2017 Q3 Form 10-Q Financial Statement
#000170569617000014 Filed on November 13, 2017
Income Statement
| Concept | 2017 Q3 | 2016 Q4 |
|---|---|---|
| Revenue | ||
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | ||
| YoY Change | ||
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | ||
| YoY Change | ||
| Operating Profit | ||
| YoY Change | ||
| Interest Expense | ||
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | ||
| YoY Change | ||
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | ||
| YoY Change | ||
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | ||
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q3 | 2016 Q4 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | ||
| YoY Change | ||
| Cash & Equivalents | ||
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | ||
| YoY Change | ||
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $4.831B | $4.857B |
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | ||
| YoY Change | ||
| TOTAL ASSETS | ||
| Total Short-Term Assets | ||
| Total Long-Term Assets | ||
| Total Assets | $0.00 | $4.857B |
| YoY Change | ||
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | ||
| YoY Change | ||
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | ||
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | ||
| YoY Change | ||
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | ||
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | ||
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | ||
| Total Long-Term Liabilities | ||
| Total Liabilities | ||
| YoY Change | ||
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | $0.00 | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $0.00 | $0.00 |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | ||
| YoY Change |
Cashflow Statement
| Concept | 2017 Q3 | 2016 Q4 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | ||
| YoY Change | ||
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | ||
| YoY Change | ||
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | ||
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | ||
| Cash From Investing Activities | ||
| Cash From Financing Activities | ||
| Net Change In Cash | ||
| YoY Change | ||
| FREE CASH FLOW | ||
| Cash From Operating Activities | ||
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | ||
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-09-30 | ||
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001705696 | ||
| CY2017Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
246224886 | shares |
| dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
VICI Properties Inc. | ||
| dei |
Trading Symbol
TradingSymbol
|
VICI | ||
| CY2016Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1207700000 | USD |
| CY2017Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1321000000 | USD |
| CY2016Q4 | us-gaap |
Assets
Assets
|
0 | USD |
| CY2017Q3 | us-gaap |
Assets
Assets
|
0 | USD |
| CY2016Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2017Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2017Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1000 | shares |
| CY2017Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1000 | shares |
| CY2017Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1000 | shares |
| CY2017Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
0 | USD |
| CY2016Q4 | us-gaap |
Members Equity
MembersEquity
|
0 | USD |
| CY2017Q3 | us-gaap |
Number Of Real Estate Properties
NumberOfRealEstateProperties
|
4 | property |
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | segment | |
| CY2016Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
6064300000 | USD |
| CY2017Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
6152000000 | USD |
| CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4856600000 | USD |
| CY2017Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4831000000 | USD |
| CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
0 | USD |
| CY2017Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
0 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Due
OperatingAndCapitalLeasesFutureMinimumPaymentsDue
|
27639700000 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Due Next Twelve Months
OperatingAndCapitalLeasesFutureMinimumPaymentsDueNextTwelveMonths
|
630600000 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Duein Five Years And Thereafter
OperatingAndCapitalLeasesFutureMinimumPaymentsDueinFiveYearsAndThereafter
|
24948300000 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Duein Four Years
OperatingAndCapitalLeasesFutureMinimumPaymentsDueinFourYears
|
640700000 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Duein Three Years
OperatingAndCapitalLeasesFutureMinimumPaymentsDueinThreeYears
|
637200000 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Duein Two Years
OperatingAndCapitalLeasesFutureMinimumPaymentsDueinTwoYears
|
633900000 | USD |
| CY2017Q3 | vici |
Operating And Capital Leases Future Minimum Payments Remainderof Fiscal Year
OperatingAndCapitalLeasesFutureMinimumPaymentsRemainderofFiscalYear
|
149000000 | USD |
| CY2016Q4 | vici |
Total Assets To Be Contributed To Vici Properties
TotalAssetsToBeContributedToVICIProperties
|
4856600000 | USD |
| CY2017Q3 | vici |
Total Assets To Be Contributed To Vici Properties
TotalAssetsToBeContributedToVICIProperties
|
4831000000 | USD |
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:174%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Following the </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">Emergence Date</font><font style="font-family:inherit;font-size:10pt;">, all of the real estate holdings of VICI REIT (other than </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">Caesars Entertainment Outdoor</font><font style="font-family:inherit;font-size:10pt;">) are leased to New CEOC and certain of its subsidiaries, and substantially all of VICI REIT’s revenues are derived from the Master Leases, which represents a concentration of credit risk due to the single tenant nature of our leases. Management believes that the corporate lease guaranty by New CEOC’s parent, CEC, and the rent coverage ratio mitigate this risk. Management does not believe there are any other significant concentrations of credit risk.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Following the Emergence Date, all of the real estate holdings of VICI REIT (other than those of Caesars Entertainment Outdoor) are leased to New CEOC and certain of its subsidiaries, and substantially all of VICI REIT’s revenues (other than those of Caesars Entertainment Outdoor) are derived from the underlying leases. Other than VICI REIT having a single tenant from which it derives substantially all of its revenue, management does not believe there are any other significant concentrations of credit risk</font></div></div> | ||
