(Mark One) | |||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(VICI Properties Inc.) | ||||||||
(VICI Properties L.P.) | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
VICI Properties Inc. | VICI Properties L.P. |
VICI Properties Inc. Yes ☐ | VICI Properties L.P. Yes ☐ |
VICI Properties Inc. | VICI Properties L.P. |
VICI Properties Inc. | VICI Properties L.P. |
VICI Properties Inc. | VICI Properties L.P. | |||||||||||||||||||||||||
☒ | Accelerated filer | ☐ | Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | Smaller reporting company | ||||||||||||||||||||||
Emerging growth company | Emerging growth company |
VICI Properties Inc. ☐ | VICI Properties L.P. ☐ |
VICI Properties Inc. Yes | VICI Properties L.P. Yes |
VICI Properties Inc. ☐ | VICI Properties L.P. ☐ |
VICI Properties Inc. ☐ | VICI Properties L.P. ☐ |
VICI Properties Inc. Yes ☐ No | VICI Properties L.P. Yes ☐ No |
TABLE OF CONTENTS | Page | |||||||
ITEM 1. | Business |
MSA / Property | Location | Approx. Casino Sq. Ft. (000’s) | Approx. Gaming Units | Hotel Rooms | Lease Agreement | ||||||||||||||||||||||||||||||
Current Portfolio - Casinos | |||||||||||||||||||||||||||||||||||
Las Vegas—Destination Gaming | |||||||||||||||||||||||||||||||||||
Caesars Palace Las Vegas | Las Vegas, NV | 124 | 1,580 | 3,970 | Caesars Las Vegas | ||||||||||||||||||||||||||||||
Excalibur | Las Vegas, NV | 93 | 936 | 3,981 | MGM | ||||||||||||||||||||||||||||||
Harrah’s Las Vegas | Las Vegas, NV | 89 | 1,130 | 2,540 | Caesars Las Vegas | ||||||||||||||||||||||||||||||
Luxor | Las Vegas, NV | 101 | 864 | 4,397 | MGM | ||||||||||||||||||||||||||||||
Mandalay Bay | Las Vegas, NV | 152 | 1,059 | 4,750 | MGM | ||||||||||||||||||||||||||||||
MGM Grand | Las Vegas, NV | 169 | 1,367 | 6,071 | MGM | ||||||||||||||||||||||||||||||
The Mirage | Las Vegas, NV | 94 | 906 | 3,044 | Mirage | ||||||||||||||||||||||||||||||
New York - New York/The Park | Las Vegas, NV | 81 | 947 | 2,024 | MGM | ||||||||||||||||||||||||||||||
Park MGM | Las Vegas, NV | 66 | 810 | 2,898 | MGM | ||||||||||||||||||||||||||||||
Venetian Resort | Las Vegas, NV | 225 | 1,690 | 7,100 | Venetian | ||||||||||||||||||||||||||||||
Boston | |||||||||||||||||||||||||||||||||||
MGM Springfield | Springfield, MA | 106 | 1,623 | 240 | MGM |
MSA / Property | Location | Approx. Casino Sq. Ft. (000’s) | Approx. Gaming Units | Hotel Rooms | Lease Agreement | ||||||||||||||||||||||||||||||
Calgary | |||||||||||||||||||||||||||||||||||
PURE Casino Calgary | Calgary, AB | 22 | 871 | N/A | PURE | ||||||||||||||||||||||||||||||
PURE Casino Lethbridge | Lethbridge, AB | 13 | 451 | N/A | PURE | ||||||||||||||||||||||||||||||
Chicago | |||||||||||||||||||||||||||||||||||
Harrah’s Joliet (1) | Joliet, IL | 39 | 900 | 200 | Joliet | ||||||||||||||||||||||||||||||
Horseshoe Hammond | Hammond, IN | 117 | 2,090 | N/A | Caesars Regional | ||||||||||||||||||||||||||||||
Cincinnati | |||||||||||||||||||||||||||||||||||
Hard Rock Cincinnati | Cincinnati, OH | 100 | 1,900 | N/A | Hard Rock Cincinnati | ||||||||||||||||||||||||||||||
Cleveland | |||||||||||||||||||||||||||||||||||
JACK Cleveland | Cleveland, OH | 96 | 1,450 | N/A | JACK | ||||||||||||||||||||||||||||||
JACK Thistledown Racino | North Randall, OH | 57 | 1,480 | N/A | JACK | ||||||||||||||||||||||||||||||
MGM Northfield Park | Northfield, OH | 73 | 1,669 | N/A | MGM | ||||||||||||||||||||||||||||||
Dallas | |||||||||||||||||||||||||||||||||||
Horseshoe Bossier City | Bossier City, LA | 28 | 1,120 | 600 | Caesars Regional | ||||||||||||||||||||||||||||||
Margaritaville Resort Casino | Bossier City, LA | 30 | 1,036 | 395 | Margaritaville | ||||||||||||||||||||||||||||||
Detroit | |||||||||||||||||||||||||||||||||||
Hollywood Casino at Greektown | Detroit, MI | 100 | 2,219 | 400 | Greektown | ||||||||||||||||||||||||||||||
MGM Grand Detroit | Detroit, MI | 147 | 2,957 | 400 | MGM | ||||||||||||||||||||||||||||||
Edmonton | |||||||||||||||||||||||||||||||||||
PURE Casino Edmonton | Edmonton, AB | 72 | 895 | N/A | PURE | ||||||||||||||||||||||||||||||
PURE Casino Yellowhead | Edmonton, AB | 75 | 792 | N/A | PURE | ||||||||||||||||||||||||||||||
Jackson | |||||||||||||||||||||||||||||||||||
WaterView | Vicksburg, MS | 37 | 660 | 122 | Foundation | ||||||||||||||||||||||||||||||
Kansas City | |||||||||||||||||||||||||||||||||||
Harrah’s North Kansas City | North Kansas City, MO | 60 | 1,020 | 390 | Caesars Regional | ||||||||||||||||||||||||||||||
Laughlin | |||||||||||||||||||||||||||||||||||
Harrah’s Laughlin | Laughlin, NV | 58 | 800 | 1,510 | Caesars Regional | ||||||||||||||||||||||||||||||
Louisville | |||||||||||||||||||||||||||||||||||
Caesars Southern Indiana | Elizabeth, IN | 74 | 1,190 | 500 | EBCI | ||||||||||||||||||||||||||||||
Memphis | |||||||||||||||||||||||||||||||||||
Fitz | Robinsonville, MS | 39 | 873 | 506 | Foundation | ||||||||||||||||||||||||||||||
Gold Strike Tunica | Robinsonville, MS | 57 | 1,143 | 1,109 | Gold Strike | ||||||||||||||||||||||||||||||
Horseshoe Tunica | Robinsonville, MS | 63 | 1,070 | 510 | Caesars Regional | ||||||||||||||||||||||||||||||
Nashville | |||||||||||||||||||||||||||||||||||
Harrah’s Metropolis | Metropolis, IL | 24 | 670 | 210 | Caesars Regional | ||||||||||||||||||||||||||||||
New Orleans | |||||||||||||||||||||||||||||||||||
Beau Rivage | Biloxi, MS | 85 | 1,591 | 1,740 | MGM | ||||||||||||||||||||||||||||||
Harrah’s Gulf Coast | Biloxi, MS | 32 | 630 | 500 | Caesars Regional | ||||||||||||||||||||||||||||||
Harrah’s New Orleans | New Orleans, LA | 104 | 1,380 | 450 | Caesars Regional | ||||||||||||||||||||||||||||||
New York | |||||||||||||||||||||||||||||||||||
Empire City | Yonkers, NY | 137 | 4,696 | N/A | MGM | ||||||||||||||||||||||||||||||
Omaha | |||||||||||||||||||||||||||||||||||
Harrah’s Council Bluffs | Council Bluffs, IA | 23 | 530 | 250 | Caesars Regional | ||||||||||||||||||||||||||||||
Horseshoe Council Bluffs | Council Bluffs, IA | 55 | 1,390 | 150 | Caesars Regional |
MSA / Property | Location | Approx. Casino Sq. Ft. (000’s) | Approx. Gaming Units | Hotel Rooms | Lease Agreement | ||||||||||||||||||||||||||||||
Pittsburgh | |||||||||||||||||||||||||||||||||||
Mountaineer Casino Resort & Racetrack | New Cumberland, WV | 72 | 1,145 | 357 | Century Portfolio | ||||||||||||||||||||||||||||||
Philadelphia | |||||||||||||||||||||||||||||||||||
Borgata | Atlantic City, NJ | 213 | 2,979 | 2,767 | MGM | ||||||||||||||||||||||||||||||
Caesars Atlantic City | Atlantic City, NJ | 113 | 2,030 | 1,150 | Caesars Regional | ||||||||||||||||||||||||||||||
Harrah’s Atlantic City | Atlantic City, NJ | 150 | 1,990 | 2,590 | Caesars Regional | ||||||||||||||||||||||||||||||
Harrah’s Philadelphia | Chester, PA | 100 | 1,770 | N/A | Caesars Regional | ||||||||||||||||||||||||||||||
Reno / Sacramento | |||||||||||||||||||||||||||||||||||
Harrah’s Lake Tahoe | Stateline, NV | 54 | 780 | 510 | Caesars Regional | ||||||||||||||||||||||||||||||
Harvey’s Lake Tahoe | Lake Tahoe, NV | 51 | 630 | 740 | Caesars Regional | ||||||||||||||||||||||||||||||
St. Louis | |||||||||||||||||||||||||||||||||||
Century Casino Cape Girardeau | Cape Girardeau, MO | 42 | 862 | N/A | Century Portfolio | ||||||||||||||||||||||||||||||
Century Casino Caruthersville | Caruthersville, MO | 21 | 534 | N/A | Century Portfolio | ||||||||||||||||||||||||||||||
Washington D.C. | |||||||||||||||||||||||||||||||||||
MGM National Harbor | Prince George’s County, MD | 150 | 2,281 | 308 | MGM | ||||||||||||||||||||||||||||||
Total Casinos | 49 | 4,083 | 65,386 | 59,379 | |||||||||||||||||||||||||||||||
Current Portfolio - Golf Courses | |||||||||||||||||||||||||||||||||||
Las Vegas | |||||||||||||||||||||||||||||||||||
Cascata Golf Course | Boulder City, NV | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Rio Secco Golf Course | Henderson, NV | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
New Orleans | |||||||||||||||||||||||||||||||||||
Grand Bear Golf Course | Saucier, MS | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Louisville | |||||||||||||||||||||||||||||||||||
Chariot Run Golf Course | Laconia, IN | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Total Golf Courses | 4 | — | — | — | |||||||||||||||||||||||||||||||
Total | 53 | 4,083 | 65,386 | 59,379 | |||||||||||||||||||||||||||||||
(1) Owned by Harrah’s Joliet Landco LLC, a joint venture of which VICI PropCo is the 80% owner and the managing member. |
ITEM 1A. | Risk Factors |
ITEM 1B. | Unresolved Staff Comments |
ITEM 2. | Properties |
ITEM 3. | Legal Proceedings |
ITEM 4. | Mine Safety Disclosures |
ITEM 5. | Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Period | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number Of Shares Purchased As Part Of Publicly Announced Plans Or Programs | Maximum Number Of Shares That May Yet Be Purchased Under The Plans Or Programs | ||||||||||||||||||||||
October 1, 2022 through October 31, 2022 | 1,285 | $ | 29.85 | — | — | |||||||||||||||||||||
November 1, 2022 through November 30, 2022 | — | — | — | — | ||||||||||||||||||||||
December 1, 2022 through December 31, 2022 | — | — | — | — | ||||||||||||||||||||||
Total | 1,285 | $ | 29.85 | — | — |
Company / Index | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | 12/31/22 | ||||||||||||||||||||||||||||||||
VICI Properties Inc. | $ | 100.0 | $ | 96.4 | $ | 138.0 | $ | 146.2 | $ | 180.9 | $ | 204.6 | ||||||||||||||||||||||||||
MSCI US REIT Index | $ | 100.0 | $ | 95.5 | $ | 120.2 | $ | 111.2 | $ | 159.1 | $ | 120.1 | ||||||||||||||||||||||||||
S&P 500 | $ | 100.0 | $ | 95.6 | $ | 125.7 | $ | 148.8 | $ | 191.5 | $ | 156.8 |
ITEM 6. | [Reserved.] |
ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
(In thousands) | 2022 | 2021 | Variance | ||||||||||||||
Revenues | |||||||||||||||||
Income from sales-type leases | $ | 1,464,245 | $ | 1,167,972 | $ | 296,273 | |||||||||||
Income from lease financing receivables and loans | 1,041,229 | 283,242 | 757,987 | ||||||||||||||
Other income | 59,629 | 27,808 | 31,821 | ||||||||||||||
Golf revenues | 35,594 | 30,546 | 5,048 | ||||||||||||||
Total revenues | 2,600,697 | 1,509,568 | 1,091,129 | ||||||||||||||
Operating expenses | |||||||||||||||||
General and administrative | 48,340 | 33,122 | 15,218 | ||||||||||||||
Depreciation | 3,182 | 3,091 | 91 | ||||||||||||||
Other expenses | 59,629 | 27,808 | 31,821 | ||||||||||||||
Golf expenses | 22,602 | 20,762 | 1,840 | ||||||||||||||
Change in allowance for credit losses | 834,494 | (19,554) | 854,048 | ||||||||||||||
Transaction and acquisition expenses | 22,653 | 10,402 | 12,251 | ||||||||||||||
Total operating expenses | 990,900 | 75,631 | 915,269 | ||||||||||||||
Income from unconsolidated affiliate | 59,769 | — | 59,769 | ||||||||||||||
Interest expense | (539,953) | (392,390) | (147,563) | ||||||||||||||
Interest income | 9,530 | 120 | 9,410 | ||||||||||||||
Loss from extinguishment of debt | — | (15,622) | 15,622 | ||||||||||||||
Income before income taxes | 1,139,143 | 1,026,045 | 53,329 | ||||||||||||||
Income tax expense | (2,876) | (2,887) | 11 | ||||||||||||||
Net income | 1,136,267 | 1,023,158 | 53,340 | ||||||||||||||
Less: Net income attributable to non-controlling interests | (18,632) | (9,307) | (9,325) | ||||||||||||||
Net income attributable to common stockholders | $ | 1,117,635 | $ | 1,013,851 | $ | 44,015 |
(In thousands) | 2022 | 2021 | Variance | ||||||||||||||
Leasing revenue | $ | 2,461,299 | $ | 1,410,980 | $ | 1,050,319 | |||||||||||
Income from loans | 44,175 | 40,234 | 3,941 | ||||||||||||||
Other income | 59,629 | 27,808 | 31,821 | ||||||||||||||
Golf revenues | 35,594 | 30,546 | 5,048 | ||||||||||||||
Total revenues | $ | 2,600,697 | $ | 1,509,568 | $ | 1,091,129 |
(In thousands) | 2022 | 2021 | Variance | ||||||||||||||
Income from sales-type leases | $ | 1,464,245 | $ | 1,167,972 | $ | 296,273 | |||||||||||
Income from lease financing receivables (1) | 997,054 | 243,008 | 754,046 | ||||||||||||||
Total leasing revenue | 2,461,299 | 1,410,980 | 1,050,319 | ||||||||||||||
Non-cash adjustment (2) | (337,631) | (119,790) | (217,841) | ||||||||||||||
Total contractual leasing revenue | $ | 2,123,668 | $ | 1,291,190 | $ | 832,478 |
(In thousands) | 2022 | 2021 | Variance | ||||||||||||||
General and administrative | $ | 48,340 | $ | 33,122 | $ | 15,218 | |||||||||||
Depreciation | 3,182 | 3,091 | 91 | ||||||||||||||
Other expenses | 59,629 | 27,808 | 31,821 | ||||||||||||||
Golf expenses | 22,602 | 20,762 | 1,840 | ||||||||||||||
Change in allowance for credit losses | 834,494 | (19,554) | 854,048 | ||||||||||||||
Transaction and acquisition expenses | 22,653 | 10,402 | 12,251 | ||||||||||||||
Total operating expenses | $ | 990,900 | $ | 75,631 | $ | 915,269 |
(In thousands) | 2022 | 2021 | Variance | ||||||||||||||
Income from unconsolidated affiliate | $ | 59,769 | $ | — | $ | 59,769 | |||||||||||
Interest expense | (539,953) | (392,390) | (147,563) | ||||||||||||||
Interest income | 9,530 | 120 | 9,410 | ||||||||||||||
Loss from extinguishment of debt | — | (15,622) | 15,622 |
Year Ended December 31, | |||||||||||
(In thousands, except share data and per share data) | 2022 | 2021 | |||||||||
Net income attributable to common stockholders | $ | 1,117,635 | $ | 1,013,851 | |||||||
Real estate depreciation | — | — | |||||||||
Joint venture depreciation and non-controlling interest adjustments | 27,146 | — | |||||||||
FFO attributable to common stockholders | 1,144,781 | 1,013,851 | |||||||||
Non-cash leasing and financing adjustments | (337,631) | (119,426) | |||||||||
Non-cash change in allowance for credit losses | 834,494 | (19,554) | |||||||||
Non-cash stock-based compensation | 12,986 | 9,371 | |||||||||
Transaction and acquisition expenses | 22,653 | 10,402 | |||||||||
Amortization of debt issuance costs and original issue discount | 48,595 | 71,452 | |||||||||
Other depreciation | 3,060 | 2,970 | |||||||||
Capital expenditures | (1,802) | (2,490) | |||||||||
(Gain) loss on extinguishment of debt and interest rate swap settlements (1) | (5,405) | 79,861 | |||||||||
Joint venture non-cash adjustments and non-controlling interest adjustments | (27,930) | 1,000 | |||||||||
AFFO attributable to common stockholders | 1,693,801 | 1,047,437 | |||||||||
Interest expense, net | 487,233 | 256,579 | |||||||||
Income tax expense | 2,876 | 2,887 | |||||||||
Joint venture interest expense and non-controlling interest adjustments | 30,755 | — | |||||||||
Adjusted EBITDA attributable to common stockholders | $ | 2,214,665 | $ | 1,306,903 | |||||||
Net income per common share | |||||||||||
Basic | $ | 1.27 | $ | 1.80 | |||||||
Diluted | $ | 1.27 | $ | 1.76 | |||||||
FFO per common share | |||||||||||
Basic | $ | 1.30 | $ | 1.80 | |||||||
Diluted | $ | 1.30 | $ | 1.76 | |||||||
AFFO per common share | |||||||||||
Basic | $ | 1.93 | $ | 1.86 | |||||||
Diluted | $ | 1.93 | $ | 1.82 | |||||||
Weighted average number of shares of common shares outstanding | |||||||||||
Basic | 877,508,388 | 564,467,362 | |||||||||
Diluted | 879,675,845 | 577,066,292 |
(In thousands) | December 31, 2022 | ||||
Cash and cash equivalents | $ | 208,933 | |||
Short-term investments | 217,342 | ||||
Capacity under Revolving Credit Facility (1) (2) | 2,500,000 | ||||
Proceeds available from settlement of the November 2022 Forward Sale Agreements and ATM Forward Sale Agreements (3) (4) | 1,272,243 | ||||
Total (5) | $ | 4,198,518 |
Payments Due By Period | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total | 2023 | 2024 | 2025 | 2026 | 2027 and Thereafter | |||||||||||||||||||||||||||||||||||
Long-term debt, principal | |||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Notes | $ | 13,950,000 | $ | — | $ | 1,050,000 | $ | 2,050,000 | $ | 1,750,000 | $ | 9,100,000 | |||||||||||||||||||||||||||||
MGM Grand/Mandalay Bay JV CMBS (1) | 3,000,000 | — | — | — | — | 3,000,000 | |||||||||||||||||||||||||||||||||||
Scheduled interest payments | 5,787,769 | 768,406 | 734,395 | 665,344 | 624,219 | 2,995,405 | |||||||||||||||||||||||||||||||||||
Total debt contractual obligations | 22,737,769 | 768,406 | 1,784,395 | 2,715,344 | 2,374,219 | 15,095,405 | |||||||||||||||||||||||||||||||||||
Leases and contracts | |||||||||||||||||||||||||||||||||||||||||
Future funding commitments – loan investments and Partner Property Growth Fund (3) | 1,145,831 | 633,814 | 449,650 | 47,367 | — | 15,000 | |||||||||||||||||||||||||||||||||||
Golf course operating lease and contractual commitments | 47,854 | 5,734 | 2,112 | 2,153 | 2,197 | 35,658 | |||||||||||||||||||||||||||||||||||
Corporate office leases | 6,903 | 967 | 857 | 899 | 929 | 3,251 | |||||||||||||||||||||||||||||||||||
Total leases and contract obligations | 1,200,588 | 640,515 | 452,619 | 50,419 | 3,126 | 53,909 | |||||||||||||||||||||||||||||||||||
Total contractual commitments | $ | 23,938,357 | $ | 1,408,921 | $ | 2,237,014 | $ | 2,765,763 | $ | 2,377,345 | $ | 15,149,314 |
(In thousands) | 2022 | 2021 | Variance ($) | |||||||||||||||||
Cash, cash equivalents and restricted cash | ||||||||||||||||||||
Provided by operating activities | $ | 1,943,396 | $ | 896,350 | $ | 1,047,046 | ||||||||||||||
(Used in) provided by investing activities | (9,304,014) | 41,449 | (9,345,463) | |||||||||||||||||
Provided by (used in) financing activities | 6,829,937 | (514,178) | 7,344,115 | |||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (530,681) | $ | 423,621 | $ | (954,302) |
($ in thousands) | Long-Term PD | Long-Term LGD | ||||||||||||||||||||||||
Change | Change in CECL Allowance % | Change in CECL Allowance $ | Change in CECL Allowance % | Change in CECL Allowance $ | ||||||||||||||||||||||
10% increase | 0.18 | % | $ | 68,648 | 0.22 | % | $ | 81,558 | ||||||||||||||||||
10% decrease | (0.20) | % | $ | (70,821) | (0.22) | % | $ | (81,558) |
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 8. | Financial Statements and Supplementary Data |
ITEM 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
ITEM 9A. | Controls and Procedures |
ITEM 9B. | Other Information |
ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
ITEM 10. | Directors, Executive Officers and Corporate Governance |
ITEM 11. | Executive Compensation |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
ITEM 13. | Certain Relationships and Related Transactions and Director Independence |
ITEM 14. | Principal Accountant Fees and Services |
ITEM 15. | Exhibits and Financial Statement Schedules |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Filed Herewith | Form | Exhibit | Filing Date | |||||||||||||||||||||||||||
8-K | 3.1 | 10/11/2017 | ||||||||||||||||||||||||||||||
8-K | 3.1 | 3/3/2021 | ||||||||||||||||||||||||||||||
8-K | 3.1 | 9/14/2021 | ||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
8-K | 4.1 | 11/26/2019 | ||||||||||||||||||||||||||||||
8-K | 4.2 | 11/26/2019 | ||||||||||||||||||||||||||||||
8-K | 4.1 | 2/20/2020 | ||||||||||||||||||||||||||||||
8-K | 4.2 | 11/26/2019 | ||||||||||||||||||||||||||||||
8-K | 4.3 | 2/20/2020 | ||||||||||||||||||||||||||||||
8-K | 4.1 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.2 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.3 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.4 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.5 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.6 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.7 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.8 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.9 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.10 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.11 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.12 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.13 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.14 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.15 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.16 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.17 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.18 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 4.19 | 4/29/2022 | ||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
8-K | 10.1 | 7/21/2020 | ||||||||||||||||||||||||||||||
10-Q | 10.15 | 10/28/2020 | ||||||||||||||||||||||||||||||
10-K | 10.3 | 2/18/2021 | ||||||||||||||||||||||||||||||
10-Q | 10.4 | 10/27/2021 | ||||||||||||||||||||||||||||||
10-K | 10.5 | 2/23/2022 | ||||||||||||||||||||||||||||||
8-K | 10.2 | 7/21/2020 | ||||||||||||||||||||||||||||||
10-Q | 10.13 | 10/28/2020 | ||||||||||||||||||||||||||||||
10-K | 10.6 | 2/18/2021 | ||||||||||||||||||||||||||||||
10-Q | 10.5 | 10/27/2021 | ||||||||||||||||||||||||||||||
10-K | 10.10 | 2/23/2022 | ||||||||||||||||||||||||||||||
10-K | 10.11 | 2/23/2022 | ||||||||||||||||||||||||||||||
10-Q | 10.1 | 10/27/2022 | ||||||||||||||||||||||||||||||
8-K | 10.3 | 7/21/2020 | ||||||||||||||||||||||||||||||
10-Q | 10.14 | 10/28/2020 | ||||||||||||||||||||||||||||||
10-K | 10.9 | 2/18/2021 | ||||||||||||||||||||||||||||||
10-Q | 10.6 | 10/27/2021 | ||||||||||||||||||||||||||||||
10-K | 10.16 | 2/23/2022 | ||||||||||||||||||||||||||||||
10-Q | 10.16 | 10/28/2020 | ||||||||||||||||||||||||||||||
8-K | 10.4 | 7/21/2020 | ||||||||||||||||||||||||||||||
8-K | 10.5 | 7/21/2020 | ||||||||||||||||||||||||||||||
8-K | 10.6 | 7/21/2020 | ||||||||||||||||||||||||||||||
8-K | 10.1 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 10.1 | 12/19/2022 | ||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
8-K | 10.2 | 4/29/2022 | ||||||||||||||||||||||||||||||
8-K | 10.8 | 7/21/2020 | ||||||||||||||||||||||||||||||
8-K | 10.1 | 9/18/2020 | ||||||||||||||||||||||||||||||
8-K | 10.10 | 7/21/2020 | ||||||||||||||||||||||||||||||
8-K | 10.11 | 7/21/2020 | ||||||||||||||||||||||||||||||
8-K | 10.3 | 4/29/2022 | ||||||||||||||||||||||||||||||
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8-K | 10.1 | 2/9/2022 | ||||||||||||||||||||||||||||||
10-Q | 10.1 | 7/27/2022 | ||||||||||||||||||||||||||||||
8-K | 10.5 | 4/29/2022 |
8-K | 10.4 | 4/29/2022 | ||||||||||||||||||||||||||||||
10 | 10.20 | 9/28/2017 | ||||||||||||||||||||||||||||||
8-K | 10.1 | 9/26/2019 | ||||||||||||||||||||||||||||||
8-K | 10.2 | 9/26/2019 | ||||||||||||||||||||||||||||||
8-K | 10.3 | 9/26/2019 | ||||||||||||||||||||||||||||||
8-K | 10.4 | 9/26/2019 | ||||||||||||||||||||||||||||||
8-K | 10.28 | 10/11/2017 | ||||||||||||||||||||||||||||||
10-K | 10.52 | 2/14/2019 | ||||||||||||||||||||||||||||||
10-K | 10.39 | 3/28/2018 | ||||||||||||||||||||||||||||||
8-K | 10.1 | 8/30/2018 | ||||||||||||||||||||||||||||||
8-K | 10.2 | 8/30/2018 | ||||||||||||||||||||||||||||||
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101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | X | ||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
ITEM 16. | Form 10-K Summary |
VICI PROPERTIES INC. | ||||||||
February 23, 2023 | By: | /S/ EDWARD B. PITONIAK | ||||||
Edward B. Pitoniak | ||||||||
Chief Executive Officer and Director |
Signature | Title | Date | ||||||||||||
/S/ EDWARD B. PITONIAK | Chief Executive Officer and Director | February 23, 2023 | ||||||||||||
Edward B. Pitoniak | (Principal Executive Officer) | |||||||||||||
/S/ DAVID A. KIESKE | Chief Financial Officer | February 23, 2023 | ||||||||||||
David A. Kieske | (Principal Financial Officer) | |||||||||||||
/S/ GABRIEL F. WASSERMAN | Chief Accounting Officer | February 23, 2023 | ||||||||||||
Gabriel F. Wasserman | (Principal Accounting Officer) | |||||||||||||
/S/ JAMES R. ABRAHAMSON | Chair of the Board of Directors | February 23, 2023 | ||||||||||||
James R. Abrahamson | ||||||||||||||
/S/ DIANA F. CANTOR | Director | February 23, 2023 | ||||||||||||
Diana F. Cantor | ||||||||||||||
/S/ MONICA H. DOUGLAS | Director | February 23, 2023 | ||||||||||||
Monica H. Douglas | ||||||||||||||
/S/ ELIZABETH I. HOLLAND | Director | February 23, 2023 | ||||||||||||
Elizabeth I. Holland | ||||||||||||||
/S/ CRAIG MACNAB | Director | February 23, 2023 | ||||||||||||
Craig Macnab | ||||||||||||||
/S/ MICHAEL D. RUMBOLZ | Director | February 23, 2023 | ||||||||||||
Michael D. Rumbolz |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES | |||||||||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||||||||
Financial Statements of VICI Properties Inc. | |||||||||||
Year Ended December 31, 2022, 2021 and 2020 | |||||||||||
Financial Statements of VICI Properties L.P. | |||||||||||
Year Ended December 31, 2022, 2021 and 2020 | |||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Real estate portfolio: | |||||||||||
Investments in leases - sales-type, net | $ | $ | |||||||||
Investments in leases - financing receivables, net | |||||||||||
Investments in loans, net | |||||||||||
Investment in unconsolidated affiliate | |||||||||||
Land | |||||||||||
Cash and cash equivalents | |||||||||||
Short-term investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Debt, net | $ | $ | |||||||||
Accrued expenses and deferred revenue | |||||||||||
Dividends and distributions payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies (Note 10) | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $ | |||||||||||
Preferred stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income | |||||||||||
Retained earnings | |||||||||||
Total VICI stockholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenues | |||||||||||||||||
Income from sales-type leases | $ | $ | $ | ||||||||||||||
Income from operating leases | |||||||||||||||||
Income from lease financing receivables and loans | |||||||||||||||||
Other income | |||||||||||||||||
Golf revenues | |||||||||||||||||
Total revenues | |||||||||||||||||
Operating expenses | |||||||||||||||||
General and administrative | |||||||||||||||||
Depreciation | |||||||||||||||||
Other expenses | |||||||||||||||||
Golf expenses | |||||||||||||||||
Change in allowance for credit losses | ( | ||||||||||||||||
Transaction and acquisition expenses | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Income from unconsolidated affiliate | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Interest income | |||||||||||||||||
Loss from extinguishment of debt | ( | ( | |||||||||||||||
Gain upon lease modification | |||||||||||||||||
Income before income taxes | |||||||||||||||||
Income tax expense | ( | ( | ( | ||||||||||||||
Net income | |||||||||||||||||
Less: Net income attributable to non-controlling interests | ( | ( | ( | ||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Net income per common share | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||
Weighted average number of shares of common stock outstanding | |||||||||||||||||
Basic | |||||||||||||||||
Diluted | |||||||||||||||||
Other comprehensive income | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Reclassification of derivative (gain) loss to Interest expense | ( | ||||||||||||||||
Unrealized gain (loss) on cash flow hedges | ( | ||||||||||||||||
Comprehensive income | |||||||||||||||||
Comprehensive income attributable to non-controlling interests | ( | ( | ( | ||||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total VICI Stockholders’ Equity | Non-controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Cumulative effect of adoption of | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends and distributions declared ($ | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | — | ||||||||||||||||||||||||||||||||||||||
Unrealized loss on cash flow hedges | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | ( | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | — | — | — | ||||||||||||||||||||||||||||||||||||||
Dividends and distributions declared ($ | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | — | ||||||||||||||||||||||||||||||||||||||
Unrealized loss on cash flow hedges | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reclassification of derivative loss to Interest expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of VICI OP Units | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Reallocation of equity | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Dividends and distributions declared ($ | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedges | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reclassification of derivative gain to Interest expense | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to cash flows provided by operating activities: | |||||||||||||||||
Non-cash leasing and financing adjustments | ( | ( | ( | ||||||||||||||
Stock-based compensation | |||||||||||||||||
Non-cash transaction costs | |||||||||||||||||
Depreciation | |||||||||||||||||
Amortization of debt issuance costs and original issue discount | |||||||||||||||||
Change in allowance for credit losses | ( | ||||||||||||||||
Income from unconsolidated affiliate | ( | ||||||||||||||||
Distributions from unconsolidated affiliate | |||||||||||||||||
Net proceeds from settlement of derivatives | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Gain upon lease modification | ( | ||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Other assets | ( | ( | |||||||||||||||
Accrued expenses and deferred revenue | ( | ||||||||||||||||
Other liabilities | ( | ||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Net cash paid in connection with MGP Transactions | ( | ||||||||||||||||
Investments in leases - sales-type | ( | ( | |||||||||||||||
Investments in leases - financing receivables | ( | ( | ( | ||||||||||||||
Investments in loans | ( | ( | ( | ||||||||||||||
Principal repayments of lease financing receivables | |||||||||||||||||
Principal repayments of loan and receipts of deferred fees | |||||||||||||||||
Capitalized transaction costs | ( | ( | ( | ||||||||||||||
Investments in short-term investments | ( | ( | |||||||||||||||
Maturities of short-term investments | |||||||||||||||||
Proceeds from sale of real estate | |||||||||||||||||
Acquisition of property and equipment | ( | ( | ( | ||||||||||||||
Net cash (used in) provided by investing activities | ( | ( | |||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Proceeds from offering of common stock, net | |||||||||||||||||
Proceeds from April 2022 Notes offering | — | ||||||||||||||||
Proceeds from Revolving Credit Facility | |||||||||||||||||
Proceeds from February 2020 Senior Unsecured Notes | — | — | |||||||||||||||
Repayment of Term Loan B Facility | ( | ||||||||||||||||
Repayment of Revolving Credit Facility | ( | ||||||||||||||||
Redemption of Second Lien Notes | ( | ||||||||||||||||
CPLV CMBS Debt prepayment penalty reimbursement | |||||||||||||||||
Repurchase of stock for tax withholding | ( | ( | ( | ||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||
Distributions to non-controlling interests | ( | ( | ( | ||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | $ | ||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Cash paid for interest | $ | $ | $ | ||||||||||||||
Cash paid for income taxes | |||||||||||||||||
Supplemental non-cash investing and financing activity: | |||||||||||||||||
Dividends and distributions declared, not paid | $ | $ | $ | ||||||||||||||
Deferred transaction costs payable | |||||||||||||||||
Debt issuance costs payable | |||||||||||||||||
Non-cash change in Investments in leases - financing receivables | |||||||||||||||||
Obtaining right-of-use assets in exchange for lease liabilities | |||||||||||||||||
Transfer of Investments in leases - operating to Investments in leases - sales-type and direct financing due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction | |||||||||||||||||
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction | |||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Real estate portfolio: | |||||||||||
Investments in leases - sales-type, net | $ | $ | |||||||||
Investments in leases - financing receivables, net | |||||||||||
Investments in loans, net | |||||||||||
Investment in unconsolidated affiliate | |||||||||||
Land | |||||||||||
Cash and cash equivalents | |||||||||||
Short-term investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Debt, net | $ | $ | |||||||||
Accrued expenses and deferred revenue | |||||||||||
Distributions payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies (Note 10) | |||||||||||
Partners’ Capital | |||||||||||
Partners’ capital, | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total VICI LP’s capital | |||||||||||
Non-controlling interest | |||||||||||
Total capital attributable to partners | |||||||||||
Total liabilities and partners’ capital | $ | $ |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenues | |||||||||||||||||
Income from sales-type leases | $ | $ | $ | ||||||||||||||
Income from operating leases | |||||||||||||||||
Income from lease financing receivables and loans | |||||||||||||||||
Other income | |||||||||||||||||
Total revenues | |||||||||||||||||
Operating expenses | |||||||||||||||||
General and administrative | |||||||||||||||||
Depreciation | |||||||||||||||||
Other expenses | |||||||||||||||||
Change in allowance for credit losses | ( | ||||||||||||||||
Transaction and acquisition expenses | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Income from unconsolidated affiliate | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Interest income | |||||||||||||||||
Loss from extinguishment of debt | ( | ( | |||||||||||||||
Gain upon lease modification | |||||||||||||||||
Income before income taxes | |||||||||||||||||
Income tax expense | ( | ( | ( | ||||||||||||||
Net income | |||||||||||||||||
Less: Net income attributable to non-controlling interest | ( | ( | ( | ||||||||||||||
Net income attributable to partners | $ | $ | $ | ||||||||||||||
Net income per Partnership unit | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||
Weighted average number of Partnership units outstanding | |||||||||||||||||
Basic | |||||||||||||||||
Diluted | |||||||||||||||||
Other comprehensive income | |||||||||||||||||
Net income attributable to partners | $ | $ | $ | ||||||||||||||
Unrealized gain (loss) on cash flow hedges | ( | ||||||||||||||||
Reclassification of derivative (gain) loss to Interest expense | ( | ||||||||||||||||
Comprehensive income attributable to partners | $ | $ | $ |
Partners’ Capital | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total | ||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | ( | $ | $ | ||||||||||||||||||
Cumulative effect of adoption of | ( | — | ( | ( | |||||||||||||||||||
Net income | — | ||||||||||||||||||||||
Contributions from Parent | — | — | |||||||||||||||||||||
Distributions to Parent | ( | — | — | ( | |||||||||||||||||||
Distributions to non-controlling interest | — | — | ( | ( | |||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | |||||||||||||||||||||
Unrealized gain on cash flow hedges | — | ( | — | ( | |||||||||||||||||||
Balance as of December 31, 2020 | ( | ||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||
Contributions from Parent | — | — | |||||||||||||||||||||
Distributions to Parent | ( | — | — | ( | |||||||||||||||||||
Distributions to non-controlling interest | — | — | ( | ( | |||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | |||||||||||||||||||||
Unrealized gain on cash flow hedges | — | — | |||||||||||||||||||||
Reclassification of derivative loss to Interest expense | — | — | |||||||||||||||||||||
Balance as of December 31, 2021 | |||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||
Contributions from Parent | — | — | |||||||||||||||||||||
Distributions to Parent | ( | — | — | ( | |||||||||||||||||||
Distributions to non-controlling interest | — | — | ( | ( | |||||||||||||||||||
