10-Q Filing

VICI PROPERTIES INC. CIK: 1705696 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001705696-18-000086`
Period End Date	20180930
Filing Date	20181101
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	viciq3201810-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 57 Cash Flow Statement 45 Stockholders Equity 13

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	700.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	700.00M	shares	Point-in-time
Investments in direct financing leases, net	`DirectFinancingLeaseNetInvestmentInLease`	$8.27B	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	300.28M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	370.23M	shares	Point-in-time
Investments in direct financing leases, net	`DirectFinancingLeaseNetInvestmentInLease`	$8.82B	USD	Point-in-time
Investments in operating leases	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$34.70M	USD	Point-in-time
Investments in operating leases	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$1.08B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	300.28M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	370.23M	shares	Point-in-time
Investments in operating leases	`PropertySubjectToOrAvailableForOperatingLeaseNet`	$1.11B	USD	Point-in-time
Land	`LandAvailableForDevelopment`	$73.60M	USD	Point-in-time
Land	`LandAvailableForDevelopment`	$95.79M	USD	Point-in-time
Property and equipment used in operations, net	`PropertyPlantAndEquipmentNet`	$72.29M	USD	Point-in-time
Property and equipment used in operations, net	`PropertyPlantAndEquipmentNet`	$74.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$145.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$183.65M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$13.76M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$58.00K	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	-	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$320.68M	USD	Point-in-time
Other assets	`OtherAssets`	$15.36M	USD	Point-in-time
Other assets	`OtherAssets`	$43.22M	USD	Point-in-time
Total assets	`Assets`	$9.74B	USD	Point-in-time
Total assets	`Assets`	$10.57B	USD	Point-in-time
Debt, net	`DebtInstrumentCarryingAmount`	$4.12B	USD	Point-in-time
Debt, net	`DebtInstrumentCarryingAmount`	$4.79B	USD	Point-in-time
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$23.67M	USD	Point-in-time
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$21.59M	USD	Point-in-time
Deferred financing liability	`DeferredLongTermLiabilityCharges`	$73.60M	USD	Point-in-time
Deferred financing liability	`DeferredLongTermLiabilityCharges`	$73.60M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiability`	$68.12M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiability`	$701.00K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	$106.36M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$31.74M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$10.56M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$3.72M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$4.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.36B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.96B	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value, 700,000,000 shares authorized and 370,228,468 and 300,278,938 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$3.00M	USD	Point-in-time
Common stock, $0.01 par value, 700,000,000 shares authorized and 370,228,468 and 300,278,938 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$3.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.95B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.65B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.46M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$160.91M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$42.66M	USD	Point-in-time
Total VICI stockholders equity	`StockholdersEquity`	$6.12B	USD	Point-in-time
Total VICI stockholders equity	`StockholdersEquity`	$4.69B	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$84.88M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$83.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.78B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.21B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$9.74B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.57B	USD	Point-in-time

