,433	$ 866,097

Real Estate Portfolio - Sched_3

Real Estate Portfolio - Schedule Of Future Minimum Lease Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Sales-Type
2022	$ 1,075,509
2023	1,094,189
2024	1,111,961
2025	1,126,098
2026	1,140,571
Thereafter	38,936,896
Total	44,485,224
Financing Receivables
2022	227,627
2023	232,320
2024	236,452
2025	239,835
2026	243,281
Thereafter	8,556,214
Total	9,735,729
2022	1,303,136
2023	1,326,509
2024	1,348,413
2025	1,365,933
2026	1,383,852
Thereafter	47,493,110
Total	$ 54,220,953
Sales-type lease, weighted average lease term	33 years 6 months
Financing receivable, weighted average remaining lease term	33 years 4 months 24 days
Sales-type lease and financing receivables, weighted average lease term	33 years 6 months

Real Estate Portfolio - Sched_4

Real Estate Portfolio - Schedule of Lease Agreement (Details)	Sep. 03, 2021USD ($)	Dec. 31, 2021USD ($)optionproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Caesars Lease Agreements
Property Subject to or Available for Operating Lease
Reduce in annual base rent payments	$ 32,500,000
Regional Master Lease Agreement and Joliet Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term		18 years
Number of renewal options | property		4
Lessor, sales-type lease, renewal term		5 years
Current base rent		$ 649,572,000
Variable rent percentage		4.00%
Lessor, contingent rent		$ 0	$ 0	$ 0
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease
Escalator		1.50%
Regional Master Lease Agreement and Joliet Lease Agreement | Lease Years 6-15
Property Subject to or Available for Operating Lease
Escalator		2.00%
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%
Las Vegas Master Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term		18 years
Number of renewal options | property		4
Lessor, sales-type lease, renewal term		5 years
Current base rent		$ 422,224,000
Escalator		2.00%
Variable rent percentage		4.00%
Lessor, contingent rent		$ 2,000,000	0	0
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%
Ceaser Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term		15 years
Margaritaville Lease Agreement | Penn National
Property Subject to or Available for Operating Lease
Number of renewal options | option		4
Renewal Terms		5 years
Current base rent		$ 23,813,000
Escalator		2.00%
EBITDAR to Rent Ratio floor		610.00%
Percentage rent		$ 2,918,000
Percentage rent multiplier		4.00%
Percentage rent multiplier, prior to acquisition		50.00%
Margaritaville Lease Agreement | Penn National
Property Subject to or Available for Operating Lease
Initial Term		15 years
Lessor, contingent rent		$ 3,000,000	300,000	0
Greektown Lease Agreement | Penn National
Property Subject to or Available for Operating Lease
Number of renewal options | option		4
Renewal Terms		5 years
Current base rent		$ 51,321,000
Escalator		2.00%
Percentage rent		$ 2,149,000
Percentage rent multiplier		4.00%
Percentage rent multiplier, prior to acquisition		50.00%
Greektown Lease Agreement | Penn National
Property Subject to or Available for Operating Lease
Initial Term		15 years
Lessor, contingent rent		$ 1,300,000	0	0
Hard Rock Cincinnati Lease Agreement | Hard Rock
Property Subject to or Available for Operating Lease
Initial Term		15 years
Number of renewal options | option		4
Renewal Terms		5 years
Current base rent		$ 44,042,000
Variable rent percentage		4.00%
Lessor, contingent rent		$ 0	0	0
Hard Rock Cincinnati Lease Agreement | Base Rent | Hard Rock
Property Subject to or Available for Operating Lease
Variable rent split		20.00%
Hard Rock Cincinnati Lease Agreement | Variable Rent | Hard Rock
Property Subject to or Available for Operating Lease
Variable rent split		80.00%
Hard Rock Cincinnati Lease Agreement | Lease Years 5-15 | Hard Rock | Minimum
Property Subject to or Available for Operating Lease
Escalator		0.50%
Hard Rock Cincinnati Lease Agreement | Lease Years 5-15 | Hard Rock | Maximum
Property Subject to or Available for Operating Lease
Escalator		2.00%
Hard Rock Cincinnati Lease Agreement | Lease Years 2-4 | Hard Rock
Property Subject to or Available for Operating Lease
Escalator		1.50%
Century Portfolio Lease Agreement | Century Portfolio
Property Subject to or Available for Operating Lease
Initial Term		15 years
Number of renewal options | option		4
Renewal Terms		5 years
Current base rent		$ 25,503,000
EBITDAR to Rent Ratio floor		750.00%
Variable rent percentage		4.00%
Lessor, contingent rent		$ 0	0	0
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 6-15 | Century Portfolio
Property Subject to or Available for Operating Lease
Escalator		0.75%
Century Portfolio Lease Agreement | Lease Years 2-3 | Century Portfolio
Property Subject to or Available for Operating Lease
Escalator		1.00%
Century Portfolio Lease Agreement | Lease Years 4-15 | Century Portfolio
Property Subject to or Available for Operating Lease
Escalator		1.25%
JACK Cleveland/Thirstledown Lease Agreement | JACK Cleveland and Thistledown Acquisition
Property Subject to or Available for Operating Lease
Initial Term		20 years
Number of renewal options | option		3
Renewal Terms		5 years
Current base rent		$ 68,704,000
Increase (decrease) in annual rent payments		1,800,000
Lessor, contingent rent		$ 0	$ 0	$ 0
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 3-4 | JACK Cleveland and Thistledown Acquisition
Property Subject to or Available for Operating Lease
Escalator		1.00%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 5-7 | JACK Cleveland and Thistledown Acquisition
Property Subject to or Available for Operating Lease
Escalator		1.50%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 8-15 | JACK Cleveland and Thistledown Acquisition | Minimum
Property Subject to or Available for Operating Lease
Escalator		1.50%
JACK Cleveland/Thirstledown Lease Agreement | Lease Years 8-15 | JACK Cleveland and Thistledown Acquisition | Maximum
Property Subject to or Available for Operating Lease
Escalator		2.50%
EBCI Lease Agreement | EBCI
Property Subject to or Available for Operating Lease
Initial Term		15 years
Number of renewal options | option		4
Renewal Terms		5 years
Current annual rent		$ 32,500,000
Variable rent percentage		4.00%
Lessor, contingent rent		$ 0
EBCI Lease Agreement | Base Rent | EBCI
Property Subject to or Available for Operating Lease
Variable rent split		80.00%
EBCI Lease Agreement | Variable Rent | EBCI
Property Subject to or Available for Operating Lease
Variable rent split		20.00%
EBCI Lease Agreement | Lease Years 2-5 | EBCI
Property Subject to or Available for Operating Lease
Escalator		1.50%
EBCI Lease Agreement | Lease Years 6-15 | EBCI
Property Subject to or Available for Operating Lease
Escalator		2.00%
Venetian Lease Agreement | Venetian Resort
Property Subject to or Available for Operating Lease
Initial Term		30 years
Number of renewal options | option		2
Renewal Terms		10 years
Current annual rent		$ 250,000,000
Venetian Lease Agreement | Minimum | Venetian Resort
Property Subject to or Available for Operating Lease
Escalator		2.00%
Venetian Lease Agreement | Maximum | Venetian Resort
Property Subject to or Available for Operating Lease
Escalator		3.00%