Stock-based compensation, net of forfeitures | — | — | |||||||||||||||||||||
Unrealized gain on cash flow hedges | — | — | |||||||||||||||||||||
Reclassification of derivative gain to Interest expense | — | ( | — | ( | |||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to cash flows provided by operating activities: | |||||||||||||||||
Non-cash leasing and financing adjustments | ( | ( | ( | ||||||||||||||
Stock-based compensation | |||||||||||||||||
Depreciation | |||||||||||||||||
Amortization of debt issuance costs and original issue discount | |||||||||||||||||
Change in allowance for credit losses | ( | ||||||||||||||||
Income from unconsolidated affiliate | ( | ||||||||||||||||
Distributions from unconsolidated affiliate | |||||||||||||||||
Net proceeds from settlement of derivatives | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Gain upon lease modification | ( | ||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Other assets | ( | ( | |||||||||||||||
Accrued expenses and deferred revenue | ( | ||||||||||||||||
Other liabilities | ( | ( | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Net cash paid in connection with MGP Transactions | ( | ||||||||||||||||
Investments in leases - sales-type | ( | ( | |||||||||||||||
Investments in leases - financing receivables | ( | ( | ( | ||||||||||||||
Investments in loans | ( | ( | ( | ||||||||||||||
Principal repayments of lease financing receivables | |||||||||||||||||
Principal repayments of loan and receipts of deferred fees | |||||||||||||||||
Capitalized transaction costs | ( | ( | ( | ||||||||||||||
Investments in short-term investments | ( | ( | |||||||||||||||
Maturities of short-term investments | |||||||||||||||||
Proceeds from sale of real estate | |||||||||||||||||
Acquisition of property and equipment | ( | ( | ( | ||||||||||||||
Net cash (used in) provided by investing activities | ( | ( | |||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Contributions from Parent | |||||||||||||||||
Distributions to Parent | ( | ( | ( | ||||||||||||||
Proceeds from April 2022 Notes offering | — | ||||||||||||||||
Proceeds from Revolving Credit Facility | |||||||||||||||||
Repayment of Revolving Credit Facility | ( | ||||||||||||||||
Proceeds from February 2020 Senior Unsecured Notes | — | — | |||||||||||||||
Repayment of Term Loan B Facility | ( | ||||||||||||||||
Redemption of Second Lien Notes | ( | ||||||||||||||||
CPLV CMBS Debt prepayment penalty reimbursement | |||||||||||||||||
Repurchase of stock for tax withholding | ( | ||||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||
Distributions to non-controlling interest | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | $ | ||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Cash paid for interest | $ | $ | $ | ||||||||||||||
Cash paid for income taxes | |||||||||||||||||
Supplemental non-cash investing and financing activity: | |||||||||||||||||
Distributions Payable | $ | $ | $ | ||||||||||||||
Debt issuance costs payable | |||||||||||||||||
Deferred transaction costs payable | |||||||||||||||||
Non-cash change in Investments in leases - financing receivables | |||||||||||||||||
Obtaining right-of-use assets in exchange for lease liabilities | |||||||||||||||||
Transfer of Investments in leases - operating to Investments in leases - sales-type and direct financing due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction | |||||||||||||||||
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction | |||||||||||||||||
Depreciable land improvements | |||||
Building and improvements | |||||
Furniture and equipment |
MGP Common Shares outstanding as of April 29, 2022 | |||||
Exchange Ratio | |||||
VICI common stock issued (1) | |||||
VICI common stock issued for MGP stock-based compensation awards | |||||
Total VICI common stock issued |
(In thousands) | Amount | |||||||
REIT Merger Consideration (1) | $ | |||||||
Redemption payment to MGM | ||||||||
VICI OP Units retained by MGM (2) | ||||||||
Repayment of MGP revolving credit facility (3) | ||||||||
Transactions costs (4) | ||||||||
Total consideration transferred | $ | |||||||
Assumption of MGP OP Notes and Exchange Notes, at principal value | ||||||||
Assumption of our proportionate share of the MGM Grand/Mandalay Bay JV CMBS debt, at principal value | ||||||||
Total purchase price | $ |
(In thousands) | Amount | |||||||
Investments in leases - financing receivables (1) (2) | $ | |||||||
Investment in unconsolidated affiliate (2) (3) | ||||||||
Cash and cash equivalents (4) | ||||||||
Other assets (4) | ||||||||
Debt, net (5) | ( | |||||||
Accrued expenses and deferred revenue (4) | ( | |||||||
Other liabilities (4) | ( | |||||||
Total net assets acquired | $ |
($ in thousands) | ||||||||||||||||||||
Loan Name | Maximum Loan Amount | Loan Type | Development Project | |||||||||||||||||
Fontainebleau Las Vegas | $ | Mezzanine | Completion of | |||||||||||||||||
Canyon Ranch Austin | Senior Secured | Canyon Ranch Austin wellness resort located in Austin, TX | ||||||||||||||||||
Great Wolf Northeast | Senior Secured | |||||||||||||||||||
Great Wolf Gulf Coast Texas | Mezzanine | |||||||||||||||||||
Great Wolf South Florida | Mezzanine | |||||||||||||||||||
Cabot Citrus Farms | Senior Secured | Cabot Citrus Farms golf course and resort located in Brookdale, FL | ||||||||||||||||||
BigShots | Senior Secured | BigShots Golf Facilities throughout the United States | ||||||||||||||||||
Total | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Investments in leases - sales-type, net (1) | |||||||||||
Investments in leases - financing receivables, net | |||||||||||
Total investments in leases, net | |||||||||||
Investments in loans, net | |||||||||||
Investment in unconsolidated affiliate | |||||||||||
Land | |||||||||||
Total real estate portfolio | $ | $ |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Income from sales-type leases - fixed rent (1) | $ | $ | $ | ||||||||||||||
Income from sales-type leases - contingent rent (1) | |||||||||||||||||
Income from operating leases (2) | |||||||||||||||||
Income from lease financing receivables - fixed rent (1)(3) | |||||||||||||||||
Income from lease financing receivables - contingent rent (1)(3) | |||||||||||||||||
Total lease revenue | |||||||||||||||||
Non-cash adjustment (4) | ( | ( | ( | ||||||||||||||
Total contractual lease revenue | $ | $ | $ |
Minimum Lease Payments (1) (2) | ||||||||||||||||||||
Investments in Leases | ||||||||||||||||||||
(In thousands) | Sales-Type | Financing Receivables | Total | |||||||||||||||||
2023 | $ | $ | $ | |||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Weighted Average Lease Term (2) |
($ In thousands) | Caesars Regional Master Lease and Joliet Lease | Caesars Las Vegas Master Lease | MGM Master Lease | MGM Grand/Mandalay Bay Lease (1) | ||||||||||||||||||||||
Lease Provision | ||||||||||||||||||||||||||
Initial term | ||||||||||||||||||||||||||
Initial term maturity | 7/31/2035 | 7/31/2035 | 4/30/2047 | 2/28/2050 | ||||||||||||||||||||||
Renewal terms | ||||||||||||||||||||||||||
Current lease year (2) | 11/1/22 - 10/31/23 (Lease Year 6) | 11/1/22 - 10/31/23 (Lease Year 6) | 4/29/22-4/30/23 (Lease Year 1) | 3/1/22 - 2/28/23 (Lease Year 3) | ||||||||||||||||||||||
Current annualized rent | $ | $ | ||||||||||||||||||||||||
Annual escalator (5) | Lease years 2-5 - Lease years 6-end of term - CPI subject to | > | Lease years 2-10 - Lease years 11-end of term - > | Lease years 2-15 - Lease years 16-end of term - > | ||||||||||||||||||||||
Variable rent adjustment (6) | Year 8: Years 11 & 16: | Years 8, 11 & 16: | None | None | ||||||||||||||||||||||
Variable rent adjustment calculation (5) | Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 | Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 | None | None |
Provision | Caesars Regional Master Lease and Joliet Lease | Caesars Las Vegas Master Lease | MGM Grand/Mandalay Bay Lease | Venetian Lease | All Other Leases (1) | |||||||||||||||||||||||||||
Yearly minimum expenditure | ||||||||||||||||||||||||||||||||
Rolling three-year minimum (3) | $ | $ | N/A | N/A | N/A |
($ In thousands) | December 31, 2022 | |||||||||||||||||||||||||||||||
Loan Type | Principal Balance | Carrying Value (1) | Future Funding Commitments (2) | Weighted Average Interest Rate (3) | Weighted Average Term (4) | |||||||||||||||||||||||||||
Senior Secured | $ | $ | $ | % | ||||||||||||||||||||||||||||
Mezzanine | % | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | % |
($ In thousands) | December 31, 2021 | |||||||||||||||||||||||||||||||
Loan Type | Principal Balance | Carrying Value (1) | Future Funding Commitments (2) | Weighted Average Interest Rate | Weighted Average Term (3) | |||||||||||||||||||||||||||
Senior Secured | $ | $ | $ | % | ||||||||||||||||||||||||||||
Mezzanine | % | |||||||||||||||||||||||||||||||
Total | $ | $ | $ | % |
December 31, 2022 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Allowance (1) | Net Investment | Allowance as a % of Amortized Cost | |||||||||||||||||||
Investments in leases - sales-type | $ | $ | ( | $ | % | ||||||||||||||||||
Investments in leases - financing receivables | ( | % | |||||||||||||||||||||
Investments in loans | ( | % | |||||||||||||||||||||
Other assets - sales-type sub-leases | ( | % | |||||||||||||||||||||
Totals | $ | $ | ( | $ | % |
December 31, 2021 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Allowance | Net Investment | Allowance as a % of Amortized Cost | |||||||||||||||||||
Investments in leases - sales-type | $ | $ | ( | $ | % | ||||||||||||||||||
Investments in leases - financing receivables | ( | % | |||||||||||||||||||||
Investments in loans | ( | % | |||||||||||||||||||||
Other assets - sales-type sub-leases | ( | % | |||||||||||||||||||||
Totals | $ | $ | ( | $ | % |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Beginning Balance January 1, | $ | $ | $ | ||||||||||||||
Initial allowance upon adoption | |||||||||||||||||
Initial allowance from current period investments | |||||||||||||||||
Current period change in credit allowance | ( | ||||||||||||||||
Charge-offs | |||||||||||||||||
Recoveries | |||||||||||||||||
Ending Balance December 31, | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Ba2 | Ba3 | B1 | B2 | B3 | N/A(2) | Total | ||||||||||||||||||||||||||||||||||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | $ | $ | $ | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Ba2 | Ba3 | B1 | B2 | B3 | N/A(2) | Total | ||||||||||||||||||||||||||||||||||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Ba2 | Ba3 | B1 | B2 | B3 | N/A(2) | Total | ||||||||||||||||||||||||||||||||||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Sales-type sub-leases, net (1) | $ | $ | |||||||||
Property and equipment used in operations, net | |||||||||||
Right of use assets and sub-lease right of use assets | |||||||||||
Debt financing costs | |||||||||||
Deferred acquisition costs | |||||||||||
Prepaid expenses | |||||||||||
Interest receivable | |||||||||||
Other receivables | |||||||||||
Tenant receivables | |||||||||||
Forward-starting interest rate swaps | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Land and land improvements | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Furniture and equipment | |||||||||||
Total property and equipment used in operations | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Total property and equipment used in operations, net | $ | $ |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Depreciation expense | $ | $ | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Finance sub-lease liabilities | $ | $ | |||||||||
Deferred financing liabilities | |||||||||||
Lease liabilities and sub-lease liabilities | |||||||||||
CECL allowance for unfunded commitments | |||||||||||
Deferred income taxes | |||||||||||
Other | |||||||||||
Total other liabilities | $ | $ |
($ In thousands) | December 31, 2022 | |||||||||||||||||||||||||
Description of Debt (1) | Maturity | Interest Rate | Face Value | Carrying Value(2) | ||||||||||||||||||||||
Revolving Credit Facility (3) (4) | 2026 | SOFR + | $ | $ | ||||||||||||||||||||||
Delayed Draw Term Loan (5) | 2025 | SOFR + | ||||||||||||||||||||||||
November 2019 Notes (6) | ||||||||||||||||||||||||||
2026 Maturity | 2026 | |||||||||||||||||||||||||
2029 Maturity | 2029 | |||||||||||||||||||||||||
February 2020 Notes (6) | ||||||||||||||||||||||||||
2025 Maturity | 2025 | |||||||||||||||||||||||||
2027 Maturity | 2027 | |||||||||||||||||||||||||
2030 Maturity | 2030 | |||||||||||||||||||||||||
April 2022 Notes (6) | ||||||||||||||||||||||||||
2025 Maturity | 2025 | |||||||||||||||||||||||||
2028 Maturity | 2028 | |||||||||||||||||||||||||
2030 Maturity | 2030 | |||||||||||||||||||||||||
2032 Maturity | 2032 | |||||||||||||||||||||||||
2052 Maturity | 2052 | |||||||||||||||||||||||||
Exchange Notes (6) | ||||||||||||||||||||||||||
2024 Maturity | 2024 | |||||||||||||||||||||||||
2025 Maturity | 2025 | |||||||||||||||||||||||||
2026 Maturity | 2026 | |||||||||||||||||||||||||
2027 Maturity | 2027 | |||||||||||||||||||||||||
2028 Maturity | 2028 | |||||||||||||||||||||||||
2029 Maturity | 2029 | |||||||||||||||||||||||||
MGP OP Notes (6) | ||||||||||||||||||||||||||
2024 Maturity | 2024 | |||||||||||||||||||||||||
2025 Maturity | 2025 | |||||||||||||||||||||||||
2026 Maturity | 2026 | |||||||||||||||||||||||||
2027 Maturity | 2027 | |||||||||||||||||||||||||
2028 Maturity | 2028 | |||||||||||||||||||||||||
2029 Maturity | 2029 | |||||||||||||||||||||||||
Total Debt | $ | $ |
($ In thousands) | December 31, 2021 | |||||||||||||||||||||||||
Description of Debt | Maturity | Interest Rate | Face Value | Carrying Value(1) | ||||||||||||||||||||||
Secured Revolving Credit Facility (9) | 2024 | L + | $ | $ | ||||||||||||||||||||||
November 2019 Notes (5) | ||||||||||||||||||||||||||
2026 Maturity | 2026 | |||||||||||||||||||||||||
2029 Maturity | 2029 | |||||||||||||||||||||||||
February 2020 Notes (5) | ||||||||||||||||||||||||||
2025 Maturity | 2025 | |||||||||||||||||||||||||
2027 Maturity | 2027 | |||||||||||||||||||||||||
2030 Maturity | 2030 | |||||||||||||||||||||||||
Total Debt | $ | $ |
($ In thousands) | Future Minimum Payments | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total minimum repayments | $ |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
MGP Transactions Bridge Facility | $ | $ | $ | ||||||||||||||
Venetian Acquisition Bridge Facility | |||||||||||||||||
Caesars Transaction Bridge Facility |
($ in thousands) | December 31, 2021 | |||||||||||||||||||||||||||||||
Instrument | Number of Instruments | Fixed Rate | Notional | Index | Maturity | |||||||||||||||||||||||||||
Forward-starting interest rate swap | $ | USD SOFR- COMPOUND | May 2, 2032 |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Unrealized gain recorded in other comprehensive income | $ | $ | $ | ||||||||||||||
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks | ( |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Unrealized gain (loss) recorded in other comprehensive income | $ | $ | $ | ( | |||||||||||||
Interest from interest rate swaps recorded in interest expense | |||||||||||||||||
Interest rate swap settlement recorded in interest expense |
December 31, 2022 | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Short-term investments (1) | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(In thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Derivative instruments - forward-starting interest rate swap (2) | $ | $ | $ | $ |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Investments in leases - financing receivables (1) | $ | $ | $ | $ | |||||||||||||||||||
Investments in loans (2) | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Debt | |||||||||||||||||||||||
Revolving Credit Facility | $ | $ | $ | $ | |||||||||||||||||||
Delayed Draw Term Loan | |||||||||||||||||||||||
Senior Unsecured Notes (3) |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Rent expense | $ | $ | $ | ||||||||||||||
Contractual rent | $ | $ | $ |
(In thousands) | Lease Commitments | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total minimum lease commitments | $ | ||||
Discounting factor | |||||
Lease liability | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
$ | $ | ||||||||||
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Rental income and expense | $ | $ | $ | ||||||||||||||
Contractual rent | $ | $ | $ |
(In thousands) | Lease Commitments | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total minimum lease commitments | $ | ||||
Discounting factor | |||||
Finance sub-lease liability | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Others assets (sales-type sub-leases, net) | $ | $ | |||||||||
Other liabilities (finance sub-lease liabilities) |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Rental income and expense | $ | $ | $ | ||||||||||||||
Contractual rent | $ | $ | $ |
(In thousands) | Lease Commitments | |||||||
2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total minimum lease commitments | $ | |||||||
Discounting factor | ||||||||
Finance sub-lease liability | $ |
(In thousands, except share and per share data) | Effective Date (1) | Total Shares Sold (2) | Public Offering Price Per Share | Aggregate Offering Value | Initial Forward Sale Price Per Share | Initial Net Value | |||||||||||||||||||||||||||||
January 2023 Offering | January 18, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
November 2022 Offering | November 8, 2022 | ||||||||||||||||||||||||||||||||||
September 2021 Offering | September 14, 2021 | ||||||||||||||||||||||||||||||||||
March 2021 Offering | March 8, 2021 | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands, except share and per share data) | Settlement Date | Settlement Type | Number of Shares Settled | Forward Share Price Upon Settlement | Total Net Proceeds | ||||||||||||||||||||||||
November 2022 Forward Sale Agreements | January 6, 2023 | Physical | $ | $ | |||||||||||||||||||||||||
September 2021 Forward Sale Agreements | February 18, 2022 | Physical | |||||||||||||||||||||||||||
March 2021 Forward Sale Agreements | February 18, 2022 | Physical | |||||||||||||||||||||||||||
June 2020 Forward Sale Agreement | September 9, 2021 | Physical | |||||||||||||||||||||||||||
June 2020 Forward Sale Agreement | September 28, 2020 | Physical | |||||||||||||||||||||||||||
Total | $ | $ |
(In thousands, except share and per share data) | Number of Shares | Weighted Average Share Price | Aggregate Value | Forward Sales Price Per Share | Aggregate Net Value | ||||||||||||||||||||||||
December 2022 ATM Forward Sale Agreement | $ | $ | $ | $ | |||||||||||||||||||||||||
August 2022 ATM Forward Sale Agreement | |||||||||||||||||||||||||||||
June 2022 ATM Forward Sale Agreement | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands, except share and per share data) | Settlement Date | Settlement Type | Number of Shares Settled | Forward Share Price Upon Settlement | Total Net Proceeds | ||||||||||||||||||||||||
December 2022 ATM Forward Sale Agreement | January 6, 2023 | Physical | $ | $ | |||||||||||||||||||||||||
August 2022 ATM Forward Sale Agreement | January 6, 2023 | Physical | |||||||||||||||||||||||||||
June 2022 ATM Forward Sale Agreement | January 3, 2023 | Physical | |||||||||||||||||||||||||||
Total | $ | $ |
Common Stock Outstanding | 2022 | 2021 | 2020 | |||||||||||||||||
Beginning Balance January 1 | ||||||||||||||||||||
Issuance of common stock in primary follow-on offerings | ||||||||||||||||||||
Issuance of common stock upon physical settlement of forward sale agreements (1) | ||||||||||||||||||||
Issuance of common stock in connection with the Merger | ||||||||||||||||||||
Issuance of common stock under the at-the-market offering program | ||||||||||||||||||||
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures | ||||||||||||||||||||
Ending Balance December 31 |
Year Ended December 31, 2022 | ||||||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Period | Dividend | ||||||||||||||||||||||
March 10, 2022 | March 24, 2022 | April 7, 2022 | January 1, 2022 - March 31, 2022 | $ | ||||||||||||||||||||||
June 9, 2022 | June 23, 2022 | July 7, 2022 | April 1, 2022 - June 30, 2022 | $ | ||||||||||||||||||||||
September 8, 2022 | September 22, 2022 | October 6, 2033 | July 1, 2022 - September 30, 2022 | $ | ||||||||||||||||||||||
December 8, 2022 | December 22, 2022 | January 5, 2022 | October 1, 2022 - December 31, 2022 | $ |
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Period | Dividend | ||||||||||||||||||||||
March 11, 2021 | March 25, 2021 | April 8, 2021 | January 1, 2021 - March 31, 2021 | $ | ||||||||||||||||||||||
June 10, 2021 | June 24, 2021 | July 8, 2021 | April 1, 2021 - June 30, 2021 | $ | ||||||||||||||||||||||
August 4, 2021 | September 24, 2021 | October 7, 2021 | July 1, 2021 - September 30, 2021 | $ | ||||||||||||||||||||||
December 9, 2021 | December 23, 2021 | January 6, 2022 | October 1, 2021 - December 31, 2021 | $ |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Determination of shares: | |||||||||||||||||
Weighted-average shares of common stock outstanding | |||||||||||||||||
Assumed conversion of restricted stock | |||||||||||||||||
Assumed settlement of forward sale agreements | |||||||||||||||||
Diluted weighted-average shares of common stock outstanding |
Year Ended December 31, | |||||||||||||||||
(In thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Weighted-average shares of common stock outstanding | |||||||||||||||||
Basic EPS | $ | $ | $ | ||||||||||||||
Diluted: | |||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Diluted weighted-average shares of common stock outstanding | |||||||||||||||||
Diluted EPS | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Determination of units: | |||||||||||||||||
Weighted-average units outstanding | |||||||||||||||||
Assumed conversion of VICI restricted stock | |||||||||||||||||
Assumed settlement of VIC forward sale agreements | |||||||||||||||||
Diluted weighted-average units outstanding |
Year Ended December 31, | |||||||||||||||||
(In thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to partners | $ | $ | $ | ||||||||||||||
Weighted-average units outstanding | |||||||||||||||||
Basic EPU | $ | $ | $ | ||||||||||||||
Diluted: | |||||||||||||||||
Net income attributable to partners | $ | $ | $ | ||||||||||||||
Diluted weighted-average units outstanding | |||||||||||||||||
Diluted EPU | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Stock-based compensation expense | $ | $ | $ |
Incentive and Time-Based Restricted Stock | Performance-Based Restricted Stock Units | ||||||||||||||||||||||
(In thousands, except for per share data) | Stock | Weighted Average Grant Date Fair Value | Stock Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Outstanding as of December 31, 2019 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Vested | ( | ||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Canceled | |||||||||||||||||||||||
Outstanding as of December 31, 2020 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Vested | ( | ( | |||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||
Canceled | |||||||||||||||||||||||
Outstanding as of December 31, 2021 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Vested | ( | ( | |||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||
Canceled | |||||||||||||||||||||||
Outstanding as of December 31, 2022 | $ | $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | ||||||||||||||||||||||||||||||||||||||||||||
Federal | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
State | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Deferred tax assets: | |||||||||||
Lease liability | $ | $ | |||||||||
Accruals, reserves and other | |||||||||||
Total deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Land, buildings and equipment, net | ( | ( | |||||||||
Right of use asset | ( | ( | |||||||||
Total deferred tax liabilities | ( | ( | |||||||||
Net deferred tax liability | $ | ( | $ | ( |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||
Federal income tax expense at statutory rate | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
REIT income not subject to federal income tax | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Pre-tax gain attributable to taxable subsidiaries | |||||||||||||||||||||||||||||||||||
State income taxes, net of federal benefits | |||||||||||||||||||||||||||||||||||
Non-deductible expenses and other | ( | ||||||||||||||||||||||||||||||||||
Income tax expense | $ | % | $ | % | $ | % |
Year Ended December 31, | |||||||||||||||||
($ per share) | 2022 | 2021 | 2020 | ||||||||||||||
Ordinary dividends | $ | $ | $ | ||||||||||||||
Section 199A dividends (1) | $ | $ | $ | ||||||||||||||
Non-dividend distribution | $ | $ | $ |
Page | |||||
Article I LEASED PROPERTY | |||||
1.1 Leased Property | |||||
1.2 Single, Indivisible Lease | |||||
1.3 Term | |||||
1.4 Renewal Terms | |||||
1.5 Separation of Leases | |||||
Article II DEFINITIONS | |||||
2.1 Definitions | |||||
Article III RENT | |||||
3.1 Rent | |||||
3.2 Late Payment of Rent or Additional Charges | |||||
3.3 Method of Payment of Rent | |||||
3.4 Net Lease | |||||
3.5 Fair Market Rent | |||||
Article IV IMPOSITIONS | |||||
4.1 Impositions | |||||
4.2 Utilities, Encumbrances and Other Matters | |||||
4.3 Impound Account | |||||
4.4 Sustainability | |||||
Article V NO ABATEMENT | |||||
5.1 No Termination, Abatement, etc | |||||
Article VI OWNERSHIP OF LEASED PROPERTY | |||||
6.1 Ownership of the Leased Property | |||||
6.2 Tenant’s Property | |||||
6.3 Tenant’s Intellectual Property | |||||
Article VII CONDITION AND USE OF LEASED PROPERTY | |||||
7.1 Condition of the Leased Property | |||||
7.2 Use of the Leased Property | |||||
7.3 Other Facilities | |||||
7.4 Landlord ROFO | |||||
Article VIII COMPLIANCE WITH LAW; GROUND LEASES | |||||
8.1 Representations and Warranties | |||||
8.2 Compliance with Legal and Insurance Requirements, etc | |||||
8.3 Zoning and Uses | |||||
8.4 Compliance with Ground Leases | |||||
8.5 Tax Agreements | |||||
Article IX MAINTENANCE AND REPAIR | |||||
9.1 Maintenance and Repair |
Page | |||||
9.2 Encroachments, Restrictions, Mineral Leases, etc | |||||
Article X CAPITAL IMPROVEMENTS | |||||
10.1 Construction of Capital Improvements to the Leased Property | |||||
10.2 Construction Requirements for Capital Improvements | |||||
10.3 Intentionally Omitted | |||||
10.4 Ownership of Tenant Capital Improvements at end of Term | |||||
10.5 Funding of Tenant Capital Improvements | |||||
Article XI NO LIENS | |||||
11.1 Liens | |||||
11.2 Landlord Encumbrance Obligations | |||||
Article XII PERMITTED CONTESTS | |||||
12.1 Permitted Contests | |||||
Article XIII INSURANCE | |||||
13.1 General Insurance Requirements | |||||
13.2 Additional Insurance | |||||
13.3 Waiver of Subrogation | |||||
13.4 Policy Requirements | |||||
13.5 Increase in Limits | |||||
13.6 Blanket Policy | |||||
13.7 No Separate Insurance | |||||
Article XIV CASUALTY | |||||
14.1 Property Insurance Proceeds | |||||
14.2 Tenant’s Obligations Following Casualty | |||||
14.3 No Abatement of Rent | |||||
14.4 Waiver | |||||
14.5 Insurance Proceeds Paid to Facility Mortgagee | |||||
14.6 Termination of Master Lease; Abatement of Rent | |||||
14.7 Multiple Facility Mortgagees | |||||
Article XV CONDEMNATION | |||||
15.1 Condemnation | |||||
15.2 Award Distribution | |||||
15.3 Temporary Taking | |||||
15.4 No Abatement of Rent | |||||
15.5 Waiver | |||||
15.6 Award Paid to Facility Mortgagee | |||||
15.7 Termination of Master Lease; Abatement of Rent | |||||
Article XVI DEFAULT; REMEDIES | |||||
16.1 Events of Default |
Page | |||||
16.2 Certain Remedies | |||||
16.3 Damages | |||||
16.4 Receiver | |||||
16.5 Waiver | |||||
16.6 Application of Funds | |||||
Article XVII TENANT’S FINANCING | |||||
17.1 Permitted Leasehold Mortgagees | |||||
17.2 Landlord’s Right to Cure Tenant’s Default | |||||
17.3 Tenant’s Debt Agreements | |||||
17.4 Landlord Cooperation | |||||
Article XVIII SALE OF LEASED PROPERTY | |||||
18.1 Sale of the Leased Property | |||||
18.2 Transfers to Tenant Competitors | |||||
18.3 Identity of Tenant Competitors | |||||
Article XIX HOLDING OVER | |||||
19.1 Holding Over | |||||
Article XX RISK OF LOSS | |||||
20.1 Risk of Loss | |||||
Article XXI INDEMNIFICATION | |||||
21.1 General Indemnification | |||||
Article XXII SUBLETTING AND ASSIGNMENT | |||||
22.1 Subletting and Assignment | |||||
22.2 Permitted Assignments | |||||
22.3 Permitted Sublease Agreements | |||||
22.4 Required Assignment and Subletting Provisions | |||||
22.5 Costs | |||||
22.6 No Release of Tenant’s Obligations; Exception | |||||
22.7 Separate Lease; Rent Allocated | |||||
22.8 Management Agreements | |||||
Article XXIII REPORTING; CONFIDENTIALITY | |||||
23.1 Officer’s Certificate and Financial Statements | |||||
23.2 Confidentiality; Public Offering Information | |||||
23.3 Financial Covenants | |||||
23.4 Landlord Obligations | |||||
Article XXIV LANDLORD’S RIGHT TO INSPECT | |||||
24.1 Landlord’s Right to Inspect | |||||
Article XXV NO WAIVER | |||||
25.1 No Waiver |
Page | |||||
Article XXVI REMEDIES CUMULATIVE | |||||
26.1 Remedies Cumulative | |||||
Article XXVII ACCEPTANCE OF SURRENDER | |||||
27.1 Acceptance of Surrender | |||||
Article XXVIII NO MERGER | |||||
28.1 No Merger | |||||
Article XXIX CONVEYANCE BY LANDLORD | |||||
29.1 Conveyance by Landlord | |||||
Article XXX QUIET ENJOYMENT | |||||
30.1 Quiet Enjoyment | |||||
Article XXXI LANDLORD’S FINANCING | |||||
31.1 Landlord’s Financing | |||||
31.2 Attornment | |||||
Article XXXII HAZARDOUS SUBSTANCES | |||||
32.1 Hazardous Substances | |||||
32.2 Notices | |||||
32.3 Remediation | |||||
32.4 Indemnity | |||||
32.5 Environmental Inspections | |||||
Article XXXIII MEMORANDUM OF LEASE | |||||
33.1 Memorandum of Lease | |||||
Article XXXIV APPOINTING EXPERTS | |||||
34.1 Expert Dispute Resolution Process | |||||
Article XXXV NOTICES | |||||
35.1 Notices | |||||
35.2 Deemed Approval Period with respect to certain Items Requiring Consent | |||||
35.3 Unavoidable Delays | |||||
Article XXXVI TRANSITION UPON EXPIRATION OR TERMINATION | |||||
36.1 Transfer of Tenant’s Assets at the Facilities | |||||
Article XXXVII ATTORNEY’S FEES | |||||
37.1 Attorneys’ Fees | |||||
Article XXXVIII BROKERS | |||||
38.1 Brokers | |||||
Article XXXIX OFAC | |||||
39.1 Sanctions Representations | |||||
Article XL REIT REQUIREMENTS | |||||
40.1 REIT Protection | |||||
Article XLI MISCELLANEOUS |
Page | |||||
41.1 Survival | |||||
41.2 Severability | |||||
41.3 Non-Recourse | |||||
41.4 Successors and Assigns | |||||
41.5 Governing Law | |||||
41.6 Waiver of Trial by Jury | |||||
41.7 Entire Agreement | |||||
41.8 Headings; Consent | |||||
41.9 Counterparts | |||||
41.10 Interpretation | |||||
41.11 Time of Essence | |||||
41.12 Further Assurances | |||||
41.13 Gaming Regulations | |||||
41.14 Regulatory Requirements | |||||
41.15 Certain Provisions of Nevada Law | |||||
41.16 Sale/Leaseback Accounting |
To Tenant: | MGM Lessee, LLC 6385 S. Rainbow Boulevard, Suite 500 Las Vegas, NV 89118 Attention: Corporate Legal | |||||||
With a copy to: (that shall not constitute notice) | Email: legalnotices@mgmresorts.com | |||||||
With a copy to: (that shall not constitute notice) | Weil, Gotshal & Manges, LLP 767 Fifth Avenue New York, NY 10153 Attention: Michael Aiello Jannelle Seales Email: michael.aiello@weil.com jannelle.seales@weil.com | |||||||
To Landlord: | MGP Lessor, LLC c/o VICI Properties Inc. 535 Madison Avenue, 20th Floor New York, New York 10022 Attention: General Counsel Email: corplaw@viciproperties.com | |||||||
And with copy to (which shall not constitute notice): | Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the Americas New York, New York 10036 Attention: Tzvi Rokeach Email: trokeach@kramerlevin.com |
Name of Facility | Address of Facility | ||||
Beau Rivage | 875 Beach Blvd., Biloxi, Harrison County, MS 39530 | ||||
Borgata Hotel Casino & Spa | 1 Borgata Way, Atlantic City, Atlantic County, NJ 08401 | ||||
Empire City Casino and Yonkers Raceway, Yonkers, New York | 810 Yonkers Ave, Yonkers, Westchester County, NY 10704 | ||||
Excalibur Hotel and Casino | 3850 and 3858 Las Vegas Blvd. South, Las Vegas, Clark County, NV 89109 | ||||
Luxor Hotel and Casino | 3900 Las Vegas Blvd. South, Las Vegas, Clark County, NV 89119 | ||||
MGM Grand Detroit Hotel and Casino | 1777 Third Street, Detroit, Wayne County, MI 48226 | ||||
MGM National Harbor Resort & Casino | 101 MGM National Ave., Forest Heights, Prince George’s County, MD 20745 | ||||
MGM Northfield Park | 10777 and 10705 Northfield Road, Northfield, Summit County, OH 44067 | ||||
MGM Springfield | One MGM Way, Springfield, Hampden County, MA 01103 | ||||
New York-New York Hotel and Casino | 3790 Las Vegas Blvd. South, Las Vegas, Clark County, NV 89109 | ||||
Park MGM | 3770 Las Vegas Blvd. South, Las Vegas, Clark County, NV 89109 | ||||
The Park | 3778 Las Vegas Blvd. South, Las Vegas, Clark County, NV 89109 |
Page | |||||
ARTICLE I LEASED PROPERTY | |||||
1.1 Leased Property | |||||
1.2 Single, Indivisible Lease | |||||
1.3 Term | |||||
1.4 Renewal Terms | |||||
1.5 Separation of Leases | |||||
ARTICLE II DEFINITIONS | |||||
2.1 Definitions | |||||
ARTICLE III RENT | |||||
3.1 Rent | |||||
3.2 Late Payment of Rent | |||||
3.3 Method of Payment of Rent | |||||
3.4 Net Lease | |||||
3.5 Fair Market Rent | |||||
ARTICLE IV IMPOSITIONS | |||||
4.1 Impositions | |||||
4.2 Utilities and other Matters | |||||
4.3 Compliance Certificate | |||||
4.4 Impound Account | |||||
ARTICLE V NO ABATEMENT | |||||
5.1 No Termination, Abatement, etc | |||||
ARTICLE VI OWNERSHIP OF LEASED PROPERTY | |||||
6.1 Ownership of the Leased Property | |||||
6.2 Tenant’s Property | |||||
6.3 Tenant’s Intellectual Property | |||||
6.4 Landlord’s Security Interest in Tenant’s Pledged Property | |||||
ARTICLE VII CONDITION AND USE OF LEASED PROPERTY | |||||
7.1 Condition of the Leased Property | |||||
7.2 Use of the Leased Property | |||||
7.3 Additional Facilities | |||||
ARTICLE VIII REPRESENTATIONS AND WARRANTIES; COMPLIANCE WITH LAW | |||||
8.1 Representations and Warranties | |||||
8.2 Compliance with Legal and Insurance Requirements, etc | |||||
8.3 Zoning and Uses | |||||
8.4 Intentionally Omitted | |||||
8.5 Third-Party Reports | |||||
ARTICLE IX MAINTENANCE AND REPAIR |
9.1 Maintenance and Repair | |||||
9.2 Encroachments, Restrictions, Mineral Leases, etc | |||||
ARTICLE X CAPITAL IMPROVEMENTS | |||||
10.1 Construction of Capital Improvements to the Leased Property | |||||
10.2 Construction Requirements for Capital Improvements | |||||
10.3 Intentionally Omitted | |||||
10.4 Ownership of Tenant Capital Improvements | |||||
10.5 Funding of Tenant Capital Improvements | |||||
10.6 Self Help | |||||
ARTICLE XI NO LIENS | |||||
11.1 Liens | |||||
11.2 Landlord Encumbrance Obligations | |||||
ARTICLE XII PERMITTED CONTESTS | |||||
12.1 Permitted Contests | |||||
ARTICLE XIII INSURANCE | |||||
13.1 Property Insurance Requirements | |||||
13.2 Workers’ Compensation | |||||
13.3 Waiver of Subrogation | |||||
13.4 Policy Requirements | |||||
13.5 Increase in Limits | |||||
13.6 Blanket Policy | |||||
13.7 No Separate Insurance | |||||
13.8 Captive Insurance Company Requirements | |||||
13.9 Insurance Side Letter | |||||
ARTICLE XIV CASUALTY | |||||
14.1 Property Insurance Proceeds | |||||
14.2 Tenant’s Obligations Following Casualty | |||||
14.3 No Abatement of Rent | |||||
