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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 March 31, 2022
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, 20th 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 classTrading SymbolName 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  
* VICI Properties L.P. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the period it has been subject to such requirements, which has been for less than 90 days.
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):
VICI Properties Inc.VICI Properties L.P.
Large Accelerated FilerAccelerated filerLarge Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting companyNon-accelerated filerSmaller reporting company
Emerging growth companyEmerging 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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
VICI Properties Inc. Yes      No   
VICI Properties L.P.  Yes     No   
As of May 3, 2022, VICI Properties Inc. had 963,002,113 shares of common stock, $0.01 par value per share, outstanding. VICI Properties L.P. has no common stock outstanding.
1


EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the three months ended March 31, 2022 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 generally the entity that 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 “General Partner”), the sole general partner of VICI LP. As of March 31, 2022, VICI beneficially owned 100% of the outstanding limited partnership units in VICI LP. Subsequent to quarter-end, on April 29, 2022, in connection with the closing of the MGP Transactions (as defined below), VICI contributed its interest in VICI LP to VICI OP, which, as of such date, serves as our new operating partnership and, therefore, is now the entity through which we operate substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. After taking into account the effects of the MGP Transactions, VICI owns 100% of the limited liability company interests of VICI Properties HoldCo LLC (“HoldCo”), which in turn owns 98.7% of the limited liability company interest of VICI OP (such interests, “VICI OP Units”), 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 MGM Resorts International.
The following diagram details VICI’s organizational structure subsequent to the closing of the MGP Transactions on April 29, 2022.
vici-20220331_g1.gif
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.
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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, which following the closing of the MGP Transactions are contributed to VICI OP (and indirectly to VICI LP) in exchange for VICI OP Units, 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 March 31, 2022, the primary areas of difference between the unaudited Consolidated Financial Statements of VICI and those of VICI LP were equity, capital and golf income and expense.
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 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.
3

VICI PROPERTIES INC.
VICI PROPERTIES L.P.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2022
TABLE OF CONTENTS
Page
4

PART I        FINANCIAL INFORMATION
Item 1.        Financial Statements
VICI PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share data)


March 31, 2022December 31, 2021
Assets
Real estate portfolio:
Investments in leases - sales-type, net$17,113,699 $13,136,664 
Investments in leases - financing receivables, net2,650,633 2,644,824 
Investments in loans, net513,128 498,002 
Land153,576 153,576 
Cash and cash equivalents568,702 739,614 
Other assets741,583 424,693 
Total assets$21,741,321 $17,597,373 
Liabilities
Debt, net$5,297,014 $4,694,523 
Accrued expenses and deferred revenue99,062 113,530 
Dividends payable269,276 226,309 
Other liabilities592,183 375,837 
Total liabilities6,257,535 5,410,199 
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 748,413,311 and 628,942,092 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
7,484 6,289 
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at March 31, 2022 and December 31, 2021
  
Additional paid-in capital14,971,890 11,755,069 
Accumulated other comprehensive income109,495 884 
Retained earnings315,809 346,026 
Total VICI stockholders’ equity15,404,678 12,108,268 
Non-controlling interest79,108 78,906 
Total stockholders’ equity15,483,786 12,187,174 
Total liabilities and stockholders’ equity$21,741,321 $17,597,373 
_______________________________________________________
Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
See accompanying Notes to Consolidated Financial Statements.
5

