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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 10-Q
_____________________________
| | | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2024
or
| | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________ to __________
Commission file number: 001-38372 (VICI Properties Inc.)
Commission file number: 333-264352-01 (VICI Properties L.P.)
_____________________________
VICI Properties Inc.
VICI Properties L.P.
(Exact name of registrant as specified in its charter)
_____________________________
| | | | | | | | |
Maryland | (VICI Properties Inc.) | 81-4177147 |
Delaware | (VICI Properties L.P.) | 35-2576503 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
535 Madison Avenue, 28th Floor New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (646) 949-4631
_____________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol | | Name of each exchange on which registered |
Common stock, $0.01 par value | | VICI | | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| | | | | | | | |
VICI Properties Inc. Yes ☒ No ☐ | | VICI Properties L.P. Yes ☒ No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
| | | | | | | | |
VICI Properties Inc. Yes ☒ No ☐ | | VICI Properties L.P. Yes ☒ No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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VICI Properties Inc. | | VICI Properties L.P. |
Large Accelerated Filer | ☒ | Accelerated filer | ☐ | | Large Accelerated Filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | | Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ | | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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VICI Properties Inc. ☐ | | VICI Properties L.P. ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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VICI Properties Inc. Yes ☐ No ☒ | | VICI Properties L.P. Yes ☐ No ☒ |
As of October 30, 2024, VICI Properties Inc. had 1,054,174,145 shares of common stock, $0.01 par value per share, outstanding. VICI Properties L.P. has no common stock outstanding.
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the three and nine months ended September 30, 2024 of VICI Properties Inc. and VICI Properties L.P. Unless stated otherwise or the context otherwise requires, references to “VICI” mean VICI Properties Inc. and its consolidated subsidiaries, including VICI Properties OP LLC (“VICI OP”), and references to “VICI LP” mean VICI Properties L.P. and its consolidated subsidiaries. Unless stated otherwise or the context otherwise requires, the terms “the Company,” “we,” “our” and “us” mean VICI and VICI LP, including, collectively, their consolidated subsidiaries.
In order to highlight the differences between VICI and VICI LP, the separate sections in this report for VICI and VICI LP described below specifically refer to VICI and VICI LP. In the sections that combine disclosure of VICI and VICI LP, this report refers to actions or holdings of VICI and VICI LP as being “our” actions or holdings. Although VICI LP is the entity that generally, directly or indirectly, enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets through VICI LP.
VICI is a real estate investment trust (“REIT”) that is the sole owner of VICI Properties GP LLC, the sole general partner of VICI LP. As of September 30, 2024, VICI owns 100% of the limited liability company interests of VICI Properties HoldCo LLC (“HoldCo”), which in turn owns approximately 98.8% of the limited liability company interest of VICI OP (such interests, “VICI OP Units”), our operating partnership, which in turns owns 100% of the limited partnership interest in VICI LP. The balance of the VICI OP Units not held by HoldCo are held by third-party unit holders.
The following diagram details VICI’s organizational structure as of September 30, 2024.
We believe combining the quarterly reports on Form 10-Q of VICI and VICI LP into this single report:
•enhances investors’ understanding of VICI and VICI LP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
We operate VICI and VICI LP as one business. Because VICI LP is managed by VICI, and VICI conducts substantially all of its operations and owns, either directly or through subsidiaries, substantially all of its assets indirectly through VICI LP, VICI’s executive officers are VICI LP’s executive officers, although, as a partnership, VICI LP does not have a board of directors.
We believe it is important to understand the few differences between VICI and VICI LP in the context of how VICI and VICI LP operate as a consolidated company. VICI is a REIT whose only material assets are its indirect interest in VICI LP, through which it conducts its real property business. VICI also conducts its golf course business through a taxable REIT subsidiary (a “TRS”), VICI Golf LLC, a Delaware limited liability company (“VICI Golf”). As a result, VICI does not conduct business itself other than issuing public equity from time to time and does not directly incur any material indebtedness, rather VICI LP
holds substantially all of our assets, except for those held in VICI Golf. Except for net proceeds from public equity issuances by VICI, VICI LP generates all capital required by the Company’s business, which sources include VICI LP’s operations and its direct or indirect incurrence of indebtedness.
