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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001705696
Entity File Number	001-38372
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	VICI Properties Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4177147
Entity Address, Address Line One	535 Madison Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	949-4631
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	VICI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		468,618,237

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Real estate portfolio:
Investments in leases - direct financing and sales-type, net	$ 10,330,728,000	$ 10,734,245,000
Investments in leases - operating	1,086,658,000	1,086,658,000
Land	94,711,000	94,711,000
Cash and cash equivalents	369,052,000	1,101,893,000
Restricted cash	2,002,032,000	0
Short-term investments	0	59,474,000
Other assets	181,507,000	188,638,000
Total assets	14,907,213,000	13,265,619,000
Liabilities
Debt, net	6,754,485,000	4,791,563,000
Accrued interest	51,162,000	20,153,000
Deferred financing liability	73,600,000	73,600,000
Deferred revenue	476,000	70,340,000
Dividends payable	139,304,000	137,056,000
Other liabilities	164,155,000	123,918,000
Total liabilities	7,183,182,000	5,216,630,000
Commitments and contingent liabilities (Note 11)
Stockholders’ equity
Common stock, $0.01 par value, 700,000,000 shares authorized and 468,616,540 and 461,004,742 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	4,686,000	4,610,000
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at March 31, 2020 and December 31, 2019	0	0
Additional paid-in capital	8,018,568,000	7,817,582,000
Accumulated other comprehensive loss	(118,216,000)	(65,078,000)
Retained (deficit) earnings	(262,470,000)	208,069,000
Total VICI stockholders’ equity	7,642,568,000	7,965,183,000
Non-controlling interest	81,463,000	83,806,000
Total stockholders’ equity	7,724,031,000	8,048,989,000
Total liabilities and stockholders’ equity	14,907,213,000	13,265,619,000
Investments in leases - financing receivables, net
Real estate portfolio:
Financing and loans receivables, net	794,055,000	0
Investments in loans, net
Real estate portfolio:
Financing and loans receivables, net	48,470,000	0
Lease Financing Receivable
Real estate portfolio:
Financing and loans receivables, net	794,055,000	0
Lease Loans Receivable
Real estate portfolio:
Financing and loans receivables, net	$ 48,470,000	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	468,616,540	461,004,742
Common stock, shares outstanding (in shares)	468,616,540	461,004,742
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Direct financing and sales-type, allowance for credit losses	$ (400,390)	$ 0
Investments in leases - financing receivables, net
Allowance for credit losses	56,620
Investments in loans, net
Allowance for credit losses	$ 1,860

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Income from direct financing and sales-type leases	$ 224,252	$ 195,750
Income from operating leases	10,913	10,913
Income from lease financing receivables and loans	12,843	0
Tenant reimbursements and other income	693	0
Revenues	255,001	214,002
Operating expenses
General and administrative	7,015	6,225
Depreciation	867	930
Tenant reimbursements and other expenses	703	0
Golf operations	4,370	4,092
Change in allowance for credit losses	149,508	0
Transaction and acquisition expenses	4,517	889
Total operating expenses	166,980	12,136
Operating income	88,021	201,866
Interest expense	(76,093)	(53,586)
Interest income	5,520	5,167
Loss from extinguishment of debt	(39,059)	0
(Loss) income before income taxes	(21,611)	153,447
Income tax expense	(454)	(521)
Net (loss) income	(22,065)	152,926
Less: Net income attributable to non-controlling interest	(1,947)	(2,077)
Net (loss) income attributable to common stockholders	$ (24,012)	$ 150,849
Net (loss) income per common share
Basic (in dollars per share)	$ (0.05)	$ 0.37
Diluted (in dollars per share)	$ (0.05)	$ 0.37
Weighted average number of shares of common stock outstanding
Basic (in shares)	465,177,425	405,733,656
Diluted (in shares)	465,177,425	406,035,025
Other comprehensive income
Net (loss) income attributable to common stockholders	$ (24,012)	$ 150,849
Unrealized loss on cash flow hedges	(53,138)	(17,191)
Comprehensive (loss) income attributable to common stockholders	(77,150)	133,658
Golf operations
Revenues
Revenues	$ 6,300	$ 7,339

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total VICI Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained (Deficit) Earnings	Non-controlling Interest
Beginning balance at Dec. 31, 2018	$ 6,901,022	$ 6,817,449	$ 4,047	$ 6,648,430	$ (22,124)	$ 187,096	$ 83,573
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152,926	150,849				150,849	2,077
Issuance of common stock, net	128,265	128,265	62	128,203
Distributions to non-controlling interest	(2,031)						(2,031)
Dividends declared	(118,154)	(118,154)				(118,154)
Stock-based compensation, net of forfeitures	1,051	1,051	1	1,050
Unrealized loss on cash flow hedges	(17,191)	(17,191)			(17,191)
Ending balance at Mar. 31, 2019	7,045,888	6,962,269	4,110	6,777,683	(39,315)	219,791	83,619
Beginning balance at Dec. 31, 2019	8,048,989	7,965,183	4,610	7,817,582	(65,078)	208,069	83,806
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(22,065)	(24,012)				(24,012)	1,947
Issuance of common stock, net	199,877	199,877	75	199,802
Distributions to non-controlling interest	(2,042)						(2,042)
Dividends declared	(139,413)	(139,413)				(139,413)
Stock-based compensation, net of forfeitures	1,185	1,185	1	1,184
Unrealized loss on cash flow hedges	(53,138)	(53,138)			(53,138)
Ending balance at Mar. 31, 2020	$ 7,724,031	$ 7,642,568	$ 4,686	$ 8,018,568	$ (118,216)	$ (262,470)	$ 81,463

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.2975	$ 0.2875

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ (22,065)	$ 152,926
Adjustments to reconcile net (loss) income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	2,924	(2,512)
Stock-based compensation	1,350	1,051
Depreciation	867	930
Amortization of debt issuance costs and original issue discount	6,299	1,465
Change in allowance for credit losses	149,508	0
Loss on extinguishment of debt	39,059	0
Change in operating assets and liabilities:
Other assets	1,111	(3,215)
Accrued interest	31,009	10,518
Deferred revenue	(69,864)	(43,250)
Other liabilities	(2,752)	(2,271)
Net cash provided by operating activities	137,446	115,642
Cash flows from investing activities
Investments in leases - financing receivables	(847,035)	0
Investments in loans	(50,343)	0
Investments in leases - direct financing and sales-type	0	(264,527)
Principal repayments of lease financing receivables	344	0
Capitalized transaction costs	(690)	(485)
Investments in short-term investments	0	(24,783)
Maturities of short-term investments	59,474	188,782
Proceeds from sale of land	0	1,044
Acquisition of property and equipment	(1,329)	(1,191)
Net cash used in investing activities	(839,579)	(101,160)
Cash flows from financing activities
Proceeds from offering of common stock, net	199,877	128,085
Proceeds from February 2020 Senior Unsecured Notes	2,500,000	0
Redemption of Second Lien Notes	(537,538)	0
Repurchase of stock for tax withholding	(165)	0
Debt issuance costs	(51,675)	0
Distributions to non-controlling interest	(2,042)	(2,031)
Dividends paid	(137,133)	(116,341)
Net cash provided by financing activities	1,971,324	9,713
Net increase in cash, cash equivalents and restricted cash	1,269,191	24,195
Cash, cash equivalents and restricted cash, beginning of period	1,101,893	598,447
Cash, cash equivalents and restricted cash, end of period	2,371,084	622,642
Supplemental cash flow information:
Cash paid for interest	38,784	41,601
Cash paid for income taxes	0	700
Supplemental non-cash investing and financing activity:
Dividends declared, not paid	139,413	118,154
Lease liabilities arising from obtaining right-of-use assets	$ 1,525	$ 0

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations, subject to long-term triple net leases. Our national, geographically diverse portfolio consists of 28 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas. As of March 31, 2020, our properties are leased to, and our tenants are, subsidiaries of Caesars, Penn National, Hard Rock, Century Casinos and JACK Entertainment. We also own and operate four championship golf courses located near certain of our properties. We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We conduct our real property business through our Operating Partnership and our golf course business, through a taxable REIT subsidiary (a “TRS”), VICI Golf. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the outbreak of a novel strain of coronavirus (“COVID-19”) a pandemic, and on March 13, 2020, the United States declared a national emergency. Among the broader public health, societal and global impact, the COVID-19 pandemic resulted in state governments and/or regulatory authorities issuing various directives, mandates, orders or similar actions, resulting in the closure of substantially all of our tenants’ operations at our properties. The full extent to which the COVID-19 pandemic ultimately impacts us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures on our tenants, including the length of time our tenants’ operations at our properties remain closed and our tenants’ financial performance during the closure and following reopening. We will continue to closely monitor the impact of the COVID-19 pandemic on us, our tenants and our pending transactions. All of our tenants made their April 2020 rent payments in full.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the

Securities and Exchange Commission (“SEC”). The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures and information normally required in audited financial statements.

We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K and as updated from time to time in our other filings with the SEC.

All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.

Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

Principles of Consolidation and Non-controlling Interest

The accompanying consolidated financial statements include our accounts and the accounts of our Operating Partnership, and the subsidiaries in which we or our Operating Partnership has a controlling interest, which includes a single variable interest entity (“VIE”) where we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary.

We present non-controlling interest and classify such interest as a component of consolidated stockholders’ equity, separate from VICI stockholders’ equity. Our non-controlling interest represents a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease Agreement.

Cash, Cash Equivalents and Restricted Cash

Cash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are stated at the lower of cost or market value. Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value.

As of March 31, 2020, restricted cash was solely related to funds held in escrow from the February 2020 Senior Unsecured Notes offering to be used to consummate the Eldorado Transaction. As of March 31, 2019, restricted cash was primarily comprised of funds paid by us into a restricted account for a lender required furniture, fixtures and equipment (“FF&E”) replacement reserve for the CPLV CMBS Debt.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Balance Sheet to the total of the same such amounts presented in the Statement of Cash Flows.


(In thousands)	March 31, 2020		March 31, 2019
Cash and cash equivalents	$	369,052	$	598,276
Restricted cash	2,002,032		24,366
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	2,371,084	$	622,642

Short-Term Investments

We generally invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available

for sale securities. The related income is recognized as interest income in our Statement of Operations. We had $59.5 million of short-term investments as of December 31, 2019. We did not have any short-term investments as of March 31, 2020.

Investments in Leases - Direct Financing and Sales-Type, Net

We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component, unless the impact of doing so is immaterial. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Due to the nature of our assets, the net investment in the lease is generally equal to the purchase price of the asset, and the land and building components of an investment generally have the same lease classification.

Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. As such, we have not reassessed the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842.

The Caesars Lease Agreements continue to be accounted for as direct financing leases and are included within Investments in leases - direct financing and sales-type, net on the Balance Sheet, with the exception of the land component of Caesars Palace Las Vegas which was determined to be an operating lease and is included in Investments in leases - operating on the Balance Sheet. The income recognition for our direct financing leases recognized under ASC 840 is consistent with the income recognition for our sales-type lease under ASC 842.

We determined that the land and building components of the Margaritaville Lease Agreement, the Greektown Lease Agreement, the Hard Rock Cincinnati Lease Agreement and the Century Portfolio Lease Agreement meet the definition of a sales-type lease.

Investments in Leases - Financing Receivables, net

For leases determined to be sales-type leases, we further assess to determine whether the transaction is considered a sale leaseback transaction. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a lease financing receivable and is accounted for in accordance with ASC 310 “Receivables” (“ASC 310”). The accounting for a lease as an investment in leases - financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - direct financing and sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease Agreement meets the definition of a sales-type lease and further meets the definition for a sale leaseback transaction. As such, the JACK Cleveland/Thistledown Lease Agreement is accounted for in accordance with ASC 310 and presented as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses.

