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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 10-Q
_____________________________
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 001-38372 (VICI Properties Inc.)
Commission file number: 333-264352-01 (VICI Properties L.P.)
_____________________________
VICI Properties Inc.
VICI Properties L.P.
(Exact name of registrant as specified in its charter)
_____________________________
Maryland(VICI Properties Inc.)81-4177147
Delaware(VICI Properties L.P.)35-2576503
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
535 Madison Avenue, 20th Floor New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (646) 949-4631
_____________________________
Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par value
VICI
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
VICI Properties Inc. Yes      No  
VICI Properties L.P.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  
VICI Properties Inc. Yes      No  
VICI Properties L.P.  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
VICI Properties Inc.VICI Properties L.P.
Large Accelerated FilerAccelerated filerLarge Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting companyNon-accelerated filerSmaller reporting company
Emerging growth companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
VICI Properties Inc.  ☐  
VICI Properties L.P.  ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
VICI Properties Inc. Yes      No   
VICI Properties L.P.  Yes     No   
As of October 23, 2023, VICI Properties Inc. had 1,034,532,105 shares of common stock, $0.01 par value per share, outstanding. VICI Properties L.P. has no common stock outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the three and nine months ended September 30, 2023 of VICI Properties Inc. and VICI Properties L.P. Unless stated otherwise or the context otherwise requires, references to “VICI” mean VICI Properties Inc. and its consolidated subsidiaries, including VICI Properties OP LLC (“VICI OP”), and references to “VICI LP” mean VICI Properties L.P. and its consolidated subsidiaries. Unless stated otherwise or the context otherwise requires, the terms “the Company,” “we,” “our” and “us” mean VICI and VICI LP, including, collectively, their consolidated subsidiaries.
In order to highlight the differences between VICI and VICI LP, the separate sections in this report for VICI and VICI LP described below specifically refer to VICI and VICI LP. In the sections that combine disclosure of VICI and VICI LP, this report refers to actions or holdings of VICI and VICI LP as being “our” actions or holdings. Although VICI LP is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets through VICI LP.
VICI is a real estate investment trust (“REIT”) that is the sole owner of VICI Properties GP LLC (the “General Partner”), the sole general partner of VICI LP. As of September 30, 2023, VICI owns 100% of the limited liability company interests of VICI Properties HoldCo LLC (“HoldCo”), which in turn owns approximately 98.8% of the limited liability company interest of VICI OP (such interests, “VICI OP Units”), our operating partnership, which in turns owns 100% of the limited partnership interest in VICI LP. The balance of the VICI OP Units not held by HoldCo are held by MGM Resorts International or its affiliates.
The following diagram details VICI’s organizational structure as of September 30, 2023.
VICI Org Struture.gif
We believe combining the quarterly reports on Form 10-Q of VICI and VICI LP into this single report:
enhances investors’ understanding of VICI and VICI LP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
We operate VICI and VICI LP as one business. Because VICI LP is managed by VICI, and VICI conducts substantially all of its operations and owns, either directly or through subsidiaries, substantially all of its assets indirectly through VICI LP, VICI’s executive officers are VICI LP’s executive officers, although, as a partnership, VICI LP does not have a board of directors.
We believe it is important to understand the few differences between VICI and VICI LP in the context of how VICI and VICI LP operate as a consolidated company. VICI is a REIT whose only material assets are its indirect interest in VICI LP, through which it conducts its real property business. VICI also conducts its golf course business through a taxable REIT subsidiary (a “TRS”), VICI Golf LLC, a Delaware limited liability company (“VICI Golf”). As a result, VICI does not conduct business itself other than issuing public equity from time to time and does not directly incur any material indebtedness, rather VICI LP
2


holds substantially all of our assets, except for those held in VICI Golf. Except for net proceeds from public equity issuances by VICI, VICI LP generates all capital required by the Company’s business, which sources include VICI LP’s operations and its direct or indirect incurrence of indebtedness.
VICI consolidates VICI LP for financial reporting purposes, and VICI does not have material assets other than its indirect investment in VICI LP. Therefore, while there are some areas of difference between the unaudited Consolidated Financial Statements of VICI and those of VICI LP, the assets and liabilities of VICI and VICI LP are materially the same on their respective financial statements. As of September 30, 2023, the primary areas of difference between the unaudited Consolidated Financial Statements of VICI and those of VICI LP were cash and cash equivalents, stockholders’ equity and partners’ capital, non-controlling interests and golf operations, which include the assets and liabilities and income and expenses of VICI Golf.