VICI consolidates VICI LP for financial reporting purposes, and VICI does not have material assets other than its indirect investment in VICI LP. Therefore, while there are some areas of difference between the unaudited consolidated financial statements of VICI and those of VICI LP, the assets and liabilities of VICI and VICI LP are materially the same on their respective financial statements. As of September 30, 2024, the primary areas of difference between the unaudited consolidated financial statements of VICI and those of VICI LP were cash and cash equivalents, stockholders’ equity and partners’ capital, non-controlling interests and golf operations, which include the assets and liabilities and income and expenses of VICI Golf.
To help investors understand the differences between VICI and VICI LP, this report provides:
•separate consolidated financial statements for VICI and VICI LP;
•a single set of notes to such consolidated financial statements that includes separate discussions of stockholders’ equity or partners’ equity and per share and per unit data, as applicable;
•a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity, as applicable;
•separate Part I, Item 4. Controls and Procedures sections;
•separate Part II, Item 2. Issuer Purchases of Equity Securities sections related to each entity; and
•separate Exhibits 31 and 32 certifications for each of VICI and VICI LP in order to establish that the requisite certifications have been made and that VICI and VICI LP are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
The separate discussions of VICI and VICI LP in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business.
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VICI PROPERTIES INC. |
VICI PROPERTIES L.P. |
FORM 10-Q |
FOR THE QUARTER ENDED SEPTEMBER 30, 2024 |
TABLE OF CONTENTS |
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PART I FINANCIAL INFORMATION
Item 1. Financial Statements
VICI PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
Assets | | | |
Real estate portfolio: | | | |
Investments in leases - sales-type, net | $ | 23,429,732 | | | $ | 23,015,931 | |
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Investments in leases - financing receivables, net | 18,410,105 | | | 18,211,102 | |
Investments in loans and securities, net | 1,550,680 | | | 1,144,177 | |
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Land | 150,727 | | | 150,727 | |
Cash and cash equivalents | 355,667 | | | 522,574 | |
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Other assets | 1,021,195 | | | 1,015,330 | |
Total assets | $ | 44,918,106 | | | $ | 44,059,841 | |
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Liabilities | | | |
Debt, net | $ | 16,743,584 | | | $ | 16,724,125 | |
Accrued expenses and deferred revenue | 194,201 | | | 227,241 | |
Dividends and distributions payable | 457,977 | | | 437,599 | |
Other liabilities | 999,272 | | | 1,013,102 | |
Total liabilities | 18,395,034 | | | 18,402,067 | |
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Commitments and contingent liabilities (Note 10) | | | |
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Stockholders’ equity | | | |
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,047,172,481 and 1,042,702,763 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 10,472 | | | 10,427 | |
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2024 and December 31, 2023 | — | | | — | |
Additional paid-in capital | 24,247,840 | | | 24,125,872 | |
Accumulated other comprehensive income | 141,705 | | | 153,870 | |
Retained earnings | 1,711,277 | | | 965,762 | |
Total VICI stockholders’ equity | 26,111,294 | | | 25,255,931 | |
Non-controlling interests | 411,778 | | | 401,843 | |
Total stockholders’ equity | 26,523,072 | | | 25,657,774 | |
Total liabilities and stockholders’ equity | $ | 44,918,106 | | | $ | 44,059,841 | |
_______________________________________________________
Note: As of September 30, 2024 and December 31, 2023, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $740.2 million, $708.8 million, $21.8 million and $19.3 million, respectively, and $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details. See accompanying Notes to Consolidated Financial Statements.
VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenues | | | | | | | |
Income from sales-type leases | $ | 518,691 | | | $ | 500,212 | | | $ | 1,543,752 | | | $ | 1,473,961 | |
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Income from lease financing receivables, loans and securities | 419,115 | | | 378,502 | | | 1,242,151 | | | 1,122,703 | |
Other income | 19,315 | | | 18,179 | | | 57,950 | | | 55,043 | |
Golf revenues | 7,548 | | | 7,425 | | | 29,300 | | | 28,416 | |
Total revenues | 964,669 | | | 904,318 | | | 2,873,153 | | | 2,680,123 | |
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Operating expenses | | | | | | | |
General and administrative | 16,458 | | | 14,422 | | | 48,418 | | | 44,347 | |
Depreciation | 1,008 | | | 1,011 | | | 3,133 | | | 2,712 | |
Other expenses | 19,315 | | | 18,179 | | | 57,950 | | | 55,043 | |
Golf expenses | 6,824 | | | 6,332 | | | 20,148 | | | 18,874 | |
Change in allowance for credit losses | (31,626) | | | 95,997 | | | 32,292 | | | 166,119 | |
Transaction and acquisition expenses | 1,164 | | | 3,566 | | | 1,728 | | | 3,385 | |
Total operating expenses | 13,143 | | | 139,507 | | | 163,669 | | | 290,480 | |
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Income from unconsolidated affiliate | — | | | — | | | — | | | 1,280 | |
Interest expense | (207,317) | | | (204,927) | | | (617,976) | | | (612,881) | |
Interest income | 2,797 | | | 7,341 | | | 12,016 | | | 16,194 | |
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Other (losses) gains | (64) | | | (1,122) | | | 770 | | | 4,295 | |
Income before income taxes | 746,942 | | | 566,103 | | | 2,104,294 | | | 1,798,531 | |
Provision for income taxes | (2,461) | | | (644) | | | (7,257) | | | (3,630) | |
Net income | 744,481 | | | 565,459 | | | 2,097,037 | | | 1,794,901 | |
Less: Net income attributable to non-controlling interests | (11,583) | | | (9,130) | | | (32,821) | | | (29,130) | |
Net income attributable to common stockholders | $ | 732,898 | | | $ | 556,329 | | | $ | 2,064,216 | | | $ | 1,765,771 | |
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Net income per common share | | | | | | | |
Basic | $ | 0.70 | | | $ | 0.55 | | | $ | 1.98 | | | $ | 1.75 | |
Diluted | $ | 0.70 | | | $ | 0.55 | | | $ | 1.98 | | | $ | 1.75 | |
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Weighted average number of shares of common stock outstanding | | | | |
Basic | 1,046,626,838 | | | 1,012,986,784 | | | 1,043,921,660 | | | 1,007,110,068 | |
Diluted | 1,048,338,348 | | | 1,013,589,640 | | | 1,044,897,468 | | | 1,008,437,452 | |
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Other comprehensive income | | | | | | | |
Net income | $ | 744,481 | | | $ | 565,459 | | | $ | 2,097,037 | | | $ | 1,794,901 | |
Reclassification of derivative gain to Interest expense | (6,100) | | | (6,037) | | | (18,530) | | | (18,111) | |
Unrealized (loss) gain on cash flow hedges | (2,714) | | | 20,109 | | | 9,768 | | | 20,289 | |
Foreign currency translation adjustments | 2,258 | | | (1,348) | | | (3,559) | | | (1,280) | |
Comprehensive income | 737,925 | | | 578,183 | | | 2,084,716 | | | 1,795,799 | |
Comprehensive income attributable to non-controlling interests | (11,533) | | | (9,283) | | | (32,665) | | | (29,140) | |
Comprehensive income attributable to common stockholders | $ | 726,392 | | | $ | 568,900 | | | $ | 2,052,051 | | | $ | 1,766,659 | |
See accompanying Notes to Consolidated Financial Statements.
VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands, except share and per share data)
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| Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income | | Retained Earnings | | Total VICI Stockholders’ Equity | | Non-controlling Interests | | Total Stockholders’ Equity |
Balance as of December 31, 2023 | $ | 10,427 | | | $ | 24,125,872 | | | $ | 153,870 | | | $ | 965,762 | | | $ | 25,255,931 | | | $ | 401,843 | | | $ | 25,657,774 | |
Net income | — | | | — | | | — | | | 590,016 | | | 590,016 | | | 9,787 | | | 599,803 | |
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Reallocation of equity | — | | | 255 | | | — | | | — | | | 255 | | | (255) | | | — | |
Dividends and distributions declared ($0.4150 per common share) | — | | | — | | | — | | | (432,900) | | | (432,900) | | | (7,707) | | | (440,607) | |
Stock-based compensation, net of forfeitures | 4 | | | (1,252) | | | — | | | — | | | (1,248) | | | 44 | | | (1,204) | |
Reclassification of derivative gain to Interest expense | — | | | — | | | (5,976) | | | — | | | (5,976) | | | (70) | | | (6,046) | |
Unrealized gain on cash flow hedges | — | | | — | | | 12,341 | | | — | | | 12,341 | | | 141 | | | 12,482 | |
Foreign currency translation adjustments | — | | | — | | | (3,595) | | | — | | | (3,595) | | | (49) | | | (3,644) | |
Balance as of March 31, 2024 | 10,431 | | | 24,124,875 | | | 156,640 | | | 1,122,878 | | | 25,414,824 | | | 403,734 | | | 25,818,558 | |
Net income | — | | | — | | | — | | | 741,302 | | | 741,302 | | | 11,451 | | | 752,753 | |
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Reallocation of equity | — | | | (79) | | | — | | | — | | | (79) | | | 79 | | | — | |
Dividends and distributions declared ($0.4150 per common share) | — | | | — | | | — | | | (432,916) | | | (432,916) | | | (7,768) | | | (440,684) | |
Stock-based compensation, net of forfeitures | 1 | | | 4,193 | | | — | | | — | | | 4,194 | | | 49 | | | 4,243 | |
Reclassification of derivative gain to Interest expense | — | | | — | | | (6,316) | | | — | | | (6,316) | | | (68) | | | (6,384) | |
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Foreign currency translation adjustments | — | | | — | | | (2,113) | | | — | | | (2,113) | | | (60) | | | (2,173) | |
Balance as of June 30, 2024 | 10,432 | | | 24,128,989 | | | 148,211 | | | 1,431,264 | | | 25,718,896 | | | 407,417 | | | 26,126,313 | |
Net income | — | | | — | | | — | | | 732,898 | | | 732,898 | | | 11,583 | | | 744,481 | |
Issuance of common stock, net | 40 | | | 115,071 | | | — | | | — | | | 115,111 | | | — | | | 115,111 | |
Reallocation of equity | — | | | (759) | | | — | | | — | | | (759) | | | 759 | | | — | |
Dividends and distributions declared ($0.4325 per common share) | — | | | — | | | — | | | (452,885) | | | (452,885) | | | (7,984) | | | (460,869) | |
Stock-based compensation, net of forfeitures | — | | | 4,539 | | | — | | | — | | | 4,539 | | | 53 | | | 4,592 | |
Reclassification of derivative gain to Interest expense | — | | | — | | | (6,030) | | | — | | | (6,030) | | | (70) | | | (6,100) | |
Unrealized loss on cash flow hedges | — | | | — | | | (2,681) | | | — | | | (2,681) | | | (33) | | | (2,714) | |
Foreign currency translation adjustments | — | | | — | | | 2,205 | | | — | | | 2,205 | | | 53 | | | 2,258 | |
Balance as of September 30, 2024 | $ | 10,472 | | | $ | 24,247,840 | | | $ | 141,705 | | | $ | 1,711,277 | | | $ | 26,111,294 | | | $ | 411,778 | | | $ | 26,523,072 | |
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VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(UNAUDITED)
(In thousands, except share and per share data)