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except share and per share data)
Three Months Ended March 31,
20222021
Revenues
Income from sales-type leases$326,735 $290,146 
Income from lease financing receivables and loans72,878 70,377 
Other income8,386 6,974 
Golf revenues8,626 6,813 
Total revenues416,625 374,310 
Operating expenses
General and administrative9,466 8,085 
Depreciation776 792 
Other expenses8,386 6,974 
Golf expenses5,285 4,506 
Change in allowance for credit losses80,820 (4,380)
Transaction and acquisition expenses755 8,721 
Total operating expenses105,488 24,698 
Interest expense(68,142)(77,048)
Interest income93 19 
Income before income taxes243,088 272,583 
Income tax expense(400)(484)
Net income242,688 272,099 
Less: Net income attributable to non-controlling interest(2,305)(2,298)
Net income attributable to common stockholders $240,383 $269,801 
Net income per common share
Basic $0.35 $0.50 
Diluted $0.35 $0.50 
Weighted average number of shares of common stock outstanding
Basic684,341,045 536,480,505 
Diluted687,914,683 544,801,802 
Other comprehensive income
Net income attributable to common stockholders $240,383 $269,801 
Unrealized gain on cash flow hedges108,611 12,378 
Comprehensive income attributable to common stockholders$348,994 $282,179 
See accompanying Notes to Consolidated Financial Statements.
6

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands, except share and per share data)
Common Stock Additional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal VICI Stockholders’ EquityNon-controlling InterestTotal Stockholders’ Equity
Balance as of December 31, 2020$5,367 $9,363,539 $(92,521)$139,454 $9,415,839 $77,906 $9,493,745 
Net income— — — 269,801 269,801 2,298 272,099 
Distributions to non-controlling interest— — — — — (2,071)(2,071)
Dividends declared ($0.3300 per common share)
— — — (177,217)(177,217)— (177,217)
Stock-based compensation, net of forfeitures3 755 — — 758 — 758 
Unrealized gain on cash flow hedges— — 12,378 — 12,378 — 12,378 
Balance as of March 31, 2021$5,370 $9,364,294 $(80,143)$232,038 $9,521,559 $78,133 $9,599,692 
Balance as of December 31, 2021$6,289 $11,755,069 $884 $346,026 $12,108,268 $78,906 $12,187,174 
Net income— — — 240,383 240,383 2,305 242,688 
Issuance of common stock, net1,190 3,216,907 — — 3,218,097 — 3,218,097 
Distributions to non-controlling interest— — — — — (2,103)(2,103)
Dividends declared ($0.3600 per common share)
— — — (270,600)(270,600)— (270,600)
Stock-based compensation, net of forfeitures5 (86)— — (81)— (81)
Unrealized gain on cash flow hedges— — 108,611 — 108,611 — 108,611 
Balance as of March 31, 2022$7,484 $14,971,890 $109,495 $315,809 $15,404,678 $79,108 $15,483,786 
See accompanying Notes to Consolidated Financial Statements.
7

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Three Months Ended March 31,
20222021
Cash flows from operating activities
Net income$242,688 $272,099 
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments (35,564)(28,134)
Stock-based compensation2,630 2,277 
Depreciation 776 792 
Amortization of debt issuance costs and original issue discount15,977 6,691 
Change in allowance for credit losses80,820 (4,380)
Change in operating assets and liabilities:
Other assets(2,057)(1,539)
Accrued expenses and deferred revenue(7,170)(92,513)
Other liabilities73 433 
Net cash provided by operating activities298,173 155,726 
Cash flows from investing activities
Investments in leases - sales-type(4,012,096) 
Investments in leases - financing receivables (6,000)
Investments in loans(15,559) 
Principal repayments of lease financing receivables 282 
Principal repayments of loans and receipts of deferred fees 20,000 
Capitalized transaction costs(136)(599)
Maturities of short-term investments 19,973 
Acquisition of property and equipment(454)(1,247)
Net cash (used in) provided by investing activities(4,028,245)32,409 
Cash flows from financing activities
Proceeds from offering of common stock, net3,219,123  
Proceeds from Revolving Credit Facility600,000  
Debt issuance costs(27,285) 
Repurchase of stock for tax withholding(2,712)(1,519)
Distributions to non-controlling interest(2,103)(2,071)
Dividends paid(227,863)(178,008)
Net cash provided by (used in) financing activities3,559,160 (181,598)
Net (decrease) increase in cash, cash equivalents and restricted cash(170,912)6,537 
Cash, cash equivalents and restricted cash, beginning of period739,614 315,993 
Cash, cash equivalents and restricted cash, end of period$568,702 $322,530 
8

