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Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables detail our debt obligations as of June 30, 2022 and December 31, 2021:
($ In thousands) |  | June 30, 2022
Description of Debt |  | Maturity |  | Interest Rate |  | Face Value |  | Carrying Value(1)
Revolving Credit Facility (2) |  | 2026 |  | SOFR + 1.050% |  | $ | — |  |  | $ | — |
Delayed Draw Term Loan (2) |  | 2025 |  | SOFR + 1.200% |  | — |  |  | — |
November 2019 Notes(3) |  |  |  |  |  |  |  |
2026 Maturity |  | 2026 |  | 4.250% |  | 1,250,000 |  |  | 1,237,398 |
2029 Maturity |  | 2029 |  | 4.625% |  | 1,000,000 |  |  | 988,131 |
February 2020 Notes(3) |  |  |  |  |  |  |  |
2025 Maturity |  | 2025 |  | 3.500% |  | 750,000 |  |  | 743,848 |
2027 Maturity |  | 2027 |  | 3.750% |  | 750,000 |  |  | 742,248 |
2030 Maturity |  | 2030 |  | 4.125% |  | 1,000,000 |  |  | 987,880 |
April 2022 Notes(3) |  |  |  |  |  |  |  |
2025 Maturity |  | 2025 |  | 4.375% |  | 500,000 |  |  | 495,547 |
2028 Maturity |  | 2028 |  | 4.516% (4) |  | 1,250,000 |  |  | 1,235,846 |
2030 Maturity |  | 2030 |  | 4.541% (4) |  | 1,000,000 |  |  | 986,769 |
2032 Maturity |  | 2032 |  | 3.980% (4) |  | 1,500,000 |  |  | 1,479,804 |
2052 Maturity |  | 2052 |  | 5.625% |  | 750,000 |  |  | 735,124 |
Exchange Notes(3) |  |  |  |  |  |  |  |
2024 Maturity |  | 2024 |  | 5.625% |  | 1,024,169 |  |  | 1,031,147 |
2025 Maturity |  | 2025 |  | 4.625% |  | 799,368 |  |  | 780,513 |
2026 Maturity |  | 2026 |  | 4.500% |  | 480,524 |  |  | 460,690 |
2027 Maturity |  | 2027 |  | 5.750% |  | 729,466 |  |  | 739,627 |
2028 Maturity |  | 2028 |  | 4.500% |  | 349,325 |  |  | 335,309 |
2029 Maturity |  | 2029 |  | 3.875% |  | 727,114 |  |  | 655,340 |
MGP OP Notes(3) |  |  |  |  |  |  |  |
2024 Maturity |  | 2024 |  | 5.625% |  | 25,831 |  |  | 25,928 |
2025 Maturity |  | 2025 |  | 4.625% |  | 632 |  |  | 612 |
2026 Maturity |  | 2026 |  | 4.500% |  | 19,476 |  |  | 18,418 |
2027 Maturity |  | 2027 |  | 5.750% |  | 20,534 |  |  | 20,518 |
2028 Maturity |  | 2028 |  | 4.500% |  | 675 |  |  | 636 |
2029 Maturity |  | 2029 |  | 3.875% |  | 22,886 |  |  | 20,167 |
Total Debt |  |  |  | 4.496% (5) |  | $ | 13,950,000 |  |  | $ | 13,721,500 |
($ In thousands) |  | December 31, 2021
Description of Debt |  | Maturity |  | Interest Rate |  | Face Value |  | Carrying Value(1)
Secured Revolving Credit Facility (6) |  | 2024 |  | L + 2.00% |  | $ | — |  |  | $ | — |
November 2019 Notes(3) |  |  |  |  |  |  |  |
2026 Maturity |  | 2026 |  | 4.250% |  | 1,250,000 |  |  | 1,235,972 |
2029 Maturity |  | 2029 |  | 4.625% |  | 1,000,000 |  |  | 987,331 |
February 2020 Notes(3) |  |  |  |  |  |  |  |
2025 Maturity |  | 2025 |  | 3.500% |  | 750,000 |  |  | 742,677 |
2027 Maturity |  | 2027 |  | 3.750% |  | 750,000 |  |  | 741,409 |
2030 Maturity |  | 2030 |  | 4.125% |  | 1,000,000 |  |  | 987,134 |
Total Debt (5) |  |  |  | 4.105% |  | $ | 4,750,000 |  |  | $ | 4,694,523 |
____________________ (1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2)Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility and Delayed Draw Term Loan 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 and a range of 0.85% to 1.60% margin plus SOFR, respectively, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility and Delayed Draw Term Loan 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 three and six months ended June 30, 2022, the commitment fees for both the Revolving Credit Facility and Delayed Draw Term Loan were 0.375%. (3)Interest is payable semi-annually. (4)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 N ote 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. (5)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 June 30, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67% (6)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 Existing Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described below.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule | The following table is a schedule of future minimum principal payments of our debt obligations as of June 30, 2022:
(In thousands) |  | Future Minimum Principal Payments
2022 (remaining) |  | $ | — |
2023 |  | — |
2024 |  | 1,050,000 |
2025 |  | 2,050,000 |
2026 |  | 1,750,000 |
2027 |  | 1,500,000 |
Thereafter |  | 7,600,000 |
Total minimum principal payments |  | $ | 13,950,000 |

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