XML 46 R30.htm IDEA: XBRL DOCUMENT
v3.25.3

Real Estate Portfolio (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Real Estate [Abstract] |
Schedule Real Estate Portfolio Balances | The following is a summary of the balances of our real estate portfolio as of September 30, 2025 and December 31, 2024:
(In thousands) | September 30, 2025 |  | December 31, 2024
Investments in leases – sales-type, net (1) | $ | 23,763,616 |  |  | $ | 23,581,101 |
Investments in leases – financing receivables, net (1) | 18,640,073 |  |  | 18,430,320 |
Total investments in leases, net | 42,403,689 |  |  | 42,011,421 |
Investments in loans and securities, net | 2,432,999 |  |  | 1,651,533 |
Land | 149,717 |  |  | 150,727 |
Total real estate portfolio | $ | 44,986,405 |  |  | $ | 43,813,681 |
____________________ (1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective lease agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of September 30, 2025 and December 31, 2024, the estimated residual value of the leased properties under our lease agreements was $16.5 billion and $16.4 billion, respectively.
Schedule of Components of Direct Financing and Operating Leases | The following table details the components of our income from sales-type leases and lease financing receivables:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Income from sales-type leases – fixed rent | $ | 503,040 |  |  | $ | 494,641 |  |  | $ | 1,505,431 |  |  | $ | 1,467,825 |
Income from sales-type leases – contingent rent (1) | 28,725 |  |  | 24,050 |  |  | 85,286 |  |  | 75,927 |
Income from lease financing receivables – fixed rent | 385,112 |  |  | 379,657 |  |  | 1,150,865 |  |  | 1,135,643 |
Income from lease financing receivables – contingent rent (1) | 1,898 |  |  | 3,211 |  |  | 5,693 |  |  | 9,634 |
Total lease revenue | 918,775 |  |  | 901,559 |  |  | 2,747,275 |  |  | 2,689,029 |
Non-cash adjustment (2) | (131,247) |  |  | (135,944) |  |  | (393,370) |  |  | (402,989) |
Total contractual lease revenue | $ | 787,528 |  |  | $ | 765,615 |  |  | $ | 2,353,905 |  |  | $ | 2,286,040 |
____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. (2) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases | At September 30, 2025, minimum lease payments owed to us for each of the five succeeding years and thereafter under sales-type leases and our leases accounted for as financing receivables, are as follows:
|  | Minimum Lease Payments (1) (2)
|  | Investments in Leases |  |
(In thousands) |  | Sales-Type |  |  |  | Financing Receivables |  | Total
2025 (remaining) |  | $ | 444,225 |  |  |  |  | $ | 315,466 |  |  | $ | 759,691 |
2026 |  | 1,794,488 |  |  |  |  | 1,278,182 |  |  | 3,072,670 |
2027 |  | 1,821,969 |  |  |  |  | 1,302,016 |  |  | 3,123,985 |
2028 |  | 1,850,663 |  |  |  |  | 1,326,567 |  |  | 3,177,230 |
2029 |  | 1,880,313 |  |  |  |  | 1,351,597 |  |  | 3,231,910 |
Thereafter |  | 79,935,052 |  |  |  |  | 88,439,519 |  |  | 168,374,571 |
Total |  | $ | 87,726,710 |  |  |  |  | $ | 94,013,347 |  |  | $ | 181,740,057 |
____________________ (1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the lease agreements. (2) The minimum lease payments include the non-cancelable lease term and any tenant renewal options that we determined were reasonably assured, consistent with our conclusions under ASC 842 and ASC 310.
Schedule of Lease Agreements | The following is a summary of the material lease provisions of our leases with Caesars and MGM, our two most significant tenants (each, as may be amended from time to time, and each individually, as defined in the respective header):
($ In thousands) |  | MGM Master Lease |  | Caesars Regional Master Lease and Joliet Lease |  | Caesars Las Vegas Master Lease |  |  |  | MGM Grand/ Mandalay Bay Lease
Lease Provision |  |  |  |
Initial term |  | 25 years |  | 18 years |  | 18 years |  |  |  | 30 years
Initial term maturity |  | 4/30/2047 |  | 7/31/2035 |  | 7/31/2035 |  |  |  | 2/28/2050
Renewal terms |  | Three, ten-year terms |  | Four, five-year terms |  | Four, five-year terms |  |  |  | Two, ten-year terms
Current lease year |  | 5/1/25 - 4/30/26 (Lease Year 4) |  | 11/1/24 - 10/31/25 (Lease Year 8) |  | 11/1/24 - 10/31/25 (Lease Year 8) |  |  |  | 3/1/25 - 2/28/26 (Lease Year 6)
Current annual rent |  | $774,682 |  | $725,489 (1) |  | $495,418 |  |  |  | $322,392
Annual escalator (2) |  | Lease years 2-10 - 2% Lease years 11-end of term - > 2% / change in CPI (capped at 3%) |  | > 2% / change in CPI |  | > 2% / change in CPI |  |  |  | Lease years 2-15 - 2% Lease years 16-end of term – >2% / change in CPI (capped at 3%)
Variable rent adjustment (3) |  | None |  | Years 11 & 16: 80% base rent / 20% variable rent |  | Years 11 & 16: 80% base rent / 20% variable rent |  |  |  | None
Variable rent adjustment calculation |  | None |  | 4% of revenue increase/decrease: Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 |  | 4% of revenue increase/decrease: Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 |  |  |  | None
____________________ (1) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Joliet Lease is $716.0 million. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. (3) Variable rent is not subject to the annual escalator.