Investments in Loans, net

Investments in loans, representing our investment in the ROV Loan (as further defined in Note 4 - Property T ransactions), are held-for-investment and are carried at historical cost, net of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan.

Lease Term

We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested in our properties and the lack of suitable replacement assets.

Income from Leases and Lease Financing Receivables

We recognize the related income from our direct financing leases, sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under direct financing leases, sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from direct financing and sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - direct financing and sales-type, net or Investments in leases - financing receivables, net, as applicable.

Under ASC 840, we determined that the land component of Caesars Palace Las Vegas was greater than 25% of the overall fair value of the combined land and building components. At lease inception the land was determined to be an operating lease and we record the related income on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land element after deducting executory costs, including any profit thereon, is determined by applying the lessee’s incremental borrowing rate to the value of the land. Revenue from this lease is recorded as Income from operating leases in our Statement of Operations.

Initial direct costs incurred in connection with entering into investments classified as direct financing or sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations.

Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method.

Allowance for Credit Losses

In the current quarter, we adopted ASC 326 - “Credit Losses” (“ASC 326”) which requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our investments in leases - direct financing and sales-type, investment in leases - financing receivables and investments in loans.

We have elected to use a discounted cash flow model to estimate the CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease or loan and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected cash flows.

Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and their parent guarantors over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and their parent guarantors. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over the past 35 years that have similar credit profiles or characteristics to our tenants and their parent guarantors. We were unable to use our historical data to estimate losses as we have no loss history to date.

The CECL allowance is recorded as a reduction to our net investments in leases - direct financing and sales type, investments in leases - financing receivables and investments in loans on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance in the Statement of Operations for the relevant period.

Write-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. For the three months ended March 31, 2020 there were no write-offs or recoveries.

Refer to Note 6 - Allowance for Credit Losses for further information.

Impairment

We assess our investments in operating leases, land and property and equipment used in operations for impairment under ASC 360 - “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease.

Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows.

Tenant Reimbursements

Tenant reimbursements represent expenses that we incur as lessor that are the responsibility of our tenants pursuant to the applicable Lease Agreements. These expenses, and the related reimbursement revenue, are recorded on a gross basis in our Statement of Operations as required under GAAP.

We previously recorded tenant reimbursements as a component of General and administrative expenses on a net basis. In the current period, we have re-classified these amounts to be presented gross in Tenant reimbursements and other income with an offsetting amount in Tenant reimbursement and other expenses within the Statement of Operations. For the three months ended March 31, 2019 such amounts, included net in General and administrative expenses, were $0.7 million.

Fair Value Measurements

We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.

Refer to Note 10 - Fair Value for further information.

Derivative Financial Instruments

We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheets at fair value.

The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. If the hedge relationship is terminated, then the value of the derivative is recorded in Accumulated other comprehensive income and recognized in earnings when the cash flows that were hedged affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive loss on our consolidated financial statements.

We use derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.

Concentrations of Credit Risk

Caesars is the guarantor of all the lease payment obligations of the tenants under the respective leases of the properties that it leases from us, with the exception of Harrah’s Las Vegas which is guaranteed by a subsidiary of Caesars. Revenue from the Caesars Lease Agreements represented 82% and 97% of our lease revenues for the three months ended March 31, 2020 and 2019, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 29% and 34% of our lease revenue for the three months ended March 31, 2020 and 2019, respectively. Other than having a single tenant from which we derive and will continue to derive most of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk.

Recently Issued Accounting Pronouncements	3 Months Ended
Recently Issued Accounting Pronouncements	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted Accounting Standard Update (“ASU”) No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through February 2020): This amended guidance changes how entities measure credit losses for most financial assets and certain other instruments, including direct financing and sales-type leases, that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach, which will generally result in earlier recognition of allowance for credit losses. As a result of the guidance, we are required to estimate and record non-cash credit losses related to our investments in leases - direct financing and sales-type, investments in lease - financing receivables and loans and expand our credit quality disclosures. The new standard did not materially impact any of our other financial assets or instruments that we currently have on our balance sheet. We adopted the guidance on January 1, 2020 using the modified retrospective approach method of adoption. Under this method we recorded a cumulative-effect adjustment to our opening Balance Sheet as a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Such amount was determined by applying our methodology for estimating allowances for credit losses to our existing investments in leases - direct financing and sales-type as of January 1, 2020, which resulted in a $309.4 million cumulative adjustment, representing a 2.88% credit allowance upon adoption. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Each time we enter into a new direct financing or sales-type lease, lease financing receivable or loan, we will be required to estimate a credit allowance which will result in a non-cash charge to the Statement of Operations and a corresponding reduction in our net investment in the asset. Finally, each reporting period we are required to update the estimated allowance for any estimated changes in the credit loss, with the resulting change being recorded on the Statement of Operations and a corresponding change in our net investment in the asset. Accounting Pronouncements Not Yet Adopted ASU No. 2020-04 - Reference Rate Reform (Topic 848) - March 2020: This amended guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Specifically, the amendment provides accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will evaluate the impact of the guidance and may apply the elections as and when applicable.

