VICI Properties (VICI) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38372
Entity Registrant Name	VICI Properties Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4177147
Entity Address, Address Line One	535 Madison Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	949-4631
Title of each class	Common stock, $0.01 par value
Trading Symbol	VICI
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		963,002,113
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Entity Central Index Key	0001705696
Current Fiscal Year End Date	--12-31
VICI Properties LP
Document Information [Line Items]
Entity File Number	333-264352-01
Entity Registrant Name	VICI Properties L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2576503
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001920791

VICI PROPERTIES INC. CONSOLIDAT

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Real estate portfolio:
Investments in leases - sales-type, net		$ 17,113,699	$ 13,136,664
Land		153,576	153,576
Cash and cash equivalents		568,702	739,614
Other assets		741,583	424,693
Total assets		21,741,321	17,597,373
Liabilities
Debt, net		5,297,014	4,694,523
Accrued expenses and deferred revenue		99,062	113,530
Dividends payable		269,276	226,309
Other liabilities		592,183	375,837
Total liabilities		6,257,535	5,410,199
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 748,413,311 and 628,942,092 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		7,484	6,289
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at March 31, 2022 and December 31, 2021		0	0
Additional paid-in capital		14,971,890	11,755,069
Accumulated other comprehensive income		109,495	884
Retained earnings		315,809	346,026
Total VICI stockholders’ equity		15,404,678	12,108,268
Non-controlling interest		79,108	78,906
Total stockholders’ equity		15,483,786	12,187,174
Total liabilities and stockholders’ equity		21,741,321	17,597,373
Investments in leases - financing receivables, net
Real estate portfolio:
Notes receivable	[1]	2,650,633	2,644,824
Investments in loans, net
Real estate portfolio:
Notes receivable	[1]	$ 513,128	$ 498,002
[1]	Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.

VICI PROPERTIES INC. CONSOLID_2

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000
Common stock, shares issued (in shares)	748,413,311	628,942,092
Common stock, shares outstanding (in shares)	748,413,311	628,942,092
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	$ 504,200	$ 434,900
Other assets (sales-type sub-leases), allowance for credit losses	8,754	6,540
Investments in leases - financing receivables, net
Allowance for credit losses	92,000	91,100
Investments in loans, net
Allowance for credit losses	$ 1,100	$ 800

VICI PROPERTIES INC. CONSOLID_3

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Income from sales-type leases	$ 326,735	$ 290,146
Income from lease financing receivables and loans	72,878	70,377
Other income	8,386	6,974
Golf revenues	8,626	6,813
Total revenues	416,625	374,310
Operating expenses
General and administrative	9,466	8,085
Depreciation	776	792
Other expenses	8,386	6,974
Golf expenses	5,285	4,506
Change in allowance for credit losses	80,820	(4,380)
Transaction and acquisition expenses	755	8,721
Total operating expenses	105,488	24,698
Interest expense	(68,142)	(77,048)
Interest income	93	19
Income before income taxes	243,088	272,583
Income tax expense	(400)	(484)
Net income	242,688	272,099
Less: Net income attributable to non-controlling interest	(2,305)	(2,298)
Net income attributable to common stockholders	$ 240,383	$ 269,801
Net income per common share
Basic (in dollars per share)	$ 0.35	$ 0.50
Diluted (in dollars per share)	$ 0.35	$ 0.50
Weighted average number of shares of common stock outstanding
Basic (in shares)	684,341,045	536,480,505
Diluted (in shares)	687,914,683	544,801,802
Other comprehensive income
Net income attributable to common stockholders	$ 240,383	$ 269,801
Unrealized gain on cash flow hedges	108,611	12,378
Comprehensive income attributable to common stockholders	$ 348,994	$ 282,179

VICI PROPERTIES INC. CONSOLID_4

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total VICI Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interest
Beginning 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	272,099	269,801				269,801	2,298
Distributions to non-controlling interest	(2,071)						(2,071)
Dividends declared	(177,217)	(177,217)				(177,217)
Stock-based compensation, net of forfeitures	758	758	3	755
Unrealized gain on cash flow hedges	12,378	12,378			12,378
Ending balance at Mar. 31, 2021	9,599,692	9,521,559	5,370	9,364,294	(80,143)	232,038	78,133
Beginning balance at Dec. 31, 2021	12,187,174	12,108,268	6,289	11,755,069	884	346,026	78,906
Increase (Decrease) in Stockholders' Equity
Net income	242,688	240,383				240,383	2,305
Issuance of common stock, net	3,218,097	3,218,097	1,190	3,216,907
Distributions to non-controlling interest	(2,103)						(2,103)
Dividends declared	(270,600)	(270,600)				(270,600)
Stock-based compensation, net of forfeitures	(81)	(81)	5	(86)
Unrealized gain on cash flow hedges	108,611	108,611			108,611
Ending balance at Mar. 31, 2022	$ 15,483,786	$ 15,404,678	$ 7,484	$ 14,971,890	$ 109,495	$ 315,809	$ 79,108

VICI PROPERTIES INC. CONSOLID_5

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.3600	$ 0.3300

VICI PROPERTIES INC. CONSOLID_6

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 242,688	$ 272,099
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(35,564)	(28,134)
Stock-based compensation	2,630	2,277
Depreciation	776	792
Amortization of debt issuance costs and original issue discount	15,977	6,691
Change in allowance for credit losses	80,820	(4,380)
Change in operating assets and liabilities:
Other assets	(2,057)	(1,539)
Accrued expenses and deferred revenue	(7,170)	(92,513)
Other liabilities	73	433
Net cash provided by operating activities	298,173	155,726
Cash flows from investing activities
Investments in leases - sales-type	(4,012,096)	0
Investments in leases - financing receivables	0	(6,000)
Investments in loans	(15,559)	0
Principal repayments of lease financing receivables	0	282
Principal repayments of loans and receipts of deferred fees	0	20,000
Capitalized transaction costs	(136)	(599)
Maturities of short-term investments	0	19,973
Acquisition of property and equipment	(454)	(1,247)
Net cash (used in) provided by investing activities	(4,028,245)	32,409
Cash flows from financing activities
Proceeds from offering of common stock, net	3,219,123	0
Proceeds from lines of credit	600,000	0
Debt issuance costs	(27,285)	0
Repurchase of stock for tax withholding	(2,712)	(1,519)
Distributions to non-controlling interest	(2,103)	(2,071)
Dividends paid	(227,863)	(178,008)
Net cash provided by (used in) financing activities	3,559,160	(181,598)
Net (decrease) increase in cash, cash equivalents and restricted cash	(170,912)	6,537
Cash, cash equivalents and restricted cash, beginning of period	739,614	315,993
Cash, cash equivalents and restricted cash, end of period	568,702	322,530
Supplemental cash flow information:
Cash paid for interest	48,921	69,704
Cash paid for income taxes	2	0
Supplemental non-cash investing and financing activity:
Dividends declared, not paid	269,429	177,217
Debt issuance costs payable	465	17,341
Deferred transaction costs payable	2,219	3,595
Non-cash change in Investments in leases - financing receivables	6,696	4,673
Lease liabilities arising from obtaining right-of-use assets	$ 208,949	$ 0

VICI PROPERTIES L.P. CONSOLIDAT

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Real estate portfolio:
Investments in leases - sales-type, net		$ 17,113,699	$ 13,136,664
Land		153,576	153,576
Cash and cash equivalents		568,702	739,614
Other assets		741,583	424,693
Total assets		21,741,321	17,597,373
Liabilities
Debt, net		5,297,014	4,694,523
Accrued expenses and deferred revenue		99,062	113,530
Dividends payable		269,276	226,309
Other liabilities		592,183	375,837
Total liabilities		6,257,535	5,410,199
Commitments and contingent liabilities (Note 10)
Partners’ Capital
Accumulated other comprehensive income		109,495	884
Total liabilities and stockholders’ equity		21,741,321	17,597,373
VICI Properties LP
Real estate portfolio:
Investments in leases - sales-type, net		17,113,699	13,136,664
Land		153,576	153,576
Cash and cash equivalents		533,807	705,566
Other assets		661,678	344,014
Total assets		21,626,521	17,482,646
Liabilities
Debt, net		5,297,014	4,694,523
Accrued expenses and deferred revenue		95,258	110,056
Dividends payable		269,276	226,309
Other liabilities		577,547	361,270
Total liabilities		6,239,095	5,392,158
Commitments and contingent liabilities (Note 10)
Partners’ Capital
Partners’ capital, 748,413,311 and 628,942,092 operating partnership units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		15,198,823	12,010,698
Accumulated other comprehensive income		109,495	884
Total VICI LP’s capital		15,308,318	12,011,582
Non-controlling interest		79,108	78,906
Total capital attributable to partners		15,387,426	12,090,488
Total liabilities and stockholders’ equity		21,626,521	17,482,646
Investments in leases - financing receivables, net
Real estate portfolio:
Notes receivable	[1]	2,650,633	2,644,824
Investments in leases - financing receivables, net | VICI Properties LP
Real estate portfolio:
Notes receivable	[2]	2,650,633	2,644,824
Investments in loans, net
Real estate portfolio:
Notes receivable	[1]	513,128	498,002
Investments in loans, net | VICI Properties LP
Real estate portfolio:
Notes receivable	[2]	$ 513,128	$ 498,002
[1]	Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
[2]	Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.

VICI PROPERTIES INC. CONSOLID_7

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Sales-type and direct financing, allowance for credit losses	$ 504,200	$ 434,900
Other assets (sales-type sub-leases), allowance for credit losses	8,754	6,540
Investments in leases - financing receivables, net
Allowance for credit losses	92,000	91,100
Investments in loans, net
Allowance for credit losses	$ 1,100	$ 800
VICI Properties LP
Operating partnership units issued (in shares)	748,413,311	628,942,092
Operating partnership units outstanding (in shares)	748,413,311	628,942,092
Sales-type and direct financing, allowance for credit losses	$ 504,200	$ 434,900
Other assets (sales-type sub-leases), allowance for credit losses	8,800	6,500
VICI Properties LP | Investments in leases - financing receivables, net
Allowance for credit losses	92,000	91,100
VICI Properties LP | Investments in loans, net
Allowance for credit losses	$ 1,100	$ 800

VICI PROPERTIES L.P. CONSOLID_2

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Income from sales-type leases	$ 326,735	$ 290,146
Income from lease financing receivables and loans	72,878	70,377
Other income	8,386	6,974
Total revenues	416,625	374,310
Operating expenses
General and administrative	9,466	8,085
Depreciation	776	792
Other expenses	8,386	6,974
Change in allowance for credit losses	80,820	(4,380)
Transaction and acquisition expenses	755	8,721
Total operating expenses	105,488	24,698
Interest expense	(68,142)	(77,048)
Interest income	93	19
Income before income taxes	243,088	272,583
Income tax expense	(400)	(484)
Net income	242,688	272,099
Less: Net income attributable to non-controlling interest	(2,305)	(2,298)
Net income attributable to common stockholders	$ 240,383	$ 269,801
Net income per common share
Basic (in dollars per share)	$ 0.35	$ 0.50
Diluted (in dollars per share)	$ 0.35	$ 0.50
Weighted average number of shares of common stock outstanding
Basic (in shares)	684,341,045	536,480,505
Diluted (in shares)	687,914,683	544,801,802
Other comprehensive income
Net income attributable to common stockholders	$ 240,383	$ 269,801
Unrealized gain on cash flow hedges	108,611	12,378
Comprehensive income attributable to common stockholders	348,994	282,179
VICI Properties LP
Revenues
Income from sales-type leases	326,735	290,146
Income from lease financing receivables and loans	72,878	70,377
Other income	8,386	6,974
Total revenues	407,999	367,497
Operating expenses
General and administrative	9,466	8,085
Depreciation	30	32
Other expenses	8,386	6,974
Change in allowance for credit losses	80,820	(4,380)
Transaction and acquisition expenses	755	8,721
Total operating expenses	99,457	19,432
Interest expense	(68,142)	(77,048)
Interest income	90	16
Income before income taxes	240,490	271,033
Income tax expense	162	(142)
Net income	240,652	270,891
Less: Net income attributable to non-controlling interest	(2,305)	(2,298)
Net income attributable to common stockholders	$ 238,347	$ 268,593
Net income per common share
Basic (in dollars per share)	$ 0.35	$ 0.50
Diluted (in dollars per share)	$ 0.35	$ 0.49
Weighted average number of shares of common stock outstanding
Basic (in shares)	684,341,045	536,480,505
Diluted (in shares)	687,914,683	544,801,802
Other comprehensive income
Net income attributable to common stockholders	$ 238,347	$ 268,593
Unrealized gain on cash flow hedges	108,611	12,378
Comprehensive income attributable to common stockholders	$ 346,958	$ 280,971

VICI PROPERTIES L.P. CONSOLID_3

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (UNAUDITED) - USD ($) $ in Thousands	Total	VICI Properties LP	VICI Properties LPLimited Partner	VICI Properties LPAccumulated Other Comprehensive Income (Loss)	VICI Properties LPNon-controlling Interest
Beginning balance at Dec. 31, 2020		$ 9,403,179	$ 9,417,794	$ (92,521)	$ 77,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		270,891	268,593		2,298
Contributions from parent		13,173	13,173
Distributions to parent		(189,915)	(189,915)
Distributions to non-controlling interest	$ (2,071)	(2,071)			(2,071)
Stock-based compensation, net of forfeitures	758	2,252	2,252
Unrealized gain on cash flow hedges	12,378	12,378		12,378
Ending balance at Mar. 31, 2021		9,509,887	9,511,897	(80,143)	78,133
Beginning balance at Dec. 31, 2021		12,090,488	12,010,698	884	78,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		240,653	238,348		2,305
Contributions from parent		3,229,165	3,229,165
Distributions to parent		(281,990)	(281,990)
Distributions to non-controlling interest	(2,103)	(2,103)			(2,103)
Stock-based compensation, net of forfeitures	(81)	2,602	2,602
Unrealized gain on cash flow hedges	$ 108,611	108,611		108,611
Ending balance at Mar. 31, 2022		$ 15,387,426	$ 15,198,823	$ 109,495	$ 79,108

VICI PROPERTIES L.P. CONSOLID_4

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 242,688	$ 272,099
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(35,564)	(28,134)
Stock-based compensation	2,630	2,277
Depreciation	776	792
Amortization of debt issuance costs and original issue discount	15,977	6,691
Change in allowance for credit losses	80,820	(4,380)
Change in operating assets and liabilities:
Other assets	(2,057)	(1,539)
Accrued expenses and deferred revenue	(7,170)	(92,513)
Other liabilities	73	433
Net cash provided by operating activities	298,173	155,726
Cash flows from investing activities
Investments in leases - sales-type	(4,012,096)	0
Investments in leases - financing receivables	0	(6,000)
Investments in loans	(15,559)	0
Principal repayments of lease financing receivables	0	282
Principal repayments of loans and receipts of deferred fees	0	20,000
Capitalized transaction costs	(136)	(599)
Maturities of short-term investments	0	19,973
Acquisition of property and equipment	(454)	(1,247)
Net cash (used in) provided by investing activities	(4,028,245)	32,409
Cash flows from financing activities
Proceeds from offering of common stock, net	3,219,123	0
Proceeds from lines of credit	600,000	0
Debt issuance costs	(27,285)	0
Distributions to non-controlling interest	(2,103)	(2,071)
Net cash provided by (used in) financing activities	3,559,160	(181,598)
Net (decrease) increase in cash, cash equivalents and restricted cash	(170,912)	6,537
Cash, cash equivalents and restricted cash, beginning of period	739,614	315,993
Cash, cash equivalents and restricted cash, end of period	568,702	322,530
Supplemental cash flow information:
Cash paid for interest	48,921	69,704
Cash paid for income taxes	2	0
Supplemental non-cash investing and financing activity:
Distributions payable	269,429	177,217
Debt issuance costs payable	465	17,341
Deferred transaction costs payable	2,219	3,595
Non-cash change in Investments in leases - financing receivables	6,696	4,673
Lease liabilities arising from obtaining right-of-use assets	208,949	0
VICI Properties LP
Cash flows from operating activities
Net income	240,652	270,891
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(35,564)	(28,134)
Stock-based compensation	2,602	2,252
Depreciation	30	32
Amortization of debt issuance costs and original issue discount	15,977	6,692
Change in allowance for credit losses	80,820	(4,380)
Change in operating assets and liabilities:
Other assets	(1,513)	(1,095)
Accrued expenses and deferred revenue	(9,790)	(89,781)
Other liabilities	4	(127)
Net cash provided by operating activities	293,218	156,350
Cash flows from investing activities
Investments in leases - sales-type	(4,012,096)	0
Investments in leases - financing receivables	0	(6,000)
Investments in loans	(15,559)	0
Principal repayments of lease financing receivables	0	282
Principal repayments of loans and receipts of deferred fees	0	20,000
Capitalized transaction costs	(136)	(599)
Maturities of short-term investments	0	19,973
Acquisition of property and equipment	0	(13)
Net cash (used in) provided by investing activities	(4,027,791)	33,643
Cash flows from financing activities
Proceeds from lines of credit	600,000	0
Contributions from Parent	3,219,202	0
Distribution to Parent	(227,000)	(177,000)
Debt issuance costs	(27,285)	0
Distributions to non-controlling interest	(2,103)	(2,071)
Net cash provided by (used in) financing activities	3,562,814	(179,071)
Net (decrease) increase in cash, cash equivalents and restricted cash	(171,759)	10,922
Cash, cash equivalents and restricted cash, beginning of period	705,566	286,245
Cash, cash equivalents and restricted cash, end of period	533,807	297,167
Supplemental cash flow information:
Cash paid for interest	48,921	69,704
Cash paid for income taxes	2	0
Supplemental non-cash investing and financing activity:
Distributions payable	269,276	177,089
Debt issuance costs payable	465	17,341
Deferred transaction costs payable	2,219	3,595
Non-cash change in Investments in leases - financing receivables	6,696	4,673
Lease liabilities arising from obtaining right-of-use assets	$ 208,949	$ 0