Schedule of Capital Expenditure Requirements Under Lease Agreements | The following table summarizes the capital expenditure requirements of our tenants under their respective lease agreements:
Provision |  | Caesars Regional Master Lease and Joliet Lease |  | Caesars Las Vegas Master Lease |  | MGM Grand/ Mandalay Bay Lease |  |  |  | Venetian Lease | All Other Gaming Leases (1)
Yearly minimum expenditure |  | 1% of net revenues (2) |  | 1% of net revenues (2) |  | 3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves |  |  |  | 2% of net revenues based on rolling three-year basis | 1% of net revenues
Rolling three-year minimum |  | $286 million (3) |  | $84 million (3) |  | N/A |  |  |  | N/A | N/A
____________________ (1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in the respective lease agreements. (2) The leases with Caesars require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Harrah’s Joliet and the Caesars Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (3) Certain tenants under our leases with Caesars, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars lease in such proportion as such tenants may elect. Additionally, the tenants under the Caesars Regional Master Lease and Joliet Lease are required to spend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement.
Schedule of Investments In Loans | The following is a summary of our investments in loans and securities as of September 30, 2025 and December 31, 2024:
|  | ($ In thousands) |  | September 30, 2025
|  | Investment Type |  | Principal Balance |  | Carrying Value (1) |  | Future Funding Commitments (2) |  | Weighted Average Interest Rate (3) |  | Weighted Average Term (4)
|  | Senior Secured Notes (5) |  | $ | 83,938 |  |  | $ | 81,359 |  |  | $ | — |  |  | 11.0 | % |  | 5.5 years
|  | Senior Secured Loans |  | 992,675 |  |  | 973,550 |  |  | 503,103 |  |  | 8.2 | % |  | 4.6 years
|  | Mezzanine Loans and Preferred Equity |  | 1,394,592 |  |  | 1,378,090 |  |  | 227,450 |  |  | 9.9 | % |  | 2.7 years
|  | Total |  | $ | 2,471,205 |  |  | $ | 2,432,999 |  |  | $ | 730,553 |  |  | 9.2 | % |  | 3.6 years
|  | ($ In thousands) |  | December 31, 2024
|  | Investment Type |  | Principal Balance |  | Carrying Value (1) |  | Future Funding Commitments (2) |  | Weighted Average Interest Rate (3) |  | Weighted Average Term (4)
|  | Senior Secured Notes (5) |  | $ | 85,000 |  |  | $ | 81,857 |  |  | $ | — |  |  | 11.0 | % |  | 6.3 years
|  | Senior Secured Loans |  | 684,686 |  |  | 674,200 |  |  | 308,776 |  |  | 8.0 | % |  | 4.7 years
|  | Mezzanine Loans and Preferred Equity |  | 908,461 |  |  | 895,476 |  |  | 239,748 |  |  | 9.2 | % |  | 4.1 years
|  | Total |  | $ | 1,678,147 |  |  | $ | 1,651,533 |  |  | $ | 548,524 |  |  | 8.8 | % |  | 4.4 years
____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of September 30, 2025 and December 31, 2024. (4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date. (5) Represents our investment in the Hard Rock Ottawa Notes, which are accounted for as held-to-maturity securities.
Summary of Movement of Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss | The following summarizes the activity of our investments in loans and securities for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024
Beginning Balance January 1, | $ | 1,651,533 |  |  | $ | 1,144,177 |
Principal fundings | 783,604 |  |  | 473,198 |
Payment-in-kind interest | 23,831 |  |  | — |
Repayments | (15,897) |  |  | (79,500) |
Change in CECL allowance | (14,045) |  |  | 8,019 |
Other | 3,973 |  |  | 4,786 |
Ending Balance September 30, | $ | 2,432,999 |  |  | $ | 1,550,680 |

X
- Definition Tabular disclosure of components of lease income from direct financing lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
Name: | us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Capital Expenditure Requirements Under Lease Agreements [Table Text Block] + References No definition available. + Details
Name: | vici_ScheduleOfCapitalExpenditureRequirementsUnderLeaseAgreementsTableTextBlock
Namespace Prefix: | vici_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Components of Direct Financing and Operating Leases [Table Text Block] + References No definition available. + Details
Name: | vici_ScheduleOfComponentsOfDirectFinancingAndOperatingLeasesTableTextBlock
Namespace Prefix: | vici_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Future Minimum Lease Payments for Operating And Capital Leases [Table Text Block] + References No definition available. + Details
Name: | vici_ScheduleOfFutureMinimumLeasePaymentsForOperatingAndCapitalLeasesTableTextBlock
Namespace Prefix: | vici_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Material Lease Provisions Of Lease Agreements [Table Text Block] + References No definition available. + Details
Name: | vici_ScheduleOfMaterialLeaseProvisionsOfLeaseAgreementsTableTextBlock
Namespace Prefix: | vici_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Investments In Loans + References No definition available. + Details
Name: | vici_SummaryOfInvestmentsInLoansTableTextBlock
Namespace Prefix: | vici_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Movement of Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss + References No definition available. + Details
Name: | vici_SummaryOfMovementOfFinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossTableTextBlock
Namespace Prefix: | vici_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration