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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, 2021
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.
(Exact name of registrant as specified in its charter)
 __________________________ 
Maryland81-4177147
(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.    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).    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):
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting 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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of October 26, 2021, the registrant had 628,946,033 shares of its $0.01 par value common stock outstanding.
1

VICI PROPERTIES INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
Page
2

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, 2021December 31, 2020
Assets
Real estate portfolio:
Investments in leases - sales-type, net$13,124,209 $13,027,644 
Investments in leases - financing receivables, net2,640,399 2,618,562 
Investments in loans, net523,897 536,721 
Land153,576 158,190 
Cash and cash equivalents669,514 315,993 
Short-term investments 19,973 
Other assets437,209 386,530 
Total assets$17,548,804 $17,063,613 
Liabilities
Debt, net$4,692,032 $6,765,532 
Accrued interest45,078 46,422 
Deferred financing liability73,600 73,600 
Deferred revenue461 93,659 
Dividends payable226,300 176,992 
Other liabilities382,547 413,663 
Total liabilities5,420,018 7,569,868 
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 and 700,000,000 shares authorized and 628,944,887 and 536,669,722 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
6,289 5,367 
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2021 and December 31, 2020
  
Additional paid-in capital11,752,852 9,363,539 
Accumulated other comprehensive loss (92,521)
Retained earnings290,966 139,454 
Total VICI stockholders’ equity12,050,107 9,415,839 
Non-controlling interest78,679 77,906 
Total stockholders’ equity12,128,786 9,493,745 
Total liabilities and stockholders’ equity$17,548,804 $17,063,613 
_______________________________________________________
Note: As of September 30, 2021 and December 31, 2020, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $432.6 million, $88.6 million, $0.4 million and $6.5 million, respectively, and $454.2 million, $91.0 million, $1.8 million and $6.9 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.
3

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,
2021202020212020
Revenues
Income from sales-type and direct financing leases$292,059 $270,274 $873,337 $718,421 
Income from operating leases 3,638  25,464 
Income from lease financing receivables and loans70,205 52,827 210,578 82,696 
Other income6,936 7,276 20,897 8,702 
Golf revenues6,504 5,638 21,602 17,273 
Total revenues375,704 339,653 1,126,414 852,556 
Operating expenses
General and administrative8,379 8,047 24,092 22,560 
Depreciation771 910 2,320 2,990 
Other expenses6,936 7,263 20,897 8,702 
Golf expenses5,143 4,672 14,881 13,181 
Change in allowance for credit losses9,031 177,052 (24,453)261,080 
Transaction and acquisition expenses177 2,026 9,689 7,703 
Total operating expenses30,437 199,970 47,426 316,216 
Interest expense(165,099)(77,399)(321,953)(231,185)
Interest income26 214 75 6,743 
Loss from extinguishment of debt(15,622) (15,622)(39,059)
Gain upon lease modification 333,352  333,352 
Income before income taxes164,572 395,850 741,488 606,191 
Income tax (expense) benefit(388)368 (2,128)(395)
Net income164,184 396,218 739,360 605,796 
Less: Net (income) loss attributable to non-controlling interest(2,322)2,056 (6,988)(2,132)
Net income attributable to common stockholders $161,862 $398,274 $732,372 $603,664 
Net income per common share
Basic $0.29 $0.75 $1.35 $1.22 
Diluted $0.28 $0.74 $1.31 $1.21 
Weighted average number of shares of common stock outstanding
Basic555,153,692 533,407,916 542,843,855 496,002,850 
Diluted571,894,545 536,180,175 557,113,510 499,982,269 
Other comprehensive income
Net income attributable to common stockholders $161,862 $398,274 $732,372 $603,664 
Unrealized gain (loss) on cash flow hedges6,576 13,007 28,282 (39,180)
Reclassification of realized loss on cash flow hedges to net income64,239  64,239  
Comprehensive income attributable to common stockholders$232,677 $411,281 $824,893 $564,484 
See accompanying Notes to Consolidated Financial Statements.
4