To help investors understand the differences between VICI and VICI LP, this report provides:
separate consolidated financial statements for VICI and VICI LP;
a single set of notes to such consolidated financial statements that includes separate discussions of stockholders’ equity or partners’ equity and per share and per unit data, as applicable;
a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity, as applicable;
separate Part I, Item 4. Controls and Procedures sections;
separate Part II, Item 2. Issuer Purchases of Equity Securities sections related to each entity; and
separate Exhibits 31 and 32 certifications for each VICI and VICI LP in order to establish that the requisite certifications have been made and that VICI and VICI LP are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
The separate discussions of VICI and VICI LP in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business.
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Table of Contents
VICI PROPERTIES INC.
VICI PROPERTIES L.P.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
Page
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Table of Contents
PART I        FINANCIAL INFORMATION
Item 1.        Financial Statements
VICI PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share data)


September 30, 2023December 31, 2022
Assets
Real estate portfolio:
Investments in leases - sales-type, net$22,889,984 $17,172,325 
Investments in leases - financing receivables, net17,337,665 16,740,770 
Investments in loans and securities, net973,217 685,793 
Investment in unconsolidated affiliate 1,460,775 
Land150,727 153,560 
Cash and cash equivalents510,884 208,933 
Short-term investments 217,342 
Other assets969,672 936,328 
Total assets$42,832,149 $37,575,826 
Liabilities
Debt, net$16,692,728 $13,739,675 
Accrued expenses and deferred revenue222,430 213,388 
Dividends and distributions payable426,861 380,178 
Other liabilities954,448 952,472 
Total liabilities18,296,467 15,285,713 
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,016,827,883 and 963,096,563 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
10,168 9,631 
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2023 and December 31, 2022
  
Additional paid-in capital23,316,140 21,645,499 
Accumulated other comprehensive income186,241 185,353 
Retained earnings652,402 93,154 
Total VICI stockholders’ equity24,164,951 21,933,637 
Non-controlling interests370,731 356,476 
Total stockholders’ equity24,535,682 22,290,113 
Total liabilities and stockholders’ equity$42,832,149 $37,575,826 
_______________________________________________________
Note: As of September 30, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $755.4 million, $707.0 million, $22.8 million and $19.3 million, respectively, and $570.4 million, $726.7 million, $6.9 million and $19.8 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
See accompanying Notes to Consolidated Financial Statements.
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VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Revenues
Income from sales-type leases$500,212 $376,048 $1,473,961 $1,077,952 
Income from lease financing receivables, loans and securities378,502 350,945 1,122,703 685,544 
Other income18,179 17,862 55,043 41,811 
Golf revenues7,425 6,688 28,416 25,484 
Total revenues904,318 751,543 2,680,123 1,830,791 
Operating expenses
General and administrative14,422 12,063 44,347 33,311 
Depreciation1,011 816 2,712 2,371 
Other expenses18,179 17,862 55,043 41,811 
Golf expenses6,332 5,186 18,874 16,330 
Change in allowance for credit losses95,997 232,763 166,119 865,459 
Transaction and acquisition expenses3,566 1,947 3,385 19,366 
Total operating expenses139,507 270,637 290,480 978,648 
Income from unconsolidated affiliate 22,719 1,280 37,853 
Interest expense(204,927)(169,354)(612,881)(370,624)
Interest income7,341 3,024 16,194 3,897 
Other (losses) gains(1,122) 4,295  
Income before income taxes566,103 337,295 1,798,531 523,269 
Income tax expense(644)(417)(3,630)(1,844)
Net income565,459 336,878 1,794,901 521,425 
Less: Net income attributable to non-controlling interests(9,130)(5,973)(29,130)(7,843)
Net income attributable to common stockholders $556,329 $330,905 $1,765,771 $513,582 
Net income per common share
Basic $0.55 $0.34 $1.75 $0.61 
Diluted $0.55 $0.34 $1.75 $0.60 
Weighted average number of shares of common stock outstanding
Basic1,012,986,784 962,573,646 1,007,110,068 848,839,357 
Diluted1,013,589,640 964,134,340 1,008,437,452 850,823,037 
Other comprehensive income
Net income $565,459 $336,878 $1,794,901 $521,425 
Reclassification of derivative gain to Interest expense(6,037)(6,037)(18,111)(10,196)
Unrealized gain on cash flow hedges20,109  20,289 200,550 
Foreign currency translation adjustments(1,348) (1,280) 
Comprehensive income578,183 330,841 1,795,799 711,779 
Comprehensive income attributable to non-controlling interest(9,283)(5,897)(29,140)(7,715)
Comprehensive income attributable to common stockholders$568,900 $324,944 $1,766,659 $704,064 
See accompanying Notes to Consolidated Financial Statements.