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business We are primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations, subject to long-term triple-net leases. As of March 31, 2022, our national, geographically diverse real estate portfolio consisted of 28 market-leading properties, including Caesars Palace Las Vegas and the Venetian Resort (and following the closing of the MGP Transactions on April 29, 2022, our portfolio consists of 43 properties, including MGM Grand, Mandalay Bay and MGM National Harbor). Our properties are leased to, and our tenants are, subsidiaries of, or entities managed by, Caesars, Penn National, Seminole Hard Rock, Century Casinos, JACK Entertainment, EBCI and Apollo (and following the closing of the MGP Transactions, MGM). VICI also owns and operates four championship golf courses located near certain of our properties. VICI, the parent company, is a Maryland corporation and internally managed real estate investment trust (“REIT”) for U.S. federal income tax purposes. Our real property business, which represents the substantial majority of our assets, is conducted through VICI OP and indirectly through VICI LP and our golf course business, VICI Golf, is conducted through a direct wholly-owned taxable REIT subsidiary (a “TRS”) of VICI. As a REIT, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. 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, among other things, 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 April 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	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements, including the notes thereto, are unaudited and condense or exclude some of the disclosures and information normally required in audited financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited consolidated financial statements and related notes should be read in conjunction with VICI’s audited financial statements and notes thereto included in VICI’s most recent Annual Report on Form 10-K and VICI LP’s audited financial statements and notes thereto included as an exhibit to the Current Report on Form 8-K filed on Apri l 18 , 2022 , as updated from time to time in our other filings with the SEC. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Principles of Consolidation and Non-controlling Interest The accompanying consolidated financial statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and 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 or partners’ capital, separate from VICI stockholders’ equity and VICI LP partner’s capital. Our non-controlling interest represents a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease. Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of March 31, 2022 and December 31, 2021, we did not have any restricted cash. Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of our Lease Agreements, excluding the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties asset components of the Caesars Regional Master Lease, meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties asset components of the Caesars Regional Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties component of the Caesars Regional Master Lease are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the Lease Agreements and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Investments in Loans, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. Allowance for Credit Losses ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans. 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 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 and borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant or borrower and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants, borrowers and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Sales-type sub-leases included in Other assets on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties through the Partner Property Growth Fund. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers' and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the three months ended March 31, 2022 and 2021. Refer to Note 5 - Allowance for Credit Losses for further information. Other income and Other expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under these certain ground and use leases. Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. Refer to Note 9 - Fair Value for further information. Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) 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. 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 Leases represented 76% and 86% of our lease revenues for the three months ended March 31, 2022 and 2021, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 38% and 32% of our lease revenues for the three months ended March 31, 2022 and 2021, respectively. Other than having a single tenant from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk. Following the completion of the MGP Transactions, MGM is the guarantor of all the lease payment obligations of the tenants under the MGM Master Lease and BREIT JV Lease, which will collectively account for 15 of our 43 leased properties. We do not believe there are any other significant concentrations of credit risk.

Property Transactions

Property Transactions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Property Transactions	Property Transactions 2022 Transactions Our significant activities in 2022 are as follows: MGP Transactions On April 29, 2022, we closed on the previously announced MGP Transactions governed by the MGP Master Transaction Agreement, pursuant to which we acquired MGP for total consideration of $17.2 billion, inclusive of the assumption of approximately $5.7 billion of debt. Upon closing, the MGP Transactions added $1,012.0 million of annualized rent to our portfolio from 15 Class A entertainment casino resort properties spread across nine regions and comprising 36,000 hotel rooms, 3.6 million square feet of meeting and convention space and hundreds of food, beverage and entertainment venues. 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. The following is a summary of the agreements and related activities under the MGP Transactions: • MGP Master Transaction Agreement. On August 4, 2021, we entered into the MGP Master Transaction Agreement by and among the Company, MGP, MGP OP, VICI LP, REIT Merger Sub, VICI OP, and MGM. Pursuant to the terms and subject to the conditions set forth in the MGP Master Transaction Agreement, upon the closing of the REIT Merger (as defined in the MGP Master Transaction Agreement) on April 29, 2022, 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) was converted into 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. The outstanding Class B common share, no par value per share, of MGP (the “Class B Share”), which was held by MGM, was 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 (as defined in the MGP Master Transaction Agreement), 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 were held by MGM and certain of its subsidiaries, was converted into the right to receive a number of VICI OP Units (the “Partnership Merger Consideration”) equal to the Exchange Ratio. The Company redeemed a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash using the proceeds of the April 2022 Notes, as further described in N ote 7 - Deb t (the “Redemption”). Following the Redemption, MGM retained approximately 12.2 million VICI OP Units. • MGM Master Lease and BREIT JV Lease . Simultaneous with the closing of the Mergers on April 29, 2022, we entered into the MGM Master Lease. The MGM Master Lease has an initial term of 25 years, with three 10-year tenant renewal options and has an initial total annual rent of $860.0 million. Rent under the MGM Master Lease escalates at a rate of 2.0% per annum for the first 10 years and thereafter at the greater of 2.0% per annum or the increase in the consumer price index (“CPI”), subject to a 3.0% cap. The tenant’s obligations under the MGM Master Lease are guaranteed by MGM. The initial total annual rent under the MGM Master Lease will be reduced by $90.0 million to $770.0 million, upon the close of MGM’s pending sale of the operations of the Mirage to Hard Rock and entrance into the Mirage Lease, as further described below under “ Mirage Severance Lease.” Additionally, we retained MGP’s 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 remained unchanged and provides for current total annual base rent of approximately $303.8 million, of which approximately $152.2 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 are guaranteed by MGM. • Tax Protection Agreement. In connection with the closing of the MGP Transactions, we entered into a tax protection agreement with MGM (the “MGM Tax Protection Agreement”) pursuant to which VICI OP has agreed, 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 VICI OP pursuant to which the ownership interests of the Protected Parties in VICI OP are required to be exchanged in whole or in part for cash or other property, (3) the failure of VICI OP 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 VICI OP or VICI to comply with certain tax covenants that would impact the tax liabilities of the Protected Parties. In the event that VICI OP or VICI breaches restrictions in the MGM Tax Protection Agreement, VICI OP 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 bears 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. 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 became operative upon the settlement of the Exchange Offers and the Consent Solicitations on April 29, 2022 (the “Settlement Date”). Upon completion of the Exchange Offers and Consent Solicitations, the VICI Issuers issued $1,024.2 million in aggregate principal amount of 5.625% Senior Notes due 2024, $799.4 million in aggregate principal amount of 4.625% Senior Notes due 2025, $480.5 million in aggregate principal amount of 4.500% Senior Notes due 2026, $729.5 million in aggregate principal amount of 5.750% Senior Notes due 2027, $349.3 million in aggregate principal amount of 4.500% Senior Notes due 2028 and $727.1 million in aggregate principal amount of 3.875% Senior Notes due 2029, each pursuant to a separate indenture dated as of April 29, 2022, among the VICI Issuers and the Trustee. Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, $25.8 million in aggregate principal amount of MGP OP Notes due 2024, $0.6 million in aggregate principal amount of MGP OP Notes due 2025, $19.5 million in aggregate principal amount of MGP OP Notes due 2026, $20.5 million in aggregate principal amount of MGP OP Notes due 2027, $0.7 million in aggregate principal amount of MGP OP Notes due 2028 and $22.9 million in aggregate principal amount of MGP OP Notes due 2029 remain outstanding. • 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 land and real estate assets of the Mirage (the “Mirage Lease”), and enter into an amendment to the MGM Master Lease 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, 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. Upon the closing of the sale of the Mirage, the MGM Master Lease 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 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 and regulatory approvals. 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 if Hard Rock elects to seek third-party financing for such redevelopment. Specific terms of the redevelopment and related funding remain under discussion and subject to final documentation. We will assess the MGP Transactions in accordance with ASC 805—“Business Combinations” (“ASC 805”), and anticipate that the acquisition of MGP will not meet the definition of a business and will accordingly be accounted for as an asset acquisition under ASC 805-50. As part of the application of ASC 805, we will prepare a purchase price allocation in order to appropriately allocate the purchase price by major categories of assets acquired and liabilities assumed. We also will assess the lease classification of the MGM Master Lease and anticipate that it will meet the definition of a sales-type lease. Further, since MGM controlled and consolidated MGP prior to the MTA Transactions, the lease will be assessed under the sale-leaseback guidance and we anticipate it will be determined to be a failed sale-leaseback under which the lease will be accounted for as a financing receivable under ASC 310. Finally, as it relates to the BREIT JV, we anticipate that it will continue to be accounted for as an equity method investment and the joint venture will retain the underlying accounting. However, we will be required to record our investment in BREIT JV at fair value and amortize the difference between the current carrying value and assessed fair value into income. During the quarter ended June 30, 2022, we will record the corresponding assets and assumed liabilities at fair value, the most material of which will include (i) the MGM Master Lease presented as Investment in leases - financing receivable, net of an estimate allowance for credit losses, (ii) the investment in the BREIT JV presented as Investment in unconsolidated affiliate and (iii) the liability for the assumption of the MGP OP Notes presented in Debt, net, on our Balance Sheet. BigShots Loan Subsequent to quarter end, on April 7, 2022, we entered into a loan with BigShots Golf (“BigShots Golf”), a subsidiary of ClubCorp Holdings, Inc. (“ClubCorp”), an Apollo fund portfolio company, to provide up to $80.0 million of mortgage financing (“BigShots Loan”) for the construction of certain new BigShots Golf facilities throughout the United States. The BigShots Loan bears interest at a rate of 10.0% per annum and has an initial term of five years with two successive 12-month extension options, subject to certain conditions. Our commitment to fund the loan will be subject to customary terms and conditions and disbursement of funds to the borrower will be based upon construction of the applicable BigShots Golf facilities. In addition, we entered into a right of first offer and call right agreement, pursuant to which (i) we 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, and (ii) for so long as the BigShots Loan remains outstanding and we continue to hold a majority interest therein, subject to additional terms and conditions, we will have a right of first offer on any multi-site mortgage, mezzanine, preferred equity, or other similar financing that is treated as debt to be obtained by BigShots Golf (or any of its affiliates) in connection with the development of BigShots Golf facilities. Venetian Acquisition 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 (which was subsequently repaid in full using the proceeds from the April 2022 Notes offering), and (iii) cash on hand. Simultaneous with the closing of the Venetian Acquisition, we entered into the Venetian Lease with the Venetian Tenant. The Venetian Lease has an initial total annual rent of $250.0 million and an initial term of 30 years, with two 10-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 determined that the land and building components of the Venetian Lease meet the definition of a sales-type lease and accordingly are recorded as an Investments in leases - sales-type on our Balance Sheet, net of allowance for credit losses in the amount of $65.6 million. 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 and calculated in accordance with a formula set forth in the Venetian PGFA. Upon execution of the Venetian PGFA we were required to estimate a CECL allowance related to the contractual commitments to extend credit, which is based on our best estimates of funding such commitments. Accordingly, during the three months ended March 31, 2022, we recorded a CECL allowance in Other liabilities in the amount of $8.3 million related to the estimate of our unfunded commitment under the Venetian PGFA. 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 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 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. 2021 Transactions Our significant activities in 2021 were as follows: Caesars Southern Indiana Lease 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 CSI Lease, 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 Caesars Regional Master Lease were reduced by $32.5 million upon completion of EBCI’s acquisition of the operations of Caesars Southern Indiana and the execution of the CSI Lease. We determined that the land and building components of the CSI Lease 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. 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 March 31, 2022, approximately $49.2 million of the funds have been disbursed. We expect to fund our entire $79.5 million commitment by mid-2022.