Property Transactions	3 Months Ended
Property Transactions	Mar. 31, 2020
Business Combinations [Abstract]
Property Transactions	Property Transactions 2020 Transactions Our significant activities in 2020, in reverse chronological order, are as follows: Sale of Bally’s Atlantic City Subsequent to March 31, 2020, on April 24, 2020, we and Caesars entered into definitive agreements to sell the Bally’s Atlantic City Hotel & Casino for $25.0 million to a subsidiary of Twin River Worldwide Holdings, Inc. We are entitled to receive approximately $19.0 million of the proceeds from the sale and Caesars is entitled to approximately $6.0 million of the proceeds. The annual rent payments under the Non-CPLV Lease Agreement will remain unchanged following completion of the disposition. The Bally’s Atlantic City transaction is subject to regulatory approvals and other closing conditions. Closing of Purchase of JACK Cleveland/Thistledown On January 24, 2020, we completed the previously announced transaction to acquire the casino-entitled land and real estate and related assets of the JACK Cleveland Casino (“JACK Cleveland”), located in Cleveland, Ohio and the JACK Thistledown Racino (“JACK Thistledown”) located in North Randall, Ohio (the “JACK Cleveland/Thistledown Acquisition”) from JACK Entertainment, for approximately $843.3 million. Simultaneous with the closing of the JACK Cleveland/Thistledown Acquisition, we entered into a master triple-net lease agreement for JACK Cleveland and JACK Thistledown with a subsidiary of JACK Entertainment. The lease has an initial total annual rent of $65.9 million and an initial term of 15 years, with four five-year tenant renewal options. The tenant’s obligations under the lease are guaranteed by Rock Ohio Ventures LLC (“Rock Ohio Ventures”). Additionally, we made a $50 million loan (the “ROV Loan”) to affiliates of Rock Ohio Ventures secured by, among other things, certain non-gaming real estate assets owned by such affiliates and guaranteed by Rock Ohio Ventures. The ROV Loan bears interest at 9.0% per annum for a period of five years with two one-year extension options. We determined that the land and building components of the JACK Cleveland/Thistledown Acquisition meet the definition of a sales-type lease and further meet the definition of a sale leaseback transaction as defined in ASC 842. Accordingly, we have classified these assets as Investments in leases - financing receivables on our Balance Sheet as a sale leaseback transaction that is accounted for as a lease financing receivable under ASC 310. 2019 Transactions Our significant activities in 2019, in reverse chronological order, are as follows: Sale of Harrah’s Reno On December 31, 2019, we and Caesars entered into a definitive agreement to sell the Harrah’s Reno asset for $50.0 million to a third party. We are entitled to receive 75% of the proceeds of the sale and Caesars is entitled to receive 25% of the proceeds. The annual rent payments under the Non-CPLV Lease Agreement will remain unchanged following completion of the disposition, which remains conditioned upon the closing of the Eldorado/Caesars Merger and customary closing conditions. Closing of Purchase of Century Portfolio On December 6, 2019, we completed the previously announced transaction to acquire the Century Portfolio, comprised of the land and real estate assets of (i) Mountaineer Casino, Racetrack & Resort located in New Cumberland, West Virginia, (ii) Lady Luck Casino Caruthersville located in Caruthersville, Missouri and (iii) Isle Casino Cape Girardeau located in Cape Girardeau, Missouri from affiliates of Eldorado, for approximately $277.8 million, and a subsidiary of Century Casinos acquired the operating assets of the Century Portfolio for approximately $107.2 million (together, the “Century Portfolio Acquisition”). Simultaneous with the closing of the Century Portfolio Acquisition, we entered into a master triple-net lease agreement for the Century Portfolio with a subsidiary of Century Casinos. The Century Portfolio Lease Agreement has an aggregate initial total annual rent of $25.0 million and an initial term of 15 years, with four five-year tenant renewal options. The tenants’ obligations under the Century Portfolio Lease Agreement are guaranteed by Century Casinos. We determined that the land and building components of the Century Portfolio Lease Agreement meet the definition of a sales-type lease and have recorded the corresponding asset, including related transaction and acquisition costs, in Investments in leases - direct financing and sales-type on our Balance Sheet. Closing of Purchase of Hard Rock Cincinnati On September 20, 2019, we completed the previously announced transaction to acquire the casino-entitled land and real estate and related assets of Hard Rock Cincinnati, located in Cincinnati, Ohio from affiliates of JACK Entertainment LLC, for approximately $558.3 million, and a subsidiary of Hard Rock acquired the operating assets of the Hard Rock Cincinnati Casino for $186.5 million (together, the “Hard Rock Cincinnati Acquisition”). Simultaneous with the closing of the Hard Rock Cincinnati Acquisition, we entered into a triple-net lease agreement for Hard Rock Cincinnati with a subsidiary of Hard Rock. The Hard Rock Cincinnati Lease Agreement has an initial total annual rent of $42.8 million and an initial term of 15 years, with four five-year tenant renewal options. The tenant’s obligations under the Hard Rock Cincinnati Lease Agreement are guaranteed by Seminole Hard Rock Entertainment, Inc. We determined that the land and building components of the Hard Rock Cincinnati Lease Agreement meet the definition of a sales-type lease and have recorded the corresponding asset, including related acquisition and transaction costs, in Investments in leases - direct financing and sales-type on our Balance Sheet. Eldorado Transaction On June 24, 2019, we entered into the Master Transaction Agreement with Eldorado relating to the Eldorado Transaction, as described below, which is conditioned upon consummation of the closing of the merger contemplated under an Agreement and Plan of Merger (the “Eldorado/Caesars Merger Agreement”) pursuant to which a subsidiary of Eldorado will merge with and into Caesars, with Caesars surviving as a wholly owned subsidiary of Eldorado. Upon closing of the merger, Eldorado will be renamed Caesars. Any references to Eldorado in the subsequent transaction discussion refer to the combined Eldorado/Caesars subsequent to the closing of the Eldorado/Caesars Merger, as applicable. The Eldorado Transaction and the Eldorado/Caesars Merger are both subject to regulatory approvals and customary closing conditions. Eldorado has publicly disclosed that it expects the Eldorado/Caesars Merger to be completed in the first half of 2020. However, we can provide no assurances that the Eldorado/Caesars Merger or the Eldorado Transaction described herein will close in the anticipated timeframe, on the contemplated terms or at all. We intend to fund the Eldorado Transaction with a combination of cash on hand, proceeds from the physical settlement of the Forward Sales Agreements, as described in Note 1 2 - Stockholders’ Equity, and proceeds held in escrow from our February 2020 Senior Unsecured Notes offering. The Master Transaction Agreement contemplates the following transactions: •Acquisition of the MTA Properties. We have agreed to acquire all of the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City (or, if necessary, certain replacement properties designated in the Master Transaction Agreement) (collectively, the “MTA Properties” and each, an “MTA Property”) for an aggregate purchase price of $1,823.5 million (which reflects a purchase price adjustment of $14.0 million related to Harrah’s New Orleans) (the “MTA Properties Acquisitions” and each, an “MTA Property Acquisition”). Simultaneous with the closing of each MTA Property Acquisition the Non-CPLV Lease Agreement will be amended to include such MTA Property, with (i) initial aggregate total annual rent payable to us and attributable to the MTA Properties of $154.0 million, (ii) so long as the MTA Property Acquisitions are consummated concurrent with the closing of the Eldorado/Caesars Merger, an initial term of approximately 15 years and (iii) the same renewal terms available to the other tenants under the Non-CPLV Lease Agreement at such time. The Non-CPLV Lease Agreement will also be amended to adjust certain minimum capital expenditure requirements and other related terms and conditions as a result of the MTA Properties being included in the Non-CPLV Lease Agreement. On September 26, 2019, we entered into the following agreements (each of which were entered into in accordance with the terms of the Master Transaction Agreement): (i) a Purchase and Sale Agreement (the “Harrah’s New Orleans Purchase Agreement”) pursuant to which we agreed to acquire, and Eldorado agreed to cause to be sold, all of the fee and leasehold interests in the land and real property improvements associated with Harrah’s New Orleans in New Orleans, Louisiana for a cash purchase price of $789.5 million (which reflects a purchase price adjustment of $14.0 million); (ii) a Purchase and Sale Agreement (the “Harrah’s Atlantic City Purchase Agreement”) pursuant to which we agreed to acquire, and Eldorado agreed to cause to be sold, all of the land and real property improvements associated with Harrah’s Resort Atlantic City and Harrah’s Atlantic City Waterfront Conference Center in Atlantic City, New Jersey for a cash purchase price of $599.25 million; and (iii) a Purchase and Sale Agreement (the “Harrah’s Laughlin Purchase Agreement” and, collectively with the Harrah’s New Orleans Purchase Agreement and the Harrah’s Atlantic City Purchase Agreement, the “MTA Property Purchase Agreements” and each, a “MTA Property Purchase Agreement”) pursuant to which we agreed to acquire, and Eldorado agreed to cause to be sold, all of the equity interests in a newly formed entity that will acquire the land and real property improvements associated with Harrah’s Laughlin Hotel & Casino in Laughlin, Nevada for a cash purchase price of $434.75 million. Each of our existing call options on the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City properties will terminate upon the earlier to occur of the closing of the corresponding MTA Property Acquisition or our obtaining specific performance or liquidated damages with respect to the relevant property. The closings of the MTA Property Acquisitions are subject to conditions in addition to the consummation of the Eldorado/Caesars Merger, and are not cross-conditioned on each other (that is, we are not required to close on “all or none” of the MTA Properties). In addition, the closing of the other transactions that comprise the Eldorado Transaction is not conditioned on the completion of any or all of the MTA Property Acquisitions. •CPLV Lease Agreement Amendment. In consideration of a payment by us to Eldorado of $1,189.9 million, we and Eldorado will amend the CPLV Lease Agreement to (i) increase the annual rent payable to us under the CPLV Lease Agreement by $83.5 million (the “CPLV Additional Rent Acquisition”) and (ii) provide for the amended terms described below. •HLV Lease Agreement Termination and Creation of Las Vegas Master Lease. In consideration of a payment by us to Eldorado of $213.8 million, we and Eldorado will terminate the HLV Lease Agreement and the related lease guaranty. Annual rent previously payable to us with respect to the Harrah’s Las Vegas property will be increased by $15.0 million (the “HLV Additional Rent Acquisition”). The CPLV Lease Agreement will be amended (as amended, the “Las Vegas Master Lease Agreement”) to provide, among other things, that the Harrah’s Las Vegas property, which is currently subject to the HLV Lease Agreement, will be leased pursuant thereto (with the Harrah’s Las Vegas property subject to the higher rent escalator currently in place under the CPLV Lease Agreement). Thereafter the Las Vegas Master Lease Agreement will be a multi-property master lease whereby the Harrah’s Las Vegas property tenant and the Caesars Palace Las Vegas property tenant will collectively be the tenant. •Centaur Properties Put/Call Agreement. Affiliates of Caesars currently own two gaming facilities in Indiana - Harrah’s Hoosier Park and Indiana Grand (together the “Centaur Properties”). At the closing of the Eldorado/Caesars Merger, a right of first refusal that we have with respect to the Centaur Properties will terminate and we will enter into a put/call agreement with Eldorado, whereby (i) we will have the right to acquire all of the land and real estate assets associated with the Centaur Properties at a price equal to 13.0x the initial annual rent of each facility (determined as provided below), and to simultaneously lease back each such property to a subsidiary of Eldorado for initial annual rent equal to the property’s trailing four quarters EBITDA at the time of acquisition divided by 1.3 (i.e., the initial annual rent will be set at 1.3x rent coverage) and (ii) Eldorado will have the right to require us to acquire the Centaur Properties at a price equal to 12.5x the initial annual rent of each facility, and to simultaneously lease back each such Centaur Property to a subsidiary of Eldorado for initial annual rent equal to the property’s trailing four quarters EBITDA at the time of acquisition divided by 1.3 (i.e., the initial annual rent will be set at 1.3x rent coverage). Either party will be able to trigger its respective put or call, as applicable, beginning on January 1, 2022 and ending on December 31, 2024. The put/call agreement will provide that the leaseback of the Centaur Properties will be implemented through addition of the Centaur Properties to the Non-CPLV Lease Agreement. •Las Vegas Strip Assets ROFR. We will enter into a right of first refusal agreement with Eldorado (the “Las Vegas ROFR”) whereby we will have the first right, with respect to the first two of certain specified Las Vegas Strip assets that Eldorado proposes to sell, whether pursuant to a sale leaseback or a WholeCo sale, to a third party, to acquire any such asset (it being understood that we will have the opportunity to find an operating company should Eldorado elect to pursue a WholeCo sale). Pursuant to the Master Transaction Agreement, the specified Las Vegas Strip assets subject to the Las Vegas ROFR will be the land and real estate assets associated (i) with respect to the first such asset subject to the Las Vegas ROFR, the Flamingo Las Vegas, Paris Las Vegas, Planet Hollywood and Bally’s Las Vegas gaming facilities, and (ii) with respect to the second asset subject to the Las Vegas ROFR, the foregoing assets plus The LINQ gaming facility. If we enter into a sale leaseback transaction with Eldorado on any of these facilities, the leaseback will be implemented through the addition of such properties to the CPLV Lease Agreement. •Horseshoe Baltimore ROFR. We and Eldorado agreed to enter into a right of first refusal agreement pursuant to which we will have the first right to enter into a sale leaseback transaction with respect to the land and real estate assets associated with the Horseshoe Baltimore gaming facility (subject to any consent required from Caesars’ joint venture partners with respect to this asset) (the “Horseshoe Baltimore ROFR”). •Lease Guaranties and MLSA Terminations. Eldorado will execute new guaranties (the “Eldorado Guaranties”) of the CPLV Lease Agreement, the Non-CPLV Lease Agreement and the Joliet Lease Agreement, and the existing guaranties by Caesars of such leases, along with all covenants and other obligations of Caesars incurred in connection with such guaranties, will be terminated with respect to Caesars (which will become a subsidiary of Eldorado following the closing of the Eldorado/Caesars Merger). The Eldorado Guaranties will guaranty the prompt and complete payment and performance in full of: (i) all monetary obligations of the tenants under the respective leases, including all rent and other sums payable by the tenants under the leases and any obligation to pay monetary damages in connection with any breach and to pay any indemnification obligations of the tenants under the leases; and (ii) the performance when due of all other covenants, agreements and requirements to be performed and satisfied by the tenants under the leases. In addition, we and Eldorado will terminate the Management and Lease Support Agreements with respect to the CPLV Lease Agreement, the Non-CPLV Lease Agreement and the Joliet Lease Agreement, and certain provisions currently set forth therein will be added to the respective leases, as amended, and the Eldorado Guaranties. •Other Lease Amendments. The CPLV Lease Agreement, the Non-CPLV Lease Agreement and the Joliet Lease Agreement will be amended to, among other things, (i) remove the rent coverage floors, which coverage floors serve to reduce the rent escalators under such leases in the event that the “EBITDAR to Rent Ratio” (as defined in each of the CPLV Lease Agreement, the Non-CPLV Lease Agreement and the Joliet Lease Agreement) coverage is below the stated floor and (ii) extend the term of each such lease by such additional period of time as necessary to ensure that following the consummation of the Eldorado/Caesars Merger, each lease will have a full 15-year initial lease term. The Non-CPLV Lease Agreement also will be amended to, among other things: (a) permit the tenant under the Non-CPLV Lease Agreement to cause facilities subject to the Non-CPLV Lease Agreement that in the aggregate represent up to five percent of the aggregate EBITDAR of (A) all of the facilities under such Non-CPLV Lease Agreement and (B) the Harrah’s Joliet facility, for the 2018 fiscal year (defined as the “2018 EBITDAR Pool” in the Non-CPLV Lease Agreement, without giving effect to any increase in the 2018 EBITDAR Pool as a result of a facility being added to the Non-CPLV Lease Agreement) to be sold (whereby the tenant and landlord under the Non-CPLV Lease Agreement would sell the operations and real estate, respectively, with respect to such facility), provided, among other things, that (1) we and Eldorado mutually agree to the split of proceeds from such sales, (2) such sales do not result in any impairment(s)/asset write down(s) by us, (3) rent under the Non-CPLV Lease Agreement remains unchanged following such sale and (4) the sale does not result in us recognizing certain taxable gain; (b) restrict the ability of the tenant thereunder to transfer and sell the operating business of Harrah’s New Orleans and Harrah’s Atlantic City to replacement tenants without our consent and remove such restrictions with respect to Horseshoe Southern Indiana (in connection with the restrictions applying to Harrah’s New Orleans) and Horseshoe Bossier City (in connection with the restrictions applying to Harrah’s Atlantic City), provided that the tenant under the Non-CPLV Lease Agreement may only sell such properties if certain terms and conditions are met, including that replacement tenants meet certain criteria provided in the Non-CPLV Lease Agreement; and (c) require that the tenant under the Non-CPLV Lease Agreement complete and pay for all capital improvements and other payments, costs and expenses related to the extension of the existing operating license with respect to Harrah’s New Orleans, including, without limitation, any such payments, costs and expenses required to be made to the City of New Orleans, the State of Louisiana or any other governmental body or agency. •CPLV CMBS Refinancing. We were obligated to cause the CPLV CMBS Debt to be repaid in full prior to the closing of the Eldorado/Caesars Merger. Eldorado has agreed to reimburse us for 50% of our out-of-pocket costs in connection with the prepayment penalties associated with refinancing the CPLV CMBS Debt (which reimbursement obligations exist pursuant to the MTA regardless of whether the Eldorado/Caesars Merger is consummated). In November 2019, we repaid the CPLV CMBS Debt in full resulting in a prepayment penalty of $110.8 million, $55.4 million of which Eldorado is obligated to reimburse us for under the MTA. •Eldorado Bridge Facilities. On June 24, 2019, in connection with the Eldorado Transaction, VICI PropCo entered into a commitment letter (the “Commitment Letter”) with Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands Branch (collectively, the “Bridge Lender”), pursuant to which and subject to the terms and conditions set forth therein, the Bridge Lender has agreed to provide (i) a 364-day first lien secured bridge facility of up to $3.3 billion in the aggregate (the “Eldorado Senior Bridge Facility”) and (ii) a 364-day second lien secured bridge facility of up to $1.5 billion in the aggregate (the “Eldorado Junior Bridge Facility,” and, together with the Eldorado Senior Bridge Facility, the “Bridge Facilities”), for the purpose of providing a portion of the financing necessary to fund the consideration to be paid pursuant to the terms of the Eldorado Transaction documents and related fees and expenses. Following the issuance of the November 2019 Senior Unsecured Notes, the commitments under the Bridge Facilities were reduced by $1.6 billion, to $3.2 billion. Following the issuance of the February 2020 Senior Unsecured Notes we placed $2.0 billion of the net proceeds into escrow pending the consummation of the Eldorado Transaction and the commitments under the Bridge Facilities were further reduced by $2.0 billion to $1.2 billion. The Master Transaction Agreement contains customary representations, warranties and covenants by the parties to the agreement and is subject to the consummation of the Eldorado/Caesars Merger as well as customary closing conditions, including, among other things, that: (i) the absence of any law or order restraining, enjoining or otherwise preventing the transactions contemplated by the Master Transaction Agreement; (ii) the receipt of certain regulatory approvals, including gaming regulatory approvals; (iii) certain restructuring transaction shall have been consummated; (iv) the accuracy of the respective parties’ representations and warranties, subject to customary qualifications; and (v) material compliance by the parties with their respective covenants and obligations. The Master Transaction Agreement contains certain termination rights, including that the Master Transaction Agreement shall automatically terminate upon the termination of the Eldorado/Caesars Merger Agreement and a right by us to terminate the Master Transaction Agreement in the event the closing of the transactions contemplated by the Master Transaction Agreement has not occurred by the date on which the Eldorado/Caesars Merger is required to close pursuant to the Eldorado/Caesars Merger Agreement, but in no event later than December 24, 2020. If the Master Transaction Agreement is terminated by Eldorado under certain circumstances where we have a financing failure, we may be obligated to pay Eldorado a reverse termination fee of $75.0 million (the “Reverse Termination Fee”). If the amendment of the CPLV Lease Agreement is not entered into on the date on which the Eldorado/Caesars Merger closes, under certain circumstances, we may be obligated to pay Eldorado a fee of $45.0 million (the “CPLV Break Payment”), provided we will not be obligated to pay both the Reverse Termination Fee and the CPLV Break Payment. If the Eldorado/Caesars Merger does not close for any reason, under certain circumstances, Eldorado may be obligated to pay us a termination fee of $75.0 million. For more information, refer to Pa r t II. Item 1A. Risk Factors herein and to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. Closing of Purchase of Greektown On May 23, 2019, we completed the previously announced transaction to acquire from affiliates of JACK Entertainment LLC all of the land and real estate assets associated with Greektown, for $700.0 million in cash, and an affiliate of Penn National acquired the operating assets of Greektown for $300.0 million in cash (together, the “Greektown Acquisition”). Simultaneous with the closing of the Greektown Acquisition, we entered into a triple-net lease agreement for Greektown with a subsidiary of Penn National. The lease has an initial total annual rent of $55.6 million and an initial term of 15 years, with four five-year tenant renewal options. The tenant’s obligations under the lease are guaranteed by Penn National and certain of its subsidiaries. We determined that the land and building components of the Greektown Lease Agreement meet the definition of a sales-type lease and have recorded the corresponding asset, including related acquisition and transaction costs, in Investments in leases - direct financing and sales-type on our Balance Sheet. Closing of Purchase of Margaritaville On January 2, 2019, we completed the previously announced transaction to acquire the land and real estate assets of Margaritaville for $261.1 million. Penn National acquired the operating assets of Margaritaville for $114.9 million. Simultaneous with the closing of this transaction, we entered into a triple-net lease agreement with a subsidiary of Penn National. The lease has an initial annual rent of $23.2 million and an initial term of 15 years, with four five-year tenant renewal options. The tenant’s obligations under the lease are guaranteed by Penn National and certain of its subsidiaries. We determined that the land and building components of the Margaritaville Lease Agreement meet the definition of a sales-type lease and have recorded the corresponding asset, including related acquisition and transaction costs, in Investments in leases - direct financing and sales-type on our Balance Sheet. Other Agreements with Caesars Caesars Forum Convention Center - Put/Call Agreement In December 2017, we sold to Caesars approximately 18.4 acres of certain parcels located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, for $73.6 million. The Caesars Forum Convention Center is currently being constructed on the Eastside Property. Accordingly, we entered into a put/call agreement with Caesars, which provides both parties with certain rights and obligations including: (i) a put right in favor of Caesars, which, if exercised, would result in the sale by Caesars to us and simultaneous leaseback by us to Caesars of the Caesars Forum Convention Center (the “Put Right”); (ii) if Caesars exercises the Put Right and, among other things, the sale of the Caesars Forum Convention Center to us does not close for certain reasons more particularly described in the put/call agreement, then a repurchase right in favor of Caesars, which, if exercised, would result in the sale of Harrah’s Las Vegas by us to Caesars; and (iii) a call right in our favor, which, if exercised, would result in the sale by Caesars to us and simultaneous leaseback by us to Caesars of the Caesars Forum Convention Center. This agreement survives the closing of the Eldorado/Caesars Merger. Due to the put/call option on the land parcels, it was determined that the transaction does not meet the requirements of a completed sale for accounting purposes. As a result, at December 31, 2017, we reclassified $73.6 million from Investments in leases - operating to Land and recorded a $73.6 million Deferred financing liability on our Balance Sheet. Second Amended and Restated Right of First Refusal Agreement Simultaneously with the sale of the Eastside Property, we also entered into an Amended and Restated Right of First Refusal Agreement with Caesars pursuant to which we will have a right, subject to certain exclusions, (i) to acquire (and lease to Caesars) any of the gaming facilities of Centaur Properties, which were acquired by Caesars in the third quarter of 2018, (ii) to acquire (and lease to Caesars) any domestic gaming facilities located outside of the Gaming Enterprise District of Clark County, Nevada, proposed to be acquired or developed by Caesars, and (iii) to acquire certain income-producing improvements if built by Caesars in lieu of the Caesars Forum Convention Center on the Eastside Property, subject to certain exclusions. The Amended and Restated Right of First Refusal Agreement also contains a right of first refusal in favor of Caesars, pursuant to which Caesars will have the right to lease and manage any domestic gaming facility located outside of Greater Las Vegas, proposed to be acquired or developed by us that is not: (i) any asset that is then subject to a pre-existing lease, management agreement or other contractual restriction that was not entered into in contemplation of such acquisition or development and which (x) was entered into on arms’ length terms and (y) would not be terminated upon or prior to closing of such transaction, (ii) any transaction for which the opco/propco structure would be prohibited by applicable laws, rules or regulations or which would require governmental consent, approval, license or authorization (unless already received), (iii) any transaction structured by the seller as a sale-leaseback, (iv) any transaction in which we and/or our affiliates will not own at least 50% of, or control, the entity that will own the gaming facility, and (v) any transaction in which we or our affiliates propose to acquire a then-existing gaming facility from ourselves or our affiliates. In the event that the foregoing rights are not exercised by us or Caesars and CEOC, as applicable, each party will have the right to consummate the subject transaction without the other’s involvement, provided the same is on terms no more favorable to the counterparty than those presented to us or Caesars and CEOC, as applicable, for consummating such transaction. In December 2018, we entered into the Second Amended and Restated Right of First Refusal Agreement, which replaced the Amended and Restated Right of First Refusal Agreement and, among other things, provides us with the right to acquire from Caesars, under certain circumstances, certain undeveloped land adjacent to the Las Vegas Strip. Upon closing of the Eldorado/Caesars Merger, the Second Amended and Restated Right of First Refusal will be terminated and we will enter into the Las Vegas ROFR and the Horseshoe Baltimore ROFR. Option Properties Call Right Agreements On the Formation Date, we entered into certain call right agreements, which provide us with the opportunity to acquire Harrah’s Atlantic City, Harrah’s New Orleans and Harrah’s Laughlin from Caesars. We can exercise the call rights within 5 years from the Formation Date by delivering a request to the applicable owner of the property containing evidence of our ability to finance the call right. The purchase price for each property will be 10 multiplied by the initial property lease rent for the respective property, with the initial property lease rent for each property being the amount that causes the ratio of (x) EBITDAR of the property for the most recently ended four-quarter period for which financial statements are available to (y) the initial property lease rent to equal 1.67. As described above under “Eldorado Transaction-Acquisition of the MTA Properties,” we have entered into agreements to acquire all of the land and real estate assets associated with the MTA Properties, and the existing call right agreements will terminate, upon the earlier to occur of the closing of the corresponding MTA Property Acquisition or our obtaining specific performance or liquidated damages with respect to the relevant property in accordance with the terms of the MTA.

