VICI Properties (VICI) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		963,097,848
Amendment Flag	false
Document Fiscal Period Focus	Q3
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	Yes
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		Sep. 30, 2022	Dec. 31, 2021
Real estate portfolio:
Investments in leases - sales-type, net		$ 17,011,585	$ 13,136,664
Investment in unconsolidated affiliate		1,463,230	0
Land		153,560	153,576
Cash and cash equivalents		518,383	739,614
Short-term investments		207,722	0
Other assets		932,081	424,693
Total assets		37,307,982	17,597,373
Liabilities
Debt, net		13,730,503	4,694,523
Accrued expenses and deferred revenue		202,888	113,530
Dividends and distributions payable		380,174	226,309
Other liabilities		932,120	375,837
Total liabilities		15,245,685	5,410,199
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 963,093,424 and 628,942,092 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		9,631	6,289
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2022 and December 31, 2021		0	0
Additional paid-in capital		21,641,945	11,755,069
Accumulated other comprehensive income		191,314	884
Retained (deficit) earnings		(133,311)	346,026
Total VICI stockholders’ equity		21,709,579	12,108,268
Non-controlling interests		352,718	78,906
Total stockholders’ equity		22,062,297	12,187,174
Total liabilities and stockholders’ equity		37,307,982	17,597,373
Investments in leases - financing receivables, net
Real estate portfolio:
Notes receivable	[1]	16,441,616	2,644,824
Investments in loans, net
Real estate portfolio:
Notes receivable	[1]	$ 579,805	$ 498,002
[1] Note: As of September 30, 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 $687.4 million, $660.8 million, $6.0 million and $22.0 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	Sep. 30, 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)	963,093,424	628,942,092
Common stock, shares outstanding (in shares)	963,093,424	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	$ 687,386	$ 434,852
Other assets (sales-type sub-leases), allowance for credit losses	22,046	6,540
Investments in leases - financing receivables, net
Allowance for credit losses	660,814	91,124
Investments in loans, net
Allowance for credit losses	$ 6,013	$ 773

VICI PROPERTIES INC. CONSOLID_3

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Income from sales-type leases	$ 376,048	$ 292,059	$ 1,077,952	$ 873,337
Income from lease financing receivables and loans	350,945	70,205	685,544	210,578
Other income	17,862	6,936	41,811	20,897
Golf revenues	6,688	6,504	25,484	21,602
Total revenues	751,543	375,704	1,830,791	1,126,414
Operating expenses
General and administrative	12,063	8,379	33,311	24,092
Depreciation	816	771	2,371	2,320
Other expenses	17,862	6,936	41,811	20,897
Golf expenses	5,186	5,143	16,330	14,881
Change in allowance for credit losses	232,763	9,031	865,459	(24,453)
Transaction and acquisition expenses	1,947	177	19,366	9,689
Total operating expenses	270,637	30,437	978,648	47,426
Income from unconsolidated affiliate	22,719	0	37,853	0
Interest expense	(169,354)	(165,099)	(370,624)	(321,953)
Interest income	3,024	26	3,897	75
Loss from extinguishment of debt	0	(15,622)	0	(15,622)
Income before income taxes	337,295	164,572	523,269	741,488
Income tax expense	(417)	(388)	(1,844)	(2,128)
Net income	336,878	164,184	521,425	739,360
Less: Net income attributable to non-controlling interests	(5,973)	(2,322)	(7,843)	(6,988)
Net income attributable to common stockholders	$ 330,905	$ 161,862	$ 513,582	$ 732,372
Net income per common share
Basic (in dollars per share)	$ 0.34	$ 0.29	$ 0.61	$ 1.35
Diluted (in dollars per share)	$ 0.34	$ 0.28	$ 0.60	$ 1.31
Weighted average number of shares of common stock outstanding
Basic (in shares)	962,573,646	555,153,692	848,839,357	542,843,855
Diluted (in shares)	964,134,340	571,894,545	850,823,037	557,113,510
Other comprehensive income
Net income	$ 336,878	$ 164,184	$ 521,425	$ 739,360
Reclassification of derivative (gain) loss to Interest expense	(6,037)	64,239	(10,196)	64,239
Unrealized gain on cash flow hedges	0	6,576	200,550	28,282
Comprehensive income	330,841	234,999	711,779	831,881
Comprehensive income attributable to non-controlling interest	(5,897)	(2,322)	(7,715)	(6,988)
Comprehensive income attributable to common stockholders	$ 324,944	$ 232,677	$ 704,064	$ 824,893

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) Income	Retained Earnings (Deficit)	Non-controlling Interests
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
Dividends and distributions declared	(179,288)	(177,217)				(177,217)	(2,071)
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, 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	739,360
Reclassification of derivative (gain) loss to Interest expense	64,239
Ending balance at Sep. 30, 2021	12,128,786	12,050,107	6,289	11,752,852	0	290,966	78,679
Beginning balance at Mar. 31, 2021	9,599,692	9,521,559	5,370	9,364,294	(80,143)	232,038	78,133
Increase (Decrease) in Stockholders' Equity
Net income	303,077	300,709				300,709	2,368
Dividends and distributions declared	(179,295)	(177,223)				(177,223)	(2,072)
Stock-based compensation, net of forfeitures	2,267	2,267		2,267
Unrealized gain on cash flow hedges	9,328	9,328			9,328
Ending balance at Jun. 30, 2021	9,735,069	9,656,640	5,370	9,366,561	(70,815)	355,524	78,429
Increase (Decrease) in Stockholders' Equity
Net income	164,184	161,862				161,862	2,322
Issuance of common stock, net	2,384,815	2,384,815	919	2,383,896
Dividends and distributions declared	(228,492)	(226,420)				(226,420)	(2,072)
Stock-based compensation, net of forfeitures	2,395	2,395		2,395
Unrealized gain on cash flow hedges	6,576	6,576			6,576
Reclassification of derivative (gain) loss to Interest expense	64,239	64,239			64,239
Ending balance at Sep. 30, 2021	12,128,786	12,050,107	6,289	11,752,852	0	290,966	78,679
Beginning balance at Dec. 31, 2021	12,187,174	12,108,268	6,289	11,755,069	884	346,026	78,906
Increase (Decrease) in Stockholders' Equity
Net income	242,688	240,383				240,383	2,305
Issuance of common stock, net	3,218,097	3,218,097	1,190	3,216,907
Dividends and distributions declared	(272,703)	(270,600)				(270,600)	(2,103)
Stock-based compensation, net of forfeitures	(81)	(81)	5	(86)
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
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	521,425
Reclassification of derivative (gain) loss to Interest expense	(10,196)
Ending balance at Sep. 30, 2022	22,062,297	21,709,579	9,631	21,641,945	191,314	(133,311)	352,718
Beginning balance at Mar. 31, 2022	15,483,786	15,404,678	7,484	14,971,890	109,495	315,809	79,108
Increase (Decrease) in Stockholders' Equity
Net income	(58,141)	(57,706)				(57,706)	(435)
Issuance of common stock, net	6,572,231	6,572,231	2,147	6,570,084
Issuance of VICI OP Units	374,769						374,769
Reallocation of equity	4,404	98,977		99,029	(52)		(94,573)
Dividends and distributions declared	(353,178)	(346,713)				(346,713)	(6,465)
Stock-based compensation, net of forfeitures	3,236	3,195		3,195			41
Unrealized gain on cash flow hedges	91,939	91,939			91,939
Reclassification of derivative (gain) loss to Interest expense	(4,159)	(4,107)			(4,107)		(52)
Ending balance at Jun. 30, 2022	22,114,887	21,762,494	9,631	21,644,198	197,275	(88,610)	352,393
Increase (Decrease) in Stockholders' Equity
Net income	336,878	330,905				330,905	5,973
Reallocation of equity	(4,404)	(5,702)		(5,702)	0		1,298
Dividends and distributions declared	(382,520)	(375,606)				(375,606)	(6,914)
Stock-based compensation, net of forfeitures	3,493	3,449		3,449			44
Reclassification of derivative (gain) loss to Interest expense	(6,037)	(5,961)			(5,961)		(76)
Ending balance at Sep. 30, 2022	$ 22,062,297	$ 21,709,579	$ 9,631	$ 21,641,945	$ 191,314	$ (133,311)	$ 352,718

VICI PROPERTIES INC. CONSOLID_5

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.3900	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300

VICI PROPERTIES INC. CONSOLID_6

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 521,425	$ 739,360
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(230,522)	(89,714)
Stock-based compensation	9,359	7,067
Non-cash transaction costs	8,816	0
Depreciation	2,371	2,320
Amortization of debt issuance costs and original issue discount	28,099	50,723
Change in allowance for credit losses	865,459	(24,453)
Income from unconsolidated affiliate	(37,853)	0
Distributions from unconsolidated affiliate	40,437	0
Net proceeds from settlement of derivatives	201,433	0
Loss from extinguishment of debt	0	(15,622)
Change in operating assets and liabilities:
Other assets	(4,052)	2,694
Accrued expenses and deferred revenue	50,676	(94,542)
Other liabilities	(171)	1,847
Net cash provided by operating activities	1,455,477	610,924
Cash flows from investing activities
Net cash paid in connection with MGP Transactions	(4,574,536)	0
Investments in leases - sales-type	(4,012,845)	0
Investments in leases - financing receivables	0	(6,000)
Investments in loans	(87,166)	(19,161)
Principal repayments of lease financing receivables	0	1,651
Principal repayments of loans and receipts of deferred fees	1,130	30,448
Capitalized transaction costs	(6,801)	(9,215)
Investments in short-term investments	(207,722)	0
Maturities of short-term investments	0	19,973
Proceeds from sale of real estate	0	3,813
Acquisition of property and equipment	(1,158)	(1,653)
Net cash (used in) provided by investing activities	(8,889,098)	19,856
Cash flows from financing activities
Proceeds from offering of common stock, net	3,219,101	2,386,129
Proceeds from April 2022 Notes offering	5,000,000	0
Proceeds from Revolving Credit Facility	600,000	0
Repayment of Term Loan B Facility	0	(2,100,000)
Repayment of Revolving Credit Facility	(600,000)	0
Debt issuance costs	(146,176)	(23,166)
Repurchase of stock for tax withholding	(6,118)	(1,647)
Distributions to non-controlling interests	(10,711)	(6,215)
Dividends paid	(843,706)	(532,360)
Net cash provided by (used in) financing activities	7,212,390	(277,259)
Net (decrease) increase in cash, cash equivalents and restricted cash	(221,231)	353,521
Cash, cash equivalents and restricted cash, beginning of period	739,614	315,993
Cash, cash equivalents and restricted cash, end of period	518,383	669,514
Supplemental cash flow information:
Cash paid for interest	290,119	272,574
Cash paid for income taxes	2,306	1,790
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid	380,377	226,420
Debt issuance costs payable	13	50,716
Deferred transaction costs payable	1,479	12,426
Equity issuance costs payable	0	350
Non-cash change in Investments in leases - financing receivables	120,709	15,292
Lease liabilities arising from obtaining right-of-use assets	$ 541,676	$ 0

VICI PROPERTIES L.P. CONSOLIDAT

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Real estate portfolio:
Investments in leases - sales-type, net		$ 17,011,585	$ 13,136,664
Investment in unconsolidated affiliate		1,463,230	0
Land		153,560	153,576
Cash and cash equivalents		518,383	739,614
Short-term investments		207,722	0
Other assets		932,081	424,693
Total assets		37,307,982	17,597,373
Liabilities
Debt, net		13,730,503	4,694,523
Accrued expenses and deferred revenue		202,888	113,530
Distributions payable		380,174	226,309
Other liabilities		932,120	375,837
Total liabilities		15,245,685	5,410,199
Commitments and contingent liabilities (Note 10)
Partners’ Capital
Accumulated other comprehensive income		191,314	884
Total liabilities and stockholders’ equity		37,307,982	17,597,373
VICI Properties LP
Real estate portfolio:
Investments in leases - sales-type, net		17,011,585	13,136,664
Investment in unconsolidated affiliate		1,463,230	0
Land		153,560	153,576
Cash and cash equivalents		455,343	705,566
Short-term investments		207,722	0
Other assets		853,382	344,014
Total assets		37,166,243	17,482,646
Liabilities
Debt, net		13,730,503	4,694,523
Accrued expenses and deferred revenue		198,943	110,056
Distributions payable		380,377	226,309
Other liabilities		917,393	361,270
Total liabilities		15,227,216	5,392,158
Commitments and contingent liabilities (Note 10)
Partners’ Capital
Partners’ capital, 975,324,797 and 628,942,092 operating partnership units issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		21,669,219	12,010,698
Accumulated other comprehensive income		191,238	884
Total VICI LP’s capital		21,860,457	12,011,582
Non-controlling interest		78,570	78,906
Total capital attributable to partners		21,939,027	12,090,488
Total liabilities and stockholders’ equity		37,166,243	17,482,646
Investments in leases - financing receivables, net
Real estate portfolio:
Notes receivable	[1]	16,441,616	2,644,824
Investments in leases - financing receivables, net | VICI Properties LP
Real estate portfolio:
Notes receivable	[2]	16,441,616	2,644,824
Investments in loans, net
Real estate portfolio:
Notes receivable	[1]	579,805	498,002
Investments in loans, net | VICI Properties LP
Real estate portfolio:
Notes receivable	[2]	$ 579,805	$ 498,002
[1] Note: As of September 30, 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 $687.4 million, $660.8 million, $6.0 million and $22.0 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. Note: As of September 30, 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 $687.4 million, $660.8 million, $6.0 million and $22.0 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 L.P. CONSOLID_2

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Sales-type and direct financing, allowance for credit losses	$ 687,386	$ 434,852
Other assets (sales-type sub-leases), allowance for credit losses	22,046	6,540
Investments in leases - financing receivables, net
Allowance for credit losses	660,814	91,124
Investments in loans, net
Allowance for credit losses	$ 6,013	$ 773
VICI Properties LP
Operating partnership units issued (in shares)	975,324,797	628,942,092
Operating partnership units outstanding (in shares)	975,324,797	628,942,092
Sales-type and direct financing, allowance for credit losses	$ 687,400	$ 434,900
Other assets (sales-type sub-leases), allowance for credit losses	22,000	6,500
VICI Properties LP | Investments in leases - financing receivables, net
Allowance for credit losses	660,800	91,100
VICI Properties LP | Investments in loans, net
Allowance for credit losses	$ 6,000	$ 800

VICI PROPERTIES L.P. CONSOLID_3

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Income from sales-type leases	$ 376,048	$ 292,059	$ 1,077,952	$ 873,337
Income from lease financing receivables and loans	350,945	70,205	685,544	210,578
Other income	17,862	6,936	41,811	20,897
Total revenues	751,543	375,704	1,830,791	1,126,414
Operating expenses
General and administrative	12,063	8,379	33,311	24,092
Depreciation	816	771	2,371	2,320
Other expenses	17,862	6,936	41,811	20,897
Change in allowance for credit losses	232,763	9,031	865,459	(24,453)
Transaction and acquisition expenses	1,947	177	19,366	9,689
Total operating expenses	270,637	30,437	978,648	47,426
Income from unconsolidated affiliate	22,719	0	37,853	0
Interest expense	(169,354)	(165,099)	(370,624)	(321,953)
Interest income	3,024	26	3,897	75
Loss from extinguishment of debt	0	(15,622)	0	(15,622)
Income before income taxes	337,295	164,572	523,269	741,488
Income tax expense	(417)	(388)	(1,844)	(2,128)
Net income	336,878	164,184	521,425	739,360
Less: Net income attributable to non-controlling interests	(5,973)	(2,322)	(7,843)	(6,988)
Net income attributable to common stockholders	$ 330,905	$ 161,862	$ 513,582	$ 732,372
Net income per common share
Basic (in dollars per share)	$ 0.34	$ 0.29	$ 0.61	$ 1.35
Diluted (in dollars per share)	$ 0.34	$ 0.28	$ 0.60	$ 1.31
Weighted average number of shares of common stock outstanding
Basic (in shares)	962,573,646	555,153,692	848,839,357	542,843,855
Diluted (in shares)	964,134,340	571,894,545	850,823,037	557,113,510
Other comprehensive income
Net income attributable to common stockholders	$ 330,905	$ 161,862	$ 513,582	$ 732,372
Reclassification of derivative (gain) loss to Interest expense	(6,037)	64,239	(10,196)	64,239
Unrealized gain on cash flow hedges	0	6,576	200,550	28,282
Comprehensive income attributable to common stockholders	324,944	232,677	704,064	824,893
VICI Properties LP
Revenues
Income from sales-type leases	376,048	292,059	1,077,952	873,337
Income from lease financing receivables and loans	350,945	70,205	685,544	210,578
Other income	17,862	6,936	41,811	20,897
Total revenues	744,855	369,200	1,805,307	1,104,812
Operating expenses
General and administrative	12,055	8,379	33,303	24,092
Depreciation	31	29	90	92
Other expenses	17,862	6,936	41,811	20,897
Change in allowance for credit losses	232,763	9,031	865,459	(24,453)
Transaction and acquisition expenses	1,947	177	19,366	9,689
Total operating expenses	264,658	24,552	960,029	30,317
Income from unconsolidated affiliate	22,719	0	37,853	0
Interest expense	(169,354)	(165,099)	(370,624)	(321,953)
Interest income	2,735	23	3,378	61
Loss from extinguishment of debt	0	(15,622)	0	(15,622)
Income before income taxes	336,297	163,950	515,885	736,981
Income tax expense	(245)	(245)	(328)	(1,128)
Net income	336,052	163,705	515,557	735,853
Less: Net income attributable to non-controlling interests	(1,781)	(2,322)	(5,973)	(6,988)
Net income attributable to common stockholders	$ 334,271	$ 161,383	$ 509,584	$ 728,865
Net income per common share
Basic (in dollars per share)	$ 0.34	$ 0.29	$ 0.60	$ 1.34
Diluted (in dollars per share)	$ 0.34	$ 0.28	$ 0.59	$ 1.31
Weighted average number of shares of common stock outstanding
Basic (in shares)	974,805,019	555,153,692	855,783,910	542,843,855
Diluted (in shares)	976,365,713	571,894,545	857,767,590	557,113,510
Other comprehensive income
Net income attributable to common stockholders	$ 334,271	$ 161,383	$ 509,584	$ 728,865
Reclassification of derivative (gain) loss to Interest expense	(6,037)	64,239	(10,196)	64,239
Unrealized gain on cash flow hedges	0	6,576	200,550	28,282
Comprehensive income attributable to common stockholders	$ 328,234	$ 232,198	$ 699,938	$ 821,386