14.4 Waiver | |||||
14.5 Insurance Proceeds Paid to Fee Mortgagee | |||||
14.6 Termination of Lease; Abatement of Rent | |||||
14.7 Multiple Fee Mortgagees | |||||
ARTICLE XV CONDEMNATION | |||||
15.1 Condemnation | |||||
15.2 Award Distribution | |||||
15.3 Temporary Taking | |||||
15.4 No Abatement of Rent | |||||
15.5 Waiver | |||||
15.6 Award Paid to Fee Mortgagee | |||||
ARTICLE XVI DEFAULT; REMEDIES | |||||
16.1 Events of Default |
16.2 Certain Remedies | |||||
16.3 Damages | |||||
16.4 Receiver | |||||
16.5 Waiver | |||||
16.6 Application of Funds | |||||
16.7 Landlord’s Right to Cure Tenant’s Default | |||||
16.8 Miscellaneous | |||||
ARTICLE XVII TENANT’S FINANCING | |||||
17.1 Permitted Leasehold Mortgagees | |||||
17.2 Landlord’s Right to Cure Tenant’s Default | |||||
17.3 Tenant’s Debt Agreements | |||||
17.4 Landlord Cooperation | |||||
ARTICLE XVIII SALE OF LEASED PROPERTY | |||||
18.1 Sale of the Leased Property | |||||
ARTICLE XIX HOLDING OVER | |||||
19.1 Holding Over | |||||
ARTICLE XX RISK OF LOSS | |||||
20.1 Risk of Loss | |||||
ARTICLE XXI INDEMNIFICATION | |||||
21.1 General Indemnification | |||||
ARTICLE XXII SUBLETTING AND ASSIGNMENT | |||||
22.1 Subletting and Assignment | |||||
22.2 Permitted Assignments | |||||
22.3 Permitted Sublease Agreements | |||||
22.4 Required Assignment and Subletting Provisions | |||||
22.5 Costs | |||||
22.6 No Release of Tenant’s Obligations | |||||
22.7 Intentionally Omitted | |||||
22.8 Management Agreements | |||||
22.9 Bookings | |||||
22.10 Termination of Affiliate Agreements | |||||
ARTICLE XXIII REPORTING; CONFIDENTIALITY | |||||
23.1 Estoppel Certificates and Financial Statements | |||||
23.2 Confidentiality; Public Offering Information | |||||
23.3 Financial Covenants | |||||
23.4 Landlord Obligations | |||||
ARTICLE XXIV LANDLORD’S RIGHT TO INSPECT | |||||
24.1 Landlord’s Right to Inspect | |||||
ARTICLE XXV NO WAIVER | |||||
25.1 No Waiver | |||||
ARTICLE XXVI REMEDIES CUMULATIVE |
26.1 Remedies Cumulative | |||||
ARTICLE XXVII ACCEPTANCE OF SURRENDER | |||||
27.1 Acceptance of Surrender | |||||
ARTICLE XXVIII NO MERGER | |||||
28.1 No Merger | |||||
ARTICLE XXIX CONVEYANCE BY LANDLORD | |||||
29.1 Conveyance by Landlord | |||||
ARTICLE XXX QUIET ENJOYMENT | |||||
30.1 Quiet Enjoyment | |||||
ARTICLE XXXI LANDLORD’S FINANCING | |||||
31.1 Landlord’s Financing | |||||
31.2 Attornment | |||||
31.3 Compliance with Fee Mortgage Documents | |||||
ARTICLE XXXII HAZARDOUS SUBSTANCES | |||||
32.1 Hazardous Substances | |||||
32.2 Notices | |||||
32.3 Remediation | |||||
32.4 Indemnity | |||||
32.5 Environmental Inspections | |||||
ARTICLE XXXIII MEMORANDUM OF LEASE | |||||
33.1 Memorandum of Lease | |||||
ARTICLE XXXIV APPOINTING EXPERTS | |||||
34.1 Expert Dispute Resolution Process | |||||
ARTICLE XXXV NOTICES | |||||
35.1 Notices | |||||
35.2 Deemed Approval Period with respect to certain Items Requiring Consent | |||||
35.3 Unavoidable Delays | |||||
ARTICLE XXXVI TRANSITION UPON EXPIRATION OR TERMINATION | |||||
36.1 Transfer of Tenant’s Property at the Facilities | |||||
36.2 Transition Services | |||||
36.3 Replacement of Certain Excluded Assets | |||||
ARTICLE XXXVII ATTORNEY’S FEES | |||||
37.1 Attorneys’ Fees | |||||
ARTICLE XXXVIII BROKERS | |||||
38.1 Brokers | |||||
ARTICLE XXXIX OFAC | |||||
39.1 Anti-Terrorism Representations | |||||
ARTICLE XL REIT REQUIREMENTS | |||||
40.1 REIT Protection | |||||
ARTICLE XLI MISCELLANEOUS | |||||
41.1 Survival |
41.2 Severability | |||||
41.3 Non-Recourse | |||||
41.4 Successors and Assigns | |||||
41.5 Governing Law | |||||
41.6 Waiver of Trial by Jury | |||||
41.7 Entire Agreement | |||||
41.8 Headings; Consent | |||||
41.9 Counterparts | |||||
41.10 Interpretation | |||||
41.11 Time of Essence | |||||
41.12 Further Assurances | |||||
41.13 Gaming Regulations | |||||
41.14 Certain Provisions of Nevada Law | |||||
41.15 Savings Clause | |||||
41.16 Agency Relationship with respect to Water Rights | |||||
41.17 Operating Subleases |
Page | |||||
ARTICLE I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION | |||||
Section 1.1. Definitions | |||||
Section 1.2. Principles of Construction | |||||
ARTICLE II. GENERAL TERMS | |||||
Section 2.1. Loan Commitment; Disbursement to Borrower | |||||
Section 2.2. Interest Rate | |||||
Section 2.3. Loan Payment | |||||
Section 2.4. Prepayments | |||||
Section 2.5. Release | |||||
Section 2.6. Cash Management | |||||
Section 2.7. Withholding Taxes | |||||
Section 2.8. Defeasance | |||||
ARTICLE III. CONDITIONS PRECEDENT | |||||
Section 3.1. Conditions Precedent to Closing | |||||
ARTICLE IV. REPRESENTATIONS AND WARRANTIES | |||||
Section 4.1. Borrower Representations | |||||
Section 4.2. MGM/Mandalay Lease Representations | |||||
Section 4.3. Survival of Representations | |||||
Section 4.4. Equity Capital | |||||
ARTICLE V. COVENANTS | |||||
Section 5.1. Affirmative Covenants | |||||
Section 5.2. Negative Covenants | |||||
Section 5.3. MGM/Mandalay Lease Covenants | |||||
ARTICLE VI. INSURANCE; CASUALTY; CONDEMNATION | |||||
Section 6.1. Insurance | |||||
Section 6.2. Casualty | |||||
Section 6.3. Condemnation | |||||
Section 6.4. Restoration | |||||
ARTICLE VII. RESERVE FUNDS | |||||
Section 7.1. Intentionally Omitted | |||||
Section 7.2. Tax and Insurance Escrow Fund | |||||
Section 7.3. Replacements and Replacement Reserve | |||||
Section 7.4. Intentionally Omitted | |||||
Section 7.5. Excess Cash Flow Reserve Funds | |||||
Section 7.6. Reserve Funds, Generally | |||||
Section 7.7. Distributions to Mezzanine Lender | |||||
ARTICLE VIII. DEFAULTS | |||||
Section 8.1. Event of Default |
Section 8.2. Remedies | |||||
Section 8.3. Additional Provisions Regarding MGM/Mandalay Lease | |||||
Section 8.4. Remedies Cumulative; Waivers | |||||
ARTICLE IX. SPECIAL PROVISIONS | |||||
Section 9.1. Sales and Securitization | |||||
Section 9.2. Securitization Indemnification | |||||
Section 9.3. Exculpation | |||||
Section 9.4. Matters Concerning Manager | |||||
Section 9.5. Servicer | |||||
Section 9.6. Matters Concerning Franchisor/Licensor | |||||
Section 9.7. Register | |||||
Section 9.8. Matters Concerning Casino Operator | |||||
ARTICLE X. MISCELLANEOUS | |||||
Section 10.1. Survival | |||||
Section 10.2. Lender’s Discretion | |||||
Section 10.3. Governing Law | |||||
Section 10.4. Modification, Waiver in Writing | |||||
Section 10.5. Delay Not a Waiver | |||||
Section 10.6. Notices | |||||
Section 10.7. Trial by Jury | |||||
Section 10.8. Headings | |||||
Section 10.9. Severability | |||||
Section 10.10. Preferences | |||||
Section 10.11. Waiver of Notice | |||||
Section 10.12. Remedies of Borrower and the Other Loan Parties | |||||
Section 10.13. Expenses; Indemnity | |||||
Section 10.14. Incorporated | |||||
Section 10.15. Offsets, Counterclaims and Defenses | |||||
Section 10.16. No Joint Venture or Partnership; No Third-Party Beneficiaries | |||||
Section 10.17. Publicity | |||||
Section 10.18. Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets | |||||
Section 10.19. Waiver of Counterclaim | |||||
Section 10.20. Conflict; Construction of Documents; Reliance | |||||
Section 10.21. Brokers and Financial Advisors | |||||
Section 10.22. Prior Agreements | |||||
Section 10.23. Joint and Several Liability | |||||
Section 10.24. Approvals and Consents; Co-Lenders | |||||
Section 10.25. Certain Additional Rights of Lender (VCOC) | |||||
Section 10.26. Use of Borrower Provided Information | |||||
Section 10.27. Borrower Affiliate Lender | |||||
Section 10.28. Franchise/License Agreements |
Name of Entity | State or Country of Incorporation or Organization | |||||||
2474322 Alberta ULC | Alberta, Canada | |||||||
Biloxi Hammond, LLC | Delaware | |||||||
Bluegrass Downs Property Owner LLC | Delaware | |||||||
Caesars Atlantic City LLC | Delaware | |||||||
Caesars Southern Indiana Propco LLC | Delaware | |||||||
Cape G LLC | Delaware | |||||||
Cascata LLC | Delaware | |||||||
Centaur Propco LLC | Delaware | |||||||
Chariot Run LLC | Delaware | |||||||
Cincinnati Propco LLC | Delaware | |||||||
Claudine Propco LLC | Delaware | |||||||
Claudine Property Owner LLC | Delaware | |||||||
Cleveland Propco LLC | Delaware | |||||||
CPLV Property Owner LLC | Delaware | |||||||
Expo Center Propco LLC | Delaware | |||||||
Fitz Propco LLC | Delaware | |||||||
Grand Bear LLC | Delaware | |||||||
Grand Biloxi LLC | Delaware | |||||||
Greektown Propco LLC | Delaware | |||||||
Harrah’s Atlantic City LLC | Delaware | |||||||
Harrah’s Bossier City LLC | Louisiana | |||||||
Harrah’s Council Bluffs LLC | Delaware | |||||||
Harrah’s Joliet LandCo LLC | Delaware | |||||||
Harrah’s Lake Tahoe LLC | Delaware | |||||||
Harrah’s Metropolis LLC | Delaware | |||||||
Harrah’s New Orleans LLC | Delaware | |||||||
Harrah’s Reno LLC | Delaware | |||||||
Harvey’s Lake Tahoe LLC | Delaware | |||||||
Horseshoe Bossier City Prop LLC | Louisiana | |||||||
Horseshoe Council Bluffs LLC | Delaware | |||||||
Horseshoe Tunica LLC | Delaware | |||||||
Lady Luck C LLC | Delaware | |||||||
Laughlin Propco LLC | Delaware | |||||||
Mandalay Propco, LLC | Delaware | |||||||
Mandalay Grand Holdco Venture LLC | Delaware | |||||||
Margaritaville Propco LLC | Delaware | |||||||
MGM Grand Propco, LLC | Delaware | |||||||
MGM Springfield reDevelopment, LLC | Massachusetts | |||||||
MGP Finance Co-Issuer, Inc. | Delaware | |||||||
MGP JV Investco 1 LLC | Delaware | |||||||
MGP JV Investco 2 LLC | Delaware | |||||||
MGP JV Investco 2.5 LLC | Delaware | |||||||
MGP Lessor, LLC | Delaware | |||||||
MGP Lessor II, LLC | Delaware | |||||||
MGP Lessor Holdings, LLC | Delaware | |||||||
MGP Yonkers Realty Sub, LLC | New York | |||||||
Mirage Propco LLC | Delaware | |||||||
Miscellaneous Land LLC | Delaware |
Miscellaneous Venetian Propco LLC | Delaware | |||||||
Mountaineer CRR LLC | Delaware | |||||||
New Harrah’s North Kansas City LLC | Delaware | |||||||
New Horseshoe Hammond LLC | Delaware | |||||||
New Laughlin Owner LLC | Delaware | |||||||
New Tunica Roadhouse LLC | Delaware | |||||||
Palazzo Propco LLC | Delaware | |||||||
Philadelphia Propco LLC | Delaware | |||||||
Propco Gulfport LLC | Delaware | |||||||
Propco TRS LLC | Delaware | |||||||
Pure CAN 1 LP | Delaware | |||||||
Pure CAN 2 LP | Delaware | |||||||
Pure CAN 3 LP | Delaware | |||||||
Pure CAN 4 LP | Delaware | |||||||
Pure CAN GP 1 LLC | Delaware | |||||||
Pure CAN GP 2 LLC | Delaware | |||||||
Pure CAN GP 3 LLC | Delaware | |||||||
Pure CAN GP 4 LLC | Delaware | |||||||
Pure CAN Holdco LLC | Delaware | |||||||
Pure CAN Holdings GP 1 ULC | Alberta, Canada | |||||||
Pure CAN Holdings GP 2 ULC | Alberta, Canada | |||||||
Pure CAN Holdings GP 3 ULC | Alberta, Canada | |||||||
Pure CAN Holdings GP 4 ULC | Alberta, Canada | |||||||
Rio Secco LLC | Delaware | |||||||
Riverview Properties 1 LLC | Delaware | |||||||
Rocky Gap Propco LLC | Delaware | |||||||
Thistledown Propco LLC | Delaware | |||||||
Vegas Development LLC | Delaware | |||||||
Vegas Operating Property LLC | Delaware | |||||||
Venetian Holdco LLC | Delaware | |||||||
Venetian Propco LLC | Delaware | |||||||
Venetian Venue Propco LLC | Delaware | |||||||
VICI Baby REIT 1 LLC | Delaware | |||||||
VICI CAN Agent LLC | Delaware | |||||||
VICI Golf LLC | Delaware | |||||||
VICI Greenfield LLC | Delaware | |||||||
VICI Lendco LLC | Delaware | |||||||
VICI Note Co. Inc. | Delaware | |||||||
VICI Properties 1 LLC | Delaware | |||||||
VICI Properties 2 GP LLC | Delaware | |||||||
VICI Properties 2 L.P. | Delaware | |||||||
VICI Properties GP LLC | Delaware | |||||||
VICI Properties Holdco LLC | Delaware | |||||||
VICI Properties L.P. | Delaware | |||||||
VICI Properties OP LLC | Delaware | |||||||
VICI Revolving Lendco LLC | Delaware | |||||||
Waterview Propco LLC | Delaware | |||||||
WWW Propco LLC | Delaware | |||||||
YRL Associates, L.P. | New York |
Name of Entity | State or Country of Incorporation or Organization | |||||||
2474322 Alberta ULC | Alberta, Canada | |||||||
Biloxi Hammond, LLC | Delaware | |||||||
Bluegrass Downs Property Owner LLC | Delaware | |||||||
Caesars Atlantic City LLC | Delaware | |||||||
Caesars Southern Indiana Propco LLC | Delaware | |||||||
Cape G LLC | Delaware | |||||||
Centaur Propco LLC | Delaware | |||||||
Cincinnati Propco LLC | Delaware | |||||||
Claudine Propco LLC | Delaware | |||||||
Claudine Property Owner LLC | Delaware | |||||||
Cleveland Propco LLC | Delaware | |||||||
CPLV Property Owner LLC | Delaware | |||||||
Expo Center Propco LLC | Delaware | |||||||
Fitz Propco LLC | Delaware | |||||||
Grand Biloxi LLC | Delaware | |||||||
Greektown Propco LLC | Delaware | |||||||
Harrah’s Atlantic City LLC | Delaware | |||||||
Harrah’s Bossier City LLC | Louisiana | |||||||
Harrah’s Council Bluffs LLC | Delaware | |||||||
Harrah’s Joliet LandCo LLC | Delaware | |||||||
Harrah’s Lake Tahoe LLC | Delaware | |||||||
Harrah’s Metropolis LLC | Delaware | |||||||
Harrah’s New Orleans LLC | Delaware | |||||||
Harrah’s Reno LLC | Delaware | |||||||
Harvey’s Lake Tahoe LLC | Delaware | |||||||
Horseshoe Bossier City Prop LLC | Louisiana | |||||||
Horseshoe Council Bluffs LLC | Delaware | |||||||
Horseshoe Tunica LLC | Delaware | |||||||
Lady Luck C LLC | Delaware | |||||||
Laughlin Propco LLC | Delaware | |||||||
Mandalay Propco, LLC | Delaware | |||||||
Mandalay Grand Holdco Venture LLC | Delaware | |||||||
Margaritaville Propco LLC | Delaware | |||||||
MGM Grand Propco, LLC | Delaware | |||||||
MGM Springfield reDevelopment, LLC | Massachusetts | |||||||
MGP Finance Co-Issuer, Inc. | Delaware | |||||||
MGP JV Investco 1 LLC | Delaware | |||||||
MGP JV Investco 2 LLC | Delaware | |||||||
MGP JV Investco 2.5 LLC | Delaware | |||||||
MGP Lessor, LLC | Delaware | |||||||
MGP Lessor II, LLC | Delaware | |||||||
MGP Lessor Holdings, LLC | Delaware | |||||||
MGP Yonkers Realty Sub, LLC | New York | |||||||
Mirage Propco LLC | Delaware | |||||||
Miscellaneous Land LLC | Delaware | |||||||
Miscellaneous Venetian Propco LLC | Delaware | |||||||
Mountaineer CRR LLC | Delaware | |||||||
New Harrah’s North Kansas City LLC | Delaware |
New Horseshoe Hammond LLC | Delaware | |||||||
New Laughlin Owner LLC | Delaware | |||||||
New Tunica Roadhouse LLC | Delaware | |||||||
Palazzo Propco LLC | Delaware | |||||||
Philadelphia Propco LLC | Delaware | |||||||
Propco Gulfport LLC | Delaware | |||||||
Propco TRS LLC | Delaware | |||||||
Pure CAN 1 LP | Delaware | |||||||
Pure CAN 2 LP | Delaware | |||||||
Pure CAN 3 LP | Delaware | |||||||
Pure CAN 4 LP | Delaware | |||||||
Pure CAN GP 1 LLC | Delaware | |||||||
Pure CAN GP 2 LLC | Delaware | |||||||
Pure CAN GP 3 LLC | Delaware | |||||||
Pure CAN GP 4 LLC | Delaware | |||||||
Pure CAN Holdco LLC | Delaware | |||||||
Pure CAN Holdings GP 1 ULC | Alberta, Canada | |||||||
Pure CAN Holdings GP 2 ULC | Alberta, Canada | |||||||
Pure CAN Holdings GP 3 ULC | Alberta, Canada | |||||||
Pure CAN Holdings GP 4 ULC | Alberta, Canada | |||||||
Riverview Properties 1 LLC | Delaware | |||||||
Rocky Gap Propco LLC | Delaware | |||||||
Thistledown Propco LLC | Delaware | |||||||
Vegas Development LLC | Delaware | |||||||
Vegas Operating Property LLC | Delaware | |||||||
Venetian Holdco LLC | Delaware | |||||||
Venetian Propco LLC | Delaware | |||||||
Venetian Venue Propco LLC | Delaware | |||||||
VICI Baby REIT 1 LLC | Delaware | |||||||
VICI CAN Agent LLC | Delaware | |||||||
VICI Greenfield LLC | Delaware | |||||||
VICI Lendco LLC | Delaware | |||||||
VICI Note Co. Inc. | Delaware | |||||||
VICI Properties 1 LLC | Delaware | |||||||
VICI Properties 2 GP LLC | Delaware | |||||||
VICI Properties 2 L.P. | Delaware | |||||||
VICI Revolving Lendco LLC | Delaware | |||||||
Waterview Propco LLC | Delaware | |||||||
WWW Propco LLC | Delaware | |||||||
YRL Associates, L.P. | New York |
Date: | February 23, 2023 | ||||||||||
By: | /S/ EDWARD B. PITONIAK | ||||||||||
Edward B. Pitoniak | |||||||||||
Chief Executive Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ DAVID A. KIESKE | ||||||||||
David A. Kieske | |||||||||||
Chief Financial Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ EDWARD B. PITONIAK | ||||||||||
Edward B. Pitoniak | |||||||||||
Chief Executive Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ DAVID A. KIESKE | ||||||||||
David A. Kieske | |||||||||||
Chief Financial Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ EDWARD B. PITONIAK | ||||||||||
Edward B. Pitoniak | |||||||||||
Chief Executive Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ DAVID A. KIESKE | ||||||||||
David A. Kieske | |||||||||||
Chief Financial Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ EDWARD B. PITONIAK | ||||||||||
Edward B. Pitoniak | |||||||||||
Chief Executive Officer |
Date: | February 23, 2023 | ||||||||||
By: | /S/ DAVID A. KIESKE | ||||||||||
David A. Kieske | |||||||||||
Chief Financial Officer |
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N(W=\?\!S7UQ^R-^Q'X5_9K1_%.LZE'K/BBYA\N2_6+;#:1G[T<(/ M//0N<$CC"@D'W2BOD>%?!S@SA+,%CL/&=6K'X95)*7*^\5&,5?LVFUT:/,R[ MA?*LMKJM!.4ELY.]O2R2"BBBOU0^B"BBB@ HHHH **** "BBB@ HHHH **** M "BBB@#P7_@I;^R/X]_;O_8X\9?LD>"/B?I/@]/'&G"PU37=3T"74FM[?S8Y M&\J)+B ;SLQEF(&.?@E^SYX/^#GQ#\6Z7KNH^%/#MEHYU?1] M*DL8;N.VMXX5D\F2:8HS!,D;R,GBN^HH **** "BBB@ HHHH **** "BBB@ MHHHH **** "BBB@ HHHH **** "BBB@#Q?\ X*%_";X@?'+]C[Q?\+?A;H'] MJ:]JG]G_ &&Q^U10>;Y>H6TS_/,Z(N(XW;EAG&!DD"OS&_X=-_\ !0'_ *(% M_P"75I7_ ,E5^T-%?I/!WBEQ!P1ED\#@:5*4)3 ]]3 M\QXT\*.'>.LTAC\?5JQG&"@E"4$K*4I7?-"3O>3ZVM;0_%[_ (=-_P#!0'_H M@7_EU:5_\E4?\.F_^"@/_1 O_+JTK_Y*K]H:*^L_XF#XS_Z!\/\ ^ 5/_EI\ MA_Q+IP3_ -!&(_\ Z?_ ,I"BBBOPH_?0HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** ,SQG>^(]/\*W]YX0T?[?JB6K?V?:&5$$DI&%R7(4 M$Y.3T!QS7QG>_LD_M+ZE>3:C?^ FEGGE:2:5]8M"SNQR6)\[J2&63>(-6C/,:]:*I)J,: UEHM[_4\.\68_AF%2.%IP;G: M[DI-Z;+22TWZ'PW_ ,,>?M&?]$[_ /*O9_\ QZNK^"GP&_:7^$_Q(T[QE#\/ M&,$4OEW\2ZO:?O;=N'7'G ^$,JQ]+&X;%XF-2G)2B^ M>EHXNZ_Y G\X4445^\'YT%%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__9 end
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Audit Information [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, New York |
VICI Properties LP | |
Audit Information [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, New York |
VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Real estate portfolio: | ||||
Investments in leases - sales-type, net | [1] | $ 17,172,325,000 | $ 13,136,664,000 | |
Investment in unconsolidated affiliate | 1,460,775,000 | 0 | ||
Land | 153,560,000 | 153,576,000 | ||
Cash and cash equivalents | 208,933,000 | 739,614,000 | ||
Short-term investments | 217,342,000 | 0 | ||
Other assets | 936,328,000 | 424,693,000 | ||
Total assets | 37,575,826,000 | 17,597,373,000 | ||
Liabilities | ||||
Debt, net | 13,739,675,000 | 4,694,523,000 | ||
Accrued expenses and deferred revenue | 213,388,000 | 113,530,000 | ||
Dividends and distributions payable | 380,178,000 | 226,309,000 | ||
Other liabilities | 952,472,000 | 375,837,000 | ||
Total liabilities | 15,285,713,000 | 5,410,199,000 | ||
Commitments and Contingencies (Note 10) | ||||
Stockholders’ equity | ||||
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 963,096,563 and 628,942,092 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 9,631,000 | 6,289,000 | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2022 and 2021 | 0 | 0 | ||
Additional paid-in capital | 21,645,499,000 | 11,755,069,000 | ||
Accumulated other comprehensive income | 185,353,000 | 884,000 | ||
Retained earnings | 93,154,000 | 346,026,000 | ||
Total VICI stockholders’ equity | 21,933,637,000 | 12,108,268,000 | ||
Non-controlling interests | 356,476,000 | 78,906,000 | ||
Total stockholders’ equity | 22,290,113,000 | 12,187,174,000 | ||
Total liabilities and stockholders’ equity | 37,575,826,000 | 17,597,373,000 | ||
Investments in leases - financing receivables, net | ||||
Real estate portfolio: | ||||
Notes receivable | [1] | 16,740,770,000 | 2,644,824,000 | |
Investments in loans, net | ||||
Real estate portfolio: | ||||
Notes receivable | [1] | $ 685,793,000 | $ 498,002,000 | |
|
VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,350,000,000 | 1,350,000,000 |
Common stock, shares issued (in shares) | 963,096,563 | 628,942,092 |
Common stock, shares outstanding (in shares) | 963,096,563 | 628,942,092 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Sales-type and direct financing, allowance for credit losses | $ 570,387 | $ 434,852 |
Other assets (sales-type sub-leases), allowance for credit losses | 19,750 | 6,540 |
Investments in loans, net | ||
Financing and loans receivable, allowance for credit losses | 6,865 | 773 |
Investments in leases - financing receivables, net | ||
Financing and loans receivable, allowance for credit losses | $ 726,707 | $ 91,124 |
VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Total VICI Stockholders’ Equity |
Total VICI Stockholders’ Equity
Cumulative Effect, Period of Adoption, Adjustment
|
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Non-controlling Interests |
Non-controlling Interests
Cumulative Effect, Period of Adoption, Adjustment
|
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2019 | $ 8,048,989 | $ (309,362) | $ 7,965,183 | $ (307,114) | $ 4,610 | $ 7,817,582 | $ (65,078) | $ 208,069 | $ (307,114) | $ 83,806 | $ (2,248) |
Increase (Decrease) in Stockholders' Equity | |||||||||||
Net income | 896,208 | 891,674 | 891,674 | 4,534 | |||||||
Issuance of common stock, net | 1,539,533 | 1,539,533 | 755 | 1,538,778 | |||||||
Dividends declared | (661,361) | (653,175) | (653,175) | (8,186) | |||||||
Stock-based compensation, net of forfeitures | 7,181 | 7,181 | 2 | 7,179 | |||||||
Unrealized loss on cash flow hedges | (27,443) | (27,443) | (27,443) | ||||||||
Reclassification of derivative (gain) loss to Interest expense | 0 | ||||||||||
Ending balance at Dec. 31, 2020 | 9,493,745 | 9,415,839 | 5,367 | 9,363,539 | (92,521) | 139,454 | 77,906 | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Net income | 1,023,158 | 1,013,851 | 1,013,851 | 9,307 | |||||||
Issuance of common stock, net | 2,384,815 | 2,384,815 | 919 | 2,383,896 | |||||||
Dividends declared | (815,586) | (807,279) | (807,279) | (8,307) | |||||||
Stock-based compensation, net of forfeitures | 7,637 | 7,637 | 3 | 7,634 | |||||||
Unrealized loss on cash flow hedges | 29,166 | 29,166 | 29,166 | ||||||||
Reclassification of derivative (gain) loss to Interest expense | 64,239 | 64,239 | 64,239 | ||||||||
Ending balance at Dec. 31, 2021 | 12,187,174 | 12,108,268 | 6,289 | 11,755,069 | 884 | 346,026 | 78,906 | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Net income | 1,136,267 | 1,117,635 | 1,117,635 | 18,632 | |||||||
Issuance of common stock, net | 9,790,328 | 9,790,328 | 3,337 | 9,786,991 | |||||||
Issuance of VICI OP Units | 374,769 | 374,769 | |||||||||
Reallocation of equity | 0 | 93,286 | 93,338 | (52) | (93,286) | ||||||
Dividends declared | (1,392,979) | (1,370,507) | (1,370,507) | (22,472) | |||||||
Stock-based compensation, net of forfeitures | 10,237 | 10,106 | 5 | 10,101 | 131 | ||||||
Unrealized loss on cash flow hedges | 200,550 | 200,550 | 200,550 | ||||||||
Reclassification of derivative (gain) loss to Interest expense | (16,233) | (16,029) | (16,029) | (204) | |||||||
Ending balance at Dec. 31, 2022 | $ 22,290,113 | $ 21,933,637 | $ 9,631 | $ 21,645,499 | $ 185,353 | $ 93,154 | $ 356,476 |
VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends declared (in dollars per share) | $ 0.3900 | $ 0.3900 | $ 0.3600 | $ 0.3600 | $ 0.3600 | $ 0.3600 | $ 0.3300 | $ 0.3300 | $ 1.500 | $ 1.380 | $ 1.255 |
VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Real estate portfolio: | ||||
Investments in leases - sales-type, net | [1] | $ 17,172,325,000 | $ 13,136,664,000 | |
Investment in unconsolidated affiliate | 1,460,775,000 | 0 | ||
Land | 153,560,000 | 153,576,000 | ||
Cash and cash equivalents | 208,933,000 | 739,614,000 | ||
Short-term investments | 217,342,000 | 0 | ||
Other assets | 936,328,000 | 424,693,000 | ||
Total assets | 37,575,826,000 | 17,597,373,000 | ||
Liabilities | ||||
Debt, net | 13,739,675,000 | 4,694,523,000 | ||
Accrued expenses and deferred revenue | 213,388,000 | 113,530,000 | ||
Distributions payable | 380,178,000 | 226,309,000 | ||
Other liabilities | 952,472,000 | 375,837,000 | ||
Total liabilities | 15,285,713,000 | 5,410,199,000 | ||
Commitments and Contingencies (Note 10) | ||||
Partners’ Capital | ||||
Accumulated other comprehensive income | 185,353,000 | 884,000 | ||
Total liabilities and stockholders’ equity | 37,575,826,000 | 17,597,373,000 | ||
VICI Properties LP | ||||
Real estate portfolio: | ||||
Investments in leases - sales-type, net | 17,172,325,000 | 13,136,664,000 | ||
Investment in unconsolidated affiliate | 1,460,775,000 | 0 | ||
Land | 153,560,000 | 153,576,000 | ||
Cash and cash equivalents | 142,600,000 | 705,566,000 | ||
Short-term investments | 217,342,000 | 0 | ||
Other assets | 856,605,000 | 344,014,000 | ||
Total assets | 37,429,770,000 | 17,482,646,000 | ||
Liabilities | ||||
Debt, net | 13,739,675,000 | 4,694,523,000 | ||
Accrued expenses and deferred revenue | 206,643,000 | 110,056,000 | ||
Distributions payable | 380,581,000 | 226,309,000 | ||
Other liabilities | 937,655,000 | 361,270,000 | ||
Total liabilities | 15,264,554,000 | 5,392,158,000 | ||
Commitments and Contingencies (Note 10) | ||||
Partners’ Capital | ||||
Partners’ capital, 975,327,936 and 628,942,092 operating partnership units issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 21,900,511,000 | 12,010,698,000 | ||
Accumulated other comprehensive income | 185,201,000 | 884,000 | ||
Total VICI LP’s capital | 22,085,712,000 | 12,011,582,000 | ||
Non-controlling interest | 79,504,000 | 78,906,000 | ||
Total capital attributable to partners | 22,165,216,000 | 12,090,488,000 | ||
Total liabilities and stockholders’ equity | 37,429,770,000 | 17,482,646,000 | ||
Investments in leases - financing receivables, net | ||||
Real estate portfolio: | ||||
Notes receivable | [1] | 16,740,770,000 | 2,644,824,000 | |
Investments in leases - financing receivables, net | VICI Properties LP | ||||
Real estate portfolio: | ||||
Notes receivable | 16,740,770,000 | 2,644,824,000 | ||
Investments in loans, net | ||||
Real estate portfolio: | ||||
Notes receivable | [1] | 685,793,000 | 498,002,000 | |
Investments in loans, net | VICI Properties LP | ||||
Real estate portfolio: | ||||
Notes receivable | $ 685,793,000 | $ 498,002,000 | ||
|
VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Sales-type and direct financing, allowance for credit losses | $ 570,387 | $ 434,852 |
Other assets (sales-type sub-leases), allowance for credit losses | 19,750 | 6,540 |
Investments in leases - financing receivables, net | ||
Financing and loans receivable, allowance for credit losses | 726,707 | 91,124 |
Investments in loans, net | ||
Financing and loans receivable, allowance for credit losses | $ 6,865 | $ 773 |
VICI Properties LP | ||
Operating partnership units issued (in shares) | 975,327,936 | 628,942,092 |
Operating partnership units outstanding (in shares) | 975,327,936 | 628,942,092 |
Business and Organization |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization 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 December 31, 2022, our geographically diverse portfolio consisted of 45 gaming facilities in the United States (and subsequent to our acquisition of the assets of the Pure Portfolio on January 6, 2023, 49 assets located in the United States and Canada), including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Our properties are leased to, and our tenants are, subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, EBCI, Foundation Gaming, JACK Entertainment, MGM, PENN Entertainment and Seminole Hard Rock, with Caesars and MGM being our largest tenants. VICI also owns four championship golf courses located near certain of our properties. VICI, the parent company, is a Maryland corporation and internally managed real estate investment trust (“REIT”) for U.S. federal income tax purposes. Our real property business, which represents the substantial majority of our assets, is conducted through VICI OP and indirectly through VICI LP and our golf course business, VICI Golf, is conducted through a direct wholly owned taxable REIT subsidiary (“TRS”) of VICI. As a REIT, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute substantially all of our net taxable income to stockholders and maintain our qualification as a REIT. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as 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”). Certain prior period amounts have been reclassified to conform to the current period presentation. 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. Principles of Consolidation and Non-controlling Interest The accompanying consolidated financial statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of December 31, 2022, VICI’s non-controlling interests represent an approximately 1.3% third-party ownership of VICI OP in the form of VICI OP Units and 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. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo LLC. Reportable Segments Our operations consist of real property and real estate lending activities, which represent substantially all of our business. The operating results of both the real property and real estate lending activities are regularly reviewed, in the aggregate, by the chief operating decision maker and considered one operating segment. Our golf operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Accordingly, all operations have been considered to represent one reportable segment and no separate disclosures are required. Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Highly liquid 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 December 31, 2022 and 2021, we did not have any restricted cash. 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 may 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. Interest on our short-term investments is recognized as interest income in our Statement of Operations. We had $217.3 million of short-term investments as of December 31, 2022. We did not have any short-term investments as of December 31, 2021. Purchase Accounting We assess all of our property acquisitions under ASC 805 - Business Combinations (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition. We allocate the purchase price to the identifiable assets acquired and liabilities assumed, as applicable, using the relative fair value. Generally, with the exception of the MGP Transactions, our acquisitions consists of properties without existing leases or debt and, accordingly, the assets acquired comprise of land, building and site improvements. Further, since all the components of our leases are classified as sales-type or financing leases, as further described below, the assets acquired are transferred into the net investment in lease or financing receivable, as applicable. Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City real estate asset components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Hard Rock Cincinnati Lease, PENN Entertainment Leases, Southern Indiana Lease, and Venetian Lease meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the Foundation Master Lease, Harrah’s Call Properties real estate asset components of the Caesars Regional Master Lease, JACK Master Lease and MGM Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, such leases are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the Lease Agreements and the lack of suitable replacement assets. Investments in Loans, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. Upon the consummation of the Caesars Transaction the land component of Caesars Palace Las Vegas, which was previously determined to be an operating lease under ASC 840, along with the other components of the Caesars Leases were reassessed for lease classification and determined to be sales-type leases. Accordingly, subsequent to July 20, 2020, we no longer have any leases classified as operating or direct financing and, as such, the income relating to the land component of Caesars Palace Las Vegas is recognized as Income from sales-type leases and there is no longer any income recorded through Income from operating leases. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Allowance for Credit Losses On January 1, 2020, we adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”), which requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans, as well as our estimate of future funding commitments associated with such investments, as applicable. We have elected to use a discounted cash flow model to estimate the Allowance for credit losses, or CECL allowance for our Investments in leases - sales-type, Investments in leases - financing receivables and certain of our loans, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease or loan and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant or borrower and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants, borrowers and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Sales-type sub-leases (included in Other assets) on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties through the Partner Property Growth Fund. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers' and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2022, 2021 and 2020. Investments in Land Our investments in land are held at historical cost and comprised of the following: •Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip. •Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas. •Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put-call option on the land parcels and the Caesars Forum Convention Center. The amount of $73.6 million is presented as Land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheet. Property and Equipment Used in Operations Property and equipment used in operations is included within Other assets on our Balance Sheet and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:
Impairment We assess our investments in land and property and equipment used in operations for impairment under ASC 360 “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows. Investment in Unconsolidated Affiliate We account for our investment in unconsolidated affiliate using the equity method of accounting as we have the ability to exercise significant influence, but not control, over operating and financing policies of the investment. Our equity method investment represents our 50.1% ownership interest in the MGM Grand/Mandalay Bay JV, which was acquired in the MGP Transactions and, as a result, was recorded at relative fair value. The difference in basis between our share of the carrying value of the MGM Grand/Mandalay Bay JV and the relative fair value upon acquisition is amortized into Income from unconsolidated affiliate over the estimated useful life of the respective underlying real estate assets, the remaining lease term of the MGM Grand/Mandalay Bay JV Lease, or the remaining term of the assumed debt, as applicable. Subsequent to year-end, on January 9, 2023, we acquired the remaining 49.9% interest from Blackstone Real Estate Income Trust, Inc. (“BREIT”) for cash consideration of approximately $1.3 billion and, accordingly, we will be required to consolidate the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023. Refer to Note 3 - Real Estate Transactions for further details. We assess our investment in unconsolidated affiliate for recoverability and, if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. Other income and Other expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under the ground and use leases. Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) in our Balance Sheet with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes. Golf Revenues VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2022, payments under the Golf Course Use Agreement were comprised of a $10.8 million annual membership fee, $3.5 million of use fees and approximately $1.4 million of minimum rounds fees. The annual membership fee, use fees and minimum round fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period. Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less. Income Taxes-REIT Qualification We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates (including any alternative minimum tax or excise tax applicable to non-REIT corporations), and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”), we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT. The TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. The provision for income taxes includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations. Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Transaction and Acquisition Expenses Transaction and acquisition-related expenses that are not capitalizable under GAAP, including most leasing costs under ASC 842, are expensed in the period they occur. Transaction and acquisition expenses also include dead deal costs. Stock-Based Compensation We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche. The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for award of equity instruments range from to three years. See Note 13—Stock-Based Compensation for further information related to the stock-based compensation. Earnings Per Share and Earnings Per Unit Earnings per share (”EPS”) or Earnings per unit (“EPU”) is calculated in accordance with ASC 260, “Earnings Per Share”. Basic EPS or EPU is computed by dividing net income applicable to common stockholders or unit holders, as the case may be, by the weighted-average number of shares of common stock or units, as the case may be, outstanding during the period. Diluted EPS or EPU reflects the additional dilution for all potentially dilutive securities including those from our stock incentive plan. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. Concentrations of Credit Risk Caesars and MGM are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from Caesars, which includes revenue from the Caesars Leases, represented 46%, 85%, and 84% of our lease revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Revenue from MGM, which comprises revenue from the MGM Master Lease and our proportionate share of the MGM Grand/Mandalay Bay JV Lease (and following our acquisition of the remaining 49.9% interest of the MGM Grand/Mandalay Bay JV on January 9, 2023, includes the entire MGM Grand/Mandalay Bay JV Lease), represented 34% of our lease revenues for the year ended December 31, 2022. Additionally, our properties on the Las Vegas Strip generated approximately 45%, 32%, and 30% of our lease revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Other than having two tenants from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk. Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov. We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K.
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Real Estate Transactions | Real Estate Transactions Recent Property Acquisitions MGM Grand/Mandalay Bay JV Interest Acquisition Subsequent to year-end, on January 9, 2023, we closed on the previously announced acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV (previously referred to as the “BREIT JV”) from BREIT (the “MGM Grand/Mandalay Bay JV Interest Acquisition”) for cash consideration of $1,261.9 million. We also assumed BREIT’s $1,497.0 million pro rata share of an aggregate $3.0 billion of property-level debt, which matures in 2032 and bears interest at a fixed rate of 3.558% per annum through March 2030. The cash consideration was funded through a combination of cash on hand and proceeds from the settlement of the November 2022 Forward Sale Agreements and ATM Forward Sale Agreements (each as defined in Note 11 - Stockholders Equity). The MGM Grand/Mandalay Bay Lease currently has an annual rent of $303.8 million, all of which we are entitled to following the closing of the MGM Grand/Mandalay Bay JV Interest Acquisition. The MGM Grand/Mandalay Bay Lease has a remaining initial lease term of approximately 27 years (expiring in 2050), with two ten-year tenant renewal options. Rent under the lease agreement escalates annually at 2.0% through 2035 (year 15 of the initial lease term) and thereafter at the greater of 2.0% or Consumer Price Index (“CPI”) (subject to a 3.0% ceiling). As of December 31, 2022, the MGM Grand/Mandalay Bay JV was accounted for as an equity method investment within Investment in unconsolidated affiliate on our Balance Sheet. In the first quarter of 2023, subsequent to the MGM Grand/Mandalay Bay JV Interest Acquisition, we will be required to consolidate the operations of the MGM Grand/Mandalay Bay JV upon which we anticipate the acquisition will be accounted for as an asset acquisition under ASC 805-50. In connection with the acquisition, we will be required to make an election as to whether we retain the prior cost basis of our 50.1% interest in the MGM Grand/Mandalay Bay JV or remeasure such cost basis based on the purchase price of the MGM Grand/Mandalay Bay JV Interest Acquisition, with the difference in the cost basis recognized through income. Additionally, we will be required to make an election as to whether we retain the current operating lease classification of the MGM Grand/Mandalay Bay Lease or reassess such lease classification, which, in the case of reassessment, we anticipate the lease being classified as a sales-type lease. In both instances, no such election has been made at this time and we continue to evaluate the alternative outcomes of each scenario. PURE Canadian Gaming Transaction Subsequent to year-end, on January 6, 2023, we acquired the real estate assets of PURE Casino Edmonton in Edmonton, PURE Casino Yellowhead in Edmonton, PURE Casino Calgary in Calgary, and PURE Casino Lethbridge in Lethbridge, all of which are located in Alberta, Canada, from PURE Canadian Gaming for an aggregate purchase price of approximately C$271.9 million (approximately US$200.8 million based on the exchange rate at the time of the acquisition) (the “PURE Canadian Gaming Transaction”). We financed the PURE Canadian Gaming Transaction with a combination of cash on hand and drawing down C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) under our Revolving Credit Facility. Simultaneous with the acquisition, we entered into the PURE Master Lease. The PURE Master Lease has an initial total annual rent of approximately C$21.8 million (approximately US$16.1 million based on the exchange rate at the time of the acquisition), an initial term of 25 years, with four 5-year tenant renewal options, escalation of 1.25% per annum (with escalation of the greater of 1.5% and Canadian CPI, capped at 2.5%, beginning in lease year four) and minimum capital expenditure requirements of 1.0% of annual net revenue (excluding gaming equipment). The tenant’s obligations under the PURE Master Lease are guaranteed by the parent entity of PURE Canadian Gaming. Foundation Gaming Transaction On December 22, 2022, we acquired real estate assets of the Fitz Casino & Hotel, located in Tunica, Mississippi, and the WaterView Casino & Hotel, located in Vicksburg, Mississippi, from Foundation Gaming for an aggregate purchase price of $293.4 million (the “Foundation Gaming Transaction”). We financed the Foundation Gaming Transaction with cash on hand. Simultaneous with the acquisition, we entered into the Foundation Master Lease. The Foundation Master Lease has an initial total annual rent of $24.3 million, an initial term of 15 years, with four 5-year tenant renewal options, escalation of 1.0% per annum (with escalation of the greater of 1.5% and CPI, capped at 3%, beginning in lease year four) and minimum capital expenditure requirements of 1.0% of annual net revenue (excluding gaming equipment) over a rolling three-year period. The tenants’ obligations under the Foundation Master Lease are guaranteed by the parent entity, Foundation Gaming. We determined that the Foundation Gaming Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of the Foundation Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the Foundation Master Lease is accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses in the amount of $28.2 million. Rocky Gap Casino Transaction On August 24, 2022, we and Century Casinos entered into definitive agreements to acquire Rocky Gap Casino Resort (“Rocky Gap Casino”), located in Flintstone, Maryland, from Golden Entertainment, Inc. for an aggregate purchase price of $260.0 million. Pursuant to the transaction agreements, we will acquire an interest in the land and buildings associated with Rocky Gap Casino for approximately $203.9 million, and Century Casinos will acquire the operating assets of the property for approximately $56.1 million. Simultaneous with the closing of the transaction, the Century Master Lease will be amended to include Rocky Gap Casino, and annual rent under the Century Master Lease will increase by $15.5 million. Additionally, the terms of the Century Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term remaining, with four 5-year tenant renewal options. The tenants’ obligations under the Century Master Lease will continue to be guaranteed by Century Casinos. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in mid-2023. MGP Transactions On April 29, 2022, we closed on the previously announced MGP Transactions governed by the MGP Master Transaction Agreement, pursuant to which we acquired MGP for total consideration of $11.6 billion, plus the assumption of approximately $5.7 billion principal amount of debt, inclusive of our 50.1% share of the MGM Grand/Mandalay Bay JV CMBS debt. Upon closing, the MGP Transactions added $1,012.0 million of annualized rent to our portfolio from 15 Class A entertainment casino resort properties spread across nine regions and comprising 36,000 hotel rooms, 3.6 million square feet of meeting and convention space and hundreds of food, beverage and entertainment venues. The acquired portfolio, including properties owned by the MGM Grand/Mandalay Bay JV, includes seven large-scale entertainment and gaming-related properties located on the Las Vegas Strip: Mandalay Bay, MGM Grand Las Vegas, The Mirage, Park MGM, New York-New York (and The Park, a dining and entertainment district located between New York-New York and Park MGM), Luxor and Excalibur. Outside of Las Vegas, we also acquired eight high-quality casino resort properties pursuant to the MGP Transactions: MGM Grand Detroit in Detroit, Michigan, Beau Rivage in Biloxi, Mississippi, Gold Strike in Tunica, Mississippi, Borgata in Atlantic City, New Jersey, MGM National Harbor in Prince George’s County, Maryland, MGM Northfield Park in Northfield, Ohio, Empire City in Yonkers, New York and MGM Springfield in Springfield, Massachusetts. The acquired portfolio includes two of the five largest hotels in the United States and two of the three largest Las Vegas resorts by room count and convention space. The following is a summary of the agreements and related activities under the MGP Transactions: •MGP Master Transaction Agreement. On August 4, 2021, we entered into the MGP Master Transaction Agreement by and among the Company, MGP, MGP OP, VICI LP, REIT Merger Sub, VICI OP, and MGM. Pursuant to the terms and subject to the conditions set forth in the MGP Master Transaction Agreement, upon the closing of the REIT Merger (as defined in the MGP Master Transaction Agreement) on April 29, 2022, each outstanding Class A common share, no par value per share, of MGP (“MGP Common Shares”) (other than MGP Common Shares then held in treasury by MGP or owned by any of MGP’s wholly owned subsidiaries) was converted into 1.366 (the “Exchange Ratio”) shares of common stock of the Company (such consideration, the “REIT Merger Consideration”). The outstanding Class B common share, no par value per share, of MGP (the “Class B Share”), which was held by MGM, was cancelled at the effective time of the REIT Merger. The REIT Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code. The number of MGP Common Shares converted to shares of VICI common stock was determined as follows:
____________________ (1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Common Shares. Following the REIT Merger, pursuant to and subject to the terms set forth in the MGP Master Transaction Agreement, at the effective time of the Partnership Merger (as defined in the MGP Master Transaction Agreement), each limited partnership unit in MGP OP (other than the limited partnership units in MGP OP held by REIT Merger Sub or any subsidiary of MGP OP), all of which were held by MGM and certain of its subsidiaries, was converted into the number of VICI OP Units (the “Partnership Merger Consideration”) equal to the Exchange Ratio. The Company redeemed a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash using the proceeds from the April 2022 Notes offering (the “Redemption”), as further described in Note 7 - Debt. Following the Redemption, MGM retained approximately 12.2 million VICI OP Units. •MGM Master Lease and MGM Grand/Mandalay Bay Lease. Simultaneous with the closing of the Mergers on April 29, 2022, we entered into the MGM Master Lease. The MGM Master Lease has an initial term of 25 years, with three 10-year tenant renewal options and had an initial total annual rent of $860.0 million. Rent under the MGM Master Lease escalates at a rate of 2.0% per annum for the first 10 years and thereafter at the greater of 2.0% per annum or the increase in the CPI, subject to a 3.0% cap. The tenant’s obligations under the MGM Master Lease are guaranteed by MGM. The total annual rent under the MGM Master Lease was reduced by $90.0 million upon the close of MGM’s sale of the operations of the Mirage to Hard Rock and entrance into the Mirage Lease on December 19, 2022, and was further reduced by $40.0 million upon the close of MGM’s sale of the operations of Gold Strike to CNB and entrance into the Gold Strike Lease on February 15, 2023, each as further described below under “Leasing Activity”. Additionally, we retained MGP’s 50.1% ownership stake in the MGM Grand/Mandalay Bay JV, which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay. The MGM Grand/Mandalay Bay JV Lease remained unchanged and provided for current total annual base rent of approximately $303.8 million, of which approximately $152.2 million is attributable to our investment in the MGM Grand/Mandalay Bay JV, and an initial term of thirty years with two 10-year tenant renewal options. Rent under the MGM Grand/Mandalay Bay Lease escalates at a rate of 2.0% per annum for the first fifteen years and thereafter at the greater of 2.0% per annum or CPI, subject to a 3.0% cap. The tenant’s obligations under the MGM Grand/Mandalay Bay JV Lease will be guaranteed by MGM. Subsequent to year-end, on January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and accordingly own 100% of the interest in the MGM Grand/Mandalay Bay JV. Refer to “MGM Grand/Mandalay Bay JV Interest Acquisition” above for further details. •Tax Protection Agreement. In connection with the closing of the MGP Transactions, we entered into the MGM Tax Protection Agreement pursuant to which VICI OP has agreed, subject to certain exceptions, for a period of 15 years following the closing of the Mergers (subject to early termination under certain circumstances), to indemnify MGM and certain of its subsidiaries (the “Protected Parties”) for certain tax liabilities resulting from (1) the sale, transfer, exchange or other disposition of a property owned directly or indirectly by MGP OP immediately prior to the closing date of the Mergers (each, a “Protected Property”), (2) a merger, consolidation, transfer of all assets of, or other significant transaction involving VICI OP pursuant to which the ownership interests of the Protected Parties in VICI OP are required to be exchanged in whole or in part for cash or other property, (3) the failure of VICI OP to maintain approximately $8.5 billion of nonrecourse indebtedness allocable to MGM, which amount may be reduced over time in accordance with the MGM Tax Protection Agreement, and (4) the failure of VICI OP or VICI to comply with certain tax covenants that would impact the tax liabilities of the Protected Parties. In the event that VICI OP or VICI breaches restrictions in the MGM Tax Protection Agreement, VICI OP will be liable for grossed-up tax amounts associated with the income or gain recognized as a result of such breach. In addition, the MGM Grand/Mandalay Bay JV previously entered into a tax protection agreement with MGM with respect to built-in gain and debt maintenance related to MGM Grand Las Vegas and Mandalay Bay, which is effective through mid-2029, and by acquiring MGP, the Company bears its 50.1% proportionate share in the MGM Grand/Mandalay Bay JV of any indemnity under this existing tax protection agreement. Upon the close of the MGM Grand/Mandalay Bay JV Interest Acquisition on January 9, 2023, the tax protection agreement governing the MGM Grand/Mandalay Bay JV remains and we bear 100% of any indemnity under this existing tax protection agreement. •Exchange Offers and Consent Solicitations. On September 13, 2021, we announced that the VICI Issuers commenced (i) private exchange offers to certain eligible holders (collectively, the “Exchange Offers”) for any and all of each series of the MGP OP Notes for up to an aggregate principal amount of $4.2 billion of new notes issued by the VICI Issuers and (ii) consent solicitations with respect to each series of MGP OP Notes (collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the MGP OP Notes (collectively, the “MGP OP Notes Indentures”), which, among other things, eliminate or modify certain of the covenants, restrictions, provisions and events of default in each of the MGP OP Notes Indentures. Following the receipt of the requisite consents pursuant to the Consent Solicitations, on September 23, 2021, the MGP Issuers executed supplemental indentures to each of the MGP OP Notes Indentures in order to effect the proposed amendments (the “MGP OP Supplemental Indentures”). The MGP OP Supplemental Indentures became operative upon the settlement of the Exchange Offers and the Consent Solicitations on April 29, 2022 (the “Settlement Date”). Upon completion of the Exchange Offers and Consent Solicitations, the VICI Issuers issued an aggregate principal amount of $4,110.0 million in Exchange Notes, each pursuant to a separate indenture dated as of April 29, 2022, among the VICI Issuers and the Trustee. Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, approximately $90.0 million aggregate principal amount of MGP OP Notes remain outstanding. See Note 7 - Debt for additional information. We assessed the MGP Transactions in accordance with ASC 805, and determined that the acquisition of MGP did not meet the definition of a business as substantially all the assets were concentrated in a group of similarly identifiable acquired assets, and did not include a substantive process in the form of an acquired workforce. Accordingly, the MGP Transactions were accounted for as an asset acquisition under ASC 805-50 and we determined the consideration transferred under the MGP Transactions was $11.6 billion, comprised of the following:
____________________ (1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Common Shares outstanding immediately prior to the REIT Merger and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock. (2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share. (3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated. (4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred. Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions:
____________________ (1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x - 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value. (2) The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the MGM Grand/Mandalay Bay JV. (4) Amounts represents their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions. (5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. Concurrent with the closing of the MGP Transactions and entry into the MGM Master Lease, we assessed the lease classification of the MGM Master Lease and determined that it met the definition of a sales-type lease. Further, since MGM controlled and consolidated MGP prior to the MGP Transactions, the lease was assessed under the sale-leaseback guidance and determined to be a failed sale-leaseback under which the lease is accounted for as a financing receivable under ASC 310. Accordingly, the relative fair value of the MGP assets of $14.2 billion was recorded as an Investment in leases - financing receivable on our Balance Sheet, net of an initial allowance for credit losses in the amount of $431.5 million. In relation to the MGM Grand/Mandalay Bay JV, we determined that such investment is accounted for as an equity method investment and, accordingly, recorded the relative fair value as an Investment in unconsolidated affiliate on our Balance Sheet. The requirement to record our investment in the MGM Grand/Mandalay Bay JV at relative fair value under ASC 805 resulted in a difference in our acquired basis from that of the underlying records, or historical cost basis, of the MGM Grand/Mandalay Bay JV. Accordingly, we compared our proportionate share of the historical cost basis of the MGM Grand/Mandalay Bay JV as of April 29, 2022 to our proportionate share of the relative fair value, the difference of which was amortized through Income from unconsolidated affiliate over the life of the related asset or liability. As of December 31, 2022, the carrying value of our investment exceeded the underlying historical cost basis of our Investment in unconsolidated affiliate which resulted in a basis difference of $640.0 million. Subsequent to year-end, on January 9, 2023, we acquired the remaining 49.9% interest from BREIT for cash consideration of approximately $1.3 billion and, accordingly, will be required to consolidate the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023. Refer to “MGM Grand/Mandalay Bay JV Interest Acquisition” above for further details. Venetian Acquisition On February 23, 2022, we closed on the previously announced transaction to acquire all of the land and real estate assets associated with the Venetian Resort from Las Vegas Sands Corp. (“LVS”) for $4.0 billion in cash, and the Venetian Tenant acquired the operating assets of the Venetian Resort for $2.25 billion, of which $1.2 billion is in the form of a secured term loan from LVS and the remainder was paid in cash. We funded the Venetian Acquisition with (i) $3.2 billion in net proceeds from the physical settlement of the March 2021 Forward Sale Agreements and the September 2021 Forward Sale Agreements, (ii) an initial draw on the Revolving Credit Facility of $600.0 million (which was subsequently repaid in full using a portion of the proceeds from the April 2022 Notes offering), and (iii) cash on hand. Simultaneous with the closing of the Venetian Acquisition, we entered into the Venetian Lease with the Venetian Tenant. The Venetian Lease has an initial total annual rent of $250.0 million and an initial term of 30 years, with two ten-year tenant renewal options. The annual rent will be subject to escalation equal to the greater of 2.0% and the increase in the CPI, capped at 3.0%, beginning in the earlier of (i) the beginning of the third lease year, and (ii) the month following the month in which the net revenue generated by the Venetian Resort returns to its 2019 level (the year immediately prior to the onset of the COVID-19 pandemic) on a trailing twelve-month basis. We determined that the land and building components of the Venetian Lease meet the definition of a sales-type lease and accordingly are recorded as an Investments in leases - sales-type on our Balance Sheet, net of an initial allowance for credit losses in the amount of $65.6 million. In connection with the Venetian Acquisition, we entered into a Partner Property Growth Fund Agreement (“Venetian PGF”) with the Venetian Tenant. Under the Venetian PGF we agreed to provide up to $1.0 billion for various development and construction projects affecting the Venetian Resort to be identified by the Venetian Tenant and that satisfy certain criteria more particularly set forth in the Venetian PGF, in consideration of additional incremental rent to be paid by the Venetian Tenant under the Venetian Lease and calculated in accordance with a formula set forth in the Venetian PGF. Upon execution of the Venetian PGF, we were required to estimate a CECL allowance related to the contractual commitments to extend credit, which is based on our best estimates of funding such commitments. Accordingly, during the three months ended March 31, 2022, we recorded an initial CECL allowance in Other liabilities in the amount of $8.3 million related to the estimate of our unfunded commitment under the Venetian PGF. In addition, LVS agreed with the Venetian Tenant pursuant to an agreement (the “Contingent Lease Support Agreement”) entered into simultaneously with the closing of the Venetian Acquisition to provide lease payment support designed to guarantee the Venetian Tenant’s rent obligations under the Venetian Lease through 2023, subject to early termination if EBITDAR (as defined in such agreement) generated by the Venetian Resort in 2022 equals or exceeds $550.0 million, or a tenant change of control occurs. We were a third-party beneficiary of the Contingent Lease Support Agreement and had certain enforcement rights pursuant thereto. The EBITDAR generated by the operations of the Venetian resort exceeded $550.0 million for the year ended December 31, 2022 and, accordingly, the Contingent Lease Support Agreement early terminated in accordance with its terms. Recent Leasing Activity Gold Strike Lease Subsequent to year-end, on February 15, 2023, in connection with MGM’s sale of the operations of Gold Strike, we entered into the Gold Strike Lease with CNB related to the land and real estate assets of Gold Strike, and entered into an amendment to the MGM Master Lease in order to account for the divestiture of the operations of Gold Strike. The Gold Strike Lease has initial annual base rent of $40.0 million with other economic terms substantially similar to the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. Upon the closing of the sale of Gold Strike, the MGM Master Lease was amended to account for MGM’s divestiture of the Gold Strike operations and resulted in a reduction of the annual base rent under the MGM Master Lease by $40.0 million. The Gold Strike Lease is guaranteed by CNB. Mirage Lease On December 19, 2022, in connection with MGM’s sale of the operations of the Mirage Hotel & Casino (the “Mirage”) to Hard Rock, we entered into the Mirage Lease and entered into an amendment to the MGM Master Lease relating to the sale of the Mirage. The Mirage Lease has an initial annual base rent of $90.0 million with other economic terms substantially similar to the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. Upon the closing of the sale of the Mirage, the MGM Master Lease was amended to account for MGM’s divestiture of the Mirage operations and resulted in a reduction of the annual base rent under the MGM Master Lease by $90.0 million. Additionally, subject to certain conditions, we may fund up to $1.5 billion of Hard Rock’s redevelopment plan for the Mirage through our Partner Property Growth Fund if Hard Rock elects to seek third-party financing for such redevelopment. The specific terms of the potential funding remain subject to ongoing discussion in connection with Hard Rock’s broader planning of the potential redevelopment, as well as the negotiation of definitive documentation between us and Hard Rock, and there are no assurances that the redevelopment of the Hard Rock-Mirage will occur on the contemplated terms, including through our financing, or at all. Century Casinos Expansion On December 1, 2022, we amended the Century Master Lease to provide approximately $51.9 million in capital in connection with our Partner Property Growth Fund for the construction of a land-based casino with an adjacent 38-room hotel tower at Century Casino Caruthersville. Pursuant to the amendment to the Century Master Lease, we will own the real estate improvements associated with these projects and annual rent under the Century Master Lease will increase by approximately $4.2 million following completion of the projects. We determined that the amendments to the Century Master Lease represented lease modifications under ASC 842 under which we were required to reassess the lease classification. Upon reassessment, we determined that the Century Master Lease continues to meet the definition of a sales-type lease and, accordingly, since the classification remains unchanged, we modified the future minimum lease cash flows to reflect the amendment and prospectively adjusted the discount rate used to recognize income such that the carrying value of the lease remains unchanged immediately prior to, and subsequent to, modification. Loan Originations The following table summarizes our 2022 development loan origination activity to date:
Fontainebleau Las Vegas Loan On December 23, 2022, we entered into definitive agreements pursuant to which we have agreed to provide up to $350.0 million in mezzanine loan financing (the “Fontainebleau Las Vegas Loan”) to a partnership between Fontainebleau Development, LLC, a builder, owner, and operator of luxury hospitality, commercial and retail properties, and Koch Real Estate Investments, the real estate investment arm of Koch Industries, to complete the construction of Fontainebleau Las Vegas, a 67-story hotel, gaming, meeting, and entertainment destination coming to the north end of the Las Vegas Strip. The investment was, and will continue to be, funded by us in accordance with a construction draw schedule. Fontainebleau Las Vegas is expected to open in the fourth quarter of 2023. Canyon Ranch Austin Loan On October 7, 2022, we entered into a delayed draw term loan facility (the “Canyon Ranch Austin Loan”) with Canyon Ranch, a leading pioneer in global wellness, pursuant to which we agreed to provide up to $200.0 million of secured financing to fund the development of Canyon Ranch Austin in Austin, Texas. In addition, we entered into the following agreements with Canyon Ranch: •A call right agreement pursuant to which we will have the right to acquire the real estate assets of Canyon Ranch Austin for up to 24 months following stabilization (with the loan balance being settled in connection with the exercise of such call right), which transaction will be structured as a sale leaseback (with the simultaneous entry into a triple-net lease with Canyon Ranch that has an initial term of 25 years, with eight 5-year tenant renewal options). •A purchase option agreement, pursuant to which we have an option to acquire the real estate assets associated with the existing Canyon Ranch Tucson and Canyon Ranch Lenox properties, which transactions will be structured as sale leasebacks, in each case solely to the extent Canyon Ranch elects to sell either or both of such properties in a sale leaseback structure for a specific period of time, subject to certain conditions. •A right of first offer agreement on future financing opportunities for Canyon Ranch and certain of its affiliates with respect to the funding of certain facilities (including Canyon Ranch Austin, Canyon Ranch Tucson and Canyon Ranch Lenox, and any other fee owned Canyon Ranch branded wellness resort), until the date that is the earlier of five years from commencement of the Canyon Ranch Austin lease (to the extent applicable) and the date that neither VICI nor any of its affiliates are landlord under such lease, subject to certain specified terms, conditions and exceptions. Great Wolf Loans During 2022 we entered into the following loans with Great Wolf Resorts Inc. (“Great Wolf”): •On December 30, 2022, we agreed to provide up to $287.9 million of senior financing (the “Great Wolf Gulf Northeast Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge Northeast, a 549-room indoor water park resort project in Mashantucket, CT. The Great Wolf Northeast Loan has an initial term of three years with two 12-month extension options, subject to certain conditions. •On August 30, 2022, we agreed to provide up to $127.0 million of mezzanine financing (the “Great Wolf Gulf Coast Texas Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge Gulf Coast Texas, a more than $200.0 million, 532-room indoor water park resort project in Webster, TX. The Great Wolf Gulf Coast Texas Loan has an initial term of three years with two 12-month extension options, subject to certain conditions. •On July 1, 2022, we agreed to provide up to $59.0 million of mezzanine financing (the “Great Wolf South Florida Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge South Florida, a more than $250.0 million, 500-room indoor water park resort project in Collier County, FL. The Great Wolf South Florida Loan has an initial term of four years with one 12-month extension option, subject to certain conditions. Cabot Citrus Farms Loan On June 6, 2022, we entered into a $120.0 million delayed draw term loan (the “Cabot Citrus Farms Loan”) with Cabot, a developer, owner and operator of world-class destination golf resorts and communities, the proceeds of which will be used to fund Cabot’s property-wide transformation of Cabot Citrus Farms in Brooksville, Florida, with the addition of a new clubhouse, luxury lodging, health and wellness facilities and a vibrant village center. We also entered into a Purchase and Sale Agreement, pursuant to which upon substantial completion of the asset we will convert a portion of the Cabot Citrus Farms Loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that will have an initial term of 25 years, with five 5-year tenant renewal options. BigShots Loan On April 7, 2022, we entered into a loan with BigShots Golf (“BigShots Golf”), a subsidiary of ClubCorp Holdings, Inc. (“ClubCorp”), an Apollo fund portfolio company, to provide up to $80.0 million of mortgage financing (the “BigShots Loan”) for the construction of certain new BigShots Golf facilities throughout the United States. In addition, we entered into a right of first offer and call right agreement, pursuant to which (i) we have a call right to acquire the real estate assets associated with any BigShots Golf facility financed by us, which transaction will be structured as a sale leaseback, and (ii) for so long as the BigShots Loan remains outstanding and we continue to hold a majority interest therein, subject to additional terms and conditions, we will have a right of first offer on any multi-site mortgage, mezzanine, preferred equity, or other similar financing that is treated as debt to be obtained by BigShots Golf (or any of its affiliates) in connection with the development of BigShots Golf facilities.