Real Estate Portfolio

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Real Estate Portfolio

As of March 31, 2020, our real estate portfolio consisted of the following:

•Investments in leases - direct financing and sales-type, representing our investment in 26 casino assets leased on a triple net basis to our tenants, Caesars, Penn National, Hard Rock and Century Casinos, under eight separate lease agreements;

•Investments in leases - operating, representing the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Non-CPLV Lease Agreement;

•Investments in leases - financing receivables, representing our investment in two casino assets leased on a triple net basis to our tenant JACK Entertainment;

•Investments in loans, representing our investment in the ROV Loan; and

•Land, representing our investment in the Eastside Property and certain non-operating, vacant land parcels contained in the Non-CPLV Lease Agreement.

The following is a summary of the balances of our real estate portfolio as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Minimum lease payments receivable under direct financing and sales-type leases ⁽¹⁾	$	31,233,640	$	31,460,712
Estimated residual values of leased property (not guaranteed)	2,525,469		2,525,469
Gross investment in direct financing and sales-type leases	33,759,109		33,986,181
Unamortized initial direct costs	42,761		42,819
Less: Unearned income	(23,070,752)		(23,294,755)
Less: Allowance for credit losses	(400,390)		—
Investments in leases - direct financing and sales-type, net	10,330,728		10,734,245
Investments in leases - operating	1,086,658		1,086,658
Investments in leases - financing receivables, net	794,055		—
Total investments in leases, net	12,211,441		11,820,903
Investments in loans, net	48,470		—
Land	94,711		94,711
Total Real estate portfolio	$	12,354,622	$	11,915,614

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

The following table details the components of our income from direct financing, sales-type and operating leases and lease financing receivables:


	Three Months Ended March 31,
(In thousands)	2020		2019
Income from direct financing and sales-type leases	$	224,252	$	195,750
Income from operating leases ⁽¹⁾	10,913		10,913
Income from lease financing receivables ⁽²⁾	12,020		—
Total lease revenue	247,185		206,663
Non-cash adjustment ⁽³⁾	3,254		(2,512)
Total contractual lease revenue	$	250,439	$	204,151

____________________

(1) Represents portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Non-CPLV Lease Agreement.

(2) Represents the JACK Cleveland/Thistledown Lease Agreement which, in accordance with ASC 842, was determined to meet both the definition of a sale leaseback transaction and sales-type lease and, as a result, is accounted for as a financing under ASC 310.

(3) Amounts represent the non-cash adjustment to income from direct financing leases, sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.