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VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands, except share and per share data)
Common Stock Additional Paid-in CapitalAccumulated Other Comprehensive
Income
Retained Earnings (Deficit)Total VICI Stockholders’ EquityNon-controlling InterestsTotal Stockholders’ Equity
Balance as of December 31, 2021$6,289 $11,755,069 $884 $346,026 $12,108,268 $78,906 $12,187,174 
Net income— — — 240,383 240,383 2,305 242,688 
Issuance of common stock, net1,190 3,216,907 — — 3,218,097 — 3,218,097 
Dividends and distributions declared ($0.3600 per common share)
— — — (270,600)(270,600)(2,103)(272,703)
Stock-based compensation, net of forfeitures5 (86)— — (81)— (81)
Unrealized gain on cash flow hedges— — 108,611 — 108,611 — 108,611 
Balance as of March 31, 20227,484 14,971,890 109,495 315,809 15,404,678 79,108 15,483,786 
Net loss— — — (57,706)(57,706)(435)(58,141)
Issuance of common stock, net2,147 6,570,084 — — 6,572,231 — 6,572,231 
Issuance of VICI OP Units— — — — — 374,769 374,769 
Reallocation of equity— 99,029 (52)— 98,977 (94,573)4,404 
Dividends and distributions declared ($0.3600 per common share)
— — — (346,713)(346,713)(6,465)(353,178)
Stock-based compensation, net of forfeitures— 3,195 — — 3,195 41 3,236 
Reclassification of derivative gain to Interest expense— — (4,107)— (4,107)(52)(4,159)
Unrealized gain on cash flow hedges— — 91,939 — 91,939 — 91,939 
Balance as of June 30, 20229,631 21,644,198 197,275 (88,610)21,762,494 352,393 22,114,887 
Net income— — — 330,905 330,905 5,973 336,878 
Reallocation of equity— (5,702)— — (5,702)1,298 (4,404)
Dividends and distributions declared ($0.3900 per common share)
— — — (375,606)(375,606)(6,914)(382,520)
Stock-based compensation, net of forfeitures— 3,449 — — 3,449 44 3,493 
Reclassification of derivative gain to Interest expense— — (5,961)— (5,961)(76)(6,037)
Balance as of September 30, 2022$9,631 $21,641,945 $191,314 $(133,311)$21,709,579 $352,718 $22,062,297 
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VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(UNAUDITED)
(In thousands, except share and per share data)

Common Stock Additional Paid-in CapitalAccumulated Other Comprehensive
Income
Retained Earnings (Deficit)Total VICI Stockholders’ EquityNon-controlling InterestsTotal Stockholders’ Equity
Balance as of December 31, 2022$9,631 $21,645,499 $185,353 $93,154 $21,933,637 $356,476 $22,290,113 
Net income— — — 518,740 518,740 9,121 527,861 
Issuance of common stock, net406 1,271,066 — — 1,271,472 — 1,271,472 
Reallocation of equity— (4,936)— — (4,936)4,936  
Dividends and distributions declared ($0.3900 per common share)
— — — (391,640)(391,640)(7,048)(398,688)
Stock-based compensation, net of forfeitures5 (1,120)— — (1,115)(14)(1,129)
Reclassification of derivative gain to Interest expense— — (5,964)— (5,964)(73)(6,037)
Unrealized loss on cash flow hedges— — (7,304)— (7,304)(89)(7,393)
Foreign currency translation adjustments— — (1,644)— (1,644)(20)(1,664)
Balance as of March 31, 202310,042 22,910,509 170,441 220,254 23,311,246 363,289 23,674,535 
Net income— — — 690,702 690,702 10,879 701,581 
Issuance of common stock, net32 101,435 — — 101,467 — 101,467 
Reallocation of equity— (651)— — (651)651  
Dividends and distributions declared ($0.3900 per common share)
— — — (392,897)(392,897)(7,048)(399,945)
Stock-based compensation, net of forfeitures— 3,620 — — 3,620 49 3,669 
Reclassification of derivative gain to Interest expense— — (5,964)— (5,964)(73)(6,037)
Unrealized gain on cash flow hedges— — 7,482 — 7,482 91 7,573 
Foreign currency translation adjustments— — 1,711 — 1,711 21 1,732 
Balance as of June 30, 202310,074 23,014,913 173,670 518,059 23,716,716 367,859 24,084,575 
Net income— — — 556,329 556,329 9,130 565,459 
Issuance of common stock, net94 298,159 — — 298,253 — 298,253 
Reallocation of equity— (897)— — (897)897  
Dividends and distributions declared ($0.4150 per common share)
— — — (421,986)(421,986)(7,354)(429,340)
Stock-based compensation, net of forfeitures— 3,965 — — 3,965 46 4,011 
Reclassification of derivative gain to Interest expense— — (5,965)— (5,965)(72)(6,037)
Unrealized gain on cash flow hedges— — 19,870 — 19,870 239 20,109 
Foreign currency translation adjustments— — (1,334)— (1,334)(14)(1,348)
Balance as of September 30, 2023$10,168 $23,316,140 $186,241 $652,402 $24,164,951 $370,731 $24,535,682 
See accompanying Notes to Consolidated Financial Statements.