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Portfolio | Real Estate Portfolio As of December 31, 2022, our real estate portfolio consisted of the following: •Investments in leases - sales-type, representing our investment in 23 casino assets leased on a triple-net basis to our tenants, Apollo, Caesars, Century Casinos, EBCI, Hard Rock and PENN Entertainment, under nine separate lease agreements; •Investments in leases - financing receivables, representing our investment in 20 casino assets leased on a triple-net basis to our tenants, Caesars, Foundation, Hard Rock, JACK Entertainment and MGM, under five separate lease agreements; •Investments in loans, representing our investments in 11 senior secured and mezzanine loans; •Investment in unconsolidated affiliate, representing our 50.1% ownership in the MGM Grand/Mandalay Bay JV, which in turn owns two assets leased to MGM under the MGM Grand/Mandalay Bay Lease; and •Land, representing our investment in certain underdeveloped or undeveloped land adjacent to the Las Vegas strip and non-operating, vacant land parcels. The following is a summary of the balances of our real estate portfolio as of December 31, 2022 and 2021:
____________________ (1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective Lease Agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of December 31, 2022 and 2021, the estimated residual values of the leased properties under our Lease Agreements were $11.5 billion and $3.8 billion, respectively. Investments in Leases The following table details the components of our income from sales-type leases and lease financing receivables:
____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. As of December 31, 2022, we have recognized contingent rent from our Margaritaville Lease and Greektown Lease in relation to the variable rent portion of the respective leases and the Caesars Las Vegas Master Lease, Caesars Regional Master Lease and Joliet Lease in relation to the CPI portion of the annual escalator. (2) Represents the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Regional Master Lease Agreement. Upon the consummation of the Caesars Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas and certain operating land parcels were reassessed for lease classification and were determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income is recognized as Income from sales-type leases. (3) Represents the MGM Master Lease, Harrah’s Call Properties, JACK Master Lease and Foundation Master Lease, all of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. (4) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. At December 31, 2022, minimum lease payments owed to us for each of the five succeeding years under sales-type leases and our leases accounted for as financing receivables, are as follows:
____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements. (2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310. Lease Provisions As of December 31, 2022 we owned 45 properties leased under 14 separate Lease Agreements with subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, EBCI, Foundation Gaming, JACK Entertainment, MGM, PENN Entertainment and Seminole Hard Rock, certain of which are master lease agreements governing multiple properties and certain of which are for single assets. Our Lease Agreements are generally long-term in nature with initial terms ranging from 15 to 30 years and are structured with several tenant renewal options extending the term of the lease for another 5 to 30 years. All of our Lease Agreements provide for annual base rent escalations, which range from 1% in the earlier years to the greater of 2% or CPI in later years, with certain of our leases providing for a cap with respect to the maximum CPI-based increase. Additionally, certain of our Lease Agreements provide for a variable rent component in which a portion of the annual rent, generally 20%, are subject to adjustment based on the revenues of the underlying asset in specified periods. The following is a summary of the material lease provisions of our Caesars Leases and leases with MGM, our two most significant tenants:
____________________ (1) Subsequent to year-end, on January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and acquired the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV and accordingly, the amounts set forth above reflect our consolidated interest. (2) For the Venetian Lease, lease year two will begin on the earlier of (i) March 1, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing twelve months equals or exceeds 2019 net revenue, which date can be no earlier than the anniversary of the first lease year (March 1, 2023). (3) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annualized rent under the Caesars Regional Master Lease and Joliet Lease is $694.6 million. (4) The total annual rent under the MGM Master Lease was reduced by $90.0 million upon the close of MGM’s sale of the operations of the Mirage to Hard Rock and entrance into the Mirage Lease on December 19, 2022, and further reduced by $40.0 million upon the close of MGM’s sale of the operations of Gold Strike on February 15, 2023 (which reduced the total annual rent under the MGM Master Lease to $730.0 million). (5) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. (6) Variable rent is not subject to the Escalator. Capital Expenditure Requirements We manage our residual asset risk through protective covenants in our Lease Agreements, which require the tenant to, among other things, hold specific insurance coverage, engage in ongoing maintenance of the property and invest in capital improvements. With respect to the capital improvements, the Lease Agreements specify certain minimum amounts that our tenants must spend on capital expenditures that constitute installation, restoration and repair or other improvements of items with respect to the leased properties. The following table summarizes the capital expenditure requirements of our tenants under their respective Lease Agreements:
____________________ (1) Represents the tenants under our other Lease Agreements not specifically outlined in the table, as specified in their respective Lease Agreements. (2) The Caesars Leases require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (3) Certain tenants under the Caesars Leases, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars Lease in such proportion as such tenants may elect. Additionally, the tenants under the Regional Master Lease and Joliet Lease are required to expend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement. Investments in Loans The following is a summary of our investments in loans as of December 31, 2022 and 2021:
____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of December 31, 2022. (4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses Adoption of ASC 326 On January 1, 2020, we adopted ASC 326, and, as a result, we are required to estimate and record non-cash expected credit losses related to our historical and any future investments in sales-type leases, lease financing receivables and loans. Upon adoption we elected to use the modified retrospective approach, and recorded a $309.4 million cumulative adjustment, representing a 2.88% CECL allowance. Such amount was recorded as a cumulative-effect adjustment to our opening balance sheet with a reduction in our Investments in leases - sales-type and a corresponding charge to retained earnings. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Allowance for Credit Losses During the year ended December 31, 2022, we recognized a $834.5 million increase in our allowance for credit losses primarily driven by initial CECL allowances on our acquisition activity during such period in the amount of $573.6 million, representing 68.7% of the total allowance. The initial CECL allowances were in relation to (i) the closing of the MGP Transactions on April 29, 2022, which included the (a) classification of the MGM Master Lease as a lease financing receivable and (b) the sales-type sub-lease agreements that we assumed in connection with the closing of the MGP Transactions, (ii) the closing of the Venetian Acquisition on February 23, 2022, which included (a) the classification of the Venetian Lease as a sales-type lease, (b) the estimated future funding commitments under the Venetian PGF and (c) the sales-type sub-lease agreements that we assumed in connection with the closing of the Venetian Acquisition, and (iii) the future funding commitments from the origination of the BigShots Loan, the Cabot Citrus Farms Loan, the Great Wolf South Florida Loan, the Great Wolf Gulf Coast Texas Loan, the Canyon Ranch Austin Loan, the Great Wolf Northeast Loan and the Fontainebleau Las Vegas Loan. Additional increases were attributable to (i) changes in the macroeconomic model used to scenario condition our reasonable and supportable period, or R&S Period, probability of default, or PD, due to uncertain and potentially negative future market conditions, (ii) an increase in the R&S Period PD of our tenants and their parent guarantors (as applicable) as a result of market volatility during the quarter and (iii) an increase in the R&S Period PD and loss given default, or LGD, as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance. These increases were partially offset by a decrease in the long-term reasonable and supportable period probability of default, or Long-Term Period PD, due to an upgrade of the credit rating of the senior secured debt used to determine the Long-Term Period PD for one of our tenants and as a result of standard annual updates that were made to the Long-Term Period PD default study we utilize to estimate our CECL allowance. During the year ended December 31, 2021, we recognized a $19.6 million decrease in our allowance for credit losses primarily driven by (i) the decrease in the short-term reasonable and supportable period probability of default, or R&S Period PD, of our tenants or borrowers and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of all of their gaming operations and relative performance of such operations during 2021, (ii) the decrease in the Long-Term Period PD due to an upgrade of the credit rating of the senior secured debt used to determine the Long-Term Period PD for one of our tenants during 2021 and (iii) the decrease in the R&S Period PD and loss given default, or LGD, as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance. This decrease was partially offset by an increase in the existing amortized cost balances subject to the CECL allowance. During the year ended December 31, 2020, we recognized a $244.5 million increase in our allowance for credit losses primarily driven by (i) the increase in investment balances resulting from the Caesars Transaction, (ii) the initial CECL allowance related to the JACK Master Lease, (iii) an increase in the R&S Period PD of our tenants or borrowers and their parent guarantors as a result the negative economic outlook associated with the COVID-19 pandemic and (iv) an increase in the Long-term Period PD of our tenants due to downgrades on certain of the credit ratings of our tenants’ senior secured debt in connection with the COVID-19 pandemic. As of December 31, 2022 and 2021, and since our formation date on October 6, 2017, all of our Lease Agreements and loan investments are current in payment of their obligations to us and no investments are on non-accrual status. The following tables detail the allowance for credit losses as of December 31, 2022 and December 31, 2021:
____________________ (1) The total allowance excludes the CECL allowance for unfunded loan commitments. As of December 31, 2022 and December 31, 2021, such allowance is $45.1 million and $1.0 million, respectively, and is recorded in Other liabilities. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2022, 2021 and 2020:
Credit Quality Indicators We assess the credit quality of our investments through the credit ratings of the senior secured debt of the guarantors of our leases, as we believe that our Lease Agreements have a similar credit profile to a senior secured debt instrument. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the guarantor of one of our Lease Agreements does not have senior secured debt with a credit rating, we use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the Long-Term Period PD when estimating credit losses for each investment. The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of December 31, 2022, 2021 and 2020:
____________________ (1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments. (2)We estimate the CECL allowance for our senior secured and mezzanine loans, excluding the Forum Convention Center Mortgage Loan, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.
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Other Assets and Other Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets and Other Liabilities | Other Assets and Other Liabilities Other Assets The following table details the components of our other assets as of December 31, 2022 and 2021:
_______________________________________________________ (1) As of December 31, 2022 and December 31, 2021, sales-type sub-leases are net of $19.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details. Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2022 and 2021:
Other Liabilities The following table details the components of our other liabilities as of December 31, 2022 and 2021:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following tables detail our debt obligations as of December 31, 2022 and 2021:
____________________ (1)Amounts exclude our $1.5 billion pro-rata share of the $3.0 billion of CMBS of the MGM Grand/Mandalay Bay JV, recorded as part of the balance of Investment in unconsolidated affiliate on our Balance Sheets. Subsequent to year-end, on January 9, 2023, upon closing of the MGM Grand/Mandalay Bay JV Acquisition and consolidating the operations in the first quarter of 2023 the balance of the $3.0 billion debt, net of the fair value adjustment, will be presented in Debt, net on our Balance Sheets. The property-level debt has a principal balance of $3.0 billion, bears interest at a fixed rate of 3.558% per annum through March 2030, and matures in 2032. (2)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (3)Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the year ended December 31, 2022, the commitment fees for the Revolving Credit Facility was 0.375%. (4)Subsequent to year-end, on January 6, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. (5)The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. On February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms. (6)Interest is payable semi-annually. (7)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively. (8)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of December 31, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67%. (9)On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the 2017 Credit Agreement, as described below, and entered into the Credit Agreement providing for the Credit Facilities, as described below. The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2022:
Senior Unsecured Notes Exchange Notes On April 29, 2022, the VICI Issuers issued (i) $1,024.2 million in aggregate principal amount of 5.625% Senior Notes due May 1, 2024, (ii) $799.4 million in aggregate principal amount of 4.625% Senior Notes due June 15, 2025, (iii) $480.5 million in aggregate principal amount of 4.500% Senior Notes due September 1, September 1, 2026, (iv) $729.5 million in aggregate principal amount of 5.750% Senior Notes due February 1, 2027, (v) $349.3 million in aggregate principal amount of 4.500% Senior Notes due January 15, 2028 and (vi) $727.1 million in aggregate principal amount of 3.875% Senior Notes due February 15, 2029 in exchange for the validly tendered and not validly withdrawn MGP OP Notes, originally issued by the MGP Issuers, pursuant to the settlement of the Exchange Offers and Consent Solicitations in connection with the closing of the MGP Transactions. The Exchange Notes were issued with the same interest rate, maturity date and redemption terms as the corresponding series of MGP OP Notes, in each case under a supplemental indenture dated as of April 29, 2022, between the VICI Issuers and UMB Bank, National Association, as trustee (the “Trustee”). The Exchange Notes due 2025, 2026, 2027, 2028, and 2029 are redeemable at our option, in whole or in part, at any time on or after February 1, 2024, March 15, 2025, June 1, 2026, November 1, 2026, October 15, 2027 and November 15, 2028, respectively, at the redemption prices set forth in the respective indenture governing such Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. MGP OP Notes Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, $25.8 million in aggregate principal amount of MGP OP Notes due 2024, $0.6 million in aggregate principal amount of MGP OP Notes due 2025, $19.5 million in aggregate principal amount of MGP OP Notes due 2026, $20.5 million in aggregate principal amount of MGP OP Notes due 2027, $0.7 million in aggregate principal amount of MGP OP Notes due 2028 and $22.9 million in aggregate principal amount of MGP OP Notes due 2029 remain outstanding. Each series of the MGP OP Notes is redeemable at our option, in whole or in part, at any time on or after the same dates as set forth above with respect to the corresponding maturity series of the Exchange Notes. We may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. April 2022 Notes On April 29, 2022, VICI LP, our wholly owned subsidiary, issued (i) $500.0 million in aggregate principal amount of 4.375% Senior Notes due 2025, which mature on May 15, 2025, (ii) $1,250.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on February 15, 2028, (iii) $1,000.0 million in aggregate principal amount of 4.950% Senior Notes due 2030, which mature on February 15, 2030, (iv) $1,500.0 million in aggregate principal amount of 5.125% Senior Notes due 2032, which mature on May 15, 2032, and (v) $750.0 million in aggregate principal amount of 5.625% Senior Notes due 2052, which mature on May 15, 2052, (collectively, the “April 2022 Notes”) in each case under a supplemental indenture dated as of April 29, 2022, between VICI LP and the Trustee. We used the net proceeds of the offering to (i) fund the consideration for the redemption of a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash in connection with the closing of the MGP Transactions on April 29, 2022, and (ii) pay down the outstanding $600.0 million balance on our Revolving Credit Facility. Prior to their maturity date, in the case of the April 2022 Notes due 2025, and January 15, 2028 (one month prior to the maturity date of the April 2022 Notes due 2028), December 15, 2029 (two months prior to the maturity date of the April 2022 Notes due 2030), February 15, 2032 (three months prior to the maturity date of the April 2022 Notes due 2032) and November 15, 2051 (six months prior to the maturity date of the April 2022 Notes due 2052), respectively, in the case of the April 2022 Notes due 2028, 2030, 2032 and 2052, we may redeem the April 2022 Notes at our option, in whole or in part, at any time and from time to time, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. On or after January 15, 2028, December 15, 2029, February 15, 2032 and November 15, 2051, respectively, we may redeem the April 2022 Notes due 2028, 2030, 2032 and 2052 at a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date. February 2020 Notes On February 5, 2020, the VICI Issuers issued (i) $750.0 million in aggregate principal amount of 3.500% Senior Notes due 2025, which mature on February 15, 2025, (ii) $750.0 million in aggregate principal amount of 3.750% Senior Notes due 2027, which mature on February 15, 2027, and (iii) $1,000.0 million in aggregate principal amount of 4.125% Senior Notes due 2030, which mature on August 15, 2030 (collectively, the “February 2020 Notes”), under separate indentures, each dated as of February 5, 2020, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee. The February 2020 Notes due 2025, 2027 and 2030 are redeemable at our option, in whole or in part, at any time on or after February 15, 2022, February 15, 2023, and February 15, 2025, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the February 2020 Notes due 2025, 2027 and 2030 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to February 15, 2022, with respect to the February 2020 Notes due 2025, and February 15, 2023, with respect to the February 2020 Notes due 2027 and 2030, we may redeem up to 40% of the aggregate principal amount of the February 2020 Notes due 2025, 2027 and 2030 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. November 2019 Notes On November 26, 2019, the VICI Issuers issued (i) $1,250.0 million in aggregate principal amount of 4.250% Senior Notes due 2026, which mature on December 1, 2026, and (ii) $1,000.0 million in aggregate principal amount of 4.625% Senior Notes due 2029, which mature on December 1, 2029 (collectively, the “November 2019 Notes”), under separate indentures, each dated as of November 26, 2019, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee. The November 2019 Notes due 2026 and 2029 are redeemable at our option, in whole or in part, at any time on or after December 1, 2022 and December 1, 2024, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the November 2019 Notes due 2026 or 2029 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to December 1, 2022, we may redeem up to 40% of the aggregate principal amount of the November 2019 Notes due 2026 or 2029 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture. Guarantee and Financial Covenants None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes and the April 2022 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes. Until February 8, 2022, the November 2019 Notes and February 2020 Notes were fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each guaranteed indebtedness under the 2017 Credit Agreement (as defined below). All subsidiary guarantees were released upon the termination of the 2017 Credit Agreement concurrently with the execution of the Credit Agreement on February 8, 2022. Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the Trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant. The indenture governing the April 2022 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and VICI LP to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. Unsecured Credit Facilities On February 8, 2022, VICI LP entered into the Credit Agreement providing for (i) the Revolving Credit Facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 and (ii) the Delayed Draw Term Loan in the amount of $1.0 billion scheduled to mature on March 31, 2025. The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. Subsequent to year-end, on February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms. The Revolving Credit Facility includes two six-month maturity extension options the exercise of which is subject to customary conditions and the payment of an extension fee of 0.0625% on the extended commitments. Additionally, the Revolving Credit Facility includes the option to increase the revolving loan commitments by up to $1.0 billion to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions. On July 15, 2022, the Credit Agreement was amended pursuant to a First Amendment among VICI LP and the lenders party to the Credit Agreement, in order to permit borrowings under the Revolving Credit Facility in certain foreign currencies in an aggregate principal amount of up to the equivalent of $1.25 billion Borrowings under the Revolving Credit Facility will bear interest, at VICI LP’s option, at a rate based on SOFR (including a credit spread adjustment) plus a margin ranging from 0.775% to 1.325% or a base rate plus a margin ranging from 0.00% to 0.325%, in each case, with the actual margin determined according to VICI LP’s debt ratings. The base rate is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject in each case to a floor of 1.0%. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.15% to 0.375% (depending on VICI LP’s debt rating) of total revolving commitments. Pursuant to the terms of the Credit Agreement, VICI LP is subject to, among other things, customary covenants and the maintenance of various financial covenants. The Credit Agreement is consistent with certain tax-related requirements related to security for the Company’s debt. On February 18, 2022, we drew on the Revolving Credit Facility in the amount of $600.0 million to fund a portion of the purchase price of the Venetian Acquisition. On April 29, 2022, we repaid the outstanding balance of the Revolving Credit Facility using the proceeds from the April 2022 Notes offering. Subsequent to year-end, on January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. Senior Secured Credit Facilities In December 2017, VICI PropCo entered into a credit agreement (as amended, amended and restated and otherwise modified, the “2017 Credit Agreement”), comprised of a $2.2 billion Term Loan B Facility and a $1.0 billion Secured Revolving Credit Facility (the Term Loan B Facility and the Secured Revolving Credit Facility, as amended, are referred to together as the “Senior Secured Credit Facilities”). On September 15, 2021, we used the proceeds from the settlement of the June 2020 Forward Sale Agreement (as defined in Note 11- Stockholders’ Equity) and the proceeds from the issuance of 65,000,000 shares of common stock from the September 2021 equity offering to repay in full the Term Loan B Facility, including outstanding accrued interest. In connection with the full repayment, we recognized a loss on extinguishment of debt of $15.6 million during the year ended December 31, 2021, representing the write-off of the remaining unamortized deferred financing costs. Following the repayment in full of the Term Loan B Facility, the Secured Revolving Credit Facility remained in effect pursuant to the 2017 Credit Agreement. On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s material assets and those of its existing and subsequently acquired wholly owned material domestic restricted subsidiaries) and the 2017 Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described above. Second Lien Notes On October 6, 2017, we issued $766.9 million aggregate principal amount of 8.0% second priority senior secured notes due 2023 (the “Second Lien Notes”), pursuant to an indenture by and among VICI PropCo and its wholly owned subsidiary, VICI FC Inc., the subsidiary guarantors party thereto, and UMB Bank National Association, as trustee. On February 20, 2020, we used a portion of the proceeds from the issuance of the 2025 Notes, together with cash on hand, to redeem in full the Second Lien Notes at a redemption price of 100% of the principal amount of the Second Lien Notes then outstanding plus the Second Lien Notes Applicable Premium (as defined in the Second Lien Notes indenture), for a total redemption cost of $537.5 million. In connection with the full redemption, we recognized a loss on extinguishment of debt of $39.1 million during the year ended December 31, 2020. Bridge Facilities On August 4, 2021, in connection with the completion of the MGP Transactions, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they provided commitments in an amount up to $9.3 billion in the aggregate, consisting of a 364-day first lien secured bridge facility (the “MGP Transactions Bridge Facility”), for the purpose of providing a portion of the financing necessary in connection with the closing of the MGP Transactions, which was fully terminated on April 29, 2022 in connection with such closing. On March 2, 2021, in connection with the Venetian Acquisition, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they provided commitments in an amount up to $4.0 billion in the aggregate, consisting of a 364-day first lien secured bridge facility (the “Venetian Acquisition Bridge Facility”), for the purpose of providing a portion of the financing necessary to fund the consideration in connection with the closing of the Venetian Acquisition, which was fully terminated on February 23, 2022 in connection with such closing. On June 24, 2019, in connection with the Caesars Transaction, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they provided (i) a 364-day first lien secured bridge facility of up to $3.3 billion in the aggregate and (ii) a 364-day second lien secured bridge facility of up to $1.5 billion in the aggregate (the “Caesars Transaction Bridge Facility”), for the purpose of providing a portion of the financing necessary to fund the consideration in connection with the closing of the Caesars Transaction, which was fully terminated in June 2020 in connection with such closing. In each case the commitments were subject to a tiered commitment fee based on the period the respective commitment was outstanding and a structuring fee. The following table shows the amount of such fees recognized in Interest expense on our Statement of Operations for the years ended December 31, 2022, 2021 and 2020:
Financial Covenants As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain asset and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At December 31, 2022, we are in compliance with all financial covenants under our debt obligations.
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2021. As of December 31, 2022, there were no derivative instruments outstanding.
Forward-Starting Derivatives From December 2021 through April 2022, we entered into five forward-starting interest rate swap agreements with an aggregate notional amount of $2.5 billion and two U.S. Treasury Rate Lock agreements with an aggregate notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $3.0 billion of long-term debt. The forward-starting interest rate swaps and treasury locks were designated as cash-flow hedges. In April 2022, in connection with the April 2022 Notes offering, we settled the outstanding forward-starting interest rate swaps for total net proceeds of $202.3 million and the treasury locks for total net proceeds of $4.5 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the April 2022 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense. The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:
Interest Rate Swaps In April 2018 and January 2019, we entered into six interest rate swap agreements with third party financial institutions having an aggregate notional amount of $2.0 billion. The interest rate swap transactions were designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility at 2.8297%. On September 15, 2021, in connection with the full repayment of the Term Loan B Facility, we unwound and settled all of our outstanding interest rate swap agreements resulting in a cash payment of $66.9 million, inclusive of accrued interest of $2.7 million. As the Term Loan B Facility was repaid in full with proceeds from the issuance of 65,000,000 shares of common stock on September 14, 2021 and proceeds from the settlement of the June 2020 Forward Sale Agreement with no replacement debt, the full amount held in Other comprehensive income, $64.2 million, was immediately reclassified to Interest expense. The following table presents the effect of our interest rate swaps on our Statement of Operations:
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:
____________________ (1)The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2)The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820. The estimated fair values of our financial instruments at December 31, 2022 and 2021 for which fair value is only disclosed are as follows:
____________________ (1)These investments represent the JACK Master Lease, the Harrah’s Call Properties, the MGM Master Lease and the Foundation Master Lease. In relation to the JACK Master Lease and the Harrah’s Call Properties, the fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to the MGM Master Lease and Foundation Master Lease, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets. (2)These investments represent our investments in 11 senior secured and mezzanine loans. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. Gain Upon Lease Modification in Connection with the Caesars Transaction On July 20, 2020, in connection with the Caesars Transaction and as required under ASC 842, we reassessed the lease classifications of the Caesars Las Vegas Master Lease, Caesars Regional Master Lease and Joliet Lease and determined the leases meet the definition of a sales-type lease, including the land component of Caesars Palace Las Vegas. Prior to reassessment, such leases were classified as direct financing leases, with the exception of the land component of Caesars Palace Las Vegas, which was classified as an operating lease. As a result of the reclassifications of the Caesars Lease Agreements from direct financing and operating leases to sales-type leases, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the asset and its carrying value immediately prior to the modification. As a result of the re-measurement of the Caesars Lease Agreements to fair value, we recognized a $333.4 million gain upon lease modification in our Statement of Operations during the year ended December 31, 2020.
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Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Litigation In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of December 31, 2022, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows. Operating Lease Commitments We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) certain corporate offices, the most material of which is our corporate headquarters in New York, NY, which expires in 2030 and has one five-year renewal option. The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms, and are between 5.3% and 5.5%. The weighted average remaining lease term as of December 31, 2022 under our operating leases was 13.6 years. Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:
The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2022 are as follows:
Sub-Lease Commitments Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through the Lease Agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord. We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. The following is a summary of the leases, the lease classification of which has been determined to be either an operating sub-lease or finance sub-lease. Operating Sub-Lease Commitments With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the leases and determined that they meet the definition of an operating lease. Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities.
Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:
The future minimum lease commitments relating to the sub-leases at December 31, 2022 are as follows:
The discount rate for the operating sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 2.6% and 2.9%. The weighted average remaining lease term as of December 31, 2022 under our finance leases was 6.9 years. Finance Sub-Lease Commitments With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease. Accordingly, we have recorded a sales-type sub-lease in Other assets and finance sub-lease liability in . The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of December 31, 2022 and December 31, 2021:
Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:
The future minimum lease commitments relating to the ground and use sub-leases at December 31, 2022 are as follows:
The discount rates for the finance ground and use sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of December 31, 2022 under our finance sub-leases was 54.7 years.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity Stock Authorized As of December 31, 2022, we had the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of Common Stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share. Public Offerings September 2021 Offering On September 14, 2021, we completed a primary follow-on offering of 115,000,000 shares of common stock consisting of (i) 65,000,000 shares of common stock (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock) and (ii) 50,000,000 shares of common stock that were subject to forward sale agreements (as detailed in the table below), which required settlement by September 9, 2022, in each case at a public offering price of $29.50 per share for an aggregate offering value of $3.4 billion, resulting in net proceeds, after deduction of the underwriting discount and expenses, of $1,859.0 million from the sale of the 65,000,000 shares (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock). We did not initially receive any proceeds from the sale of the 50,000,000 shares subject to the forward sale agreements, which were sold to the underwriters by the forward purchasers or their respective affiliates. Forward Offerings The following table summarizes our public offering activity subject to forward sale agreements during the years ended December 31, 2022 and 2021:
____________________ (1)The forward sale agreements generally require settlement within one-year of the trade date, which is January 16, 2024 with respect to the January 2023 Offering, and was (i) November 3, 2023 with respect to the November 2022 Offering, (ii) September 9, 2022 with respect to the September 2021 Offering and (iii) March 4, 2022 with respect to the March 2021 Offering (all three of which have since settled). (2)The amounts are inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes (i) 3,952,500 shares with respect to the January 2023 Offering, (ii) 2,475,000 shares with respect to the November 2022 Offering and (iii) 9,000,000 shares with respect to the March 2021 Offering. We did not receive any proceeds from the sale of shares at the time we entered into each of the respective forward sale agreements. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. The following table summarizes settlement activity of the outstanding forward shares during the years ended December 31, 2022 and 2021:
At-the-Market Offering Program In May 2021, we entered into an equity distribution agreement (the “ATM Agreement”), subsequently amended in November 2021, pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,000.0 million of our common stock (the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale contracts. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. The following table summarizes our activity under the ATM Program during the year ended December 31, 2022, all of which were sold subject to a forward sale agreement (collectively, the “ATM Forward Sale Agreements”). During the year ended December 31, 2021, we did not sell any shares under the ATM Program.