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)

Supplemental cash flow information:
Cash paid for interest $48,921 $69,704 
Cash paid for income taxes$2 $ 
Supplemental non-cash investing and financing activity:
Dividends declared, not paid $269,429 $177,217 
Debt issuance costs payable$465 $17,341 
Deferred transaction costs payable$2,219 $3,595 
Non-cash change in Investments in leases - financing receivables$6,696 $4,673 
Lease liabilities arising from obtaining right-of-use assets$208,949 $ 
See accompanying Notes to Consolidated Financial Statements.
9

VICI PROPERTIES L.P.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except unit and per unit data)

March 31, 2022December 31, 2021
Assets
Real estate portfolio:
Investments in leases - sales-type, net$17,113,699 $13,136,664 
Investments in leases - financing receivables, net2,650,633 2,644,824 
Investments in loans, net513,128 498,002 
Land153,576 153,576 
Cash and cash equivalents533,807 705,566 
Other assets661,678 344,014 
Total assets$21,626,521 $17,482,646 
Liabilities
Debt, net$5,297,014 $4,694,523 
Accrued expenses and deferred revenue95,258 110,056 
Distributions payable269,276 226,309 
Other liabilities577,547 361,270 
Total liabilities6,239,095 5,392,158 
Commitments and contingent liabilities (Note 10)
Partners’ Capital
Partners’ capital, 748,413,311 and 628,942,092 operating partnership units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
15,198,823 12,010,698 
Accumulated other comprehensive income109,495 884 
Total VICI LP’s capital15,308,318 12,011,582 
Non-controlling interest79,108 78,906 
Total capital attributable to partners15,387,426 12,090,488 
Total liabilities and partners’ capital$21,626,521 $17,482,646 
_______________________________________________________
Note: As of March 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $504.2 million, $92.0 million, $1.1 million and $8.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
10

VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except unit and per unit data)
Three Months Ended March 31,
20222021
Revenues
Income from sales-type leases$326,735 $290,146 
Income from lease financing receivables and loans72,878 70,377 
Other income8,386 6,974 
Total revenues407,999 367,497 
Operating expenses
General and administrative9,466 8,085 
Depreciation30 32 
Other expenses8,386 6,974 
Change in allowance for credit losses80,820 (4,380)
Transaction and acquisition expenses755 8,721 
Total operating expenses99,457 19,432 
Interest expense(68,142)(77,048)
Interest income90 16 
Income before income taxes240,490 271,033 
Income tax expense162 (142)
Net income240,652 270,891 
Less: Net income attributable to non-controlling interest(2,305)(2,298)
Net income attributable to partners$238,347 $268,593 
Net income per Partnership unit
Basic$0.35 $0.50 
Diluted$0.35 $0.49 
Weighted average number of Partnership units outstanding
Basic684,341,045 536,480,505
Diluted687,914,683 544,801,802
Other comprehensive income
Net income attributable to partners$238,347 $268,593 
Unrealized gain on cash flow hedges108,611 12,378 
Comprehensive income attributable to partners$346,958 $280,971 
See accompanying Notes to Consolidated Financial Statements.
11

VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
Partners’ CapitalAccumulated Other Comprehensive Income (Loss)Non-Controlling InterestTotal
Balance as of December 31, 2020$9,417,794 $(92,521)$77,906 $9,403,179 
Net income268,593 — 2,298.000 270,891 
Contributions from parent13,173 — — 13,173 
Distributions to parent(189,915)— — (189,915)
Distributions to non-controlling interest— — (2,071)(2,071)
Stock-based compensation, net of forfeitures2,252 — — 2,252 
Unrealized gain on cash flow hedges— 12,378 — 12,378 
Balance as of March 31, 2021$9,511,897 $(80,143)$78,133 $9,509,887 
Balance as of December 31, 2021$12,010,698 $884 $78,906 $12,090,488 
Net income238,348 — 2,305 240,653 
Contributions from parent3,229,165 — — 3,229,165 
Distributions to parent(281,990)— — (281,990)
Distributions to non-controlling interest— — (2,103)(2,103)
Stock-based compensation, net of forfeitures2,602 — — 2,602 
Unrealized gain on cash flow hedges— 108,611 — 108,611 
Balance as of March 31, 2022$15,198,823 $109,495 $79,108 $15,387,426 
See accompanying Notes to Consolidated Financial Statements.
12

VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Three Months Ended March 31,
20222021
Cash flows from operating activities
Net income$240,652 $270,891 
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments (35,564)(28,134)
Stock-based compensation2,602 2,252 
Depreciation 30 32 
Amortization of debt issuance costs and original issue discount15,977 6,692 
Change in allowance for credit losses80,820 (4,380)
Change in operating assets and liabilities:
Other assets(1,513)(1,095)
Accrued expenses and deferred revenue(9,790)(89,781)
Other liabilities4 (127)
Net cash provided by operating activities293,218 156,350 
Cash flows from investing activities
Investments in leases - sales-type(4,012,096) 
Investments in leases - financing receivables (6,000)
Investments in loans(15,559) 
Principal repayments of lease financing receivables 282 
Principal repayments of loans and receipts of deferred fees 20,000 
Capitalized transaction costs(136)(599)
Maturities of short-term investments 19,973 
Acquisition of property and equipment (13)
Net cash (used in) provided by investing activities(4,027,791)33,643 
Cash flows from financing activities
Proceeds from Revolving Credit Facility600,000  
Contributions from Parent3,219,202  
Distribution to Parent(227,000)(177,000)
Debt issuance costs(27,285) 
Distributions to non-controlling interests(2,103)(2,071)
Net cash provided by (used in) financing activities3,562,814 (179,071)
Net (decrease) increase in cash, cash equivalents and restricted cash(171,759)10,922 
Cash, cash equivalents and restricted cash, beginning of period705,566 286,245 
Cash, cash equivalents and restricted cash, end of period$533,807 $297,167 
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VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Supplemental cash flow information:
Cash paid for interest $48,921 $69,704 
Cash paid for income taxes$2 $ 
Supplemental non-cash investing and financing activity:
Distributions payable$269,276 $177,089 
Debt issuance costs payable$465 $17,341 
Deferred transaction costs payable$2,219 $3,595 
Non-cash change in Investments in leases - financing receivables$6,696 $4,673 
Lease liabilities arising from obtaining right-of-use assets$208,949 $ 
See accompanying Notes to Consolidated Financial Statements.
14

