VICI PROPERTIES INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
VICI$24.99-0.7%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows F -
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $2,554,622 | $1,136,267 | $1,023,158 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||
| Non-cash leasing and financing adjustments | (515,488) | (337,631) | (119,969) |
| Stock-based compensation | 15,536 | 12,986 | 9,371 |
| Non-cash transaction costs | — | 8,816 | — |
| Depreciation | 4,298 | 3,182 | 3,091 |
| Other gains | (4,456) | — | — |
| Amortization of debt issuance costs and original issue discount | 46,123 | 32,363 | 71,452 |
| Change in allowance for credit losses | 102,824 | 834,494 | (19,554) |
| Income from unconsolidated affiliate | (1,280) | (59,769) | — |
| Distributions from unconsolidated affiliate | 3,273 | 64,808 | — |
| Net proceeds from settlement of derivatives | — | 201,434 | — |
| Loss on extinguishment of debt | — | — | 15,622 |
| Deferred income taxes | (10,426) | — | — |
| Change in operating assets and liabilities: | |||
| Other assets | 5,124 | (5,673) | 830 |
| Accrued expenses and deferred revenue | (11,645) | 52,261 | (88,127) |
| Other liabilities | (7,496) | (142) | 476 |
| Net cash provided by operating activities | 2,181,009 | 1,943,396 | 896,350 |
| Cash flows from investing activities | |||
| Net cash paid in connection with MGP Transactions | — | (4,574,536) | — |
| Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition | (1,266,905) | — | — |
| Investments in leases - sales-type | (241,139) | (4,017,851) | — |
| Investments in leases - financing receivables | (1,131,996) | (296,668) | (6,000) |
| Investments in loans and securities | (959,135) | (193,733) | (33,614) |
| Principal repayments of lease financing receivables | — | — | 543 |
| Principal repayments of loans and receipts of deferred fees | 482,006 | 5,696 | 70,448 |
| Capitalized transaction costs | (1,468) | (7,704) | (20,697) |
| Investments in short-term investments | — | (306,532) | — |
| Maturities of short-term investments | 217,342 | 89,190 | 19,973 |
| Proceeds from sale of real estate | 6,235 | — | 13,301 |
| Acquisition of property and equipment | (4,035) | (1,876) | (2,505) |
| Net cash (used in) provided by investing activities | (2,899,095) | (9,304,014) | 41,449 |
F - 11
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities | |||
| Proceeds from offering of common stock, net | 2,480,105 | 3,219,101 | 2,385,779 |
| Proceeds from April 2022 Notes offering | — | 5,000,000 | — |
| Proceeds from Revolving Credit Facility | 419,148 | 600,000 | — |
| Repayment of Revolving Credit Facility | (250,000) | (600,000) | — |
| Repayment of Term Loan B Facility | — | — | (2,100,000) |
| Repurchase of stock for tax withholding | (4,966) | (6,156) | (1,734) |
| Debt issuance costs | (105) | (146,189) | (31,126) |
| Distributions to non-controlling interests | (28,552) | (17,702) | (8,307) |
| Dividends paid | (1,583,840) | (1,219,117) | (758,790) |
| Net cash provided by (used in) financing activities | 1,031,790 | 6,829,937 | (514,178) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (63) | — | — |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 313,641 | (530,681) | 423,621 |
| Cash, cash equivalents and restricted cash, beginning of period | 208,933 | 739,614 | 315,993 |
| Cash, cash equivalents and restricted cash, end of period | $522,574 | $208,933 | $739,614 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $762,610 | $466,806 | $323,219 |
| Cash paid for income taxes | 4,915 | 3,024 | 1,790 |
| Supplemental non-cash investing and financing activity: | |||
| Dividends and distributions declared, not paid | $439,486 | $380,379 | $226,419 |
| Issuance of stock based compensation subject to repurchase for tax withholding | 11,443 | — | — |
| Deferred transaction costs payable | 2,311 | 2,526 | 3,877 |
| Debt issuance costs payable | 45 | — | 43,005 |
| Non-cash change in Investments in leases - financing receivables | 276,929 | 189,123 | 21,139 |
| Obtaining right-of-use assets in exchange for lease liabilities | 82,099 | 541,676 | — |
F - 12
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