VICI PROPERTIES L.P. CONSOLID_4

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (UNAUDITED) - USD ($) $ in Thousands	Total	VICI Properties LP	VICI Properties LP Limited Partner	VICI Properties LP Accumulated Other Comprehensive (Loss) Income	VICI Properties LP Non-controlling Interests
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 (loss)		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)
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, 2020		9,403,179	9,417,794	(92,521)	77,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Reclassification of derivative (gain) loss to Interest expense	64,239	64,239
Ending balance at Sep. 30, 2021		12,035,925	11,957,246	0	78,679
Beginning balance at Mar. 31, 2021		9,509,887	9,511,897	(80,143)	78,133
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		301,257	298,889		2,368
Contributions from parent		3,152	3,152
Distributions to parent		(180,744)	(180,744)
Distributions to non-controlling interest		(2,072)			(2,072)
Stock-based compensation, net of forfeitures	2,267	2,366	2,366
Unrealized gain on cash flow hedges	9,328	9,328		9,328
Ending balance at Jun. 30, 2021		9,643,174	9,635,560	(70,815)	78,429
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		163,705	161,383		2,322
Contributions from parent		2,386,874	2,386,874
Distributions to parent		(228,937)	(228,937)
Distributions to non-controlling interest		(2,072)			(2,072)
Stock-based compensation, net of forfeitures	2,395	2,366	2,366
Unrealized gain on cash flow hedges	6,576	6,576		6,576
Reclassification of derivative (gain) loss to Interest expense	64,239	64,239		64,239
Ending balance at Sep. 30, 2021		12,035,925	11,957,246	0	78,679
Beginning balance at Dec. 31, 2021		12,090,488	12,010,698	884	78,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		240,653	238,348		2,305
Contributions from parent		3,229,165	3,229,165
Distributions to parent		(281,990)	(281,990)
Distributions to non-controlling interest		(2,103)			(2,103)
Stock-based compensation, net of forfeitures	(81)	2,602	2,602
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
Beginning balance at Dec. 31, 2021		12,090,488	12,010,698	884	78,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Reclassification of derivative (gain) loss to Interest expense	(10,196)	(10,196)
Ending balance at Sep. 30, 2022		21,939,027	21,669,219	191,238	78,570
Beginning balance at Mar. 31, 2022		15,387,426	15,198,823	109,495	79,108
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		(61,148)	(63,035)		1,887
Contributions from parent		6,949,119	6,949,119
Distributions to parent		(375,626)	(375,626)
Distributions to non-controlling interest		(2,062)			(2,062)
Stock-based compensation, net of forfeitures	3,236	3,236	3,236
Unrealized gain on cash flow hedges	91,939	91,939		91,939
Reclassification of derivative (gain) loss to Interest expense	(4,159)	(4,159)		(4,159)
Ending balance at Jun. 30, 2022		21,988,725	21,712,517	197,275	78,933
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)		336,052	334,271		1,781
Contributions from parent		142	142
Distributions to parent		(381,204)	(381,204)
Distributions to non-controlling interest		(2,144)			(2,144)
Stock-based compensation, net of forfeitures	3,493	3,493	3,493
Reclassification of derivative (gain) loss to Interest expense	$ (6,037)	(6,037)		(6,037)
Ending balance at Sep. 30, 2022		$ 21,939,027	$ 21,669,219	$ 191,238	$ 78,570

VICI PROPERTIES L.P. CONSOLID_5

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 521,425	$ 739,360
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(230,522)	(89,714)
Stock-based compensation	9,359	7,067
Depreciation	2,371	2,320
Amortization of debt issuance costs and original issue discount	28,099	50,723
Change in allowance for credit losses	865,459	(24,453)
Income from unconsolidated affiliate	(37,853)	0
Distributions from unconsolidated affiliate	40,437	0
Net proceeds from settlement of derivatives	201,433	0
Loss from extinguishment of debt	0	15,622
Change in operating assets and liabilities:
Other assets	(4,052)	2,694
Accrued expenses and deferred revenue	50,676	(94,542)
Other liabilities	(171)	1,847
Net cash provided by operating activities	1,455,477	610,924
Cash flows from investing activities
Net cash paid in connection with MGP Transactions	(4,574,536)	0
Investments in leases - sales-type	(4,012,845)	0
Investments in leases - financing receivables	0	(6,000)
Investments in loans	(87,166)	(19,161)
Principal repayments of lease financing receivables	0	1,651
Principal repayments of loans and receipts of deferred fees	1,130	30,448
Capitalized transaction costs	(6,801)	(9,215)
Investments in short-term investments	(207,722)	0
Maturities of short-term investments	0	19,973
Proceeds from sale of real estate	0	3,813
Acquisition of property and equipment	(1,158)	(1,653)
Net cash (used in) provided by investing activities	(8,889,098)	19,856
Cash flows from financing activities
Proceeds from April 2022 Notes offering	5,000,000	0
Proceeds from Revolving Credit Facility	600,000	0
Repayment of Term Loan B Facility	0	(2,100,000)
Repayment of Revolving Credit Facility	(600,000)	0
Debt issuance costs	(146,176)	(23,166)
Distributions to non-controlling interests	(10,711)	(6,215)
Net cash provided by (used in) financing activities	7,212,390	(277,259)
Net (decrease) increase in cash, cash equivalents and restricted cash	(221,231)	353,521
Cash, cash equivalents and restricted cash, beginning of period	739,614	315,993
Cash, cash equivalents and restricted cash, end of period	518,383	669,514
Supplemental cash flow information:
Cash paid for interest	290,119	272,574
Cash paid for income taxes	2,306	1,790
Supplemental non-cash investing and financing activity:
Debt issuance costs payable	13	50,716
Deferred transaction costs payable	1,479	12,426
Non-cash change in Investments in leases - financing receivables	120,709	15,292
Lease liabilities arising from obtaining right-of-use assets	541,676	0
VICI Properties LP
Cash flows from operating activities
Net income	515,557	735,853
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(230,522)	(89,714)
Stock-based compensation	9,272	6,984
Depreciation	90	92
Amortization of debt issuance costs and original issue discount	28,099	50,723
Change in allowance for credit losses	865,459	(24,453)
Income from unconsolidated affiliate	(37,853)	0
Distributions from unconsolidated affiliate	40,437	0
Net proceeds from settlement of derivatives	201,433	0
Loss from extinguishment of debt	0	15,622
Change in operating assets and liabilities:
Other assets	(2,182)	3,936
Accrued expenses and deferred revenue	46,508	(94,172)
Other liabilities	(331)	296
Net cash provided by operating activities	1,435,967	605,167
Cash flows from investing activities
Net cash paid in connection with MGP Transactions	(4,574,536)	0
Investments in leases - sales-type	(4,012,845)	0
Investments in leases - financing receivables	0	(6,000)
Investments in loans	(87,166)	(19,161)
Principal repayments of lease financing receivables	0	1,651
Principal repayments of loans and receipts of deferred fees	1,130	30,448
Capitalized transaction costs	(6,801)	(9,215)
Investments in short-term investments	(207,722)	0
Maturities of short-term investments	0	19,973
Proceeds from sale of real estate	0	3,813
Acquisition of property and equipment	(65)	(15)
Net cash (used in) provided by investing activities	(8,888,005)	21,494
Cash flows from financing activities
Contributions from Parent	3,219,202	2,386,911
Distributions to Parent	(864,902)	(532,000)
Proceeds from April 2022 Notes offering	5,000,000	0
Proceeds from Revolving Credit Facility	600,000	0
Repayment of Term Loan B Facility	0	(2,100,000)
Repayment of Revolving Credit Facility	(600,000)	0
Debt issuance costs	(146,176)	(23,166)
Distributions to non-controlling interests	(6,309)	(6,215)
Net cash provided by (used in) financing activities	7,201,815	(274,470)
Net (decrease) increase in cash, cash equivalents and restricted cash	(250,223)	352,191
Cash, cash equivalents and restricted cash, beginning of period	705,566	286,245
Cash, cash equivalents and restricted cash, end of period	455,343	638,436
Supplemental cash flow information:
Cash paid for interest	290,119	272,574
Cash paid for income taxes	996	1,397
Supplemental non-cash investing and financing activity:
Distributions payable	380,377	226,420
Debt issuance costs payable	13	50,716
Deferred transaction costs payable	1,479	12,426
Non-cash change in Investments in leases - financing receivables	120,709	15,292
Lease liabilities arising from obtaining right-of-use assets	$ 541,676	$ 0

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 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 September 30, 2022, our national, geographically diverse real estate portfolio consisted of 43 market-leading properties, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Our properties are leased to, and our tenants are, subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, EBCI, JACK Entertainment, MGM, PENN Entertainment and Seminole Hard Rock, with Caesars and MGM being our largest tenants. VICI also owns four championship golf courses located near certain of our properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 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 April 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. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of September 30, 2022, VICI’s non-controlling interests represent an approximate 1.3% third-party ownership of VICI OP in the form of VICI OP Units and a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo LLC. Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of September 30, 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 the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City real estate asset components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Hard Rock Cincinnati Lease, PENN Entertainment Leases, Southern Indiana Lease, and Venetian Lease meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the MGM Master Lease, JACK Cleveland/Thistledown Lease and the Harrah’s 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 MGM Master Lease, JACK Cleveland/Thistledown Lease and the Harrah’s 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. Investment in Unconsolidated Affiliate We account for our investment in unconsolidated affiliate using the equity method of accounting as we have the ability to exercise significant influence, but not control, over operating and financing policies of the investment. Our equity method investment represents our 50.1% ownership interest in the BREIT JV, which was acquired in the MGP Transactions and, as a result, was recorded at relative fair value. The difference in basis between our share of the carrying value of the BREIT JV and the relative fair value upon acquisition is amortized into Income from unconsolidated affiliate over the estimated useful life of the respective underlying real estate assets, the remaining lease term of the BREIT JV Lease, or the remaining term of the assumed debt, as applicable. We assess our investment in unconsolidated affiliate for recoverability and, if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. 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 and nine months ended September 30, 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) in our Balance Sheet with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes. Concentrations of Credit Risk

Real Estate Transactions

Real Estate Transactions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Real Estate Transactions	Real Estate Transactions 2022 Property Acquisitions Rocky Gap Casino On August 24, 2022, we and Century Casinos entered into definitive agreements to acquire Rocky Gap Casino Resort (“Rocky Gap Casino”), located in Flintstone, Maryland, from Golden Entertainment, Inc. for an aggregate purchase price of $260.0 million. Pursuant to the transaction agreements, we will acquire an interest in the land and buildings associated with Rocky Gap Casino for approximately $203.9 million, and Century Casinos will acquire the operating assets of the property for approximately $56.1 million. Simultaneous with the closing of the transaction, the Century Master Lease will be amended to include Rocky Gap Casino, and annual rent under the Century Master Lease will increase by $15.5 million. Additionally, the terms of the Century Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term remaining, with four 5-year tenant renewal options. The tenant’s obligations under the Century Master Lease will continue to be guaranteed by Century Casinos. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in mid-2023. MGP Transactions On April 29, 2022, we closed on the previously announced MGP Transactions governed by the MGP Master Transaction Agreement, pursuant to which we acquired MGP for total consideration of $11.6 billion, plus the assumption of approximately $5.7 billion principal amount of debt, inclusive of our 50.1% share of the BREIT JV CMBS 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. The acquired 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, we also acquired eight high-quality casino resort properties pursuant to the MGP Transactions: 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. The acquired 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”). The number of MGP Common Shares converted to shares of VICI common stock was determined as follows: MGP Common Shares outstanding as of April 29, 2022 156,757,773 Exchange Ratio 1.366 VICI common stock issued (1) 214,131,064 VICI common stock issued for MGP stock-based compensation awards 421,468 Total VICI common stock issued 214,552,532 ____________________ (1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Common Shares. 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 from the April 2022 Notes offering (the “Redemption”), as further described in Note 7 - Debt . 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 (i) $90.0 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” and (ii) $40.0 million upon the close of MGM’s pending sale of the operations of Gold Strike to Cherokee Nation Businesses, L.L.C. (“CNB”) and entrance into the Gold Strike Lease (as defined below), as further described below under “ Gold Strike 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 our 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 an aggregate principal amount of $4,110.0 million in Exchange Notes, 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, approximately $90.0 million aggregate principal amount of MGP OP Notes remain outstanding. See Note 7 - Debt for additional information. • Mirage Lease. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage Hotel & Casino (the “Mirage”), located in Las Vegas, NV, 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 annual base rent under the MGM Master Lease by $90.0 million. We expect these transactions to be completed in the fourth quarter 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 amounts and terms of the redevelopment and related funding remain under discussion and subject to final documentation. • Gold Strike Lease. On June 9, 2022, in connection with MGM’s agreement to sell the operations of Gold Strike Casino Resort (“Gold Strike”), located in Tunica, MS, we agreed to enter into a new separate lease with CNB related to the land and real estate assets of Gold Strike (the “Gold Strike Lease”), and enter into an amendment to the MGM Master Lease relating to the sale of Gold Strike. The Gold Strike Lease will have initial annual base rent of $40.0 million with other economic terms substantially similar to the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. Upon the closing of the sale of Gold Strike, the MGM Master Lease will be amended to account for MGM’s divestiture of the Gold Strike operations and will result in a reduction of the annual base rent under the MGM Master Lease by $40.0 million. We expect these transactions to be completed in the first half of 2023, and they remain subject to customary closing conditions and regulatory approvals. We assessed the MGP Transactions in accordance with ASC 805—“Business Combinations” (“ASC 805”), and determined that the acquisition of MGP did not meet the definition of a business as substantially all the assets were concentrated in a group of similarly identifiable acquired assets, and did not include a substantive process in the form of an acquired workforce. Accordingly, the MGP Transactions were accounted for as an asset acquisition under ASC 805-50 and we determined the consideration transferred under the MGP Transactions was $11.6 billion, comprised of the following: (In thousands) Amount REIT Merger Consideration (1) $ 6,568,480 Redemption payment to MGM 4,404,000 VICI OP Units retained by MGM (2) 374,769 Repayment of MGP revolving credit facility (3) 90,000 Transactions costs (4) 119,741 Total consideration transferred $ 11,556,990 Assumption of MGP OP Notes and Exchange Notes, at principal value 4,200,000 Assumption of our proportionate share of the BREIT JV CMBS debt, at principal value 1,503,000 Total purchase price $ 17,259,990 ____________________ (1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Common Shares outstanding immediately prior to the REIT Merger and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock. (2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share. (3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated. (4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred. Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions: (In thousands) Amount Investments in leases - financing receivables (1) (2) $ 14,245,868 Investment in unconsolidated affiliate (2) (3) 1,465,814 Cash and cash equivalents (4) 25,387 Other assets (4) 338,212 Debt, net (5) (4,106,082) Accrued expenses and deferred revenue (4) (79,482) Other liabilities (4) (332,727) Total net assets acquired $ 11,556,990 ____________________ (1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x - 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value. (2) The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the BREIT JV. (4) Amounts represents their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions. (5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. Concurrent with the closing of the MGP Transactions and entry into the MGM Master Lease, we assessed the lease classification of the MGM Master Lease and determined that it met the definition of a sales-type lease. Further, since MGM controlled and consolidated MGP prior to the MGP Transactions, the lease was assessed under the sale-leaseback guidance and determined to be a failed sale-leaseback under which the lease is accounted for as a financing receivable under ASC 310. Accordingly, the relative fair value of the MGP assets of $14.2 billion was recorded as an Investment in leases - financing receivable on our Balance Sheet, net of allowance for credit losses in the amount of $431.5 million. In relation to the BREIT JV, we determined that such investment is accounted for as an equity method investment and, accordingly, have recorded the relative fair value as an Investment in unconsolidated affiliate on our Balance Sheet. The requirement to record our investment in the BREIT JV at relative fair value under ASC 805 results in a difference in our acquired basis from that of the underlying records, or historical cost basis, of the BREIT JV. Accordingly, we compared our proportionate share of the historical cost basis of the BREIT JV as of April 29, 2022 to our proportionate share of the relative fair value, the difference of which is amortized through Income from unconsolidated affiliate over the life of the related asset or liability. As of September 30, 2022, the carrying value of our investment exceeded the underlying historical cost basis of our Investment in unconsolidated affiliate resulting in a basis difference of $642.8 million. 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 Las Vegas Sands Corp. (“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 a portion of 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 Partner Property Growth Fund Agreement (“Venetian PGF”) with the Venetian Tenant. Under the Venetian PGF, 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 PGF, 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 PGF. Upon execution of the Venetian PGF, 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 an initial CECL allowance in Other liabilities in the amount of $8.3 million related to the estimate of our unfunded commitment under the Venetian PGF. 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 $550.0 million, or a tenant change of control occurs. We are a third-party beneficiary of the Contingent Lease Support Agreement and have certain enforcement rights pursuant thereto. The Contingent Lease Support Agreement is limited to coverage of the Venetian Tenant’s rent obligations and does not cover any environmental expenses, litigation claims, or any cure or enforcement costs. The obligations of the Venetian Tenant under the Venetian Lease are not guaranteed by Apollo or any of its affiliates. After the termination of the Contingent Lease Support Agreement, the Venetian Tenant will be required to provide a letter of credit to secure seven and one-half months of the rent, real estate taxes and assessments and insurance obligations of the Venetian Tenant if the operating results from the Venetian Resort do not exceed certain thresholds. 2022 Loan Originations The following table summarizes our 2022 development loan origination activity to date: ($ in Thousands) Loan Name Maximum Loan Amount Loan Type Development Project Canyon Ranch Austin (1) $ 200,000 Senior Secured Canyon Ranch Austin located in Austin, TX Great Wolf Gulf Coast Texas 127,000 Mezzanine 532-room indoor water park resort located in Webster, TX Great Wolf South Florida 59,000 Mezzanine 500-room indoor water park resort located in Collier County, FL Cabot Citrus Farms 120,000 Senior Secured Cabot Citrus Farms located in Brookdale, FL BigShots 80,000 Senior Secured Financed BigShots Golf Facilities throughout the United States Total $ 586,000 ____________________ (1) The Canyon Ranch Austin Loan (as defined below) was originated subsequent to quarter end, on October 7, 2022. Canyon Ranch Austin Loan Subsequent to quarter end, on October 7, 2022, we entered into delayed draw term loan facility (the “Canyon Ranch Austin Loan”) with Canyon Ranch, a leading pioneer in global wellness, pursuant to which we agreed to provide up to $200.0 million of secured financing to fund the development of Canyon Ranch Austin in Austin, Texas. In addition, we entered into the following agreements with Canyon Ranch: • A call right agreement pursuant to which we will have the right to acquire the real estate assets of Canyon Ranch Austin for up to 24 months following stabilization (with the loan balance being settled in connection with the exercise of such call right), which transaction will be structured as a sale leaseback (with the simultaneous entry into a triple-net lease with Canyon Ranch that has an initial term of 25 years, with eight 5-year tenant renewal options). • A purchase option agreement, pursuant to which we have an option to acquire the real estate assets associated with the existing Canyon Ranch Tucson and Canyon Ranch Lenox properties, which transactions will be structured as sale leasebacks, in each case solely to the extent Canyon Ranch elects to sell such properties in a sale leaseback structure for a specific period of time, subject to certain conditions. • A right of first offer agreement on future financing opportunities for Canyon Ranch and certain of its affiliates with respect to the funding of certain facilities (including Canyon Ranch Austin, Canyon Ranch Tucson and Canyon Ranch Lenox, and any other fee owned Canyon Ranch branded wellness resort), until the date that is the earlier of five years from commencement of the Canyon Ranch Austin lease (to the extent applicable) and the date that neither VICI nor any of its affiliates are landlord under such lease, subject to certain specified terms, conditions and exceptions. Great Wolf Loans On August 30, 2022, we entered into a loan with Great Wolf Resorts Inc. (“Great Wolf”), under which we agreed to provide up to $127.0 million of mezzanine financing (the “Great Wolf Gulf Coast Texas Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge Gulf Coast Texas, a more than $200.0 million, 532-room indoor water park resort project in Webster, TX. The Great Wolf Gulf Coast Texas Loan has an initial term of three years with two 12-month extension options, subject to certain conditions. On July 1, 2022, we entered into a loan with Great Wolf, under which we agreed to provide up to $59.0 million of mezzanine financing (the “Great Wolf South Florida Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge South Florida, a more than $250.0 million, 500-room indoor water park resort project in Collier County, FL. The Great Wolf South Florida Loan has an initial term of four years with one 12-month extension option, subject to certain conditions. Cabot Citrus Farms Loan On June 6, 2022, we entered into a $120.0 million delayed draw term loan (the “Cabot Citrus Farms Loan”) with Cabot, a developer, owner and operator of world-class destination golf resorts and communities, the proceeds of which will be used to fund Cabot’s property-wide transformation of Cabot Citrus Farms in Brooksville, Florida, with the addition of a new clubhouse, luxury lodging, health and wellness facilities and a vibrant village center. We also entered into a Purchase and Sale Agreement, pursuant to which we will convert a portion of the Cabot Citrus Farms Loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five 5-year tenant renewal options. BigShots Loan 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 (the “BigShots Loan”) for the construction of certain new BigShots Golf facilities throughout the United States. 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.