Real Estate Portfolio - Sched_5

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
CEOC
Real Estate
Rolling three-year minimum	$ 380.3
Regional Master Lease Agreement and Joliet Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Rolling three-year minimum	$ 311
Minimum amount to be expended across certain affiliates and other assets	$ 537.5
Las Vegas Master Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Rolling three-year minimum	$ 84
Initial minimum capital expenditure	171
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Capital expenditures	$ 114.5
Percentage of prior year net revenues	1.00%
Additional capital expenditure requirement	$ 10.3
Non-CPLV Lease Agreement
Real Estate
Average period of yearly minimum expenditure (years)	3 years
Non-CPLV Lease Agreement | CEOC
Real Estate
Rolling three-year minimum	$ 286
Las Vegas Master Lease
Real Estate
Rolling three-year minimum	$ 84
Penn National Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Average period of yearly minimum expenditure (years)	4 years
Construction commitment	$ 18
Hard Rock Cincinnati Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Century Portfolio Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Average period of yearly minimum expenditure (years)	3 years
JACK Cleveland/Thirstledown Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Average period of yearly minimum expenditure (years)	3 years
Initial minimum capital expenditure	$ 30
EBCI Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	1.00%
Venetian Lease Agreement
Real Estate
Percentage Of Net Revenue Of Yearly Minimum Expenditure	2.00%
Average period of yearly minimum expenditure (years)	3 years

Real Estate Portfolio - Summary

Real Estate Portfolio - Summary of Investment in Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 16, 2021	Dec. 31, 2020	Aug. 31, 2020
Loans and Leases Receivable Disclosure
Principal Balance	$ 498,614		$ 535,000
Carrying value	498,002		536,721
Future Funding Commitments	$ 60,886		$ 40,000
Receivable interest rate	7.30%		7.80%
Forum Convention Center Mortgage Loan | Senior Loans
Loans and Leases Receivable Disclosure
Principal Balance	$ 400,000		$ 400,000
Carrying value	400,036		400,045
Future Funding Commitments	$ 0		$ 0
Receivable interest rate	7.90%		7.70%
Annual escalation rate	2.00%
Chelsea Piers Mortgage Loan | Senior Loans
Loans and Leases Receivable Disclosure
Principal Balance	$ 65,000		$ 65,000
Carrying value	64,998		64,880
Future Funding Commitments	$ 15,000		$ 15,000	$ 15,000
Receivable interest rate	7.00%		7.00%
Great Wolf Mezzanine Loan
Loans and Leases Receivable Disclosure
Principal Balance	$ 33,614
Carrying value	32,968
Future Funding Commitments	$ 45,886	$ 79,500
Receivable interest rate	8.00%
ROV Term Loan
Loans and Leases Receivable Disclosure
Principal Balance			$ 70,000
Carrying value			71,796
Future Funding Commitments			$ 0
Receivable interest rate			9.00%
ROV Credit Facility
Loans and Leases Receivable Disclosure
Principal Balance			$ 0
Carrying value			0
Future Funding Commitments			$ 25,000
ROV Credit Facility | LIBOR
Loans and Leases Receivable Disclosure
Receivable interest rate			2.75%

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle
Change in allowance for credit losses	$ (19,554)	$ 244,517	$ 0
Notes receivable	$ 16,553,460	16,460,409
MTA Property Acquisitions
New Accounting Pronouncements or Change in Accounting Principle
Notes receivable		1,800,000
Las Vegas Master Lease Agreement
New Accounting Pronouncements or Change in Accounting Principle
Notes receivable		1,400,000
Caesars Lease Agreements
New Accounting Pronouncements or Change in Accounting Principle
Notes receivable		$ 333,400
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 ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Sales-type and direct financing, amortized cost		$ 13,571,516,000	$ 13,481,845,000
Other assets - sales-type sub-leases, amortized cost		280,510,000	284,376,000
Amortized cost, total		17,086,749,000	17,014,288,000
Allowance
Sales-type and direct financing, allowance for credit losses		(434,852,000)	(454,201,000)
Other assets (sales-type sub-leases), allowance for credit losses		(6,540,000)	(6,894,000)
Allowance, total		(533,289,000)	(553,879,000)
Net Investment
Sales-type and direct financing, net investment		13,136,664,000	13,027,644,000
Other assets - sales-type sub-leases		273,970,000	277,482,000
Net investment total		$ 16,553,460,000	$ 16,460,409,000
Allowance as a % of Amortized Cost
Sales-type and Direct financing, allowance as a percentage of amortized cost		3.20%	3.37%
Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total		2.33%	2.42%
Allowance as a percentage of amortized cost, total		3.12%	3.26%
CECL allowance for unfunded loan commitments		$ 1,037,000	$ 0
Investments in leases - financing receivables, net
Amortized Cost
Notes receivable, amortized cost		2,735,948,000	2,709,520,000
Allowance
Financing and loans receivable, allowance for credit losses		(91,124,000)	(90,958,000)
Net Investment
Notes receivable	[1]	$ 2,644,824,000	$ 2,618,562,000
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total		3.33%	3.36%
Investments in loans, net
Amortized Cost
Notes receivable, amortized cost		$ 498,775,000	$ 538,547,000
Allowance
Financing and loans receivable, allowance for credit losses		(773,000)	(1,826,000)
Net Investment
Notes receivable	[1]	$ 498,002,000	$ 536,721,000
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total		0.15%	0.34%
[1]	As of December 31, 2021 and December 31, 2020, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $434.9 million, $91.1 million, $0.8 million and $6.5 million, respectively, and $454.2 million, $91.0 million, $1.8 million, and $6.9 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 553,879	$ 0
Initial allowance from current period investments	1,725	90,368
Current period change in credit allowance	(21,279)	154,149
Charge-offs	0	0
Recoveries	0	0
Ending balance	534,325	553,879
Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 0	309,362
Ending balance		$ 0