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| Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income | | Retained Earnings | | Total VICI Stockholders’ Equity | | Non-controlling Interests | | Total Stockholders’ Equity |
Balance as of December 31, 2022 | $ | 9,631 | | | $ | 21,645,499 | | | $ | 185,353 | | | $ | 93,154 | | | $ | 21,933,637 | | | $ | 356,476 | | | $ | 22,290,113 | |
Net income | — | | | — | | | — | | | 518,740 | | | 518,740 | | | 9,121 | | | 527,861 | |
Issuance of common stock, net | 406 | | | 1,271,066 | | | — | | | — | | | 1,271,472 | | | — | | | 1,271,472 | |
Reallocation of equity | — | | | (4,936) | | | — | | | — | | | (4,936) | | | 4,936 | | | — | |
Dividends and distributions declared ($0.3900 per common share) | — | | | — | | | — | | | (391,640) | | | (391,640) | | | (7,048) | | | (398,688) | |
Stock-based compensation, net of forfeitures | 5 | | | (1,120) | | | — | | | — | | | (1,115) | | | (14) | | | (1,129) | |
Reclassification of derivative gain to Interest expense | — | | | — | | | (5,964) | | | — | | | (5,964) | | | (73) | | | (6,037) | |
Unrealized loss on cash flow hedges | — | | | — | | | (7,304) | | | — | | | (7,304) | | | (89) | | | (7,393) | |
Foreign currency translation adjustments | — | | | — | | | (1,644) | | | — | | | (1,644) | | | (20) | | | (1,664) | |
Balance as of March 31, 2023 | 10,042 | | | 22,910,509 | | | 170,441 | | | 220,254 | | | 23,311,246 | | | 363,289 | | | 23,674,535 | |
Net income | — | | | — | | | — | | | 690,702 | | | 690,702 | | | 10,879 | | | 701,581 | |
Issuance of common stock, net | 32 | | | 101,435 | | | — | | | — | | | 101,467 | | | — | | | 101,467 | |
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Reallocation of equity | — | | | (651) | | | — | | | — | | | (651) | | | 651 | | | — | |
Dividends and distributions declared ($0.3900 per common share) | — | | | — | | | — | | | (392,897) | | | (392,897) | | | (7,048) | | | (399,945) | |
Stock-based compensation, net of forfeitures | — | | | 3,620 | | | — | | | — | | | 3,620 | | | 49 | | | 3,669 | |
Reclassification of derivative gain to Interest expense | — | | | — | | | (5,964) | | | — | | | (5,964) | | | (73) | | | (6,037) | |
Unrealized gain on cash flow hedges | — | | | — | | | 7,482 | | | — | | | 7,482 | | | 91 | | | 7,573 | |
Foreign currency translation adjustments | — | | | — | | | 1,711 | | | — | | | 1,711 | | | 21 | | | 1,732 | |
Balance as of June 30, 2023 | 10,074 | | | 23,014,913 | | | 173,670 | | | 518,059 | | | 23,716,716 | | | 367,859 | | | 24,084,575 | |
Net income | — | | | — | | | — | | | 556,329 | | | 556,329 | | | 9,130 | | | 565,459 | |
Issuance of common stock, net | 94 | | | 298,159 | | | — | | | — | | | 298,253 | | | — | | | 298,253 | |
Reallocation of equity | — | | | (897) | | | — | | | — | | | (897) | | | 897 | | | — | |
Distribution to non-controlling interest | — | | | — | | | — | | | — | | | — | | | | | — | |
Dividends and distributions declared ($0.4150 per common share) | — | | | — | | | — | | | (421,986) | | | (421,986) | | | (7,354) | | | (429,340) | |
Stock-based compensation, net of forfeitures | — | | | 3,965 | | | — | | | — | | | 3,965 | | | 46 | | | 4,011 | |
Reclassification of derivative gain to Interest expense | — | | | — | | | (5,965) | | | — | | | (5,965) | | | (72) | | | (6,037) | |
Unrealized gain on cash flow hedges | — | | | — | | | 19,870 | | | — | | | 19,870 | | | 239 | | | 20,109 | |
Foreign currency translation adjustments | — | | | — | | | (1,334) | | | — | | | (1,334) | | | (14) | | | (1,348) | |
Balance as of September 30, 2023 | $ | 10,168 | | | $ | 23,316,140 | | | $ | 186,241 | | | $ | 652,402 | | | $ | 24,164,951 | | | $ | 370,731 | | | $ | 24,535,682 | |
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See accompanying Notes to Consolidated Financial Statements.
VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
Cash flows from operating activities | | | |
Net income | $ | 2,097,037 | | | $ | 1,794,901 | |
Adjustments to reconcile net income to cash flows provided by operating activities: | | | |
Non-cash leasing and financing adjustments | (402,839) | | | (383,688) | |
Stock-based compensation | 12,973 | | | 11,517 | |
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Depreciation | 3,133 | | | 2,712 | |
Other gains | (770) | | | (4,295) | |
Amortization of debt issuance costs and original issue discount | 34,175 | | | 35,415 | |
Change in allowance for credit losses | 32,292 | | | 166,119 | |
Net proceeds from settlement of derivatives | 2,827 | | | — | |
Deferred income taxes | 4,234 | | | — | |
Income from unconsolidated affiliate | — | | | (1,280) | |
Distributions from unconsolidated affiliate | — | | | 3,273 | |
Change in operating assets and liabilities: | | | |
Other assets | (5,910) | | | 134 | |
Accrued expenses and deferred revenue | (39,573) | | | (14,230) | |
Other liabilities | (178) | | | (6,061) | |
Net cash provided by operating activities | 1,737,401 | | | 1,604,517 | |
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Cash flows from investing activities | | | |
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition | — | | | (1,266,905) | |
Investments in leases - sales-type | (261,800) | | | (231,215) | |
Investments in leases - financing receivables | (248) | | | (365,827) | |
Investments in loans and securities | (473,727) | | | (702,112) | |
| | | |
Principal repayments of loans and receipts of deferred fees | 80,750 | | | 400,250 | |
Capitalized transaction costs | (2,091) | | | (759) | |
Investments in short-term investments | (29,579) | | | — | |
Maturities of short-term investments | 29,579 | | | 217,342 | |
Proceeds from sale of real estate | 952 | | | 6,235 | |
Acquisition of property and equipment | (6,442) | | | (1,894) | |
Net cash used in investing activities | (662,606) | | | (1,944,885) | |
| | | |
VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
| | | | | | | | | | | |
Cash flows from financing activities | | | |
Proceeds from offering of common stock, net | 115,112 | | | 1,672,417 | |
Proceeds from March 2024 Notes offering | 1,028,533 | | | — | |
Proceeds from Revolving Credit Facility | 82,200 | | | 408,204 | |
Redemption of senior unsecured notes | (1,050,000) | | | — | |
Repayment of Revolving Credit Facility | (85,881) | | | (250,000) | |
Debt issuance costs | (3,288) | | | — | |
Repurchase of stock for tax withholding | (5,341) | | | (4,966) | |
Distributions to non-controlling interests | (23,245) | | | (21,450) | |
Dividends paid | (1,300,317) | | | (1,161,764) | |
Net cash (used in) provided by financing activities | (1,242,227) | | | 642,441 | |
| | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 525 | | | (122) | |
| | | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (166,907) | | | 301,951 | |
Cash, cash equivalents and restricted cash, beginning of period | 522,574 | | | 208,933 | |
Cash, cash equivalents and restricted cash, end of period | $ | 355,667 | | | $ | 510,884 | |
| | | |
Supplemental cash flow information: | | | |
Cash paid for interest | $ | 595,391 | | | $ | 563,935 | |
Cash paid for income taxes | $ | 3,338 | | | $ | 4,896 | |
Supplemental non-cash investing and financing activity: | | | |
Dividends and distributions declared, not paid | $ | 458,192 | | | $ | 427,060 | |
Debt issuance costs payable | $ | 80 | | | $ | — | |
Accrued capitalized transaction costs | $ | 6,448 | | | $ | 4,418 | |
| | | |
Non-cash change in Investments in leases - financing receivables | $ | 212,400 | | | $ | 206,771 | |
Obtaining right-of-use assets in exchange for lease liabilities | $ | — | | | $ | 22,968 | |
See accompanying Notes to Consolidated Financial Statements.
VICI PROPERTIES L.P.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except unit and per unit data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
Assets | | | |
Real estate portfolio: | | | |
Investments in leases - sales-type, net | $ | 23,429,732 | | | $ | 23,015,931 | |
| | | |
Investments in leases - financing receivables, net | 18,410,105 | | | 18,211,102 | |
Investments in loans and securities, net | 1,550,680 | | | 1,144,177 | |