Real Estate Portfolio

Real Estate Portfolio	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Portfolio	Real Estate Portfolio As of September 30, 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 Entertainment, under nine separate lease agreements; • Investments in leases - financing receivables, representing our investment in eighteen casino assets leased on a triple-net basis to our tenants, MGM, Caesars and JACK Entertainment, under three separate lease agreements; • Investments in loans, representing our investments in seven senior secured and mezzanine loans; • Investment in unconsolidated affiliate, representing our 50.1% ownership in the BREIT JV, which in turn owns two assets leased to MGM under one master lease agreement; 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 September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Investments in leases - sales-type, net (1) $ 17,011,585 $ 13,136,664 Investments in leases - financing receivables, net (1) 16,441,616 2,644,824 Total investments in leases, net 33,453,201 15,781,488 Investments in loans, net 579,805 498,002 Investment in unconsolidated affiliate 1,463,230 — Land 153,560 153,576 Total real estate portfolio $ 35,649,796 $ 16,433,066 ____________________ (1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective Lease Agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of September 30, 2022 and December 31, 2021, the estimated residual values of the leased properties under our Lease Agreements were $11.4 billion and $3.8 billion, respectively. Investments in Leases The following table details the components of our income from sales-type leases and lease financing receivables: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Income from sales-type leases, excluding contingent rent (1) $ 371,541 $ 290,706 $ 1,064,463 $ 870,417 Income from lease financing receivables (1) (2) 339,544 60,178 653,908 180,139 Total lease revenue, excluding contingent rent 711,085 350,884 1,718,371 1,050,556 Contingent rent (1) 4,506 1,353 13,489 2,920 Total lease revenue 715,591 352,237 1,731,860 1,053,476 Non-cash adjustment (3) (108,556) (31,142) (230,516) (88,417) Total contractual lease revenue $ 607,035 $ 321,095 $ 1,501,344 $ 965,059 ____________________ (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 September 30, 2022, we have recognized contingent rent from our Margaritaville Lease and Greektown Lease in relation to the variable rent portion of the respective leases and the Caesars Las Vegas Master Lease in relation to the CPI portion of the annual escalator. Refer to the Lease Provisions section below for information regarding contingent rent on each lease. (2) Represents the MGM Master Lease, Harrah’s Call Properties and the JACK Cleveland/Thistledown Lease, all of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. (3) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. At September 30, 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) $ 333,747 $ 272,444 $ 606,191 2023 1,344,189 1,103,787 2,447,976 2024 1,366,127 1,125,348 2,491,475 2025 1,385,348 1,146,509 2,531,857 2026 1,405,006 1,168,089 2,573,095 2027 1,425,272 1,190,145 2,615,417 Thereafter 56,603,912 86,652,035 143,255,947 Total $ 63,863,601 $ 92,658,357 $ 156,521,958 Weighted Average Lease Term (2) 36.6 years 51.1 years 43.7 years ____________________ (1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the Lease Agreements. (2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310. Lease Provisions 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: ($ 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 $649,572 (2) (3) $422,224 (3) $250,000 $860,000 $303,800 (VICI’s 50.1% Pro Rata Share: $152,203) Annual escalator (4) 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 (5) 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 (4) 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, which date can be no earlier than the anniversary of the first lease year (March 1, 2023). (2) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined Current annual rent under the Caesars Regional Master Lease and Joliet Lease is $641.2 million. (3) Effective November 1, 2022, the escalated base rent under the Caesars Regional Master Lease and Joliet Lease will be $703.7 million and the escalated base rent under the Caesars Las Vegas Master lease will be $454.5 million. (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. In relation to the Caesars Las Vegas Master Lease, during the three and nine months ended September 30, 2022, we recognized approximately $3.1 million and $9.2 million, respectively, in contingent rent. No such rent has been recognized for the three and nine months ended September 30, 2021. In relation to the Caesars Regional Master Lease, Joliet Lease, Venetian Lease, and MGM Master Lease, no such rent has been recognized for the three and nine months ended September 30, 2022 and 2021. (5) Variable rent is not subject to the Escalator. The following is a summary of the material lease provisions of our PENN Entertainment Leases, Hard Rock Cincinnati Lease, Century Master Lease, JACK Cleveland/Thistledown Lease and Southern Indiana Lease: ($ In thousands) Margaritaville Lease Greektown Lease Hard Rock Cincinnati Lease Century Master Lease JACK Cleveland/Thistledown Lease Southern Indiana 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 6/1/22 - 5/31/23 10/1/22 - 9/30/23 1/1/22 - 12/31/22 2/1/22 - 1/31/23 9/1/22 - 8/31/23 Current annual rent $23,813 $51,321 $44,703 $25,503 $68,704 $32,988 Annual escalator (1) 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 (2) 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 (3) 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 (4) 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 (5) Year 11 : Avg. of years 8-10 less avg. of years 5-7 ____________________ (1) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and nine months ended September 30, 2022 and 2021. (2) 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. (3) 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 Master Lease, if the coverage ratio is below the stated amount the escalator will be reduced to 0.75%. (4) Variable (percentage rent) is subject to the percentage rent multiplier. With respect to the PENN Entertainment 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, during the three months ended September 30, 2022 and 2021, we recognized $0.9 million and $0.8 million, respectively, in contingent rent. During the nine months ended September 30, 2022 and 2021, we recognized $2.7 million and $2.2 million, respectively, in contingent rent. In relation to the Greektown Lease during the three months ended September 30, 2022 and 2021, we recognized approximately $0.5 million in contingent rent. During the nine months ended September 30, 2022 and 2021, we recognized $1.6 million and $0.7 million, respectively, in contingent rent. (5) With respect to lease year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Southern Indiana 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 as specifically provided in the below table, which summarizes the capital expenditure requirements of the respective tenants under the Caesars Leases, the Venetian Lease and the BREIT JV Lease, 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 September 30, 2022 and December 31, 2021: September 30, 2022 Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate Weighted Average Term (3) Senior Secured $ 474,168 $ 470,674 $ 213,832 7.8 % 3.3 years Mezzanine 111,611 109,131 153,898 7.9 % 4.1 years Total $ 585,779 $ 579,805 $ 367,730 7.9 % 3.5 years December 31, 2021 Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate Weighted Average Term (3) Senior Secured $ 465,000 $ 465,034 $ 15,000 7.8 % 3.5 years Mezzanine 33,614 32,968 45,886 8.0 % 4.0 years Total $ 498,614 $ 498,002 $ 60,886 7.8 % 3.5 years ____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) 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	9 Months Ended
	Sep. 30, 2022
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Under ASC 326, we are required to estimate and record non-cash credit losses related to our historical and any future investments in sales-type leases, lease financing receivables and loans. During the three months ended September 30, 2022, we recognized a $232.8 million increase in our allowance for credit losses primarily driven by (i) changes in the macroeconomic model used to scenario condition our reasonable and supportable period, or R&S Period, probability of default, or PD, due to uncertain and potentially negative future market conditions, (ii) an increase in the R&S Period PD of our tenants and their parent guarantors as a result of market volatility during the current quarter, (iii) an increase in the R&S Period PD and loss given default, or LGD, as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance, and (iv) the initial CECL allowance on the future funding commitments from the origination of the Great Wolf Gulf Coast Texas Loan and the Great Wolf South Florida Loan. During the nine months ended September 30, 2022, we recognized an $865.5 million increase in our allowance for credit losses primarily driven by initial CECL allowances on our acquisition activity during such period in the amount of $523.2 million, representing 60.5% of the total allowance for the nine months ended September 30, 2022. The initial CECL allowances were in relation to (i) the closing of the MGP Transactions on April 29, 2022, which included the (a) classification of the MGM Master Lease as a lease financing receivable and (b) the sales-type sub-lease agreements we assumed in connection with the closing of the MGP Transactions, (ii) the closing of the Venetian Acquisition on February 23, 2022, which included (a) the classification of the Venetian Lease as a sales-type lease, (b) the estimated future funding commitments under the Venetian PGF and (c) the sales-type sub-lease agreements we assumed in connection with the closing of the Venetian Acquisition, and (iii) the future funding commitments from the origination of the BigShots Loan, the Cabot Citrus Farms Loan, the Great Wolf South Florida Loan and the Great Wolf Gulf Coast Texas Loan. Additional increases were attributable to the increase for the three months ended September 30, 2022 as described above. These increases were partially offset by a decrease in the Long-Term Period PD as a result of standard annual updates that were made to the Long-Term Period PD default study we utilize to estimate our CECL allowance. During the three months ended September 30, 2021, we recognized a $9.0 million increase in our allowance for credit losses primarily driven by (i) the increase in the Long-Term Period PD for one of our tenants during the third quarter of 2021 and (ii) an increase in the existing amortized cost balances subject to the CECL allowance. During the nine months ended September 30, 2021, we recognized a $24.5 million decrease in our allowance for credit losses primarily driven by (i) the decrease in the R&S Period PD of our tenants and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of all of their gaming operations and relative performance of such operations during the first and second quarters of 2021, (ii) the decrease in the Long-Term Period PD due to an upgrade of the credit rating of the senior secured debt used to determine the Long-Term Period PD for two of our tenants during the second quarter of 2021 and (iii) the decrease in the R&S Period PD and LGD as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance. This decrease was partially offset by the increase for the three months ended September 30, 2021 described above. As of September 30, 2022 and December 31, 2021, and since our formation date on October 6, 2017, all of our Lease Agreements and loan investments are current in payment of their obligations to us and no investments are on non-accrual status. The following tables detail the allowance for credit losses as of September 30, 2022 and December 31, 2021: September 30, 2022 ($ In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 17,698,971 $ (687,386) $ 17,011,585 3.88 % Investments in leases - financing receivables 17,102,430 (660,814) 16,441,616 3.86 % Investments in loans 585,818 (6,013) 579,805 1.03 % Other assets - sales-type sub-leases 784,112 (22,046) 762,066 2.81 % Totals $ 36,171,331 $ (1,376,259) $ 34,795,072 3.80 % 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 of our senior secured and mezzanine loans. As of September 30, 2022 and December 31, 2021, such allowance is $23.5 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 nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, (In thousands) 2022 2021 Beginning Balance December 31, $ 534,326 $ 553,879 Initial allowance from current period investments 523,235 1,725 Current period change in credit allowance 342,224 (26,177) Charge-offs — — Recoveries — — Ending Balance September 30, $ 1,399,785 $ 529,427 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 September 30, 2022 and 2021: September 30, 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) $ 4,230,599 $ 15,624,832 $ 14,975,981 $ 874,054 $ 280,075 $ 185,790 $ 36,171,331 September 30, 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) $ — $ 952,620 $ 14,905,789 $ 866,312 $ 281,869 $ 84,292 $ 17,090,882 ____________________ (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	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Sales-type sub-leases, net (1) $ 762,066 $ 273,970 Property and equipment used in operations, net 67,302 68,515 Right of use assets and sub-lease right of use assets 46,611 16,811 Debt financing costs 19,715 24,928 Deferred acquisition costs 12,197 24,690 Tenant receivables 9,187 5,032 Prepaid expenses 5,903 3,660 Interest receivable 4,843 2,780 Other receivables 3,066 341 Forward-starting interest rate swaps — 884 Other 1,191 3,082 Total other assets $ 932,081 $ 424,693 _______________________________________________________ (1) As of September 30, 2022 and December 31, 2021, sales-type sub-leases are net of $22.0 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 September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Land and land improvements $ 60,080 $ 59,250 Buildings and improvements 15,065 14,880 Furniture and equipment 9,158 9,014 Total property and equipment used in operations 84,303 83,144 Less: accumulated depreciation (17,001) (14,629) Total property and equipment used in operations, net $ 67,302 $ 68,515 Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Depreciation expense $ 816 $ 771 $ 2,371 $ 2,320 Other Liabilities The following table details the components of our other liabilities as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Finance sub-lease liabilities $ 784,112 $ 280,510 Deferred financing liabilities 73,600 73,600 Lease liabilities and sub-lease liabilities 46,689 16,811 CECL allowance for unfunded commitments 23,525 1,037 Deferred income taxes 4,194 3,879 Total other liabilities $ 932,120 $ 375,837