At March 31, 2020, minimum lease payments owed to us for each of the five succeeding years under direct financing, sales-type and operating leases, as well as leases accounted for as financing receivables, are as follows:


	Minimum Lease Payments ^{(1) (2)}
	Investments in Leases
(In thousands)	Direct Financing and Sales-Type		Operating		Financing Receivables		Total
2020 (remaining)	$	683,223	$	32,740	$	49,410	$	765,373
2021	916,720		43,653		66,484		1,026,857
2022	927,351		43,653		67,149		1,038,153
2023	942,285		43,653		68,128		1,054,066
2024	954,569		43,653		68,212		1,066,434
2025	954,765		43,653		68,212		1,066,630
Thereafter	25,854,727		1,171,362		1,983,840		29,009,929
Total	$	31,233,640	$	1,422,367	$	2,371,435	$	35,027,442

Weighted Average Lease Term ⁽²⁾	32.8		32.6		34.8		32.9

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

(2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.

Lease Provisions

Caesars Lease Agreements - Overview

The following is a summary of the material lease provisions of our Caesars Lease Agreements (which does not reflect the modifications to the Caesars Lease Agreements contemplated in connection with the closing of the Eldorado Transaction):

($ In thousands)

Lease Provision ⁽¹⁾

Non-CPLV Lease Agreement and Joliet Lease Agreement

CPLV Lease Agreement

HLV Lease Agreement

Initial Term

15 years

Renewal Terms

Four, five-year terms

Current annual rent ⁽²⁾

$508,534

$207,745

$89,157

Escalator commencement

Lease year two

Escalator ⁽³⁾

Lease years 2-5 - 1.5%

Lease years 6-15 - Consumer price index (“CPI) subject to 2% floor

CPI subject to 2% floor

Lease years 2-5 - 1%

Lease years 6-15 - CPI subject to 2% floor

EBITDAR to Rent Ratio floor ⁽⁴⁾

1.2x commencing lease year 8

1.7x commencing lease year 8

1.6x commencing lease year 6

Variable Rent commencement/reset

Lease years 8 and 11

Variable Rent split ⁽⁵⁾

Lease years 8-10 - 70% Base Rent and 30% Variable Rent

Lease years 11-15- 80% Base Rent and 20% Variable Rent

80% Base Rent and 20% Variable Rent

Variable Rent percentage ⁽⁵⁾

____________________

(1) All capitalized terms used without definition herein have the meanings detailed in the applicable Caesars Lease Agreements.

(2) In relation to the Non-CPLV Lease Agreement, Joliet Lease Agreement and CPLV Lease Agreement, the amount represents the current annual base rent payable for the current lease year which is the period from November 1, 2019 through October 31, 2020. In relation to the HLV Lease Agreement the amount represents current annual base rent payable for the current lease year which is the period from January 1, 2020 through December 31, 2020.

(3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three months ended March 31, 2020 and 2019.

(4) In the event that the EBITDAR to Rent Ratio coverage is below the stated floor, the Escalator of the respective Caesars Lease Agreements will be reduced to such amount to achieve the stated EBITDAR to Rent Ratio coverage, provided that the amount shall never result in a decrease to the prior year’s rent. The EBITDAR to Rent Ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service. The coverage floors, which coverage floors serve to reduce the rent escalators under the Caesars Lease Agreements in the event that the “EBITDAR to Rent Ratio” coverage is below the stated floor, will be removed upon execution of the amendments to the Caesars Lease Agreements in connection with the closing of the Eldorado Transaction.

(5) Variable Rent is not subject to the Escalator and is calculated as an increase or decrease of Net Revenues, as defined in the Caesars Lease Agreements, multiplied by the Variable Rent percentage.

Penn National Lease Agreements - Overview

The following is a summary of the material lease provisions of our Penn National Lease Agreements:

($ In thousands)

Lease Provision

Margaritaville Lease Agreement

Greektown Lease Agreement

Initial term

15 years

Renewal terms

Four, five-year terms

Current annual rent ⁽¹⁾

$23,544

$55,600

Escalation commencement

Lease year two

Escalation

2% of Building base rent, subject to the net revenue to rent ratio floor

2% of Building base rent, subject to the EBITDAR to rent ratio floor

Performance to rent ratio floor ⁽²⁾

6.1x net revenue commencing lease year two

1.85x EBITDAR commencing lease year two

Percentage rent ⁽³⁾

$3,000 (fixed for lease year one and two)

$6,400 (fixed for lease year one and two)

Percentage rent reset

Lease year three and each and every other lease year thereafter

Percentage rent multiplier

The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition)

____________________

(1) In relation to the Margaritaville Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from February 1, 2020 through January 31, 2021. In relation to the Greektown Lease Agreement, the amount represents current annual base rent payable for the current lease year which is the period from May 23, 2019 through May 31, 2020.

(2) In February 2020, the performance basis of such ratio was adjusted from a 1.9x EBITDAR ratio to a 6.1x net revenue ratio. In the event that the net revenue or EBITDAR to rent ratio coverage, as applicable, is below the stated floor, the escalation will be reduced to such amount to achieve the stated net revenue or EBITDAR to rent ratio coverage, as applicable, provided that the amount shall never result in a decrease to the prior year’s rent. In relation to the Greektown Lease Agreement, the EBITDAR to rent ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service.

(3) Percentage rent is subject to the percentage rent multiplier. After the percentage rent reset in lease year three, any amounts related to percentage rent are considered contingent rent in accordance with GAAP. During the three months ended March 31, 2020 we recognized approximately $60 in contingent rent in relation to the Margaritaville Lease Agreement escalation. No such rent has been recognized for the three months ended March 31, 2019. In relation to the Greektown Lease Agreement, no such rent has been recognized for the three months ended March 31, 2020 and 2019.

Hard Rock Cincinnati Lease Agreement - Overview

The following is a summary of the material lease provisions of our Hard Rock Cincinnati Lease Agreement:


($ In thousands)
Lease Provision						Term
Initial term						15 years
Renewal terms						Four, five-year terms
Current base rent ⁽¹⁾						$42,750
Escalator commencement						Lease year two
Escalator ⁽²⁾						Lease years 2-4 - 1.5% Lease years 5-15 - The greater of 2% or the change in CPI unless the change in CPI is less than 0.5%, in which case there is no escalation in rent for such lease year
Variable rent commencement/reset						Lease year 8
Variable rent split ⁽³⁾						80% base rent and 20% variable rent
Variable rent percentage ⁽³⁾						4%

____________________

(1) The amount represents the current annual base rent payable for the current lease year which is the period from September 20, 2019 through September 30, 2020.

(2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three months ended March 31, 2020 and 2019.

(3) Variable rent is not subject to the escalator and is calculated as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3, multiplied by the Variable rent percentage.

Century Portfolio Lease Agreement - Overview

The following is a summary of the material lease provisions of our Century Portfolio Lease Agreement:


($ In thousands)
Lease Provision						Term
Initial term						15 years
Renewal terms						Four, five-year terms
Current annual rent ⁽¹⁾						$25,000
Escalator commencement						Lease year two
Escalator ⁽²⁾						Lease years 2-3 - 1.0% Lease years 4-15 - The greater of 1.25% or the change in CPI
Net revenue to rent ratio floor						7.5x commencing lease year six - if the coverage ratio is below the stated amount the escalator will be reduced to 0.75%
Variable rent commencement/reset						Lease year 8 and 11
Variable rent split ⁽³⁾						80% Base Rent and 20% Variable Rent
Variable rent percentage⁽³⁾						4%

____________________

(1) The amount represents the current annual base rent payable for the current lease year which is the period from December 6, 2019 through December 31, 2020.

(3) Variable rent is not subject to the escalator and is calculated for lease year 8 as an increase or decrease of the average of net revenues for lease years 5 through 7 compared to the average net revenue for lease years 1 through 3 and for lease year 11 as an increase or decrease of the average of net revenues for lease years 8 through 10 compared to the average net revenue for lease years 5 through 7, multiplied by the Variable rent percentage.

JACK Cleveland/Thistledown Lease Agreement - Overview

The following is a summary of the material lease provisions of our JACK Cleveland/Thistledown Lease Agreement:


($ In thousands)
Lease Provision						Term
Initial term						15 years
Renewal terms						Four, five-year terms
Current annual rent ⁽¹⁾						$65,880
Escalator commencement						Lease year two
Escalator ⁽²⁾						Lease years 2-3 - 1.0% Lease years 4-6 - 1.5% Lease Years 7-15 - The greater of 1.5% or the change in CPI capped at 2.5%
Net revenue to rent ratio floor						4.9x in any lease year (commencing in lease year 5) - if the coverage ratio is below the stated amount, there is no escalation in rent for such lease year
Variable rent commencement/reset						Lease year 8 and 11
Variable rent split ⁽³⁾						80% Base Rent and 20% Variable Rent
Variable rent percentage⁽³⁾						4%

____________________

(1) The amount represents the current annual base rent payable for the current lease year which is the period from January 24, 2020 through January 31, 2021.

Capital Expenditure Requirements

We manage our residual asset risk through protective covenants in our Lease Agreements, which require the tenant to, among other things, hold specific insurance coverage, engage in ongoing maintenance of the property and invest in capital improvements. With respect to the capital improvements, the Lease Agreements specify certain minimum amounts that our tenants must spend on capital expenditures that constitute installation, restoration and repair or other improvements of items with respect to the leased properties.

The following table summarizes the capital expenditure requirements of the respective tenants under the Caesars Lease Agreements (which does not reflect the modifications to the Caesars Lease Agreements contemplated in connection with the closing of the Eldorado Transaction, including the inclusion of the Harrah’s New Orleans, Harrah’s Atlantic City and Harrah’s Laughlin properties in the Non-CPLV Lease Agreement):

Provision

Non-CPLV Lease Agreement and Joliet Lease Agreement

CPLV Lease Agreement

HLV Lease Agreement

Yearly minimum expenditure

1% of net revenues ⁽¹⁾

1% of net revenues commencing in 2022

Rolling three-year minimum⁽²⁾

$225 million

$84 million

N/A

Initial minimum capital expenditure

N/A

$171 million (2017 - 2021)

____________________

(1) The lease agreement requires a $100 million floor on annual capital expenditures for CPLV, Joliet and Non-CPLV in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.

(2) CEOC is required to spend $350 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $255 million allocated to Non-CPLV, $84 million allocated to CPLV and the remaining balance of $11 million to facilities covered by any Formation Lease Agreement in such proportion as CEOC may elect. Additionally, CEOC is required to expend a minimum of $495 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $350 million requirement.

The following table summarizes the capital expenditure requirements of the respective tenants under the Penn National Lease Agreements, Hard Rock Cincinnati Lease Agreement, Century Portfolio Lease Agreement and JACK Cleveland/Thistledown Lease Agreement:

Provision

Penn National Lease Agreements

Hard Rock Cincinnati Lease Agreement

Century Portfolio Lease Agreement

JACK Cleveland/Thistledown Lease Agreement

Yearly minimum expenditure

1% of net revenues based on rolling four-year basis

1% of net revenues

1% of net gaming revenues (1)

Initial minimum of $30 million (2)

Thereafter - 1% of net revenues on a rolling three-year basis

____________________

(1) Minimum of 1% of net gaming revenue on a rolling three-year basis for each individual facility and 1% of net gaming revenues per fiscal year for the facilities collectively.

(2) Initial minimum required to be spent from the period commencing April 1, 2019 through December 31, 2022.

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2020

Credit Loss [Abstract]

Allowance for Credit Losses

Adoption of ASC 326

On January 1, 2020, we adopted ASC 326 and, as a result, we are required to estimate and record non-cash credit losses related to our historical and any future investments in direct financing and sales-type leases, lease financing receivables and loans. Upon adoption, we recorded a $309.4 million cumulative adjustment, representing a 2.88% CECL allowance. Such amount was recorded as a cumulative-effect adjustment to our opening balance sheet with a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Periods prior to the adoption date that are presented for comparative purposes are not adjusted or disclosed.

