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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, 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  
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 October 26, 2022, VICI Properties Inc. had 963,097,848 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, 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 September 30, 2022, VICI owns 100% of the limited liability company interests of VICI Properties HoldCo LLC (“HoldCo”), which in turn owns approximately 98.7% 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 MGM Resorts International or its affiliates.
The following diagram details VICI’s organizational structure as of September 30, 2022.
vici-20220930_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.
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, 2022, the primary areas of difference between the unaudited Consolidated Financial Statements of VICI and those of VICI LP were 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 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, 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)


September 30, 2022December 31, 2021
Assets
Real estate portfolio:
Investments in leases - sales-type, net$17,011,585 $13,136,664 
Investments in leases - financing receivables, net16,441,616 2,644,824 
Investments in loans, net579,805 498,002 
Investment in unconsolidated affiliate1,463,230  
Land153,560 153,576 
Cash and cash equivalents518,383 739,614 
Short-term investments207,722  
Other assets932,081 424,693 
Total assets$37,307,982 $17,597,373 
Liabilities
Debt, net$13,730,503 $4,694,523 
Accrued expenses and deferred revenue202,888 113,530 
Dividends and distributions payable380,174 226,309 
Other liabilities932,120 375,837 
Total liabilities15,245,685 5,410,199 
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 963,093,424 and 628,942,092 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
9,631 6,289 
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2022 and December 31, 2021
  
Additional paid-in capital21,641,945 11,755,069 
Accumulated other comprehensive income191,314 884 
Retained (deficit) earnings(133,311)346,026 
Total VICI stockholders’ equity21,709,579 12,108,268 
Non-controlling interests352,718 78,906 
Total stockholders’ equity22,062,297 12,187,174 
Total liabilities and stockholders’ equity$37,307,982 $17,597,373 
_______________________________________________________
Note: As of September 30, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $687.4 million, $660.8 million, $6.0 million and $22.0 million, respectively, and $434.9 million, $91.1 million, $0.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
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,
2022202120222021
Revenues
Income from sales-type leases$376,048 $292,059 $1,077,952 $873,337 
Income from lease financing receivables and loans350,945 70,205 685,544 210,578 
Other income17,862 6,936 41,811 20,897 
Golf revenues6,688 6,504 25,484 21,602 
Total revenues751,543 375,704 1,830,791 1,126,414 
Operating expenses
General and administrative12,063 8,379 33,311 24,092 
Depreciation816 771 2,371 2,320 
Other expenses17,862 6,936 41,811 20,897 
Golf expenses5,186 5,143 16,330 14,881 
Change in allowance for credit losses232,763 9,031 865,459 (24,453)
Transaction and acquisition expenses1,947 177 19,366 9,689 
Total operating expenses270,637 30,437 978,648 47,426 
Income from unconsolidated affiliate22,719  37,853  
Interest expense(169,354)(165,099)(370,624)(321,953)
Interest income3,024 26 3,897 75 
Loss from extinguishment of debt (15,622) (15,622)
Income before income taxes337,295 164,572 523,269 741,488 
Income tax expense(417)(388)(1,844)(2,128)
Net income336,878 164,184 521,425 739,360 
Less: Net income attributable to non-controlling interests(5,973)(2,322)(7,843)(6,988)
Net income attributable to common stockholders $330,905 $161,862 $513,582 $732,372 
Net income per common share
Basic $0.34 $0.29 $0.61 $1.35 
Diluted $0.34 $0.28 $0.60 $1.31 
Weighted average number of shares of common stock outstanding
Basic962,573,646 555,153,692 848,839,357 542,843,855 
Diluted964,134,340 571,894,545 850,823,037 557,113,510 
Other comprehensive income
Net income$336,878 $164,184 $521,425 $739,360 
Reclassification of derivative (gain) loss to Interest expense(6,037)64,239 (10,196)64,239 
Unrealized gain on cash flow hedges 6,576 200,550 28,282 
Comprehensive income330,841 234,999 711,779 831,881 
Comprehensive income attributable to non-controlling interest(5,897)(2,322)(7,715)(6,988)
Comprehensive income attributable to common stockholders$324,944 $232,677 $704,064 $824,893 
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
 (Loss) Income
Retained Earnings (Deficit)Total VICI Stockholders’ EquityNon-controlling InterestsTotal 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 
Dividends and distributions declared ($0.3300 per common share)
— — — (177,217)(177,217)(2,071)(179,288)
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, 20215,370 9,364,294 (80,143)232,038 9,521,559 78,133 9,599,692 
Net income— — — 300,709 300,709 2,368 303,077 
Dividends and distributions declared ($0.3300 per common share)
— — — (177,223)(177,223)(2,072)(179,295)
Stock-based compensation, net of forfeitures— 2,267 — — 2,267 — 2,267 
Unrealized gain on cash flow hedges— — 9,328 — 9,328 — 9,328 
Balance as of June 30, 20215,370 9,366,561 (70,815)355,524 9,656,640 78,429 9,735,069 
Net income— — — 161,862 161,862 2,322 164,184 
Issuance of common stock, net919 2,383,896 — — 2,384,815 — 2,384,815 
Dividends and distributions declared ($0.3600 per common share)
— — — (226,420)(226,420)(2,072)(228,492)
Stock-based compensation, net of forfeitures— 2,395 — — 2,395 — 2,395 
Unrealized gain on cash flow hedges— — 6,576 — 6,576 — 6,576 
Reclassification of derivative loss to Interest expense— — 64,239 — 64,239 — 64,239 
Balance as of September 30, 2021$6,289 $11,752,852 $ $290,966 $12,050,107 $78,679 $12,128,786 
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
 (Loss) Income
Retained Earnings (Deficit)Total VICI Stockholders’ EquityNon-controlling InterestsTotal Stockholders’ Equity
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 
Dividends and distributions declared ($0.3600 per common share)
— — — (270,600)(270,600)(2,103)(272,703)
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, 20227,484 14,971,890 109,495 315,809 15,404,678 79,108 15,483,786 
Net loss— — — (57,706)(57,706)(435)(58,141)
Issuance of common stock, net2,147 6,570,084 — — 6,572,231 — 6,572,231 
Issuance of VICI OP Units— — — — — 374,769 374,769 
Reallocation of equity— 99,029 (52)— 98,977 (94,573)4,404 
Dividends and distributions declared ($0.3600 per common share)
— — — (346,713)(346,713)(6,465)(353,178)
Stock-based compensation, net of forfeitures— 3,195 — — 3,195 41 3,236 
Unrealized gain on cash flow hedges— — 91,939 — 91,939 — 91,939 
Reclassification of derivative gain to Interest expense— — (4,107)— (4,107)(52)(4,159)
Balance as of June 30, 20229,631 21,644,198 197,275 (88,610)21,762,494 352,393 22,114,887 
Net income— — — 330,905 330,905 5,973 336,878 
Reallocation of equity— (5,702) — (5,702)1,298 (4,404)
Dividends and distributions declared ($0.3900 per common share)
— — — (375,606)(375,606)(6,914)(382,520)
Stock-based compensation, net of forfeitures— 3,449 — — 3,449 44 3,493 
Reclassification of derivative gain to Interest expense— — (5,961)— (5,961)(76)(6,037)
Balance as of September 30, 2022$9,631 $21,641,945 $191,314 $(133,311)$21,709,579 $352,718 $22,062,297 
See accompanying Notes to Consolidated Financial Statements.
8