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The following tables detail our debt obligations as of September 30, 2022 and December 31, 2021: ($ In thousands) September 30, 2022 Description of Debt Maturity Interest Rate Face Value Carrying Value (1) Revolving Credit Facility (2) 2026 SOFR + 1.050% $ — $ — Delayed Draw Term Loan (2) 2025 SOFR + 1.200% — — November 2019 Notes (3) 2026 Maturity 2026 4.250% 1,250,000 1,238,112 2029 Maturity 2029 4.625% 1,000,000 988,531 February 2020 Notes (3) 2025 Maturity 2025 3.500% 750,000 744,434 2027 Maturity 2027 3.750% 750,000 742,667 2030 Maturity 2030 4.125% 1,000,000 988,253 April 2022 Notes (3) 2025 Maturity 2025 4.375% 500,000 495,927 2028 Maturity 2028 4.516% (4) 1,250,000 1,236,455 2030 Maturity 2030 4.541% (4) 1,000,000 987,186 2032 Maturity 2032 3.980% (4) 1,500,000 1,480,290 2052 Maturity 2052 5.625% 750,000 735,237 Exchange Notes (3) 2024 Maturity 2024 5.625% 1,024,169 1,030,177 2025 Maturity 2025 4.625% 799,368 782,077 2026 Maturity 2026 4.500% 480,524 461,848 2027 Maturity 2027 5.750% 729,466 739,056 2028 Maturity 2028 4.500% 349,325 335,923 2029 Maturity 2029 3.875% 727,114 657,902 MGP OP Notes (3) 2024 Maturity 2024 5.625% 25,831 25,915 2025 Maturity 2025 4.625% 632 613 2026 Maturity 2026 4.500% 19,476 18,480 2027 Maturity 2027 5.750% 20,534 20,519 2028 Maturity 2028 4.500% 675 637 2029 Maturity 2029 3.875% 22,886 20,264 Total Debt 4.496% (5) $ 13,950,000 $ 13,730,503 ($ In thousands) December 31, 2021 Description of Debt Interest Rate Face Value Carrying Value (1) Secured Revolving Credit Facility (6) 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 4.105% $ 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 and nine months ended September 30, 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) Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively. (5) The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ), as applicable. The contractual weighted average interest rate as of September 30, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67% (6) 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 principal payments of our debt obligations as of September 30, 2022: (In thousands) Future Minimum Principal Payments 2022 (remaining) $ — 2023 — 2024 1,050,000 2025 2,050,000 2026 1,750,000 2027 1,500,000 Thereafter 7,600,000 Total minimum principal payments $ 13,950,000 Senior Unsecured Notes Exchange Notes 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”). The Exchange Notes due 2025, 2026, 2027, 2028, and 2029 are redeemable at our option, in whole or in part, at any time on or after February 1, 2024, March 15, 2025, June 1, 2026, November 1, 2026, October 15, 2027 and November 15, 2028, respectively, at the redemption prices set forth in the respective indenture governing such Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. MGP OP Notes Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, $25.8 million in aggregate principal amount of MGP OP Notes due 2024, $0.6 million in aggregate principal amount of MGP OP Notes due 2025, $19.5 million in aggregate principal amount of MGP OP Notes due 2026, $20.5 million in aggregate principal amount of MGP OP Notes due 2027, $0.7 million in aggregate principal amount of MGP OP Notes due 2028 and $22.9 million in aggregate principal amount of MGP OP Notes due 2029 remain outstanding. Each series of the MGP OP Notes is redeemable at our option, in whole or in part, at any time on or after the same dates as set forth above with respect to the corresponding maturity series of the Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. April 2022 Notes On April 29, 2022, VICI LP, our wholly owned subsidiary, issued (i) $500.0 million in aggregate principal amount of 4.375% Senior Notes due 2025, which mature on May 15, 2025, (ii) $1,250.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on February 15, 2028, (iii) $1,000.0 million in aggregate principal amount of 4.950% Senior Notes due 2030, which mature on February 15, 2030, (iv) $1,500.0 million in aggregate principal amount of 5.125% Senior Notes due 2032, which mature on May 15, 2032, and (v) $750.0 million in aggregate principal amount of 5.625% Senior Notes due 2052, which mature on May 15, 2052, (collectively, the “April 2022 Notes”) in each case under a supplemental indenture dated as of April 29, 2022, between VICI LP and the Trustee. We used the net proceeds of the offering to (i) fund the consideration for the redemption of a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash in connection with the closing of the MGP Transactions on April 29, 2022, and (ii) pay down the outstanding $600.0 million balance on our Revolving Credit Facility. Prior to their maturity date, in the case of the April 2022 Notes due 2025, and January 15, 2028 (one month prior to the maturity date of the April 2022 Notes due 2028), December 15, 2029 (two months prior to the maturity date of the April 2022 Notes due 2030), February 15, 2032 (three months prior to the maturity date of the April 2022 Notes due 2032) and November 15, 2051 (six months prior to the maturity date of the April 2022 Notes due 2052), respectively, in the case of the April 2022 Notes due 2028, 2030, 2032 and 2052, we may redeem the April 2022 Notes at our option, in whole or in part, at any time and from time to time, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. On or after January 15, 2028, December 15, 2029, February 15, 2032 and November 15, 2051, respectively, we may redeem the April 2022 Notes due 2028, 2030, 2032 and 2052 at a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. February 2020 Notes On February 5, 2020, the VICI Issuers issued (i) $750.0 million in aggregate principal amount of 3.500% Senior Notes due 2025, which mature on February 15, 2025, (ii) $750.0 million in aggregate principal amount of 3.750% Senior Notes due 2027, which mature on February 15, 2027, and (iii) $1,000.0 million in aggregate principal amount of 4.125% Senior Notes due 2030, which mature on August 15, 2030 (collectively, the “February 2020 Notes”), under separate indentures, each dated as of February 5, 2020, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee. The February 2020 Notes due 2025, 2027 and 2030 are redeemable at our option, in whole or in part, at any time on or after February 15, 2022, February 15, 2023, and February 15, 2025, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the February 2020 Notes due 2025, 2027 and 2030 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to February 15, 2022, with respect to the February 2020 Notes due 2025, and February 15, 2023, with respect to the February 2020 Notes due 2027 and 2030, we may redeem up to 40% of the aggregate principal amount of the February 2020 Notes due 2025, 2027 and 2030 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. November 2019 Notes On November 26, 2019, the VICI Issuers issued (i) $1,250.0 million in aggregate principal amount of 4.250% Senior Notes due 2026, which mature on December 1, 2026, and (ii) $1,000.0 million in aggregate principal amount of 4.625% Senior Notes due 2029, which mature on December 1, 2029 (collectively, the “November 2019 Notes”), under separate indentures, each dated as of November 26, 2019, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee. The November 2019 Notes due 2026 and 2029 are redeemable at our option, in whole or in part, at any time on or after December 1, 2022 and December 1, 2024, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the November 2019 Notes due 2026 or 2029 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to December 1, 2022, we may redeem up to 40% of the aggregate principal amount of the November 2019 Notes due 2026 or 2029 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. Guarantee and Financial Covenants None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes and the April 2022 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes. 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. Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the Trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant. The indenture governing the April 2022 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and VICI LP to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. Unsecured Credit Facilities On February 8, 2022, VICI LP entered into the Credit Agreement providing for (i) the Revolving Credit Facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 and (ii) the Delayed Draw Term Loan in the amount of $1.0 billion scheduled to mature on March 31, 2025. The Delayed Draw Term Loan is available to be drawn up to 12 months following the effective date of February 8, 2022. The Revolving Credit Facility includes two six-month maturity extension options and the Delayed Draw Term Loan includes two 12-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. On July 15, 2022, the Credit Agreement was amended pursuant to a First Amendment among VICI LP and the lenders party to the Credit Agreement, in order to permit borrowings under the Revolving Credit Facility in certain foreign currencies in an aggregate principal amount of up to the equivalent of $1.25 billion. Borrowings under the 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. On April 29, 2022, we repaid the outstanding balance of the Revolving Credit Facility using the proceeds from the April 2022 Notes offering. 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”), 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”). On September 15, 2021, we used the proceeds from the settlement of the June 2020 Forward Sale Agreement (as defined in Note 11- Stockholders’ Equity ) and the proceeds from the issuance of 65,000,000 shares of common stock from the September 2021 equity offering to repay in full the Term Loan B Facility, including outstanding accrued interest. In connection with the full repayment, we recognized a loss on extinguishment of debt of $15.6 million during the three and nine months ended September 30, 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 with certain lenders pursuant to which they 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 in connection with the closing of the MGP Transactions, which was fully terminated on April 29, 2022 in connection with such closing. 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 nine months ended September 30, 2022 and 2021, we recognized $15.3 million and $27.0 million, respectively, of fees related to the MGP Transactions Bridge Facility in Interest expense on our Statement of Operations. For the three months ended September 30, 2021, we recognized $27.0 million of fees related to the MGP Transaction Bridge Facility in Interest expense on our Statement of Operations. As the MGP Transactions Bridge Facility was terminated in April 2022, no such expense was recorded for the three months ended September 30, 2022. Venetian Acquisition Bridge Facility On March 2, 2021, in connection with the Venetian Acquisition, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they 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 closing of the Venetian Acquisition, which was fully terminated on February 23, 2022 in connection with such closing. 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 nine months ended September 30, 2022 and 2021, we recognized $1.0 million and $10.9 million, respectively, of fees related to the Venetian Acquisition Bridge Facility in Interest expense on our Statement of Operations. For the three months ended September 30, 2021, we recognized $3.0 million of fees related to the Venetian Acquisition Bridge Facility in Interest expense on our Statement of Operations. As the Venetian Acquisition Bridge Facility was terminated in February 2022, no such expense was recorded for the three months ended September 30, 2022. 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 September 30, 2022, we are in compliance with all financial covenants under our debt obligations.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2021. As of September 30, 2022, there were no derivative instruments outstanding. ($ 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 Forward-Starting Derivatives From December 2021 through April 2022, we entered into five forward-starting interest rate swap agreements with an aggregate notional amount of $2.5 billion and two U.S. Treasury Rate Lock agreements with an aggregate notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $3.0 billion of long-term debt. The forward-starting interest rate swaps and treasury locks were designated as cash-flow hedges. In April 2022 in connection with the April 2022 Notes offering, we settled the outstanding forward-starting interest rate swaps for total net proceeds of $202.3 million and the treasury locks for total net proceeds of $4.5 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the April 2022 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense. The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Unrealized gain recorded in other comprehensive income $ — $ — $ 200,550 $ — Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks (6,037) — (10,196) — Interest Rate Swaps 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 presents the effect of our interest rate swaps derivative financial instruments on our Statement of Operations: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Unrealized gain recorded in other comprehensive income $ — $ 6,576 $ — $ 28,282 Interest from interest rate swaps recorded in interest expense — 8,792 — 29,960 Interest rate swap settlement recorded in interest expense — 64,239 — 64,329

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021: September 30, 2022 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 207,722 $ — $ 207,722 $ — December 31, 2021 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (2) $ 884 $ — $ 884 $ — ___________________ (1) The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820. The estimated fair values of our financial instruments as of September 30, 2022 and December 31, 2021 for which fair value is only disclosed are as follows: September 30, 2022 December 31, 2021 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 16,441,616 $ 17,457,867 $ 2,644,824 $ 3,104,337 Investments in loans (2) 579,805 585,779 498,002 498,614 Cash and cash equivalents 518,383 518,383 739,614 739,614 Financial liabilities: Debt Revolving Credit Facility — — — — Delayed Draw Term Loan — — — — Senior Unsecured Notes (3) 13,730,503 12,567,443 4,694,523 4,955,000 ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease, the Harrah’s Call Properties and the MGM Master Lease. 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) We believe the current principal balance of these 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.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 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. Operating Lease Commitments We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) certain corporate offices, the most material of which is our corporate headquarters in New York, NY, which expires in 2030 and has one five-year renewal option. The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms, and are between 5.3% and 5.5%. The weighted average remaining lease term as of September 30, 2022 under our operating leases was 13.8 years. Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Rent expense $ 503 $ 503 $ 1,504 $ 1,507 Contractual rent 475 470 1,424 1,410 The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at September 30, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 523 2023 1,937 2024 1,847 2025 1,908 2026 1,958 2027 1,979 Thereafter 15,137 Total minimum lease commitments $ 25,291 Discounting factor 8,964 Lease liability $ 16,327 Sub-Lease Commitments Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through the Lease Agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord. We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. The following is a summary of the leases, the lease classification of which has been determined to be either an operating sub-lease or finance sub-lease. Operating Sub-Lease Commitments With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the leases and determined that they meet the definition of an operating lease. Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities. (In thousands) September 30, 2022 December 31, 2021 Others assets (operating sub-leases) $ 30,362 $ — Other liabilities (operating sub-lease liabilities) 30,362 — 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Rental income and expense $ 1,712 $ — $ 3,995 $ — Contractual rent 1,602 — 3,720 — The future minimum lease commitments relating to the sub-leases at September 30, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 1,619 2023 6,585 2024 6,553 2025 5,129 2026 3,934 2027 4,010 Thereafter 5,128 Total minimum lease commitments $ 32,957 Discounting factor 2,595 Sub-lease liabilities $ 30,362 The discount rate for the operating sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 2.6% and 2.9%. The weighted average remaining lease term as of September 30, 2022 under our operating sub-lease was 7.2 years. Finance Sub-Lease Commitments With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease. Accordingly, we have recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities. The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Others assets (sales-type sub-leases, net) $ 762,066 $ 273,970 Other liabilities (finance sub-lease liabilities) 784,112 280,510 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Rental income and expense $ 14,466 $ 5,604 $ 33,392 $ 16,905 Contractual rent 18,925 8,838 37,910 20,513 The future minimum lease commitments relating to the ground and use sub-leases at September 30, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 14,281 2023 58,769 2024 59,039 2025 59,174 2026 59,174 2027 59,174 Thereafter 2,555,535 Total minimum lease commitments $ 2,865,145 Discounting factor 2,081,033 Finance sub-lease liability $ 784,112 The discount rates for the finance ground and use sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of September 30, 2022 under our finance sub-leases was 55.0 years.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Authorized As of September 30, 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”), subsequently amended in November 2021, 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 September 30, 2022, we sold a total of 3,918,807 shares under the ATM Program at a weighted average price per share of $34.73 for an aggregate value of $136.08 million, all of which were sold subject to a forward sale agreement (the “August 2022 ATM Forward Sale Agreement”). After fees and other adjustments calculated in accordance with the forward sale agreement, the aggregate net value of $134.8 million yielded a net initial forward sales price per share of $34.40. During the three months ended June 30, 2022, we sold a total of 11,380,980 shares under the ATM Program at a weighted average price per share of $32.28 for an aggregate value of $367.4 million, all of which were sold subject to a forward sale agreement (the “June 2022 ATM Forward Sale Agreement” and together with the August 2022 ATM Forward Sale Agreement the “ATM Forward Sale Agreements”). After fees and other adjustments calculated in accordance with the forward sale agreement, the aggregate net value of $360.0 million yielded a net initial forward sales price per share of $31.64. During the three months ended March 31, 2022 and the three and nine months ended September 30, 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. We did not receive any proceeds from the sale of shares at the time we entered into the ATM Forward Sale Agreements. We determined that the ATM Forward Sale Agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the ATM Forward Sale Agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. We expect to settle the shares under the ATM Forward Sale Agreements prior to the expiration of their respective terms entirely by the physical delivery of shares of our common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the ATM Forward Sale Agreements. As of September 30, 2022, the net forward sales price per share under the August 2022 ATM Forward Sale Agreement and June 2022 ATM Forward Sale Agreement were $34.08 and $31.36, respectively, and would result in us receiving approximately $133.5 million and $356.9 million, respectively, in net cash proceeds if we were to physically settle the shares under the ATM Forward Sale Agreements. Alternatively, if we were to cash settle the shares under the August 2022 ATM Forward Sale Agreement and the June 2022 ATM Forward Sale Agreement, it would result in a cash inflow of $3.4 million and $17.2 million, respectively, or, if we were to net share settle the shares under the August 2022 ATM Forward Sale Agreement and the June 2022 ATM Forward Sale Agreement, it would result in us receiving approximately 0.1 million and 0.6 million shares, respectively. The following table details the issuance of outstanding shares of common stock, including restricted common stock: Nine Months Ended September 30, Common Stock Outstanding 2022 2021 Beginning Balance January 1, 628,942,092 536,669,722 Issuance of common stock in primary follow-on offerings — 65,000,000 Issuance of common stock upon physical settlement of forward sale agreements (1) 119,000,000 26,900,000 Issuance of common stock in connection with the REIT Mergers 214,552,532 — Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures 598,800 375,165 Ending Balance September 30, 963,093,424 628,944,887 ___________________ (1) Excludes the 15,299,787 shares subject to the ATM Forward Sale Agreements as such shares are not yet settled. Dividends Dividends declared (on a per share basis) during the nine months ended September 30, 2022 and 2021 were as follows: Nine Months Ended September 30, 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 June 9, 2022 June 23, 2022 July 7, 2022 April 1, 2022 - June 30, 2022 $ 0.3600 September 8, 2022 September 22, 2022 October 6, 2022 July 1, 2022 - September 30, 2022 $ 0.3900 Nine Months Ended September 30, 2021 Declaration Date Record Date Payment Date Period Dividend March 11, 2021 March 25, 2021 April 8, 2021 January 1, 2021 - March 31, 2021 $ 0.3300 June 10, 2021 June 24, 2021 July 8, 2021 April 1, 2021 - June 30, 2021 $ 0.3300 August 4, 2021 September 24, 2021 October 7, 2021 July 1, 2021 - September 30, 2021 $ 0.3600

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	9 Months Ended
	Sep. 30, 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 issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity , are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Determination of shares: Weighted-average shares of common stock outstanding 962,574 555,154 848,839 542,844 Assumed conversion of restricted stock 989 891 795 920 Assumed settlement of forward sale agreements 572 15,850 1,188 13,350 Diluted weighted-average shares of common stock outstanding 964,134 571,895 850,823 557,114 Three Months Ended Nine Months Ended (In thousands, except per share data) 2022 2021 2022 2021 Basic: Net income attributable to common stockholders $ 330,905 $ 161,862 $ 513,582 $ 732,372 Weighted-average shares of common stock outstanding 962,574 555,154 848,839 542,844 Basic EPS $ 0.34 $ 0.29 $ 0.61 $ 1.35 Diluted: Net income attributable to common stockholders $ 330,905 $ 161,862 $ 513,582 $ 732,372 Diluted weighted-average shares of common stock outstanding 964,134 571,895 850,823 557,114 Diluted EPS $ 0.34 $ 0.28 $ 0.60 $ 1.31 Earnings Per Unit The following section presents the basic earnings per unit (“EPU”) and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP units outstanding and resulting dilution to EPU. The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Determination of units: Weighted-average units outstanding 974,805 555,154 855,784 542,844 Assumed conversion of VICI restricted stock 989 891 795 920 Assumed settlement of VICI forward sale agreements 572 15,850 1,188 13,350 Diluted weighted-average units outstanding 976,366 571,895 857,768 557,114 Three Months Ended Nine Months Ended (In thousands, except per share data) 2022 2021 2022 2021 Basic: Net income attributable to partners $ 334,271 $ 161,383 $ 509,584 $ 728,865 Weighted-average units outstanding 974,805 555,154 855,784 542,844 Basic EPU $ 0.34 $ 0.29 $ 0.60 $ 1.34 Diluted: Net income attributable to partners $ 334,271 $ 161,383 $ 509,584 $ 728,865 Weighted-average units outstanding 976,366 571,895 857,768 557,114 Diluted EPU $ 0.34 $ 0.28 $ 0.59 $ 1.31

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2022, 10.9 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Stock-based compensation expense $ 3,493 $ 2,395 $ 9,359 $ 7,067 The following table details the activity of our time-based restricted stock and performance-based restricted stock units: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 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 874 27.81 493 18.83 Vested (385) 23.95 (371) 19.41 Forfeited (94) 23.05 (60) 19.90 Canceled — — — — Outstanding at end of period 1,283 $ 24.70 917 $ 21.00 As of September 30, 2022, there was $21.2 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 2.0 years.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, 2022 Three Months Ended September 30, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 744,855 $ 6,688 $ 751,543 $ 369,200 $ 6,504 $ 375,704 Interest expense (169,354) — (169,354) (165,099) — (165,099) Loss on extinguishment of debt — — — (15,622) — (15,622) Income from unconsolidated affiliate 22,719 — 22,719 — — — Income before income taxes 336,489 806 337,295 163,953 619 164,572 Income tax expense (245) (172) (417) (245) (143) (388) Net income 336,244 634 336,878 163,708 476 164,184 Depreciation 31 785 816 29 742 771 Total assets 37,205,177 102,805 37,307,982 17,453,567 95,237 17,548,804 Total liabilities 15,227,819 17,866 15,245,685 5,402,358 17,660 5,420,018 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 1,805,306 $ 25,485 $ 1,830,791 $ 1,104,812 $ 21,602 $ 1,126,414 Interest expense (370,624) — (370,624) (321,953) — (321,953) Loss on extinguishment of debt — — — (15,622) — (15,622) Income from unconsolidated affiliate 37,853 — 37,853 — — — Income before income taxes 516,278 6,991 523,269 736,991 4,497 741,488 Income tax expense (328) (1,516) (1,844) (1,128) (1,000) (2,128) Net income 515,950 5,475 521,425 735,863 3,497 739,360 Depreciation 90 2,281 2,371 92 2,228 2,320 Total assets 37,205,177 102,805 37,307,982 17,453,567 95,237 17,548,804 Total liabilities 15,227,819 17,866 15,245,685 5,402,358 17,660 5,420,018

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 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 April 18, 2022 , as updated from time to time in our other filings with the SEC.
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 and nine months ended September 30, 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 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. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of September 30, 2022, VICI’s non-controlling interests represent an approximate 1.3% third-party ownership of VICI OP in the form of VICI OP Units and a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo LLC.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of September 30, 2022 and December 31, 2021, we did not have any restricted cash.
Investments in Leases - Sales-type and Financing Receivables, Net, and Lease Term	Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City real estate asset components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Hard Rock Cincinnati Lease, PENN Entertainment Leases, Southern Indiana Lease, and Venetian Lease meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the MGM Master Lease, JACK Cleveland/Thistledown Lease and the Harrah’s 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 MGM Master Lease, JACK Cleveland/Thistledown Lease and the Harrah’s 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
Investment in Unconsolidated Affiliate	Investment in Unconsolidated Affiliate We account for our investment in unconsolidated affiliate using the equity method of accounting as we have the ability to exercise significant influence, but not control, over operating and financing policies of the investment. Our equity method investment represents our 50.1% ownership interest in the BREIT JV, which was acquired in the MGP Transactions and, as a result, was recorded at relative fair value. The difference in basis between our share of the carrying value of the BREIT JV and the relative fair value upon acquisition is amortized into Income from unconsolidated affiliate over the estimated useful life of the respective underlying real estate assets, the remaining lease term of the BREIT JV Lease, or the remaining term of the assumed debt, as applicable.
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 and nine months ended September 30, 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) in our Balance Sheet with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
Concentrations of Credit Risk	Concentrations of Credit Risk Caesars and MGM are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they respectively lease from us. Revenue from Caesars, which includes the Caesars Leases, represented 39% and 49% of our lease revenues for the three and nine months ended September 30, 2022, respectively, and 85% and 86% of our lease revenues for the three and nine months ended September 30, 2021, respectively. Revenue from MGM, which includes the MGM Master Lease and our proportionate share of the BREIT JV Lease, represented 43% and 30% of our lease revenues for the three and nine months ended September 30, 2022, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 47% and 45% of our lease revenues for the three and nine months ended September 30, 2022, respectively, and 32% of our lease revenues for the three and nine months ended September 30, 2021. Other than having two tenants from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk.

