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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 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  
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.
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).    
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.
VICI Org Struture.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.
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
2


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.
3

VICI PROPERTIES INC.
VICI PROPERTIES L.P.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
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)


September 30, 2024December 31, 2023
Assets
Real estate portfolio:
Investments in leases - sales-type, net$23,429,732 $23,015,931 
Investments in leases - financing receivables, net18,410,105 18,211,102 
Investments in loans and securities, net1,550,680 1,144,177 
Land150,727 150,727 
Cash and cash equivalents355,667 522,574 
Other assets1,021,195 1,015,330 
Total assets$44,918,106 $44,059,841 
Liabilities
Debt, net$16,743,584 $16,724,125 
Accrued expenses and deferred revenue194,201 227,241 
Dividends and distributions payable457,977 437,599 
Other liabilities999,272 1,013,102 
Total liabilities18,395,034 18,402,067 
Commitments and contingent liabilities (Note 10)
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 capital24,247,840 24,125,872 
Accumulated other comprehensive income141,705 153,870 
Retained earnings1,711,277 965,762 
Total VICI stockholders’ equity26,111,294 25,255,931 
Non-controlling interests411,778 401,843 
Total stockholders’ equity26,523,072 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.
5

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,
2024202320242023
Revenues
Income from sales-type leases$518,691 $500,212 $1,543,752 $1,473,961 
Income from lease financing receivables, loans and securities419,115 378,502 1,242,151 1,122,703 
Other income19,315 18,179 57,950 55,043 
Golf revenues7,548 7,425 29,300 28,416 
Total revenues964,669 904,318 2,873,153 2,680,123 
Operating expenses
General and administrative16,458 14,422 48,418 44,347 
Depreciation1,008 1,011 3,133 2,712 
Other expenses19,315 18,179 57,950 55,043 
Golf expenses6,824 6,332 20,148 18,874 
Change in allowance for credit losses(31,626)95,997 32,292 166,119 
Transaction and acquisition expenses1,164 3,566 1,728 3,385 
Total operating expenses13,143 139,507 163,669 290,480 
Income from unconsolidated affiliate   1,280 
Interest expense(207,317)(204,927)(617,976)(612,881)
Interest income2,797 7,341 12,016 16,194 
Other (losses) gains(64)(1,122)770 4,295 
Income before income taxes746,942 566,103 2,104,294 1,798,531 
Provision for income taxes(2,461)(644)(7,257)(3,630)
Net income744,481 565,459 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 
Net income per common share
Basic $0.70 $0.55 $1.98 $1.75 
Diluted $0.70 $0.55 $1.98 $1.75 
Weighted average number of shares of common stock outstanding
Basic1,046,626,838 1,012,986,784 1,043,921,660 1,007,110,068 
Diluted1,048,338,348 1,013,589,640 1,044,897,468 1,008,437,452 
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 adjustments2,258 (1,348)(3,559)(1,280)
Comprehensive income737,925 578,183 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.
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
Income
Retained EarningsTotal VICI Stockholders’ EquityNon-controlling InterestsTotal 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 
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 forfeitures4 (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, 202410,431 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 
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 forfeitures1 4,193 — — 4,194 49 4,243 
Reclassification of derivative gain to Interest expense— — (6,316)— (6,316)(68)(6,384)
Foreign currency translation adjustments— — (2,113)— (2,113)(60)(2,173)
Balance as of June 30, 202410,432 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, net40 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 
7

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(UNAUDITED)
(In thousands, except share and per share data)

Common Stock Additional Paid-in CapitalAccumulated Other Comprehensive
Income
Retained EarningsTotal VICI Stockholders’ EquityNon-controlling InterestsTotal 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, net406 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 forfeitures5 (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, 202310,042 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, net32 101,435 — — 101,467 — 101,467 
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, 202310,074 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, net94 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 
See accompanying Notes to Consolidated Financial Statements.
8

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended September 30,
20242023
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 compensation12,973 11,517 
Depreciation 3,133 2,712 
Other gains(770)(4,295)
Amortization of debt issuance costs and original issue discount34,175 35,415 
Change in allowance for credit losses32,292 166,119 
Net proceeds from settlement of derivatives2,827  
Deferred income taxes4,234  
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 activities1,737,401 1,604,517 
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 fees80,750 400,250 
Capitalized transaction costs(2,091)(759)
Investments in short-term investments(29,579) 
Maturities of short-term investments29,579 217,342 
Proceeds from sale of real estate952 6,235 
Acquisition of property and equipment(6,442)(1,894)
Net cash used in investing activities(662,606)(1,944,885)
9

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

Cash flows from financing activities
Proceeds from offering of common stock, net115,112 1,672,417 
Proceeds from March 2024 Notes offering1,028,533  
Proceeds from Revolving Credit Facility82,200 408,204 
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 period522,574 208,933 
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.
10

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

September 30, 2024December 31, 2023
Assets
Real estate portfolio:
Investments in leases - sales-type, net$23,429,732 $23,015,931 
Investments in leases - financing receivables, net18,410,105 18,211,102 
Investments in loans and securities, net1,550,680 1,144,177 
Land150,727 150,727 
Cash and cash equivalents348,651 471,584 
Other assets942,549 936,528 
Total assets$44,832,444 $43,930,049 
Liabilities
Debt, net$16,743,584 $16,724,125 
Accrued expenses and deferred revenue190,764 222,333 
Distributions payable457,977 437,599 
Other liabilities984,672 998,363 
Total liabilities18,376,997 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 income141,029 153,350 
Total VICI LP’s capital26,349,111 25,441,997 
Non-controlling interest106,336 105,632 
 Total capital attributable to partners26,455,447 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.
11

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,
2024202320242023
Revenues
Income from sales-type leases$518,691 $500,212 $1,543,752 $1,473,961 
Income from lease financing receivables, loans and securities419,115 378,502 1,242,151 1,122,703 
Other income19,315 18,179 57,950 55,043 
Total revenues957,121 896,893 2,843,853 2,651,707 
Operating expenses
General and administrative16,366 14,422 48,255 44,347 
Depreciation125 177 570 270 
Other expenses19,315 18,179 57,950 55,043 
Change in allowance for credit losses(31,626)95,997 32,292 166,119 
Transaction and acquisition expenses1,164 3,566 1,728 3,385 
Total operating expenses5,344 132,341 140,795 269,164 
Income from unconsolidated affiliate   1,280 
Interest expense(207,317)(204,927)(617,976)(612,881)
Interest income2,624 6,685 10,485 14,399 
Other (losses) gains(64)(1,122)770 4,295 
Income before income taxes747,020 565,188 2,096,337 1,789,636 
Provision for income taxes(2,480)(417)(5,775)(1,981)
Net income744,540 564,771 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
Basic1,058,858,211 1,025,218,1571,056,153,033 1,019,341,441
Diluted1,060,569,721 1,025,821,0131,057,128,841 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, net2,258 (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.
12

VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
Partners’ CapitalAccumulated Other Comprehensive IncomeNon-Controlling InterestTotal
Balance as of December 31, 2023$25,288,647 $153,350 $105,632 $25,547,629 
Net income594,142 — 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, 202425,441,302 156,142 105,900 25,703,344 
Net income746,179 — 2,803 748,982 
Contributions from parent147 — — 147 
Distributions to parent(438,049)— — (438,049)
Distributions to non-controlling interest— — (2,693)(2,693)
Stock-based compensation, net of forfeitures4,243 — — 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, 202425,753,822 147,585 106,010 26,007,417 
Net income741,519 — 3,021 744,540 
Contributions from parent166,405 — — 166,405 
Distributions to parent(458,256)— — (458,256)
Distributions to non-controlling interest— — (2,695)(2,695)
Stock-based compensation, net of forfeitures4,592 — — 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 
13

VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
Partners’ CapitalAccumulated Other Comprehensive IncomeNon-Controlling InterestTotal
Balance as of December 31, 2022$21,900,511 $185,201 $79,504 $22,165,216 
Net income522,076 — 2,839 524,915 
Contributions from Parent1,303,243 — — 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, 202323,316,182 170,107 80,065 23,566,354 
Net income695,482 — 2,487 697,969 
Contributions from parent103,053 — — 103,053 
Distributions to parent(397,810)— — (397,810)
Distributions to non-controlling interest— — (2,278)(2,278)
Stock-based compensation, net of forfeitures3,669 — — 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, 202323,720,576