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 | $2,715,455 | $2,545,970 | $1,127,598 |
| 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 | 12,683 |
| Depreciation | 699 | 558 | 121 |
| 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 | 6,135 | (10,569) | — |
| 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 |
| Change in operating assets and liabilities: | |||
| Other assets | 3,736 | 5,469 | (2,717) |
| Accrued expenses and deferred revenue | (14,023) | (12,323) | 46,837 |
| Other liabilities | (1,229) | (7,274) | (392) |
| Net cash provided by operating activities | 2,372,985 | 2,168,363 | 1,919,829 |
| 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 | (4,530) | (1,176) | (65) |
| Net cash used in investing activities | (919,785) | (2,896,236) | (9,302,203) |
F - 16
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from financing activities | |||
| Contributions from Parent | 367,331 | 2,507,511 | 3,219,202 |
| Distributions to Parent | (1,773,366) | (1,605,502) | (1,238,920) |
| 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 interest | (10,713) | (9,166) | (8,529) |
| Net cash (used in) provided by financing activities | (1,468,330) | 1,056,920 | 6,819,408 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 445 | (63) | — |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (14,685) | 328,984 | (562,966) |
| Cash, cash equivalents and restricted cash, beginning of period | 471,584 | 142,600 | 705,566 |
| Cash, cash equivalents and restricted cash, end of period | $456,899 | $471,584 | $142,600 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $781,401 | $762,610 | $466,806 |
| Cash paid for income taxes | 1,312 | 1,598 | 1,377 |
| Supplemental non-cash investing and financing activity: | |||
| Distributions payable | $462,170 | $439,486 | $380,581 |
| 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 |
| Contributions receivable | 63,216 | — | — |
F - 17
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