Real Estate Transactions (Table

Real Estate Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Asset Acquisition	The number of MGP Common Shares converted to shares of VICI common stock was determined as follows: MGP Common Shares outstanding as of April 29, 2022 156,757,773 Exchange Ratio 1.366 VICI common stock issued (1) 214,131,064 VICI common stock issued for MGP stock-based compensation awards 421,468 Total VICI common stock issued 214,552,532 ____________________ (1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Common Shares. (In thousands) Amount REIT Merger Consideration (1) $ 6,568,480 Redemption payment to MGM 4,404,000 VICI OP Units retained by MGM (2) 374,769 Repayment of MGP revolving credit facility (3) 90,000 Transactions costs (4) 119,741 Total consideration transferred $ 11,556,990 Assumption of MGP OP Notes and Exchange Notes, at principal value 4,200,000 Assumption of our proportionate share of the BREIT JV CMBS debt, at principal value 1,503,000 Total purchase price $ 17,259,990 ____________________ (1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Common Shares outstanding immediately prior to the REIT Merger and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock. (2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share. (3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated. (4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred. Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions: (In thousands) Amount Investments in leases - financing receivables (1) (2) $ 14,245,868 Investment in unconsolidated affiliate (2) (3) 1,465,814 Cash and cash equivalents (4) 25,387 Other assets (4) 338,212 Debt, net (5) (4,106,082) Accrued expenses and deferred revenue (4) (79,482) Other liabilities (4) (332,727) Total net assets acquired $ 11,556,990 ____________________ (1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x - 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value. (2) The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the BREIT JV. (4) Amounts represents their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions. (5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.
Summary Of Loan Originations	The following table summarizes our 2022 development loan origination activity to date: ($ in Thousands) Loan Name Maximum Loan Amount Loan Type Development Project Canyon Ranch Austin (1) $ 200,000 Senior Secured Canyon Ranch Austin located in Austin, TX Great Wolf Gulf Coast Texas 127,000 Mezzanine 532-room indoor water park resort located in Webster, TX Great Wolf South Florida 59,000 Mezzanine 500-room indoor water park resort located in Collier County, FL Cabot Citrus Farms 120,000 Senior Secured Cabot Citrus Farms located in Brookdale, FL BigShots 80,000 Senior Secured Financed BigShots Golf Facilities throughout the United States Total $ 586,000 ____________________

Real Estate Portfolio (Tables)

Real Estate Portfolio (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule Real Estate Portfolio	The following is a summary of the balances of our real estate portfolio as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Investments in leases - sales-type, net (1) $ 17,011,585 $ 13,136,664 Investments in leases - financing receivables, net (1) 16,441,616 2,644,824 Total investments in leases, net 33,453,201 15,781,488 Investments in loans, net 579,805 498,002 Investment in unconsolidated affiliate 1,463,230 — Land 153,560 153,576 Total real estate portfolio $ 35,649,796 $ 16,433,066 ____________________
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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Income from sales-type leases, excluding contingent rent (1) $ 371,541 $ 290,706 $ 1,064,463 $ 870,417 Income from lease financing receivables (1) (2) 339,544 60,178 653,908 180,139 Total lease revenue, excluding contingent rent 711,085 350,884 1,718,371 1,050,556 Contingent rent (1) 4,506 1,353 13,489 2,920 Total lease revenue 715,591 352,237 1,731,860 1,053,476 Non-cash adjustment (3) (108,556) (31,142) (230,516) (88,417) Total contractual lease revenue $ 607,035 $ 321,095 $ 1,501,344 $ 965,059 ____________________ (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 September 30, 2022, we have recognized contingent rent from our Margaritaville Lease and Greektown Lease in relation to the variable rent portion of the respective leases and the Caesars Las Vegas Master Lease in relation to the CPI portion of the annual escalator. Refer to the Lease Provisions section below for information regarding contingent rent on each lease. (2) Represents the MGM Master Lease, Harrah’s Call Properties and the JACK Cleveland/Thistledown Lease, all of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases	At September 30, 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) $ 333,747 $ 272,444 $ 606,191 2023 1,344,189 1,103,787 2,447,976 2024 1,366,127 1,125,348 2,491,475 2025 1,385,348 1,146,509 2,531,857 2026 1,405,006 1,168,089 2,573,095 2027 1,425,272 1,190,145 2,615,417 Thereafter 56,603,912 86,652,035 143,255,947 Total $ 63,863,601 $ 92,658,357 $ 156,521,958 Weighted Average Lease Term (2) 36.6 years 51.1 years 43.7 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: ($ 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 $649,572 (2) (3) $422,224 (3) $250,000 $860,000 $303,800 (VICI’s 50.1% Pro Rata Share: $152,203) Annual escalator (4) 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 (5) 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 (4) 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, which date can be no earlier than the anniversary of the first lease year (March 1, 2023). (2) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined Current annual rent under the Caesars Regional Master Lease and Joliet Lease is $641.2 million. (3) Effective November 1, 2022, the escalated base rent under the Caesars Regional Master Lease and Joliet Lease will be $703.7 million and the escalated base rent under the Caesars Las Vegas Master lease will be $454.5 million. (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. In relation to the Caesars Las Vegas Master Lease, during the three and nine months ended September 30, 2022, we recognized approximately $3.1 million and $9.2 million, respectively, in contingent rent. No such rent has been recognized for the three and nine months ended September 30, 2021. In relation to the Caesars Regional Master Lease, Joliet Lease, Venetian Lease, and MGM Master Lease, no such rent has been recognized for the three and nine months ended September 30, 2022 and 2021. (5) Variable rent is not subject to the Escalator. The following is a summary of the material lease provisions of our PENN Entertainment Leases, Hard Rock Cincinnati Lease, Century Master Lease, JACK Cleveland/Thistledown Lease and Southern Indiana Lease: ($ In thousands) Margaritaville Lease Greektown Lease Hard Rock Cincinnati Lease Century Master Lease JACK Cleveland/Thistledown Lease Southern Indiana 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 6/1/22 - 5/31/23 10/1/22 - 9/30/23 1/1/22 - 12/31/22 2/1/22 - 1/31/23 9/1/22 - 8/31/23 Current annual rent $23,813 $51,321 $44,703 $25,503 $68,704 $32,988 Annual escalator (1) 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 (2) 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 (3) 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 (4) 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 (5) Year 11 : Avg. of years 8-10 less avg. of years 5-7 ____________________ (1) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and nine months ended September 30, 2022 and 2021. (2) 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. (3) 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 Master Lease, if the coverage ratio is below the stated amount the escalator will be reduced to 0.75%. (4) Variable (percentage rent) is subject to the percentage rent multiplier. With respect to the PENN Entertainment 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, during the three months ended September 30, 2022 and 2021, we recognized $0.9 million and $0.8 million, respectively, in contingent rent. During the nine months ended September 30, 2022 and 2021, we recognized $2.7 million and $2.2 million, respectively, in contingent rent. In relation to the Greektown Lease during the three months ended September 30, 2022 and 2021, we recognized approximately $0.5 million in contingent rent. During the nine months ended September 30, 2022 and 2021, we recognized $1.6 million and $0.7 million, respectively, in contingent rent. (5) With respect to lease year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Southern Indiana 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 as specifically provided in the below table, which summarizes the capital expenditure requirements of the respective tenants under the Caesars Leases, the Venetian Lease and the BREIT JV Lease, 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 September 30, 2022 and December 31, 2021: September 30, 2022 Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate Weighted Average Term (3) Senior Secured $ 474,168 $ 470,674 $ 213,832 7.8 % 3.3 years Mezzanine 111,611 109,131 153,898 7.9 % 4.1 years Total $ 585,779 $ 579,805 $ 367,730 7.9 % 3.5 years December 31, 2021 Loan Type Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate Weighted Average Term (3) Senior Secured $ 465,000 $ 465,034 $ 15,000 7.8 % 3.5 years Mezzanine 33,614 32,968 45,886 8.0 % 4.0 years Total $ 498,614 $ 498,002 $ 60,886 7.8 % 3.5 years ____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) 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)	9 Months Ended
	Sep. 30, 2022
Credit Loss [Abstract]
Net Investment in Lease, Allowance for Credit Loss	The following tables detail the allowance for credit losses as of September 30, 2022 and December 31, 2021: September 30, 2022 ($ In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 17,698,971 $ (687,386) $ 17,011,585 3.88 % Investments in leases - financing receivables 17,102,430 (660,814) 16,441,616 3.86 % Investments in loans 585,818 (6,013) 579,805 1.03 % Other assets - sales-type sub-leases 784,112 (22,046) 762,066 2.81 % Totals $ 36,171,331 $ (1,376,259) $ 34,795,072 3.80 % 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 of our senior secured and mezzanine loans. As of September 30, 2022 and December 31, 2021, such allowance is $23.5 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 nine months ended September 30, 2022 and 2021: Nine Months Ended September 30, (In thousands) 2022 2021 Beginning Balance December 31, $ 534,326 $ 553,879 Initial allowance from current period investments 523,235 1,725 Current period change in credit allowance 342,224 (26,177) Charge-offs — — Recoveries — — Ending Balance September 30, $ 1,399,785 $ 529,427
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 September 30, 2022 and 2021: September 30, 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) $ 4,230,599 $ 15,624,832 $ 14,975,981 $ 874,054 $ 280,075 $ 185,790 $ 36,171,331 September 30, 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) $ — $ 952,620 $ 14,905,789 $ 866,312 $ 281,869 $ 84,292 $ 17,090,882 ____________________ (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)	9 Months Ended
	Sep. 30, 2022
Other Liabilities [Abstract]
Schedule of Other Assets	The following table details the components of our other assets as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Sales-type sub-leases, net (1) $ 762,066 $ 273,970 Property and equipment used in operations, net 67,302 68,515 Right of use assets and sub-lease right of use assets 46,611 16,811 Debt financing costs 19,715 24,928 Deferred acquisition costs 12,197 24,690 Tenant receivables 9,187 5,032 Prepaid expenses 5,903 3,660 Interest receivable 4,843 2,780 Other receivables 3,066 341 Forward-starting interest rate swaps — 884 Other 1,191 3,082 Total other assets $ 932,081 $ 424,693 _______________________________________________________ (1) As of September 30, 2022 and December 31, 2021, sales-type sub-leases are net of $22.0 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 September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Land and land improvements $ 60,080 $ 59,250 Buildings and improvements 15,065 14,880 Furniture and equipment 9,158 9,014 Total property and equipment used in operations 84,303 83,144 Less: accumulated depreciation (17,001) (14,629) Total property and equipment used in operations, net $ 67,302 $ 68,515 Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Depreciation expense $ 816 $ 771 $ 2,371 $ 2,320
Schedule of Other Liabilities	The following table details the components of our other liabilities as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Finance sub-lease liabilities $ 784,112 $ 280,510 Deferred financing liabilities 73,600 73,600 Lease liabilities and sub-lease liabilities 46,689 16,811 CECL allowance for unfunded commitments 23,525 1,037 Deferred income taxes 4,194 3,879 Total other liabilities $ 932,120 $ 375,837

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail our debt obligations as of September 30, 2022 and December 31, 2021: ($ In thousands) September 30, 2022 Description of Debt Maturity Interest Rate Face Value Carrying Value (1) Revolving Credit Facility (2) 2026 SOFR + 1.050% $ — $ — Delayed Draw Term Loan (2) 2025 SOFR + 1.200% — — November 2019 Notes (3) 2026 Maturity 2026 4.250% 1,250,000 1,238,112 2029 Maturity 2029 4.625% 1,000,000 988,531 February 2020 Notes (3) 2025 Maturity 2025 3.500% 750,000 744,434 2027 Maturity 2027 3.750% 750,000 742,667 2030 Maturity 2030 4.125% 1,000,000 988,253 April 2022 Notes (3) 2025 Maturity 2025 4.375% 500,000 495,927 2028 Maturity 2028 4.516% (4) 1,250,000 1,236,455 2030 Maturity 2030 4.541% (4) 1,000,000 987,186 2032 Maturity 2032 3.980% (4) 1,500,000 1,480,290 2052 Maturity 2052 5.625% 750,000 735,237 Exchange Notes (3) 2024 Maturity 2024 5.625% 1,024,169 1,030,177 2025 Maturity 2025 4.625% 799,368 782,077 2026 Maturity 2026 4.500% 480,524 461,848 2027 Maturity 2027 5.750% 729,466 739,056 2028 Maturity 2028 4.500% 349,325 335,923 2029 Maturity 2029 3.875% 727,114 657,902 MGP OP Notes (3) 2024 Maturity 2024 5.625% 25,831 25,915 2025 Maturity 2025 4.625% 632 613 2026 Maturity 2026 4.500% 19,476 18,480 2027 Maturity 2027 5.750% 20,534 20,519 2028 Maturity 2028 4.500% 675 637 2029 Maturity 2029 3.875% 22,886 20,264 Total Debt 4.496% (5) $ 13,950,000 $ 13,730,503 ($ In thousands) December 31, 2021 Description of Debt Interest Rate Face Value Carrying Value (1) Secured Revolving Credit Facility (6) 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 4.105% $ 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 and nine months ended September 30, 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) Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively. (5) The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ), as applicable. The contractual weighted average interest rate as of September 30, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67% (6) 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 principal payments of our debt obligations as of September 30, 2022: (In thousands) Future Minimum Principal Payments 2022 (remaining) $ — 2023 — 2024 1,050,000 2025 2,050,000 2026 1,750,000 2027 1,500,000 Thereafter 7,600,000 Total minimum principal payments $ 13,950,000

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 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 December 31, 2021. As of September 30, 2022, there were no derivative instruments outstanding. ($ 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 The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Unrealized gain recorded in other comprehensive income $ — $ — $ 200,550 $ — Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks (6,037) — (10,196) — The following table presents the effect of our interest rate swaps derivative financial instruments on our Statement of Operations: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Unrealized gain recorded in other comprehensive income $ — $ 6,576 $ — $ 28,282 Interest from interest rate swaps recorded in interest expense — 8,792 — 29,960 Interest rate swap settlement recorded in interest expense — 64,239 — 64,329

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021: September 30, 2022 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 207,722 $ — $ 207,722 $ — December 31, 2021 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (2) $ 884 $ — $ 884 $ — ___________________ (1) The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.
Schedule Of Estimated Fair Value	The estimated fair values of our financial instruments as of September 30, 2022 and December 31, 2021 for which fair value is only disclosed are as follows: September 30, 2022 December 31, 2021 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 16,441,616 $ 17,457,867 $ 2,644,824 $ 3,104,337 Investments in loans (2) 579,805 585,779 498,002 498,614 Cash and cash equivalents 518,383 518,383 739,614 739,614 Financial liabilities: Debt Revolving Credit Facility — — — — Delayed Draw Term Loan — — — — Senior Unsecured Notes (3) 13,730,503 12,567,443 4,694,523 4,955,000 ____________________ (1) These investments represent the JACK Cleveland/Thistledown Lease, the Harrah’s Call Properties and the MGM Master Lease. 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) We believe the current principal balance of these 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.