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 (Deficit) EarningsTotal VICI Stockholders’ EquityNon-controlling InterestTotal Stockholders’ Equity
Balance as of December 31, 2019$4,610 $7,817,582 $(65,078)$208,069 $7,965,183 $83,806 $8,048,989 
Cumulative effect of adoption of ASC 326
— — — (307,114)(307,114)(2,248)(309,362)
Net (loss) income— — — (24,012)(24,012)1,947 (22,065)
Issuance of common stock, net75 199,802 — — 199,877 — 199,877 
Distributions to non-controlling interest— — — — — (2,042)(2,042)
Dividends declared ($0.2975 per common share)
— — — (139,413)(139,413)— (139,413)
Stock-based compensation, net of forfeitures1 1,184 — — 1,185 — 1,185 
Unrealized loss on cash flow hedges— — (53,138)— (53,138)— (53,138)
Balance as of March 31, 20204,686 8,018,568 (118,216)(262,470)7,642,568 81,463 7,724,031 
Net income— — — 229,402 229,402 2,241 231,643 
Issuance of common stock, net650 1,275,974 — — 1,276,624 — 1,276,624 
Distribution to non-controlling interest— — — — — (2,041)(2,041)
Dividends declared ($0.2975 per common share)
— — — (158,767)(158,767)— (158,767)
Stock-based compensation, net of forfeitures1 1,969 — — 1,970 — 1,970 
Unrealized gain on cash flow hedges— — 951 — 951 — 951 
Balance as of June 30, 20205,337 9,296,511 (117,265)(191,835)8,992,748 81,663 9,074,411 
Net income— — — 398,274 398,274 (2,056)396,218 
Issuance of common stock, net30 63,002 — — 63,032 — 63,032 
Distribution to non-controlling interest— — — — — (2,041)(2,041)
Dividends declared ($0.3300 per common share)
— — — (177,101)(177,101)— (177,101)
Stock-based compensation, net of forfeitures 2,013 — — 2,013 — 2,013 
Unrealized gain on cash flow hedges— — 13,007 — 13,007 — 13,007 
Balance as of September 30, 2020$5,367 $9,361,526 $(104,258)$29,338 $9,291,973 $77,566 $9,369,539 
5

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 LossRetained (Deficit) 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, 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 
Distributions to non-controlling interest— — — — — (2,072)(2,072)
Dividends declared ($0.3300 per common share)
— — — (177,223)(177,223)— (177,223)
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 
Distributions to non-controlling interest— — — — — (2,072)(2,072)
Dividends declared ($0.3600 per common share)
— — — (226,420)(226,420)— (226,420)
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 realized loss on cash flow hedges to net income— — 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 
See accompanying Notes to Consolidated Financial Statements.
6

VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended September 30,
20212020
Cash flows from operating activities
Net income$739,360 $605,796 
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments (89,714)(13,322)
Stock-based compensation7,067 5,375 
Depreciation 2,320 2,990 
Amortization of debt issuance costs and original issue discount50,723 15,504 
Change in allowance for credit losses(24,453)261,080 
Loss on extinguishment of debt15,622 39,059 
Gain upon lease modification (333,352)
Change in operating assets and liabilities:
Other assets2,694 841 
Accrued interest(1,344)26,953 
Deferred revenue(93,198)(70,031)
Other liabilities1,847 (1,372)
Net cash provided by operating activities610,924 539,521 
Cash flows from investing activities
Investments in leases - sales-type and direct financing (1,407,260)
Investments in leases - financing receivables(6,000)(2,682,443)
Investments in loans(19,161)(535,406)
Principal repayments of lease financing receivables1,651 1,496 
Principal repayments of loans and receipts of deferred fees30,448  
Capitalized transaction costs(9,215)(835)
Investments in short-term investments (19,973)
Maturities of short-term investments19,973 59,474 
Proceeds from sale of real estate3,813 31,125 
Acquisition of property and equipment(1,653)(2,527)
Net cash provided by (used in) investing activities19,856 (4,556,349)
Cash flows from financing activities
Proceeds from offering of common stock, net2,386,129 1,539,748 
Proceeds from February 2020 Senior Unsecured Notes 2,500,000 
Repayment of Term Loan B Facility(2,100,000) 
Redemption of Second Lien Notes (537,538)
CPLV CMBS Debt prepayment penalty reimbursement  55,401 
Repurchase of stock for tax withholding(1,647)(206)
Debt issuance costs(23,166)(57,789)
Distributions to non-controlling interest(6,215)(5,444)
Dividends paid(532,360)(435,180)
Net cash (used in) provided by financing activities(277,259)3,058,992 
7

