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VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 2,204,253 $ 2,097,037
Adjustments to reconcile net income to cash flows provided by operating activities:    
Non-cash leasing and financing adjustments (393,076) (402,839)
Stock-based compensation 11,758 12,973
Depreciation 2,674 3,133
Other gains (792) (770)
Amortization of debt issuance costs and original issue discount 35,791 34,175
Change in allowance for credit losses 24,803 32,292
Net proceeds from settlement of derivatives 1,767 2,827
Deferred income taxes 2,848 4,234
Payment-in-kind interest (23,831) 0
Change in operating assets and liabilities:    
Other assets (8,601) (5,910)
Accrued expenses and deferred revenue (39,261) (39,573)
Other liabilities (286) (178)
Net cash provided by operating activities 1,818,047 1,737,401
Cash flows from investing activities    
Investments in leases - sales-type 0 (261,800)
Investments in leases - financing receivables 0 (248)
Investments in loans and securities (786,360) (473,727)
Principal repayments of loans and securities and receipts of deferred fees 20,296 80,750
Capitalized transaction costs (325) (2,091)
Investments in short-term investments 0 (29,579)
Maturities of short-term investments 0 29,579
Proceeds from sale of real estate 1,962 952
Acquisition of property and equipment (1,033) (6,442)
Net cash used in investing activities (765,460) (662,606)
Cash flows from financing activities    
Proceeds from Revolving Credit Facility 426,024 82,200
Repayment of Revolving Credit Facility (432,689) (85,881)
Proceeds from senior unsecured notes offerings 1,284,437 1,028,533
Redemption of senior unsecured notes (1,300,000) (1,050,000)
Debt issuance costs (19,401) (3,288)
Repurchase of stock for tax withholding (7,232) (5,341)
Distributions to non-controlling interests (23,970) (23,245)
Net cash used in financing activities (1,070,208) (1,242,227)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 509 525
Net increase (decrease) in cash, cash equivalents and restricted cash (17,112) (166,907)
Cash, cash equivalents and restricted cash, beginning of period 524,615 522,574
Cash, cash equivalents and restricted cash, end of period 507,503 355,667
Supplemental cash flow information:    
Cash paid for interest 620,778 595,391
Cash paid for income taxes 3,311 3,338
Supplemental non-cash investing and financing activity:    
Debt issuance costs payable 0 80
Accrued capitalized transaction costs 1,859 6,448
Non-cash change in Investments in leases - financing receivables 211,903 212,400
VICI Properties LP    
Cash flows from operating activities    
Net income 2,198,582 2,090,562
Adjustments to reconcile net income to cash flows provided by operating activities:    
Non-cash leasing and financing adjustments (393,076) (402,839)
Stock-based compensation 11,758 12,973
Depreciation 390 570
Other gains (792) (770)
Amortization of debt issuance costs and original issue discount 35,791 34,175
Change in allowance for credit losses 24,803 32,292
Net proceeds from settlement of derivatives 1,767 2,827
Deferred income taxes 2,541 4,165
Payment-in-kind interest (23,831) 0
Change in operating assets and liabilities:    
Other assets (7,822) (5,514)
Accrued expenses and deferred revenue (41,601) (40,464)
Other liabilities (48) 28
Net cash provided by operating activities 1,808,462 1,728,005
Cash flows from investing activities    
Investments in leases - sales-type 0 (261,800)
Investments in leases - financing receivables 0 (248)
Investments in loans and securities (786,360) (473,727)
Principal repayments of loans and securities and receipts of deferred fees 20,296 80,750
Capitalized transaction costs (325) (2,091)
Investments in short-term investments 0 (29,579)
Maturities of short-term investments 0 29,579
Proceeds from sale of real estate 1,962 952
Acquisition of property and equipment (95) (4,507)
Net cash used in investing activities (764,522) (660,671)
Cash flows from financing activities    
Contributions from Parent 438,943 166,405
Distributions to Parent (1,386,158) (1,315,405)
Proceeds from Revolving Credit Facility 426,024 82,200
Repayment of Revolving Credit Facility (432,689) (85,881)
Proceeds from senior unsecured notes offerings 1,284,437 1,028,533
Redemption of senior unsecured notes (1,300,000) (1,050,000)
Debt issuance costs (19,401) (3,288)
Repurchase of stock for tax withholding (7,232) (5,341)
Distributions to non-controlling interests (8,100) (8,015)
Net cash used in financing activities (1,004,176) (1,190,792)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 509 525
Net increase (decrease) in cash, cash equivalents and restricted cash 40,273 (122,933)
Cash, cash equivalents and restricted cash, beginning of period 456,899 471,584
Cash, cash equivalents and restricted cash, end of period 497,172 348,651
Supplemental cash flow information:    
Cash paid for interest 620,778 595,391
Cash paid for income taxes 1,188 1,312
Supplemental non-cash investing and financing activity:    
Distributions payable 486,468 458,192
Debt issuance costs payable 0 80
Accrued capitalized transaction costs 1,859 6,448
Non-cash change in Investments in leases - financing receivables $ 211,903 $ 212,400