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Rent expense $ 503 $ 503 $ 1,504 $ 1,507 Contractual rent 475 470 1,424 1,410 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Rental income and expense $ 1,712 $ — $ 3,995 $ — Contractual rent 1,602 — 3,720 — Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Rental income and expense $ 14,466 $ 5,604 $ 33,392 $ 16,905 Contractual rent 18,925 8,838 37,910 20,513
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 September 30, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 523 2023 1,937 2024 1,847 2025 1,908 2026 1,958 2027 1,979 Thereafter 15,137 Total minimum lease commitments $ 25,291 Discounting factor 8,964 Lease liability $ 16,327 The future minimum lease commitments relating to the sub-leases at September 30, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 1,619 2023 6,585 2024 6,553 2025 5,129 2026 3,934 2027 4,010 Thereafter 5,128 Total minimum lease commitments $ 32,957 Discounting factor 2,595 Sub-lease liabilities $ 30,362
Schedule of Assets And Liabilities, Lessor	(In thousands) September 30, 2022 December 31, 2021 Others assets (operating sub-leases) $ 30,362 $ — Other liabilities (operating sub-lease liabilities) 30,362 — The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 December 31, 2021 Others assets (sales-type sub-leases, net) $ 762,066 $ 273,970 Other liabilities (finance sub-lease liabilities) 784,112 280,510
Schedule of Finance Lease, Liability, Maturity	The future minimum lease commitments relating to the ground and use sub-leases at September 30, 2022 are as follows: (In thousands) Lease Commitments 2022 (remaining) $ 14,281 2023 58,769 2024 59,039 2025 59,174 2026 59,174 2027 59,174 Thereafter 2,555,535 Total minimum lease commitments $ 2,865,145 Discounting factor 2,081,033 Finance sub-lease liability $ 784,112

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, Common Stock Outstanding 2022 2021 Beginning Balance January 1, 628,942,092 536,669,722 Issuance of common stock in primary follow-on offerings — 65,000,000 Issuance of common stock upon physical settlement of forward sale agreements (1) 119,000,000 26,900,000 Issuance of common stock in connection with the REIT Mergers 214,552,532 — Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures 598,800 375,165 Ending Balance September 30, 963,093,424 628,944,887 ___________________ (1) Excludes the 15,299,787 shares subject to the ATM Forward Sale Agreements as such shares are not yet settled.
Schedule of Dividends Declared	Dividends declared (on a per share basis) during the nine months ended September 30, 2022 and 2021 were as follows: Nine Months Ended September 30, 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 June 9, 2022 June 23, 2022 July 7, 2022 April 1, 2022 - June 30, 2022 $ 0.3600 September 8, 2022 September 22, 2022 October 6, 2022 July 1, 2022 - September 30, 2022 $ 0.3900 Nine Months Ended September 30, 2021 Declaration Date Record Date Payment Date Period Dividend March 11, 2021 March 25, 2021 April 8, 2021 January 1, 2021 - March 31, 2021 $ 0.3300 June 10, 2021 June 24, 2021 July 8, 2021 April 1, 2021 - June 30, 2021 $ 0.3300 August 4, 2021 September 24, 2021 October 7, 2021 July 1, 2021 - September 30, 2021 $ 0.3600

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Determination of shares: Weighted-average shares of common stock outstanding 962,574 555,154 848,839 542,844 Assumed conversion of restricted stock 989 891 795 920 Assumed settlement of forward sale agreements 572 15,850 1,188 13,350 Diluted weighted-average shares of common stock outstanding 964,134 571,895 850,823 557,114 Three Months Ended Nine Months Ended (In thousands, except per share data) 2022 2021 2022 2021 Basic: Net income attributable to common stockholders $ 330,905 $ 161,862 $ 513,582 $ 732,372 Weighted-average shares of common stock outstanding 962,574 555,154 848,839 542,844 Basic EPS $ 0.34 $ 0.29 $ 0.61 $ 1.35 Diluted: Net income attributable to common stockholders $ 330,905 $ 161,862 $ 513,582 $ 732,372 Diluted weighted-average shares of common stock outstanding 964,134 571,895 850,823 557,114 Diluted EPS $ 0.34 $ 0.28 $ 0.60 $ 1.31 The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU: Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Determination of units: Weighted-average units outstanding 974,805 555,154 855,784 542,844 Assumed conversion of VICI restricted stock 989 891 795 920 Assumed settlement of VICI forward sale agreements 572 15,850 1,188 13,350 Diluted weighted-average units outstanding 976,366 571,895 857,768 557,114 Three Months Ended Nine Months Ended (In thousands, except per share data) 2022 2021 2022 2021 Basic: Net income attributable to partners $ 334,271 $ 161,383 $ 509,584 $ 728,865 Weighted-average units outstanding 974,805 555,154 855,784 542,844 Basic EPU $ 0.34 $ 0.29 $ 0.60 $ 1.34 Diluted: Net income attributable to partners $ 334,271 $ 161,383 $ 509,584 $ 728,865 Weighted-average units outstanding 976,366 571,895 857,768 557,114 Diluted EPU $ 0.34 $ 0.28 $ 0.59 $ 1.31

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Stock-based compensation expense $ 3,493 $ 2,395 $ 9,359 $ 7,067
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: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 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 874 27.81 493 18.83 Vested (385) 23.95 (371) 19.41 Forfeited (94) 23.05 (60) 19.90 Canceled — — — — Outstanding at end of period 1,283 $ 24.70 917 $ 21.00

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents certain information with respect to our segments: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 744,855 $ 6,688 $ 751,543 $ 369,200 $ 6,504 $ 375,704 Interest expense (169,354) — (169,354) (165,099) — (165,099) Loss on extinguishment of debt — — — (15,622) — (15,622) Income from unconsolidated affiliate 22,719 — 22,719 — — — Income before income taxes 336,489 806 337,295 163,953 619 164,572 Income tax expense (245) (172) (417) (245) (143) (388) Net income 336,244 634 336,878 163,708 476 164,184 Depreciation 31 785 816 29 742 771 Total assets 37,205,177 102,805 37,307,982 17,453,567 95,237 17,548,804 Total liabilities 15,227,819 17,866 15,245,685 5,402,358 17,660 5,420,018 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues $ 1,805,306 $ 25,485 $ 1,830,791 $ 1,104,812 $ 21,602 $ 1,126,414 Interest expense (370,624) — (370,624) (321,953) — (321,953) Loss on extinguishment of debt — — — (15,622) — (15,622) Income from unconsolidated affiliate 37,853 — 37,853 — — — Income before income taxes 516,278 6,991 523,269 736,991 4,497 741,488 Income tax expense (328) (1,516) (1,844) (1,128) (1,000) (2,128) Net income 515,950 5,475 521,425 735,863 3,497 739,360 Depreciation 90 2,281 2,371 92 2,228 2,320 Total assets 37,205,177 102,805 37,307,982 17,453,567 95,237 17,548,804 Total liabilities 15,227,819 17,866 15,245,685 5,402,358 17,660 5,420,018

Business and Organization (Deta

Business and Organization (Details) - Sep. 30, 2022	property	golfCourse
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	43	4
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
BREIT JV
New Accounting Pronouncements or Change in Accounting Principle
Equity method investment ownership percentage	50.10%		50.10%
Customer Concentration Risk | Sales Revenue, Net | Caesars Entertainment Corporation
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	39%	85%	49%	86%
Geographic Concentration Risk | Sales Revenue, Net | MGM Resorts International
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	43%		30%
Property, Las Vegas Strip | Geographic Concentration Risk | Sales Revenue, Net
New Accounting Pronouncements or Change in Accounting Principle
Concentration risk, percentage	47%	32%	45%	32%
VICI OP
New Accounting Pronouncements or Change in Accounting Principle
Ownership percentage by noncontrolling owners	1.30%		1.30%
Harrah’s Joliet LandCo LLC
New Accounting Pronouncements or Change in Accounting Principle
Ownership percentage by noncontrolling owners	20%		20%

Real Estate Transactions (Detai

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

3 Months Ended

6 Months Ended

9 Months Ended

Jun. 30, 2023 USD ($) renewal

Oct. 07, 2022 USD ($) option

Aug. 30, 2022 USD ($) room option

Jul. 01, 2022 USD ($) room option

Jun. 06, 2022 USD ($) option

Apr. 29, 2022 USD ($) ft² property region renewal hotelRoom shares

Feb. 23, 2022 USD ($) renewal

Feb. 18, 2022 USD ($)

Dec. 31, 2022 USD ($) renewal

Jun. 30, 2023 USD ($) renewal

Sep. 30, 2022 USD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2022 property

Sep. 30, 2022

Sep. 30, 2022 room

Sep. 30, 2022 golfCourse

Apr. 07, 2022 USD ($)

Dec. 31, 2021 USD ($)

Business Acquisition

Number of golf courses

43

4

Debt instrument, face amount

$ 13,950,000

$ 4,750,000

Yearly minimum expenditure

1%

Sales-type and direct financing, allowance for credit losses

$ 687,386

434,852

Investment in unconsolidated affiliate

1,463,230

0

Debt, net

13,730,503

4,694,523

Proceeds from offering of common stock, net

3,219,101

$ 2,386,129

Proceeds from Revolving Credit Facility

600,000

$ 0

Investments in leases - sales-type, net

17,011,585

13,136,664

CECL allowance for unfunded commitments

23,525

1,037

Future funding commitments

367,730

$ 60,886

BREIT JV

Business Acquisition

Equity method investment ownership percentage

50.10%

Basis difference between carrying value and underlying equity

642,800

MGP

Business Acquisition

Asset acquisition, consideration transferred

$ 11,556,990

Liabilities incurred

$ 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

Exchange ratio (in shares) | shares

1.366

Cash consideration

$ 4,404,000

Asset acquisition equity interest retained (in shares) | shares

12,200,000

Tax protection period

15 years

Tax protection, holding amount

$ 8,500,000

Investment in leases - financing receivables

14,245,868

Sales-type and direct financing, allowance for credit losses

$ 431,500

MGP | BREIT JV

Business Acquisition

Equity method investment ownership percentage

50.10%

50.10%

Exchange Notes | Unsecured Debt

Business Acquisition

Debt instrument, face amount

$ 4,110,000

MGP OP Notes | Unsecured Debt

Business Acquisition

Debt instrument, face amount

90,000

Forecast | Rocky Gap Casino Resort

Business Acquisition

Asset acquisition, consideration transferred

$ 260,000

Forecast | Rocky Gap Casino Resort | Land and Building

Business Acquisition

Asset acquisition, consideration transferred

203,900

Forecast | Rocky Gap Casino Resort | Century Casinos

Business Acquisition

Payments to acquire productive assets

56,100

Revolving Credit Facility

Business Acquisition

Proceeds from Revolving Credit Facility

$ 600,000

Revolving Credit Facility | Unsecured Debt

Business Acquisition

Debt instrument, face amount

0

Debt, net

0

Forward Sales Agreement

Business Acquisition

Proceeds from offering of common stock, net

$ 3,200,000

Venetian Resort

Business Acquisition

Asset acquisition, consideration transferred

$ 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

MGP OP Notes | MGP

Business Acquisition

Liabilities incurred

$ 4,200,000

BigShots Loan

Business Acquisition

Future funding commitments

80

$ 80,000

Great Wolf South Florida Loan

Business Acquisition

Future funding commitments

$ 59,000

59

Financing receivable, term

4 years

Financing receivable, number of extension options | option

1

Financing receivable, extension term

12 months

Project value

$ 250,000

Number of rooms | room

500

500

Cabot Citrus Farms Loan

Business Acquisition

Future funding commitments

$ 120,000

120

Financing receivable, call right exercised, term

25 years

Financing receivable, call right exercised, number of extension options | option

5

Financing receivable, call right exercised, extension term

5 years

Great Wolf Gulf Coast Texas Loan

Business Acquisition

Future funding commitments

$ 127,000

127

Financing receivable, term

3 years

Financing receivable, number of extension options | option

2

Financing receivable, extension term

12 months

Project value

$ 200,000

Number of rooms | room

532

532

Canyon Ranch Loan

Business Acquisition

Future funding commitments

$ 200

Canyon Ranch Loan | Subsequent Event

Business Acquisition

Future funding commitments

$ 200,000

Call right term

24 months

Right of first offer term

5 years

Canyon Ranch Loan | Forecast | Subsequent Event

Business Acquisition

Financing receivable, call right exercised, term

25 years

Financing receivable, call right exercised, number of extension options | option

8

Financing receivable, call right exercised, extension term

5 years

Las Vegas Strip Entertainment and Gaming-Related Property | MGP

Business Acquisition

Number of golf courses | property

7

Regional Casino Resorts | MGP

Business Acquisition

Number of golf courses | property

8

Largest Hotel | UNITED STATES | MGP

Business Acquisition

Number of golf courses | property

2

Largest Resort Property | Las Vegas | MGP

Business Acquisition

Number of golf courses | property

2

Century Master Lease | Forecast

Business Acquisition

Increase (decrease) in annual rent payments

$ 15,500

Initial lease term

15 years

15 years

Number of renewal options | renewal

4

Lessor, sales-type lease, renewal term

5 years

5 years

MGM Master Lease Agreement and BREIT JV Lease Agreement | MGP

Business Acquisition

Contractual rent amount

$ 1,012,000

MGM Master Lease Agreement

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%

MGM Master Lease Agreement | Forecast

Business Acquisition

Increase (decrease) in annual rent payments

$ (90,000)

Initial lease term

25 years

25 years

Number of renewal options | renewal

3

Lessor, sales-type lease, renewal term

10 years

10 years

Annual rent increase, cap percent

3%

Yearly minimum expenditure

1%

MGM Master Lease Agreement | Maximum

Business Acquisition

Contractual rent amount

$ 860,000

MGM Master Lease Agreement | Maximum | Forecast

Business Acquisition

Increase (decrease) in annual rent payments

$ (90,000)

$ (40,000)

MGM Master Lease Agreement | Minimum

Business Acquisition

Annual escalator

2%

MGM Master Lease Agreement | Minimum | Forecast

Business Acquisition

Increase (decrease) in annual rent payments

$ (40,000)

Annual escalator

2%

BREIT JV Lease Agreement

Business Acquisition

Initial lease term

30 years

Number of renewal options | renewal

2

Lessor, sales-type lease, renewal term

10 years

Contractual rent amount

$ 303,800

Annual escalation rate period

15 years

Annual rent increase, cap percent

3%

BREIT JV Lease Agreement | BREIT JV

Business Acquisition

Contractual rent amount

$ 152,200

BREIT JV Lease Agreement | Minimum

Business Acquisition

Annual escalator

2%

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

Contractual rent amount

$ 90,000

Annual rent increase, cap percent

3%

Yearly minimum expenditure

1%

Future funding commitments

$ 1,500,000

Mirage Severance Lease | Minimum | Forecast

Business Acquisition

Annual escalator

2%

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

Initial lease term

30 years

Number of renewal options | renewal

2

Lessor, sales-type lease, renewal term

10 years

Contractual rent amount

$ 250,000

Annual rent increase, cap percent

3%

Investments in leases - sales-type, net

$ 65,600

Venetian Lease Agreement | Minimum | Venetian Resort

Business Acquisition

Annual escalator

2%

Gold Strike Severance Lease | Maximum | Forecast

Business Acquisition

Contractual rent amount

$ 40,000

$ 40,000

Real Estate Transactions - Asse

Real Estate Transactions - Asset Acquisition (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Apr. 29, 2022 USD ($) $ / shares shares	Sep. 30, 2022 shares	Sep. 30, 2021 shares
Asset Acquisition [Line Items]
Total VICI common stock Issued (in shares) | shares		214,552,532	0
Minimum
Asset Acquisition [Line Items]
Rent multiple	15
Maximum
Asset Acquisition [Line Items]
Rent multiple	18.5
Weighted Average
Asset Acquisition [Line Items]
Rent multiple	16.7
MGP
Asset Acquisition [Line Items]
MGP Common Shares outstanding as of April 29, 2022 (in shares) | shares	156,757,773
Exchange ratio (in shares) | shares	1.366
VICI common stock issued (in shares) | shares	214,131,064
VICI common stock issued for MGP stock-based compensation awards (in shares) | shares	421,468
Total VICI common stock Issued (in shares) | shares	214,552,532
Fractional common shares excluded (in shares) | shares	54
REIT Merger Consideration	$ 6,568,480
Redemption payment to MGM	4,404,000
VICI OP Units retained by MGM	374,769
Repayment of MGP revolving credit facility	90,000
Transaction costs	119,741
Total consideration transferred	11,556,990
Total purchase price	$ 17,259,990
Asset acquisition, number of shares issued (in shares) | shares	214,375,990
Share price (in dollars per share) | $ / shares	$ 30.64
Asset acquisition, number of units retained noncontrolling interests (in units) | shares	12,231,373
Investment in leases - financing receivables	$ 14,245,868
Investment in unconsolidated affiliate	1,465,814
Cash and cash equivalents	25,387
Other assets	338,212
Debt, net	(4,106,082)
Accrued expenses and deferred revenue	(79,482)
Other liabilities	(332,727)
Total net assets acquired	11,556,990
Debt discount	93,900
MGP | MGP OP Notes and Exchange Notes
Asset Acquisition [Line Items]
Assumption of debt	4,200,000
MGP | BREIT CMBS Debt
Asset Acquisition [Line Items]
Assumption of debt	$ 1,503,000

Real Estate Transactions - Sche

Real Estate Transactions - Schedule of Loan Originations (Details) $ in Thousands	Sep. 30, 2022 USD ($) room	Aug. 30, 2022 USD ($) room	Jul. 01, 2022 USD ($) room	Jun. 06, 2022 USD ($)	Apr. 07, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition
Maximum Loan Amount	$ 367,730					$ 60,886
2022 Loan Originations
Business Acquisition
Maximum Loan Amount	586
Canyon Ranch Loan
Business Acquisition
Maximum Loan Amount	200
Great Wolf Gulf Coast Texas Loan
Business Acquisition
Maximum Loan Amount	$ 127	$ 127,000
Number of rooms | room	532	532
Great Wolf South Florida Loan
Business Acquisition
Maximum Loan Amount	$ 59		$ 59,000
Number of rooms | room	500		500
Cabot Citrus Farms Loan
Business Acquisition
Maximum Loan Amount	$ 120			$ 120,000
BigShots Loan
Business Acquisition
Maximum Loan Amount	$ 80				$ 80,000

Real Estate Portfolio - Narrati

Real Estate Portfolio - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 asset loan casino leaseArrangement	Apr. 29, 2022
Real Estate
Number of casinos | casino	23
Number of lease arrangements	9
Financing receivable, investment in lease, number of casinos | casino	18
Financing receivable, investment in lease, number of lease arrangements	3
Number of loans | loan	7
Equity method investments, number of assets | asset	2
Equity method investments, number of lease arrangements	1
BREIT JV
Real Estate
Equity method investment ownership percentage	50.10%
MGP | BREIT JV
Real Estate
Equity method investment ownership percentage	50.10%	50.10%

Real Estate Portfolio - Schedul

Real Estate Portfolio - Schedule Real Estate Portfolio (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Investments in leases - sales-type, net		$ 17,011,585	$ 13,136,664
Total investments in leases, net		33,453,201	15,781,488
Investment in unconsolidated affiliate		1,463,230	0
Land		153,560	153,576
Total real estate portfolio		35,649,796	16,433,066
Estimated residual value of leased properties		11,400,000	3,800,000
Investments in leases - financing receivables, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases and loans	[1]	16,441,616	2,644,824
Investments in loans, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases and loans	[1]	$ 579,805	$ 498,002
[1] Note: As of September 30, 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 $687.4 million, $660.8 million, $6.0 million and $22.0 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Abstract]
Income from sales-type leases, excluding contingent rent	$ 371,541	$ 290,706	$ 1,064,463	$ 870,417
Income from lease financing receivables	339,544	60,178	653,908	180,139
Total lease revenue, excluding contingent rent	711,085	350,884	1,718,371	1,050,556
Contingent rent	4,506	1,353	13,489	2,920
Total lease revenue	715,591	352,237	1,731,860	1,053,476
Non-cash adjustment	(108,556)	(31,142)	(230,516)	(88,417)
Total contractual lease revenue	$ 607,035	$ 321,095	$ 1,501,344	$ 965,059

