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VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 2,721,242 $ 2,554,622 $ 1,136,267
Adjustments to reconcile net income to cash flows provided by operating activities:      
Non-cash leasing and financing adjustments (537,708) (515,488) (337,631)
Stock-based compensation 17,511 15,536 12,986
Depreciation 4,125 4,298 3,182
Other gains (581) (4,456) 0
Amortization of debt issuance costs and original issue discount 46,668 46,123 32,363
Change in allowance for credit losses 126,720 102,824 834,494
Deferred income taxes 5,439 (10,426) 0
Net proceeds from settlement of derivatives 9,602 0 201,434
Income from unconsolidated affiliate 0 (1,280) (59,769)
Distributions from unconsolidated affiliate 0 3,273 64,808
Change in operating assets and liabilities:      
Other assets 3,428 5,124 (5,673)
Accrued expenses and deferred revenue (13,443) (11,645) 52,261
Other liabilities (1,505) (7,496) (142)
Net cash provided by operating activities 2,381,498 2,181,009 1,943,396
Cash flows from investing activities      
Investments in leases - sales-type (411,800) (241,139) (4,017,851)
Investments in leases - financing receivables (248) (1,131,996) (296,668)
Investments in loans and securities (579,057) (959,135) (193,733)
Principal repayments of loans and receipts of deferred fees 80,750 482,006 5,696
Capitalized transaction costs (5,863) (1,468) (7,704)
Investments in short-term investments (29,579) 0 (306,532)
Maturities of short-term investments 29,579 217,342 89,190
Proceeds from sale of real estate 963 6,235 0
Acquisition of property and equipment (7,526) (4,035) (1,876)
Net cash used in investing activities (922,781) (2,899,095) (9,304,014)
Cash flows from financing activities      
Proceeds from senior unsecured notes offerings 1,771,168 0 5,000,000
Proceeds from 2022 Revolving Credit Facility 82,200 419,148 600,000
Redemption of senior unsecured notes (1,800,000) 0 0
Paydown of 2022 Revolving Credit Facility (94,306) (250,000) (600,000)
Repurchase of stock for tax withholding (5,341) (4,966) (6,156)
Debt issuance costs (5,303) (105) (146,189)
Distributions to non-controlling interests (31,235) (28,552) (17,702)
Net cash (used in) provided by financing activities (1,457,121) 1,031,790 6,829,937
Effect of exchange rate changes on cash, cash equivalents and restricted cash 445 (63) 0
Net increase (decrease) in cash, cash equivalents and restricted cash 2,041 313,641 (530,681)
Cash, cash equivalents and restricted cash, beginning of period 522,574 208,933 739,614
Cash, cash equivalents and restricted cash, end of period 524,615 522,574 208,933
Supplemental cash flow information:      
Cash paid for interest 781,401 762,610 466,806
Cash paid for income taxes 3,338 4,915 3,024
Supplemental non-cash investing and financing activity:      
Issuance of stock-based compensation subject to repurchase for tax withholding 17,576 11,443 0
Accrued capitalized transaction costs 1,600 2,311 2,526
Debt issuance costs payable 476 45 0
Non-cash change in Investments in leases - financing receivables 283,406 276,929 189,123
Obtaining right-of-use assets in exchange for lease liabilities 15,523 82,099 541,676
MGM Grand Mandalay Bay JV      
Cash flows from investing activities      
Net cash paid to acquire businesses 0 (1,266,905) 0
MGM Growth Properties Acquisition      
Cash flows from investing activities      
Net cash paid to acquire businesses 0 0 (4,574,536)
VICI Properties LP      
Cash flows from operating activities      
Net income 2,715,455 2,545,970 1,127,598
Adjustments to reconcile net income to cash flows provided by operating activities:      
Non-cash leasing and financing adjustments (537,708) (515,488) (337,631)
Stock-based compensation 17,511 15,536 12,683
Depreciation 699 558 121
Other gains (581) (4,456) 0
Amortization of debt issuance costs and original issue discount 46,668 46,123 32,363
Change in allowance for credit losses 126,720 102,824 834,494
Deferred income taxes 6,135 (10,569) 0
Net proceeds from settlement of derivatives 9,602 0 201,434
Income from unconsolidated affiliate 0 (1,280) (59,769)
Distributions from unconsolidated affiliate 0 3,273 64,808
Change in operating assets and liabilities:      
Other assets 3,736 5,469 (2,717)
Accrued expenses and deferred revenue (14,023) (12,323) 46,837
Other liabilities (1,229) (7,274) (392)
Net cash provided by operating activities 2,372,985 2,168,363 1,919,829
Cash flows from investing activities      
Investments in leases - sales-type (411,800) (241,139) (4,017,851)
Investments in leases - financing receivables (248) (1,131,996) (296,668)
Investments in loans and securities (579,057) (959,135) (193,733)
Principal repayments of loans and receipts of deferred fees 80,750 482,006 5,696
Capitalized transaction costs (5,863) (1,468) (7,704)
Investments in short-term investments (29,579) 0 (306,532)
Maturities of short-term investments 29,579 217,342 89,190
Proceeds from sale of real estate 963 6,235 0
Acquisition of property and equipment (4,530) (1,176) (65)
Net cash used in investing activities (919,785) (2,896,236) (9,302,203)
Cash flows from financing activities      
Contributions from Parent 367,331 2,507,511 3,219,202
Distributions to Parent (1,773,366) (1,605,502) (1,238,920)
Proceeds from senior unsecured notes offerings 1,771,168 0 5,000,000
Proceeds from 2022 Revolving Credit Facility 82,200 419,148 600,000
Paydown of 2022 Revolving Credit Facility (94,306) (250,000) (600,000)
Repurchase of stock for tax withholding (5,341) (4,966) (6,156)
Debt issuance costs (5,303) (105) (146,189)
Distributions to non-controlling interests (10,713) (9,166) (8,529)
Net cash (used in) provided by financing activities (1,468,330) 1,056,920 6,819,408
Effect of exchange rate changes on cash, cash equivalents and restricted cash 445 (63) 0
Net increase (decrease) in cash, cash equivalents and restricted cash (14,685) 328,984 (562,966)
Cash, cash equivalents and restricted cash, beginning of period 471,584 142,600 705,566
Cash, cash equivalents and restricted cash, end of period 456,899 471,584 142,600
Supplemental cash flow information:      
Cash paid for interest 781,401 762,610 466,806
Cash paid for income taxes 1,312 1,598 1,377
Supplemental non-cash investing and financing activity:      
Distributions payable 462,170 439,486 380,581
Accrued capitalized transaction costs 1,600 2,311 2,526
Debt issuance costs payable 476 45 0
Non-cash change in Investments in leases - financing receivables 283,406 276,929 189,123
Obtaining right-of-use assets in exchange for lease liabilities 15,523 82,099 541,676
Contributions receivable 63,216 0 0
VICI Properties LP | MGM Grand Mandalay Bay JV      
Cash flows from investing activities      
Net cash paid to acquire businesses 0 (1,266,905) 0
VICI Properties LP | MGM Growth Properties Acquisition      
Cash flows from investing activities      
Net cash paid to acquire businesses $ 0 $ 0 $ (4,574,536)