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

In these notes, the words the “Company,” “VICI,” “we,” “our,” and “us” refer to VICI Properties Inc. and its subsidiaries, including VICI LP, on a consolidated basis, unless otherwise stated or the context requires otherwise.
We refer to (i) our Condensed Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Balance Sheets as our “Balance Sheet,” (iii) our Consolidated Statements of Operations and Comprehensive Income as our “Statement of Operations,” and (iv) our Consolidated Statement of Cash Flows as our “Statement of Cash Flows.” References to numbered “Notes” refer to the Notes to our Consolidated Financial Statements.
“Apollo” refers to Apollo Global Management, Inc., a Delaware corporation, and, as the context requires, certain of its subsidiaries and affiliates.
“April 2022 Notes” refer collectively to (i) the $500.0 million aggregate principal amount of 4.375% senior unsecured notes due 2025, (ii) the $1,250.0 million aggregate principal amount of 4.750% senior unsecured notes due 2028, (iii) the $1,000.0 million aggregate principal amount of 4.950% senior unsecured notes due 2030, (iv) the $1,500.0 million aggregate principal amount of 5.125% senior unsecured notes due 2032, and (v) the $750.0 million aggregate principal amount of 5.625% senior unsecured notes due 2052, in each case issued by VICI LP in April 2022.
“BREIT JV” refers to the joint venture between MGP and Blackstone Real Estate Income Trust, Inc. in which the Company retained MGP’s 50.1% ownership stake pursuant to the MGP Transactions.
“BREIT JV Lease” refers to the lease agreement for MGM Grand Las Vegas and Mandalay Bay.
“Caesars” refers to Caesars Entertainment, Inc., a Delaware corporation and, as the context requires, its subsidiaries.
“Caesars Las Vegas Master Lease” refers to the lease agreement for Caesars Palace Las Vegas and the Harrah’s Las Vegas facilities, as amended from time to time.
“Caesars Leases” refer collectively to the Caesars Las Vegas Master Lease, the Caesars Regional Master Lease and the Joliet Lease, in each case, unless the context otherwise requires.
“Caesars Regional Master Lease” refers to the lease agreement for the regional properties (other than the facility in Joliet, Illinois) leased to Caesars, as amended from time to time.
“Caesars Southern Indiana” refers to the real estate assets associated with the Caesars Southern Indiana Casino and Hotel, located in Elizabeth, Indiana, the operations of which were purchased by EBCI from Caesars on September 3, 2021, and which retained the Caesars brand name in accordance with the terms of a licensing agreement negotiated between EBCI and Caesars.
“Century Casinos” refers to Century Casinos, Inc., a Delaware corporation, and, as the context requires, its subsidiaries.
“Century Portfolio” refers to the real estate assets associated with the (i) Mountaineer Casino, Racetrack & Resort located in New Cumberland, West Virginia, (ii) Century Casino Caruthersville located in Caruthersville, Missouri and (iii) Century Casino Cape Girardeau located in Cape Girardeau, Missouri, which we purchased on December 6, 2019.
“Century Portfolio Lease” refers to the lease agreement for the Century Portfolio, as amended from time to time.
“Chelsea Piers Mortgage Loan” refers to an $80.0 million mortgage loan agreement entered into on August 31, 2020 with Chelsea Piers New York with a term of seven years and secured by the Chelsea Piers complex in New York City.
“Co-Issuer” refers to VICI Note Co. Inc., a Delaware corporation, and co-issuer of the November 2019 Notes, February 2020 Notes and Exchange Notes.
“Credit Agreement” refers to the Credit Agreement, dated as of February 8, 2022, by and among VICI LP, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended from time to time.
“Credit Facilities” refers collectively to the Delayed Draw Term Loan and the Revolving Credit Facility.
“CSI Lease” refers to the lease agreement for Caesars Southern Indiana, as amended from time to time.
15