Real Estate Portfolio - Sched_3

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Sales-Type
2022 (remaining)	$ 333,747
2023	1,344,189
2024	1,366,127
2025	1,385,348
2026	1,405,006
2027	1,425,272
Thereafter	56,603,912
Total	63,863,601
Financing Receivables
2022 (remaining)	272,444
2023	1,103,787
2024	1,125,348
2025	1,146,509
2026	1,168,089
2027	1,190,145
Thereafter	86,652,035
Total	92,658,357
2022 (remaining)	606,191
2023	2,447,976
2024	2,491,475
2025	2,531,857
2026	2,573,095
2027	2,615,417
Thereafter	143,255,947
Total	$ 156,521,958
Sales-type lease, weighted average lease term	36 years 7 months 6 days
Financing receivable, weighted average remaining lease term	51 years 1 month 6 days
Sales-type lease and financing receivables, weighted average lease term	43 years 8 months 12 days

Real Estate Portfolio - Sched_4

Real Estate Portfolio - Schedule of Lease Agreement (Details)		3 Months Ended		9 Months Ended
	Nov. 01, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) option	Sep. 30, 2021 USD ($)	Apr. 29, 2022
BREIT JV
Property Subject to or Available for Operating Lease
Equity method investment ownership percentage		50.10%		50.10%
MGP | BREIT JV
Property Subject to or Available for Operating Lease
Equity method investment ownership percentage		50.10%		50.10%		50.10%
Harrah’s Joliet LandCo LLC
Property Subject to or Available for Operating Lease
Ownership percentage by noncontrolling owners		20%		20%
Regional Master Lease and Joliet Lease
Property Subject to or Available for Operating Lease
Lessor, contingent rent		$ 0	$ 0	$ 0	$ 0
Caesars Las Vegas Master Lease
Property Subject to or Available for Operating Lease
Lessor, contingent rent		3,100,000	0	9,200,000	0
Venetian Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
MGM Master Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
Magaritaville Lease
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
Greektown lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
Hard Rock Cincinnati Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
Century Portfolio Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
JACK Cleveland/Thirstledown Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		0	0	0	0
Southern Indiana Lease Agreement
Property Subject to or Available for Operating Lease
Lessor, contingent rent		$ 0	0	$ 0	0
Caesars Lease Agreements | Regional Master Lease and Joliet Lease
Property Subject to or Available for Operating Lease
Initial Term				18 years
Number of renewal options | option				4
Lessor, sales-type lease, renewal term		5 years		5 years
Current base rent				$ 649,572,000
Variable rent percentage				4%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Forecast
Property Subject to or Available for Operating Lease
Current base rent	$ 703,700,000
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
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Lease Years 2-5
Property Subject to or Available for Operating Lease
Annual escalator				1.50%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Lease Years 8-10 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split				70%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Lease Years 8-10 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split				30%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Lease Years 11-15 | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split				80%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Lease Years 11-15 | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split				20%
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Lease Years 6 Through 18
Property Subject to or Available for Operating Lease
Annual escalator				2%
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		5 years
Current base rent				$ 422,224,000
Annual escalator				2%
Variable rent percentage				4%
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Forecast
Property Subject to or Available for Operating Lease
Current base rent	$ 454,500,000
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split				80%
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split				20%
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		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%
Venetian Resort | Venetian Lease Agreement | Maximum
Property Subject to or Available for Operating Lease
Annual rent increase, cap percent				3%
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		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%
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%
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%
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		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%
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%
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%
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%
Base rent subject to annual escalation rate				$ 17,200,000
Rent ratio floor				610%
Percentage rent multiplier				4%
Percentage rent multiplier, prior to acquisition				50%
Penn National | Magaritaville Lease | Variable Rent
Property Subject to or Available for Operating Lease
Lessor, contingent rent		$ 900,000	800,000	$ 2,700,000	2,200,000
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%
Base rent subject to annual escalation rate				$ 42,800,000
Percentage rent multiplier				4%
Percentage rent multiplier, prior to acquisition				50%
Penn National | Greektown lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Lessor, contingent rent		$ 500,000	$ 500,000	$ 1,600,000	$ 700,000
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				$ 44,703,000
Percentage rent multiplier				4%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split				80%
Hard Rock | Hard Rock Cincinnati Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split				20%
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%
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%
Percentage rent multiplier				4%
Century Portfolio | Century Portfolio Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split				80%
Century Portfolio | Century Portfolio Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split				20%
Century Portfolio | Century Portfolio Lease Agreement | Lease Years 2 through 3
Property Subject to or Available for Operating Lease
Annual escalator				1%
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%
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 | Southern Indiana 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				$ 32,988,000
Percentage rent multiplier				4%
EBCI | Southern Indiana Lease Agreement | Base Rent
Property Subject to or Available for Operating Lease
Variable rent split				80%
EBCI | Southern Indiana Lease Agreement | Variable Rent
Property Subject to or Available for Operating Lease
Variable rent split				20%
EBCI | Southern Indiana Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease
Annual escalator				1.50%
EBCI | Southern Indiana Lease Agreement | Lease Years 6 Through 15
Property Subject to or Available for Operating Lease
Annual escalator				2%

Real Estate Portfolio - Sched_5

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Real Estate
Yearly minimum expenditure	1%
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%
Rolling three-year minimum	$ 311
Caesars Las Vegas Master Lease
Real Estate
Yearly minimum expenditure	1%
Rolling three-year minimum	$ 84
Venetian Lease Agreement
Real Estate
Yearly minimum expenditure	2%
BREIT JV Lease Agreement
Real Estate
Yearly minimum expenditure	3.50%
Yearly minimum expenditure, percentage of monthly reserves	1.50%
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Capital expenditures	$ 114.5
Percentage of prior year net revenues	1%
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		9 Months Ended	12 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure
Principal Balance		$ 585,779	$ 498,614
Future funding commitments		$ 367,730	$ 60,886
Weighted Average Interest Rate		7.90%	7.80%
Weighted Average Term		3 years 6 months	3 years 6 months
Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value	[1]	$ 579,805	$ 498,002
Senior Loan
Loans and Leases Receivable Disclosure
Principal Balance		474,168	465,000
Future funding commitments		$ 213,832	$ 15,000
Weighted Average Interest Rate		7.80%	7.80%
Weighted Average Term		3 years 3 months 18 days	3 years 6 months
Senior Loan | Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value		$ 470,674	$ 465,034
Mezzanine Loan
Loans and Leases Receivable Disclosure
Principal Balance		111,611	33,614
Future funding commitments		$ 153,898	$ 45,886
Weighted Average Interest Rate		7.90%	8%
Weighted Average Term		4 years 1 month 6 days	4 years
Mezzanine Loan | Investments in loans, net
Loans and Leases Receivable Disclosure
Carrying Value		$ 109,131	$ 32,968
[1] Note: As of September 30, 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 $687.4 million, $660.8 million, $6.0 million and $22.0 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Credit Loss [Abstract]
Increase (decrease) in allowance for credit losses	$ 232,763	$ 9,031	$ 865,459	$ (24,453)
Initial allowance from current period investments			$ 523,235	$ 1,725
Percentage of allowance for credit loss balance			60.50%

Allowance for Credit Losses -_2

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Amortized Cost
Investments in leases - sales-type, net		$ 17,698,971	$ 13,571,516
Other assets - sales-type sub-leases, amortized cost		784,112	280,510
Amortized cost, total		36,171,331	17,086,749	$ 17,090,882
Allowance
Sales-type and direct financing, allowance for credit losses		(687,386)	(434,852)
Other Assets Sales-type Subleases Allowance For Credit Losses		(22,046)	(6,540)
Allowance, total		(1,376,259)	(533,289)
Net Investment
Investments in leases - sales-type, net		17,011,585	13,136,664
Other assets - sales-type sub-leases		762,066	273,970
Net investment total		$ 34,795,072	$ 16,553,460
Allowance as a % of Amortized Cost
Sales-type and Direct financing, allowance as a percentage of amortized cost		3.88%	3.20%
Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total		2.81%	2.33%
Allowance as a percentage of amortized cost, total		3.80%	3.12%
CECL allowance for unfunded commitments		$ 23,525	$ 1,037
Investments in leases - financing receivables, net
Amortized Cost
Notes receivable, amortized cost		17,102,430	2,735,948
Allowance
Financing and loans receivable, allowance for credit losses		(660,814)	(91,124)
Net Investment
Notes receivable	[1]	$ 16,441,616	$ 2,644,824
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total		3.86%	3.33%
Investments in loans
Amortized Cost
Notes receivable, amortized cost		$ 585,818	$ 498,775
Allowance
Financing and loans receivable, allowance for credit losses		(6,013)	(773)
Net Investment
Notes receivable	[1]	$ 579,805	$ 498,002
Allowance as a % of Amortized Cost
Notes receivable allowance as a percentage of amortized cost, total		1.03%	0.15%
[1] Note: As of September 30, 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 $687.4 million, $660.8 million, $6.0 million and $22.0 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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 534,326	$ 553,879
Initial allowance from current period investments	523,235	1,725
Current period change in credit allowance	342,224	(26,177)
Charge-offs	0	0
Recoveries	0	0
Ending balance	$ 1,399,785	$ 529,427

Allowance for Credit Losses - F

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 36,171,331	$ 17,086,749	$ 17,090,882
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	4,230,599		0
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	15,624,832		952,620
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	14,975,981		14,905,789
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	874,054		866,312
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	280,075		281,869
N/A
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 185,790		$ 84,292

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Sales-type sub-leases, net	$ 762,066	$ 273,970
Property and equipment used in operations, net	67,302	68,515
Right of use assets and sub-lease right of use assets	46,611	16,811
Debt financing costs	19,715	24,928
Deferred acquisition costs	12,197	24,690
Tenant receivables	9,187	5,032
Prepaid expenses	5,903	3,660
Interest receivable	4,843	2,780
Other receivables	3,066	341
Forward-starting interest rate swaps	0	884
Other	1,191	3,082
Total other assets	932,081	424,693
Other assets (sales-type sub-leases), allowance for credit losses	$ 22,046	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment
Total property and equipment used in operations	$ 84,303		$ 84,303		$ 83,144
Less: accumulated depreciation	(17,001)		(17,001)		(14,629)
Total property and equipment used in operations, net	67,302		67,302		68,515
Depreciation expense	816	$ 771	2,371	$ 2,320
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	60,080		60,080		59,250
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	15,065		15,065		14,880
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 9,158		$ 9,158		$ 9,014

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Finance sub-lease liabilities	$ 784,112	$ 280,510
Deferred financing liabilities	73,600	73,600
Lease liabilities and sub-lease liabilities	46,689	16,811
CECL allowance for unfunded commitments	23,525	1,037
Deferred income taxes	4,194	3,879
Total other liabilities	$ 932,120	$ 375,837

Debt - Schedule Of Outstanding

Debt - Schedule Of Outstanding Indebtedness (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 08, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Apr. 29, 2022	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Weighted average interest rate		4.496%	4.496%	4.105%
Face Value		$ 13,950,000	$ 13,950,000	$ 4,750,000
Carrying Value		$ 13,730,503	$ 13,730,503	$ 4,694,523
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)	1%
Delayed Draw Term Loan | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)			0.85%
Delayed Draw Term Loan | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)			1.60%
Unsecured Debt
Debt Instrument
Weighted average interest rate		4.67%	4.67%
Unsecured Debt | Delayed Draw Term Loan
Debt Instrument
Face Value		$ 0	$ 0
Carrying Value		$ 0	$ 0
Unsecured Debt | Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)			1.20%
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.25%	4.25%	4.25%			4.25%
Face Value		$ 1,250,000	$ 1,250,000	$ 1,250,000
Carrying Value		$ 1,238,112	$ 1,238,112	$ 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%			4.625%
Face Value		$ 1,000,000	$ 1,000,000	$ 1,000,000
Carrying Value		$ 988,531	$ 988,531	$ 987,331
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage		3.50%	3.50%	3.50%		3.50%
Face Value		$ 750,000	$ 750,000	$ 750,000
Carrying Value		$ 744,434	$ 744,434	$ 742,677
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage		3.75%	3.75%	3.75%		3.75%
Face Value		$ 750,000	$ 750,000	$ 750,000
Carrying Value		$ 742,667	$ 742,667	$ 741,409
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2030
Debt Instrument
Interest rate, stated percentage		4.125%	4.125%	4.125%		4.125%
Face Value		$ 1,000,000	$ 1,000,000	$ 1,000,000
Carrying Value		$ 988,253	$ 988,253	987,134
Unsecured Debt | 4.375% Senior Unsecured Notes Due 2025
Debt Instrument
Interest rate, stated percentage		4.375%	4.375%		4.375%
Face Value		$ 500,000	$ 500,000		$ 500,000
Carrying Value		495,927	$ 495,927
Unsecured Debt | 4.750% Senior Unsecured Notes Due 2028
Debt Instrument
Interest rate, stated percentage					4.75%
Hedge adjusted interest rate			4.516%
Face Value		1,250,000	$ 1,250,000		$ 1,250,000
Carrying Value		$ 1,236,455	$ 1,236,455
Unsecured Debt | 4.950% Senior Unsecured Notes Due 2030
Debt Instrument
Interest rate, stated percentage		4.95%	4.95%		4.95%
Hedge adjusted interest rate			4.541%
Face Value		$ 1,000,000	$ 1,000,000		$ 1,000,000
Carrying Value		$ 987,186	$ 987,186
Unsecured Debt | 5.125% Senior Unsecured Notes Due 2032
Debt Instrument
Interest rate, stated percentage		5.125%	5.125%		5.125%
Hedge adjusted interest rate			3.98%
Face Value		$ 1,500,000	$ 1,500,000		$ 1,500,000
Carrying Value		$ 1,480,290	$ 1,480,290
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2052
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%		5.625%
Face Value		$ 750,000	$ 750,000		$ 750,000
Carrying Value		$ 735,237	$ 735,237
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2024
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%		5.625%
Face Value		$ 1,024,169	$ 1,024,169		$ 1,024,200
Carrying Value		$ 1,030,177	$ 1,030,177
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%		4.625%
Face Value		$ 799,368	$ 799,368		$ 799,400
Carrying Value		$ 782,077	$ 782,077
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%		4.50%
Face Value		$ 480,524	$ 480,524		$ 480,500
Carrying Value		$ 461,848	$ 461,848
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage		5.75%	5.75%		5.75%
Face Value		$ 729,466	$ 729,466		$ 729,500
Carrying Value		$ 739,056	$ 739,056
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2028
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%		4.50%
Face Value		$ 349,325	$ 349,325		$ 349,300
Carrying Value		$ 335,923	$ 335,923
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage		3.875%	3.875%		3.875%
Face Value		$ 727,114	$ 727,114		$ 727,100
Carrying Value		$ 657,902	$ 657,902
Unsecured Debt | MGP OP Notes due 2024
Debt Instrument
Interest rate, stated percentage		5.625%	5.625%
Face Value		$ 25,831	$ 25,831		25,800
Carrying Value		$ 25,915	$ 25,915
Unsecured Debt | MGP OP Notes due 2025
Debt Instrument
Interest rate, stated percentage		4.625%	4.625%
Face Value		$ 632	$ 632		600
Carrying Value		$ 613	$ 613
Unsecured Debt | MGP OP Notes due 2026
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%
Face Value		$ 19,476	$ 19,476		19,500
Carrying Value		$ 18,480	$ 18,480
Unsecured Debt | MGP OP Notes due 2027
Debt Instrument
Interest rate, stated percentage		5.75%	5.75%
Face Value		$ 20,534	$ 20,534		20,500
Carrying Value		$ 20,519	$ 20,519
Unsecured Debt | MGP OP Notes due 2028
Debt Instrument
Interest rate, stated percentage		4.50%	4.50%
Face Value		$ 675	$ 675		700
Carrying Value		$ 637	$ 637
Unsecured Debt | MGP OP Notes due 2029
Debt Instrument
Interest rate, stated percentage		3.875%	3.875%
Face Value		$ 22,886	$ 22,886		$ 22,900
Carrying Value		$ 20,264	$ 20,264
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%	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)
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%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
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		$ 0	$ 0
Carrying Value		0	$ 0
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)			1.05%
Revolving Credit Facility | Senior Notes
Debt Instrument
Face Value		$ 600,000	$ 600,000
Commitment fee percentage		0.375%	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%

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity
2022 (remaining)	$ 0
2023	0
2024	1,050,000
2025	2,050,000
2026	1,750,000
2027	1,500,000
Thereafter	7,600,000
Total minimum principal payments	$ 13,950,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 29, 2022	Sep. 30, 2022	Dec. 31, 2021	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Debt instrument, face amount		$ 13,950,000	$ 4,750,000
MGP
Debt Instrument
Cash consideration	$ 4,404,000
Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)		100%
Unsecured Debt | Revolving Credit Facility
Debt Instrument
Debt instrument, face amount		$ 0
Senior Notes | Revolving Credit Facility
Debt Instrument
Debt instrument, face amount		$ 600,000
Exchange Notes Senior Unsecured Notes due 2024 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	5.625%	5.625%
Debt instrument, face amount	$ 1,024,200	$ 1,024,169
Exchange Notes Senior Unsecured Notes due 2025 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.625%	4.625%
Debt instrument, face amount	$ 799,400	$ 799,368
Exchange Notes Senior Unsecured Notes due 2026 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.50%	4.50%
Debt instrument, face amount	$ 480,500	$ 480,524
Exchange Notes Senior Unsecured Notes due 2027 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	5.75%	5.75%
Debt instrument, face amount	$ 729,500	$ 729,466
Exchange Notes Senior Unsecured Notes due 2028 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.50%	4.50%
Debt instrument, face amount	$ 349,300	$ 349,325
Exchange Notes Senior Unsecured Notes due 2029 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	3.875%	3.875%
Debt instrument, face amount	$ 727,100	$ 727,114
Senior Unsecured April 2022 Notes
Debt Instrument
Ratio of unencumbered assets to unsecured indebtedness		1.50
4.375% Senior Unsecured Notes Due 2025 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.375%	4.375%
Debt instrument, face amount	$ 500,000	$ 500,000
4.750% Senior Unsecured Notes Due 2028 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.75%
Debt instrument, face amount	$ 1,250,000	$ 1,250,000
4.950% Senior Unsecured Notes Due 2030 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	4.95%	4.95%
Debt instrument, face amount	$ 1,000,000	$ 1,000,000
5.125% Senior Unsecured Notes Due 2032 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	5.125%	5.125%
Debt instrument, face amount	$ 1,500,000	$ 1,500,000
5.625% Senior Unsecured Notes Due 2052 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage	5.625%	5.625%
Debt instrument, face amount	$ 750,000	$ 750,000
November 2019 Notes Senior Unsecured Notes | Unsecured Debt
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40%
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%
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%
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%
MGP OP Notes due 2024 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		5.625%
Debt instrument, face amount	25,800	$ 25,831
MGP OP Notes due 2025 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		4.625%
Debt instrument, face amount	600	$ 632
MGP OP Notes due 2026 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		4.50%
Debt instrument, face amount	19,500	$ 19,476
MGP OP Notes due 2027 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		5.75%
Debt instrument, face amount	20,500	$ 20,534
MGP OP Notes due 2028 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		4.50%
Debt instrument, face amount	700	$ 675
MGP OP Notes due 2029 | Unsecured Debt
Debt Instrument
Interest rate, stated percentage		3.875%
Debt instrument, face amount	$ 22,900	$ 22,886
MGP OP Notes | Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)	100%
Debt instrument, face amount	$ 90,000
Exchange Notes | Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)	100%
Debt instrument, face amount	$ 4,110,000

