VICI PROPERTIES INC
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income | $2,721,242 | $2,554,622 | $1,136,267 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||
| Non-cash leasing and financing adjustments | (537,708) | (515,488) | (337,631) |
| Stock-based compensation | 17,511 | 15,536 | 12,986 |
| Depreciation | 4,125 | 4,298 | 3,182 |
| Other gains | (581) | (4,456) | — |
| Amortization of debt issuance costs and original issue discount | 46,668 | 46,123 | 32,363 |
| Change in allowance for credit losses | 126,720 | 102,824 | 834,494 |
| Deferred income taxes | 5,439 | (10,426) | — |
| Net proceeds from settlement of derivatives | 9,602 | — | 201,434 |
| Income from unconsolidated affiliate | — | (1,280) | (59,769) |
| Distributions from unconsolidated affiliate | — | 3,273 | 64,808 |
| Non-cash transaction costs | — | — | 8,816 |
| Change in operating assets and liabilities: | |||
| Other assets | 3,428 | 5,124 | (5,673) |
| Accrued expenses and deferred revenue | (13,443) | (11,645) | 52,261 |
| Other liabilities | (1,505) | (7,496) | (142) |
| Net cash provided by operating activities | 2,381,498 | 2,181,009 | 1,943,396 |
| Cash flows from investing activities | |||
| Investments in leases - sales-type | (411,800) | (241,139) | (4,017,851) |
| Investments in leases - financing receivables | (248) | (1,131,996) | (296,668) |
| Investments in loans and securities | (579,057) | (959,135) | (193,733) |
| Principal repayments of loans and receipts of deferred fees | 80,750 | 482,006 | 5,696 |
| Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition | — | (1,266,905) | — |
| Net cash paid in connection with MGM Growth Properties acquisition | — | — | (4,574,536) |
| Capitalized transaction costs | (5,863) | (1,468) | (7,704) |
| Investments in short-term investments | (29,579) | — | (306,532) |
| Maturities of short-term investments | 29,579 | 217,342 | 89,190 |
| Proceeds from sale of real estate | 963 | 6,235 | — |
| Acquisition of property and equipment | (7,526) | (4,035) | (1,876) |
| Net cash used in investing activities | (922,781) | (2,899,095) | (9,304,014) |
F - 11
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from financing activities | |||
| Proceeds from offering of common stock, net | 378,687 | 2,480,105 | 3,219,101 |
| Proceeds from senior unsecured notes offerings | 1,771,168 | — | 5,000,000 |
| Proceeds from 2022 Revolving Credit Facility | 82,200 | 419,148 | 600,000 |
| Redemption of senior unsecured notes | (1,800,000) | — | — |
| Paydown of 2022 Revolving Credit Facility | (94,306) | (250,000) | (600,000) |
| Repurchase of stock for tax withholding | (5,341) | (4,966) | (6,156) |
| Debt issuance costs | (5,303) | (105) | (146,189) |
| Distributions to non-controlling interests | (31,235) | (28,552) | (17,702) |
| Dividends paid | (1,752,991) | (1,583,840) | (1,219,117) |
| Net cash (used in) provided by financing activities | (1,457,121) | 1,031,790 | 6,829,937 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 445 | (63) | — |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2,041 | 313,641 | (530,681) |
| Cash, cash equivalents and restricted cash, beginning of period | 522,574 | 208,933 | 739,614 |
| Cash, cash equivalents and restricted cash, end of period | $524,615 | $522,574 | $208,933 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $781,401 | $762,610 | $466,806 |
| Cash paid for income taxes | 3,338 | 4,915 | 3,024 |
| Supplemental non-cash investing and financing activity: | |||
| Dividends and distributions declared, not paid | $462,170 | $439,486 | $380,379 |
| Issuance of stock-based compensation subject to repurchase for tax withholding | 17,576 | 11,443 | — |
| Accrued capitalized transaction costs | 1,600 | 2,311 | 2,526 |
| Debt issuance costs payable | 476 | 45 | — |
| Non-cash change in Investments in leases - financing receivables | 283,406 | 276,929 | 189,123 |
| Obtaining right-of-use assets in exchange for lease liabilities | 15,523 | 82,099 | 541,676 |
F - 12
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