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
“Delayed Draw Term Loan” refers to the three-year unsecured delayed draw term loan facility of VICI LP provided under the Credit Agreement.
“EBCI” refers to the Eastern Band of Cherokee Indians, a federally recognized Tribe located in western North Carolina, and, as the context requires, its subsidiary and affiliate entities.
“Exchange Notes” refer collectively to (i) the $1,024.2 million aggregate principal amount of 5.625% senior unsecured notes due 2024, (ii) the $799.4 million aggregate principal amount of 4.625% senior unsecured notes due 2025, (iii) the $480.5 million aggregate principal amount of 4.500% senior unsecured notes due 2026, (iv) the $729.5 million aggregate principal amount of 5.750% senior unsecured notes due 2027, (v) the $349.3 million aggregate principal amount of 4.500% senior unsecured notes due 2028, and (vi) the $727.1 million aggregate principal amount of 3.875% senior unsecured notes due 2029, in each case issued by VICI LP and Co-Issuer, in April 2022 pursuant to the Exchange Offers and Consent Solicitations (as defined herein).
“February 2020 Notes” refer collectively to (i) the $750.0 million aggregate principal amount of 3.500% senior unsecured notes due 2025, (ii) the $750.0 million aggregate principal amount of 3.750% senior unsecured notes due 2027, and (iii) the $1.0 billion aggregate principal amount of 4.125% senior unsecured notes due 2030, in each case issued by VICI LP and Co-Issuer in February 2020.
“Forum Convention Center Mortgage Loan” refers to a $400.0 million mortgage loan agreement entered into on September 18, 2020 with a subsidiary of Caesars with a term of five years and secured by, among other things, the Caesars Forum Convention Center in Las Vegas.
“Greektown” refers to the real estate assets associated with the Greektown Casino-Hotel, located in Detroit, Michigan, which we purchased on May 23, 2019.
“Greektown Lease” refers to the lease agreement for Greektown, as amended from time to time.
“Hard Rock” means Hard Rock International, and, as the context requires, its subsidiary and affiliate entities.
“Hard Rock Cincinnati” refers to the casino-entitled land and real estate and related assets associated with the Hard Rock Cincinnati Casino, located in Cincinnati, Ohio, which we purchased on September 20, 2019.
“Hard Rock Cincinnati Lease” refers to the lease agreement for Hard Rock Cincinnati, as amended from time to time.
“Harrah’s Original Call Properties” refers to the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City, which we purchased on July 20, 2020.
“JACK Cleveland/Thistledown” refers to the casino-entitled land and real estate and related assets associated with the JACK Cleveland Casino located in Cleveland, Ohio, and the video lottery gaming and pari-mutuel wagering authorized land and real estate and related assets of JACK Thistledown Racino located in North Randall, Ohio, which we purchased on January 24, 2020.
“JACK Cleveland/Thistledown Lease” refers to the lease agreement for JACK Cleveland/Thistledown, as amended from time to time.
“JACK Entertainment” refers to JACK Ohio LLC, and, as the context requires, its subsidiary and affiliate entities.
“Joliet Lease” refers to the lease agreement for the facility in Joliet, Illinois, as amended from time to time.
“Lease Agreements” refer collectively to the BREIT JV Lease, the Caesars Leases, the Century Portfolio Lease, the CSI Lease, the Hard Rock Cincinnati Lease, the JACK Cleveland/Thistledown Lease, the MGM Master Lease, the Penn National Leases, and the Venetian Lease, unless the context otherwise requires.
“Margaritaville” refers to the real estate of Margaritaville Resort Casino, located in Bossier City, Louisiana, which we purchased on January 2, 2019.
“Margaritaville Lease” refers to the lease agreement for Margaritaville, as amended from time to time.
16

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
“Mergers” refer to a series of transactions governed by the MGP Master Transaction Agreement that occurred on April 29, 2022, consisting of (i) the contribution of our interest in VICI LP to VICI OP, which subsequent to the MGP Transactions serves as our new operating partnership, followed by (ii) the merger of MGP with and into Venus Sub LLC, a Delaware limited liability company and wholly owned subsidiary of VICI LP (“REIT Merger Sub”), with REIT Merger Sub surviving the merger, followed by (iii) the distribution by REIT Merger Sub of the interests of the general partner of MGP OP to VICI LP and (iv) the merger of REIT Merger Sub with and into MGP OP, with MGP OP surviving such merger.
“MGM” refers to MGM Resorts International, a Delaware corporation, and, as the context requires, its subsidiaries.
“MGM Master Lease” refers to the lease agreement for the wholly-owned properties leased to MGM.
“MGM Tax Protection Agreement” refers to the form of tax protection agreement entered into with MGM upon consummation of the MGP Transactions.
“MGP” refers to MGM Growth Properties LLC, a Delaware limited liability company, and, as the context requires, its subsidiaries.
“MGP Master Transaction Agreement” refers to that certain Master Transaction Agreement between the Company, MGP, MGP OP, VICI LP, REIT Merger Sub, VICI OP, and MGM entered into on August 4, 2021.
“MGP OP” refers to MGM Growth Properties Operating Partnership LP, a Delaware limited partnership, and, as the context requires, its subsidiaries.
“MGP OP Notes” refer collectively to the notes issued by MGP OP and MGP Finance Co-Issuer, Inc. (“MGP Co-Issuer” and, together with MGP OP, the “MGP Issuers”), consisting of (i) the 5.625% Senior Notes due 2024 issued pursuant to the indenture, dated as of April 20, 2016, (ii) the 4.625% Senior Notes due 2025 issued pursuant to the indenture, dated as of June 5, 2020, (iii) the 4.500% Senior Notes due 2026 issued pursuant to the indenture, dated as of August 12, 2016, (iv) the 5.750% Senior Notes due 2027 issued pursuant to the indenture, dated as of January 25, 2019, (v) the 4.500% Senior Notes due 2028 issued pursuant to the indenture, dated as of September 21, 2017, and (vi) the 3.875% Senior Notes due 2029 issued pursuant to the indenture, dated as of November 19, 2020, in each case, as amended or supplemented as of the date hereof, among the MGP Issuers and U.S. Bank National Association, as trustee (the “MGP Trustee”).
“MGP Transactions” refer collectively to a series of transactions pursuant to the MGP Master Transaction Agreement between us, MGP and MGM and the other parties thereto in connection with our acquisition of MGP on April 29, 2022, as contemplated by the MGP Master Transaction Agreement, including the MGM Tax Protection Agreement and the MGM Master Lease.
“November 2019 Notes” refer collectively to (i) the $1.25 billion aggregate principal amount of 4.250% senior unsecured notes due 2026, and (ii) the $1.0 billion aggregate principal amount of 4.625% senior unsecured notes due 2029, in each case issued by VICI LP and VICI Note Co. Inc., as Co-Issuer, in November 2019.
“Partner Property Growth Fund” refers to certain arrangements with certain tenants relating to our funding of “same-store” capital improvements, including redevelopment, new construction projects and other property improvements, in exchange for increased rent pursuant to the terms of our existing Lease Agreements with such tenants.
“Penn National” refers to Penn National Gaming, Inc., a Pennsylvania corporation, and, as the context requires, its subsidiaries.
“Penn National Leases” refer collectively to the Margaritaville Lease and the Greektown Lease, unless the context otherwise requires.
“Revolving Credit Facility” refers to the four-year unsecured revolving credit facility entered into by VICI PropCo, as amended from time to time.
“Secured Revolving Credit Facility” refers to the five-year first lien revolving credit facility entered into by VICI PropCo in December 2017, as amended, which was terminated on February 8, 2022.
“Seminole Hard Rock” refers to Seminole Hard Rock Entertainment, Inc.
17

VICI PROPERTIES INC. AND VICI PROPERTIES L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
“Senior Unsecured Notes” refer collectively to the November 2019 Notes, the February 2020 Notes, the April 2022 Notes and the Exchange Notes and the MGP OP Notes.
“Term Loan B Facility” refers to the seven-year senior secured first lien term loan B facility entered into by VICI PropCo in December 2017, as amended from time to time, which was repaid in full on September 15, 2021.
“Venetian Acquisition” refers to our acquisition of the Venetian Resort, with Apollo, which closed on February 23, 2022.
“Venetian Lease” refers to the lease agreement for the Venetian Resort.
“Venetian Resort” refers to the land and real estate assets associated with the Venetian Resort Las Vegas and Venetian Expo, located in Las Vegas, Nevada, which we purchased on February 23, 2022.
“Venetian Tenant” refers to an affiliate of certain funds managed by affiliates of Apollo.
“VICI Golf” refers to VICI Golf LLC, a Delaware limited liability company that is the owner and operator of our golf segment business.
“VICI Issuers” refers to VICI Properties L.P., a Delaware limited partnership and VICI Note Co. Inc., a Delaware corporation.