Real Estate Portfolio

Real Estate Portfolio	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Portfolio	Real Estate Portfolio As of March 31, 2022, our real estate portfolio consisted of the following: • Investments in leases - sales-type, representing our investment in 23 casino assets leased on a triple-net basis to our tenants, Apollo, Caesars, Century Casinos, EBCI, Hard Rock and Penn National, under nine 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 March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Minimum lease payments receivable under sales-type leases (1) $ 64,524,789 $ 44,485,224 Estimated residual values of leased property (not guaranteed) 6,578,781 3,334,549 Gross investment in sales-type leases 71,103,570 47,819,773 Unamortized initial direct costs 40,718 23,363 Less: Unearned income (53,526,411) (34,271,620) Less: Allowance for credit losses (504,178) (434,852) Investments in leases - sales-type, net 17,113,699 13,136,664 Investments in leases - financing receivables, net 2,650,633 2,644,824 Total investments in leases, net 19,764,332 15,781,488 Investments in loans, net 513,128 498,002 Land 153,576 153,576 Total real estate portfolio $ 20,431,036 $ 16,433,066 ____________________ (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 leases and lease financing receivables: Three Months Ended March 31, (In thousands) 2022 2021 Income from sales-type leases, excluding contingent rent (1) $ 322,258 $ 289,574 Income from lease financing receivables (1) (2) 63,019 59,892 Total revenue, excluding contingent rent 385,277 349,466 Contingent rent (1) 4,477 572 Total lease revenue 389,754 350,038 Non-cash adjustment (3) (35,553) (27,877) Total contractual lease revenue $ 354,201 $ 322,161 ____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. As of March 31, 2022, we have recognized contingent rent from our Margaritaville Lease, Greektown Lease, and Caesars Las Vegas Master Lease in relation to the variable rent portion of the respective leases. Refer to the Lease Provisions section below for information regarding contingent rent on each lease. (2) Represents the Harrah’s Original Call Properties and the JACK Cleveland/Thistledown Lease, 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. (3) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. At March 31, 2022, 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 (remaining) $ 994,936 $ 171,273 $ 1,166,209 2023 1,344,189 232,320 1,576,509 2024 1,366,127 236,452 1,602,579 2025 1,385,348 239,835 1,625,183 2026 1,405,006 243,281 1,648,287 2027 1,425,272 246,841 1,672,113 Thereafter 56,603,911 8,309,373 64,913,284 Total $ 64,524,789 $ 9,679,375 $ 74,204,164 Weighted Average Lease Term (2) 37.0 years 33.2 years 35.5 years ____________________ (1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the Lease Agreements. (2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310. Lease Provisions Lease Overview The following is a summary of the material lease provisions of our Caesars Leases, Venetian Lease, MGM Master Lease, and BREIT JV Lease (the MGM Master Lease as entered into and BREIT JV Lease as assumed by us, each as part of the closing of the MGP Transactions on April 29, 2022): ($ In thousands) Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas Master Lease Venetian Lease MGM Master Lease BREIT JV Lease Lease Provision Initial term 18 years 18 years 30 years 25 years 30 years Initial term maturity 7/31/2035 7/31/2035 2/29/2052 4/30/2047 2/28/2050 Renewal terms Four, five Four, five Two, ten Three, ten Two, ten Current lease year (1) 11/1/21 - 10/31/22 (Lease Year 5) 11/1/21 - 10/31/22 (Lease Year 5) 2/23/22 - 2/28/23 (Lease Year 1) 4/29/22-4/30/23 (Lease Year 1) 3/1/22 - 2/28/23 (Lease Year 3) Current annual rent (2) $649,572 $422,224 $250,000 $860,000 $303,800 (VICI’s 50.1% Pro Rata Share: $152,203) Annual escalator (3) Lease years 2-5 - 1.5% Lease years 6-end of term - CPI subject to 2.0% floor > 2% / change in CPI >2% / change in CPI (capped at 3%) beginning in Lease year 2 Lease years 2-10 - 2% Lease years 11-end of term - >2% / change in CPI (capped at 3%) Lease years 2-15 - 2% Lease years 16-end of term - >2% / change in CPI (capped at 3%) Variable rent adjustment (4) Year 8 : 70% base rent / 30% variable rent Years 11 & 16 : 80% base rent / 20% variable rent Years 8, 11 & 16 : 80% base rent / 20% variable rent None None None Variable rent adjustment calculation (3) 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 None None None ____________________ (1) For the Venetian Lease, 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. (2) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, Current annual rent under the Caesars Regional Master Lease and Joliet Lease is $641.2 million. (3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. In relation to the Caesars Las Vegas Master Lease, we recognized approximately $3.1 million in contingent rent during the three months ended March 31, 2022. No such rent has been recognized for the three months ended March 31, 2021. In relation to the Caesars Regional Master Lease, Joliet Lease, Venetian Lease, MGM Master Lease no such rent has been recognized for the three months ended March 31, 2022 and 2021. (4) Variable Rent is not subject to the Escalator. The following is a summary of the material lease provisions of our Penn National Leases, Hard Rock Cincinnati Lease, Century Portfolio Lease, JACK Cleveland/Thistledown Lease and CSI Lease: ($ In thousands) Margaritaville Lease Greektown Lease Hard Rock Cincinnati Lease Century Portfolio Lease JACK Cleveland/Thistledown Lease CSI Lease Lease Provision Initial term 15 years 15 years 15 years 15 years 20 years 15 years Initial term maturity 1/31/2034 5/31/2034 9/30/2034 12/31/2034 1/31/2040 8/31/2036 Renewal terms Four, five Four, five Four, five Four, five Three, five Four, five Current lease year 2/1/22 - 1/31/23 6/1/21 - 5/31/22 10/1/21 - 9/30/22 1/1/22 - 12/31/22 2/1/22 - 1/31/22 9/3/21 - 8/31/22 Current annual rent (1) $23,813 $51,321 $44,042 $25,503 $68,704 $32,500 Annual escalator (2) 2% of Building base rent ($17.2 million) 2% of Building base rent ($42.8 million) Lease years 2-4 - 1.5% Lease years 5-15 - > 2% / change in CPI (3) Lease years 2-3 - 1.0% Lease years 4-15 - > 1.25% / CPI Lease year 3 - 1.0% Lease years 4-6 - 1.5% Lease years 7-20 - >1.5%/change in CPI (capped at 2.5%) Lease years 2-5 - 1.5% Lease years 6-15 - >2.0% / change in CPI Coverage floor (4) Net revenue to rent ratio: 6.1x net revenue commencing lease year two Net revenue ratio to be mutually agreed upon prior to the commencement of lease year five None 7.5x net revenue commencing lease year six None None Variable Rent adjustment (5) Lease year three and each and every other lease year thereafter Lease year three and each and every other lease year thereafter Lease year 8: 80% base rent and 20% variable rent Lease year 8 and 11: 80% Base Rent and 20% Variable Rent None Lease year 8 and 11: 80% Base Rent and 20% Variable Rent Variable Rent adjustment calculation 4% of the average net revenues for trailing 2 year period less threshold amount (defined as 50% of LTM net revenues prior to acquisition) 4% of the average net revenues for trailing 2 year period less threshold amount (defined as 50% of LTM net revenues prior to acquisition) 4% of revenue increase/decrease: Year 8: Avg. of years 5-7 less avg. of years 1-3 4% of revenue increase/decrease: Year 8: Avg. of years 5-7 less avg. of years 1-3 Year 11: Avg. of years 8-10 less avg. of years 5-7 None 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 (6) Year 11 : Avg. of years 8-10 less avg. of years 5-7 ____________________ (1) For the JACK Cleveland/Thistledown Lease, the annualized rent is inclusive of an increase of $1.8 million, effective April 1, 2022, 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 three months ended March 31, 2022 and 2021. (3) Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (4) 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. With respect to the Century Portfolio Lease, if the coverage ratio is below the stated amount the escalator will be reduced to 0.75%. (5) Variable (percentage rent) is subject to the percentage rent multiplier. With respect to the Penn National Leases, after the first percentage rent reset, any amounts related to variable (percentage) rent are considered contingent rent in accordance with GAAP. In relation to the Margaritaville Lease, we recognized approximately $0.9 million in contingent rent during the three months ended March 31, 2022, and approximately $0.6 million in contingent rent during the three months ended March 31, 2021. In relation to the Greektown Lease during the three months ended March 31, 2022 we recognized approximately $0.5 million in contingent rent. No such contingent rent was recognized for the three months ended March 31, 2021 for the Greektown Lease. (6) With respect to lease year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID 19, the CSI Lease provides for the use of 2019 net revenues, pro rated for the period of such closure. 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. Except for as specifically provided for in the below table, which summarizes the capital expenditure requirements of the respective tenants under certain of the Lease Agreements, the tenants under our other Lease Agreements are all required to spend a minimum of 1% of net revenues or net gaming revenues, as the case may be: Provision Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas Master Lease Venetian Lease BREIT JV Lease Yearly minimum expenditure 1% of net revenues (1) 1% of net revenues (1) 2% of net revenues based on rolling three-year basis 3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves Rolling three-year minimum (2) $311 million $84 million N/A N/A ____________________ (1) The Caesars Leases require a $114.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) Certain tenants under the Caesars Leases, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars Lease in such proportion as such tenants may elect. Additionally, the tenants under the Regional Master Lease and Joliet Lease are required to expend a minimum of $537.5 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement. Loan Portfolio The following is a summary of our investments in loans as of March 31, 2022 and December 31, 2021: ($ In thousands) March 31, 2022 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 $ 400,033 $ — 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 49,173 48,097 30,327 8.0 % 7/9/2026 Total $ 514,173 $ 513,128 $ 45,327 7.8 % ($ 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 7.8 % ____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) 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	3 Months Ended
	Mar. 31, 2022
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Adoption of ASC 326 Under ASC 326 we are required to estimate and record non-cash credit losses related to our historical and any future investments in sales-type leases, lease financing receivables and loans. During the three months ended March 31, 2022, we recognized a $80.8 million increase in our allowance for credit losses primarily driven by (i) the initial CECL allowance in relation to (a) the Venetian Acquisition and classification of the Venetian Lease as a sales-type lease, (b) the estimated future funding commitments under the Venetian PGFA and (c) the sales-type sub-lease agreements we assumed in connection with the Venetian Acquisition and are required to present gross and (ii) the increase in the reasonable and supportable period, or R&S Period, probability of default, or PD, of our tenants and their parent guarantors as a result of market volatility during the first quarter of 2022. This was partially offset by a decrease in the Long-Term Period PD as a result of a standard annual update made to the Long-Term PD default study we utilize to estimate our CECL allowance. During the three months ended March 31, 2021, we recognized a $4.4 million decrease in our allowance for credit losses primarily driven by the decrease in the R&S Period PD of our tenants and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of a majority of their gaming operations and relative performance of such operations during the first quarter of 2021. Subsequent to quarter-end, on April 29, 2022, we closed on the previously announced MGP Transactions in which we entered into the MGM Master Lease. As discussed in Note 3 - Property Transactions we anticipate the MGM Master Lease will be accounted for as a financing receivable under ASC 310, and, accordingly, we will be required to record a material initial and ongoing CECL allowance as required under ASC 326. As of March 31, 2022 and December 31, 2021, and since our formation date on October 6, 2017, all of our Lease Agreements and loan investments are current in payment of their obligations to us and no investments are on non-accrual status. The following tables detail the allowance for credit losses as of March 31, 2022 and December 31, 2021: March 31, 2022 ($ In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 17,617,877 $ (504,178) $ 17,113,699 2.86 % Investments in leases - financing receivables 2,742,615 (91,982) 2,650,633 3.35 % Investments in loans 514,217 (1,089) 513,128 0.21 % Other assets - sales-type sub-leases 455,710 (8,754) 446,956 1.92 % Totals $ 21,330,419 $ (606,003) $ 20,724,416 2.84 % 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 % ____________________ (1) The total allowance excludes the CECL allowance for unfunded commitments, primarily related to the Venetian PGFA. As of March 31, 2022 and December 31, 2021, such allowance is $9.1 million and $1.0 million, respectively, and is recorded in Other liabilities. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands) 2022 2021 Beginning Balance December 31, $ 534,326 $ 553,879 Initial allowance from current period investments 76,037 — Current period change in credit allowance 4,783 (4,380) Charge-offs — — Recoveries — — Ending Balance March 31, $ 615,146 $ 549,499 Credit Quality Indicators We assess the credit quality of our investments through the credit ratings of the senior secured debt of the guarantors of our leases, as we believe that our Lease Agreements have a similar credit profile to a senior secured debt instrument. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the guarantor of one of our Lease Agreements does not have senior secured debt with a credit rating, we use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the Long-Term Period PD when estimating credit losses for each investment. The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2022 and 2021: March 31, 2022 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ 4,198,118 $ 949,418 $ 14,918,185 $ 870,774 $ 279,740 $ 114,183 $ 21,330,419 March 31, 2021 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ — $ — $ 15,761,205 $ 917,138 $ 281,450 $ 65,012 $ 17,024,805 ____________________ (1) Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities Other Assets The following table details the components of our other assets as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Sales-type sub-leases, net (1) $ 446,956 $ 273,970 Forward-starting interest rate swaps 109,495 884 Property and equipment used in operations, net 68,193 68,515 Right of use assets and sub-lease right of use assets 49,731 16,811 Debt financing costs 29,101 24,928 Deferred acquisition costs 22,222 24,690 Tenant receivables 6,349 5,032 Prepaid expenses 3,460 3,660 Interest receivable 2,976 2,780 Other receivables 986 341 Other 2,114 3,082 Total other assets $ 741,583 $ 424,693 _______________________________________________________ (1) As of March 31, 2022 and December 31, 2021, sales-type sub-leases are net of $8.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details. Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Land and land improvements $ 59,497 $ 59,250 Buildings and improvements 15,045 14,880 Furniture and equipment 9,056 9,014 Total property and equipment used in operations 83,598 83,144 Less: accumulated depreciation (15,405) (14,629) Total property and equipment used in operations, net $ 68,193 $ 68,515 Three Months Ended March 31, (In thousands) 2022 2021 Depreciation expense $ 776 $ 792 Other Liabilities The following table details the components of our other liabilities as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Finance sub-lease liabilities $ 455,710 $ 280,510 Deferred financing liabilities 73,600 73,600 Lease liabilities and sub-lease liabilities 49,731 16,811 CECL allowance for unfunded commitments 9,143 1,037 Deferred income taxes 3,999 3,879 Total other liabilities $ 592,183 $ 375,837

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The following tables detail our debt obligations as of March 31, 2022 and December 31, 2021: ($ In thousands) March 31, 2022 Description of Debt Maturity Interest Rate Face Value Carrying Value (1) Revolving Credit Facility (2) 2026 SOFR + 1.425% $ 600,000 $ 600,000 Delayed Draw Term Loan (2) 2025 SOFR + 1.700% — — November 2019 Notes (3) 2026 Maturity 2026 4.250% 1,250,000 1,236,685 2029 Maturity 2029 4.625% 1,000,000 987,731 February 2020 Notes (3) 2025 Maturity 2025 3.500% 750,000 743,263 2027 Maturity 2027 3.750% 750,000 741,828 2030 Maturity 2030 4.125% 1,000,000 987,507 Total Debt $ 5,350,000 $ 5,297,014 ($ In thousands) December 31, 2021 Description of Debt Interest Rate Face Value Carrying Value (1) Secured Revolving Credit Facility (4) 2024 L + 2.00% $ — $ — November 2019 Notes (3) 2026 Maturity 2026 4.250% 1,250,000 1,235,972 2029 Maturity 2029 4.625% 1,000,000 987,331 February 2020 Notes (3) 2025 Maturity 2025 3.500% 750,000 742,677 2027 Maturity 2027 3.750% 750,000 741,409 2030 Maturity 2030 4.125% 1,000,000 987,134 Total Debt $ 4,750,000 $ 4,694,523 ____________________ (1) Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility and Delayed Draw Term Loan bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR and a range of 0.85% to 1.60% margin plus SOFR, respectively, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility and Delayed Draw Term Loan are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the three months ended March 31, 2022, the commitment fees for both the Revolving Credit Facility and Delayed Draw Term Loan were 0.375%. (3) Interest is payable semi-annually. (4) 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. The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2022: (In thousands) Future Minimum Payments 2022 (remaining) $ — 2023 — 2024 — 2025 750,000 2026 1,850,000 2027 750,000 Thereafter 2,000,000 Total minimum repayments $ 5,350,000 Senior Unsecured Notes Exchange Notes Subsequent to quarter-end, on April 29, 2022, the VICI Issuers issued $1,024.2 million in aggregate principal amount of 5.625% Senior Notes due 2024, $799.4 million in aggregate principal amount of 4.625% Senior Notes due 2025, $480.5 million in aggregate principal amount of 4.500% Senior Notes due 2026, $729.5 million in aggregate principal amount of 5.750% Senior Notes due 2027, $349.3 million in aggregate principal amount of 4.500% Senior Notes due 2028 and $727.1 million in aggregate principal amount of 3.875% Senior Notes due 2029 in exchange for the validly tendered and not validly withdrawn MGP OP Notes, originally issued by the MGP Issuers, pursuant to the settlement of the Exchange Offers and Consent Solicitations in connection with the closing of the MGP Transactions. The Exchange Notes were issued with the same interest rate, maturity date and redemption terms as the corresponding series of MGP OP Notes, in each case under a supplemental indenture dated as of April 29, 2022, between the VICI Issuers and UMB Bank, National Association, as trustee (the “Trustee”) Interest on the Exchange Notes is payable semi-annually in cash in arrears on (i) May 1 and November 1 of each year, with respect to the Exchange Notes due 2024, (ii) June 15 and December 15 of each year, with respect to the Exchange Notes due 2025, (iii) March 1 and September 1 of each year, with respect to the Exchange Notes due 2026, (iv) February 1 and August 1 of each year, with respect to the Exchange Notes due 2027, (v) January 15 and July 15 of each year, with respect to the Exchange Notes due 2028, and (vi) February 15 and August 15 of each year, with respect to the Exchange Notes due 2029. The Exchange Notes due 2025, 2026, 2027, 2028, and 2029 are redeemable at our option, in whole or in part, at any time on or after February 1, 2024, March 15, 2025, June 1, 2026, November 1, 2026, October 15, 2027 and November 15, 2028, respectively, at the redemption prices set forth in the respective indenture governing such Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. MGP OP Notes Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, $25.8 million in aggregate principal amount of MGP OP Notes due 2024, $0.6 million in aggregate principal amount of MGP OP Notes due 2025, $19.5 million in aggregate principal amount of MGP OP Notes due 2026, $20.5 million in aggregate principal amount of MGP OP Notes due 2027, $0.7 million in aggregate principal amount of MGP OP Notes due 2028 and $22.9 million in aggregate principal amount of MGP OP Notes due 2029 remain outstanding. Interest on each series of the MGP OP Notes is payable semi-annually in cash in arrears on the same dates as set forth above with respect to the corresponding maturity series of the Exchange Notes. In addition, each series of the MGP OP Notes are redeemable at our option, in whole or in part, at any time on or after the same dates as set forth above with respect to the corresponding maturity series of the Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. April 2022 Notes Subsequent to quarter-end, on April 29, 2022, VICI LP, our wholly owned subsidiary, issued (i) $500.0 million in aggregate principal amount of 4.375% Senior Notes due 2025, which mature on May 15, 2025, (ii) $1,250.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on February 15, 2028, (iii) $1,000.0 million in aggregate principal amount of 4.950% Senior Notes due 2030, which mature on February 15, 2030, (iv) $1,500.0 million in aggregate principal amount of 5.125% Senior Notes due 2032, which mature on May 15, 2032, and (v) $750.0 million in aggregate principal amount of 5.625% Senior Notes due 2052, which mature on May 15, 2052, (collectively, the “April 2022 Notes”) in each case under a supplemental indenture dated as of April 29, 2022, between VICI LP and the Trustee. We used the net proceeds of the offering to (i) fund the consideration for the redemption of a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash in connection with the closing of the MGP Transactions on April 29, 2022, and (ii) pay down the outstanding $600.0 million balance on our Revolving Credit Facility. Interest on the April 2022 Notes due 2025, 2028 and 2052 is payable semi-annually in cash in arrears on May 15 and November 15 of each year. Interest on the April 2022 Notes due 2028 and 2030 is payable semi-annually in cash in arrears on February 15 and August 15 of each year. Prior to their maturity date, in the case of the April 2022 Notes due 2025, and January 15, 2028 (one month prior to the maturity date of the April 2022 Notes due 2028), December 15, 2029 (two months prior to the maturity date of the April 2022 Notes due 2030), February 15, 2032 (three months prior to the maturity date of the April 2022 Notes due 2032) and November 15, 2051 (six months prior to the maturity date of the April 2022 Notes due 2052), respectively, in the case of the April 2022 Notes due 2028, 2030, 2032 and 2052, we may redeem the April 2022 Notes at our option, in whole or in part, at any time and from time to time, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. On or after January 15, 2028, December 15, 2029, February 15, 2032 and November 15, 2051, respectively, we may redeem the April 2022 Notes due 2028, 2030, 2032 and 2052 at a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. November 2019 Notes On November 26, 2019, the VICI Issuers issued (i) $1,250.0 million in aggregate principal amount of 4.250% Senior Notes due 2026, which mature on December 1, 2026, and (ii) $1,000.0 million in aggregate principal amount of 4.625% Senior Notes due 2029, which mature on December 1, 2029 (collectively, the “November 2019 Notes”), under separate indentures, each dated as of November 26, 2019, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee. Interest on the November 2019 Notes is payable semi-annually in cash in arrears on June 1 and December 1 of each year. The November 2019 Notes due 2026 and 2029 are redeemable at our option, in whole or in part, at any time on or after December 1, 2022 and December 1, 2024, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the November 2019 Notes due 2026 or 2029 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to December 1, 2022, we may redeem up to 40% of the aggregate principal amount of the November 2019 Notes due 2026 or 2029 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. February 2020 Notes On February 5, 2020, the VICI Issuers issued (i) $750.0 million in aggregate principal amount of 3.500% Senior Notes due 2025, which mature on February 15, 2025, (ii) $750.0 million in aggregate principal amount of 3.750% Senior Notes due 2027, which mature on February 15, 2027, and (iii) $1,000.0 million in aggregate principal amount of 4.125% Senior Notes due 2030, which mature on August 15, 2030 (collectively, the “February 2020 Notes”), under separate indentures, each dated as of February 5, 2020, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee. Interest on the February 2020 Notes is payable semi-annually in cash in arrears on February 15 and August 15 of each year. The February 2020 Notes due 2025, 2027 and 2030 are redeemable at our option, in whole or in part, at any time on or after February 15, 2022, February 15, 2023, and February 15, 2025, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the February 2020 Notes due 2025, 2027 and 2030 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to February 15, 2022, with respect to the February 2020 Notes due 2025, and February 15, 2023, with respect to the February 2020 Notes due 2027 and 2030, we may redeem up to 40% of the aggregate principal amount of the February 2020 Notes due 2025, 2027 and 2030 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. Guarantee and Financial Covenants None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes and the April 2022 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes. Until February 8, 2022, the November 2019 Notes and February 2020 Notes were fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each guaranteed indebtedness under the Existing Credit Agreement. All subsidiary guarantees were released upon the termination of the Existing Credit Agreement concurrently with the execution of the Credit Agreement on February 8, 2022. VICI LP 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 VICI LP or obligors of the November 2019 Notes, February 2020 Notes and Exchange Notes. Refer to Note 14 - Segment Information for more information about our segments. The respective indentures governing the November 2019 Notes, February 2020 Notes and Exchange Notes each contain covenants that limit the VICI LP’s and its 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 the restricted subsidiaries; (vi) create liens on certain assets to secure debt; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of the VICI Issuers’ assets; (viii) enter into certain transactions with their affiliates; and (ix) designate restricted 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 respective indentures), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) the issuance of certain convertible indebtedness of VICI LP. As of March 31, 2022, the restricted net assets of VICI LP were approximately $7.5 billion. Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the Trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant. The indenture governing the April 2022 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and VICI LP to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. Unsecured Credit Facilities On February 8, 2022, VICI LP entered into the Credit Agreement providing for (i) the Revolving Credit Facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 and (ii) the Delayed Draw Term Loan in the amount of $1.0 billion scheduled to mature on March 31, 2025. The 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 VICI LP’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 VICI LP’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 VICI LP’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 VICI LP’s debt rating) of total revolving commitments. Pursuant to the terms of the Credit Agreement, VICI LP is subject to, among other things, customary covenants and the maintenance of various financial covenants. The Credit Agreement is consistent with certain tax-related requirements related to security for the Company’s debt. On February 18, 2022, we drew on the Revolving Credit Facility in the amount of $600.0 million to fund a portion of the purchase price of the Venetian Acquisition. Subsequent to quarter-end, on April 29, 2022 we repaid the outstanding balance of the Revolving Credit Facility using the proceeds from the April 2022 Notes. Senior Secured Credit Facilities In December 2017, VICI PropCo entered into a credit agreement (as amended, amended and restated and otherwise modified, the “2017 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”). 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 2017 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- Stock holders ’ 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 2017 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 2017 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 completion of 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 VICI LP in the Mergers is unsuccessful and (iii) related fees and expenses. 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. Subsequent to quarter-end, on April 29, 2022, the remaining commitments under the MGP Transactions Bridge Facility were fully terminated in connection with the closing of the MGP Transactions. The MGP Transactions Bridge Facility was subject to a tiered commitment fee based on the period the commitment is outstanding and a structuring fee. For the three months ended March 31, 2022, we recognized $11.5 million of fees related to the MGP Transactions Bridge Facility in Interest expense on our Statement of Operations. We did not recognize any such amount for the three months ended March 31, 2021 since the MGP Transactions Bridge Facility was entered into on August 4, 2021. 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. 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 three months ended March 31, 2022 and 2021, we recognized $1.0 million and $2.4 million, respectively, of fees related to the Venetian Acquisition Bridge Facility in Interest expense on our Statement of Operations. Financial Covenants As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain asset and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At March 31, 2022, we are in compliance with all financial covenants under our debt obligations.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives From December 2021 through March 2022, we entered into five forward-starting interest rate swap agreements with a notional amount of $2.5 billion to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $2.5 billion 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 were designated as cash-flow hedges. In April 2022, we entered into two U.S. Treasury Rate Lock agreements with a notional amount of $500.0 million to hedge against the 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. The treasury locks were designated as cash-flow hedges. Subsequent to quarter-end, in connection with the April 2022 Notes offering we settled the outstanding forward-starting interest rate swaps for total proceeds of $202.3 million and the treasury locks for total proceeds of $4.5 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the April 2022 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense. 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, $64.2 million, was immediately reclassified to Interest expense. The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022 and December 31, 2021: ($ In thousands) March 31, 2022 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 Forward-starting interest rate swap 1 1.6827% $ 500,000 USD-SOFR-COMPOUND May 2, 2032 Forward-starting interest rate swap 1 1.6390% $ 500,000 USD-SOFR-COMPOUND May 2, 2032 Forward-starting interest rate swap 1 1.6900% $ 500,000 USD-SOFR-COMPOUND May 2, 2027 Forward-starting interest rate swap 1 1.5850% $ 500,000 USD-SOFR-COMPOUND May 2, 2029 ($ 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 As of March 31, 2022, the interest rate swaps were in an unrealized gain position and were recorded within Other assets. The following table presents the effect of our derivative financial instruments on our Statement of Operations: Three Months Ended March 31, (In thousands) 2022 2021 Unrealized gain recorded in other comprehensive income $ 108,611 $ 12,378 Interest recorded in interest expense $ — $ 10,826