Allowance for Credit Losses - F

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	$ 17,086,749	$ 17,014,288
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	0	0
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	951,033	0
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	14,888,770	15,733,402
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	868,629	934,628
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	279,579	281,246
N/A
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable and Investments in loans	$ 98,739	$ 65,012

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Sales-type sub-leases, net	$ 273,970	$ 277,482
Property and equipment used in operations, net	68,515	69,204
Debt financing costs	24,928	8,879
Deferred acquisition costs	24,690	1,788
Right of use assets	16,811	17,507
Tenant receivable for property taxes	5,032	3,384
Prepaid expenses	3,660	2,710
Interest receivable	2,780	2,746
Forward swap asset	884	0
Other receivables	341	803
Other	3,082	2,027
Total other assets	424,693	386,530
Other assets (sales-type sub-leases), allowance for credit losses	$ 6,540	$ 6,894
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment
Total property and equipment used in operations	$ 83,144	$ 80,832
Less: accumulated depreciation	(14,629)	(11,628)
Total property and equipment used in operations, net	68,515	69,204
Depreciation expense	3,091	3,731	$ 3,831
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	59,250	59,115
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	14,880	14,697
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 9,014	$ 7,020

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Finance sub-lease liabilities	$ 280,510,000	$ 284,376,000
Deferred financing liability	73,600,000	73,600,000
Lease liabilities	16,811,000	17,507,000
Deferred income taxes	3,879,000	3,533,000
CECL allowance for unfunded loan commitments	1,037,000	0
Derivative liability	0	92,521,000
Total other liabilities	$ 375,837,000	$ 471,537,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating Lease, Liability, Statement of Financial Position	Other liabilities	Other liabilities

Debt - Schedule Of Outstanding

Debt - Schedule Of Outstanding Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Debt Instrument
Face Value	$ 4,750,000	$ 6,850,000
Carrying Value	$ 4,694,523	6,765,532
Term Loan B Facility
Debt Instrument
Face Value			$ 2,200,000
Senior Notes | Term Loan B Facility
Debt Instrument
Face Value		2,100,000
Carrying Value		$ 2,080,974
Senior Notes | LIBOR | Term Loan B Facility
Debt Instrument
Basis spread on variable rate (percent)		1.75%
Unsecured Debt | Senior Unsecured 2025 Notes
Debt Instrument
Interest rate, stated percentage (percent)	3.50%	3.50%
Face Value	$ 750,000	$ 750,000
Carrying Value	$ 742,677	$ 740,333
Unsecured Debt | Senior Unsecured 2026 Notes
Debt Instrument
Interest rate, stated percentage (percent)	4.25%	4.25%
Face Value	$ 1,250,000	$ 1,250,000
Carrying Value	$ 1,235,972	$ 1,233,119
Unsecured Debt | Senior Unsecured 2027 Notes
Debt Instrument
Interest rate, stated percentage (percent)	3.75%	3.75%
Face Value	$ 750,000	$ 750,000
Carrying Value	$ 741,409	$ 739,733
Unsecured Debt | Senior Unsecured 2029 Notes
Debt Instrument
Interest rate, stated percentage (percent)	4.625%	4.625%
Face Value	$ 1,000,000	$ 1,000,000
Carrying Value	$ 987,331	$ 985,730
Unsecured Debt | Senior Unsecured 2030 Notes
Debt Instrument
Interest rate, stated percentage (percent)	4.125%	4.125%
Face Value	$ 1,000,000	$ 1,000,000
Carrying Value	987,134	985,643
Secured Revolving Credit Facility | Senior Notes
Debt Instrument
Face Value	0	0
Carrying Value	$ 0	$ 0
Secured Revolving Credit Facility | Senior Notes | Minimum
Debt Instrument
Commitment fee percentage	0.375%
Secured Revolving Credit Facility | Senior Notes | Maximum
Debt Instrument
Commitment fee percentage	0.50%
Secured Revolving Credit Facility | Senior Notes | LIBOR
Debt Instrument
Basis spread on variable rate (percent)	2.00%	2.00%

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Dec. 31, 2021USD ($)
Long-term Debt, Fiscal Year Maturity
2022	$ 0
2023	0
2024	0
2025	750,000
2026	1,250,000
Thereafter	2,750,000
Total minimum repayments	$ 4,750,000

Debt - Senior Unsecured Debt (D

Debt - Senior Unsecured Debt (Details) - USD ($) $ in Thousands	Feb. 05, 2020	Nov. 26, 2019	Nov. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Face value				$ 4,750,000	$ 6,850,000
VICI Properties LP
Debt Instrument
Restricted net assets				$ 7,400,000
Unsecured Debt
Debt Instrument
Escrow deposit	$ 2,000,000
Cumulative adjusted funds from operations rate				95.00%
Senior Unsecured Notes due 2025 | Unsecured Debt
Debt Instrument
Face value	$ 750,000
Interest rate, stated percentage (percent)	3.50%
Senior Notes due 2026 | Unsecured Debt
Debt Instrument
Face value		$ 1,250,000
Interest rate, stated percentage (percent)		4.25%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2027 | Unsecured Debt
Debt Instrument
Face value	$ 750,000
Interest rate, stated percentage (percent)	3.75%
Senior Notes due 2029 | Unsecured Debt
Debt Instrument
Face value		$ 1,000,000
Interest rate, stated percentage (percent)		4.625%
Senior Unsecured Notes due 2030 | Unsecured Debt
Debt Instrument
Face value	$ 1,000,000
Interest rate, stated percentage (percent)	4.125%
Senior Unsecured Notes Issued 2019 | Unsecured Debt
Debt Instrument
Percentage of aggregate principal redeemable (percent)				40.00%
CPLV CMBS Debt
Debt Instrument
Payment for debt extinguishment or debt prepayment cost			$ 110,800
CPLV CMBS Debt | Unsecured Debt
Debt Instrument
Payment for debt extinguishment or debt prepayment cost		$ 55,400
CPLV CMBS Debt | CPLV CMBS Debt
Debt Instrument
Repayments of debt		$ 1,550,000
Second Lien Notes | Unsecured Debt
Debt Instrument
Repayments of debt	$ 498,500
Second Lien Notes And Second Lien Notes Applicable Premium | Unsecured Debt
Debt Instrument
Repayments of debt	$ 537,500
Senior Unsecured notes due 2025, 2027, and 2030 | Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)				100.00%
Senior Unsecured notes due 2025, 2027, and 2030 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Percentage of aggregate principal redeemable (percent)				40.00%