We did not receive any proceeds from the sale of shares at the time we entered into the ATM Forward Sale Agreements. We determined that the ATM Forward Sale Agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the ATM Forward Sale Agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program, all of which were settled subsequent to the year ended December 31, 2022.
Common Stock Outstanding The following table details the issuance of outstanding shares of common stock, including restricted common stock:
____________________ (1)Excludes the 40,592,592 shares subject to the November 2022 Forward Sale Agreement and the ATM Forward Sale Agreements as such shares were not yet settled as of December 31, 2022. Distributions Dividends declared (on a per share basis) during the years ended December 31, 2022 and 2021 were as follows:
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Earnings Per Share and Earning Per Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Earning Per Unit | Earnings Per Share and Earning Per Unit Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:
Earnings Per Unit The following section presents the basic earnings per unit (“EPU”) and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP units outstanding and resulting dilution to EPU. The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At December 31, 2022, 10,890,794 shares of common stock remained available for issuance by us as equity awards under the Plan. Time-Based Restricted Stock During the years ended December 31, 2022, 2021 and 2020, the Company granted approximately 384,000, 172,000, and 179,000 shares of restricted stock, respectively, under the Plan, respectively, subject to vesting restrictions based on service. Such restricted time-based stock awards vest ratably on an annual basis over a service period of to three years. The number of shares granted was determined based on the 10-day volume weighted average price using the 10 trading days immediately preceding the grant date. Performance-Based Restricted Stock Units During the years ended December 31, 2022, 2021 and 2020 the Company granted approximately 336,000, 188,000, and 239,000 restricted stock units, respectively, at target level of performance under the Plan subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period. We used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be earned and vested pursuant to the award as these awards were deemed to have a market condition. The risk-free interest rate assumptions used in the Monte Carlo Simulation were determined based on the zero-coupon risk-free rate of 0.2% - 2.4% and an expected price volatility of 13.8% - 35.0%. The expected price volatility was calculated based on both historical and implied volatility. The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:
The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units:
As of December 31, 2022, there was $17.8 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 1.9 years.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We conduct our operations as a REIT for U.S. federal income tax purposes. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pays taxes at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. We intend to meet those requirements and as a result, we generally will not be subject to federal income tax except for the TRS operations. The TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. Accordingly, our tax provision and deferred tax analysis are primarily from the results of TRS activities. The composition of our income tax expense (benefit) was as follows:
At December 31, 2022 and 2021, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:
The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2022, 2021 and 2020:
We declared dividends of $1.500, $1.380 and $1.255 per common share during the years ended December 31, 2022, 2021 and 2020, respectively. For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2022, 2021 and 2020 are characterized as follows:
____________________ (1)These amounts are a subset of, and are included in, the ordinary dividend amounts. As of December 31, 2022, we had NOLs of $151.6 million, generated by our REIT, that will expire in 2029, unless they are utilized by us prior to expiration. As of December 31, 2022, the 2019, 2020, and 2021 tax years remain subject to examination by federal, state and local tax authorities. The tax filings for tax year 2022 have not yet been filed, and once made, will be subject to examination by taxing authorities for a period of three years.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as 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”). Certain prior period amounts have been reclassified to conform to the current period presentation.
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Use of Estimates | 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.
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Principles of Consolidation and Non-controlling Interest | Principles of Consolidation and Non-controlling Interest The accompanying consolidated financial statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of December 31, 2022, VICI’s non-controlling interests represent an approximately 1.3% third-party ownership of VICI OP in the form of VICI OP Units and 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. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo LLC.
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Reportable Segments | Reportable Segments Our operations consist of real property and real estate lending activities, which represent substantially all of our business. The operating results of both the real property and real estate lending activities are regularly reviewed, in the aggregate, by the chief operating decision maker and considered one operating segment. Our golf operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Accordingly, all operations have been considered to represent one reportable segment and no separate disclosures are required.
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Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents and Restricted CashCash consists of cash-on-hand and cash-in-bank. Highly liquid 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. | ||||||||||||||||||||||||
Short-Term Investments | 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 may 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.
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Purchase Accounting | Purchase Accounting We assess all of our property acquisitions under ASC 805 - Business Combinations (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition. We allocate the purchase price to the identifiable assets acquired and liabilities assumed, as applicable, using the relative fair value. Generally, with the exception of the MGP Transactions, our acquisitions consists of properties without existing leases or debt and, accordingly, the assets acquired comprise of land, building and site improvements. Further, since all the components of our leases are classified as sales-type or financing leases, as further described below, the assets acquired are transferred into the net investment in lease or financing receivable, as applicable.
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Investments in Leases - Sales-type and Financing Receivables, Net, and Lease Term and Loans, net | Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. We have determined that the land and building components of all of the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City real estate asset components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Hard Rock Cincinnati Lease, PENN Entertainment Leases, Southern Indiana Lease, and Venetian Lease meet the definition of a sales-type lease under ASC 842. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. We determined that the land and building components of the Foundation Master Lease, Harrah’s Call Properties real estate asset components of the Caesars Regional Master Lease, JACK Master Lease and MGM Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, such leases are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the Lease Agreements and the lack of suitable replacement assets. Investments in Loans, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. Upon the consummation of the Caesars Transaction the land component of Caesars Palace Las Vegas, which was previously determined to be an operating lease under ASC 840, along with the other components of the Caesars Leases were reassessed for lease classification and determined to be sales-type leases. Accordingly, subsequent to July 20, 2020, we no longer have any leases classified as operating or direct financing and, as such, the income relating to the land component of Caesars Palace Las Vegas is recognized as Income from sales-type leases and there is no longer any income recorded through Income from operating leases. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method.
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Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2020, we adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”), which requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans, as well as our estimate of future funding commitments associated with such investments, as applicable. We have elected to use a discounted cash flow model to estimate the Allowance for credit losses, or CECL allowance for our Investments in leases - sales-type, Investments in leases - financing receivables and certain of our loans, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease or loan and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant or borrower and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants, borrowers and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Sales-type sub-leases (included in Other assets) on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties through the Partner Property Growth Fund. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers' and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for all of our other investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheet. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2022, 2021 and 2020.
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Investments in Land | Investments in Land Our investments in land are held at historical cost and comprised of the following: •Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip. •Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas. •Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put-call option on the land parcels and the Caesars Forum Convention Center. The amount of $73.6 million is presented as Land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheet.
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Property and Equipment Used in Operations | Property and Equipment Used in Operations Property and equipment used in operations is included within Other assets on our Balance Sheet and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:
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Impairment | Impairment We assess our investments in land and property and equipment used in operations for impairment under ASC 360 “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows.
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Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate We account for our investment in unconsolidated affiliate using the equity method of accounting as we have the ability to exercise significant influence, but not control, over operating and financing policies of the investment. Our equity method investment represents our 50.1% ownership interest in the MGM Grand/Mandalay Bay JV, which was acquired in the MGP Transactions and, as a result, was recorded at relative fair value. The difference in basis between our share of the carrying value of the MGM Grand/Mandalay Bay JV and the relative fair value upon acquisition is amortized into Income from unconsolidated affiliate over the estimated useful life of the respective underlying real estate assets, the remaining lease term of the MGM Grand/Mandalay Bay JV Lease, or the remaining term of the assumed debt, as applicable. Subsequent to year-end, on January 9, 2023, we acquired the remaining 49.9% interest from Blackstone Real Estate Income Trust, Inc. (“BREIT”) for cash consideration of approximately $1.3 billion and, accordingly, we will be required to consolidate the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023. Refer to Note 3 - Real Estate Transactions for further details. We assess our investment in unconsolidated affiliate for recoverability and, if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value.
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Other income and Other expenses | Other income and Other expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under the Lease Agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under the ground and use leases.
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Fair Value Measurements | Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.
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Derivative Financial Instruments | Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged transactions. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in Net income prospectively. If the hedge relationship is terminated, then the value of the derivative previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income (loss) in our Balance Sheet with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
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Golf Revenues | Golf Revenues VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2022, payments under the Golf Course Use Agreement were comprised of a $10.8 million annual membership fee, $3.5 million of use fees and approximately $1.4 million of minimum rounds fees. The annual membership fee, use fees and minimum round fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period. Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less.
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Income Taxes - REIT Qualification | Income Taxes-REIT Qualification We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates (including any alternative minimum tax or excise tax applicable to non-REIT corporations), and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”), we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT. The TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. The provision for income taxes includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations.
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Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.
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Transaction and Acquisition Expenses | Transaction and Acquisition ExpensesTransaction and acquisition-related expenses that are not capitalizable under GAAP, including most leasing costs under ASC 842, are expensed in the period they occur. Transaction and acquisition expenses also include dead deal costs. | ||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche. The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for award of equity instruments range from to three years.
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Earnings Per Share and Earnings Per Unit | Earnings Per Share and Earnings Per UnitEarnings per share (”EPS”) or Earnings per unit (“EPU”) is calculated in accordance with ASC 260, “Earnings Per Share”. Basic EPS or EPU is computed by dividing net income applicable to common stockholders or unit holders, as the case may be, by the weighted-average number of shares of common stock or units, as the case may be, outstanding during the period. Diluted EPS or EPU reflects the additional dilution for all potentially dilutive securities including those from our stock incentive plan. | ||||||||||||||||||||||||
Underwriting Commissions and Offering Costs | Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.
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Concentrations of Credit Risk | Concentrations of Credit Risk Caesars and MGM are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from Caesars, which includes revenue from the Caesars Leases, represented 46%, 85%, and 84% of our lease revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Revenue from MGM, which comprises revenue from the MGM Master Lease and our proportionate share of the MGM Grand/Mandalay Bay JV Lease (and following our acquisition of the remaining 49.9% interest of the MGM Grand/Mandalay Bay JV on January 9, 2023, includes the entire MGM Grand/Mandalay Bay JV Lease), represented 34% of our lease revenues for the year ended December 31, 2022. Additionally, our properties on the Las Vegas Strip generated approximately 45%, 32%, and 30% of our lease revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Other than having two tenants from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk. Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov. We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Depreciation | Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:
Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2022 and 2021:
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Real Estate Transactions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Acquisition | The number of MGP Common Shares converted to shares of VICI common stock was determined as follows:
____________________ (1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Common Shares. Accordingly, the MGP Transactions were accounted for as an asset acquisition under ASC 805-50 and we determined the consideration transferred under the MGP Transactions was $11.6 billion, comprised of the following:
____________________ (1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Common Shares outstanding immediately prior to the REIT Merger and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock. (2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share. (3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated. (4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred. Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions:
____________________ (1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x - 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value. (2) The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the MGM Grand/Mandalay Bay JV. (4) Amounts represents their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions. (5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.
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Summary Of Loan Originations | The following table summarizes our 2022 development loan origination activity to date:
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Real Estate Portfolio (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Real Estate Portfolio | The following is a summary of the balances of our real estate portfolio as of December 31, 2022 and 2021:
____________________ (1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective Lease Agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of December 31, 2022 and 2021, the estimated residual values of the leased properties under our Lease Agreements were $11.5 billion and $3.8 billion, respectively.
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Schedule of Components of Direct Financing and Operating Leases |
____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. As of December 31, 2022, we have recognized contingent rent from our Margaritaville Lease and Greektown Lease in relation to the variable rent portion of the respective leases and the Caesars Las Vegas Master Lease, Caesars Regional Master Lease and Joliet Lease in relation to the CPI portion of the annual escalator. (2) Represents the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Regional Master Lease Agreement. Upon the consummation of the Caesars Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas and certain operating land parcels were reassessed for lease classification and were determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income is recognized as Income from sales-type leases. (3) Represents the MGM Master Lease, Harrah’s Call Properties, JACK Master Lease and Foundation Master Lease, all of which were sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. (4) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.
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Schedule of Future Minimum Lease Payments for Operating and Capital Leases | At December 31, 2022, minimum lease payments owed to us for each of the five succeeding years under sales-type leases and our leases accounted for as financing receivables, are as follows:
____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements. (2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.
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Schedule of Lease Agreements | The following is a summary of the material lease provisions of our Caesars Leases and leases with MGM, our two most significant tenants:
____________________ (1) Subsequent to year-end, on January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and acquired the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV and accordingly, the amounts set forth above reflect our consolidated interest. (2) For the Venetian Lease, lease year two will begin on the earlier of (i) March 1, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing twelve months equals or exceeds 2019 net revenue, which date can be no earlier than the anniversary of the first lease year (March 1, 2023). (3) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annualized rent under the Caesars Regional Master Lease and Joliet Lease is $694.6 million. (4) The total annual rent under the MGM Master Lease was reduced by $90.0 million upon the close of MGM’s sale of the operations of the Mirage to Hard Rock and entrance into the Mirage Lease on December 19, 2022, and further reduced by $40.0 million upon the close of MGM’s sale of the operations of Gold Strike on February 15, 2023 (which reduced the total annual rent under the MGM Master Lease to $730.0 million). (5) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. (6) Variable rent is not subject to the Escalator.
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Schedule Of Capital Expenditure Requirements Under Lease Agreements | summarizes the capital expenditure requirements of our tenants under their respective Lease Agreements:
____________________ (1) Represents the tenants under our other Lease Agreements not specifically outlined in the table, as specified in their respective Lease Agreements. (2) The Caesars Leases require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (3) Certain tenants under the Caesars Leases, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars Lease in such proportion as such tenants may elect. Additionally, the tenants under the Regional Master Lease and Joliet Lease are required to expend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement.
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Summary of Investments In Loans | The following is a summary of our investments in loans as of December 31, 2022 and 2021:
____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of December 31, 2022. (4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.
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Allowance for Credit Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment in Lease, Allowance for Credit Loss | The following tables detail the allowance for credit losses as of December 31, 2022 and December 31, 2021:
____________________ (1) The total allowance excludes the CECL allowance for unfunded loan commitments. As of December 31, 2022 and December 31, 2021, such allowance is $45.1 million and $1.0 million, respectively, and is recorded in Other liabilities. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2022, 2021 and 2020:
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Financing Receivable Credit Quality Indicators | The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of December 31, 2022, 2021 and 2020:
____________________ (1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments. (2)We estimate the CECL allowance for our senior secured and mezzanine loans, excluding the Forum Convention Center Mortgage Loan, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.
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Other Assets and Other Liabilities (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | The following table details the components of our other assets as of December 31, 2022 and 2021:
_______________________________________________________ (1) As of December 31, 2022 and December 31, 2021, sales-type sub-leases are net of $19.8 million and $6.5 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
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Schedule Of Property and Equipment Used in Operations, Net | Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows:
Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2022 and 2021:
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Schedule of Other Liabilities | The following table details the components of our other liabilities as of December 31, 2022 and 2021:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following tables detail our debt obligations as of December 31, 2022 and 2021:
____________________ (1)Amounts exclude our $1.5 billion pro-rata share of the $3.0 billion of CMBS of the MGM Grand/Mandalay Bay JV, recorded as part of the balance of Investment in unconsolidated affiliate on our Balance Sheets. Subsequent to year-end, on January 9, 2023, upon closing of the MGM Grand/Mandalay Bay JV Acquisition and consolidating the operations in the first quarter of 2023 the balance of the $3.0 billion debt, net of the fair value adjustment, will be presented in Debt, net on our Balance Sheets. The property-level debt has a principal balance of $3.0 billion, bears interest at a fixed rate of 3.558% per annum through March 2030, and matures in 2032. (2)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (3)Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the year ended December 31, 2022, the commitment fees for the Revolving Credit Facility was 0.375%. (4)Subsequent to year-end, on January 6, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. (5)The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. On February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms. (6)Interest is payable semi-annually. (7)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively. (8)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of December 31, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67%. (9)On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the 2017 Credit Agreement, as described below, and entered into the Credit Agreement providing for the Credit Facilities, as described below. The following table shows the amount of such fees recognized in Interest expense on our Statement of Operations for the years ended December 31, 2022, 2021 and 2020:
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Schedule of Contractual Obligation, Fiscal Year Maturity Schedule | The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2022:
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Derivatives (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivatives | The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2021. As of December 31, 2022, there were no derivative instruments outstanding.
The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:
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Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents the effect of our interest rate swaps on our Statement of Operations:
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:
____________________ (1)The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality. (2)The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.
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Schedule Of Estimated Fair Value | The estimated fair values of our financial instruments at December 31, 2022 and 2021 for which fair value is only disclosed are as follows:
____________________ (1)These investments represent the JACK Master Lease, the Harrah’s Call Properties, the MGM Master Lease and the Foundation Master Lease. In relation to the JACK Master Lease and the Harrah’s Call Properties, the fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to the MGM Master Lease and Foundation Master Lease, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets. (2)These investments represent our investments in 11 senior secured and mezzanine loans. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.
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Commitments and Contingent Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rent Expenses | Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:
Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:
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Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2022 are as follows:
The future minimum lease commitments relating to the sub-leases at December 31, 2022 are as follows:
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Schedule of Assets And Liabilities | Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities.
The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of December 31, 2022 and December 31, 2021:
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Schedule of Finance Lease, Liability, Fiscal Year Maturity | The future minimum lease commitments relating to the ground and use sub-leases at December 31, 2022 are as follows:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Forward Contracts Indexed to Issuer's Equity | The following table summarizes our public offering activity subject to forward sale agreements during the years ended December 31, 2022 and 2021:
____________________ (1)The forward sale agreements generally require settlement within one-year of the trade date, which is January 16, 2024 with respect to the January 2023 Offering, and was (i) November 3, 2023 with respect to the November 2022 Offering, (ii) September 9, 2022 with respect to the September 2021 Offering and (iii) March 4, 2022 with respect to the March 2021 Offering (all three of which have since settled). (2)The amounts are inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes (i) 3,952,500 shares with respect to the January 2023 Offering, (ii) 2,475,000 shares with respect to the November 2022 Offering and (iii) 9,000,000 shares with respect to the March 2021 Offering. The following table summarizes settlement activity of the outstanding forward shares during the years ended December 31, 2022 and 2021:
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Schedule of Shares Sold Activity | The following table summarizes our activity under the ATM Program during the year ended December 31, 2022, all of which were sold subject to a forward sale agreement (collectively, the “ATM Forward Sale Agreements”). During the year ended December 31, 2021, we did not sell any shares under the ATM Program.
The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program, all of which were settled subsequent to the year ended December 31, 2022.
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Schedule of Common Stock Shares Outstanding | The following table details the issuance of outstanding shares of common stock, including restricted common stock:
____________________ (1)Excludes the 40,592,592 shares subject to the November 2022 Forward Sale Agreement and the ATM Forward Sale Agreements as such shares were not yet settled as of December 31, 2022.
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Summary of Dividends Declared | Dividends declared (on a per share basis) during the years ended December 31, 2022 and 2021 were as follows:
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Earnings Per Share and Earning Per Unit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Earnings Per Share | The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:
The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocated Share-based Compensation Expense | The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:
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Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The composition of our income tax expense (benefit) was as follows:
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Schedule of Deferred Tax Assets and Liabilities | At December 31, 2022 and 2021, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:
|
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Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2022, 2021 and 2020:
|
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Summary of Federal Income Tax Note | For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2022, 2021 and 2020 are characterized as follows:
____________________ (1)These amounts are a subset of, and are included in, the ordinary dividend amounts.
|
Summary of Significant Accounting Policies - Schedule Of Depreciation (Details) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Depreciable land improvements | Minimum | |
Property, Plant and Equipment | |
Useful life | 2 years |
Depreciable land improvements | Maximum | |
Property, Plant and Equipment | |
Useful life | 50 years |
Building and improvements | Minimum | |
Property, Plant and Equipment | |
Useful life | 5 years |
Building and improvements | Maximum | |
Property, Plant and Equipment | |
Useful life | 25 years |
Furniture and equipment | Minimum | |
Property, Plant and Equipment | |
Useful life | 2 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment | |
Useful life | 5 years |
Real Estate Transactions - Rocky Gap Casino (Details) $ in Millions |
Jun. 30, 2023
USD ($)
renewal
|
Dec. 01, 2022
USD ($)
|
---|---|---|
Century Master Lease | ||
Asset Acquisition [Line Items] | ||
Increase in annual rent payments | $ 4.2 | |
Century Master Lease | Forecast | ||
Asset Acquisition [Line Items] | ||
Increase in annual rent payments | $ 15.5 | |
Initial lease term | 15 years | |
Number of renewal options | renewal | 4 | |
Lessor, sales-type lease, renewal term | 5 years | |
Rocky Gap Casino Resort | Forecast | ||
Asset Acquisition [Line Items] | ||
Consideration transferred | $ 260.0 | |
Rocky Gap Casino Resort | Century Casinos | Forecast | ||
Asset Acquisition [Line Items] | ||
Payments to acquire productive assets | 56.1 | |
Rocky Gap Casino Resort | Land and Building | Forecast | ||
Asset Acquisition [Line Items] | ||
Consideration transferred | $ 203.9 |
Real Estate Transactions - MGP Transactions (Details) $ in Thousands, ft² in Millions |
Feb. 15, 2023
USD ($)
|
Jan. 09, 2023
USD ($)
renewal
|
Dec. 19, 2022
USD ($)
|
Apr. 29, 2022
USD ($)
ft²
property
renewal
region
hotelRoom
shares
|
Jan. 08, 2023 |
Jan. 06, 2023
property
|
Dec. 31, 2022
USD ($)
property
|
Dec. 31, 2021
USD ($)
|
---|---|---|---|---|---|---|---|---|
Asset Acquisition [Line Items] | ||||||||
Number of golf courses | property | 45 | |||||||
Face value | $ 13,950,000 | $ 4,750,000 | ||||||
Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Number of golf courses | property | 49 | |||||||
Exchange Notes | Unsecured Debt | ||||||||
Asset Acquisition [Line Items] | ||||||||
Face value | $ 4,110,000 | |||||||
MGP OP Notes | Unsecured Debt | ||||||||
Asset Acquisition [Line Items] | ||||||||
Face value | $ 90,000 | |||||||
Maximum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Lessor, sales-type lease, renewal term | 30 years | |||||||
Minimum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Lessor, sales-type lease, renewal term | 5 years | |||||||
Las Vegas Strip Entertainment and Gaming-Related Property | MGP | ||||||||
Asset Acquisition [Line Items] | ||||||||
Number of golf courses | property | 7 | |||||||
Regional Casino Resorts | MGP | ||||||||
Asset Acquisition [Line Items] | ||||||||
Number of golf courses | property | 8 | |||||||
Largest Hotel | MGP | UNITED STATES | ||||||||
Asset Acquisition [Line Items] | ||||||||
Number of golf courses | property | 2 | |||||||
Largest Resort Property | MGP | Las Vegas | ||||||||
Asset Acquisition [Line Items] | ||||||||
Number of golf courses | property | 2 | |||||||
MGM Master Lease | ||||||||
Asset Acquisition [Line Items] | ||||||||
Initial lease term | 25 years | |||||||
Number of renewal options | renewal | 3 | |||||||
Lessor, sales-type lease, renewal term | 10 years | |||||||
Annual escalation rate period | 10 years | |||||||
Annual rent increase, cap percent | 3.00% | |||||||
MGM Master Lease | Maximum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Contractual annual rent amounts | $ 860,000 | |||||||
Decrease in annual rent payments | $ 90,000 | |||||||
MGM Master Lease | Maximum | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Decrease in annual rent payments | $ 40,000 | |||||||
MGM Master Lease | Minimum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Annual escalation rate | 2.00% | |||||||
MGM Master Lease | Minimum | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Decrease in annual rent payments | $ 40,000 | |||||||
MGM Grand Mandalay Bay Lease | ||||||||
Asset Acquisition [Line Items] | ||||||||
Contractual annual rent amounts | $ 303,800 | |||||||
Initial lease term | 30 years | |||||||
Number of renewal options | renewal | 2 | |||||||
Lessor, sales-type lease, renewal term | 10 years | |||||||
Annual escalation rate period | 15 years | |||||||
Annual rent increase, cap percent | 3.00% | |||||||
MGM Grand Mandalay Bay Lease | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Contractual annual rent amounts | $ 303,800 | |||||||
Initial lease term | 27 years | |||||||
Number of renewal options | renewal | 2 | |||||||
Lessor, sales-type lease, renewal term | 10 years | |||||||
Annual rent increase, cap percent | 3.00% | |||||||
MGM Grand Mandalay Bay Lease | MGM Grand Mandalay Bay JV | ||||||||