| us-gaap |
Revenue Recognition Leases
RevenueRecognitionLeases
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:174%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition - Leases</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a REIT, the majority of our revenues will be derived from rent received from our tenants under long-term triple-net leases. The accounting guidance under ASC 840—Leases (“ASC 840”) is complex and requires the use of judgment and assumptions by management to determine the proper accounting treatment of a lease. We will perform a lease classification upon lease inception, to determine if we account for the lease as a capital or operating lease.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under ASC 840, for leases of both building and land, if the fair value of the land is 25% or more of the total fair value of the leased property at lease inception we consider the land and building separately for lease classification. In these cases, if the building element of the lease meets the criteria to be classified as a capital lease, then we account for the building as a capital lease and the land separately as an operating lease. If the building element does not meet the criteria to be classified as a capital lease, then we account for the building and land as a single operating lease.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To determine if the building portion of a lease triggers capital lease treatment we will conduct the four lease tests under ASC 840 as outlined below. If a lease meets any of the criteria below, it is accounted for as a capital lease.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;padding-left:24px;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;text-indent:-24px;"><font style="font-family:inherit;font-size:10pt;">Transfer of ownership. The lease transfers ownership of the property to the lessee by the end of the lease term. This criterion is met in situations in which the lease agreement provides for the transfer of title at or shortly after the end of the lease term.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bargain purchase option. The lease contains a provision allowing the lessee, at its option to purchase the leased property for a price which is sufficiently lower than the expected fair value of the property at the date the option becomes exercisable.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lease term. The lease term is equal to 75% or more of the estimated economic life of the leased property. However, if the beginning of the lease falls within the last 25% of the total estimated economic life of the leased property, including earlier years of use, this criterion shall not be used for purposes of classifying the lease. This test is conducted on a property by property basis.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">4.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Minimum lease payments. The present value of the minimum lease payments at the beginning of the lease term, excluding the portion of payments representing executory costs such as insurance, maintenance and taxes to be paid by the lessor, including any profit thereon, equals or exceeds 90% of the fair value of the leased property to the lessor at lease inception less any related investment tax credit retained by the lessor. If the beginning of the lease term falls within the last 25% of the total estimated economic life of the lease property, including earlier years of use, this criterion shall not be used for purposes of classifying the lease.</font></div></td></tr></table><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The tests outlined above, as well as the resulting calculations, require subjective judgments, such as determining, at lease inception, the fair value of the assets, the residual value of the assets at the end of the lease term, the likelihood a tenant will exercise all renewal options (in order to determine the lease term), the estimated remaining economic life of the leased assets, the incremental borrowing rate of the lessee and the interest rate implicit in the lease. A change in estimate or judgment can result in a materially different financial statement presentation.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The revenue recognition model is different under capital leases and operating leases.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the operating lease model, as the lessor, at lease inception the land is recorded as Real Estate Investments Accounted for Using the Operating Method and we record rental income from operating leases on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land after deducting executory costs, including any profit thereon, is determined by applying our incremental borrowing rate to the value of the land. We record this lease income as Rental Income from Operating Leases.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the direct financing lease model, as the lessor, at lease inception we record the lease receivable as Real Estate Investments Accounted for Using the Direct Financing Method. Under the direct financing lease method, we recognize fixed amounts due on an effective interest basis at a constant rate of return over the lease term. As a result, the cash payments accounted for under direct financing leases will not equal the earned income from direct financing leases as a portion of the cash rent we receive is recorded as Earned Income from Direct Financing Leases and a portion recorded as a reduction to the Real Estate Investments Accounted for using the Direct Financing Method.</font></div></div> |