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VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended September 30,
20232022
Cash flows from operating activities
Net income$1,794,901 $521,425 
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments (383,688)(230,522)
Stock-based compensation11,517 9,359 
Non-cash transaction costs 8,816 
Depreciation 2,712 2,371 
Other (gains) losses(4,295) 
Amortization of debt issuance costs and original issue discount35,415 28,099 
Change in allowance for credit losses166,119 865,459 
Income from unconsolidated affiliate(1,280)(37,853)
Distributions from unconsolidated affiliate3,273 40,437 
Net proceeds from settlement of derivatives 201,433 
Change in operating assets and liabilities:
Other assets134 (4,052)
Accrued expenses and deferred revenue(14,230)50,676 
Other liabilities(6,061)(171)
Net cash provided by operating activities1,604,517 1,455,477 
Cash flows from investing activities
Net cash paid in connection with MGP Transactions (4,574,536)
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition(1,266,905) 
Investments in leases - sales-type(231,215)(4,012,845)
Investments in leases - financing receivables(365,827) 
Investments in loans and securities(702,112)(87,166)
Principal repayments of loans and receipts of deferred fees400,250 1,130 
Capitalized transaction costs(759)(6,801)
Investments in short-term investments (207,722)
Maturities of short-term investments217,342  
Proceeds from sale of real estate6,235  
Acquisition of property and equipment(1,894)(1,158)
Net cash used in investing activities(1,944,885)(8,889,098)
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VICI PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)

Cash flows from financing activities
Proceeds from offering of common stock, net1,672,417 3,219,101 
Proceeds from April 2022 Notes offering 5,000,000 
Proceeds from Revolving Credit Facility408,204 600,000 
Repayment of Revolving Credit Facility(250,000)(600,000)
Debt issuance costs (146,176)
Repurchase of stock for tax withholding(4,966)(6,118)
Distributions to non-controlling interests(21,450)(10,711)
Dividends paid(1,161,764)(843,706)
Net cash provided by financing activities642,441 7,212,390 
 Effect of exchange rate changes on cash, cash equivalents and restricted cash (122) 
Net increase (decrease) in cash, cash equivalents and restricted cash301,951 (221,231)
Cash, cash equivalents and restricted cash, beginning of period208,933 739,614 
Cash, cash equivalents and restricted cash, end of period$510,884 $518,383 
Supplemental cash flow information:
Cash paid for interest $563,935 $290,119 
Cash paid for income taxes$4,896 $2,306 
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid $427,060 $380,377 
Debt issuance costs payable$ $13 
Deferred transaction costs payable$4,418 $1,479 
Non-cash change in Investments in leases - financing receivables$206,771 $120,709 
Obtaining right-of-use assets in exchange for lease liabilities$22,968 $541,676 
See accompanying Notes to Consolidated Financial Statements.