Asset Acquisition [Line Items] | ||||||||
Contractual annual rent amounts | $ 152,200 | |||||||
MGM Grand Mandalay Bay Lease | Minimum | ||||||||
Asset Acquisition [Line Items] | ||||||||
Annual escalation rate | 2.00% | |||||||
MGM Grand Mandalay Bay Lease | Minimum | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Annual escalation rate | 2.00% | |||||||
BREIT JV | ||||||||
Asset Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.10% | |||||||
Carrying value of investment | $ 640,000 | |||||||
BREIT JV | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.10% | |||||||
MGP | ||||||||
Asset Acquisition [Line Items] | ||||||||
Consideration transferred | $ 11,556,990 | |||||||
Liabilities incurred | $ 5,700,000 | |||||||
Number of golf courses | property | 15 | |||||||
Number of regions in which entity operates | region | 9 | |||||||
Number of hotel rooms | hotelRoom | 36,000 | |||||||
Area of real estate property | ft² | 3.6 | |||||||
Exchange ratio (in shares) | shares | 1.366 | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 4,404,000 | |||||||
Asset Acquisition, Equity Interest In Acquiree, Number Of Shares | shares | 12,200,000 | |||||||
Tax protection agreement period | 15 years | |||||||
Tax protection holding amount | $ 8,500,000 | |||||||
Investment in leases - financing receivables | 14,245,868 | |||||||
Financing and loans receivable, allowance for credit losses | 431,500 | |||||||
MGP | MGP OP Notes | ||||||||
Asset Acquisition [Line Items] | ||||||||
Liabilities incurred | 4,200,000 | |||||||
MGP | MGM Master Lease Agreement and BREIT JV Lease Agreement | ||||||||
Asset Acquisition [Line Items] | ||||||||
Contractual annual rent amounts | $ 1,012,000 | |||||||
MGP | BREIT JV | ||||||||
Asset Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.10% | 50.10% | ||||||
MGP | BREIT JV | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 100.00% | |||||||
MGM Grand Mandalay Bay JV | Subsequent Event | ||||||||
Asset Acquisition [Line Items] | ||||||||
Consideration transferred | $ 1,261,900 | |||||||
Interest acquired | 49.90% |
Real Estate Transactions - Asset Acquisition (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Apr. 29, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2022
shares
|
Dec. 31, 2021
shares
|
Dec. 31, 2020
shares
|
|
Asset Acquisition [Line Items] | ||||
Total VICI common stock Issued (in shares) | shares | 214,552,532 | 0 | 0 | |
Minimum | ||||
Asset Acquisition [Line Items] | ||||
Rent multiple | 15.0 | |||
Maximum | ||||
Asset Acquisition [Line Items] | ||||
Rent multiple | 18.5 | |||
Weighted Average | ||||
Asset Acquisition [Line Items] | ||||
Rent multiple | 16.7 | |||
MGP | ||||
Asset Acquisition [Line Items] | ||||
MGP Common Shares outstanding as of April 29, 2022 (in shares) | shares | 156,757,773 | |||
Exchange ratio (in shares) | shares | 1.366 | |||
VICI common stock issued (in shares) | shares | 214,131,064 | |||
VICI common stock issued for MGP stock-based compensation awards (in shares) | shares | 421,468 | |||
Total VICI common stock Issued (in shares) | shares | 214,552,532 | |||
Fractional common shares excluded (in shares) | shares | 54 | |||
REIT Merger Consideration | $ 6,568,480 | |||
Redemption payment to MGM | 4,404,000 | |||
VICI OP Units retained by MGM | 374,769 | |||
Repayment of MGP revolving credit facility | 90,000 | |||
Transaction costs | 119,741 | |||
Total consideration transferred | 11,556,990 | |||
Total purchase price | $ 17,259,990 | |||
Asset acquisition, number of shares issued (in shares) | shares | 214,375,990 | |||
Share price (in dollars per share) | $ / shares | $ 30.64 | |||
Asset acquisition, number of units retained noncontrolling interests (in units) | shares | 12,231,373 | |||
Investment in leases - financing receivables | $ 14,245,868 | |||
Investment in unconsolidated affiliate | 1,465,814 | |||
Cash and cash equivalents | 25,387 | |||
Other assets | 338,212 | |||
Debt, net | (4,106,082) | |||
Accrued expenses and deferred revenue | (79,482) | |||
Other liabilities | (332,727) | |||
Total net assets acquired | 11,556,990 | |||
Debt discount | 93,900 | |||
MGP | MGP OP Notes and Exchange Notes | ||||
Asset Acquisition [Line Items] | ||||
Assumption of debt | 4,200,000 | |||
MGP | BREIT CMBS Debt | ||||
Asset Acquisition [Line Items] | ||||
Assumption of debt | $ 1,503,000 |
Real Estate Transactions - Venetian Acquisition (Details) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Feb. 23, 2022
USD ($)
renewal
|
Feb. 18, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||
Asset Acquisition [Line Items] | |||||||
Carrying Value | $ 13,739,675 | $ 4,694,523 | |||||
Proceeds from offering of common stock, net | 3,219,101 | 2,385,779 | $ 1,539,748 | ||||
Proceeds from Revolving Credit Facility | 600,000 | 0 | $ 0 | ||||
Investments in leases - sales-type, net | [1] | 17,172,325 | 13,136,664 | ||||
CECL allowance for unfunded commitments | $ 45,110 | $ 1,037 | |||||
Venetian Lease | |||||||
Asset Acquisition [Line Items] | |||||||
Contractual annual rent amounts | $ 250,000 | ||||||
Initial lease term | 30 years | ||||||
Number of renewal options | renewal | 2 | ||||||
Lessor, sales-type lease, renewal term | 10 years | ||||||
Annual rent increase, cap percent | 3.00% | ||||||
Minimum | |||||||
Asset Acquisition [Line Items] | |||||||
Lessor, sales-type lease, renewal term | 5 years | ||||||
Minimum | Venetian Lease | |||||||
Asset Acquisition [Line Items] | |||||||
Annual escalation rate | 2.00% | ||||||
Revolving Credit Facility | |||||||
Asset Acquisition [Line Items] | |||||||
Proceeds from Revolving Credit Facility | $ 600,000 | ||||||
Forward Sales Agreement | |||||||
Asset Acquisition [Line Items] | |||||||
Proceeds from offering of common stock, net | $ 3,200,000 | ||||||
Venetian Resort | |||||||
Asset Acquisition [Line Items] | |||||||
Consideration transferred | $ 4,000,000 | ||||||
Future funding commitments | 1,000,000 | ||||||
Contractual lease support agreement, EBITDAR floor amount | 550,000 | ||||||
Venetian Resort | Venetian Lease | |||||||
Asset Acquisition [Line Items] | |||||||
Investments in leases - sales-type, net | 65,600 | ||||||
Venetian Resort | Venetian PGFA | |||||||
Asset Acquisition [Line Items] | |||||||
CECL allowance for unfunded commitments | 8,300 | ||||||
Venetian Resort | OpCo Buyer | |||||||
Asset Acquisition [Line Items] | |||||||
Payments to acquire productive assets | 2,250,000 | ||||||
Carrying Value | $ 1,200,000 | ||||||
|
Real Estate Transactions - Recent Leasing Activity (Details) $ in Thousands |
Feb. 15, 2023
USD ($)
renewal
|
Dec. 19, 2022
USD ($)
renewal
|
Dec. 01, 2022
USD ($)
room
|
Apr. 29, 2022
USD ($)
renewal
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|---|---|---|---|
Asset Acquisition [Line Items] | ||||||
CECL allowance for unfunded commitments | $ 45,110 | $ 1,037 | ||||
Gold Strike Lease | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Initial lease term | 25 years | |||||
Number of renewal options | renewal | 3 | |||||
Lessor, sales-type lease, renewal term | 10 years | |||||
Annual rent increase, cap percent | 3.00% | |||||
Yearly minimum expenditure | 1.00% | |||||
Mirage Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Initial lease term | 25 years | |||||
Number of renewal options | renewal | 3 | |||||
Lessor, sales-type lease, renewal term | 10 years | |||||
Annual rent increase, cap percent | 3.00% | |||||
Yearly minimum expenditure | 1.00% | |||||
Future funding commitments | $ 1,500,000 | |||||
Century Master Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Decrease in annual rent payments | $ (4,200) | |||||
Future funding commitments | $ 51,900 | |||||
Number of rooms | room | 38 | |||||
MGM Master Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Initial lease term | 25 years | |||||
Number of renewal options | renewal | 3 | |||||
Lessor, sales-type lease, renewal term | 10 years | |||||
Annual rent increase, cap percent | 3.00% | |||||
Maximum | ||||||
Asset Acquisition [Line Items] | ||||||
Lessor, sales-type lease, renewal term | 30 years | |||||
Maximum | Gold Strike Lease | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Contractual annual rent amounts | $ 40,000 | |||||
Maximum | Mirage Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Contractual annual rent amounts | 90,000 | |||||
Maximum | MGM Master Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Contractual annual rent amounts | $ 860,000 | |||||
Decrease in annual rent payments | $ 90,000 | |||||
Maximum | MGM Master Lease | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Decrease in annual rent payments | $ 40,000 | |||||
Minimum | ||||||
Asset Acquisition [Line Items] | ||||||
Lessor, sales-type lease, renewal term | 5 years | |||||
Minimum | Gold Strike Lease | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Annual escalation rate | 2.00% | |||||
Minimum | Mirage Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Annual escalation rate | 2.00% | |||||
Minimum | MGM Master Lease | ||||||
Asset Acquisition [Line Items] | ||||||
Annual escalation rate | 2.00% | |||||
Minimum | MGM Master Lease | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Decrease in annual rent payments | $ 40,000 |
Real Estate Transactions - Schedule of Loan Originations (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
story
room
|
Dec. 23, 2022
USD ($)
story
|
Oct. 07, 2022
USD ($)
|
Aug. 30, 2022
USD ($)
room
|
Jul. 01, 2022
USD ($)
room
|
Jun. 06, 2022
USD ($)
|
Apr. 07, 2022
USD ($)
|
---|---|---|---|---|---|---|---|
2022 Loan Originations | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 1,223,920 | ||||||
Fontainebleau Las Vegas Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 350,000 | $ 350,000 | |||||
Number of stories | story | 67 | 67 | |||||
Canyon Ranch Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 200,000 | $ 200,000 | |||||
Great Wolf Northeast Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 287,920 | ||||||
Number of rooms | room | 549 | ||||||
Great Wolf Gulf Coast Texas Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 127,000 | $ 127,000 | |||||
Number of rooms | room | 532 | 532 | |||||
Great Wolf South Florida Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 59,000 | $ 59,000 | |||||
Number of rooms | room | 532 | 500 | |||||
Cabot Citrus Farms Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 120,000 | $ 120,000 | |||||
BigShots Loan | |||||||
Business Acquisition | |||||||
Future funding commitments | $ 80,000 | $ 80,000 |
Real Estate Transactions - Loan Originations Narrative (Details) $ in Thousands |
Dec. 30, 2022
USD ($)
room
option
|
Oct. 07, 2022
USD ($)
option
|
Aug. 30, 2022
USD ($)
option
room
|
Jul. 01, 2022
USD ($)
option
room
|
Jun. 06, 2022
USD ($)
option
|
Dec. 31, 2022
USD ($)
story
room
|
Dec. 23, 2022
USD ($)
story
|
Apr. 07, 2022
USD ($)
|
---|---|---|---|---|---|---|---|---|
Fontainebleau Las Vegas Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 350,000 | $ 350,000 | ||||||
Number of stories | story | 67 | 67 | ||||||
Canyon Ranch Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 200,000 | $ 200,000 | ||||||
Call right period | 24 months | |||||||
Call right initial term | 25 years | |||||||
Number of extension options | option | 8 | |||||||
Extension term | 5 years | |||||||
First offer right term | 5 years | |||||||
Great Wolf Gulf Coast Texas Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 127,000 | $ 127,000 | ||||||
Number of rooms | room | 532 | 532 | ||||||
Financing receivable term | 3 years | |||||||
Number of extension options | option | 2 | |||||||
Financing receivable extension term | 12 months | |||||||
Project value | $ 200,000 | |||||||
Great Wolf South Florida Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 59,000 | $ 59,000 | ||||||
Number of rooms | room | 500 | 532 | ||||||
Financing receivable term | 4 years | |||||||
Number of extension options | option | 1 | |||||||
Financing receivable extension term | 12 months | |||||||
Project value | $ 250,000 | |||||||
Cabot Citrus Farms Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 120,000 | $ 120,000 | ||||||
Call right initial term | 25 years | |||||||
Number of extension options | option | 5 | |||||||
Extension term | 5 years | |||||||
BigShots Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 80,000 | $ 80,000 | ||||||
Great Wolf Gulf Northeast Loan | ||||||||
Business Acquisition | ||||||||
Future Funding Commitments | $ 287,900 | |||||||
Number of rooms | room | 549 | |||||||
Financing receivable term | 3 years | |||||||
Number of extension options | option | 2 | |||||||
Financing receivable extension term | 12 months |
Real Estate Portfolio - Narrative (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2022
leaseArrangement
loan
asset
property
casino
|
Apr. 29, 2022 |
|
Real Estate | ||
Number of casinos | casino | 23 | |
Number of lease arrangements | 9 | |
Financing receivable, investment in lease, number of casinos | casino | 20 | |
Financing receivable, investment in lease, number of lease arrangements | 5 | |
Number of loans | loan | 11 | |
Number of assets | asset | 2 | |
Number of properties | property | 45 | |
Number of lease agreement | 14 | |
Variable Rent | ||
Real Estate | ||
Variable rent split | 20.00% | |
Minimum | ||
Real Estate | ||
Initial term | 15 years | |
Lessor, sales-type lease, renewal term | 5 years | |
Annual escalation rate | 1.00% | |
Maximum | ||
Real Estate | ||
Initial term | 30 years | |
Lessor, sales-type lease, renewal term | 30 years | |
Annual escalation rate | 2.00% | |
BREIT JV | ||
Real Estate | ||
Equity method investment, ownership percentage | 50.10% | |
BREIT JV | MGP | ||
Real Estate | ||
Equity method investment, ownership percentage | 50.10% | 50.10% |
Real Estate Portfolio - Schedule Of Real Estate Portfolio (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable | ||||
Total investments in leases, net | $ 33,913,095 | $ 15,781,488 | ||
Investment in unconsolidated affiliate | 1,460,775 | 0 | ||
Land | 153,560 | 153,576 | ||
Total real estate portfolio | 36,213,223 | 16,433,066 | ||
Estimated residual values of leased property (not guaranteed) | 11,500,000 | 3,800,000 | ||
Investments in leases - sales-type, net | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Investments in leases - sales-type, net | 17,172,325 | 13,136,664 | ||
Investments in leases - financing receivables, net | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Notes receivable | [1] | 16,740,770 | 2,644,824 | |
Investments in loans, net | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Notes receivable | [1] | $ 685,793 | $ 498,002 | |
|
Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Real Estate [Abstract] | |||
Income from sales-type leases - fixed rent | $ 1,436,945 | $ 1,161,655 | $ 1,007,193 |
Income from sales-type leases - contingent rent | 27,300 | 6,317 | 315 |
Income from operating leases | 0 | 0 | 25,464 |
Income from lease financing receivables - fixed rent | 995,383 | 243,008 | 137,344 |
Income from lease financing receivables - contingent rent | 1,673 | 0 | 0 |
Total lease revenue | 2,461,301 | 1,410,980 | 1,170,316 |
Non-cash adjustment | (337,631) | (119,790) | (39,883) |
Total contractual lease revenue | $ 2,123,670 | $ 1,291,190 | $ 1,130,433 |
Real Estate Portfolio - Schedule Of Future Minimum Lease Payments (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Sales-Type | |
2023 | $ 1,344,189 |
2024 | 1,366,127 |
2025 | 1,389,500 |
2026 | 1,409,190 |
2027 | 1,429,526 |
Thereafter | 56,743,837 |
Total | 63,682,369 |
Financing Receivables | |
2023 | 1,126,837 |
2024 | 1,148,616 |
2025 | 1,169,998 |
2026 | 1,191,924 |
2027 | 1,214,331 |
Thereafter | 87,539,154 |
Total | 93,390,860 |
2023 | 2,471,026 |
2024 | 2,514,743 |
2025 | 2,559,498 |
2026 | 2,601,114 |
2027 | 2,643,857 |
Thereafter | 144,282,991 |
Total | $ 157,073,229 |
Sales-type lease, weighted average lease term | 36 years 3 months 18 days |
Financing receivable, weighted average remaining lease term | 50 years 7 months 6 days |
Sales-type lease and financing receivables, weighted average lease term | 43 years 4 months 24 days |
Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Feb. 15, 2023
USD ($)
|
Dec. 19, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
option
|
Jan. 09, 2023 |
|
Mirage Lease | ||||
Operating Leased Assets [Line Items] | ||||
Lessor, sales-type lease, renewal term | 10 years | |||
Annual rent increase, cap percent | 3.00% | |||
Subsequent Event | Gold Strike Lease | ||||
Operating Leased Assets [Line Items] | ||||
Lessor, sales-type lease, renewal term | 10 years | |||
Annual rent increase, cap percent | 3.00% | |||
Subsequent Event | MGM Grand Mandalay Bay JV | ||||
Operating Leased Assets [Line Items] | ||||
Interest acquired | 49.90% | |||
Harrah’s Joliet LandCo LLC | ||||
Operating Leased Assets [Line Items] | ||||
Noncontrolling interest, ownership percentage | 20.00% | |||
Variable Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 20.00% | |||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Initial term | 15 years | |||
Lessor, sales-type lease, renewal term | 5 years | |||
Minimum | Mirage Lease | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
Minimum | Subsequent Event | Gold Strike Lease | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Initial term | 30 years | |||
Lessor, sales-type lease, renewal term | 30 years | |||
Maximum | Mirage Lease | ||||
Operating Leased Assets [Line Items] | ||||
Contractual annual rent amounts | $ 90,000 | |||
Maximum | Subsequent Event | Gold Strike Lease | ||||
Operating Leased Assets [Line Items] | ||||
Contractual annual rent amounts | $ 40,000 | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | ||||
Operating Leased Assets [Line Items] | ||||
Initial term | 18 years | |||
Number of renewal options | option | 4 | |||
Lessor, sales-type lease, renewal term | 5 years | |||
Current annualized rent | $ 703,678 | |||
Variable rent percentage | 4.00% | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Harrah’s Joliet LandCo LLC | ||||
Operating Leased Assets [Line Items] | ||||
Current annualized rent | $ 694,600 | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 2-5 | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 1.50% | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 6 Through 18 | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 8-10 | Base Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 70.00% | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 8-10 | Variable Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 30.00% | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 11-15 | Base Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 80.00% | |||
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 11-15 | Variable Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 20.00% | |||
Caesars Lease Agreements | Caesars Las Vegas Master Lease | ||||
Operating Leased Assets [Line Items] | ||||
Initial term | 18 years | |||
Number of renewal options | option | 4 | |||
Lessor, sales-type lease, renewal term | 5 years | |||
Current annualized rent | $ 454,478 | |||
Annual escalation rate | 2.00% | |||
Variable rent percentage | 4.00% | |||
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Base Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 80.00% | |||
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Variable Rent | ||||
Operating Leased Assets [Line Items] | ||||
Variable rent split | 20.00% | |||
MGM Master Lease Properties | MGM Master Lease | ||||
Operating Leased Assets [Line Items] | ||||
Initial term | 25 years | |||
Number of renewal options | option | 3 | |||
Lessor, sales-type lease, renewal term | 10 years | |||
Current annualized rent | $ 730,000 | |||
MGM Master Lease Properties | MGM Master Lease | Lease Years 2 Through 10 | Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
MGM Master Lease Properties | MGM Master Lease | Lease Years 11 Through 25 | Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
MGM Master Lease Properties | MGM Master Lease | Lease Years 11 Through 25 | Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Annual rent increase, cap percent | 3.00% | |||
MGM Grand Mandalay Bay Lease Properties | MGM Grand Mandalay Bay Lease | ||||
Operating Leased Assets [Line Items] | ||||
Initial term | 30 years | |||
Number of renewal options | option | 2 | |||
Lessor, sales-type lease, renewal term | 10 years | |||
Current annualized rent | $ 303,800 | |||
MGM Grand Mandalay Bay Lease Properties | MGM Grand Mandalay Bay Lease | Lease Years 2 Through 15 | Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
MGM Grand Mandalay Bay Lease Properties | MGM Grand Mandalay Bay Lease | Lease Years 16 Through 30 | Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Annual escalation rate | 2.00% | |||
MGM Grand Mandalay Bay Lease Properties | MGM Grand Mandalay Bay Lease | Lease Years 16 Through 30 | Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Annual rent increase, cap percent | 3.00% |
Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
CEOC | |
Real Estate | |
Rolling three-year minimum | $ 380.3 |
Minimum amount to be expended across certain affiliates and other assets | $ 531.9 |
Caesars Regional Master Lease and Joliet Lease | |
Real Estate | |
Yearly minimum expenditure | 1.00% |
Rolling three-year minimum | $ 286.0 |
Caesars Las Vegas Master Lease | |
Real Estate | |
Yearly minimum expenditure | 1.00% |
Rolling three-year minimum | $ 84.0 |
Venetian Lease | |
Real Estate | |
Yearly minimum expenditure | 2.00% |
CPLV, Joliet And Non-CPLV Lease Agreement | |
Real Estate | |
Capital expenditures | $ 107.5 |
Percentage of prior year net revenues | 1.00% |
CPLV, Joliet And Non-CPLV Lease Agreement | CEOC | |
Real Estate | |
Additional capital expenditure requirement | $ 10.3 |
Non-CPLV Lease Agreement | CEOC | |
Real Estate | |
Rolling three-year minimum | 286.0 |
Las Vegas Master Lease | CEOC | |
Real Estate | |
Rolling three-year minimum | $ 84.0 |
All Other Leases | |
Real Estate | |
Yearly minimum expenditure | 1.00% |
MGM Grand Mandalay Bay Lease | |
Real Estate | |
Yearly minimum expenditure | 3.50% |
Percentage of monthly reverse | 1.50% |
Real Estate Portfolio - Summary of Investment in Loans (Details) - Investments in loans, net - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Principal Balance | $ 692,498 | $ 498,614 | ||
Carrying Value | [1] | 685,793 | 498,002 | |
Future Funding Commitments | $ 1,098,931 | $ 60,886 | ||
Weighted Average Interest Rate | 8.20% | 7.80% | ||
Weighted Average Term | 3 years 6 months | 3 years 6 months | ||
Senior Loans | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Principal Balance | $ 495,901 | $ 465,000 | ||
Carrying Value | 492,895 | 465,034 | ||
Future Funding Commitments | $ 584,049 | $ 15,000 | ||
Weighted Average Interest Rate | 7.80% | 7.80% | ||
Weighted Average Term | 3 years 2 months 12 days | 3 years 6 months | ||
Mezzanine Loans | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Principal Balance | $ 196,597 | $ 33,614 | ||
Carrying Value | 192,898 | 32,968 | ||
Future Funding Commitments | $ 514,882 | $ 45,886 | ||
Weighted Average Interest Rate | 9.10% | 8.00% | ||
Weighted Average Term | 4 years 3 months 18 days | 4 years | ||
|
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 01, 2020 |
|
New Accounting Pronouncements or Change in Accounting Principle | ||||
Change in allowance for credit losses | $ 834,494 | $ (19,554) | $ 244,517 | |
Percentage of total allowance | 68.70% | |||
Initial allowance from current period investments | $ 573,624 | 1,725 | $ 90,368 | |
Notes receivable | $ 35,363,397 | $ 16,553,460 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Allowance for credit losses | $ 309,400 | |||
Credit allowance percentage | 2.88% |
Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
Amortized Cost | |||||
Sales-type and direct financing, amortized cost | $ 17,742,712 | $ 13,571,516 | |||
Other assets - sales-type sub-leases, amortized cost | 784,259 | 280,510 | |||
Amortized cost, total | 36,687,106 | 17,086,749 | $ 17,014,288 | ||
Allowance | |||||
Sales-type and direct financing, allowance for credit losses | (570,387) | (434,852) | |||
Other assets (sales-type sub-leases), allowance for credit losses | (19,750) | (6,540) | |||
Allowance, total | (1,323,709) | (533,289) | |||
Net Investment | |||||
Investments in leases - sales-type, net | [1] | 17,172,325 | 13,136,664 | ||
Other assets - sales-type sub-leases | 764,509 | 273,970 | |||
Net investment total | $ 35,363,397 | $ 16,553,460 | |||
Allowance as a % of Amortized Cost | |||||
Sales-type and Direct financing, allowance as a percentage of amortized cost | 3.21% | 3.20% | |||
Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total | 2.52% | 2.33% | |||
Allowance as a percentage of amortized cost, total | 3.61% | 3.12% | |||
CECL allowance for unfunded commitments | $ 45,110 | $ 1,037 | |||
Investments in leases - financing receivables, net | |||||
Amortized Cost | |||||
Notes receivable, amortized cost | 17,467,477 | 2,735,948 | |||
Allowance | |||||
Financing and loans receivable, allowance for credit losses | (726,707) | (91,124) | |||
Net Investment | |||||
Notes receivable | [1] | $ 16,740,770 | $ 2,644,824 | ||
Allowance as a % of Amortized Cost | |||||
Notes receivable allowance as a percentage of amortized cost, total | 4.16% | 3.33% | |||
Investments in loans, net | |||||
Amortized Cost | |||||
Notes receivable, amortized cost | $ 692,658 | $ 498,775 | |||
Allowance | |||||
Financing and loans receivable, allowance for credit losses | (6,865) | (773) | |||
Net Investment | |||||
Notes receivable | [1] | $ 685,793 | $ 498,002 | ||
Allowance as a % of Amortized Cost | |||||
Notes receivable allowance as a percentage of amortized cost, total | 0.99% | 0.15% | |||
|
Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Net Investment in Lease, Allowance for Credit Loss | |||
Beginning balance | $ 534,325 | $ 553,879 | $ 0 |
Initial allowance from current period investments | 573,624 | 1,725 | 90,368 |
Current period change in credit allowance | 260,870 | (21,279) | 154,149 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Ending balance | 1,368,819 | 534,325 | 553,879 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Net Investment in Lease, Allowance for Credit Loss | |||
Beginning balance | $ 0 | 0 | 309,362 |
Ending balance | $ 0 | $ 0 |
Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | $ 36,687,106 | $ 17,086,749 | $ 17,014,288 |
Ba2 | |||
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | 4,247,315 | 0 | 0 |
Ba3 | |||
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | 28,095,234 | 951,033 | 0 |
B1 | |||
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | 2,594,203 | 14,888,770 | 15,733,402 |
B2 | |||
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | 875,749 | 868,629 | 934,628 |
B3 | |||
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | 581,973 | 279,579 | 281,246 |
N/A | |||
Financing Receivable, Credit Quality Indicator | |||
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) | $ 292,632 | $ 98,739 | $ 65,012 |
Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Sales-type sub-leases, net | $ 764,509 | $ 273,970 |
Property and equipment used in operations, net | 67,209 | 68,515 |
Right of use assets and sub-lease right of use assets | 45,008 | 16,811 |
Debt financing costs | 18,646 | 24,928 |
Deferred acquisition costs | 12,834 | 24,690 |
Prepaid expenses | 7,348 | 3,660 |
Interest receivable | 6,911 | 2,780 |
Other receivables | 6,474 | 341 |
Tenant receivables | 5,498 | 5,032 |
Forward-starting interest rate swaps | 0 | 884 |
Other | 1,891 | 3,082 |
Total other assets | 936,328 | 424,693 |
Other assets (sales-type sub-leases), allowance for credit losses | $ 19,750 | $ 6,540 |
Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Property, Plant and Equipment | |||
Total property and equipment used in operations | $ 85,020 | $ 83,144 | |
Less: accumulated depreciation | (17,811) | (14,629) | |
Total property and equipment used in operations, net | 67,209 | 68,515 | |
Depreciation expense | 3,182 | 3,091 | $ 3,731 |
Land and land improvements | |||
Property, Plant and Equipment | |||
Total property and equipment used in operations | 60,332 | 59,250 | |
Buildings and improvements | |||
Property, Plant and Equipment | |||
Total property and equipment used in operations | 15,125 | 14,880 | |
Furniture and equipment | |||
Property, Plant and Equipment | |||
Total property and equipment used in operations | $ 9,563 | $ 9,014 |
Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Finance sub-lease liabilities | $ 784,259 | $ 280,510 |
Deferred financing liabilities | 73,600 | 73,600 |
Lease liabilities and sub-lease liabilities | 45,039 | 16,811 |
CECL allowance for unfunded commitments | 45,110 | 1,037 |
Deferred income taxes | 4,339 | 3,879 |
Other | 125 | 0 |
Total other liabilities | $ 952,472 | $ 375,837 |
Debt - Schedule Of Outstanding Indebtedness (Details) $ in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 09, 2023
USD ($)
|
Jan. 06, 2023
USD ($)
|
Jan. 06, 2023
CAD ($)
|
Jan. 03, 2023
USD ($)
|
Jan. 03, 2023
CAD ($)
|
Feb. 18, 2022
USD ($)
|
Mar. 31, 2022 |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Apr. 29, 2022
USD ($)
|
Feb. 05, 2020 |
Nov. 26, 2019 |
|
Debt Instrument | |||||||||||||
Weighted average interest rate | 4.496% | 4.105% | |||||||||||
Face Value | $ 13,950,000 | $ 4,750,000 | |||||||||||
Carrying Value | 13,739,675 | 4,694,523 | |||||||||||
Proceeds from Revolving Credit Facility | $ 600,000 | $ 0 | $ 0 | ||||||||||
Subsequent Event | |||||||||||||
Debt Instrument | |||||||||||||
Proceeds from Revolving Credit Facility | $ 103,400 | $ 140.0 | $ 103,400 | $ 140.0 | |||||||||
MGM Grand Mandalay Bay Note due 2030 | Subsequent Event | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 3.558% | ||||||||||||
MGM Grand Mandalay Bay Note due 2030 | Subsequent Event | MGM Grand Mandalay Bay JV | |||||||||||||
Debt Instrument | |||||||||||||
Liabilities incurred | $ 1,497,000 | ||||||||||||
MGM Grand Mandalay Bay Note due 2030 | Subsequent Event | MGM Grand Mandalay Bay JV | BREIT JV | |||||||||||||
Debt Instrument | |||||||||||||
Liabilities incurred | $ 3,000,000 | ||||||||||||
Unsecured Debt | |||||||||||||
Debt Instrument | |||||||||||||
Weighted average interest rate | 4.67% | ||||||||||||
Unsecured Debt | Delayed Draw Term Loan | |||||||||||||
Debt Instrument | |||||||||||||
Face Value | $ 0 | ||||||||||||
Carrying Value | $ 0 | ||||||||||||
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2026 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.25% | 4.25% | 4.25% | ||||||||||
Face Value | $ 1,250,000 | $ 1,250,000 | |||||||||||
Carrying Value | $ 1,238,825 | $ 1,235,972 | |||||||||||
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2029 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.625% | 4.625% | 4.625% | ||||||||||
Face Value | $ 1,000,000 | $ 1,000,000 | |||||||||||
Carrying Value | $ 988,931 | $ 987,331 | |||||||||||
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2025 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 3.50% | 3.50% | 3.50% | ||||||||||
Face Value | $ 750,000 | $ 750,000 | |||||||||||
Carrying Value | $ 745,020 | $ 742,677 | |||||||||||
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2027 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 3.75% | 3.75% | 3.75% | ||||||||||
Face Value | $ 750,000 | $ 750,000 | |||||||||||
Carrying Value | $ 743,086 | $ 741,409 | |||||||||||
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2030 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.125% | 4.125% | 4.125% | ||||||||||
Face Value | $ 1,000,000 | $ 1,000,000 | |||||||||||
Carrying Value | $ 988,626 | 987,134 | |||||||||||
Unsecured Debt | 4.375% Senior Unsecured Notes Due 2025 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.375% | 4.375% | |||||||||||
Face Value | $ 500,000 | $ 500,000 | |||||||||||
Carrying Value | $ 496,314 | ||||||||||||
Unsecured Debt | 4.750% Senior Unsecured Notes Due 2028 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.75% | ||||||||||||
Hedge adjusted interest rate | 4.516% | ||||||||||||
Face Value | $ 1,250,000 | $ 1,250,000 | |||||||||||
Carrying Value | $ 1,237,082 | ||||||||||||
Unsecured Debt | 4.950% Senior Unsecured Notes Due 2030 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.95% | 4.95% | |||||||||||
Hedge adjusted interest rate | 4.541% | ||||||||||||
Face Value | $ 1,000,000 | $ 1,000,000 | |||||||||||
Carrying Value | $ 987,618 | ||||||||||||
Unsecured Debt | 5.125% Senior Unsecured Notes Due 2032 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 5.125% | 5.125% | |||||||||||
Hedge adjusted interest rate | 3.98% | ||||||||||||
Face Value | $ 1,500,000 | $ 1,500,000 | |||||||||||
Carrying Value | $ 1,480,799 | ||||||||||||
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2052 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 5.625% | 5.625% | |||||||||||
Face Value | $ 750,000 | $ 750,000 | |||||||||||
Carrying Value | $ 735,360 | ||||||||||||
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2024 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 5.625% | 5.625% | |||||||||||
Face Value | $ 1,024,169 | $ 1,024,200 | |||||||||||
Carrying Value | $ 1,029,226 | ||||||||||||
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2025 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.625% | 4.625% | |||||||||||
Face Value | $ 799,368 | $ 799,400 | |||||||||||
Carrying Value | $ 783,659 | ||||||||||||
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2026 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.50% | 4.50% | |||||||||||
Face Value | $ 480,524 | $ 480,500 | |||||||||||
Carrying Value | $ 463,018 | ||||||||||||
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2027 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 5.75% | 5.75% | |||||||||||
Face Value | $ 729,466 | $ 729,500 | |||||||||||
Carrying Value | $ 738,499 | ||||||||||||
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2028 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.50% | 4.50% | |||||||||||
Face Value | $ 349,325 | $ 349,300 | |||||||||||
Carrying Value | $ 336,545 | ||||||||||||
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2029 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 3.875% | 3.875% | |||||||||||
Face Value | $ 727,114 | $ 727,100 | |||||||||||
Carrying Value | $ 660,489 | ||||||||||||
Unsecured Debt | MGP OP Notes due 2024 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 5.625% | ||||||||||||
Face Value | $ 25,831 | 25,800 | |||||||||||
Carrying Value | $ 25,901 | ||||||||||||
Unsecured Debt | MGP OP Notes due 2025 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.625% | ||||||||||||
Face Value | $ 632 | 600 | |||||||||||
Carrying Value | $ 615 | ||||||||||||
Unsecured Debt | MGP OP Notes due 2026 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.50% | ||||||||||||
Face Value | $ 19,476 | 19,500 | |||||||||||
Carrying Value | $ 18,542 | ||||||||||||
Unsecured Debt | MGP OP Notes due 2027 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 5.75% | ||||||||||||
Face Value | $ 20,534 | 20,500 | |||||||||||
Carrying Value | $ 20,520 | ||||||||||||
Unsecured Debt | MGP OP Notes due 2028 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 4.50% | ||||||||||||
Face Value | $ 675 | 700 | |||||||||||
Carrying Value | $ 639 | ||||||||||||
Unsecured Debt | MGP OP Notes due 2029 | |||||||||||||
Debt Instrument | |||||||||||||
Interest rate, stated percentage (percent) | 3.875% | ||||||||||||
Face Value | $ 22,886 | $ 22,900 | |||||||||||
Carrying Value | $ 20,361 | ||||||||||||
Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Delayed Draw Term Loan | |||||||||||||
Debt Instrument | |||||||||||||
Basis spread on variable rate (percent) | 1.20% | ||||||||||||
Senior Notes | |||||||||||||
Debt Instrument | |||||||||||||
Basis spread on variable rate adjustment (percent) | 0.10% | ||||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument | |||||||||||||
Proceeds from Revolving Credit Facility | $ 600,000 | ||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | |||||||||||||
Debt Instrument | |||||||||||||
Basis spread on variable rate (percent) | 0.775% | ||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | |||||||||||||
Debt Instrument | |||||||||||||
Basis spread on variable rate (percent) | 1.325% | ||||||||||||
Revolving Credit Facility | Unsecured Debt | |||||||||||||
Debt Instrument | |||||||||||||
Face Value | $ 0 | ||||||||||||
Carrying Value | $ 0 | ||||||||||||
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR) | |||||||||||||
Debt Instrument | |||||||||||||
Basis spread on variable rate (percent) | 1.05% | ||||||||||||
Revolving Credit Facility | Senior Notes | |||||||||||||
Debt Instrument | |||||||||||||
Face Value | $ 600,000 | ||||||||||||
Commitment fee percentage | 0.375% | ||||||||||||
Revolving Credit Facility | Senior Notes | Minimum | |||||||||||||
Debt Instrument | |||||||||||||
Commitment fee percentage | 0.15% | ||||||||||||
Revolving Credit Facility | Senior Notes | Maximum | |||||||||||||
Debt Instrument | |||||||||||||
Commitment fee percentage | 0.375% | ||||||||||||
Revolving Credit Facility | Senior Notes | |||||||||||||
Debt Instrument | |||||||||||||
Face Value | 0 | ||||||||||||
Carrying Value | $ 0 | ||||||||||||
Revolving Credit Facility | Senior Notes | LIBOR | |||||||||||||
Debt Instrument | |||||||||||||
Basis spread on variable rate (percent) | 2.00% |
Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity | |
2023 | $ 0 |
2024 | 1,050,000 |
2025 | 2,050,000 |
2026 | 1,750,000 |
2027 | 1,500,000 |
Thereafter | 7,600,000 |
Total minimum repayments | $ 13,950,000 |
Debt - Senior Unsecured Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Apr. 29, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Feb. 05, 2020 |
Nov. 26, 2019 |
|
Debt Instrument | |||||
Face Value | $ 13,950,000 | $ 4,750,000 | |||
MGP | |||||
Debt Instrument | |||||
Cash payment in business acquisition | $ 4,404,000 | ||||
Unsecured Debt | |||||
Debt Instrument | |||||
Redemption price, percentage (equal to) | 100.00% | ||||
Unsecured Debt | Revolving Credit Facility | |||||
