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VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2022 | Jun. 30, 2021
Cash flows from operating activities |  |
Net income | $ 184,547 | $ 575,176
Adjustments to reconcile net income to cash flows provided by operating activities: |  |
Non-cash leasing and financing adjustments | (121,969) | (58,289)
Stock-based compensation | 5,866 | 4,672
Depreciation | 1,555 | 1,549
Amortization of debt issuance costs and original issue discount | 23,809 | 16,625
Change in allowance for credit losses | 632,696 | (33,484)
Income from unconsolidated affiliate | (15,134) | 0
Distributions from unconsolidated affiliate | 16,182 | 0
Net proceeds from settlement of derivatives | 201,433 | 0
Change in operating assets and liabilities: |  |
Other assets | (5,287) | (7,675)
Accrued expenses and deferred revenue | 18,767 | (93,816)
Other liabilities | (147) | 5,712
Net cash provided by operating activities | 951,134 | 410,470
Cash flows from investing activities |  |
Net cash paid in connection with MGP Transactions | (4,574,436) | 0
Investments in leases - sales-type | (4,012,828) | 0
Investments in leases - financing receivables | 0 | (6,000)
Investments in loans | (47,361) | 0
Principal repayments of lease financing receivables | 0 | 1,091
Principal repayments of loans and receipts of deferred fees | 50 | 30,448
Capitalized transaction costs | (7,095) | (1,884)
Maturities of short-term investments | 0 | 19,973
Acquisition of property and equipment | (686) | (1,523)
Net cash (used in) provided by investing activities | (8,642,356) | 42,105
Cash flows from financing activities |  |
Proceeds from April 2022 Notes offering | 5,000,000 | 0
Proceeds from Revolving Credit Facility | 600,000 | 0
Repayment of Revolving Credit Facility | (600,000) | 0
Debt issuance costs | (146,021) | 0
Distributions to non-controlling interests | (4,165) | (4,143)
Net cash provided by (used in) financing activities | 7,565,609 | (361,046)
Net (decrease) increase in cash, cash equivalents and restricted cash | (125,613) | 91,529
Cash, cash equivalents and restricted cash, beginning of period | 739,614 | 315,993
Cash, cash equivalents and restricted cash, end of period | 614,001 | 407,522
Supplemental cash flow information: |  |
Cash paid for interest | 152,794 | 140,738
Cash paid for income taxes | 2,086 | 1,790
Supplemental non-cash investing and financing activity: |  |
Debt issuance costs payable | 13 | 17,341
Deferred transaction costs payable | 4,445 | 6,816
Non-cash change in Investments in leases - financing receivables | 53,046 | 10,050
Lease liabilities arising from obtaining right-of-use assets | 541,676 | 0
VICI Properties LP |  |
Cash flows from operating activities |  |
Net income | 179,504 | 572,148
Adjustments to reconcile net income to cash flows provided by operating activities: |  |
Non-cash leasing and financing adjustments | (121,969) | (58,289)
Stock-based compensation | 5,810 | 4,618
Depreciation | 60 | 63
Amortization of debt issuance costs and original issue discount | 23,809 | 16,625
Change in allowance for credit losses | 632,696 | (33,484)
Income from unconsolidated affiliate | (15,134) | 0
Distributions from unconsolidated affiliate | 16,182 | 0
Net proceeds from settlement of derivatives | 201,433 | 0
Change in operating assets and liabilities: |  |
Other assets | (2,063) | (7,447)
Accrued expenses and deferred revenue | 18,564 | (87,273)
Other liabilities | (165) | 238
Net cash provided by operating activities | 938,727 | 407,199
Cash flows from investing activities |  |
Net cash paid in connection with MGP Transactions | (4,574,436) | 0
Investments in leases - sales-type | (4,012,828) | 0
Investments in leases - financing receivables | 0 | (6,000)
Investments in loans | (47,361) | 0
Principal repayments of lease financing receivables | 0 | 1,091
Principal repayments of loans and receipts of deferred fees | 50 | 30,448
Capitalized transaction costs | (7,095) | (1,884)
Maturities of short-term investments | 0 | 19,973
Acquisition of property and equipment | (30) | (15)
Net cash (used in) provided by investing activities | (8,641,700) | 43,613
Cash flows from financing activities |  |
Contributions from Parent | 3,219,202 | 0
Distributions to Parent | (625,000) | (354,000)
Proceeds from April 2022 Notes offering | 5,000,000 | 0
Proceeds from Revolving Credit Facility | 600,000 | 0
Repayment of Revolving Credit Facility | (600,000) | 0
Debt issuance costs | (146,021) | 0
Distributions to non-controlling interests | (4,165) | (4,143)
Net cash provided by (used in) financing activities | 7,444,016 | (358,143)
Net (decrease) increase in cash, cash equivalents and restricted cash | (258,957) | 92,669
Cash, cash equivalents and restricted cash, beginning of period | 705,566 | 286,245
Cash, cash equivalents and restricted cash, end of period | 446,609 | 378,914
Supplemental cash flow information: |  |
Cash paid for interest | 152,794 | 140,738
Cash paid for income taxes | 776 | 1,396
Supplemental non-cash investing and financing activity: |  |
Distributions payable | 244,306 | 177,223
Debt issuance costs payable | 13 | 17,341
Deferred transaction costs payable | 4,445 | 6,816
Non-cash change in Investments in leases - financing receivables | 53,046 | 10,050
Lease liabilities arising from obtaining right-of-use assets | $ 541,676 | $ 0

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