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

Net increase in cash, cash equivalents and restricted cash353,521 (957,836)
Cash, cash equivalents and restricted cash, beginning of period315,993 1,101,893 
Cash, cash equivalents and restricted cash, end of period$669,514 $144,057 
Supplemental cash flow information:
Cash paid for interest $272,574 $188,728 
Cash paid for income taxes$1,790 $561 
Supplemental non-cash investing and financing activity:
Dividends declared, not paid $226,420 $177,101 
Debt issuance costs payable$50,716 $ 
Deferred transaction costs payable$12,426 $530 
Equity issuance costs payable$350 $ 
Non-cash change in Investments in leases - financing receivables$15,292 $3,362 
Lease liabilities arising from obtaining right-of-use assets$ $282,054 
Transfer of Investments in leases - operating to Investments in leases - sales-type due to modification of the Caesars Lease Agreements in connection with the Eldorado Transaction$ $1,086,658 
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Eldorado Transaction$ $63,479 
Increase in Investments in leases - sales-type due to Gain upon lease modification in connection with the Eldorado Transaction$ $333,352 
See accompanying Notes to Consolidated Financial Statements.
8

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

In these notes, the words “VICI,” the “Company,” “we,” “our,” and “us” refer to VICI Properties Inc. and its subsidiaries, 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.
“2025 Notes” refers to $750.0 million aggregate principal amount of 3.500% senior unsecured notes due 2025 issued by the Operating Partnership and VICI Note Co. Inc., as Co-Issuer, in February 2020.
“2026 Notes” refers to $1.25 billion aggregate principal amount of 4.250% senior unsecured notes due 2026 issued by the Operating Partnership and VICI Note Co. Inc., as Co-Issuer, in November 2019.
“2027 Notes” refers to $750.0 million aggregate principal amount of 3.750% senior unsecured notes due 2027 issued by the Operating Partnership and VICI Note Co. Inc., as Co-Issuer, in February 2020.
“2029 Notes” refers to $1.0 billion aggregate principal amount of 4.625% senior unsecured notes due 2029 issued by the Operating Partnership and VICI Note Co. Inc., as Co-Issuer, in November 2019.
“2030 Notes” refers to $1.0 billion aggregate principal amount of 4.125% senior unsecured notes due 2030 issued by the Operating Partnership and VICI Note Co. Inc., as Co-Issuer, in February 2020.
“BREIT JV” refers to the joint venture with Blackstone Real Estate Income Trust, Inc. in which the Company will retain MGP’s existing 50.1% ownership stake.
“Caesars” refers to Caesars Entertainment, Inc., a Delaware corporation, formerly Eldorado, following the consummation of the Eldorado/Caesars Merger on July 20, 2020 and Eldorado’s conversion to a Delaware corporation.
“Caesars Forum Convention Center” refers to the Caesars Forum Convention Center in Las Vegas, Nevada, and the approximately 28 acres of land upon which the Caesars Forum Convention Center is built and/or otherwise used in connection with or necessary for the operation of the Caesars Forum Convention Center.
“Caesars Lease Agreements” refer collectively to (i) prior to the consummation of the Eldorado Transaction, the CPLV Lease Agreement, the Non-CPLV Lease Agreement, the Joliet Lease Agreement and the HLV Lease Agreement, and (ii) from and after the consummation of the Eldorado Transaction, the Las Vegas Master Lease Agreement, the Regional Master Lease Agreement and the Joliet Lease Agreement, in each case, unless the context otherwise requires.
“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 Agreement” refers to the lease agreement for the Century Portfolio, as amended from time to time.
“Co-Issuer” refers to VICI Note Co. Inc., a Delaware corporation, and co-issuer of the Senior Unsecured Notes.
“CPLV CMBS Debt” refers to $1.55 billion of asset-level real estate mortgage financing of Caesars Palace Las Vegas, incurred by a subsidiary of the Operating Partnership on October 6, 2017 and repaid in full on November 26, 2019.
“CPLV Lease Agreement” refers to the lease agreement for Caesars Palace Las Vegas, as amended from time to time, which was combined with the HLV Lease Agreement into the Las Vegas Master Lease Agreement upon the consummation of the Eldorado Transaction.
9