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (1) $ 109,495 $ — $ 109,495 $ — 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 $ — ___________________ (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. The estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021 for which fair value is only disclosed are as follows: March 31, 2022 December 31, 2021 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 2,650,633 $ 3,123,206 $ 2,644,824 $ 3,104,337 Investments in loans (2) 513,128 514,173 498,002 498,614 Cash and cash equivalents 568,702 568,702 739,614 739,614 Financial liabilities: Debt (3) Revolving Credit Facility (4) $ 600,000 $ 600,000 $ — $ — Delayed Draw Term Loan — — — — November 2019 Notes 2026 Maturity 1,236,685 1,248,438 1,235,972 1,296,875 2029 Maturity 987,731 996,250 987,331 1,067,500 February 2020 Notes 2025 Maturity 743,263 738,750 742,677 763,125 2027 Maturity 741,828 729,375 741,409 772,500 2030 Maturity 987,507 967,500 987,134 1,055,000 ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease 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) Forum Convention Center Mortgage Loan, (ii) Chelsea Piers Mortgage Loan and (iii) 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. (4) The fair value of the Revolving Credit Facility approximates the carrying value.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and (ii) offices in New Orleans, LA and New York, NY, which expire in 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 March 31, 2022 under our operating leases was 14.3 years. Our Cascata ground lease has three 10-year extension options. The rent of such options would be the in-place rent at the time of renewal. Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Rent expense $ 499 $ 499 Contractual rent $ 475 $ 470 As of March 31, 2022, we have a $49.7 million right of use asset and corresponding lease liability recorded in Other assets and Other liabilities, respectively, on our Balance Sheet related to our operating lease commitments for which we are the lessee. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 1,410 2023 1,827 2024 1,847 2025 1,908 2026 1,958 2027 1,979 Thereafter 15,137 Total minimum lease commitments $ 26,068 Discounting factor 9,442 Lease liability $ 16,626 Sub-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. The following is a summary of the leases, the lease classification of which has been determined to be either an operating sub-lease or finance sub-lease. Operating Sub-Lease Commitments With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the leases and determined that they meet the definition of an operating lease. Accordingly, we have recorded a sub-lease right-of-use assets in Other assets and sub-lease liability in Other liabilities. (In thousands) March 31, 2022 December 31, 2021 Others assets (operating sub-leases) $ 33,105 $ — Other liabilities (operating sub-lease liabilities) $ 33,105 $ — Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Rental income and expense $ 571 $ — Contractual rent $ 528 $ — The future minimum lease commitments relating to the sub-leases at March 31, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 5,338 2023 6,585 2024 6,553 2025 5,129 2026 3,934 2027 4,010 Thereafter 5,128 Total minimum lease commitments $ 36,676 Discounting factor 3,571 Sub-lease liabilities $ 33,105 The discount rate for the operating sub-leases were determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms, and are between 2.6% and 2.9%. The weighted average remaining lease term as of March 31, 2022 under our operating sub-lease was 7.7 years. Finance Sub-Lease Commitments With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease. Accordingly, we have recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities. The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Others assets (sales-type sub-leases, net) $ 446,956 $ 273,970 Other liabilities (finance sub-lease liabilities) $ 455,710 $ 280,510 Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Rental income and expense $ 6,484 $ 5,652 Contractual rent $ 6,678 $ 5,838 The future minimum lease commitments relating to the ground and use sub-leases at March 31, 2022 are as follows: (In thousands) Lease Commitments 2021 (remaining) $ 28,917 2022 33,435 2023 33,705 2024 33,840 2025 33,840 2026 33,840 Thereafter 1,343,128 Total minimum lease commitments $ 1,540,705 Discounting factor 1,084,995 Finance sub-lease liability $ 455,710 The discount rates for the finance ground and use sub-leases were determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of March 31, 2022 under our finance sub-leases was 56.8 years.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Authorized As of March 31, 2022, 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 required 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 remained subject to settlement in accordance with the terms of the September 2021 Forward Sale Agreements. 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 were subject to forward sale agreements (the “March 2021 Forward Sale Agreements”), which required 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. 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 were 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 three months ended March 31, 2022 and 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: Three Months Ended March 31, Common Stock Outstanding 2022 2021 Beginning Balance January 1, 628,942,092 536,669,722 Issuance of common stock upon physical settlement of forward sale agreements 119,000,000 — Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures 471,219 346,031 Ending Balance March 31, 748,413,311 537,015,753 Dividends Dividends declared (on a per share basis) during the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 Declaration Date Record Date Payment Date Period Dividend March 10, 2022 March 24, 2022 April 7, 2022 January 1, 2022 - March 31, 2022 $ 0.3600 Three Months Ended March 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

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share and Earnings Per Unit	Earnings Per Share and Earnings Per Unit Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issued upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity , are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon settlement of the outstanding forward sale agreements, the delivery of shares of common stock resulted in an increase in the number of shares outstanding and dilution to earnings per share. The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share: Three Months Ended March 31, (In thousands) 2022 2021 Determination of shares: Weighted-average shares of common stock outstanding 684,341 536,481 Assumed conversion of restricted stock 581 924 Assumed settlement of forward sale agreements 2,993 7,397 Diluted weighted-average shares of common stock outstanding 687,915 544,802 Three Months Ended March 31, (In thousands, except per share data) 2022 2021 Basic: Net income attributable to common stockholders $ 240,383 $ 269,801 Weighted-average shares of common stock outstanding 684,341 536,481 Basic EPS $ 0.35 $ 0.50 Diluted: Net income attributable to common stockholders $ 240,383 $ 269,801 Diluted weighted-average shares of common stock outstanding 687,915 544,802 Diluted EPS $ 0.35 $ 0.50 Earnings Per Unit Basic earnings per unit is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI LP partnership agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI LP. Accordingly, diluted earnings per unit reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted earnings per unit calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted earnings per unit is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreements, the delivery of shares of VICI common stock resulted in an increase in the number of Partnership units outstanding and resulting dilution to earnings per unit. The following tables reconcile the weighted-average units outstanding used in the calculation of basic earnings per share to the weighted-average units outstanding used in the calculation of diluted earnings per unit: Three Months Ended March 31, (In thousands) 2022 2021 Determination of units: Weighted-average units outstanding 684,341 536,481 Assumed conversion of VICI restricted stock 581 924 Assumed settlement of VICI forward sale agreements 2,993 7,397 Diluted weighted-average units outstanding 687,915 544,802 Three Months Ended March 31, (In thousands, except per share data) 2022 2021 Basic: Net income attributable to partners $ 238,347 $ 268,593 Weighted-average units outstanding 684,341 536,481 Basic EPU $ 0.35 $ 0.50 Diluted: Net income attributable to partners $ 238,347 $ 268,593 Weighted-average units outstanding 687,915 544,802 Diluted EPU $ 0.35 $ 0.49

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At March 31, 2022, 11.0 million shares of common stock remained available for issuance by us as equity awards under the Plan. The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations: Three Months Ended March 31, (In thousands) 2022 2021 Stock-based compensation expense $ 2,630 $ 2,277 The following table details the activity of our time-based restricted stock and performance-based restricted stock units: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (In thousands, except per share data) Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at beginning of period 888 $ 21.15 855 $ 21.48 Granted 721 27.45 464 20.01 Vested (352) 23.45 (317) 19.83 Forfeited (94) 23.05 (60) 19.90 Canceled — — — — Outstanding at end of period 1,163 $ 24.20 942 $ 21.42 As of March 31, 2022, there was $23.5 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 2.4 years.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
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, which is wholly owned by VICI, consists of four golf courses, with each being operating segments that are aggregated into one reportable segment. The results of each reportable segment presented below are consistent with the way our management assesses these results and allocates resources. The following table presents certain information with respect to our segments: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 407,999 $ 8,626 $ 416,625 $ 367,497 $ 6,813 $ 374,310 Interest expense (68,142) — (68,142) (77,048) — (77,048) Income before income taxes 240,492 2,596 243,088 271,035 1,548 272,583 Income tax benefit (expense) 162 (562) (400) (142) (342) (484) Net income 240,654 2,034 242,688 270,893 1,206 272,099 Depreciation 30 746 776 32 760 792 Total assets $ 21,643,338 $ 97,983 $ 21,741,321 $ 16,994,473 $ 90,528 $ 17,085,001 Total liabilities $ 6,239,551 $ 17,984 $ 6,257,535 $ 7,468,648 $ 16,661 $ 7,485,309

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements, including the notes thereto, are unaudited and condense or exclude some of the disclosures and information normally required in audited financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited consolidated financial statements and related notes should be read in conjunction with VICI’s audited financial statements and notes thereto included in VICI’s most recent Annual Report on Form 10-K and VICI LP’s audited financial statements and notes thereto included as an exhibit to the Current Report on Form 8-K filed on Apri l 18 , 2022 , as updated from time to time in our other filings with the SEC. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
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 VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and 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 or partners’ capital, separate from VICI stockholders’ equity and VICI LP partner’s capital. Our non-controlling interest represents a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of March 31, 2022 and December 31, 2021, we did not have any restricted cash.
Investments in Leases and Loans, net	Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of our Lease Agreements, excluding the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties asset components of the Caesars Regional Master Lease, meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties asset components of the Caesars Regional Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, the JACK Cleveland/Thistledown Lease and the Harrah’s Original Call Properties component of the Caesars Regional Master Lease are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the Lease Agreements and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Investments in Loans, net
Allowance for Credit Losses	Allowance for Credit Losses ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans. 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 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 and borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant or borrower and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants, borrowers and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Sales-type sub-leases included in Other assets on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties through the Partner Property Growth Fund. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers' and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the three months ended March 31, 2022 and 2021.
Other income and Other expenses	Other income and Other expensesOther income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under these certain ground and use leases.
Fair Value Measurements	Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.
Derivative Financial Instruments	Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) 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.
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 Leases represented 76% and 86% of our lease revenues for the three months ended March 31, 2022 and 2021, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 38% and 32% of our lease revenues for the three months ended March 31, 2022 and 2021, respectively. Other than having a single tenant from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk. Following the completion of the MGP Transactions, MGM is the guarantor of all the lease payment obligations of the tenants under the MGM Master Lease and BREIT JV Lease, which will collectively account for 15 of our 43 leased properties. We do not believe there are any other significant concentrations of credit risk.

Real Estate Portfolio (Tables)

Real Estate Portfolio (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule Real Estate Portfolio	The following is a summary of the balances of our real estate portfolio as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Minimum lease payments receivable under sales-type leases (1) $ 64,524,789 $ 44,485,224 Estimated residual values of leased property (not guaranteed) 6,578,781 3,334,549 Gross investment in sales-type leases 71,103,570 47,819,773 Unamortized initial direct costs 40,718 23,363 Less: Unearned income (53,526,411) (34,271,620) Less: Allowance for credit losses (504,178) (434,852) Investments in leases - sales-type, net 17,113,699 13,136,664 Investments in leases - financing receivables, net 2,650,633 2,644,824 Total investments in leases, net 19,764,332 15,781,488 Investments in loans, net 513,128 498,002 Land 153,576 153,576 Total real estate portfolio $ 20,431,036 $ 16,433,066 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.
Schedule of Components of Direct Financing and Operating Leases	The following table details the components of our income from sales-type leases and lease financing receivables: Three Months Ended March 31, (In thousands) 2022 2021 Income from sales-type leases, excluding contingent rent (1) $ 322,258 $ 289,574 Income from lease financing receivables (1) (2) 63,019 59,892 Total revenue, excluding contingent rent 385,277 349,466 Contingent rent (1) 4,477 572 Total lease revenue 389,754 350,038 Non-cash adjustment (3) (35,553) (27,877) Total contractual lease revenue $ 354,201 $ 322,161 ____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. As of March 31, 2022, we have recognized contingent rent from our Margaritaville Lease, Greektown Lease, and Caesars Las Vegas Master Lease in relation to the variable rent portion of the respective leases. Refer to the Lease Provisions section below for information regarding contingent rent on each lease. (2) Represents the Harrah’s Original Call Properties and the JACK Cleveland/Thistledown Lease, 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.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases	At March 31, 2022, 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 (remaining) $ 994,936 $ 171,273 $ 1,166,209 2023 1,344,189 232,320 1,576,509 2024 1,366,127 236,452 1,602,579 2025 1,385,348 239,835 1,625,183 2026 1,405,006 243,281 1,648,287 2027 1,425,272 246,841 1,672,113 Thereafter 56,603,911 8,309,373 64,913,284 Total $ 64,524,789 $ 9,679,375 $ 74,204,164 Weighted Average Lease Term (2) 37.0 years 33.2 years 35.5 years ____________________ (1) Minimum lease payments do not include contingent rent, as discussed above, 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 Leases, Venetian Lease, MGM Master Lease, and BREIT JV Lease (the MGM Master Lease as entered into and BREIT JV Lease as assumed by us, each as part of the closing of the MGP Transactions on April 29, 2022): ($ In thousands) Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas Master Lease Venetian Lease MGM Master Lease BREIT JV Lease Lease Provision Initial term 18 years 18 years 30 years 25 years 30 years Initial term maturity 7/31/2035 7/31/2035 2/29/2052 4/30/2047 2/28/2050 Renewal terms Four, five Four, five Two, ten Three, ten Two, ten Current lease year (1) 11/1/21 - 10/31/22 (Lease Year 5) 11/1/21 - 10/31/22 (Lease Year 5) 2/23/22 - 2/28/23 (Lease Year 1) 4/29/22-4/30/23 (Lease Year 1) 3/1/22 - 2/28/23 (Lease Year 3) Current annual rent (2) $649,572 $422,224 $250,000 $860,000 $303,800 (VICI’s 50.1% Pro Rata Share: $152,203) Annual escalator (3) Lease years 2-5 - 1.5% Lease years 6-end of term - CPI subject to 2.0% floor > 2% / change in CPI >2% / change in CPI (capped at 3%) beginning in Lease year 2 Lease years 2-10 - 2% Lease years 11-end of term - >2% / change in CPI (capped at 3%) Lease years 2-15 - 2% Lease years 16-end of term - >2% / change in CPI (capped at 3%) Variable rent adjustment (4) Year 8 : 70% base rent / 30% variable rent Years 11 & 16 : 80% base rent / 20% variable rent Years 8, 11 & 16 : 80% base rent / 20% variable rent None None None Variable rent adjustment calculation (3) 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 None None None ____________________ (1) For the Venetian Lease, 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. (2) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, Current annual rent under the Caesars Regional Master Lease and Joliet Lease is $641.2 million. (3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. In relation to the Caesars Las Vegas Master Lease, we recognized approximately $3.1 million in contingent rent during the three months ended March 31, 2022. No such rent has been recognized for the three months ended March 31, 2021. In relation to the Caesars Regional Master Lease, Joliet Lease, Venetian Lease, MGM Master Lease no such rent has been recognized for the three months ended March 31, 2022 and 2021. (4) Variable Rent is not subject to the Escalator. The following is a summary of the material lease provisions of our Penn National Leases, Hard Rock Cincinnati Lease, Century Portfolio Lease, JACK Cleveland/Thistledown Lease and CSI Lease: ($ In thousands) Margaritaville Lease Greektown Lease Hard Rock Cincinnati Lease Century Portfolio Lease JACK Cleveland/Thistledown Lease CSI Lease Lease Provision Initial term 15 years 15 years 15 years 15 years 20 years 15 years Initial term maturity 1/31/2034 5/31/2034 9/30/2034 12/31/2034 1/31/2040 8/31/2036 Renewal terms Four, five Four, five Four, five Four, five Three, five Four, five Current lease year 2/1/22 - 1/31/23 6/1/21 - 5/31/22 10/1/21 - 9/30/22 1/1/22 - 12/31/22 2/1/22 - 1/31/22 9/3/21 - 8/31/22 Current annual rent (1) $23,813 $51,321 $44,042 $25,503 $68,704 $32,500 Annual escalator (2) 2% of Building base rent ($17.2 million) 2% of Building base rent ($42.8 million) Lease years 2-4 - 1.5% Lease years 5-15 - > 2% / change in CPI (3) Lease years 2-3 - 1.0% Lease years 4-15 - > 1.25% / CPI Lease year 3 - 1.0% Lease years 4-6 - 1.5% Lease years 7-20 - >1.5%/change in CPI (capped at 2.5%) Lease years 2-5 - 1.5% Lease years 6-15 - >2.0% / change in CPI Coverage floor (4) Net revenue to rent ratio: 6.1x net revenue commencing lease year two Net revenue ratio to be mutually agreed upon prior to the commencement of lease year five None 7.5x net revenue commencing lease year six None None Variable Rent adjustment (5) Lease year three and each and every other lease year thereafter Lease year three and each and every other lease year thereafter Lease year 8: 80% base rent and 20% variable rent Lease year 8 and 11: 80% Base Rent and 20% Variable Rent None Lease year 8 and 11: 80% Base Rent and 20% Variable Rent Variable Rent adjustment calculation 4% of the average net revenues for trailing 2 year period less threshold amount (defined as 50% of LTM net revenues prior to acquisition) 4% of the average net revenues for trailing 2 year period less threshold amount (defined as 50% of LTM net revenues prior to acquisition) 4% of revenue increase/decrease: Year 8: Avg. of years 5-7 less avg. of years 1-3 4% of revenue increase/decrease: Year 8: Avg. of years 5-7 less avg. of years 1-3 Year 11: Avg. of years 8-10 less avg. of years 5-7 None 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 (6) Year 11 : Avg. of years 8-10 less avg. of years 5-7 ____________________ (1) For the JACK Cleveland/Thistledown Lease, the annualized rent is inclusive of an increase of $1.8 million, effective April 1, 2022, 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 three months ended March 31, 2022 and 2021. (3) Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (4) 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. With respect to the Century Portfolio Lease, if the coverage ratio is below the stated amount the escalator will be reduced to 0.75%. (5) Variable (percentage rent) is subject to the percentage rent multiplier. With respect to the Penn National Leases, after the first percentage rent reset, any amounts related to variable (percentage) rent are considered contingent rent in accordance with GAAP. In relation to the Margaritaville Lease, we recognized approximately $0.9 million in contingent rent during the three months ended March 31, 2022, and approximately $0.6 million in contingent rent during the three months ended March 31, 2021. In relation to the Greektown Lease during the three months ended March 31, 2022 we recognized approximately $0.5 million in contingent rent. No such contingent rent was recognized for the three months ended March 31, 2021 for the Greektown Lease. (6) With respect to lease year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID 19, the CSI Lease provides for the use of 2019 net revenues, pro rated for the period of such closure.
Schedule Of Capital Expenditure Requirements Under Lease Agreements	Except for as specifically provided for in the below table, which summarizes the capital expenditure requirements of the respective tenants under certain of the Lease Agreements, the tenants under our other Lease Agreements are all required to spend a minimum of 1% of net revenues or net gaming revenues, as the case may be: Provision Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas Master Lease Venetian Lease BREIT JV Lease Yearly minimum expenditure 1% of net revenues (1) 1% of net revenues (1) 2% of net revenues based on rolling three-year basis 3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves Rolling three-year minimum (2) $311 million $84 million N/A N/A ____________________ (1) The Caesars Leases require a $114.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.
Summary of Investments In Loans	The following is a summary of our investments in loans as of March 31, 2022 and December 31, 2021: ($ In thousands) March 31, 2022 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 $ 400,033 $ — 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 49,173 48,097 30,327 8.0 % 7/9/2026 Total $ 514,173 $ 513,128 $ 45,327 7.8 % ($ 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 7.8 % ____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) 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)	3 Months Ended
	Mar. 31, 2022
Credit Loss [Abstract]
Net Investment in Lease, Allowance for Credit Loss	The following tables detail the allowance for credit losses as of March 31, 2022 and December 31, 2021: March 31, 2022 ($ In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 17,617,877 $ (504,178) $ 17,113,699 2.86 % Investments in leases - financing receivables 2,742,615 (91,982) 2,650,633 3.35 % Investments in loans 514,217 (1,089) 513,128 0.21 % Other assets - sales-type sub-leases 455,710 (8,754) 446,956 1.92 % Totals $ 21,330,419 $ (606,003) $ 20,724,416 2.84 % 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 % ____________________ (1) The total allowance excludes the CECL allowance for unfunded commitments, primarily related to the Venetian PGFA. As of March 31, 2022 and December 31, 2021, such allowance is $9.1 million and $1.0 million, respectively, and is recorded in Other liabilities. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands) 2022 2021 Beginning Balance December 31, $ 534,326 $ 553,879 Initial allowance from current period investments 76,037 — Current period change in credit allowance 4,783 (4,380) Charge-offs — — Recoveries — — Ending Balance March 31, $ 615,146 $ 549,499
Financing Receivable Credit Quality Indicators	The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2022 and 2021: March 31, 2022 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ 4,198,118 $ 949,418 $ 14,918,185 $ 870,774 $ 279,740 $ 114,183 $ 21,330,419 March 31, 2021 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ — $ — $ 15,761,205 $ 917,138 $ 281,450 $ 65,012 $ 17,024,805 ____________________ (1) Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities [Abstract]
Schedule of Other Assets	The following table details the components of our other assets as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Sales-type sub-leases, net (1) $ 446,956 $ 273,970 Forward-starting interest rate swaps 109,495 884 Property and equipment used in operations, net 68,193 68,515 Right of use assets and sub-lease right of use assets 49,731 16,811 Debt financing costs 29,101 24,928 Deferred acquisition costs 22,222 24,690 Tenant receivables 6,349 5,032 Prepaid expenses 3,460 3,660 Interest receivable 2,976 2,780 Other receivables 986 341 Other 2,114 3,082 Total other assets $ 741,583 $ 424,693 _______________________________________________________ (1) As of March 31, 2022 and December 31, 2021, sales-type sub-leases are net of $8.8 million and $6.5 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	Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Land and land improvements $ 59,497 $ 59,250 Buildings and improvements 15,045 14,880 Furniture and equipment 9,056 9,014 Total property and equipment used in operations 83,598 83,144 Less: accumulated depreciation (15,405) (14,629) Total property and equipment used in operations, net $ 68,193 $ 68,515 Three Months Ended March 31, (In thousands) 2022 2021 Depreciation expense $ 776 $ 792
Schedule of Other Liabilities	The following table details the components of our other liabilities as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Finance sub-lease liabilities $ 455,710 $ 280,510 Deferred financing liabilities 73,600 73,600 Lease liabilities and sub-lease liabilities 49,731 16,811 CECL allowance for unfunded commitments 9,143 1,037 Deferred income taxes 3,999 3,879 Total other liabilities $ 592,183 $ 375,837

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail our debt obligations as of March 31, 2022 and December 31, 2021: ($ In thousands) March 31, 2022 Description of Debt Maturity Interest Rate Face Value Carrying Value (1) Revolving Credit Facility (2) 2026 SOFR + 1.425% $ 600,000 $ 600,000 Delayed Draw Term Loan (2) 2025 SOFR + 1.700% — — November 2019 Notes (3) 2026 Maturity 2026 4.250% 1,250,000 1,236,685 2029 Maturity 2029 4.625% 1,000,000 987,731 February 2020 Notes (3) 2025 Maturity 2025 3.500% 750,000 743,263 2027 Maturity 2027 3.750% 750,000 741,828 2030 Maturity 2030 4.125% 1,000,000 987,507 Total Debt $ 5,350,000 $ 5,297,014 ($ In thousands) December 31, 2021 Description of Debt Interest Rate Face Value Carrying Value (1) Secured Revolving Credit Facility (4) 2024 L + 2.00% $ — $ — November 2019 Notes (3) 2026 Maturity 2026 4.250% 1,250,000 1,235,972 2029 Maturity 2029 4.625% 1,000,000 987,331 February 2020 Notes (3) 2025 Maturity 2025 3.500% 750,000 742,677 2027 Maturity 2027 3.750% 750,000 741,409 2030 Maturity 2030 4.125% 1,000,000 987,134 Total Debt $ 4,750,000 $ 4,694,523 ____________________ (1) Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility and Delayed Draw Term Loan bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR and a range of 0.85% to 1.60% margin plus SOFR, respectively, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility and Delayed Draw Term Loan are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the three months ended March 31, 2022, the commitment fees for both the Revolving Credit Facility and Delayed Draw Term Loan were 0.375%. (3) Interest is payable semi-annually. (4) 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.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule	The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2022: (In thousands) Future Minimum Payments 2022 (remaining) $ — 2023 — 2024 — 2025 750,000 2026 1,850,000 2027 750,000 Thereafter 2,000,000 Total minimum repayments $ 5,350,000

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives	The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022 and December 31, 2021: ($ In thousands) March 31, 2022 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 Forward-starting interest rate swap 1 1.6827% $ 500,000 USD-SOFR-COMPOUND May 2, 2032 Forward-starting interest rate swap 1 1.6390% $ 500,000 USD-SOFR-COMPOUND May 2, 2032 Forward-starting interest rate swap 1 1.6900% $ 500,000 USD-SOFR-COMPOUND May 2, 2027 Forward-starting interest rate swap 1 1.5850% $ 500,000 USD-SOFR-COMPOUND May 2, 2029 ($ 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 Three Months Ended March 31, (In thousands) 2022 2021 Unrealized gain recorded in other comprehensive income $ 108,611 $ 12,378 Interest recorded in interest expense $ — $ 10,826

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes our assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (1) $ 109,495 $ — $ 109,495 $ — 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 $ — ___________________ (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.
Schedule Of Estimated Fair Value	The estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021 for which fair value is only disclosed are as follows: March 31, 2022 December 31, 2021 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 2,650,633 $ 3,123,206 $ 2,644,824 $ 3,104,337 Investments in loans (2) 513,128 514,173 498,002 498,614 Cash and cash equivalents 568,702 568,702 739,614 739,614 Financial liabilities: Debt (3) Revolving Credit Facility (4) $ 600,000 $ 600,000 $ — $ — Delayed Draw Term Loan — — — — November 2019 Notes 2026 Maturity 1,236,685 1,248,438 1,235,972 1,296,875 2029 Maturity 987,731 996,250 987,331 1,067,500 February 2020 Notes 2025 Maturity 743,263 738,750 742,677 763,125 2027 Maturity 741,828 729,375 741,409 772,500 2030 Maturity 987,507 967,500 987,134 1,055,000 ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease 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) Forum Convention Center Mortgage Loan, (ii) Chelsea Piers Mortgage Loan and (iii) 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. (4) The fair value of the Revolving Credit Facility approximates the carrying value.