Allowance for Credit Losses

During the three months ended March 31, 2020 we recognized a $149.5 million increase in our allowance for credit losses. Of this amount, approximately $127.4 million related to an increase in the credit risk of our tenants given the uncertain economic conditions caused by the COVID-19 pandemic and the current closures of their operations, including at our properties. The increase in the CECL allowance was primarily driven by (i) an increase in the R&S Period PD and LGD of our tenants and their parent guarantors due to decreases in the equity market capitalization of the stock of the parent public-entities of certain of our tenants as well as the utilization of forecasted scenarios that incorporate the expected negative impact of the COVID-19 pandemic on the economy and (ii) an increase in the Long-term Period PD of our tenants due to downgrades on certain of the credit ratings of our tenants’ senior secured debt. Additionally, we recognized a $22.2 million CECL allowance related to our initial investment in JACK Cleveland/Thistledown and the ROV Loan. The credit loss standard does not require retrospective application and as such there is no corresponding charge for the three months ended March 31, 2019.

As of March 31, 2020 and December 31, 2019, and since our Formation Date, all of our Lease Agreements and the ROV Loan are current in payment of their obligations to us and no investments are on non-accrual status. Additionally, to the best of our knowledge, none of our tenants were in contravention of any of the Lease Agreements.

The following tables detail the allowance for credit losses included as a component in our investments in leases - direct financing and sales-type, Investments in leases - financing receivables and investments in loans as of March 31, 2020 and January 1, 2020, the date of adoption:


	March 31, 2020
(In thousands, except for %)	Amortized Cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - direct financing and sales-type	$	10,731,118	$	(400,390)	$	10,330,728	3.73	%
Investments in leases - financing receivables	850,675		(56,620)		794,055		6.66	%
Investments in loans	50,330		(1,860)		48,470		3.70	%
Totals	$	11,632,123	$	(458,870)	$	11,173,253	3.94	%


	January 1, 2020
(In thousands, except for %)	Amortized Cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - direct financing and sales-type	$	10,734,245	$	(309,362)	$	10,424,883	2.88	%
Investments in leases - financing receivables	—		—		—		—	%
Investments in loans	—		—		—		—	%
Totals	$	10,734,245	$	(309,362)	$	10,424,883	2.88	%

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2020:


(In thousands)	Three Months Ended March 31, 2020
Beginning Balance December 31, 2019	$	—
Initial allowance upon adoption	309,362
Initial allowance from current period acquisitions	22,158
Current period change in credit allowance	127,350
Write-offs	—
Recoveries	—
Ending Balance March 31, 2020	$	458,870

Credit Quality Indicators

We assess the credit quality of our investments through the credit ratings of the senior secured debt of the guarantors of our leases, as we believe that our Lease Agreements have a similar credit profile to a senior secured debt instrument. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the guarantor of one of our Lease Agreements does not have senior secured debt with a credit rating, we use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the Long-term Period PD when estimating credit losses for each investment.

The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of March 31, 2020 and January 1, 2020, the date of adoption:


	March 31, 2020
(In thousands)	Ba2		Ba3		B1		B2		B3		Total
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$	561,349	$	—	$	9,889,284	$	901,005	$	280,485	$	11,632,123


	January 1, 2020
(In thousands)	Ba2		Ba3		B1		B2		B3		Total
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$	1,527,776	$	—	$	8,926,229	$	280,240	$	—	$	10,734,245

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2020

Other Liabilities [Abstract]

Other Assets and Other Liabilities

Other Assets

The following table details the components of our other assets as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Property and equipment used in operations, net	$	70,868	$	70,406
Other receivables	56,885		60,111
Lease assets	26,439		26,426
Debt financing costs	11,352		14,575
Deferred acquisition costs	8,443		11,134
Tenant receivables	2,381		—
Prepaid expenses	1,741		3,252
Interest receivable	1,642		1,626
Other	1,756		1,108
Total other assets	$	181,507	$	188,638

Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Land and land improvements	$	59,346	$	59,346
Buildings and improvements	14,805		14,805
Furniture and equipment	5,852		4,523
Total property and equipment used in operations	80,003		78,674
Less: accumulated depreciation	(9,135)		(8,268)
Total property and equipment used in operations, net	$	70,868	$	70,406


	Three Months Ended March 31,
(In thousands)	2020		2019
Depreciation expense	$	867	$	930

Other Liabilities

The following table details the components of our other liabilities as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Derivative liability	$	118,216	$	65,078
Lease liabilities	26,449		26,426
Other accrued expenses	13,897		21,023
Deferred income taxes	3,396		3,382
Accrued payroll and other compensation	1,755		7,369
Accounts payable	442		640
Total other liabilities	$	164,155	$	123,918

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

The following tables detail our debt obligations as of March 31, 2020 and December 31, 2019:


($ in thousands)	March 31, 2020
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility ⁽²⁾	2024	L + 2.00%	$	—	$	—
Term Loan B Facility ⁽³⁾	2024	L + 1.75%	2,100,000		2,077,344
Senior Unsecured Notes ⁽⁴⁾
2025 Notes	2025	3.500%	750,000		738,593
2026 Notes	2026	4.250%	1,250,000		1,230,979
2027 Notes	2027	3.750%	750,000		738,493
2029 Notes	2029	4.625%	1,000,000		984,530
2030 Notes	2030	4.125%	1,000,000		984,546
Total Debt							$	6,850,000	$	6,754,485


($ in thousands)	December 31, 2019
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility ⁽²⁾	2024	L + 2.00%	$	—	$	—
Term Loan B Facility ⁽³⁾	2024	L + 2.00%	2,100,000		2,076,962
Second Lien Notes ⁽⁵⁾	2023	8.00%	498,480		498,480
Senior Unsecured Notes ⁽⁴⁾
2026 Notes	2026	4.250%	1,250,000		1,231,227
2029 Notes	2029	4.625%	1,000,000		984,894
Total Debt							$	4,848,480	$	4,791,563

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(2)Interest on any outstanding balance is payable monthly. The Revolving Credit Facility initially bore interest at LIBOR plus 2.25% and was subject to a 0.5% commitment fee. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%. On May 15, 2019, we amended our Revolving Credit Facility to, among other things, increase borrowing capacity by $600 million to a total of $1.0 billion and extend the maturity date to May 2024. After giving effect to the amendments executed on May 15, 2019, borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of 1.75% to 2.00% over LIBOR, or between 0.75% and 1.00% over the base rate depending on our total net debt to adjusted total assets ratio. Additionally, after giving effect to the amendments executed on May 15, 2019, the commitment fee under the Revolving Credit Facility is calculated on a leverage-based pricing grid with a range of 0.375% to 0.5%, in each case depending on our total net debt to adjusted total assets ratio. For the three months ended March 31, 2020 the commitment fee was 0.375%.

(3)Interest on any outstanding balance is payable monthly. The Term Loan B Facility initially bore interest at LIBOR plus 2.25%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%. In connection with the repricing of the Term Loan B Facility in January of 2020, the interest rate was decreased to LIBOR plus 1.75%. As of March 31, 2020 and December 31, 2019, we had six interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $2.0 billion at a blended LIBOR rate of 2.7173%.

(4)Interest is payable semi-annually.

(5)The Second Lien Notes were redeemed in full on February 20, 2020 with proceeds from the February 2020 Senior Unsecured Notes.

The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2020:


(In thousands)	Future Minimum Payments
2020 (remaining)	$	—
2021	—
2022	10,000
2023	22,000
2024	2,068,000
2025	750,000
Thereafter	4,000,000
Total minimum repayments	$	6,850,000

Senior Unsecured Notes

On November 26, 2019, the Operating Partnership and the Co-Issuer (together with the Operating Partnership, the “Issuers”), wholly owned subsidiaries of the Company issued (i) $1,250 million in aggregate principal amount of 2026 Notes under an indenture dated as of November 26, 2019 (the “2026 Notes Indenture”), among the Issuers, the subsidiary guarantors party thereto and UMB Bank, National Association, as trustee (the “Trustee”), and (ii) $1,000 million in aggregate principal amount of 2029 Notes under an indenture dated as of November 26, 2019 (the “2029 Notes Indenture” and, together with the 2026 Notes Indenture, the “2019 Senior Unsecured Notes Indentures”), among the Issuers, the subsidiary guarantors party thereto and the Trustee. We used a portion of the net proceeds of the offering to repay in full the CPLV CMBS Debt, and pay certain fees and expenses including the net prepayment penalty of $55.4 million. On January 24, 2020, the remaining net proceeds were used to pay for a portion of the purchase price of the JACK Cleveland/Thistledown Acquisition. The 2026 Notes will mature on December 1, 2026, and the 2029 Notes will mature on December 1, 2029. Interest on the 2026 Notes will accrue at a rate of 4.250% per annum, and interest on the 2029 Notes will accrue at a rate of 4.625% per annum.

On February 5, 2020, the Issuers issued (i) $750 million in aggregate principal amount of 2025 Notes under an indenture dated as of February 5, 2020 (the “2025 Notes Indenture”), among the Issuers, the subsidiary guarantors party thereto and the Trustee, (ii) $750 million in aggregate principal amount of 2027 Notes under an indenture dated as of February 5, 2020 (the “2027 Notes Indenture”), among the Issuers, the subsidiary guarantors party thereto and the Trustee and (iii) $1.0 billion in aggregate principal amount of 2030 Notes under an indenture dated as of February 5, 2020 (the “2030 Notes Indenture” and, together with the 2025 Notes Indenture and the 2027 Notes Indenture, the “2020 Senior Unsecured Notes Indentures”), among the Issuers, the subsidiary guarantors party thereto and the Trustee. The 2020 Senior Unsecured Notes Indentures, together with the 2019 Senior Unsecured Notes Indentures, are referred to as the “Senior Unsecured Notes Indentures”. We placed $2.0 billion of the net proceeds of the February 2020 Senior Unsecured Notes offering into escrow pending the consummation of the Eldorado Transaction, and used the remaining net proceeds from the 2025 Notes, together with cash on hand, to redeem in full the outstanding $498.5 million in aggregate principal amount of the Second Lien Notes plus the Second Lien Notes Applicable Premium (as defined in the Second Lien Notes indenture), for a total redemption cost of approximately $537.5 million. The 2025 Notes will mature on February 15, 2025, the 2027 Notes will mature on February 15, 2027 and the 2030 Notes will mature on August 15, 2030. Interest on the 2025 Notes accrues at a rate of 3.500% per annum, interest on the 2027 Notes accrues at a rate of 3.750% per annum and interest on the 2030 Notes accrues at a rate of 4.125% per annum.

The November 2019 Senior Unsecured Notes and the February 2020 Senior Unsecured Notes (together, the “Senior Unsecured Notes”) were sold in the United States only to accredited investors pursuant to an exemption from the Securities Act of 1933, as amended (the “Securities Act”), and subsequently resold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

Interest on the November 2019 Senior Unsecured Notes is payable semi-annually in cash in arrears on June 1 and December 1 of each year, commencing on June 1, 2020. Interest on the February 2020 Senior Unsecured Notes is payable semi-annually in cash in arrears on February 15 and August 15 of each year, commencing on August 15, 2020. The Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each existing and future direct and

indirect wholly owned material domestic subsidiary of the Operating Partnership that incurs or guarantees certain bank indebtedness or any other material capital market indebtedness, other than certain excluded subsidiaries and the Co-Issuer.

The Operating Partnership and its subsidiaries represent our “Real Property Business” segment, with the “Golf Course Business” segment corresponding to the portion of our business operated through entities that are not direct or indirect subsidiaries of the Operating Partnership or obligors of the Senior Unsecured Notes. Refer to “Note 15 - Segment Information” for more information about our segments.

