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Income Taxes
 12 Months Ended
Dec. 31, 2024
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 operations of VICI Golf (represented by the four golf course businesses), which are held in a TRS and certain of our other subsidiaries that operate in various states and municipalities within North America and the United Kingdom, are subject to various local, state and/or federal income taxes. Accordingly, we provide for a provision for income taxes in relation to these jurisdictions, which includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflects the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes.
The composition of our income tax expense (benefit) was as follows:
Year Ended December 31,
202420232022
(In thousands)CurrentDeferredTotalCurrentDeferredTotalCurrentDeferredTotal
     Federal$1,808 $(702)$1,106 $1,755 $129 $1,884 $1,758 $469 $2,227 
     State1,816 8 1,824 2,481 13 2,494 658 (9)649 
Foreign641 6,133 6,774 49 (10,568)(10,519)— — — 
Income tax expense (benefit)$4,265 $5,439 $9,704 $4,285 $(10,426)$(6,141)$2,416 $460 $2,876 
At December 31, 2024 and 2023, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were:
(In thousands)December 31, 2024December 31, 2023
Deferred tax assets:
CECL allowance - foreign investments$10,584 $13,777 
Lease liability2,192 2,255 
Accruals, reserves and other1,256 222 
Cumulative translation adjustment— 726 
Total deferred tax assets14,032 16,980 
Deferred tax liabilities:
Fixed assets - foreign investments(1,436)(5,080)
Land, buildings and equipment, net(5,042)(4,728)
Right of use asset(2,192)(2,255)
Cumulative translation adjustment(3,309)— 
Total deferred tax liabilities(11,979)(12,063)
Net deferred tax asset$2,053 $4,917 
The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
($ in thousands)AmountPercentAmountPercentAmountPercent
Federal income tax expense at statutory rate$564,586 21.0 %$526,579 21.0 %$239,220 21.0 %
REIT income not subject to federal income tax(563,476)(21.0)(524,791)(20.9)(237,069)(20.8)
Pre-tax gain attributable to taxable subsidiaries1,110 — 1,788 0.1 2,151 0.2 
State income taxes, net of federal benefits1,800 0.1 2,474 0.1 648 0.1 
Foreign income taxes6,774 0.3 (10,519)(0.4)— — 
Non-deductible expenses and other20 — 116 — 77 — 
Provision for (benefit from) income taxes$9,704 0.4 %$(6,141)(0.2)%$2,876 0.3 %
We declared dividends of $1.695, $1.610 and $1.500 per common share during the years ended December 31, 2024, 2023 and 2022, respectively. For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2024, 2023 and 2022 are characterized as follows:
Year Ended December 31,
($ per share)202420232022
Ordinary dividends$1.5045 $1.4500 $1.5787 
Section 199A dividends (1)
$1.5013 $1.4265 $1.5787 
Qualified dividend (1)
$0.0031 $0.0235 $— 
Non-dividend distribution$0.1730 $0.0263 $— 
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(1)These amounts are a subset of, and are included in, the ordinary dividend amounts.

As of December 31, 2024, we had NOLs of $151.6 million, generated by our REIT, that will expire in 2037, unless they are utilized by us prior to expiration.
As of December 31, 2024, the 2021, 2022, and 2023 tax years remain subject to examination by federal, state and local tax authorities. The tax filings for tax year 2024 have not yet been filed, and once made, will be subject to examination by taxing authorities for a period of three years.