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Cost	Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Rent expense $ 499 $ 499 Contractual rent $ 475 $ 470 Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Rental income and expense $ 571 $ — Contractual rent $ 528 $ — Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Rental income and expense $ 6,484 $ 5,652 Contractual rent $ 6,678 $ 5,838
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 1,410 2023 1,827 2024 1,847 2025 1,908 2026 1,958 2027 1,979 Thereafter 15,137 Total minimum lease commitments $ 26,068 Discounting factor 9,442 Lease liability $ 16,626 The future minimum lease commitments relating to the sub-leases at March 31, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 5,338 2023 6,585 2024 6,553 2025 5,129 2026 3,934 2027 4,010 Thereafter 5,128 Total minimum lease commitments $ 36,676 Discounting factor 3,571 Sub-lease liabilities $ 33,105
Schedule of Assets And Liabilities, Lessor	(In thousands) March 31, 2022 December 31, 2021 Others assets (operating sub-leases) $ 33,105 $ — Other liabilities (operating sub-lease liabilities) $ 33,105 $ — The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Others assets (sales-type sub-leases, net) $ 446,956 $ 273,970 Other liabilities (finance sub-lease liabilities) $ 455,710 $ 280,510
Schedule of Finance Lease, Liability, Maturity	The future minimum lease commitments relating to the ground and use sub-leases at March 31, 2022 are as follows: (In thousands) Lease Commitments 2021 (remaining) $ 28,917 2022 33,435 2023 33,705 2024 33,840 2025 33,840 2026 33,840 Thereafter 1,343,128 Total minimum lease commitments $ 1,540,705 Discounting factor 1,084,995 Finance sub-lease liability $ 455,710

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule Of Common Stock Shares Outstanding	The following table details the issuance of outstanding shares of common stock, including restricted common stock: Three Months Ended March 31, Common Stock Outstanding 2022 2021 Beginning Balance January 1, 628,942,092 536,669,722 Issuance of common stock upon physical settlement of forward sale agreements 119,000,000 — Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures 471,219 346,031 Ending Balance March 31, 748,413,311 537,015,753
Schedule of Dividends Declared	Dividends declared (on a per share basis) during the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 Declaration Date Record Date Payment Date Period Dividend March 10, 2022 March 24, 2022 April 7, 2022 January 1, 2022 - March 31, 2022 $ 0.3600 Three Months Ended March 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

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Weighted Average Earnings Per Share	The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share: Three Months Ended March 31, (In thousands) 2022 2021 Determination of shares: Weighted-average shares of common stock outstanding 684,341 536,481 Assumed conversion of restricted stock 581 924 Assumed settlement of forward sale agreements 2,993 7,397 Diluted weighted-average shares of common stock outstanding 687,915 544,802 Three Months Ended March 31, (In thousands, except per share data) 2022 2021 Basic: Net income attributable to common stockholders $ 240,383 $ 269,801 Weighted-average shares of common stock outstanding 684,341 536,481 Basic EPS $ 0.35 $ 0.50 Diluted: Net income attributable to common stockholders $ 240,383 $ 269,801 Diluted weighted-average shares of common stock outstanding 687,915 544,802 Diluted EPS $ 0.35 $ 0.50 The following tables reconcile the weighted-average units outstanding used in the calculation of basic earnings per share to the weighted-average units outstanding used in the calculation of diluted earnings per unit: Three Months Ended March 31, (In thousands) 2022 2021 Determination of units: Weighted-average units outstanding 684,341 536,481 Assumed conversion of VICI restricted stock 581 924 Assumed settlement of VICI forward sale agreements 2,993 7,397 Diluted weighted-average units outstanding 687,915 544,802 Three Months Ended March 31, (In thousands, except per share data) 2022 2021 Basic: Net income attributable to partners $ 238,347 $ 268,593 Weighted-average units outstanding 684,341 536,481 Basic EPU $ 0.35 $ 0.50 Diluted: Net income attributable to partners $ 238,347 $ 268,593 Weighted-average units outstanding 687,915 544,802 Diluted EPU $ 0.35 $ 0.49

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Allocated Share-based Compensation Expense	The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations: Three Months Ended March 31, (In thousands) 2022 2021 Stock-based compensation expense $ 2,630 $ 2,277
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	The following table details the activity of our time-based restricted stock and performance-based restricted stock units: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (In thousands, except per share data) Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at beginning of period 888 $ 21.15 855 $ 21.48 Granted 721 27.45 464 20.01 Vested (352) 23.45 (317) 19.83 Forfeited (94) 23.05 (60) 19.90 Canceled — — — — Outstanding at end of period 1,163 $ 24.20 942 $ 21.42

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents certain information with respect to our segments: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 407,999 $ 8,626 $ 416,625 $ 367,497 $ 6,813 $ 374,310 Interest expense (68,142) — (68,142) (77,048) — (77,048) Income before income taxes 240,492 2,596 243,088 271,035 1,548 272,583 Income tax benefit (expense) 162 (562) (400) (142) (342) (484) Net income 240,654 2,034 242,688 270,893 1,206 272,099 Depreciation 30 746 776 32 760 792 Total assets $ 21,643,338 $ 97,983 $ 21,741,321 $ 16,994,473 $ 90,528 $ 17,085,001 Total liabilities $ 6,239,551 $ 17,984 $ 6,257,535 $ 7,468,648 $ 16,661 $ 7,485,309

Business and Organization (Deta

Business and Organization (Details)	Apr. 29, 2022property	Mar. 31, 2022property	Mar. 31, 2022golfCourse
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		28	4
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	43
Golf Courses
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2022property	Mar. 31, 2021	Apr. 29, 2022property	Mar. 31, 2022	Mar. 31, 2022golfCourse
New Accounting Pronouncements or Change in Accounting Principle
Number of golf courses	28				4
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle
Number of golf courses			43
MGP | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle
Number of golf courses			15
Customer Concentration Risk | Sales Revenue, Net | Caesars Entertainment Corporation
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	76.00%	86.00%
Property, Las Vegas Strip | Geographic Concentration Risk | Sales Revenue, Net
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	38.00%	32.00%
Harrah’s Joliet LandCo LLC
New Accounting Pronouncements or Change in Accounting Principle
Ownership percentage by noncontrolling owners				20.00%

Property Transactions (Details)

Property Transactions (Details) $ in Thousands, ft² in Millions

Apr. 29, 2022USD ($)ft²propertyrenewalregionhotelRoomshares

Apr. 07, 2022USD ($)renewal

Feb. 23, 2022USD ($)renewal

Feb. 18, 2022USD ($)

Sep. 03, 2021USD ($)renewal

Jun. 16, 2021USD ($)option

Mar. 31, 2022USD ($)

Mar. 31, 2021USD ($)

Dec. 31, 2022USD ($)renewal

Mar. 31, 2022property

Mar. 31, 2022

Mar. 31, 2022golfCourse

Dec. 31, 2021USD ($)

Business Acquisition

Number of golf courses

28

4

Debt instrument, face amount

$ 5,350,000

$ 4,750,000

Yearly minimum expenditure

1.00%

Future funding commitments

$ 45,327

$ 60,886

Interest rate, stated percentage

7.80%

7.80%

Payments to acquire real estate

4,012,096

$ 0

Debt, net

5,297,014

$ 4,694,523

Proceeds from offering of common stock, net

3,219,123

0

Proceeds from lines of credit

600,000

$ 0

Investments in leases - sales-type, net

17,113,699

13,136,664

CECL allowance for unfunded commitments

9,143

1,037

Principal balance

514,173

498,614

Revolving Credit Facility

Business Acquisition

Proceeds from lines of credit

$ 600,000

Revolving Credit Facility | Unsecured Debt

Business Acquisition

Debt instrument, face amount

600,000

Debt, net

600,000

Forward Sales Agreement

Business Acquisition

Proceeds from offering of common stock, net

$ 3,200,000

Venetian Resort

Business Acquisition

Payments to acquire real estate

$ 4,000,000

Contractual lease support agreement, EBITDAR floor amount

$ 550,000

Contractual lease support agreement, letter of credit period

7 months 15 days

Venetian Resort | OpCo Buyer

Business Acquisition

Payments to acquire productive assets

$ 2,250,000

Debt, net

1,200,000

Regional Master Lease Agreement

Business Acquisition

Reduce in annual base rent payments

$ 32,500

Subsequent Event

Business Acquisition

Number of golf courses | property

43

Subsequent Event | Exchange Notes Senior Unsecured Notes due 2024 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 1,024,200

Interest rate, stated percentage

5.625%

Subsequent Event | Exchange Notes Senior Unsecured Notes due 2025 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 799,400

Interest rate, stated percentage

4.625%

Subsequent Event | Exchange Notes Senior Unsecured Notes due 2026 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 480,500

Interest rate, stated percentage

4.50%

Subsequent Event | Exchange Notes Senior Unsecured Notes due 2027 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 729,500

Interest rate, stated percentage

5.75%

Subsequent Event | Exchange Notes Senior Unsecured Notes due 2028 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 349,300

Interest rate, stated percentage

4.50%

Subsequent Event | Exchange Notes Senior Unsecured Notes due 2029 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 727,100

Interest rate, stated percentage

3.875%

Subsequent Event | MGP OP Notes due 2024 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 25,800

Subsequent Event | MGP OP Notes due 2025 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

600

Subsequent Event | MGP OP Notes due 2026 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

19,500

Subsequent Event | MGP OP Notes due 2027 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

20,500

Subsequent Event | MGP OP Notes due 2028 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

700

Subsequent Event | MGP OP Notes due 2029 | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 22,900

BigShots Loan | Subsequent Event

Business Acquisition

Initial lease term

5 years

Number of renewal options | renewal

2

Lessor, sales-type lease, renewal term

12 months

Future funding commitments

$ 80,000

Interest rate, stated percentage

10.00%

Great Wolf Mezzanine Loan

Business Acquisition

Future funding commitments

$ 79,500

30,327

$ 45,886

Interest rate, stated percentage

8.00%

8.00%

8.00%

Financing receivable, term

3 years

Financing receivable, number of extension options | option

2

Financing receivable, extension term

12 months

Principal balance

$ 49,173

$ 33,614

Great Wolf Mezzanine Loan | Great Wolf Water Part Resort Pipeline

Business Acquisition

Future funding commitments

$ 300,000

Financing receivable, term

5 years

MGM Master Lease Agreement | Forecast

Business Acquisition

Contractual rent amount

$ 770,000

MGM Master Lease Agreement | Subsequent Event

Business Acquisition

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%

MGM Master Lease Agreement | Maximum | Forecast

Business Acquisition

Decrease in annual rent payments

$ 90,000

MGM Master Lease Agreement | Maximum | Subsequent Event

Business Acquisition

Contractual rent amount

$ 860,000

MGM Master Lease Agreement | Minimum | Subsequent Event

Business Acquisition

Annual escalator

2.00%

BREIT JV Lease Agreement | Subsequent Event

Business Acquisition

Contractual rent amount

$ 303,800

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%

BREIT JV Lease Agreement | BREIT JV | Subsequent Event

Business Acquisition

Contractual rent amount

$ 152,200

BREIT JV Lease Agreement | Minimum | Subsequent Event

Business Acquisition

Annual escalator

2.00%

Mirage Severance Lease | Forecast

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%

Yearly minimum expenditure

1.00%

Future funding commitments

$ 1,500,000

Mirage Severance Lease | Maximum | Forecast

Business Acquisition

Contractual rent amount

90,000

Decrease in annual rent payments

$ 90,000

Mirage Severance Lease | Minimum | Forecast

Business Acquisition

Annual escalator

2.00%

CSI Lease | Caesars Southern Indiana

Business Acquisition

Contractual rent amount

$ 32,500

Initial lease term

15 years

Number of renewal options | renewal

4

Lessor, sales-type lease, renewal term

5 years

Venetian PGFA | Venetian Resort

Business Acquisition

Future funding commitments

1,000,000

CECL allowance for unfunded commitments

8,300

Venetian Lease Agreement | Venetian Resort

Business Acquisition

Contractual rent amount

$ 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%

Investments in leases - sales-type, net

$ 65,600

Venetian Lease Agreement | Minimum | Venetian Resort

Business Acquisition

Annual escalator

2.00%

MGP | Subsequent Event

Business Acquisition

Business combination, consideration transferred

$ 17,200,000

Business combination, debt assumed

$ 5,700,000

Number of golf courses | property

15

Number or regions in which entity operates | region

9

Number of hotel rooms | hotelRoom

36,000

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

3.6

Business combination, equity interest issued per acquiree share | shares

1.366

Cash consideration

$ 4,404,000

Business acquisition equity interest retained (in shares) | shares

12,200,000

Tax protection period

15 years

Tax protection, holding amount

$ 8,500,000

MGP | MGP OP Notes | Subsequent Event

Business Acquisition

Business combination, debt assumed

$ 4,200,000

MGP | BREIT JV | Subsequent Event

Business Acquisition

Percentage of voting interests acquired

50.10%

MGP | Las Vegas Strip Entertainment and Gaming-Related Property | Subsequent Event

Business Acquisition

Number of golf courses | property

7

MGP | Regional Casino Resorts | Subsequent Event

Business Acquisition

Number of golf courses | property

8

MGP | Largest Hotel | UNITED STATES | Subsequent Event

Business Acquisition

Number of golf courses | property

2

MGP | Largest Resort Property | Las Vegas | Subsequent Event

Business Acquisition

Number of golf courses | property

2

MGP | MGM Master Lease Agreement and BREIT JV Lease Agreement | Subsequent Event

Business Acquisition

Contractual rent amount

$ 1,012,000

Real Estate Portfolio - Narrati

Real Estate Portfolio - Narrative (Details)	3 Months Ended
	Mar. 31, 2022leaseArrangementcasino
Real Estate [Abstract]
Number of casinos | casino	23
Number of lease arrangements | leaseArrangement	9
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 Real Estate Portfolio (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Minimum lease payments receivable under sales-type leases		$ 64,524,789	$ 44,485,224
Estimated residual values of leased property (not guaranteed)		6,578,781	3,334,549
Gross investment in sales-type leases		71,103,570	47,819,773
Unamortized initial direct costs		40,718	23,363
Less: Unearned income		(53,526,411)	(34,271,620)
Less: Allowance for credit losses		(504,178)	(434,852)
Investments in leases - sales-type, net		17,113,699	13,136,664
Total investments in leases, net		19,764,332	15,781,488
Land		153,576	153,576
Total real estate portfolio		20,431,036	16,433,066
Investments in leases - financing receivables, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases and loans	[1]	2,650,633	2,644,824
Investments in loans, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases and loans	[1]	$ 513,128	$ 498,002
[1]	Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. 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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Income from sales-type leases, excluding contingent rent	$ 322,258	$ 289,574
Income from lease financing receivables	63,019	59,892
Total revenue, excluding contingent rent	385,277	349,466
Contingent rent	4,477	572
Total lease revenue	389,754	350,038
Non-cash adjustment	(35,553)	(27,877)
Total contractual lease revenue	$ 354,201	$ 322,161

Real Estate Portfolio - Sched_3

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Sales-Type
2022 (remaining)	$ 994,936
2023	1,344,189
2024	1,366,127
2025	1,385,348
2026	1,405,006
2027	1,425,272
Thereafter	56,603,911
Total	64,524,789
Financing Receivables
2022 (remaining)	171,273
2023	232,320
2024	236,452
2025	239,835
2026	243,281
2027	246,841
Thereafter	8,309,373
Total	9,679,375
2022 (remaining)	1,166,209
2023	1,576,509
2024	1,602,579
2025	1,625,183
2026	1,648,287
2027	1,672,113
Thereafter	64,913,284
Total	$ 74,204,164
Sales-type lease, weighted average lease term	37 years
Financing receivable, weighted average remaining lease term	33 years 2 months 12 days
Sales-type lease and financing receivables, weighted average lease term	35 years 6 months