Debt - New Unsecured Credit Fac

Debt - New Unsecured Credit Facilities (Details) - Subsequent Event $ in Millions	Feb. 23, 2022USD ($)option	Feb. 18, 2022USD ($)
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.00%
Federal Reserve Bank Of New York Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500
Number of extension options | option	2
Extension term	6 months
Extension fee percentage	0.0625%
Increase in borrowing capacity	$ 1,000
Proceeds from lines of credit		$ 600
Secured Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee percentage	0.15%
Secured Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee percentage	0.375%
Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.775%
Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.325%
Secured Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.00%
Secured Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.325%
Delayed Draw Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000
Number of extension options | option	2
Extension term	12 months
Extension fee percentage	0.125%
Increase in borrowing capacity	$ 1,000
Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.85%
Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.60%
Delayed Draw Term Loan | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.00%
Delayed Draw Term Loan | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.60%

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	Sep. 14, 2021	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 19, 2019	Dec. 31, 2017
Debt Instrument
Face value			$ 4,750,000	$ 6,850,000
Loss from extinguishment of debt			15,622	39,059	$ 58,143
September 2021 Forward Sales Agreement | Forward Sales Agreement
Debt Instrument
Number of shares issued in transaction (in shares)	65,000,000
Minimum | Secured Revolving Credit Facility
Debt Instrument
Commitment fee percentage		0.375%
Maximum | Secured Revolving Credit Facility
Debt Instrument
Commitment fee percentage		0.50%
Senior Notes | Secured Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity						$ 1,000,000
Senior Notes | LIBOR | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		1.75%
Senior Notes | LIBOR | Minimum | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		1.75%
Senior Notes | LIBOR | Maximum | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		2.00%
Senior Notes | Base Rate | Minimum | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		0.75%
Senior Notes | Base Rate | Maximum | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		1.00%
Senior Notes | Leverage Based Pricing Grid | Minimum | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		0.375%
Senior Notes | Leverage Based Pricing Grid | Maximum | Secured Revolving Credit Facility
Debt Instrument
Basis spread on variable rate (percent)		0.50%
Term Loan B Facility
Debt Instrument
Face value							$ 2,200,000
Loss from extinguishment of debt			$ 15,600
Term Loan B Facility | Senior Notes
Debt Instrument
Face value				$ 2,100,000
Term Loan B Facility | Senior Notes | LIBOR
Debt Instrument
Basis spread on variable rate (percent)				1.75%

Debt - Bridge Facilities (Detai

Debt - Bridge Facilities (Details) - USD ($)	Dec. 13, 2021	Sep. 23, 2021	Aug. 04, 2021	Mar. 08, 2021	Mar. 02, 2021	Feb. 05, 2020	Jun. 24, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2019
Debt Instrument
Interest expense								$ 392,390,000	$ 308,605,000	$ 248,384,000
MGP Transactions Bridge Facility
Debt Instrument
Maximum borrowing capacity			$ 9,300,000,000
Interest expense								38,700,000
Maximum borrowing capacity, reduction amount		$ 4,242,000,000
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period One
Debt Instrument
Unused capacity, commitment fee percentage			0.25%
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period One | Minimum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)			2.00%
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period One | Maximum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)			2.75%
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period Two
Debt Instrument
Unused capacity, commitment fee percentage			0.50%
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period Two | Minimum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)			1.00%
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period Two | Maximum | LIBOR
Debt Instrument
Basis spread on variable rate (percent)			1.75%
MGP Transactions Bridge Facility | Debt Instrument, Redemption, Period Three
Debt Instrument
Unused capacity, commitment fee percentage			0.75%
Venetian Acquisition Bridge Facility
Debt Instrument
Maximum borrowing capacity					$ 4,000,000,000			700,000,000
Interest expense								16,400,000
Maximum borrowing capacity, reduction amount	$ 1,410,000,000			$ 1,890,000,000
Eldorado Senior Bridge Facility
Debt Instrument
Maximum borrowing capacity						$ 1,200,000,000	$ 4,800,000,000				$ 3,200,000,000
Interest expense								$ 0	$ 3,100,000
Line of credit facility, structuring fee, percentage							0.10%
First Lien Secured Bridge Facility | MGP Transactions Bridge Facility
Debt Instrument
Debt instrument, term			364 days
First Lien Secured Bridge Facility | Venetian Acquisition Bridge Facility
Debt Instrument
Debt instrument, term					364 days
First Lien Secured Bridge Facility | Eldorado Senior Bridge Facility
Debt Instrument
Maximum borrowing capacity							$ 3,300,000,000
Debt instrument, term							364 days
Second Lien Secured Bridge Facility | Eldorado Senior Bridge Facility
Debt Instrument
Maximum borrowing capacity							$ 1,500,000,000
Debt instrument, term							364 days
Maximum borrowing capacity, reduction amount						2,000,000,000
Escrow deposit						$ 2,000,000,000					$ 1,600,000,000

Debt - Second Lien Notes (Detai

Debt - Second Lien Notes (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Loss from extinguishment of debt		$ 15,622	$ 39,059	$ 58,143
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

Debt - CPLV CMBS Debt (Details)

Debt - CPLV CMBS Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Loss from extinguishment of debt	$ 15,622	$ 39,059	$ 58,143
Secured Revolving Credit Facility | CPLV CMBS Debt
Debt Instrument
Loss from extinguishment of debt			$ 58,100

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	Feb. 18, 2022shares	Sep. 15, 2021USD ($)	Sep. 14, 2021shares	Dec. 31, 2021USD ($)instrument	Dec. 31, 2020USD ($)instrument	Dec. 31, 2019USD ($)	Feb. 23, 2022USD ($)	Jan. 31, 2019USD ($)instrument
Derivative
Accrued interest					$ 0
Reclassification of realized loss on cash flow hedges to net income				$ (64,239,000)	0	$ 0
September 2021 Forward Sales Agreement | Forward Sales Agreement
Derivative
Number of shares issued in transaction (in shares) | shares			65,000,000
September 2021 Forward Sales Agreement | Forward Sales Agreement | Subsequent Event
Derivative
Number of shares issued in transaction (in shares) | shares	50,000,000
Forward-Starting Interest Rate Swap
Derivative
Notional amount				500,000,000
Derivative debt				$ 500,000,000
Number of instruments | instrument				1
Fixed interest rate				1.3465%
Forward-Starting Interest Rate Swap | Subsequent Event
Derivative
Notional amount							$ 1,500,000,000
Forward-Starting Interest Rate Swap | Minimum | Subsequent Event
Derivative
Fixed interest rate							1.639%
Forward-Starting Interest Rate Swap | Maximum | Subsequent Event
Derivative
Fixed interest rate							1.69%
Interest Rate Swap
Derivative
Notional amount								$ 2,000,000,000
Number of instruments | instrument								6
Payments for derivative instrument		$ 66,900,000
Accrued interest		2,700,000
Reclassification of realized loss on cash flow hedges to net income		$ 64,200,000
Interest Rate Swap Maturing April 22, 2023
Derivative
Notional amount					$ 1,500,000,000
Number of instruments | instrument					4
Fixed interest rate				2.8297%	2.8297%