The Issuers may redeem the 2025 Notes at any time prior to February 15, 2022, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2025 Notes, in whole or in part, at any time on or after February 15, 2022, at a redemption price of (i) 101.750% of the principal amount should such redemption occur before February 15, 2023, (ii) 100.875% of the principal amount should such redemption occur before February 15, 2024 and (iii) 100% of the principal amount should such redemption occur on or after February 15, 2024, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2026 Notes at any time prior to December 1, 2022, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2026 Notes, in whole or in part, at any time on or after December 1, 2022 at the redemption price of (i) 102.125% of the principal amount should such redemption occur before December 1, 2023, (ii) 101.063% of the principal amount should such redemption occur before December 1, 2024 and (iii) 100% of the principal amount should such redemption occur on or after December 1, 2024, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2027 Notes at any time prior to February 15, 2023, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2027 Notes, in whole or in part, at any time on or after February 15, 2023, at a redemption price of (i) 101.875% of the principal amount should such redemption occur before February 15, 2024, (ii) 100.938% of the principal amount should such redemption occur before February 15, 2025 and (iii) 100% of the principal amount should such redemption occur on or after February 15, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2029 Notes at any time prior to December 1, 2024, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2029 Notes, in whole or in part, at any time on or after December 1, 2024 at the redemption price of (i) 102.313% of the principal amount should such redemption occur before December 1, 2025, (ii) 101.541% of the principal amount should such redemption occur before December 1, 2026, (iii) 100.771% of the principal amount should such redemption occur before December 1, 2027 and (iv) 100% of the principal amount should such redemption occur on or after December 1, 2027, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Issuers may redeem the 2030 Notes at any time prior to February 15, 2025, in whole or in part, at a redemption price equal to 100% of the accrued principal amount thereof plus unpaid interest, if any, to the redemption date plus a make-whole premium. The Issuers may redeem the 2030 Notes, in whole or in part, at any time on or after February 15, 2025, at a redemption price of (i) 102.063% of the principal amount should such redemption occur before February 15, 2026, (ii) 101.375% of the principal amount should such redemption occur before February 15, 2027, (iii) 100.688% of the principal amount should such redemption occur before February 15, 2028 and (iv) 100% of the principal amount should such redemption occur on or after February 15, 2028, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

In addition, before December 1, 2022, the Issuers may redeem up to 40% of the November 2019 Senior Unsecured Notes with the net cash proceeds from certain equity offerings (i) at a redemption price of 104.250% of the principal amount redeemed in the case of the 2026 Notes and (ii) at a redemption price of 104.625% of the principal amount redeemed in the case of the 2029 Notes. However, the Issuers may only make such redemptions if at least 60% of the aggregate principal amount of the series of November 2019 Senior Unsecured Notes issued under the applicable 2019 Senior Unsecured Notes Indenture remains outstanding after the occurrence of such redemption. Before February 15, 2022, the Issuers may redeem up to 40% of the 2025 Notes with the net cash proceeds from certain equity offerings at a redemption price of 103.500% of the principal amount redeemed. Before February 15, 2023, the Issuers may redeem up to 40% of each of the 2027 Notes and the 2030 Notes, as applicable, with the net cash proceeds from certain equity offerings (i) at a redemption price of 103.750% of the principal amount redeemed in the case of the 2027 Notes and (ii) at a redemption price of 104.125% of the principal amount redeemed in the case of the 2030 Notes. However, the Issuers may only make such redemptions if at least 60% of the aggregate principal amount of the series of February 2020 Senior Unsecured Notes issued under the applicable February 2020 Senior Unsecured Notes Indenture remains outstanding after the occurrence of such redemption.

The 2027 Notes, the 2030 Notes and the portion of the 2025 Notes in excess of the amount applied to redeem the Second Lien Notes are subject to a special mandatory redemption (the “Special Mandatory Redemption Notes”), in accordance with the terms of the applicable Indentures, at a redemption price equal to 100% of the aggregate principal amount of the Special Mandatory Redemption Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of the special mandatory redemption, if (i) the transactions pursuant to the MTA (other than the MTA Properties Acquisitions) (such transactions, other than the MTA Properties Acquisitions, the “Specified MTA Transactions”) are not consummated on or before the End Date (as defined in accordance with the provisions of the MTA (as such date may be extended in accordance with the MTA, the “MTA Transaction Deadline”)), (ii) the Company determines that the Specified MTA Transactions will not be consummated on or before the MTA Transaction Deadline and gives written notice to the effect thereof to the applicable Trustee or (iii) the MTA is terminated in accordance with its terms or by agreement of the parties thereto. To the extent the Specified MTA Transactions close, but any of the MTA Properties Acquisitions does not, any net proceeds that the Issuers placed in escrow pending the consummation of such MTA Properties Acquisition would be available to finance future acquisitions, repay indebtedness or for general corporate purposes.

The Senior Unsecured Notes Indentures contain covenants that limit the Issuers’ and their restricted subsidiaries’ ability to, among other things: (i) incur additional debt; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting their restricted subsidiaries; (vi) create liens on certain assets to secure debt; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; (viii) enter into certain transactions with their affiliates; and (ix) designate their subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to VICI to the extent necessary for VICI to fund a dividend or distribution by VICI that is believes is necessary to maintain its status as a REIT or to avoid payment of any tax for any calendar year that could be avoided by reason of such distribution, and the ability to make certain restricted payments not to exceed 95% of our cumulative Funds From Operations (as defined in the Senior Unsecured Notes Indentures), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) certain convertible indebtedness of the Operating Partnership. As of March 31, 2020, the restricted net assets of the Operating Partnership were approximately $7.5 billion.

Senior Secured Credit Facilities

In December 2017, VICI PropCo entered into a credit agreement (the “Credit Agreement”) comprised of a $2.2 billion Term Loan B Facility and a $400.0 million Revolving Credit Facility (the Term Loan B Facility and the Revolving Credit Facility, as amended as discussed below, are referred to together as the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities initially bore interest at LIBOR plus 2.25%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%, as contemplated by the Credit Agreement.

On May 15, 2019, VICI PropCo, entered into Amendment No. 2 (“Amendment No. 2”) to the Credit Agreement, pursuant to which certain lenders agreed to provide VICI PropCo with incremental revolving credit commitments and availability under the revolving credit facility in the aggregate principal amount of $600.0 million on the same terms as VICI Propco’s current revolving credit facility under the Revolving Credit Facility. After giving effect to Amendment No. 2, the Credit Agreement, provided total borrowing capacity pursuant to the revolving credit commitments in the aggregate principal amount of $1.0 billion.

On May 15, 2019, immediately after giving effect to Amendment No. 2, VICI Propco entered into Amendment No. 3 (“Amendment No. 3”, together with Amendment No. 2, the “Amendments”) to the Credit Agreement, which amended and restated the Credit Agreement in its entirety as of May 15, 2019 ( the “Amended and Restated Credit Agreement”) to, among other things, (i) refinance the Revolving Credit Facility in whole with a new class of revolving commitments, (ii) extend the maturity date to May 15, 2024, which represents an extension of the December 22, 2022 maturity date of the Revolving Credit Facility, (iii) provide that borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of between 1.75% to 2.00% over LIBOR, or between 0.75% and 1.00% over the base rate, in each case depending on our total net debt to adjusted total assets ratio, (iv) provide that the commitment fee payable under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of between 0.375% to 0.50% depending on our total net debt to adjusted total assets ratio, (v) amend the existing springing financial covenant, which previously required VICI Propco to maintain a total net debt to adjusted asset ratio of not more than 0.75 to 1.00 if there was 30% utilization of the Revolving Credit Facility, to require that, only with respect to the Revolving Credit Facility commencing with the first full fiscal quarter ending after the effectiveness of Amendment No. 3, VICI Propco maintain a maximum total net

debt to adjusted asset ratio of not more than 0.65 to 1.00 as of the last day of any fiscal quarter (or, during any fiscal quarter in which certain permitted acquisitions were consummated and the three consecutive fiscal quarters thereafter, not more than 0.70 to 1.00), and (vi) include a new financial covenant only with respect to the Revolving Credit Facility, requiring VICI Propco to maintain, commencing with the first full fiscal quarter after the effectiveness of Amendment No. 3, an interest coverage ratio (defined as EBITDA to interest charges) of not less than 2.00 to 1.00 as of the last day of any fiscal quarter. The Revolving Credit Facility is available to be used for working capital purposes, capital expenditures, permitted acquisitions, permitted investments, permitted restricted payments and for other lawful corporate purposes. The Amended and Restated Credit Agreement provides for capacity to add incremental loans in an aggregate amount of: (x) $1.2 billion to be used solely to finance certain acquisitions; plus (y) an unlimited amount, subject to VICI Propco not exceeding certain leverage ratios.

On January 24, 2020, VICI PropCo entered into Amendment No. 1 to the Amended and Restated Credit Agreement, which, among other things, reduced the interest rate on the Term Loan B Facility from LIBOR plus 2.00% to LIBOR plus 1.75%.

The Amended and Restated Credit Agreement provides that, in the event the LIBOR Rate is no longer in effect, a comparable or successor rate approved by the Administrative Agent under such facility shall be utilized, provided that such approved rate shall be applied in a manner consistent with market practice.

The Amended and Restated Credit Agreement contains customary covenants that are consistent with those set forth in the Credit Agreement (except as to the financial covenants described above), which, among other things, limit the ability of VICI PropCo and its restricted subsidiaries to: (i) incur additional indebtedness; (ii) merge with a third party or engage in other fundamental changes; (iii) make restricted payments; (iv) enter into, create, incur or assume any liens; (v) make certain sales and other dispositions of assets; (vi) enter into certain transactions with affiliates; (vii) make certain payments on certain other indebtedness; (viii) make certain investments; and (ix) incur restrictions on the ability of restricted subsidiaries to make certain distributions, loans or transfers of assets to VICI PropCo or any restricted subsidiary. These covenants are subject to a number of exceptions and qualifications, including, with respect to the restricted payments covenant, the ability to make unlimited restricted payments to maintain our REIT status and to avoid the payment of federal or state income or excise tax, the ability to make restricted payments in an amount not to exceed 95% of our Funds from Operations (as defined in the Amended and Restated Credit Agreement) subject to no event of default under the Amended and Restated Credit Agreement and pro forma compliance with the financial covenant pursuant to the Amended and Restated Credit Agreement, and the ability to make additional restricted payments in an aggregate amount not to exceed the greater of 0.6% of Adjusted Total Assets or $30,000,000. We are also subject to the financial covenants under the Revolving Credit Facility, as previously described above.

The Senior Secured Credit Facilities are secured by a first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets, including mortgages on their respective real estate, subject to customary exclusions. None of VICI nor certain subsidiaries of VICI PropCo, including CPLV Borrower, are subject to the covenants of the Amended and Restated Credit Agreement or are guarantors of the Senior Secured Credit Facilities. The Term Loan B Facility may be voluntarily prepaid at VICI PropCo’s option, in whole or in part, at any time, and is subject to mandatory prepayment in the event of receipt by VICI PropCo or any of its restricted subsidiaries of the proceeds from the occurrence of certain events, including asset sales, casualty events and issuance of certain indebtedness.

In February 2018, we completed an initial public offering resulting in net proceeds of approximately $1.3 billion. We used a portion of those proceeds to pay down the $300.0 million outstanding on the Revolving Credit Facility and to repay $100.0 million of the principal amount outstanding on the Term Loan B Facility. Under the Amended and Restated Credit Agreement, the Term Loan B Facility is subject to amortization of 1.0% of principal per annum payable in equal quarterly installments on the last business day of each calendar quarter. However, as a result of prepaying $100.0 million of the Term Loan B Facility in February 2018 the next principal payment due on the Term Loan B Facility is September 2022.