Real Estate Portfolio - Sched_4

Real Estate Portfolio - Schedule of Lease Agreement (Details)	3 Months Ended
	Mar. 31, 2022USD ($)option	Mar. 31, 2021USD ($)	Apr. 29, 2022
Harrah’s Joliet LandCo LLC
Property Subject to or Available for Operating Lease
Ownership percentage by noncontrolling owners	20.00%
MGP | BREIT JV | Subsequent Event
Property Subject to or Available for Operating Lease
Percentage of voting interests acquired			50.10%
Caesars Regional Master Lease
Property Subject to or Available for Operating Lease
Lessor, contingent rent	$ 0	$ 0
Caesars Las Vegas Master Lease
Property Subject to or Available for Operating Lease
Lessor, contingent rent	3,100,000	0
Venetian Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
MGM Master Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
Magaritaville Lease
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
Greektown lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
Hard Rock Cincinnati Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
Century Portfolio Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
JACK Cleveland/Thirstledown Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	0	0
JACK Cleveland/Thirstledown Lease Agreement | JACK Cleveland Casino
Property Subject to or Available for Operating Lease
Increase (decrease) in annual rent payments	1,800,000
CSI Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent	$ 0	0
Caesars Lease Agreements | Caesars Regional Master Lease
Property Subject to or Available for Operating Lease
Initial Term	18 years
Number of renewal options | option	4
Lessor, sales-type lease, renewal term	5 years
Current base rent	$ 649,572,000
Variable rent percentage	4.00%
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 2-5
Property Subject to or Available for Operating Lease
Annual escalator	1.50%
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 8-10 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	70.00%
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 8-10 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	30.00%
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 11-15 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 11-15 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 6 Through 18
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
Caesars Lease Agreements | Caesars Las Vegas Master Lease
Property Subject to or Available for Operating Lease
Initial Term	18 years
Number of renewal options | option	4
Lessor, sales-type lease, renewal term	5 years
Current base rent	$ 422,224,000
Annual escalator	2.00%
Variable rent percentage	4.00%
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Harrah’s Joliet LandCo LLC
Property Subject to or Available for Operating Lease
Current base rent	$ 641,200,000
Venetian Resort | Venetian Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term	30 years
Number of renewal options | option	2
Lessor, sales-type lease, renewal term	10 years
Current base rent	$ 250,000,000
Venetian Resort | Venetian Lease Agreement | Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
Venetian Resort | Venetian Lease Agreement | Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent	3.00%
MGM Master Lease Properties | MGM Master Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term	25 years
Number of renewal options | option	3
Lessor, sales-type lease, renewal term	10 years
Current base rent	$ 860,000,000
MGM Master Lease Properties | MGM Master Lease Agreement | Lease Years 2 Through 10 | Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
MGM Master Lease Properties | MGM Master Lease Agreement | Lease Years 11 Through 25 | Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
MGM Master Lease Properties | MGM Master Lease Agreement | Lease Years 11 Through 25 | Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent	3.00%
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement
Property Subject to or Available for Operating Lease
Initial Term	30 years
Number of renewal options | option	2
Lessor, sales-type lease, renewal term	10 years
Current base rent	$ 303,800,000
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | BREIT JV
Property Subject to or Available for Operating Lease
Current base rent	$ 152,203,000
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | Lease Years 2 Through 15 | Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | Lease Years 16 Through 30 | Minimum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | Lease Years 16 Through 30 | Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent	3.00%
Penn National | Magaritaville Lease
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	$ 23,813,000
Annual escalator	2.00%
Base rent subject to annual escalation rate	$ 17,200,000
Rent ratio floor	610.00%
Percentage rent multiplier	4.00%
Percentage rent multiplier, prior to acquisition	50.00%
Penn National | Magaritaville Lease | Variable Rent
Property Subject to or Available for Operating Lease
Lessor, contingent rent	$ 900,000	600,000
Penn National | Greektown lease Agreement
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	$ 51,321,000
Annual escalator	2.00%
Base rent subject to annual escalation rate	$ 42,800,000
Percentage rent multiplier	4.00%
Percentage rent multiplier, prior to acquisition	50.00%
Penn National | Greektown lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Lessor, contingent rent	$ 500,000	$ 0
Hard Rock | Hard Rock Cincinnati Lease Agreement
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
Percentage rent multiplier	4.00%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Lease Years 2-4
Property Subject to or Available for Operating Lease
Annual escalator	1.50%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Lease Years 5-15
Property Subject to or Available for Operating Lease
Annual escalator	0.50%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Lease Years 5-15 | Maximum
Property Subject to or Available for Operating Lease
Annual escalator	2.00%
Century Portfolio | Century Portfolio Lease Agreement
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
Annual escalator	0.75%
Rent ratio floor	750.00%
Percentage rent multiplier	4.00%
Century Portfolio | Century Portfolio Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
Century Portfolio | Century Portfolio Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
Century Portfolio | Century Portfolio Lease Agreement | Lease Years 2 through 3
Property Subject to or Available for Operating Lease
Annual escalator	1.00%
Century Portfolio | Century Portfolio Lease Agreement | Lease Years 4 Through 15
Property Subject to or Available for Operating Lease
Annual escalator	1.25%
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement
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
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Years 7 through 20 | Minimum
Property Subject to or Available for Operating Lease
Annual escalator	1.50%
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Years 7 through 20 | Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent	2.50%
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Year 3
Property Subject to or Available for Operating Lease
Annual escalator	1.00%
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Years 4 through 6
Property Subject to or Available for Operating Lease
Annual escalator	1.50%
EBCI | CSI Lease Agreement
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	$ 32,500,000
Percentage rent multiplier	4.00%
EBCI | CSI Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split	80.00%
EBCI | CSI Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split	20.00%
EBCI | CSI Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease
Annual escalator	1.50%
EBCI | CSI Lease Agreement | Lease Years 6 Through 15
Property Subject to or Available for Operating Lease
Annual escalator	2.00%

Real Estate Portfolio - Sched_5

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Real Estate
Yearly minimum expenditure	1.00%
CEOC
Real Estate
Rolling three-year minimum	$ 380.3
Minimum amount to be expended across certain affiliates and other assets	$ 537.5
Regional Master Lease and Joliet Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 311
Caesars Las Vegas Master Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 84
Venetian Lease Agreement
Real Estate
Yearly minimum expenditure	2.00%
BREIT JV Lease Agreement
Real Estate
Yearly minimum expenditure	3.50%
BREIT JV Lease Agreement | Minimum
Real Estate
Yearly minimum expenditure, percentage of monthly reserves	1.50%
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Capital expenditures	$ 114.5
Percentage of prior year net revenues	1.00%
CPLV, Joliet And Non-CPLV Lease Agreement | CEOC
Real Estate
Additional capital expenditure requirement	$ 10.3
Non-CPLV Lease Agreement | CEOC
Real Estate
Rolling three-year minimum	286
Las Vegas Master Lease | CEOC
Real Estate
Rolling three-year minimum	$ 84

Real Estate Portfolio - Summary

Real Estate Portfolio - Summary of Investment in Loans (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021	Jun. 16, 2021
Loans and Leases Receivable Disclosure
Principal Balance		$ 514,173	$ 498,614
Future funding commitments		$ 45,327	$ 60,886
Interest Rate		7.80%	7.80%
Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value	[1]	$ 513,128	$ 498,002
Forum Convention Center Mortgage Loan | Senior Loan
Loans and Leases Receivable Disclosure
Principal Balance		400,000	400,000
Future funding commitments		$ 0	$ 0
Interest Rate		7.90%	7.90%
Annual escalation rate		2.00%
Forum Convention Center Mortgage Loan | Senior Loan | Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value		$ 400,033	$ 400,036
Chelsea Piers Mortgage Loan | Senior Loan
Loans and Leases Receivable Disclosure
Principal Balance		65,000	65,000
Future funding commitments		$ 15,000	$ 15,000
Interest Rate		7.00%	7.00%
Chelsea Piers Mortgage Loan | Senior Loan | Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value		$ 64,998	$ 64,998
Great Wolf Mezzanine Loan
Loans and Leases Receivable Disclosure
Principal Balance		49,173	33,614
Future funding commitments		$ 30,327	$ 45,886	$ 79,500
Interest Rate		8.00%	8.00%	8.00%
Great Wolf Mezzanine Loan | Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value		$ 48,097	$ 32,968
[1]	Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Credit Loss [Abstract]
Change in allowance for credit losses	$ 80,820	$ (4,380)

Allowance for Credit Losses -_2

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Amortized Cost
Investments in leases - sales-type, net		$ 17,617,877	$ 13,571,516
Other assets - sales-type sub-leases, amortized cost		455,710	280,510
Amortized cost, total		21,330,419	17,086,749	$ 17,024,805
Allowance
Sales-type and direct financing, allowance for credit losses		(504,178)	(434,852)
Other Assets Sales-type Subleases Allowance For Credit Losses		(8,754)	(6,540)
Allowance, total		(606,003)	(533,289)
Net Investment
Investments in leases - sales-type, net		17,113,699	13,136,664
Other assets - sales-type sub-leases		446,956	273,970
Net investment total		$ 20,724,416	$ 16,553,460
Allowance as a % of Amortized Cost
Sales-type and Direct financing, allowance as a percentage of amortized cost		2.86%	3.20%
Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total		1.92%	2.33%
Allowance as a percentage of amortized cost, total		2.84%	3.12%
CECL allowance for unfunded commitments		$ 9,143	$ 1,037
Investments in leases - financing receivables, net
Amortized Cost
Notes receivable, amortized cost		2,742,615	2,735,948
Allowance
Financing and loans receivable, allowance for credit losses		(91,982)	(91,124)
Net Investment
Notes receivable	[1]	$ 2,650,633	$ 2,644,824
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total		3.35%	3.33%
Investments in loans
Amortized Cost
Notes receivable, amortized cost		$ 514,217	$ 498,775
Allowance
Financing and loans receivable, allowance for credit losses		(1,089)	(773)
Net Investment
Notes receivable	[1]	$ 513,128	$ 498,002
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total		0.21%	0.15%
[1]	Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. 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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 534,326	$ 553,879
Initial allowance from current period investments	76,037	0
Current period change in credit allowance	4,783	(4,380)
Charge-offs	0	0
Recoveries	0	0
Ending balance	$ 615,146	$ 549,499

Allowance for Credit Losses - F

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 21,330,419	$ 17,086,749	$ 17,024,805
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	4,198,118		0
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	949,418		0
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	14,918,185		15,761,205
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	870,774		917,138
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	279,740		281,450
N/A
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 114,183		$ 65,012

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Sales-type sub-leases, net	$ 446,956	$ 273,970
Forward-starting interest rate swaps	109,495	884
Property and equipment used in operations, net	68,193	68,515
Right of use assets and sub-lease right of use assets	49,731	16,811
Debt financing costs	29,101	24,928
Deferred acquisition costs	22,222	24,690
Tenant receivables	6,349	5,032
Prepaid expenses	3,460	3,660
Interest receivable	2,976	2,780
Other receivables	986	341
Other	2,114	3,082
Total other assets	741,583	424,693
Other assets (sales-type sub-leases), allowance for credit losses	$ 8,754	$ 6,540

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment
Total property and equipment used in operations	$ 83,598		$ 83,144
Less: accumulated depreciation	(15,405)		(14,629)
Total property and equipment used in operations, net	68,193		68,515
Depreciation expense	776	$ 792
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	59,497		59,250
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	15,045		14,880
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 9,056		$ 9,014

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Finance sub-lease liabilities	$ 455,710	$ 280,510
Deferred financing liabilities	73,600	73,600
Lease liabilities and sub-lease liabilities	49,731	16,811
CECL allowance for unfunded commitments	9,143	1,037
Deferred income taxes	3,999	3,879
Total other liabilities	$ 592,183	$ 375,837

Debt - Schedule Of Outstanding

Debt - Schedule Of Outstanding Indebtedness (Details) - USD ($) $ in Thousands	Feb. 08, 2022	Mar. 31, 2022	Dec. 31, 2021	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Face Value		$ 5,350,000	$ 4,750,000
Carrying Value		$ 5,297,014	$ 4,694,523
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)	1.00%
Delayed Draw Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)		0.85%
Delayed Draw Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)		1.60%
Unsecured Debt | Delayed Draw Term Loan
Debt Instrument
Face Value		$ 0
Carrying Value		$ 0
Unsecured Debt | Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)		1.70%
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.25%	4.25%		4.25%
Face Value		$ 1,250,000	$ 1,250,000
Carrying Value		$ 1,236,685	$ 1,235,972
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%		4.625%
Face Value		$ 1,000,000	$ 1,000,000
Carrying Value		$ 987,731	$ 987,331
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage		3.50%	3.50%	3.50%
Face Value		$ 750,000	$ 750,000
Carrying Value		$ 743,263	$ 742,677
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage		3.75%	3.75%	3.75%
Face Value		$ 750,000	$ 750,000
Carrying Value		$ 741,828	$ 741,409
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2030
Debt Instrument
Interest rate, stated percentage		4.125%	4.125%	4.125%
Face Value		$ 1,000,000	$ 1,000,000
Carrying Value		$ 987,507	987,134
Senior Notes
Debt Instrument
Basis spread on variable rate adjustment (percent)		0.10%
Senior Notes | Delayed Draw Term Loan
Debt Instrument
Commitment fee percentage		0.375%
Senior Notes | Delayed Draw Term Loan | Minimum
Debt Instrument
Commitment fee percentage		0.15%
Senior Notes | Delayed Draw Term Loan | Maximum
Debt Instrument
Commitment fee percentage		0.375%
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)	0.775%	0.775%
Revolving Credit Facility | Minimum | Base Rate
Debt Instrument
Basis spread on variable rate (percent)	0.00%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)	1.325%	1.325%
Revolving Credit Facility | Maximum | Base Rate
Debt Instrument
Basis spread on variable rate (percent)	0.325%
Revolving Credit Facility | Unsecured Debt
Debt Instrument
Face Value		$ 600,000
Carrying Value		$ 600,000
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate (percent)		1.425%
Revolving Credit Facility | Senior Notes
Debt Instrument
Face Value		$ 600,000
Commitment fee percentage		0.375%
Revolving Credit Facility | Senior Notes | Minimum
Debt Instrument
Commitment fee percentage		0.15%
Revolving Credit Facility | Senior Notes | Maximum
Debt Instrument
Commitment fee percentage		0.375%
Secured Revolving Credit Facility | Senior Notes
Debt Instrument
Face Value			0
Carrying Value			$ 0
Secured Revolving Credit Facility | Senior Notes | LIBOR
Debt Instrument
Basis spread on variable rate (percent)			2.00%

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Mar. 31, 2022USD ($)
Long-term Debt, Fiscal Year Maturity
2022 (remaining)	$ 0
2023	0
2024	0
2025	750,000
2026	1,850,000
2027	750,000
Thereafter	2,000,000
Total minimum repayments	$ 5,350,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Apr. 29, 2022	Mar. 31, 2022	Dec. 31, 2021	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Debt instrument, face amount		$ 5,350,000	$ 4,750,000
VICI Properties LP
Debt Instrument
Restricted net assets		$ 7,500,000
Subsequent Event | MGP
Debt Instrument
Cash consideration	$ 4,404,000
Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)		100.00%
Cumulative adjusted funds from operations rate		95.00%
Unsecured Debt | Revolving Credit Facility
Debt Instrument
Debt instrument, face amount		$ 600,000
Senior Notes | Revolving Credit Facility
Debt Instrument
Debt instrument, face amount		$ 600,000
Exchange Notes Senior Unsecured Notes due 2024 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	5.625%
Debt instrument, face amount	$ 1,024,200
Exchange Notes Senior Unsecured Notes due 2025 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	4.625%
Debt instrument, face amount	$ 799,400
Exchange Notes Senior Unsecured Notes due 2026 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	4.50%
Debt instrument, face amount	$ 480,500
Exchange Notes Senior Unsecured Notes due 2027 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	5.75%
Debt instrument, face amount	$ 729,500
Exchange Notes Senior Unsecured Notes due 2028 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	4.50%
Debt instrument, face amount	$ 349,300
Exchange Notes Senior Unsecured Notes due 2029 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	3.875%
Debt instrument, face amount	$ 727,100
Senior Unsecured April 2022 Notes
Debt Instrument
Ratio of unencumbered assets to unsecured indebtedness		1.50
4.375% Senior Unsecured Notes Due 2025 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	4.375%
Debt instrument, face amount	$ 500,000
4.750% Senior Unsecured Notes Due 2028 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	4.75%
Debt instrument, face amount	$ 1,250,000
4.950% Senior Unsecured Notes Due 2030 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	4.95%
Debt instrument, face amount	$ 1,000,000
5.125% Senior Unsecured Notes Due 2032 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	5.125%
Debt instrument, face amount	$ 1,500,000
5.625% Senior Unsecured Notes Due 2052 | Unsecured Debt | Subsequent Event
Debt Instrument
Interest rate, stated percentage	5.625%
Debt instrument, face amount	$ 750,000
November 2019 Notes Senior Unsecured Notes | Unsecured Debt
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40.00%
November 2019 Notes Senior Unsecured Notes due 2026 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		4.25%	4.25%		4.25%
Redemption price, percentage (equal to)		100.00%
Debt instrument, face amount		$ 1,250,000	$ 1,250,000
November 2019 Notes Senior Unsecured Notes due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Debt instrument, face amount					$ 1,250,000
November 2019 Notes Senior Unsecured Notes due 2029 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%		4.625%
Debt instrument, face amount		$ 1,000,000	$ 1,000,000
November 2019 Notes Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Debt instrument, face amount					$ 1,000,000
February 2020 Notes Senior Unsecured Notes due 2025 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		3.50%	3.50%	3.50%
Redemption price, percentage (equal to)		100.00%
Debt instrument, face amount		$ 750,000	$ 750,000
February 2020 Notes Senior Unsecured Notes due 2025 | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Debt instrument, face amount				$ 750,000
February 2020 Notes Senior Unsecured Notes due 2027 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		3.75%	3.75%	3.75%
Debt instrument, face amount		$ 750,000	$ 750,000
February 2020 Notes Senior Unsecured Notes due 2027 | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument
Debt instrument, face amount				$ 750,000
February 2020 Notes Senior Unsecured Notes due 2030 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		4.125%	4.125%	4.125%
Debt instrument, face amount		$ 1,000,000	$ 1,000,000
February 2020 Notes Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument
Debt instrument, face amount				$ 1,000,000
February 2020 Notes Senior Unsecured Notes | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40.00%
MGP OP Notes due 2024 | Unsecured Debt | Subsequent Event
Debt Instrument
Debt instrument, face amount	25,800
MGP OP Notes due 2025 | Unsecured Debt | Subsequent Event
Debt Instrument
Debt instrument, face amount	600
MGP OP Notes due 2026 | Unsecured Debt | Subsequent Event
Debt Instrument
Debt instrument, face amount	19,500
MGP OP Notes due 2027 | Unsecured Debt | Subsequent Event
Debt Instrument
Debt instrument, face amount	20,500
MGP OP Notes due 2028 | Unsecured Debt | Subsequent Event
Debt Instrument
Debt instrument, face amount	700
MGP OP Notes due 2029 | Unsecured Debt | Subsequent Event
Debt Instrument
Debt instrument, face amount	$ 22,900
MGP OP Notes | Unsecured Debt | Subsequent Event
Debt Instrument
Redemption price, percentage (equal to)	100.00%
Exchange Notes | Unsecured Debt | Subsequent Event
Debt Instrument
Redemption price, percentage (equal to)	100.00%