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details)	Dec. 31, 2021USD ($)instrument	Dec. 31, 2020USD ($)instrument
Forward-Starting Interest Rate Swap
Derivative
Number of instruments | instrument	1
Fixed Rate	1.3465%
Notional amount | $	$ 500,000,000
Interest Rate Swap Maturing April 22, 2023
Derivative
Number of instruments | instrument		4
Fixed Rate	2.8297%	2.8297%
Notional amount | $		$ 1,500,000,000
Interest Rate Swap Maturing January 22, 2021
Derivative
Number of instruments | instrument		2
Fixed Rate		2.3802%
Notional amount | $		$ 500,000,000

Derivatives - Schedule of Der_2

Derivatives - Schedule of Derivatives of Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative
Unrealized gain (loss) recorded in other comprehensive income	$ 29,166	$ (27,443)	$ (42,954)
Interest recorded in interest expense	392,390	308,605	248,384
Termination Fee
Derivative
Interest recorded in interest expense	64,239	0	0
Interest Rate Swap
Derivative
Interest recorded in interest expense	$ 29,960	$ 42,797	$ 9,269

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Short-term investments	$ 0	$ 19,973,000
Financial liabilities:
Derivative instruments - interest rate swaps	0	92,521,000
Fair Value, Recurring | Carrying Amount
Financial assets:
Short-term investments		19,973,000
Fair Value, Recurring | Carrying Amount | Interest Rate Swap
Financial liabilities:
Derivative instruments - interest rate swaps	884,000	92,521,000
Fair Value, Recurring | Level 1 | Fair Value
Financial assets:
Short-term investments		0
Fair Value, Recurring | Level 1 | Fair Value | Interest Rate Swap
Financial liabilities:
Derivative instruments - interest rate swaps	0	0
Fair Value, Recurring | Level 2 | Fair Value
Financial assets:
Short-term investments		19,973,000
Fair Value, Recurring | Level 2 | Fair Value | Interest Rate Swap
Financial liabilities:
Derivative instruments - interest rate swaps	884,000	92,521,000
Fair Value, Recurring | Level 3 | Fair Value
Financial assets:
Short-term investments		0
Fair Value, Recurring | Level 3 | Fair Value | Interest Rate Swap
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	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 739,614	$ 315,993
Carrying Amount | Secured Revolving Credit Facility
Financial liabilities:
Debt	0	0
Carrying Amount | Term Loan B Facility
Financial liabilities:
Debt	0	2,080,974
Carrying Amount | 2025 Notes
Financial liabilities:
Debt	742,677	740,333
Carrying Amount | 2026 Notes
Financial liabilities:
Debt	1,235,972	1,233,119
Carrying Amount | 2027 Notes
Financial liabilities:
Debt	741,409	739,733
Carrying Amount | 2029 Notes
Financial liabilities:
Debt	987,331	985,730
Carrying Amount | 2030 Notes
Financial liabilities:
Debt	987,134	985,643
Carrying Amount | Investments in leases - financing receivables
Financial assets:
Receivables	2,644,824	2,618,562
Carrying Amount | Investments in loans, net
Financial assets:
Receivables	498,002	536,721
Fair Value
Financial assets:
Cash and cash equivalents	739,614	315,993
Fair Value | Secured Revolving Credit Facility
Financial liabilities:
Debt	0	0
Fair Value | Term Loan B Facility
Financial liabilities:
Debt	0	2,065,875
Fair Value | 2025 Notes
Financial liabilities:
Debt	763,125	766,875
Fair Value | 2026 Notes
Financial liabilities:
Debt	1,296,875	1,296,875
Fair Value | 2027 Notes
Financial liabilities:
Debt	772,500	763,125
Fair Value | 2029 Notes
Financial liabilities:
Debt	1,067,500	1,070,000
Fair Value | 2030 Notes
Financial liabilities:
Debt	1,055,000	1,045,000
Fair Value | Investments in leases - financing receivables
Financial assets:
Receivables	3,104,337	2,684,955
Fair Value | Investments in loans, net
Financial assets:
Receivables	$ 498,614	$ 538,151

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Gain upon lease modification	$ 0	$ 333,352	$ 0

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on Nonrecurring (Details) - Fair Value, Nonrecurring $ in Thousands	Jul. 20, 2020USD ($)
Carrying Amount | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	$ 10,228,465
Carrying Amount | Bally’s Atlantic City and Louisiana Downs
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	55,325
Level 1 | Fair Value | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	0
Level 1 | Fair Value | Bally’s Atlantic City and Louisiana Downs
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	0
Level 2 | Fair Value | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	0
Level 2 | Fair Value | Bally’s Atlantic City and Louisiana Downs
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	55,325
Level 3 | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	10,228,465
Level 3 | Fair Value | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	10,228,465
Level 3 | Fair Value | Bally’s Atlantic City and Louisiana Downs
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	$ 0

Fair Value Fair Value of Assets

Fair Value Fair Value of Assets and Liabilities Measured on Nonrecurring Basis (Details) - Level 3 - Fair Value, Nonrecurring $ in Thousands	Jul. 20, 2020USD ($)
Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investment in sales-type leases, fair value	$ 10,228,465
Measurement Input, Rent Multiple | Minimum | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in sales-type leases, measurement input	975.00%
Measurement Input, Rent Multiple | Maximum | Caesars Lease Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in sales-type leases, measurement input	1550.00%
Measurement Input, Rent Multiple | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in sales-type leases, measurement input	1300.00%

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)option	Dec. 31, 2020USD ($)
Loss Contingencies
Right of use assets	$ 16,800
Lease liability	$ 16,811	$ 17,507
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets
Finance lease, weighted average remaining lease term (in years)	36 years 9 months 18 days
Cascata Golf Course
Loss Contingencies
Number of extension options | option	3
Renewal terms (in years)	10 years
Cascata Golf Course And Various Office In New Orleans And New York
Loss Contingencies
Weighted average remaining lease term (in years)	14 years 6 months
Minimum
Loss Contingencies
Operating lease, discount rate (in percent)	5.30%
Lessee, finance lease, discount rate (in percent)	6.00%
Maximum
Loss Contingencies
Operating lease, discount rate (in percent)	5.50%
Lessee, finance lease, discount rate (in percent)	8.00%