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VICI PROPERTIES L.P.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except unit and per unit data)

September 30, 2023December 31, 2022
Assets
Real estate portfolio:
Investments in leases - sales-type, net$22,889,984 $17,172,325 
Investments in leases - financing receivables, net17,337,665 16,740,770 
Investments in loans and securities, net973,217 685,793 
Investment in unconsolidated affiliate 1,460,775 
Land150,727 153,560 
Cash and cash equivalents461,024 142,600 
Short-term investments 217,342 
Other assets890,442 856,605 
Total assets$42,703,059 $37,429,770 
Liabilities
Debt, net$16,692,728 $13,739,675 
Accrued expenses and deferred revenue218,099 206,643 
Distributions payable427,461 380,581 
Other liabilities939,873 937,655 
Total liabilities18,278,161 15,264,554 
Commitments and contingent liabilities (Note 10)
Partners’ Capital
Partners’ capital, 1,029,059,256 and 975,327,936 operating partnership units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
24,158,382 21,900,511 
Accumulated other comprehensive income186,099 185,201 
Total VICI LP’s capital24,344,481 22,085,712 
Non-controlling interest80,417 79,504 
Total capital attributable to partners24,424,898 22,165,216 
Total liabilities and partners’ capital$42,703,059 $37,429,770 
_______________________________________________________
Note: As of September 30, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $755.4 million, $707.0 million, $22.8 million and $19.3 million, respectively, and $570.4 million, $726.7 million, $6.9 million and $19.8 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
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VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except unit and per unit data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Revenues
Income from sales-type leases$500,212 $376,048 $1,473,961 $1,077,952 
Income from lease financing receivables, loans and securities378,502 350,945 1,122,703 685,544 
Other income18,179 17,862 55,043 41,811 
Total revenues896,893 744,855 2,651,707 1,805,307 
Operating expenses
General and administrative14,422 12,055 44,347 33,303 
Depreciation177 31 270 90 
Other expenses18,179 17,862 55,043 41,811 
Change in allowance for credit losses95,997 232,763 166,119 865,459 
Transaction and acquisition expenses3,566 1,947 3,385 19,366 
Total operating expenses132,341 264,658 269,164 960,029 
Income from unconsolidated affiliate 22,719 1,280 37,853 
Interest expense(204,927)(169,354)(612,881)(370,624)
Interest income6,685 2,735 14,399 3,378 
Other (losses) gains(1,122) 4,295  
Income before income taxes565,188 336,297 1,789,636 515,885 
Income tax expense(417)(245)(1,981)(328)
Net income564,771 336,052 1,787,655 515,557 
Less: Net income attributable to non-controlling interest(2,421)(1,781)(7,747)(5,973)
Net income attributable to partners$562,350 $334,271 $1,779,908 $509,584 
Net income per Partnership unit
Basic$0.55 $0.34 $1.75 $0.60 
Diluted$0.55 $0.34 $1.74 $0.59 
Weighted average number of Partnership units outstanding
Basic1,025,218,157 974,805,0191,019,341,441 855,783,910
Diluted1,025,821,013 976,365,7131,020,668,825 857,767,590
Other comprehensive income
Net income attributable to partners$562,350 $334,271 $1,779,908 $509,584 
Reclassification of derivative gain to Interest expense(6,037)(6,037)(18,111)(10,196)
Unrealized gain on cash flow hedges20,109  20,289 200,550 
Foreign currency translation adjustments(1,348) (1,280) 
Comprehensive income attributable to partners$575,074 $328,234 $1,780,806 $699,938 
See accompanying Notes to Consolidated Financial Statements.
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VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
Partners’ CapitalAccumulated Other Comprehensive IncomeNon-Controlling InterestTotal
Balance as of December 31, 2021$12,010,698 $884 $78,906 $12,090,488 
Net income238,348 — 2,305 240,653 
Contributions from Parent3,229,165 — — 3,229,165 
Distributions to Parent(281,990)— — (281,990)
Distributions to non-controlling interest— — (2,103)(2,103)
Stock-based compensation, net of forfeitures2,602 — — 2,602 
Unrealized gain on cash flow hedges— 108,611 — 108,611 
Balance as of March 31, 202215,198,823 109,495 79,108 15,387,426 
Net loss(63,035)— 1,887 (61,148)
Contributions from parent6,949,119 — — 6,949,119 
Distributions to parent(375,626)— — (375,626)
Distributions to non-controlling interest— — (2,062)(2,062)
Stock-based compensation, net of forfeitures3,236 — — 3,236 
Reclassification of derivative gain to Interest expense— (4,159)— (4,159)
Unrealized gain on cash flow hedges— 91,939 — 91,939 
Balance as of June 30, 202221,712,517 197,275 78,933 21,988,725 
Net income334,271 — 1,781 336,052 
Contributions from parent142 — — 142 
Distributions to parent(381,204)— — (381,204)
Distributions to non-controlling interest— — (2,144)(2,144)
Stock-based compensation, net of forfeitures3,493 — — 3,493 
Reclassification of derivative gain to Interest expense(6,037)(6,037)
Balance as of September 30, 2022$21,669,219 $191,238 $78,570 $21,939,027 
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VICI PROPERTIES L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
(In thousands, except unit and per unit data)
Partners’ CapitalAccumulated Other Comprehensive IncomeNon-Controlling InterestTotal
Balance as of December 31, 2022$21,900,511 $185,201 $79,504 $