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VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate portfolio:    
Investments in leases - sales-type, net [1] $ 23,763,616 $ 23,581,101
Land 149,717 150,727
Cash and cash equivalents 507,503 524,615
Other assets [1] 1,041,932 1,030,644
Total assets 46,535,840 45,368,940
Liabilities    
Debt, net 16,762,660 16,732,889
Accrued expenses and deferred revenue 182,651 217,956
Distributions payable 486,258 461,954
Other liabilities 1,006,993 1,004,340
Total liabilities 18,438,562 18,417,139
Commitments and contingent liabilities (Note 10)
Partners’ Capital    
Accumulated other comprehensive income 125,198 144,574
Total liabilities and partners’ capital 46,535,840 45,368,940
Investments in leases - financing receivables, net    
Real estate portfolio:    
Investments in leases - financing receivables, net [1] 18,640,073 18,430,320
Investments in loans and securities, net    
Real estate portfolio:    
Investments in leases - financing receivables, net [1] 2,432,999 1,651,533
VICI Properties LP    
Real estate portfolio:    
Investments in leases - sales-type, net [2] 23,763,616 23,581,101
Land 149,717 150,727
Cash and cash equivalents 497,172 456,899
Other assets [2] 963,865 1,015,180
Total assets 46,447,442 45,285,760
Liabilities    
Debt, net 16,762,660 16,732,889
Accrued expenses and deferred revenue 180,401 215,452
Distributions payable 486,258 461,954
Other liabilities 993,160 990,577
Total liabilities 18,422,479 18,400,872
Commitments and contingent liabilities (Note 10)
Partners’ Capital    
Partners’ capital, 1,081,040,067 and 1,068,598,058 operating partnership units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 27,794,086 26,634,873
Accumulated other comprehensive income 124,304 143,899
Total VICI LP’s capital 27,918,390 26,778,772
Non-controlling interests 106,573 106,116
Total capital attributable to partners 28,024,963 26,884,888
Total liabilities and partners’ capital 46,447,442 45,285,760
VICI Properties LP | Investments in leases - financing receivables, net    
Real estate portfolio:    
Investments in leases - financing receivables, net [2] 18,640,073 18,430,320
VICI Properties LP | Investments in loans and securities, net    
Real estate portfolio:    
Investments in leases - financing receivables, net [2] $ 2,432,999 $ 1,651,533
[1] As of September 30, 2025 and December 31, 2024, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $802.1 million, $750.7 million, $39.0 million and $20.4 million, respectively, and $802.7 million, $737.1 million, $25.0 million and $20.6 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
[2] As of September 30, 2025 and December 31, 2024, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $802.1 million, $750.7 million, $39.0 million and $20.4 million, respectively, and $802.7 million, $737.1 million, $25.0 million and $20.6 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.