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases, Operating
Rent expense	$ 2,009	$ 2,008	$ 1,622
Contractual rent	1,881	1,600	1,257
Leases, Finance
Sales-type sub-leases, net	273,970	277,482
Finance sub-lease liability	280,510	284,376
Rental income	22,484	11,632	410
Rental expense	22,484	11,632	410
Contractual rent	$ 26,350	$ 17,983	$ 452

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Lease
2022	$ 1,884
2023	1,827
2024	1,847
2025	1,908
2026	1,959
Thereafter	17,117
Total minimum lease commitments	26,542
Discounting factor	9,731
Lease liability	16,811	$ 17,507
Financing Receivables
2022	26,350
2023	23,350
2024	23,350
2025	23,350
2026	23,350
Thereafter	741,729
Total minimum lease commitments	861,479
Discounting factor	580,969
Finance sub-lease liability	$ 280,510	$ 284,376

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	Feb. 18, 2022	Sep. 14, 2021	Sep. 09, 2021	Mar. 04, 2021	Sep. 28, 2020	Jun. 17, 2020	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 10, 2021	Mar. 02, 2021	Mar. 01, 2021
Subsidiary or Equity Method Investee
Common and preferred shares authorized (in shares)			1,000,000,000					1,400,000,000			1,400,000,000	1,000,000,000	750,000,000
Common stock, par value (in dollars per share)								$ 0.01	$ 0.01		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)			950,000,000					1,350,000,000	1,350,000,000		1,350,000,000	950,000,000	700,000,000
Common and preferred shares authorized, par value			$ 10,000,000								$ 14,000,000	$ 10,000,000	$ 7,500,000
Preferred stock, shares authorized (in shares)								50,000,000	50,000,000
Preferred stock, par value (in dollars per share)								$ 0.01	$ 0.01
Issuance of common stock, net								$ 2,384,815,000	$ 1,539,533,000	$ 1,164,545,000
Proceeds from offering of common stock								$ 2,385,779,000	1,539,748,000	$ 1,164,307,000
ATM Stock Offering Program
Subsidiary or Equity Method Investee
Proceeds from offering of common stock									$ 200,000,000
Stock allowed to be issued during period, value							$ 1,000,000,000
Shares issued (in shares)								0	7,500,000
Forward Sales Agreement | Subsequent Event
Subsidiary or Equity Method Investee
Proceeds from offering of common stock	$ 3,200,000,000
Forward Sales Agreement | September 2021 Forward Sales Agreement
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)		65,000,000
Share price (in dollars per share)		$ 29.50
Forward contract indexed to issuer's equity (in shares)		50,000,000
Forward Sales Agreement | September 2021 Forward Sales Agreement | Subsequent Event
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)	50,000,000
Offering forward price (in dollars per share)	$ 28.62
Proceeds from offering of common stock	$ 1,390,600,000
Sale of stock (in dollar per share)	$ 27.81
Forward Sales Agreement | March 2021 Forward Sale Agreement
Subsidiary or Equity Method Investee
Share price (in dollars per share)				$ 29
Issuance of common stock, net				$ 2,001,000,000
Forward contract indexed to issuer's equity (in shares)				69,000,000
Future stock to be issued during period (in shares)				9,000,000
Forward Sales Agreement | March 2021 Forward Sale Agreement | Subsequent Event
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)	69,000,000
Offering forward price (in dollars per share)	$ 28.06
Proceeds from offering of common stock	$ 1,828,600,000
Sale of stock (in dollar per share)	$ 26.50
Forward Sales Agreement | June 2020 Forward Sale Agreement
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)			26,900,000		3,000,000
Share price (in dollars per share)						$ 22.15
Issuance of common stock, net						$ 662,300,000
Forward contract indexed to issuer's equity (in shares)						29,900,000
Offering forward price (in dollars per share)						$ 21.37
Stock sold pursuant to the exercise in full of underwriters' option to purchase additional common stock (in shares)						3,900,000
Proceeds from offering of common stock			$ 526,900,000		$ 63,000,000
Sale of stock (in dollar per share)			$ 19.59		$ 21.04
Public Stock Offering And Forward Sales Agreement | September 2021 Forward Sales Agreement
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)		115,000,000
Issuance of common stock, net		$ 3,400,000,000
Public Stock Offering
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)		65,000,000
Sale of stock, consideration received on transaction		$ 1,859,000,000
Over-Allotment Option
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)		15,000,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity
Beginning balance	536,669,722	461,004,742
Issuance of common stock under physical settlement of forward sale agreements (in shares)	26,900,000	68,000,000
Ending balance	628,942,092	536,669,722
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	372,370	164,980
Performance-Based Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Options issued during the period (in shares)	188,003	239,437
Follow-On Offerings
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	65,000,000	0
Follow-On Offerings | September 2021 Forward Sales Agreement
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under physical settlement of forward sale agreements (in shares)	50,000,000
Follow-On Offerings | March 2021 Forward Sale Agreement
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under physical settlement of forward sale agreements (in shares)	69,000,000
ATM Stock Offering Program
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	0	7,500,000

Shareholders' Equity - Dividend

Shareholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300	$ 0.3300	$ 0.3300	$ 0.2975	$ 0.2975	$ 1.3800	$ 1.2550	$ 1.1700

Earnings Per Share - Schedule O

Earnings Per Share - Schedule Of Weighted Average Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted-average shares of common stock outstanding (in shares)	564,467,362	506,140,642	435,071,096
Assumed conversion of restricted stock (in shares)	924,000	412,000	566,000
Assumed settlement of forward sale agreements (in shares)	11,675,000	4,356,000	3,516,000
Diluted weighted-average shares of common stock outstanding (in shares)	577,066,292	510,908,755	439,152,946

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic:
Net income attributable to common stockholders	$ 1,013,851	$ 891,674	$ 545,964
Weighted-average shares of common stock outstanding (in shares)	564,467,362	506,140,642	435,071,096
Basic EPS (in dollars per share)	$ 1.80	$ 1.76	$ 1.25
Diluted:
Net income attributable to common stockholders	$ 1,013,851	$ 891,674	$ 545,964
Diluted weighted-average shares of common stock outstanding (in shares)	577,066,292	510,908,755	439,152,946
Diluted EPS (in dollars per share)	$ 1.76	$ 1.75	$ 1.24