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended September 30,
20222021
Cash flows from operating activities
Net income$521,425 $739,360 
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments (230,522)(89,714)
Stock-based compensation9,359 7,067 
Non-cash transaction costs8,816  
Depreciation 2,371 2,320 
Amortization of debt issuance costs and original issue discount28,099 50,723 
Change in allowance for credit losses865,459 (24,453)
Income from unconsolidated affiliate(37,853) 
Distributions from unconsolidated affiliate40,437  
Net proceeds from settlement of derivatives201,433  
Loss on extinguishment of debt 15,622 
Change in operating assets and liabilities:
Other assets(4,052)2,694 
Accrued expenses and deferred revenue50,676 (94,542)
Other liabilities(171)1,847 
Net cash provided by operating activities1,455,477 610,924 
Cash flows from investing activities
Net cash paid in connection with MGP Transactions(4,574,536) 
Investments in leases - sales-type(4,012,845) 
Investments in leases - financing receivables (6,000)
Investments in loans(87,166)(19,161)
Principal repayments of lease financing receivables 1,651 
Principal repayments of loans and receipts of deferred fees1,130 30,448 
Capitalized transaction costs(6,801)(9,215)
Investments in short-term investments(207,722) 
Maturities of short-term investments 19,973 
Proceeds from sale of real estate 3,813 
Acquisition of property and equipment(1,158)(1,653)
Net cash (used in) provided by investing activities(8,889,098)19,856 
9

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

Cash flows from financing activities
Proceeds from offering of common stock, net3,219,101 2,386,129 
Proceeds from April 2022 Notes offering5,000,000  
Proceeds from Revolving Credit Facility600,000  
Repayment of Term Loan B Facility (2,100,000)
Repayment of Revolving Credit Facility(600,000) 
Debt issuance costs(146,176)(23,166)
Repurchase of stock for tax withholding(6,118)(1,647)
Distributions to non-controlling interests(10,711)(6,215)
Dividends paid(843,706)(532,360)
Net cash provided by (used in) financing activities7,212,390 (277,259)
Net (decrease) increase in cash, cash equivalents and restricted cash(221,231)353,521 
Cash, cash equivalents and restricted cash, beginning of period739,614 315,993 
Cash, cash equivalents and restricted cash, end of period$518,383 $669,514 
Supplemental cash flow information:
Cash paid for interest $290,119 $272,574 
Cash paid for income taxes$2,306 $1,790