Income Statement 57 line items

Line Item	Tag	Value	Unit	Period
Income from direct financing leases	`CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue`	$554.29M	USD	3 Qtrs
Income from direct financing leases	`CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue`	$189.94M	USD	1 Quarter
Income from operating leases	`OperatingLeasesIncomeStatementLeaseRevenue`	$12.21M	USD	1 Quarter
Income from operating leases	`OperatingLeasesIncomeStatementLeaseRevenue`	$36.63M	USD	3 Qtrs
Tenant reimbursement of property taxes	`PropertyTaxesReimbursed`	$25.15M	USD	1 Quarter
Tenant reimbursement of property taxes	`PropertyTaxesReimbursed`	$61.32M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$232.69M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$671.94M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.68M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$20.14M	USD	3 Qtrs
Depreciation	`Depreciation`	$929.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.76M	USD	3 Qtrs
Property taxes	`RealEstateTaxExpense`	$61.60M	USD	3 Qtrs
Property taxes	`RealEstateTaxExpense`	$25.42M	USD	1 Quarter
Golf operations	`CostOfGoodsAndServicesSold`	$4.22M	USD	1 Quarter
Golf operations	`CostOfGoodsAndServicesSold`	$12.83M	USD	3 Qtrs
Loss on impairment	`ImpairmentOfRealEstate`	$12.33M	USD	1 Quarter
Loss on impairment	`ImpairmentOfRealEstate`	$12.33M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$109.67M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$48.59M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$184.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$562.27M	USD	3 Qtrs
Interest expense	`InterestExpense`	$158.37M	USD	3 Qtrs
Interest expense	`InterestExpense`	$54.05M	USD	1 Quarter
Interest income	`InterestIncomeDepositsWithFinancialInstitutions`	$2.03M	USD	1 Quarter
Interest income	`InterestIncomeDepositsWithFinancialInstitutions`	$7.50M	USD	3 Qtrs
Loss from extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss from extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-23.04M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$388.37M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$132.08M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$52.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$884.00K	USD	3 Qtrs
Net income	`ProfitLoss`	$387.49M	USD	3 Qtrs
Net income	`ProfitLoss`	$132.02M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.11M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$6.41M	USD	3 Qtrs
Net income attributable to common stockholders	`NetIncomeLoss`	$381.08M	USD	3 Qtrs
Net income attributable to common stockholders	`NetIncomeLoss`	$129.91M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.06	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.06	USD	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.71	USD	3 Qtrs
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.26	USD	Point-in-time
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$262.50K	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$160.00K	USD	1 Quarter
Dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.29	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	361.00M	shares	3 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	369.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	370.13M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	361.04M	shares	3 Qtrs
Net income attributable to common stockholders	`NetIncomeLoss`	$381.08M	USD	3 Qtrs
Net income attributable to common stockholders	`NetIncomeLoss`	$129.91M	USD	1 Quarter
Unrealized gain on cash flow hedges	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$10.11M	USD	1 Quarter
Unrealized gain on cash flow hedges	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$5.46M	USD	3 Qtrs
Comprehensive income attributable to common stockholders	`ComprehensiveIncomeNetOfTax`	$386.54M	USD	3 Qtrs
Comprehensive income attributable to common stockholders	`ComprehensiveIncomeNetOfTax`	$140.02M	USD	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$387.49M	USD	3 Qtrs
Net income	`ProfitLoss`	$132.02M	USD	1 Quarter
Direct financing lease adjustments	`IncreaseDecreaseInLeasingReceivables`	$39.12M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.48M	USD	3 Qtrs
Depreciation	`Depreciation`	$929.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.76M	USD	3 Qtrs
Amortization of debt issuance costs and original issue discount	`AmortizationOfFinancingCostsAndDiscounts`	$4.48M	USD	3 Qtrs
Loss on impairment	`ImpairmentOfRealEstate`	$12.33M	USD	1 Quarter
Loss on impairment	`ImpairmentOfRealEstate`	$12.33M	USD	3 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-23.04M	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$19.61M	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$2.08M	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-67.42M	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$21.01M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$328.52M	USD	3 Qtrs
Investments in direct financing leases	`PaymentsToAcquireRealEstate`	$507.80M	USD	3 Qtrs
Deferred transaction costs	`PaymentsOfDeferredAcquisitionAndLeasingCostsCapitalized`	$3.44M	USD	3 Qtrs
Investments in short-term investments	`PaymentsToAcquireShortTermInvestments`	$421.43M	USD	3 Qtrs
Maturities of short-term investments	`ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments`	$100.76M	USD	3 Qtrs
Proceeds from sale of land	`ProceedsFromSaleOfLandHeldForUse`	$186.00K	USD	3 Qtrs
Acquisition of property and equipment, net of change in related payables	`PaymentsToAcquirePropertyPlantAndEquipment`	$744.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-832.47M	USD	3 Qtrs
Proceeds from initial public offering of common stock	`ProceedsFromIssuanceInitialPublicOffering`	$1.31B	USD	3 Qtrs
Payment of Term Loan B Facility	`RepaymentsOfLinesOfCredit`	$100.00M	USD	3 Qtrs
Payment of Revolving Credit Facility	`RepaymentsOfLongTermDebt`	$300.00M	USD	3 Qtrs
Payment of Second Lien Notes	`RepaymentsOfSecuredDebt`	$290.06M	USD	3 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.12M	USD	3 Qtrs
Distributions to non-controlling interests	`DistributionstoNonControllingInterests`	$7.82M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$156.30M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$451.83M	USD	3 Qtrs
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-52.12M	USD	3 Qtrs
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$145.28M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.41M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$145.28M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$197.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$145.22M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$183.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$145.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$183.65M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$150.41M	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$1.17M	USD	3 Qtrs
Dividends declared, not paid	`DividendsPayableCurrentAndNoncurrent`	$106.36M	USD	Point-in-time
Dividends declared, not paid	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Transfer of investments in operating leases to land	`TransferOfInvestmentsInOperatingLeasesToLand`	$22.19M	USD	3 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.78B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.21B	USD	Point-in-time
Net income	`ProfitLoss`	$387.49M	USD	3 Qtrs
Net income	`ProfitLoss`	$132.02M	USD	1 Quarter
Issuance of common stock from Initial Public Offering	`StockIssuedDuringPeriodValueNewIssues`	$1.40B	USD	Point-in-time
Issuance of common stock from Initial Public Offering	`StockIssuedDuringPeriodValueNewIssues`	$1.31B	USD	3 Qtrs
Distributions to non-controlling interests	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$7.82M	USD	3 Qtrs
Dividends declared	`DividendsCommonStockCash`	$262.82M	USD	3 Qtrs
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.48M	USD	3 Qtrs
Unrealized gain on cash flow hedges	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$10.11M	USD	1 Quarter
Unrealized gain on cash flow hedges	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$5.46M	USD	3 Qtrs
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.78B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.21B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.