Debt - New Unsecured Credit Fac

Debt - New Unsecured Credit Facilities (Details) $ in Thousands			9 Months Ended
	Feb. 18, 2022 USD ($)	Feb. 08, 2022 USD ($) option	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jul. 15, 2022 USD ($)
Line of Credit Facility [Line Items]
Proceeds from Revolving Credit Facility			$ 600,000	$ 0
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1%
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			$ 1,250,000
Number of extension options | option		2
Extension term		6 months
Extension fee percentage		0.0625%
Increase in borrowing capacity		$ 1,000,000
Proceeds from Revolving Credit Facility	$ 600,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee percentage		0.15%
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.775%	0.775%
Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee percentage		0.375%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.325%	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)
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%
Delayed Draw Term Loan | Maximum | Secured Overnight Financing Rate (SOFR)
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			3 Months Ended		9 Months Ended
	Feb. 18, 2022	Sep. 14, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 15, 2022	Feb. 08, 2022	Dec. 31, 2021	May 19, 2019	Dec. 31, 2017
Debt Instrument
Debt instrument, face amount			$ 13,950,000		$ 13,950,000				$ 4,750,000
Loss on extinguishment of debt			0	$ 15,622	0	$ 15,622
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							$ 1,250,000	$ 2,500,000
Revolving Credit Facility | Senior Notes
Debt Instrument
Debt instrument, face amount			$ 600,000		$ 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		$ 15,600

Debt - Bridge Facilities (Detai

Debt - Bridge Facilities (Details) - USD ($)			3 Months Ended		9 Months Ended
	Aug. 04, 2021	Mar. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument
Interest expense			$ 169,354,000	$ 165,099,000	$ 370,624,000	$ 321,953,000
MGP Transactions Bridge Facility
Debt Instrument
Maximum borrowing capacity	$ 9,300,000,000
Interest expense			0	27,000,000	15,300,000	27,000,000
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		$ 4,000,000,000
Interest expense			$ 0	$ 3,000,000	$ 1,000,000	$ 10,900,000
Venetian Acquisition Bridge Facility | First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term		364 days

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details) - 1.3465% Forward-Starting Interest Rate Swap Maturing May 2, 2032	Dec. 31, 2021 USD ($) instrument
Derivative
Number of Instruments | instrument	1
Fixed Rate	1.3465%
Notional | $	$ 500,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands				1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 18, 2022 shares	Sep. 15, 2021 USD ($)	Sep. 14, 2021 shares	Apr. 30, 2022 USD ($) instrument	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jan. 31, 2019 USD ($) instrument
Derivative
Reclassification of derivative gain to Interest expense					$ 6,037	$ 4,159	$ (64,239)	$ 10,196	$ (64,239)
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				$ 2,500,000
Derivative debt				3,000,000
Net proceeds from derivative instruments				$ 202,300
Reclassification of derivative gain to Interest expense					$ 6,037		$ 0	$ 10,196	$ 0
Treasury Lock
Derivative
Number of Instruments | instrument				2
Notional amount				$ 500,000
Net proceeds from derivative instruments				$ 4,500
Interest Rate Swaps
Derivative
Number of Instruments | instrument										6
Notional amount										$ 2,000,000
Fixed Rate										2.8297%
Payments for derivative instrument		$ 66,900
Accrued expenses and deferred revenue		2,700
Reclassification of derivative gain to Interest expense		$ 64,200

Derivatives - Schedule of Der_2

Derivatives - Schedule of Derivatives on Income Statement (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Sep. 15, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative
Unrealized gain recorded in other comprehensive income			$ 91,939	$ 108,611	$ 6,576	$ 9,328	$ 12,378
Reclassification of derivative gain to Interest expense		$ (6,037)	$ (4,159)		64,239			$ (10,196)	$ 64,239
Interest from interest rate swaps recorded in interest expense		169,354			165,099			370,624	321,953
Termination Fee
Derivative
Interest from interest rate swaps recorded in interest expense		0			64,239			0	64,329
Forward-Starting Interest Rate Swap
Derivative
Unrealized gain recorded in other comprehensive income		0			0			200,550	0
Reclassification of derivative gain to Interest expense		(6,037)			0			(10,196)	0
Interest Rate Swaps
Derivative
Unrealized gain recorded in other comprehensive income		0			6,576			0	28,282
Reclassification of derivative gain to Interest expense	$ (64,200)
Interest from interest rate swaps recorded in interest expense		$ 0			$ 8,792			$ 0	$ 29,960

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Derivative instruments - forward-starting interest rate swaps	$ 0	$ 884
Carrying Amount | Recurring | Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps	207,722
Carrying Amount | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps		884
Level 1 | Fair Value | Recurring | Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps	0
Level 1 | Fair Value | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps		0
Level 2 | Fair Value | Recurring | Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps	207,722
Level 2 | Fair Value | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps		884
Level 3 | Fair Value | Recurring | Short-Term Investments
Financial assets:
Derivative instruments - forward-starting interest rate swaps	$ 0
Level 3 | Fair Value | Recurring | Interest Rate Swaps
Financial assets:
Derivative instruments - forward-starting interest rate swaps		$ 0

Fair Value - Schedule Of Estima

Fair Value - Schedule Of Estimated Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 518,383	$ 739,614
Carrying Amount | Lease Financing Receivable
Financial assets:
Receivables	16,441,616	2,644,824
Carrying Amount | Lease Receivable
Financial assets:
Receivables	579,805	498,002
Carrying Amount | Revolving Credit Facility
Financial liabilities:
Debt	0	0
Carrying Amount | Delayed Draw Term Loan
Financial liabilities:
Debt	0	0
Carrying Amount | Senior Unsecured Notes
Financial liabilities:
Debt	13,730,503	4,694,523
Fair Value
Financial assets:
Cash and cash equivalents	518,383	739,614
Fair Value | Lease Financing Receivable
Financial assets:
Receivables	17,457,867	3,104,337
Fair Value | Lease Receivable
Financial assets:
Receivables	585,779	498,614
Fair Value | Revolving Credit Facility
Financial liabilities:
Debt	0	0
Fair Value | Delayed Draw Term Loan
Financial liabilities:
Debt	0	0
Fair Value | Senior Unsecured Notes
Financial liabilities:
Debt	$ 12,567,443	$ 4,955,000

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 option
Loss Contingencies
Weighted average remaining lease term	13 years 9 months 18 days
Finance lease, weighted average remaining lease term	55 years
Operating Sub-Lease
Loss Contingencies
Weighted average remaining lease term	7 years 2 months 12 days
Minimum
Loss Contingencies
Operating lease, discount rate (percent)	5.30%
Lessee, finance lease, discount rate (percent)	6%
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%
Maximum | Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (percent)	2.90%
Cascata Golf Course
Loss Contingencies
Number of extension options	3
Renewal term	10 years
Corporate Headquarters
Loss Contingencies
Number of extension options	1
Renewal term	5 years

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Leases, Operating [Abstract]
Rent expense	$ 503	$ 503	$ 1,504	$ 1,507
Contractual rent	475	470	1,424	1,410
Others assets (operating sub-leases)	46,611		46,611		$ 16,811
Other liabilities (operating sub-lease liabilities)	$ 16,327		$ 16,327
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets		Other assets		Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities		Other liabilities		Other liabilities
Leases, Finance [Abstract]
Sales-type sub-leases, net	$ 762,066		$ 762,066		$ 273,970
Finance sub-lease liabilities	784,112		784,112		280,510
Rental expense	14,466	5,604	33,392	16,905
Rental income	14,466	5,604	33,392	16,905
Contractual rent	18,925	8,838	37,910	20,513
Operating Sub-Lease
Leases, Operating [Abstract]
Rent expense	1,712	0	3,995	0
Contractual rent	1,602	0	3,720	0
Others assets (operating sub-leases)	30,362		30,362		0
Other liabilities (operating sub-lease liabilities)	30,362		30,362		$ 0
Rental income	$ 1,712	$ 0	$ 3,995	$ 0

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
2022 (remaining)	$ 523
2023	1,937
2024	1,847
2025	1,908
2026	1,958
2027	1,979
Thereafter	15,137
Total minimum lease commitments	25,291
Discounting factor	8,964
Lease liability	16,327
Financing Receivables
2022 (remaining)	14,281
2023	58,769
2024	59,039
2025	59,174
2026	59,174
2027	59,174
Thereafter	2,555,535
Total minimum lease commitments	2,865,145
Discounting factor	2,081,033
Finance sub-lease liability	784,112	$ 280,510
Operating Sub-Lease
Operating Leases
2022 (remaining)	1,619
2023	6,585
2024	6,553
2025	5,129
2026	3,934
2027	4,010
Thereafter	5,128
Total minimum lease commitments	32,957
Discounting factor	2,595
Lease liability	$ 30,362	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)							1 Months Ended	3 Months Ended				9 Months Ended
	Feb. 18, 2022	Sep. 14, 2021	Sep. 09, 2021	Mar. 04, 2021	Sep. 28, 2020	Jun. 17, 2020	May 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock
Total number of common and preferred shares authorized (in shares)								1,400,000,000				1,400,000,000
Common stock, shares authorized (in shares)								1,350,000,000				1,350,000,000		1,350,000,000
Common stock, par value (in dollars per share)								$ 0.01				$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)								50,000,000				50,000,000		50,000,000
Preferred stock, par value (in dollars per share)								$ 0.01				$ 0.01		$ 0.01
Aggregate offering value of shares									$ 6,572,231,000	$ 3,218,097,000	$ 2,384,815,000
Proceeds from issuance of common stock												$ 3,219,101,000	$ 2,386,129,000
ATM Stock Offering Program
Class of Stock
Maximum amount of shares to be sold							$ 1,000,000,000
Fair value of offering								$ 0				$ 0
Shares issued in IPO (in shares)										0	0		0
ATM Stock Offering Program | Plan
Class of Stock
Shares received from issuance of common stock (in shares)												15,299,787
ATM Stock Offering Program | August 2022 ATM Forward Sale Agreement
Class of Stock
Share price (in dollars per share)								$ 34.73				$ 34.73
Aggregate offering value of shares								$ 136,080,000
Offering forward price (in dollars per share)								$ 34.40				$ 34.40
Forward contract indexed to issuer's equity (in shares)								3,918,807
Forward contract indexed to issuer's equity, value								$ 134,800,000				$ 134,800,000
Offering forward price, net (in dollars per share)								$ 34.08				$ 34.08
Forward agreement on the proceeds from issuance of common stock												$ 133,500,000
Forward share agreements, payments for repurchase of common stock												$ 3,400,000
ATM Stock Offering Program | August 2022 ATM Forward Sale Agreement | Plan
Class of Stock
Shares received from issuance of common stock (in shares)												100,000
ATM Stock Offering Program | June 2022 ATM Forward Sale Agreement
Class of Stock
Share price (in dollars per share)									$ 32.28
Aggregate offering value of shares									$ 367,400,000
Offering forward price (in dollars per share)									$ 31.64
Forward contract indexed to issuer's equity (in shares)									11,380,980
Forward contract indexed to issuer's equity, value									$ 360,000,000
Offering forward price, net (in dollars per share)								$ 31.36				$ 31.36
Forward agreement on the proceeds from issuance of common stock												$ 356,900,000
Forward share agreements, payments for repurchase of common stock												$ 17,200,000
ATM Stock Offering Program | June 2022 ATM Forward Sale Agreement | Plan
Class of Stock
Shares received from issuance of common stock (in shares)												600,000
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		$ 3,400,000,000
Public Stock Offering
Class of Stock
Number of shares issued (in shares)		65,000,000
Sale of stock, consideration received on transaction		$ 1,859,000,000
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	$ 3,200,000,000
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	$ 1,390,600,000
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				$ 2,001,000,000
Proceeds from issuance of common stock	$ 1,828,600,000
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						$ 662,300,000
Proceeds from issuance of common stock			$ 526,900,000		$ 63,000,000
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		9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	628,942,092		628,942,092	536,669,722
Issuance of common stock upon physical settlement of forward sale agreements (in shares)			119,000,000	26,900,000
Issuance of common stock in connection with the REIT Mergers (in shares)			214,552,532	0
Ending balance (in shares)		628,944,887	963,093,424	628,944,887
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in primary follow-on offerings and restricted and unrestricted common stock under the stock incentive program, net of forfeitures (in shares)			598,800	375,165
ATM Stock Offering Program
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in primary follow-on offerings and restricted and unrestricted common stock under the stock incentive program, net of forfeitures (in shares)	0	0		0
ATM Stock Offering Program | Plan
Increase (Decrease) in Stockholders' Equity
Shares received from issuance of common stock (in shares)			15,299,787
Follow-On Offerings
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in primary follow-on offerings and restricted and unrestricted common stock under the stock incentive program, net of forfeitures (in shares)			0	65,000,000

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.3900	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3300	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common stock outstanding (in shares)	962,573,646	555,153,692	848,839,357	542,843,855
Assumed conversion of restricted stock (in shares)	989,000	891,000	795,000	920,000
Assumed settlement of forward sale agreements (in shares)	572,000	15,850,000	1,188,000	13,350,000
Diluted weighted-average shares of common stock outstanding (in shares)	964,134,340	571,894,545	850,823,037	557,113,510
VICI Properties LP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common stock outstanding (in shares)	974,805,019	555,153,692	855,783,910	542,843,855
Assumed conversion of restricted stock (in shares)	989,000	891,000	795,000	920,000
Assumed settlement of forward sale agreements (in shares)	572,000	15,850,000	1,188,000	13,350,000
Diluted weighted-average shares of common stock outstanding (in shares)	976,365,713	571,894,545	857,767,590	557,113,510

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic:
Net income attributable to common stockholders	$ 330,905	$ 161,862	$ 513,582	$ 732,372
Weighted-average common stock outstanding (in shares)	962,573,646	555,153,692	848,839,357	542,843,855
Basic EPS (in dollars per share)	$ 0.34	$ 0.29	$ 0.61	$ 1.35
Diluted:
Net income attributable to common stockholders	$ 330,905	$ 161,862	$ 513,582	$ 732,372
Diluted weighted-average shares of common stock outstanding (in shares)	964,134,340	571,894,545	850,823,037	557,113,510
Diluted EPS (in dollars per share)	$ 0.34	$ 0.28	$ 0.60	$ 1.31
VICI Properties LP
Basic:
Net income attributable to common stockholders	$ 334,271	$ 161,383	$ 509,584	$ 728,865
Weighted-average common stock outstanding (in shares)	974,805,019	555,153,692	855,783,910	542,843,855
Basic EPS (in dollars per share)	$ 0.34	$ 0.29	$ 0.60	$ 1.34
Diluted:
Net income attributable to common stockholders	$ 334,271	$ 161,383	$ 509,584	$ 728,865
Diluted weighted-average shares of common stock outstanding (in shares)	976,365,713	571,894,545	857,767,590	557,113,510
Diluted EPS (in dollars per share)	$ 0.34	$ 0.28	$ 0.59	$ 1.31

Earnings Per Share and Earnin_5

Earnings Per Share and Earnings Per Unit - Narrative (Details)	Sep. 30, 2022
Earnings Per Share [Abstract]
Ownership percentage	100%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs | $	$ 21.2
Weighted average period (in years)	2 years
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	12,750,000
Number of remaining shares authorized (in shares)	10,900,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 3,493	$ 2,395	$ 9,359	$ 7,067

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Shares
Beginning balance (in shares)	888	855
Granted (in shares)	874	493
Vested (in shares)	(385)	(371)
Forfeited (in shares)	(94)	(60)
Canceled (in shares)	0	0
Ending balance (in shares)	1,283	917
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.15	$ 21.48
Granted (in dollars per share)	27.81	18.83
Vested (in dollars per share)	23.95	19.41
Forfeited (in dollars per share)	23.05	19.90
Canceled (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 24.70	$ 21

Segment Information - Narrative

Segment Information - Narrative (Details) - 9 months ended Sep. 30, 2022	segment property	golfCourse
Segment Reporting Information
Number of reportable segments	2
Number of real estate properties (properties)	43	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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information
Revenues	$ 751,543			$ 375,704			$ 1,830,791	$ 1,126,414
Interest expense	(169,354)			(165,099)			(370,624)	(321,953)
Loss from extinguishment of debt	0			(15,622)			0	(15,622)
Income from unconsolidated affiliate	22,719			0			37,853	0
Income before income taxes	337,295			164,572			523,269	741,488
Income tax expense	(417)			(388)			(1,844)	(2,128)
Net income	336,878	$ (58,141)	$ 242,688	164,184	$ 303,077	$ 272,099	521,425	739,360
Depreciation	816			771			2,371	2,320
Total assets	37,307,982			17,548,804			37,307,982	17,548,804	$ 17,597,373
Total liabilities	15,245,685			5,420,018			15,245,685	5,420,018	$ 5,410,199
Real Property Business
Segment Reporting Information
Revenues	744,855			369,200			1,805,306	1,104,812
Interest expense	(169,354)			(165,099)			(370,624)	(321,953)
Loss from extinguishment of debt	0			(15,622)			0	(15,622)
Income from unconsolidated affiliate	22,719			0			37,853	0
Income before income taxes	336,489			163,953			516,278	736,991
Income tax expense	(245)			(245)			(328)	(1,128)
Net income	336,244			163,708			515,950	735,863
Depreciation	31			29			90	92
Total assets	37,205,177			17,453,567			37,205,177	17,453,567
Total liabilities	15,227,819			5,402,358			15,227,819	5,402,358
Golf Course Business
Segment Reporting Information
Revenues	6,688			6,504			25,485	21,602
Interest expense	0			0			0	0
Loss from extinguishment of debt	0			0			0	0
Income from unconsolidated affiliate	0			0			0	0
Income before income taxes	806			619			6,991	4,497
Income tax expense	(172)			(143)			(1,516)	(1,000)
Net income	634			476			5,475	3,497
Depreciation	785			742			2,281	2,228
Total assets	102,805			95,237			102,805	95,237
Total liabilities	$ 17,866			$ 17,660			$ 17,866	$ 17,660