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)tradingDayshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)dshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020shares	Dec. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs | $	$ 9.8	$ 9.8	$ 9.8	$ 9.8	$ 9.8
Weighted-average period (in years)	1 year 8 months 12 days
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	12,750,000	12,750,000	12,750,000	12,750,000	12,750,000
Remaining shares authorized (in shares)			10,988,035
Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			172,000			179,000	177,000
Period of volume of weighted average price		10		10
Trading days | tradingDay		10
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			188,000			239,000	158,000
Performance period (years)	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	0 years
Minimum | Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	1 year
Minimum | Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate (in percent)					0.20%
Expected volatility rate (in percent)					13.80%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years
Maximum | Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years
Maximum | Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate (in percent)					2.40%
Expected volatility rate (in percent)					35.00%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 9,371	$ 7,388	$ 5,223

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule Of Restricted Stock (Details) - Share-based Payment Arrangement - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Beginning balance (in shares)	855,304	601,472	398,253
Granted (in shares)	494,335	423,181	338,788
Vested (in shares)	(397,204)	(144,694)	(121,786)
Forfeited (in shares)	(64,271)	(24,655)	(13,783)
Canceled (in shares)	0	0	0
Ending balance (in shares)	888,164	855,304	601,472
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.48	$ 21.16	$ 19.60
Granted (in dollars per share)	18.79	21.49	22.03
Vested (in dollars per share)	19.19	20.21	18.57
Forfeited (in dollars per share)	19.58	21.21	20.44
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 21.15	$ 21.48	$ 21.16

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021USD ($)property$ / shares	Sep. 30, 2021$ / shares	Jun. 30, 2021$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Sep. 30, 2020$ / shares	Jun. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2021USD ($)property$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
Income Tax Contingency
Undistributed net taxable income subject to income corporate tax rate									100.00%
Number of golf courses	27								27
Expected federal tax at the statutory tax rate (percent)									21.00%	21.00%	21.00%
Dividends declared (in dollars per share) | $ / shares	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300	$ 0.3300	$ 0.3300	$ 0.2975	$ 0.2975	$ 1.3800	$ 1.2550	$ 1.1700
NOL carryforwards | $	$ 151.6								$ 151.6
Golf Courses
Income Tax Contingency
Number of golf courses	4								4

Income Taxes - Schedule Of Inco

Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 1,066	$ 381	$ 1,100
State	1,475	299	563
Income tax expense (benefit), current	2,541	680	1,663
Deferred
Federal	358	148	46
State	(12)	3	(4)
Income tax expense (benefit), deferred	346	151	42
Total
Federal	1,424	529	1,146
State	1,463	302	559
Income tax expense	$ 2,887	$ 831	$ 1,705

Income Taxes - Schedule Of Defe

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Lease liability	$ 2,375	$ 0
Accruals, reserves and other	32	35
Total deferred tax assets	2,407	35
Deferred tax liabilities:
Land, buildings and equipment, net	(3,911)	(3,568)
Right of use asset	(2,375)	0
Total deferred tax liabilities	(6,286)	(3,568)
Net deferred tax liability	$ (3,879)	$ (3,533)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory rate	$ 215,469	$ 188,378	$ 116,757
Federal income tax expense at statutory rate, percent	21.00%	21.00%	21.00%
REIT income not subject to federal income tax	$ (214,037)	$ (187,839)	$ (115,395)
REIT income not subject to federal income tax, percent	(20.90%)	(20.90%)	(20.80%)
Pre-tax gain attributable to taxable subsidiaries	$ 1,432	$ 539	$ 1,362
Pre-tax gain attributable to taxable subsidiaries, percent	0.10%	0.10%	0.20%
State income taxes, net of federal benefits	$ 1,444	$ 296	$ 542
State income taxes, net of federal benefits, percent	0.10%	0.00%	0.10%
Non-deductible expenses and other	$ 11	$ (4)	$ (199)
Non-deductible expenses and other, percent	0.00%	0.00%	0.00%
Income tax expense	$ 2,887	$ 831	$ 1,705
Income tax expense (benefit), percent	0.20%	0.10%	0.30%

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Note (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary dividends (in dollars per share)	$ 0.7108	$ 1.2225	$ 0.8465
Section 199A dividends (in dollars per share)	0.7108	1.2225	0.8159
Qualified dividend (in dollars per share)	0	0	0.0306
Non-dividend distribution (in dollars per share)	$ 0.6392	$ 0	$ 0.0985

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2021propertysegment
Segment Reporting Information
Number of reportable segments	2
Number of golf courses | property	27
Golf Course Business
Segment Reporting Information
Number of reportable segments	1
Golf Courses
Segment Reporting Information
Number of reportable segments	1
Number of golf courses | property	4

Segment Information - Schedule

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Revenues	$ 1,509,568	$ 1,225,574	$ 894,798
Interest expense	(392,390)	(308,605)	(248,384)
Gain upon lease modification	0	333,352
Loss on extinguishment of debt	(15,622)	(39,059)	(58,143)
Income before income taxes	1,026,045	897,039	555,986
Income tax expense	(2,887)	(831)	(1,705)
Net income	1,023,158	896,208	554,281
Total assets	17,597,373	17,063,613
Total liabilities	5,410,199	7,569,868
Real Property Business
Segment Reporting Information
Revenues	1,479,021	1,201,782	865,858
Interest expense	(392,390)	(308,605)	(248,384)
Gain upon lease modification	0	333,352
Loss on extinguishment of debt	(15,622)	(39,059)	(58,143)
Income before income taxes	1,019,225	894,474	549,503
Income tax expense	(1,373)	(276)	(470)
Net income	1,017,852	894,198	549,033
Total assets	17,499,533	16,968,975
Total liabilities	5,392,844	7,551,391
Golf Course Business
Segment Reporting Information
Revenues	30,547	23,792	28,940
Interest expense	0	0	0
Gain upon lease modification	0	0
Loss on extinguishment of debt	0	0	0
Income before income taxes	6,820	2,565	6,483
Income tax expense	(1,514)	(555)	(1,235)
Net income	5,306	2,010	$ 5,248
Total assets	97,840	94,638
Total liabilities	$ 17,355	$ 18,477