Debt - New Unsecured Credit Fac

Debt - New Unsecured Credit Facilities (Details) $ in Thousands	Feb. 18, 2022USD ($)	Feb. 08, 2022USD ($)option	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit			$ 600,000	$ 0
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%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 2,500,000
Number of extension options | option		2
Extension term		6 months
Extension fee percentage		0.0625%
Increase in borrowing capacity		$ 1,000,000
Proceeds from lines of credit	$ 600,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee percentage		0.15%
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.775%	0.775%
Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.00%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee percentage		0.375%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.325%	1.325%
Revolving Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.325%
Delayed Draw Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,000,000
Number of extension options | option		2
Extension term		12 months
Extension fee percentage		0.125%
Increase in borrowing capacity		$ 1,000,000
Delayed Draw Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.85%
Delayed Draw Term Loan | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.00%
Delayed Draw Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.60%
Delayed Draw Term Loan | Maximum | Base Rate
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	Feb. 18, 2022	Sep. 14, 2021	Dec. 31, 2021	Mar. 31, 2022	Feb. 08, 2022	May 19, 2019	Dec. 31, 2018
Debt Instrument
Debt instrument, face amount			$ 4,750,000	$ 5,350,000
September 2021 Forward Sales Agreement | Forward Sales Agreement
Debt Instrument
Number of Shares Issued (in shares)	50,000,000	65,000,000
Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity					$ 2,500,000
Revolving Credit Facility | Senior Notes
Debt Instrument
Debt instrument, face amount				$ 600,000
Maximum borrowing capacity						$ 1,000,000
Term B Loan Facility
Debt Instrument
Debt instrument, face amount							$ 2,200,000
Loss on extinguishment of debt			$ 15,600

Debt - Bridge Facilities (Detai

Debt - Bridge Facilities (Details) - USD ($) $ in Thousands	Dec. 13, 2021	Sep. 23, 2021	Aug. 04, 2021	Mar. 08, 2021	Mar. 02, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument
Interest expense						$ 68,142	$ 77,048
MGP Transactions Bridge Facility
Debt Instrument
Maximum borrowing capacity			$ 9,300,000
Maximum borrowing capacity, reduction amount		$ 4,242,000
Interest expense						11,500
MGP Transactions Bridge Facility | First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term			364 days
Venetian Acquisition Bridge Facility
Debt Instrument
Maximum borrowing capacity					$ 4,000,000
Maximum borrowing capacity, reduction amount	$ 1,410,000			$ 1,890,000
Interest expense						$ 1,000	$ 2,400
Venetian Acquisition Bridge Facility | First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term					364 days

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	Feb. 18, 2022shares	Sep. 15, 2021USD ($)	Sep. 14, 2021shares	Apr. 30, 2022USD ($)instrument	Mar. 31, 2022USD ($)instrument	Jan. 31, 2019USD ($)instrument
September 2021 Forward Sales Agreement | Forward Sales Agreement
Derivative
Number of Shares Issued (in shares) | shares	50,000,000		65,000,000
Forward-Starting Interest Rate Swap
Derivative
Number of Instruments | instrument					5
Notional amount					$ 2,500
Derivative debt					$ 2,500
Forward-Starting Interest Rate Swap | Subsequent Event
Derivative
Net proceeds from derivative instruments				$ 202.3
Treasury Lock | Subsequent Event
Derivative
Number of Instruments | instrument				2
Notional amount				$ 500
Derivative debt				500
Net proceeds from derivative instruments				$ 4.5
Interest Rate Swaps
Derivative
Number of Instruments | instrument						6
Notional amount						$ 2,000
Fixed Rate						2.8297%
Payments for derivative instrument		$ 66.9
Accrued expenses and deferred revenue		2.7
Reclassification of realized loss on cash flow hedges to net income		$ 64.2

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details)	Mar. 31, 2022USD ($)instrument	Dec. 31, 2021USD ($)instrument
1.3465% Forward-Starting Interest Rate Swap Maturing May 2, 2032
Derivative
Number of Instruments | instrument	1	1
Fixed Rate	1.3465%	1.3465%
Notional | $	$ 500,000,000	$ 500,000,000
1.6827% Forward-Starting Interest Rate Swap Maturing May 2, 2032
Derivative
Number of Instruments | instrument	1
Fixed Rate	1.6827%
Notional | $	$ 500,000,000
1.6390% Forward-Starting Interest Rate Swap Maturing May 2, 2032
Derivative
Number of Instruments | instrument	1
Fixed Rate	1.639%
Notional | $	$ 500,000,000
1.6900% Forward-Starting Interest Rate Swap Maturing May 2, 2027
Derivative
Number of Instruments | instrument	1
Fixed Rate	1.69%
Notional | $	$ 500,000,000
1.5850% Forward-Starting Interest Rate Swap Maturing May 2, 2029
Derivative
Number of Instruments | instrument	1
Fixed Rate	1.585%
Notional | $	$ 500,000,000

Derivatives - Schedule of Der_2

Derivatives - Schedule of Derivatives on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative
Unrealized gain recorded in other comprehensive income	$ 108,611	$ 12,378
Interest recorded in interest expense	68,142	77,048
Interest Rate Swaps
Derivative
Interest recorded in interest expense	$ 0	$ 10,826

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Derivative instruments - forward-starting interest rate swaps	$ 109,495	$ 884
Carrying Amount | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	109,495	884
Level 1 | Fair Value | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	0	0
Level 2 | Fair Value | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	109,495	884
Level 3 | Fair Value | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps	$ 0	$ 0

Fair Value - Schedule Of Estima

Fair Value - Schedule Of Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 568,702	$ 739,614
Carrying Amount | Lease Financing Receivable
Financial assets:
Receivables	2,650,633	2,644,824
Carrying Amount | Lease Loans Receivable
Financial assets:
Receivables	513,128	498,002
Carrying Amount | Revolving Credit Facility
Financial liabilities:
Debt	600,000	0
Carrying Amount | Delayed Draw Term Loan
Financial liabilities:
Debt	0	0
Carrying Amount | 2026 Maturity
Financial liabilities:
Debt	1,236,685	1,235,972
Carrying Amount | 2029 Maturity
Financial liabilities:
Debt	987,731	987,331
Carrying Amount | 2025 Maturity
Financial liabilities:
Debt	743,263	742,677
Carrying Amount | 2027 Maturity
Financial liabilities:
Debt	741,828	741,409
Carrying Amount | 2030 Maturity
Financial liabilities:
Debt	987,507	987,134
Fair Value
Financial assets:
Cash and cash equivalents	568,702	739,614
Fair Value | Lease Financing Receivable
Financial assets:
Receivables	3,123,206	3,104,337
Fair Value | Lease Loans Receivable
Financial assets:
Receivables	514,173	498,614
Fair Value | Revolving Credit Facility
Financial liabilities:
Debt	600,000	0
Fair Value | Delayed Draw Term Loan
Financial liabilities:
Debt	0	0
Fair Value | 2026 Maturity
Financial liabilities:
Debt	1,248,438	1,296,875
Fair Value | 2029 Maturity
Financial liabilities:
Debt	996,250	1,067,500
Fair Value | 2025 Maturity
Financial liabilities:
Debt	738,750	763,125
Fair Value | 2027 Maturity
Financial liabilities:
Debt	729,375	772,500
Fair Value | 2030 Maturity
Financial liabilities:
Debt	$ 967,500	$ 1,055,000

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)option	Dec. 31, 2021USD ($)
Loss Contingencies
Weighted average remaining lease term	14 years 3 months 18 days
Right of use assets and sub-lease right of use assets	$ 49,731	$ 16,811
Operating lease and sub-lease liabilities	$ 49,731	$ 16,811
Finance lease, weighted average remaining lease term	56 years 9 months 18 days
Operating Sub-Lease
Loss Contingencies
Weighted average remaining lease term	7 years 8 months 12 days
Minimum
Loss Contingencies
Operating lease, discount rate (percent)	5.30%
Lessee, finance lease, discount rate (percent)	6.00%
Minimum | Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (percent)	2.60%
Maximum
Loss Contingencies
Operating lease, discount rate (percent)	5.50%
Lessee, finance lease, discount rate (percent)	8.00%
Maximum | Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (percent)	2.90%
Cascata Golf Course
Loss Contingencies
Number of extension options | option	3
Renewal term	10 years

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases, Operating [Abstract]
Rent expense	$ 499	$ 499
Contractual rent	475	470
Others assets (operating sub-leases)	49,731		$ 16,811
Other liabilities (operating sub-lease liabilities)	16,626
Leases, Finance [Abstract]
Sales-type sub-leases, net	446,956		273,970
Finance sub-lease liabilities	455,710		280,510
Rental expense	6,484	5,652
Rental income	6,484	5,652
Contractual rent	6,678	5,838
Operating Sub-Lease
Leases, Operating [Abstract]
Rent expense	571	0
Contractual rent	528	0
Other liabilities (operating sub-lease liabilities)	33,105
Rental income	571	$ 0
Operating Sub-Lease | Other Assets
Leases, Operating [Abstract]
Others assets (operating sub-leases)	33,105		0
Operating Sub-Lease | Other Liabilities
Leases, Operating [Abstract]
Other liabilities (operating sub-lease liabilities)	$ 33,105		$ 0

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2022 (remaining)	$ 1,410
2023	1,827
2024	1,847
2025	1,908
2026	1,958
2027	1,979
Thereafter	15,137
Total minimum lease commitments	26,068
Discounting factor	9,442
Lease liability	16,626
Financing Receivables
2021 (remaining)	28,917
2022	33,435
2023	33,705
2024	33,840
2025	33,840
2026	33,840
Thereafter	1,343,128
Total minimum lease commitments	1,540,705
Discounting factor	1,084,995
Finance sub-lease liability	455,710	$ 280,510
Operating Sub-Lease
Operating Leases
2022 (remaining)	5,338
2023	6,585
2024	6,553
2025	5,129
2026	3,934
2027	4,010
Thereafter	5,128
Total minimum lease commitments	36,676
Discounting factor	3,571
Lease liability	$ 33,105

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 18, 2022	Sep. 14, 2021	Sep. 09, 2021	Mar. 04, 2021	Sep. 28, 2020	Jun. 17, 2020	May 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Stock
Total number of common and preferred shares authorized (in shares)								1,400,000,000
Common stock, shares authorized (in shares)								1,350,000,000		1,350,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)								50,000,000		50,000,000
Preferred stock, par value (in dollars per share)								$ 0.01		$ 0.01
Aggregate offering value of shares								$ 3,218,097
Proceeds from issuance of common stock								$ 3,219,123	$ 0
ATM Stock Offering Program
Class of Stock
Maximum amount of shares to be sold							$ 1,000,000
Shares issued in IPO (in shares)								0	0
Public Stock Offering And Forward Sales Agreement | September 2021 Forward Sales Agreement
Class of Stock
Number of shares issued (in shares)		115,000,000
Aggregate offering value of shares		$ 3,400,000
Public Stock Offering
Class of Stock
Number of shares issued (in shares)		65,000,000
Sale of stock, consideration received on transaction		$ 1,859,000
Over-Allotment Option
Class of Stock
Number of shares issued (in shares)		15,000,000
Forward Sales Agreement
Class of Stock
Proceeds from issuance of common stock	$ 3,200,000
Forward Sales Agreement | September 2021 Forward Sales Agreement
Class of Stock
Number of shares issued (in shares)	50,000,000	65,000,000
Shares issued related to forward sale (shares)		50,000,000
Share price (in dollars per share)		$ 29.50
Proceeds from issuance of common stock	$ 1,390,600
Offering forward price (in dollars per share)	$ 28.62
Sale of stock price (in dollars per share)	$ 27.81
Forward Sales Agreement | March 2021 Forward Sales Agreement
Class of Stock
Number of shares issued (in shares)	69,000,000
Share price (in dollars per share)				$ 29
Aggregate offering value of shares				$ 2,001,000
Proceeds from issuance of common stock	$ 1,828,600
Offering forward price (in dollars per share)	$ 28.06
Sale of stock price (in dollars per share)	$ 26.50
Forward contract indexed to issuer's equity (in shares)				69,000,000
Future stock to be issued during period, shares sold pursuant to the exercise In full of underwriters' option to purchase additional common stock				9,000,000
Forward Sales Agreement | June 2020 Forward Sale Agreement
Class of Stock
Number of shares issued (in shares)			26,900,000		3,000,000
Share price (in dollars per share)						$ 22.15
Aggregate offering value of shares						$ 662,300
Proceeds from issuance of common stock			$ 526,900		$ 63,000
Offering forward price (in dollars per share)						$ 21.37
Sale of stock price (in dollars per share)			$ 19.59		$ 21.04
Forward contract indexed to issuer's equity (in shares)						29,900,000
Stock sold pursuant to the exercise in full of underwriters' option to purchase additional common stock (in shares)						3,900,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	628,942,092	536,669,722
Issuance of common stock upon physical settlement of forward sale agreements (in shares)	119,000,000	0
Ending balance (in shares)	748,413,311	537,015,753
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	471,219	346,031
ATM Stock Offering Program
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	0	0

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.3600	$ 0.3300

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Schedule Of Weighted Average Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common stock outstanding (in shares)	684,341,045	536,480,505
Assumed conversion of restricted stock (in shares)	581,000	924,000
Assumed settlement of forward sale agreements (in shares)	2,993,000	7,397,000
Diluted weighted-average shares of common stock outstanding (in shares)	687,914,683	544,801,802
VICI Properties LP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common stock outstanding (in shares)	684,341,045	536,480,505
Assumed conversion of restricted stock (in shares)	581,000	924,000
Assumed settlement of forward sale agreements (in shares)	2,993,000	7,397,000
Diluted weighted-average shares of common stock outstanding (in shares)	687,914,683	544,801,802

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic:
Net income attributable to common stockholders	$ 240,383	$ 269,801
Weighted-average common stock outstanding (in shares)	684,341,045	536,480,505
Basic EPS (in dollars per share)	$ 0.35	$ 0.50
Diluted:
Net income attributable to common stockholders	$ 240,383	$ 269,801
Diluted weighted-average shares of common stock outstanding (in shares)	687,914,683	544,801,802
Diluted EPS (in dollars per share)	$ 0.35	$ 0.50
VICI Properties LP
Basic:
Net income attributable to common stockholders	$ 238,347	$ 268,593
Weighted-average common stock outstanding (in shares)	684,341,045	536,480,505
Basic EPS (in dollars per share)	$ 0.35	$ 0.50
Diluted:
Net income attributable to common stockholders	$ 238,347	$ 268,593
Diluted weighted-average shares of common stock outstanding (in shares)	687,914,683	544,801,802
Diluted EPS (in dollars per share)	$ 0.35	$ 0.49

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs | $	$ 23.5
Weighted average period (in years)	2 years 4 months 24 days
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	12,750,000
Number of remaining shares authorized (in shares)	11,000,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 2,630	$ 2,277

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Shares
Beginning balance (in shares)	888	855
Granted (in shares)	721	464
Vested (in shares)	(352)	(317)
Forfeited (in shares)	(94)	(60)
Canceled (in shares)	0	0
Ending balance (in shares)	1,163	942
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.15	$ 21.48
Granted (in dollars per share)	27.45	20.01
Vested (in dollars per share)	23.45	19.83
Forfeited (in dollars per share)	23.05	19.90
Canceled (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 24.20	$ 21.42

Segment Information - Narrative

Segment Information - Narrative (Details) - 3 months ended Mar. 31, 2022	segmentproperty	golfCourse
Segment Reporting Information
Number of reportable segments	2
Number of real estate properties (properties)	28	4
Golf Course Business
Segment Reporting Information
Number of reportable segments	1

Segment Information - Schedule

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information
Revenues	$ 416,625	$ 374,310
Interest expense	(68,142)	(77,048)
Income before income taxes	243,088	272,583
Income tax benefit (expense)	(400)	(484)
Net income	242,688	272,099
Depreciation	776	792
Total assets	21,741,321	17,085,001	$ 17,597,373
Total liabilities	6,257,535	7,485,309	$ 5,410,199
Real Property Business
Segment Reporting Information
Revenues	407,999	367,497
Interest expense	(68,142)	(77,048)
Income before income taxes	240,492	271,035
Income tax benefit (expense)	162	(142)
Net income	240,654	270,893
Depreciation	30	32
Total assets	21,643,338	16,994,473
Total liabilities	6,239,551	7,468,648
Golf Course Business
Segment Reporting Information
Revenues	8,626	6,813
Interest expense	0	0
Income before income taxes	2,596	1,548
Income tax benefit (expense)	(562)	(342)
Net income	2,034	1,206
Depreciation	746	760
Total assets	97,983	90,528
Total liabilities	$ 17,984	$ 16,661