| | | |
Land | 150,727 | | | 150,727 | |
Cash and cash equivalents | 348,651 | | | 471,584 | |
| | | |
| | | |
Other assets | 942,549 | | | 936,528 | |
Total assets | $ | 44,832,444 | | | $ | 43,930,049 | |
| | | |
Liabilities | | | |
Debt, net | $ | 16,743,584 | | | $ | 16,724,125 | |
Accrued expenses and deferred revenue | 190,764 | | | 222,333 | |
Distributions payable | 457,977 | | | 437,599 | |
Other liabilities | 984,672 | | | 998,363 | |
Total liabilities | 18,376,997 | | | 18,382,420 | |
| | | |
Commitments and contingent liabilities (Note 10) | | | |
| | | |
Partners’ Capital | | | |
Partners’ capital, 1,059,403,854 and 1,054,934,136 operating partnership units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 26,208,082 | | | 25,288,647 | |
Accumulated other comprehensive income | 141,029 | | | 153,350 | |
Total VICI LP’s capital | 26,349,111 | | | 25,441,997 | |
Non-controlling interest | 106,336 | | | 105,632 | |
Total capital attributable to partners | 26,455,447 | | | 25,547,629 | |
Total liabilities and partners’ capital | $ | 44,832,444 | | | $ | 43,930,049 | |
_______________________________________________________
Note: As of September 30, 2024 and December 31, 2023, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $740.2 million, $708.8 million, $21.8 million and $19.3 million, respectively, and $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except unit and per unit data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenues | | | | | | | |
Income from sales-type leases | $ | 518,691 | | | $ | 500,212 | | | $ | 1,543,752 | | | $ | 1,473,961 | |
| | | | | | | |
Income from lease financing receivables, loans and securities | 419,115 | | | 378,502 | | | 1,242,151 | | | 1,122,703 | |
Other income | 19,315 | | | 18,179 | | | 57,950 | | | 55,043 | |
Total revenues | 957,121 | | | 896,893 | | | 2,843,853 | | | 2,651,707 | |
| | | | | | | |
Operating expenses | | | | | | | |
General and administrative | 16,366 | | | 14,422 | | | 48,255 | | | 44,347 | |
Depreciation | 125 | | | 177 | | | 570 | | | 270 | |
Other expenses | 19,315 | | | 18,179 | | | 57,950 | | | 55,043 | |
Change in allowance for credit losses | (31,626) | | | 95,997 | | | 32,292 | | | 166,119 | |
Transaction and acquisition expenses | 1,164 | | | 3,566 | | | 1,728 | | | 3,385 | |
Total operating expenses | 5,344 | | | 132,341 | | | 140,795 | | | 269,164 | |
| | | | | | | |
Income from unconsolidated affiliate | — | | | — | | | — | | | 1,280 | |
Interest expense | (207,317) | | | (204,927) | | | (617,976) | | | (612,881) | |
Interest income | 2,624 | | | 6,685 | | | 10,485 | | | 14,399 | |
Other (losses) gains | (64) | | | (1,122) | | | 770 | | | 4,295 | |
Income before income taxes | 747,020 | | | 565,188 | | | 2,096,337 | | | 1,789,636 | |
Provision for income taxes | (2,480) | | | (417) | | | (5,775) | | | (1,981) | |
Net income | 744,540 | | | 564,771 | | | 2,090,562 | | | 1,787,655 | |
Less: Net income attributable to non-controlling interests | (3,021) | | | (2,421) | | | (8,722) | | | (7,747) | |
Net income attributable to partners | $ | 741,519 | | | $ | 562,350 | | | $ | 2,081,840 | | | $ | 1,779,908 | |
| | | | | | | |
Net income per Partnership unit | | | | | | | |
Basic | $ | 0.70 | | | $ | 0.55 | | | $ | 1.97 | | | $ | 1.75 | |
Diluted | $ | 0.70 | | | $ | 0.55 | | | $ | 1.97 | | | $ | 1.74 | |
| | | | | | | |
Weighted average number of Partnership units outstanding | | | | |
Basic | 1,058,858,211 | | | 1,025,218,157 | | 1,056,153,033 | | | 1,019,341,441 |
Diluted | 1,060,569,721 | | | 1,025,821,013 | | 1,057,128,841 | | | 1,020,668,825 |
| | | | | | | |
Other comprehensive income | | | | | | | |
Net income attributable to partners | $ | 741,519 | | | $ | 562,350 | | | $ | 2,081,840 | | | $ | 1,779,908 | |
Reclassification of derivative gain to Interest expense | (6,100) | | | (6,037) | | | (18,530) | | | (18,111) | |
Unrealized (loss) gain on cash flow hedges | (2,714) | | | 20,109 | | | 9,768 | | | 20,289 | |
Foreign currency translation adjustments, net | 2,258 | | | (1348) | | | (3,559) | | | (1,280) | |
Comprehensive income attributable to partners | $ | 734,963 | | | $ | 575,074 | | | $ | 2,069,519 | | | $ | 1,780,806 | |
See accompanying Notes to Consolidated Financial Statements.
VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Partners’ Capital | | Accumulated Other Comprehensive Income | | Non-Controlling Interest | | Total |
Balance as of December 31, 2023 | $ | 25,288,647 | | | $ | 153,350 | | | $ | 105,632 | | | $ | 25,547,629 | |
Net income | 594,142 | | | — | | | 2,898 | | | 597,040 | |
| | | | | | | |
Distributions to Parent | (440,283) | | | — | | | — | | | (440,283) | |
Distributions to non-controlling interest | — | | | — | | | (2,630) | | | (2,630) | |
Stock-based compensation, net of forfeitures | (1,204) | | | — | | | — | | | (1,204) | |
Reclassification of derivative gain to Interest expense | — | | | (6,046) | | | — | | | (6,046) | |
Unrealized gain on cash flow hedges | — | | | 12,482 | | | — | | | 12,482 | |
Foreign currency translation adjustments | — | | | (3,644) | | | — | | | (3,644) | |
Balance as of March 31, 2024 | 25,441,302 | | | 156,142 | | | 105,900 | | | 25,703,344 | |
Net income | 746,179 | | | — | | | 2,803 | | | 748,982 | |
Contributions from parent | 147 | | | — | | | — | | | 147 | |
Distributions to parent | (438,049) | | | — | | | — | | | (438,049) | |
Distributions to non-controlling interest | — | | | — | | | (2,693) | | | (2,693) | |
Stock-based compensation, net of forfeitures | 4,243 | | | — | | | — | | | 4,243 | |
Reclassification of derivative gain to Interest expense | — | | | (6,384) | | | — | | | (6,384) | |
| | | | | | | |
Foreign currency translation adjustments | — | | | (2,173) | | | — | | | (2,173) | |
Balance as of June 30, 2024 | 25,753,822 | | | 147,585 | | | 106,010 | | | 26,007,417 | |
Net income | 741,519 | | | — | | | 3,021 | | | 744,540 | |
Contributions from parent | 166,405 | | | — | | | — | | | 166,405 | |
Distributions to parent | (458,256) | | | — | | | — | | | (458,256) | |
Distributions to non-controlling interest | — | | | — | | | (2,695) | | | (2,695) | |
Stock-based compensation, net of forfeitures | 4,592 | | | — | | | — | | | 4,592 | |
Reclassification of derivative gain to Interest expense | — | | | (6,100) | | | — | | | (6,100) | |
Unrealized loss on cash flow hedges | — | | | (2,714) | | | — | | | (2,714) | |
Foreign currency translation adjustments | — | | | 2,258 | | | — | | | 2,258 | |
Balance as of September 30, 2024 | $ | 26,208,082 | | | $ | 141,029 | | | $ | 106,336 | | | $ | 26,455,447 | |
| | | | | | | |
VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Partners’ Capital | | Accumulated Other Comprehensive Income | | Non-Controlling Interest | | Total |
Balance as of December 31, 2022 | $ | 21,900,511 | | | $ | 185,201 | | | $ | 79,504 | | | $ | 22,165,216 | |
Net income | 522,076 | | | — | | | 2,839 | | | 524,915 | |
Contributions from Parent | 1,303,243 | | | — | | | — | | | 1,303,243 | |
Distributions to Parent | (408,519) | | | — | | | — | | | (408,519) | |
Distributions to non-controlling interest | — | | | — | | | (2,278) | | | (2,278) | |
Stock-based compensation, net of forfeitures | (1,129) | | | — | | | — | | | (1,129) | |
Reclassification of derivative gain to Interest expense | — | | | (6,037) | | | — | | | (6,037) | |
Unrealized loss on cash flow hedges | — | | | (7,393) | | | — | | | (7,393) | |
Foreign currency translation adjustments | — | | | (1,664) | | | — | | | (1,664) | |
Balance as of March 31, 2023 | 23,316,182 | | | 170,107 | | | 80,065 | | | 23,566,354 | |
Net income | 695,482 | | | — | | | 2,487 | | | 697,969 | |
Contributions from parent | 103,053 | | | — | | | — | | | 103,053 | |
Distributions to parent | (397,810) | | | — | | | — | | | (397,810) | |
Distributions to non-controlling interest | — | | | — | | | (2,278) | | | (2,278) | |
Stock-based compensation, net of forfeitures | 3,669 | | | — | | | — | | | 3,669 | |
Reclassification of derivative gain to Interest expense | — | | | (6,037) | | | — | | | (6,037) | |
Unrealized gain on cash flow hedges | — | | | 7,573 | | | — | | | 7,573 | |
Foreign currency translation adjustments | — | | | 1,732 | | | — | | | 1,732 | |
Balance as of June 30, 2023 | 23,720,576 | | | |