VICI PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
“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.
“EBCI Lease Agreement” refers to the lease agreement for Caesars Southern Indiana, as amended from time to time.
“Eldorado” refers to Eldorado Resorts, Inc., a Nevada corporation, and, as the context requires, its subsidiaries. Following the consummation of the Eldorado/Caesars Merger on July 20, 2020, Eldorado converted to a Delaware corporation and changed its name to Caesars Entertainment, Inc.
“Eldorado Master Transaction Agreement” or “Eldorado MTA” refers to the Master Transaction Agreement dated June 24, 2019 with Eldorado relating to the Eldorado Transaction. The Eldorado MTA was previously referred to as the “Master Transaction Agreement” or “MTA”.
“Eldorado Transaction” refers to a series of transactions between us and Eldorado in connection with the Eldorado/Caesars Merger, including the acquisition of the Harrah’s Original Call Properties, modifications to the Caesars Lease Agreements, and rights of first refusal.
“Eldorado/Caesars Merger” refers to the merger consummated on July 20, 2020 under an Agreement and Plan of Merger pursuant to which a subsidiary of Eldorado merged with and into Pre-Merger Caesars, with Pre-Merger Caesars surviving as a wholly owned subsidiary of Caesars (which changed its name from Eldorado in connection with the closing of the Eldorado/Caesars Merger).
“February 2020 Senior Unsecured Notes” refers collectively to the 2025 Notes, the 2027 Notes and the 2030 Notes.
“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 Agreement” 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 Agreement” 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 in July 2020 upon the consummation of the Eldorado Transaction. The Harrah’s Original Call Properties were previously referred to as the “MTA Properties”.
“HLV Lease Agreement” refers to the lease agreement for the Harrah’s Las Vegas facilities, as amended from time to time, which was combined with the CPLV Lease Agreement into the Las Vegas Master Lease Agreement upon the consummation of the Eldorado Transaction.
“JACK Entertainment” refers to JACK Ohio LLC, and, as the context requires, its subsidiary and affiliate entities.
“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 Agreement” refers to the lease agreement for JACK Cleveland/Thistledown, as amended from time to time.
“Joliet Lease Agreement” refers to the lease agreement for the facility in Joliet, Illinois, as amended from time to time.
10

VICI PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
“Las Vegas Master Lease Agreement” refers to the lease agreement for Caesars Palace Las Vegas and the Harrah’s Las Vegas facilities, as amended from time to time, from and after the consummation of the Eldorado Transaction.
“Lease Agreements” refer collectively to the Caesars Lease Agreements, the Penn National Lease Agreements, the Hard Rock Cincinnati Lease Agreement, the Century Portfolio Lease Agreement, the JACK Cleveland/Thistledown Lease Agreement and the EBCI Lease Agreement, 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 Agreement” refers to the lease agreement for Margaritaville, as amended from time to time.
“MGM” refers to MGM Resorts International, a Delaware corporation, and, as the context requires, its subsidiaries.
“MGM Master Lease Agreement” refers to the form of amended and restated triple-net master lease to be entered into by us and MGM with respect to certain MGM properties that will be owned by us 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 a Master Transaction Agreement between the Company, MGP, MGP OP, the Operating Partnership, Venus Sub LLC, a Delaware limited liability company and wholly owned subsidiary of the Operating Partnership (“REIT Merger Sub”), VICI Properties OP LLC, a Delaware limited liability company and indirect wholly owned subsidiary of the Company (“New VICI Operating Company”), 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” refers collectively to the notes issued by MGP OP and MGP Finance Co-Issuer, Inc. (the “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, the subsidiary guarantors party thereto (the “MGP Subsidiary Guarantors”) and U.S. Bank National Association, as trustee (the “MGP Trustee”).
“MGP Transactions” refers 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, as contemplated by the MGP Master Transaction Agreement, including the MGM Tax Protection Agreement (as defined below) and the MGM Master Lease Agreement to be entered into between us and MGM upon consummation of the MGP Transactions.
“Non-CPLV Lease Agreement” refers to the lease agreement for regional properties (other than the facility in Joliet, Illinois) leased to Pre-Merger Caesars prior to the consummation of the Eldorado Transaction, as amended from time to time, which was replaced by the Regional Master Lease Agreement upon the consummation of the Eldorado Transaction.
“November 2019 Senior Unsecured Notes” refers collectively to the 2026 Notes and the 2029 Notes.
“Operating Partnership” refers to VICI Properties L.P., a Delaware limited partnership and a wholly owned subsidiary of VICI.
“Penn National” refers to Penn National Gaming, Inc., a Pennsylvania corporation, and, as the context requires, its subsidiaries.
“Penn National Lease Agreements” refer collectively to the Margaritaville Lease Agreement and the Greektown Lease Agreement, unless the context otherwise requires.
11