Debt Instrument | |||||
Face Value | $ 0 | ||||
Senior Notes | Revolving Credit Facility | |||||
Debt Instrument | |||||
Face Value | 600,000 | ||||
Exchange Notes Senior Unsecured Notes due 2024 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,024,200 | $ 1,024,169 | |||
Interest rate, stated percentage (percent) | 5.625% | 5.625% | |||
Exchange Notes Senior Unsecured Notes due 2025 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 799,400 | $ 799,368 | |||
Interest rate, stated percentage (percent) | 4.625% | 4.625% | |||
Exchange Notes Senior Unsecured Notes due 2026 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 480,500 | $ 480,524 | |||
Interest rate, stated percentage (percent) | 4.50% | 4.50% | |||
Exchange Notes Senior Unsecured Notes due 2027 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 729,500 | $ 729,466 | |||
Interest rate, stated percentage (percent) | 5.75% | 5.75% | |||
Exchange Notes Senior Unsecured Notes due 2028 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 349,300 | $ 349,325 | |||
Interest rate, stated percentage (percent) | 4.50% | 4.50% | |||
Exchange Notes Senior Unsecured Notes due 2029 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 727,100 | $ 727,114 | |||
Interest rate, stated percentage (percent) | 3.875% | 3.875% | |||
Exchange Notes | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 4,110,000 | ||||
Redemption price, percentage (equal to) | 100.00% | ||||
MGP OP Notes due 2024 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 25,800 | $ 25,831 | |||
Interest rate, stated percentage (percent) | 5.625% | ||||
MGP OP Notes due 2025 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | 600 | $ 632 | |||
Interest rate, stated percentage (percent) | 4.625% | ||||
MGP OP Notes due 2026 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | 19,500 | $ 19,476 | |||
Interest rate, stated percentage (percent) | 4.50% | ||||
MGP OP Notes due 2027 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | 20,500 | $ 20,534 | |||
Interest rate, stated percentage (percent) | 5.75% | ||||
MGP OP Notes due 2028 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | 700 | $ 675 | |||
Interest rate, stated percentage (percent) | 4.50% | ||||
MGP OP Notes due 2029 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | 22,900 | $ 22,886 | |||
Interest rate, stated percentage (percent) | 3.875% | ||||
MGP OP Notes | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 90,000 | ||||
Redemption price, percentage (equal to) | 100.00% | ||||
4.375% Senior Unsecured Notes Due 2025 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 500,000 | $ 500,000 | |||
Interest rate, stated percentage (percent) | 4.375% | 4.375% | |||
4.750% Senior Unsecured Notes Due 2028 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,250,000 | $ 1,250,000 | |||
Interest rate, stated percentage (percent) | 4.75% | ||||
4.950% Senior Unsecured Notes Due 2030 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,000,000 | $ 1,000,000 | |||
Interest rate, stated percentage (percent) | 4.95% | 4.95% | |||
5.125% Senior Unsecured Notes Due 2032 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,500,000 | $ 1,500,000 | |||
Interest rate, stated percentage (percent) | 5.125% | 5.125% | |||
5.625% Senior Unsecured Notes Due 2052 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 750,000 | $ 750,000 | |||
Interest rate, stated percentage (percent) | 5.625% | 5.625% | |||
February 2020 Notes Senior Unsecured Notes due 2025 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 750,000 | $ 750,000 | |||
Interest rate, stated percentage (percent) | 3.50% | 3.50% | 3.50% | ||
Redemption price, percentage (equal to) | 100.00% | ||||
February 2020 Notes Senior Unsecured Notes due 2025 | Unsecured Debt | Debt Instrument, Redemption, Period One | |||||
Debt Instrument | |||||
Face Value | $ 750,000 | ||||
February 2020 Notes Senior Unsecured Notes due 2027 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 750,000 | $ 750,000 | |||
Interest rate, stated percentage (percent) | 3.75% | 3.75% | 3.75% | ||
February 2020 Notes Senior Unsecured Notes due 2027 | Unsecured Debt | Debt Instrument, Redemption, Period Two | |||||
Debt Instrument | |||||
Face Value | $ 750,000 | ||||
February 2020 Notes Senior Unsecured Notes due 2030 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,000,000 | $ 1,000,000 | |||
Interest rate, stated percentage (percent) | 4.125% | 4.125% | 4.125% | ||
February 2020 Notes Senior Unsecured Notes due 2030 | Unsecured Debt | Debt Instrument, Redemption, Period Three | |||||
Debt Instrument | |||||
Face Value | $ 1,000,000 | ||||
February 2020 Notes Senior Unsecured Notes | Unsecured Debt | Debt Instrument, Redemption, Period One | |||||
Debt Instrument | |||||
Percentage of aggregate principal redeemable (percent) | 40.00% | ||||
November 2019 Notes Senior Unsecured Notes due 2026 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,250,000 | $ 1,250,000 | |||
Interest rate, stated percentage (percent) | 4.25% | 4.25% | 4.25% | ||
Redemption price, percentage (equal to) | 100.00% | ||||
November 2019 Notes Senior Unsecured Notes due 2026 | Unsecured Debt | Debt Instrument, Redemption, Period One | |||||
Debt Instrument | |||||
Face Value | $ 1,250,000 | ||||
November 2019 Notes Senior Unsecured Notes due 2029 | Unsecured Debt | |||||
Debt Instrument | |||||
Face Value | $ 1,000,000 | $ 1,000,000 | |||
Interest rate, stated percentage (percent) | 4.625% | 4.625% | 4.625% | ||
November 2019 Notes Senior Unsecured Notes due 2029 | Unsecured Debt | Debt Instrument, Redemption, Period Two | |||||
Debt Instrument | |||||
Face Value | $ 1,000,000 | ||||
November 2019 Notes Senior Unsecured Notes | Unsecured Debt | |||||
Debt Instrument | |||||
Percentage of aggregate principal redeemable (percent) | 40.00% | ||||
Senior Unsecured April 2022 Notes | |||||
Debt Instrument | |||||
Ratio of unencumbered assets to unsecured indebtedness | 1.50 |
Debt - New Unsecured Credit Facilities (Details) $ in Thousands, $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jan. 06, 2023
USD ($)
|
Jan. 06, 2023
CAD ($)
|
Jan. 03, 2023
USD ($)
|
Jan. 03, 2023
CAD ($)
|
Feb. 23, 2022
USD ($)
option
|
Feb. 18, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jul. 15, 2022
USD ($)
|
|
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from Revolving Credit Facility | $ 600,000 | $ 0 | $ 0 | |||||||
Subsequent Event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from Revolving Credit Facility | $ 103,400 | $ 140.0 | $ 103,400 | $ 140.0 | ||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 1.00% | |||||||||
Federal Reserve Bank Of New York Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 0.50% | |||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 2,500,000 | $ 1,250,000 | ||||||||
Number of extension options | option | 2 | |||||||||
Extension term | 6 months | |||||||||
Extension fee percentage | 0.0625% | |||||||||
Increase in borrowing capacity | $ 1,000,000 | |||||||||
Proceeds from Revolving Credit Facility | $ 600,000 | |||||||||
Revolving Credit Facility | Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Facility fee percentage | 0.15% | |||||||||
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 0.775% | |||||||||
Revolving Credit Facility | Minimum | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 0.00% | |||||||||
Revolving Credit Facility | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Facility fee percentage | 0.375% | |||||||||
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 1.325% | |||||||||
Revolving Credit Facility | Maximum | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate (percent) | 0.325% | |||||||||
Delayed Draw Term Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 1,000,000 |
Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 14, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2017 |
|
Debt Instrument | |||||
Face Value | $ 13,950,000 | $ 4,750,000 | |||
Loss on extinguishment of debt | $ 0 | 15,622 | $ 39,059 | ||
September 2021 Forward Sales Agreement | Forward Sales Agreement | |||||
Debt Instrument | |||||
Number of shares issued in transaction (in shares) | 65,000,000 | ||||
Revolving Credit Facility | Senior Notes | |||||
Debt Instrument | |||||
Face Value | 0 | ||||
Maximum borrowing capacity | $ 1,000,000 | ||||
Delayed Draw Term Loan | |||||
Debt Instrument | |||||
Face Value | $ 2,200,000 | ||||
Loss on extinguishment of debt | $ 15,600 |
Debt - Second Lien Notes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Feb. 20, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Oct. 06, 2017 |
|
Debt Instrument | |||||
Face Value | $ 13,950,000 | $ 4,750,000 | |||
Loss on extinguishment of debt | $ 0 | 15,622 | $ 39,059 | ||
Second Lien Notes | Senior Notes | |||||
Debt Instrument | |||||
Face Value | $ 766,900 | ||||
Interest rate, stated percentage (percent) | 8.00% | ||||
Redemption price, percentage (equal to) | 100.00% | ||||
Repayments of debt | $ 537,500 | ||||
Loss on extinguishment of debt | $ 39,100 |
Debt - Bridge Facilities (Details) - USD ($) $ in Billions |
Aug. 04, 2021 |
Mar. 02, 2021 |
Jun. 24, 2019 |
---|---|---|---|
MGP Transactions Bridge Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 9.3 | ||
MGP Transactions Bridge Facility | First Lien Secured Bridge Facility | |||
Debt Instrument | |||
Debt instrument, term | 364 days | ||
Venetian Acquisition Bridge Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 4.0 | ||
Venetian Acquisition Bridge Facility | First Lien Secured Bridge Facility | |||
Debt Instrument | |||
Debt instrument, term | 364 days | ||
Caesars Transaction Bridge Facility | First Lien Secured Bridge Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 3.3 | ||
Debt instrument, term | 364 days | ||
Caesars Transaction Bridge Facility | Second Lien Secured Bridge Facility | |||
Debt Instrument | |||
Maximum borrowing capacity | $ 1.5 | ||
Debt instrument, term | 364 days |
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument | |||
Interest expense | $ 539,953 | $ 392,390 | $ 308,605 |
MGP Transactions Bridge Facility | |||
Debt Instrument | |||
Interest expense | 15,338 | 38,762 | 0 |
Venetian Acquisition Bridge Facility | |||
Debt Instrument | |||
Interest expense | 968 | 16,387 | 0 |
Caesars Transaction Bridge Facility | |||
Debt Instrument | |||
Interest expense | $ 0 | $ 0 | $ 3,068 |
Derivatives - Schedule of Derivatives (Details) - Forward-Starting Interest Rate Swap |
Apr. 30, 2022
USD ($)
instrument
|
Dec. 31, 2021
USD ($)
instrument
|
---|---|---|
Derivative | ||
Number of instruments | instrument | 5 | 1 |
Fixed Rate | 1.3465% | |
Notional amount | $ | $ 2,500,000,000 | $ 500,000,000 |
Derivatives - Narrative (Details) |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 15, 2021
USD ($)
|
Sep. 14, 2021
shares
|
Apr. 30, 2022
USD ($)
instrument
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
instrument
|
Dec. 31, 2020
USD ($)
|
Jan. 31, 2019
USD ($)
instrument
|
|
Derivative | |||||||
Reclassification of derivative gain to Interest expense | $ 16,233,000 | $ (64,239,000) | $ 0 | ||||
September 2021 Forward Sales Agreement | Forward Sales Agreement | |||||||
Derivative | |||||||
Number of shares issued in transaction (in shares) | shares | 65,000,000 | ||||||
Forward-Starting Interest Rate Swap | |||||||
Derivative | |||||||
Number of instruments | instrument | 5 | 1 | |||||
Notional amount | $ 2,500,000,000 | $ 500,000,000 | |||||
Derivative debt | 3,000,000,000 | ||||||
Proceeds from derivative instrument | $ 202,300,000 | ||||||
Fixed Rate | 1.3465% | ||||||
Reclassification of derivative gain to Interest expense | $ 16,233,000 | $ 0 | $ 0 | ||||
Treasury Lock | |||||||
Derivative | |||||||
Number of instruments | instrument | 2 | ||||||
Notional amount | $ 500,000,000 | ||||||
Proceeds from derivative instrument | $ 4,500,000 | ||||||
Interest Rate Swap | |||||||
Derivative | |||||||
Number of instruments | instrument | 6 | ||||||
Notional amount | $ 2,000,000,000 | ||||||
Fixed Rate | 2.8297% | ||||||
Payments for derivative instrument | $ 66,900,000 | ||||||
Accrued interest | 2,700,000 | ||||||
Reclassification of derivative gain to Interest expense | $ 64,200,000 |
Derivatives - Schedule of Derivatives of Income Statement (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Sep. 15, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Derivative | ||||
Unrealized gain (loss) recorded in other comprehensive income | $ 200,550 | $ 29,166 | $ (27,443) | |
Reclassification of derivative (gain) loss to Interest expense | (16,233) | 64,239 | 0 | |
Interest from interest rate swaps recorded in interest expense | 539,953 | 392,390 | 308,605 | |
Termination Fee | ||||
Derivative | ||||
Interest from interest rate swaps recorded in interest expense | 0 | 64,239 | 0 | |
Interest Rate Swap | ||||
Derivative | ||||
Unrealized gain (loss) recorded in other comprehensive income | 0 | 29,166 | (27,443) | |
Reclassification of derivative (gain) loss to Interest expense | $ (64,200) | |||
Interest from interest rate swaps recorded in interest expense | 0 | 29,960 | 42,797 | |
Forward-Starting Interest Rate Swap | ||||
Derivative | ||||
Unrealized gain (loss) recorded in other comprehensive income | 200,550 | 0 | 0 | |
Reclassification of derivative (gain) loss to Interest expense | $ (16,233) | $ 0 | $ 0 |
Fair Value - Recurring Basis (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial assets: | ||
Financial assets | $ 217,342,000 | $ 0 |
Fair Value, Recurring | Carrying Amount | ||
Financial assets: | ||
Financial assets | 217,342,000 | |
Fair Value, Recurring | Carrying Amount | Interest Rate Swap | ||
Financial assets: | ||
Financial assets | 884,000 | |
Fair Value, Recurring | Level 1 | Fair Value | ||
Financial assets: | ||
Financial assets | 0 | |
Fair Value, Recurring | Level 1 | Fair Value | Interest Rate Swap | ||
Financial assets: | ||
Financial assets | 0 | |
Fair Value, Recurring | Level 2 | Fair Value | ||
Financial assets: | ||
Financial assets | 217,342,000 | |
Fair Value, Recurring | Level 2 | Fair Value | Interest Rate Swap | ||
Financial assets: | ||
Financial assets | 884,000 | |
Fair Value, Recurring | Level 3 | Fair Value | ||
Financial assets: | ||
Financial assets | $ 0 | |
Fair Value, Recurring | Level 3 | Fair Value | Interest Rate Swap | ||
Financial assets: | ||
Financial assets | $ 0 |
Fair Value - Schedule of Estimated Fair Values (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
loan
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Number of loans | loan | 11 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | $ 208,933 | $ 739,614 |
Carrying Amount | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 0 | 0 |
Carrying Amount | Delayed Draw Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 0 | 0 |
Carrying Amount | Unsecured Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 13,739,675 | 4,694,523 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | 208,933 | 739,614 |
Fair Value | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 0 | 0 |
Fair Value | Delayed Draw Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 0 | 0 |
Fair Value | Unsecured Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Debt | 13,020,636 | 4,955,000 |
Investments in leases - financing receivables | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Receivables | 16,740,770 | 2,644,824 |
Investments in leases - financing receivables | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Receivables | 17,871,771 | 3,104,337 |
Investments in loans, net | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Receivables | 685,793 | 498,002 |
Investments in loans, net | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Receivables | $ 675,456 | $ 498,614 |
Fair Value - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | |||
Gain upon lease modification | $ 0 | $ 0 | $ 333,352 |
Commitments and Contingent Liabilities - Narrative (Details) - option |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Loss Contingencies | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance lease, weighted average remaining lease term (in years) | 54 years 8 months 12 days | |
Operating Sub-Lease | ||
Loss Contingencies | ||
Weighted average remaining lease term (in years) | 6 years 10 months 24 days | |
Minimum | ||
Loss Contingencies | ||
Operating lease, discount rate (in percent) | 5.30% | |
Lessee, finance lease, discount rate (in percent) | 6.00% | |
Minimum | Operating Sub-Lease | ||
Loss Contingencies | ||
Operating lease, discount rate (in percent) | 2.60% | |
Maximum | ||
Loss Contingencies | ||
Operating lease, discount rate (in percent) | 5.50% | |
Lessee, finance lease, discount rate (in percent) | 8.00% | |
Maximum | Operating Sub-Lease | ||
Loss Contingencies | ||
Operating lease, discount rate (in percent) | 2.90% | |
Cascata Golf Course | ||
Loss Contingencies | ||
Number of extension options | 3 | |
Renewal terms (in years) | 10 years | |
Corporate Headquarters | ||
Loss Contingencies | ||
Number of extension options | 1 | |
Renewal terms (in years) | 5 years | |
Cascata Golf Course And Various Office In New Orleans And New York | ||
Loss Contingencies | ||
Weighted average remaining lease term (in years) | 13 years 7 months 6 days |
Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Leases, Operating | |||
Rent expense | $ 2,006 | $ 2,009 | $ 2,008 |
Contractual rent | 1,901 | 1,881 | 1,600 |
Right of use assets and sub-lease right of use assets | 45,008 | $ 16,811 | |
Lease liability | $ 16,086 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other assets | Other assets | |
Operating Lease, Liability, Statement of Financial Position | Other liabilities | Other liabilities | |
Leases, Finance | |||
Sales-type sub-leases, net | $ 764,509 | $ 273,970 | |
Finance sub-lease liability | 784,259 | 280,510 | |
Rental expense | 47,819 | 22,484 | 11,632 |
Rental income | 47,819 | 22,484 | 11,632 |
Contractual rent | 52,191 | 26,350 | 17,983 |
Operating Sub-Lease | |||
Leases, Operating | |||
Rent expense | 5,707 | 0 | 0 |
Sublease income | 5,707 | 0 | 0 |
Contractual rent | 5,338 | 0 | $ 0 |
Right of use assets and sub-lease right of use assets | 28,953 | 0 | |
Lease liability | $ 28,953 | $ 0 |
Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Lease | ||
2023 | $ 1,937 | |
2024 | 1,847 | |
2025 | 1,908 | |
2026 | 1,959 | |
2027 | 1,979 | |
Thereafter | 15,138 | |
Total minimum lease commitments | 24,768 | |
Discounting factor | 8,682 | |
Lease liability | 16,086 | |
Finance Lease | ||
2023 | 58,769 | |
2024 | 59,039 | |
2025 | 59,174 | |
2026 | 59,174 | |
2027 | 59,174 | |
Thereafter | 2,555,535 | |
Total minimum lease commitments | 2,850,866 | |
Discounting factor | 2,066,607 | |
Finance sub-lease liability | 784,259 | $ 280,510 |
Operating Sub-Lease | ||
Operating Lease | ||
2023 | 6,584 | |
2024 | 6,553 | |
2025 | 5,129 | |
2026 | 3,934 | |
2027 | 4,010 | |
Thereafter | 5,128 | |
Total minimum lease commitments | 31,338 | |
Discounting factor | 2,385 | |
Lease liability | $ 28,953 | $ 0 |
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 14, 2021 |
May 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Subsidiary or Equity Method Investee | |||||
Common and preferred shares authorized (in shares) | 1,400,000,000 | ||||
Common stock, shares authorized (in shares) | 1,350,000,000 | 1,350,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Aggregate Value | $ 9,790,328 | $ 2,384,815 | $ 1,539,533 | ||
Public Stock Offering and Forward Sales Agreement | |||||
Subsidiary or Equity Method Investee | |||||
Number of shares issued in transaction (in shares) | 167,875,000 | ||||
Public Stock Offering | |||||
Subsidiary or Equity Method Investee | |||||
Number of shares issued in transaction (in shares) | 65,000,000 | ||||
Sale of stock, consideration received on transaction | $ 1,859,000 | ||||
Over-Allotment Option | |||||
Subsidiary or Equity Method Investee | |||||
Number of shares issued in transaction (in shares) | 15,000,000 | ||||
ATM Stock Offering Program | |||||
Subsidiary or Equity Method Investee | |||||
Number of shares issued in transaction (in shares) | 21,617,592 | ||||
Forward contract indexed to issuer's equity (in shares) | 21,617,592 | ||||
Share price (in dollars per share) | $ 33.12 | ||||
Aggregate Value | $ 715,880 | ||||
Stock allowed to be issued during period, value | $ 1,000,000 | ||||
September 2021 Forward Sales Agreement | Public Stock Offering and Forward Sales Agreement | |||||
Subsidiary or Equity Method Investee | |||||
Number of shares issued in transaction (in shares) | 115,000,000 | 50,000,000 | |||
Forward contract indexed to issuer's equity (in shares) | 50,000,000 | ||||
Share price (in dollars per share) | $ 29.50 | ||||
Aggregate Value | $ 1,475,000 | ||||
September 2021 Forward Sales Agreement | Public Stock Offering | |||||
Subsidiary or Equity Method Investee | |||||
Aggregate Value | $ 3,400,000 | ||||
September 2021 Forward Sales Agreement | Forward Sales Agreement | |||||
Subsidiary or Equity Method Investee | |||||
Number of shares issued in transaction (in shares) | 65,000,000 | ||||
Forward contract indexed to issuer's equity (in shares) | 50,000,000 | ||||
Share price (in dollars per share) | $ 29.50 |
Stockholders' Equity - Forward Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | 22 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 18, 2023 |
Nov. 08, 2022 |
Sep. 14, 2021 |
Mar. 08, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 18, 2023 |
|
Class of Stock [Line Items] | ||||||||
Aggregate Offering Value | $ 9,790,328 | $ 2,384,815 | $ 1,539,533 | |||||
Total Net Proceeds | $ 3,219,101 | $ 2,385,779 | $ 1,539,748 | |||||
Public Stock Offering and Forward Sales Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Number of Shares Settled (in shares) | 167,875,000 | |||||||
Forward Share Price Upon Settlement (in dollars per share) | $ 26.12 | |||||||
Total Net Proceeds | $ 4,384,700 | |||||||
Public Stock Offering and Forward Sales Agreement | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Shared Offered (in shares) | 168,277,500 | |||||||
Public Offering Price (in shares) | $ 30.08 | $ 30.08 | ||||||
Aggregate Offering Value | $ 5,056,000 | |||||||
Initial Forward Sale Price Per Share (in dollars per share) | $ 29.19 | $ 29.19 | ||||||
Initial Net Value | $ 4,910,000 | $ 4,910,000 | ||||||
Public Stock Offering and Forward Sales Agreement | January 2023 Forward Sales Agreement | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Shared Offered (in shares) | 30,302,500 | |||||||
Public Offering Price (in shares) | $ 33.00 | $ 33.00 | ||||||
Aggregate Offering Value | $ 1,000,000 | |||||||
Initial Forward Sale Price Per Share (in dollars per share) | $ 31.85 | $ 31.85 | ||||||
Initial Net Value | $ 964,400 | $ 964,400 | ||||||
Underwriter's Option (in shares) | 3,952,500 | |||||||
Public Stock Offering and Forward Sales Agreement | November 2022 Forward Sales Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Shared Offered (in shares) | 18,975,000 | |||||||
Public Offering Price (in shares) | $ 30.90 | |||||||
Aggregate Offering Value | $ 580,000 | |||||||
Initial Forward Sale Price Per Share (in dollars per share) | $ 30.57 | |||||||
Initial Net Value | $ 579,600 | |||||||
Underwriter's Option (in shares) | 2,475,000 | |||||||
Number of Shares Settled (in shares) | 18,975,000 | |||||||
Forward Share Price Upon Settlement (in dollars per share) | $ 30.34 | |||||||
Total Net Proceeds | $ 575,600 | |||||||
Public Stock Offering and Forward Sales Agreement | September 2021 Forward Sales Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Shared Offered (in shares) | 50,000,000 | |||||||
Public Offering Price (in shares) | $ 29.50 | |||||||
Aggregate Offering Value | $ 1,475,000 | |||||||
Initial Forward Sale Price Per Share (in dollars per share) | $ 28.62 | |||||||
Initial Net Value | $ 1,431,000 | |||||||
Number of Shares Settled (in shares) | 115,000,000 | 50,000,000 | ||||||
Forward Share Price Upon Settlement (in dollars per share) | $ 27.81 | |||||||
Total Net Proceeds | $ 1,390,600 | |||||||
Public Stock Offering and Forward Sales Agreement | March 2021 Forward Sale Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Shared Offered (in shares) | 69,000,000 | |||||||
Public Offering Price (in shares) | $ 29.00 | |||||||
Aggregate Offering Value | $ 2,001,000 | |||||||
Initial Forward Sale Price Per Share (in dollars per share) | $ 28.06 | |||||||
Initial Net Value | $ 1,935,000 | |||||||
Underwriter's Option (in shares) | 9,000,000 | |||||||
Number of Shares Settled (in shares) | 69,000,000 | |||||||
Forward Share Price Upon Settlement (in dollars per share) | $ 26.50 | |||||||
Total Net Proceeds | $ 1,828,600 | |||||||
Public Stock Offering and Forward Sales Agreement | June 2020 Forward Sale Agreement 1 | ||||||||
Class of Stock [Line Items] | ||||||||
Number of Shares Settled (in shares) | 3,000,000 | |||||||
Forward Share Price Upon Settlement (in dollars per share) | $ 21.04 | |||||||
Total Net Proceeds | $ 63,000 | |||||||
Public Stock Offering and Forward Sales Agreement | June 2020 Forward Sale Agreement 2 | ||||||||
Class of Stock [Line Items] | ||||||||
Number of Shares Settled (in shares) | 26,900,000 | |||||||
Forward Share Price Upon Settlement (in dollars per share) | $ 19.59 | |||||||
Total Net Proceeds | $ 526,900 |
Stockholders' Equity - ATM Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | |||
Aggregate Value | $ 9,790,328 | $ 2,384,815 | $ 1,539,533 |
Total Net Proceeds | $ 3,219,101 | $ 2,385,779 | $ 1,539,748 |
ATM Stock Offering Program | |||
Class of Stock [Line Items] | |||
Number of Shares (in shares) | 21,617,592 | ||
Weighted Average Share Price (in dollars per share) | $ 33.12 | ||
Aggregate Value | $ 715,880 | ||
Forward Sales Price (in dollars per share) | $ 32.53 | ||
Aggregate Net Value | $ 703,100 | ||
Number of Shares Settled (in shares) | 21,617,592 | ||
Forward Share Price Upon Settlement (in dollars per share) | $ 32.22 | ||
Total Net Proceeds | $ 696,643 | ||
ATM Stock Offering Program | December 2022 ATM Forward Sale Agreement | |||
Class of Stock [Line Items] | |||
Number of Shares (in shares) | 6,317,805 | ||
Weighted Average Share Price (in dollars per share) | $ 33.62 | ||
Aggregate Value | $ 212,400 | ||
Forward Sales Price (in dollars per share) | $ 32.96 | ||
Aggregate Net Value | $ 208,300 | ||
Number of Shares Settled (in shares) | 6,317,805 | ||
Forward Share Price Upon Settlement (in dollars per share) | $ 32.99 | ||
Total Net Proceeds | $ 208,402 | ||
ATM Stock Offering Program | August 2022 ATM Forward Sale Agreement | |||
Class of Stock [Line Items] | |||
Number of Shares (in shares) | 3,918,807 | ||
Weighted Average Share Price (in dollars per share) | $ 34.73 | ||
Aggregate Value | $ 136,080 | ||
Forward Sales Price (in dollars per share) | $ 34.40 | ||
Aggregate Net Value | $ 134,800 | ||
Number of Shares Settled (in shares) | 3,918,807 | ||
Forward Share Price Upon Settlement (in dollars per share) | $ 33.96 | ||
Total Net Proceeds | $ 133,073 | ||
ATM Stock Offering Program | June 2022 ATM Forward Sale Agreement | |||
Class of Stock [Line Items] | |||
Number of Shares (in shares) | 11,380,980 | ||
Weighted Average Share Price (in dollars per share) | $ 32.28 | ||
Aggregate Value | $ 367,400 | ||
Forward Sales Price (in dollars per share) | $ 31.64 | ||
Aggregate Net Value | $ 360,000 | ||
Number of Shares Settled (in shares) | 11,380,980 | ||
Forward Share Price Upon Settlement (in dollars per share) | $ 31.20 | ||
Total Net Proceeds | $ 355,168 |
Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Increase (Decrease) in Stockholders' Equity | |||
Beginning balance (in shares) | 628,942,092 | 536,669,722 | 461,004,742 |
Issuance of common stock in connection with the Merger (in shares) | 214,552,532 | 0 | 0 |
Ending balance (in shares) | 963,096,563 | 628,942,092 | 536,669,722 |
Stock Incentive Plan | |||
Increase (Decrease) in Stockholders' Equity | |||
Stock issued during period (in shares) | 601,939 | 372,370 | 164,980 |
Follow-On Offerings | |||
Increase (Decrease) in Stockholders' Equity | |||
Stock issued during period (in shares) | 0 | 65,000,000 | 0 |
Forward Sales Agreement | |||
Increase (Decrease) in Stockholders' Equity | |||
Stock issued during period (in shares) | 119,000,000 | 26,900,000 | 68,000,000 |
ATM Stock Offering Program | |||
Increase (Decrease) in Stockholders' Equity | |||
Stock issued during period (in shares) | 0 | 0 | 7,500,000 |
ATM Stock Offering Program | Plan | |||
Increase (Decrease) in Stockholders' Equity | |||
Shares received from issuance of common stock (in shares) | 40,592,592 |
Stockholders' Equity - Dividends Declared (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Equity [Abstract] | |||||||||||
Dividends declared (in dollars per share) | $ 0.3900 | $ 0.3900 | $ 0.3600 | $ 0.3600 | $ 0.3600 | $ 0.3600 | $ 0.3300 | $ 0.3300 | $ 1.500 | $ 1.380 | $ 1.255 |
Earnings Per Share and Earning Per Unit - Schedule Of Weighted Average Earnings Per Share (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted-average units outstanding (in shares) | 877,508,388 | 564,467,362 | 506,140,642 |
Assumed conversion of restricted stock (in shares) | 955,000 | 924,000 | 412,000 |
Assumed settlement of forward sale agreements (in shares) | 1,213,000 | 11,675,000 | 4,356,000 |
Diluted weighted-average units outstanding (in shares) | 879,675,845 | 577,066,292 | 510,908,755 |
VICI Properties LP | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted-average units outstanding (in shares) | 885,785,509 | 564,467,362 | 506,140,642 |
Assumed conversion of restricted stock (in shares) | 955,000 | 924,000 | 412,000 |
Assumed settlement of forward sale agreements (in shares) | 1,213,000 | 11,675,000 | 4,356,000 |
Diluted weighted-average units outstanding (in shares) | 887,952,966 | 577,066,292 | 510,908,755 |
Earnings Per Share and Earning Per Unit - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Basic: | |||
Net income attributable to common stockholders | $ 1,117,635 | $ 1,013,851 | $ 891,674 |
Weighted-average shares of common stock outstanding (in shares) | 877,508,388 | 564,467,362 | 506,140,642 |
Basic EPS (in dollars per share) | $ 1.27 | $ 1.80 | $ 1.76 |
Diluted: | |||
Net income attributable to common stockholders | $ 1,117,635 | $ 1,013,851 | $ 891,674 |
Diluted weighted-average shares of common stock outstanding (in shares) | 879,675,845 | 577,066,292 | 510,908,755 |
Diluted EPS (in dollars per share) | $ 1.27 | $ 1.76 | $ 1.75 |
VICI Properties LP | |||
Basic: | |||
Net income attributable to common stockholders | $ 1,118,471 | $ 1,008,534 | $ 889,608 |
Weighted-average shares of common stock outstanding (in shares) | 885,785,509 | 564,467,362 | 506,140,642 |
Basic EPS (in dollars per share) | $ 1.26 | $ 1.79 | $ 1.76 |
Diluted: | |||
Net income attributable to common stockholders | $ 1,118,471 | $ 1,008,534 | $ 889,608 |
Diluted weighted-average shares of common stock outstanding (in shares) | 887,952,966 | 577,066,292 | 510,908,755 |
Diluted EPS (in dollars per share) | $ 1.26 | $ 1.75 | $ 1.74 |
Earnings Per Share and Earnings Per Unit - Narrative (Details) |
Dec. 31, 2022 |
---|---|
Earnings Per Share [Abstract] | |
Ownership percentage | 100.00% |
Stock-Based Compensation - Narrative (Details) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2022
USD ($)
tradingDay
shares
|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2022
USD ($)
d
shares
|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2021
shares
|
Dec. 31, 2020
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Unrecognized compensation costs | $ | $ 17.8 | $ 17.8 | $ 17.8 | $ 17.8 | $ 17.8 | ||
Weighted-average period (in years) | 1 year 10 months 24 days | ||||||
Stock Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares authorized (in shares) | 12,750,000 | 12,750,000 | 12,750,000 | 12,750,000 | 12,750,000 | ||
Remaining shares authorized (in shares) | 10,890,794 | ||||||
Time-Based Restricted Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Granted (in shares) | 384,000 | 172,000 | 179,000 | ||||
Period of volume of weighted average price | 10 | 10 | |||||
Trading days | tradingDay | 10 | ||||||
Performance-Based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Granted (in shares) | 489,207 | 318,312 | 239,437 | ||||
Granted (in shares) | 336,000 | 188,000 | 239,000 | ||||
Performance period (years) | 3 years | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Award vesting period (in years) | 0 years | ||||||
Minimum | Time-Based Restricted Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Award vesting period (in years) | 1 year | ||||||
Minimum | Performance-Based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Risk-free interest rate (in percent) | 0.20% | ||||||
Expected volatility rate (in percent) | 13.80% | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Award vesting period (in years) | 3 years | ||||||
Maximum | Time-Based Restricted Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Award vesting period (in years) | 3 years | ||||||
Maximum | Performance-Based Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Risk-free interest rate (in percent) | 2.40% | ||||||
Expected volatility rate (in percent) | 35.00% |
Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 12,986 | $ 9,371 | $ 7,388 |
Stock-Based Compensation - Schedule Of Restricted Stock (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Incentive and Time-Based Restricted Stock | |||
Stock | |||
Beginning balance (in shares) | 300,031 | 324,865 | 310,470 |
Granted (in shares) | 389,715 | 176,023 | 183,744 |
Vested (in shares) | (167,465) | (177,120) | (144,694) |
Forfeited (in shares) | (14,942) | (23,737) | (24,655) |
Canceled (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 507,339 | 300,031 | 324,865 |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 24.72 | $ 23.34 | $ 21.58 |
Granted (in dollars per share) | 28.84 | 18.79 | 23.56 |
Vested (in dollars per share) | 25.91 | 19.19 | 20.21 |
Forfeited (in dollars per share) | 25.46 | 19.58 | 21.21 |
Canceled (in dollars per share) | 0 | 0 | 0 |
Ending balance (in dollars per share) | $ 27.47 | $ 24.72 | $ 23.34 |
Performance-Based Restricted Stock Units | |||
Stock | |||
Beginning balance (in shares) | 588,134 | 530,440 | 291,003 |
Granted (in shares) | 489,207 | 318,312 | 239,437 |
Vested (in shares) | (227,166) | (220,084) | 0 |
Forfeited (in shares) | (80,586) | (40,534) | 0 |
Canceled (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 769,589 | 588,134 | 530,440 |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 19.32 | $ 20.35 | $ 20.71 |
Granted (in dollars per share) | 27.03 | 16.85 | 19.90 |
Vested (in dollars per share) | 22.68 | 18.39 | 0 |
Forfeited (in dollars per share) | 22.68 | 18.39 | 0 |
Canceled (in dollars per share) | 0 | 0 | 0 |
Ending balance (in dollars per share) | $ 22.88 | $ 19.32 | $ 20.35 |
Income Taxes - Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
property
$ / shares
|
Sep. 30, 2022
$ / shares
|
Jun. 30, 2022
$ / shares
|
Mar. 31, 2022
$ / shares
|
Dec. 31, 2021
$ / shares
|
Sep. 30, 2021
$ / shares
|
Jun. 30, 2021
$ / shares
|
Mar. 31, 2021
$ / shares
|
Dec. 31, 2022
USD ($)
property
$ / shares
|
Dec. 31, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
|
|
Income Tax Contingency | |||||||||||
Undistributed net taxable income subject to income corporate tax rate | 100.00% | ||||||||||
Number of golf courses | 45 | 45 | |||||||||
Expected federal tax at the statutory tax rate (percent) | 21.00% | 21.00% | 21.00% | ||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.3900 | $ 0.3900 | $ 0.3600 | $ 0.3600 | $ 0.3600 | $ 0.3600 | $ 0.3300 | $ 0.3300 | $ 1.500 | $ 1.380 | $ 1.255 |
NOL carryforwards | $ | $ 151.6 | $ 151.6 | |||||||||
Golf Courses | |||||||||||
Income Tax Contingency | |||||||||||
Number of golf courses | 4 | 4 |
Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Current | |||
Federal | $ 1,758 | $ 1,066 | $ 381 |
State | 658 | 1,475 | 299 |
Income tax expense (benefit), current | 2,416 | 2,541 | 680 |
Deferred | |||
Federal | 469 | 358 | 148 |
State | (9) | (12) | 3 |
Income tax expense (benefit), deferred | 460 | 346 | 151 |
Total | |||
Federal | 2,227 | 1,424 | 529 |
State | 649 | 1,463 | 302 |
Income tax expense | $ 2,876 | $ 2,887 | $ 831 |
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred tax assets: | ||
Lease liability | $ 2,310 | $ 2,375 |
Accruals, reserves and other | 221 | 32 |
Total deferred tax assets | 2,531 | 2,407 |
Deferred tax liabilities: | ||
Land, buildings and equipment, net | (4,560) | (3,911) |
Right of use asset | (2,310) | (2,375) |
Total deferred tax liabilities | (6,870) | (6,286) |
Net deferred tax liability | $ (4,339) | $ (3,879) |
Income Taxes - Schedule of Effective Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at statutory rate | $ 239,220 | $ 215,469 | $ 188,378 |
Federal income tax expense at statutory rate, percent | 21.00% | 21.00% | 21.00% |
REIT income not subject to federal income tax | $ (237,069) | $ (214,037) | $ (187,839) |
REIT income not subject to federal income tax, percent | (20.80%) | (20.90%) | (20.90%) |
Pre-tax gain attributable to taxable subsidiaries | $ 2,151 | $ 1,432 | $ 539 |
Pre-tax gain attributable to taxable subsidiaries, percent | 0.20% | 0.10% | 0.10% |
State income taxes, net of federal benefits | $ 648 | $ 1,444 | $ 296 |
State income taxes, net of federal benefits, percent | 0.10% | 0.10% | 0.00% |
Non-deductible expenses and other | $ 77 | $ 11 | $ (4) |
Non-deductible expenses and other, percent | 0.00% | 0.00% | 0.00% |
Income tax expense | $ 2,876 | $ 2,887 | $ 831 |
Income tax expense (benefit), percent | 0.30% | 0.20% | 0.10% |
Income Taxes - Federal Income Tax Note (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||
Ordinary dividends (in dollars per share) | $ 1.5787 | $ 0.7108 | $ 1.2225 |
Section 199A dividends (in dollars per share) | 1.5787 | 0.7108 | 1.2225 |
Non-dividend distribution (in dollars per share) | $ 0 | $ 0.6392 | $ 0 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
VICI Properties LP [Member] | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |
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