Schedule I Condensed Financia_2

Schedule I Condensed Financial Information of Registrant Parent Company Only - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 739,614	$ 315,993
Other assets	424,693	386,530
Total assets	17,597,373	17,063,613
Liabilities
Accrued expenses and deferred revenue	113,530	155,807
Dividends payable	226,309	176,992
Total liabilities	5,410,199	7,569,868
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 628,942,092 and 536,669,722 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	6,289	5,367
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2021 and 2020	0	0
Additional paid-in capital	11,755,069	9,363,539
Accumulated other comprehensive income (loss)	884	(92,521)
Retained earnings	346,026	139,454
Total stockholders’ equity	12,187,174	9,493,745	$ 8,048,989	$ 6,901,022
Total liabilities and stockholders’ equity	17,597,373	17,063,613
Parent Company
Assets
Cash and cash equivalents	15,851	15,833
Other assets	1,036	86
Due from affiliates	7,208	7,383
Investment in subsidiaries	12,311,168	9,571,044
Total assets	12,335,263	9,594,346
Liabilities
Accrued expenses and deferred revenue	686	1,514
Dividends payable	226,309	176,992
Total liabilities	226,995	178,506
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 628,942,092 and 536,669,722 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	6,289	5,367
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2021 and 2020	0	0
Additional paid-in capital	11,755,069	9,363,540
Accumulated other comprehensive income (loss)	884	(92,521)
Retained earnings	346,026	139,454
Total stockholders’ equity	12,108,268	9,415,840
Total liabilities and stockholders’ equity	$ 12,335,263	$ 9,594,346

Schedule I Condensed Financia_3

Schedule I Condensed Financial Information of Registrant Parent Company Only - Balance Sheets - Parenthetical (Details) - $ / shares	Dec. 31, 2021	Sep. 10, 2021	Sep. 09, 2021	Mar. 02, 2021	Mar. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000	950,000,000	950,000,000	700,000,000	1,350,000,000
Common stock, shares outstanding (in shares)	628,942,092					536,669,722	461,004,742
Common stock, shares issued (in shares)	628,942,092					536,669,722
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
Parent Company
Condensed Financial Statements, Captions
Common stock, par value (in dollars per share)	$ 0.01					$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000					1,350,000,000
Common stock, shares outstanding (in shares)	628,942,092					536,669,722
Common stock, shares issued (in shares)	628,942,092					536,669,722
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

Schedule I Condensed Financia_4

Schedule I Condensed Financial Information of Registrant Parent Company Only - Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Expenses
General and administrative	$ 33,122	$ 30,661	$ 24,569
Income before income taxes	1,026,045	897,039	555,986
Income taxes	2,887	831	1,705
Net income attributable to common stockholders	1,013,851	891,674	545,964
Unrealized gain (loss) on cash flow hedges - investment in subsidiaries	29,166	(27,443)	(42,954)
Reclassification of realized loss on cash flow hedges to net income - investment in subsidiaries	(64,239)	0	0
Comprehensive income attributable to common stockholders	1,107,256	864,231	503,010
Parent Company
Expenses
General and administrative	0	8	0
Total operating expenses	0	8	0
Equity in earnings of investment in subsidiary	1,013,840	891,620	532,699
Interest income	11	62	13,265
Income before income taxes	1,013,851	891,674	545,964
Income taxes	0	0	0
Net income attributable to common stockholders	1,013,851	891,674	545,964
Unrealized gain (loss) on cash flow hedges - investment in subsidiaries	29,166	(27,443)	(42,954)
Reclassification of realized loss on cash flow hedges to net income - investment in subsidiaries	64,239	0	0
Comprehensive income attributable to common stockholders	$ 1,107,256	$ 864,231	$ 503,010

Schedule I Condensed Financia_5

Schedule I Condensed Financial Information of Registrant Parent Company Only - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 1,013,851	$ 891,674	$ 545,964
Change in other assets	830	(3,065)	(5,635)
Change in accrued expenses and deferred revenue	(88,127)	49,588	32,704
Net cash provided by operating activities	896,350	883,640	682,159
Cash flows from investing activities
Investments in short-term investments	0	(19,973)	(440,353)
Maturities of short-term investments	19,973	59,474	901,756
Net cash provided by (used in) investing activities	41,449	(4,548,759)	(1,361,379)
Cash flows from financing activities
Proceeds from offering of common stock	2,385,779	1,539,748	1,164,307
Dividends paid	(758,790)	(612,205)	(503,958)
Net cash (used in) provided by financing activities	(514,178)	2,879,219	1,182,666
Net increase (decrease) in cash, cash equivalents and restricted cash	423,621	(785,900)	503,446
Cash, cash equivalents and restricted cash, beginning of period	315,993	1,101,893	598,447
Cash, cash equivalents and restricted cash, end of period	739,614	315,993	1,101,893
Parent Company
Cash flows from operating activities
Net income	1,013,851	891,674	545,964
Equity in income from subsidiaries	(1,013,840)	(891,620)	(532,699)
Distributions of earnings from subsidiaries	0	0	13,334
Change in other assets	(1,288)	30	48
Change in accrued expenses and deferred revenue	1,077	275	1,370
Change in intercompany balances, net	613	(182)	(1,985)
Net cash provided by operating activities	413	177	26,032
Cash flows from investing activities
Investment in subsidiary	(2,387,866)	(1,540,227)	(1,700,748)
Distributions from subsidiaries	759,350	614,314	232,875
Investments in short-term investments	0	0	(342,767)
Maturities of short-term investments	0	0	760,419
Net cash provided by (used in) investing activities	(1,628,516)	(925,913)	(1,050,221)
Cash flows from financing activities
Proceeds from offering of common stock	2,386,911	1,539,862	1,164,307
Dividends paid	(758,790)	(612,205)	(503,958)
Net cash (used in) provided by financing activities	1,628,121	927,657	660,349
Net increase (decrease) in cash, cash equivalents and restricted cash	18	1,921	(363,840)
Cash, cash equivalents and restricted cash, beginning of period	15,833	13,912	377,752
Cash, cash equivalents and restricted cash, end of period	$ 15,851	$ 15,833	$ 13,912

Schedule I Condensed Financia_6

Schedule I Condensed Financial Information of Registrant Parent Company Only - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 16, 2022	Dec. 31, 2020
Condensed Financial Statements, Captions
Face value	$ 4,750,000,000		$ 6,850,000,000
Unsecured Debt
Condensed Financial Statements, Captions
Cumulative adjusted funds from operations rate	95.00%
Parent Company
Condensed Financial Statements, Captions
Restricted net assets	$ 7,400,000,000
Parent Company | Subsequent Event | Delayed Draw Term Loan
Condensed Financial Statements, Captions
Face value		$ 1,000,000,000
Parent Company | Secured Revolving Credit Facility | Subsequent Event
Condensed Financial Statements, Captions
Face value		$ 2,500,000,000
Parent Company | Unsecured Debt
Condensed Financial Statements, Captions
Cumulative adjusted funds from operations rate	95.00%
Parent Company | Senior Notes
Condensed Financial Statements, Captions
Percentage of adjusted total assets	0.60%
Amount of adjusted total assets	$ 30,000,000
Outstanding debt ratio trigger	30.00%