VICI PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
“Pre-Merger Caesars” refers to Caesars Entertainment Corporation, a Delaware corporation, and, as the context requires, its subsidiaries. Following the consummation of the Eldorado/Caesars Merger on July 20, 2020, Pre-Merger Caesars became a wholly owned subsidiary of Caesars.
“Regional Master Lease Agreement” 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, from and after the consummation of the Eldorado Transaction.
“Revolving Credit Facility” refers to the five-year first lien revolving credit facility entered into by VICI PropCo, as amended from time to time.
“Second Lien Notes” refers to $766.9 million aggregate principal amount of 8.0% second priority senior secured notes due 2023 issued by a subsidiary of the Operating Partnership in October 2017, the remaining $498.5 million aggregate principal amount outstanding as of December 31, 2019 of which was redeemed in full on February 20, 2020.
“Seminole Hard Rock” means Seminole Hard Rock Entertainment, Inc.
“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.
“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.
“VICI PropCo” refers to VICI Properties 1 LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of VICI.
Note 1 — Business and Organization
Business
We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations, subject to long-term triple-net leases. As of September 30, 2021, our national, geographically diverse real estate portfolio consisted of 28 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas. Our properties are leased to, and our tenants are, subsidiaries of Caesars, Penn National, Hard Rock, Century Casinos, JACK Entertainment and EBCI. We also own and operate four championship golf courses located near certain of our properties.
We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We conduct our real property business through our Operating Partnership and our golf course business through a taxable REIT subsidiary (a “TRS”), VICI Golf.
Impact of the COVID-19 Pandemic on our Business
Since the emergence of the COVID-19 pandemic in early 2020, among the broader public health, societal and global impacts, the pandemic has resulted in state governments and/or regulatory authorities issuing various directives, mandates, orders or similar actions, which resulted in temporary closures of our tenants’ operations at all of our properties and our golf course operations. Although all of our leased properties and our golf courses are currently open and operating, without restriction in some jurisdictions, they remain subject to any current or future operating limitations, restrictions or closures imposed by state and local governments and/or regulatory authorities. While our tenants’ recent performance at many of our leased properties has been at or above pre-pandemic levels, they may continue to face additional challenges and uncertainty due to the impact of the COVID-19 pandemic, such as complying with operational and capacity restrictions and ensuring sufficient employee staffing and service levels, and the sustainability of maintaining improved operating margins and financial performance. Due to prior closures, operating restrictions and other factors, our tenants’ operations, liquidity and financial performance have been adversely affected, and the ongoing nature of the pandemic, including emerging variants, may further impact our tenants’ businesses and, accordingly, our business and financial performance.
12

VICI PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
All of our tenants have fulfilled their rent obligations through October 2021 and we regularly engage with our tenants in connection with their business performance, operations, liquidity and financial results. As a triple-net lessor, we believe we are generally in a strong creditor position and structurally insulated from operational and performance impacts of our tenants, both positive and negative. However, the full extent to which the COVID-19 pandemic continues to adversely affect our tenants, and ultimately impacts us, depends on future developments which cannot be predicted with confidence, including the actions taken to contain the pandemic or mitigate its impact, including the availability, distribution, public acceptance and efficacy of approved vaccines, new or mutated variants of COVID-19 (including vaccine-resistant variants) or a similar virus, the direct and indirect economic effects of the pandemic and containment measures on our tenants, our tenants’ financial performance and any future operating limitations.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements, including the notes thereto, are unaudited and condense or exclude some of the disclosures and information normally required in audited financial statements.
We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K and as updated from time to time in our other filings with the SEC.
All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from these estimates.
Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Principles of Consolidation and Non-controlling Interest
The accompanying consolidated financial statements include our accounts and the accounts of our Operating Partnership, and the subsidiaries in which we or our Operating Partnership has a controlling interest, which includes a single variable interest entity (“VIE”) where we are the primary beneficiary. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary.
We present non-controlling interest and classify such interest as a component of consolidated stockholders’ equity, separate from VICI stockholders’ equity. Our non-controlling interest represents a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease Agreement.
Cash, Cash Equivalents and Restricted Cash
Cash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of September 30, 2021 and December 31, 2020, we did not have any restricted cash.
13

VICI PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Short-Term Investments
Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value.
We generally invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available-for-sale securities. The related income is recognized as interest income in our Statement of Operations. We had $20.0 million of short-term investments as of December 31, 2020. We did not have any short-term investments as of September 30, 2021.
Investments in Leases - Sales-type, Net