Refer to Note 9 - Derivatives for a discussion of our interest rate swap agreements related to the Term Loan B Facility.

Bridge Facilities

On June 24, 2019, in connection with the Eldorado Transaction, VICI PropCo entered into the Commitment Letter with the Bridge Lender, pursuant to which and subject to the terms and conditions set forth therein, the Bridge Lender has agreed to provide (i) a 364-day first lien secured bridge facility of up to $3.3 billion in the aggregate and (ii) a 364-day second lien secured bridge facility of up to $1.5 billion in the aggregate, for the purpose of providing a portion of the financing necessary to fund the consideration to be paid pursuant to the terms of the Eldorado Transaction documents and related fees and expenses. The Bridge Facilities are subject to a tiered commitment fee based on the period the commitment is outstanding and a structuring fee. The commitment fee is equal to, with respect to any commitments that are terminated prior to July 22, 2019, 0.25% of such commitments, with respect to any commitments that are outstanding on July 22, 2019 and are terminated prior to June 24, 2020, 0.50% of such commitments, with respect to any commitments that are outstanding on June 24, 2020 and are terminated prior to September 24, 2020, 0.75% of such commitments, and with respect to any commitments that are outstanding on September 24, 2020, 1.00% of such commitments. The structuring fee is equal to 0.10% of the total aggregate commitments at the date of the Commitment Letter and is payable as such commitments are terminated. For the three months ended March 31, 2020 we have recognized $2.6 million of fees related to the Bridge Facilities in Interest expense on our Statement of Operations.

Commitments and loans under the Bridge Facilities will be reduced or prepaid, as applicable, in part upon any issuance by us of equity or notes in a public offering or private placement and/or the incurrence of term loans and certain other debt and upon other specified events prior to the consummation of the Eldorado Transaction, in each case subject to the terms and certain exceptions set forth in the Commitment Letter, including that the commitments and loans will not be reduced as a result of the proceeds from primary follow-on offerings. If we use the Bridge Facilities, funding is contingent on the satisfaction of certain customary conditions set forth in the Commitment Letter, including, among others, (i) the execution and delivery of definitive documentation with respect to the Bridge Facilities in accordance with the terms set forth in the Commitment Letter and (ii) the consummation of the transactions in accordance with the Eldorado Transaction documents. Although we do not currently expect VICI PropCo to make any borrowings under the Bridge Facilities, there can be no assurance that such borrowings will not be made or that we will be able to incur alternative long-term debt financing in lieu of borrowings under the Bridge Facilities. Borrowing under the Bridge Facilities, if any, will bear interest at a floating rate that varies depending on the duration of the loans thereunder. Under the Eldorado Senior Bridge Facility, interest will be calculated on a rate between (i) LIBOR plus 200 basis points and LIBOR plus 275 basis or (ii) the base rate plus 100 basis points and the base rate plus 175 basis points, in each case depending on duration. Under the Eldorado Junior Bridge Facility, interest will be calculated on a rate between (x) LIBOR plus 300 basis points and LIBOR plus 375 basis or (y) the base rate plus 200 basis points and the base rate plus 275 basis points, in each case depending on duration. The Bridge Facilities, if funded, will contain restrictive covenants and events of default substantially similar to those contained in, with respect to the Eldorado Senior Bridge Facility, the Senior Secured Credit Facilities and, with respect to the Eldorado Junior Bridge Facility, the Second Lien Notes. If we draw upon the Bridge Facilities, there can be no assurances that we would be able to refinance the Bridge Facilities on terms satisfactory to us, or at all.

Following the November 2019 Senior Unsecured Notes offering, the commitments under the Bridge Facilities were reduced by $1.6 billion, to $3.2 billion. Following the February 2020 Senior Unsecured Notes offering, we placed $2.0 billion of the net proceeds of the offering into escrow pending the consummation of the Eldorado Transaction and the commitments under the Bridge Facilities were further reduced by $2.0 billion to $1.2 billion.

Second Lien Notes

The Second Lien Notes were issued on October 6, 2017, pursuant to an indenture by and among VICI PropCo and its wholly owned subsidiary, VICI FC Inc., the subsidiary guarantors party thereto, and UMB Bank National Association, as trustee. On February 20, 2020 we used a portion of the proceeds from the issuance of the 2025 Notes, together with cash on hand, to redeem in full the Second Lien Notes at a redemption price of 100% of the principal amount of the Second Lien Notes then outstanding plus the Second Lien Notes Applicable Premium, for a total redemption cost of $537.5 million. In connection with the full redemption, we recognized a loss on extinguishment of debt of $39.1 million.

Financial Covenants

As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict the Operating Partnership, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain asset and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At March 31, 2020, we are in compliance with all required covenants under our debt obligations.

Derivatives

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

On April 24, 2018, we entered into four interest rate swap agreements with third-party financial institutions having an aggregate notional amount of $1.5 billion. On January 3, 2019, we entered into two additional interest rate swap agreements with third-party financial institutions having an aggregate notional amount of $500.0 million. The interest rate swap transactions are designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility at 2.8297% and 2.3802%, respectively. Subsequent to the effectiveness and for the duration of the interest rate swap transactions, we are only subject to interest rate risk on $100.0 million of variable rate debt.

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2020 and December 31, 2019:

($ in thousands)

March 31, 2020

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Interest Rate Swaps

2.8297%

1,500,000

USD LIBOR

April 22, 2023

Interest Rate Swaps

2.3802%

500,000

USD LIBOR

January 22, 2021

($ in thousands)

December 31, 2019

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Interest Rate Swaps

2.8297%

1,500,000

USD LIBOR

April 22, 2023

Interest Rate Swaps

2.3802%

500,000

USD LIBOR

January 22, 2021

As of March 31, 2020 and December 31, 2019, the interest rate swaps are in net unrealized loss positions and are recorded within Other liabilities. The following table presents the effect of our derivative financial instruments on our Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2020		2019
Unrealized loss recorded in other comprehensive income	$	53,138	$	17,191
Interest recorded in interest expense	$	5,580	$	1,149

Fair Value

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019:


	March 31, 2020
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	—	$	—	$	—	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	118,216	$	—	$	118,216	$	—


	December 31, 2019
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	59,474	$	—	$	59,474	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	65,078	$	—	$	65,078	$	—

___________________

(1) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

(2) The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

The estimated fair values of our financial instruments as of March 31, 2020 and December 31, 2019 for which fair value is only disclosed are as follows:


	March 31, 2020						December 31, 2019
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables ⁽¹⁾	$	794,055	$	843,300	$	—	$	—
Investments in loans ⁽¹⁾	48,470		50,000		—		—
Cash and cash equivalents	369,052		369,052		1,101,893		1,101,893
Restricted cash	2,002,032		2,002,032		—		—
Financial liabilities:
Debt ⁽²⁾
Revolving Credit Facility	$	—	$	—	$	—	$	—
Term Loan B Facility	2,077,344		1,932,000		2,076,962		2,110,500
Second Lien Notes	—		—		498,480		538,358
2025 Notes	738,593		685,312		—		—
2026 Notes	1,230,979		1,150,000		1,231,227		1,287,500
2027 Notes	738,493		703,125		—		—
2029 Notes	984,530		905,000		984,894		1,045,000
2030 Notes	984,546		952,500		—		—

____________________

(1)These investments represent the JACK Cleveland/Thistledown Lease Agreement and the ROV Loan, respectively, which were acquired on January 24, 2020. Given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets.

(2)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Litigation

In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of March 31, 2020, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

Operating Lease Commitments

We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and (ii) offices in New Orleans, LA and New York, NY, which expire in 2020 and 2030, respectively. The weighted average remaining lease term as of March 31, 2020 under our operating leases was 16.1 years. Our Cascata ground lease has three 10-year extension options. The rent of such options would be the in-place rent at the time of renewal.

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2020		2019
Rent expense	$	498	$	364
Contractual rent	$	323	$	318

On May 10, 2019 we entered into a lease agreement for new office space in New York, NY for our corporate headquarters. The lease has a 10-year term, with one 5-year extension option and requires a fixed annual rent of $0.9 million. We determined the lease was an operating lease and the discount rate for the lease was determined to be 5.3% based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms.

On January 1, 2019, upon adoption of ASC 842, we recorded an $11.1 million right of use asset and a corresponding lease liability within Other assets and Other liabilities, respectively, on our Balance Sheet, related to the ground lease of the land at the Cascata Golf Course. The discount rate for the lease was determined to be 5.5% and was based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms.

As of March 31, 2020, we have a $17.8 million right of use asset and corresponding lease liability recorded in Other assets on our Balance Sheet related to our operating lease commitments for which we are the lessee.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2020 are as follows:


(In thousands)	Lease Commitments
2020 (remaining)	$	1,189
2021	1,790
2022	1,808
2023	1,827
2024	1,847
2025	1,908
Thereafter	19,074
Total minimum lease commitments	$	29,443
Discounting factor	11,651
Lease liability	$	17,792

Finance Lease Commitments

Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases, the cost of which is passed to our tenants through the Lease Agreements. The Lease Agreements, which act as sub-leases, require the tenants to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord.

We have determined we are the primary obligor of the ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheet and Statement of Operations. Further, we assessed the classification of the sub-lease to our tenant and our obligation as primary obligor and determined that they meet the definition of a sales-type and finance lease, respectively. The following table details the balance and location in our Balance Sheet of the ground and use leases as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Others assets (lease assets)	$	8,647	$	8,688
Other liabilities (lease liabilities)	8,658		8,688

Total rental income and rental expense, included in tenant reimbursements and other income and tenant reimbursements and other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2020		2019
Rental income and expense ⁽¹⁾	$	139	51
Contractual rent	154		56

____________________

(1)For the three months ended March 31, 2020 these amounts are presented gross in Tenant reimbursements and other income with an offsetting amount in Tenant reimbursement and other expenses within the Statement of Operations. For the three months ended March 31, 2019, we recorded such amounts as a component of General and administrative expenses on a net basis as these charges were not material to the Statement of Operations.

The future minimum lease commitments relating to the ground and use leases at March 31, 2020 are as follows:


(In thousands)	Lease Commitments
2020 (remaining)	$	462
2021	616
2022	616
2023	616
2024	616
2025	616
Thereafter	18,653
Total minimum lease commitments	$	22,195
Discounting factor	13,537
Lease liability	$	8,658

The discount rate for the ground and use leases was determined based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms and are between 6% and 7%. The weighted average remaining lease term as of March 31, 2020 under our finance leases was 36.0 years.

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' Equity

Stock

Authorized

We have the authority to issue 750,000,000 shares of stock, consisting of 700,000,000 shares of Common Stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share.

June 2019

On June 28, 2019, we completed a primary follow-on offering of (i) 50,000,000 (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock) shares of common stock at an offering price of $21.50 per share for an aggregate offering value of $1.1 billion, resulting in net proceeds, after the deduction of the underwriting discount and expenses, of $1.0 billion and (ii) 65,000,000 shares of common stock that are subject to forward sale agreements to be settled by September 26, 2020. We did not initially receive any proceeds from the sale of the shares of common stock subject to the forward sale agreements that were sold by the forward purchasers or their respective affiliates (collectively the “Forward Sale Agreements”). We determined that the Forward Sale Agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the Forward Sale Agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

We expect to settle the Forward Sale Agreements entirely by the physical delivery by us of shares of our common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the Forward Sale Agreements. The physical settlement of the Forward Sale Agreements is calculated based on the forward sale price ($21.50) as adjusted for a floating interest rate factor and other fixed amounts based on the passage of time, as specified in the Forward Sale Agreements. As of March 31, 2020, based on these adjustments, the forward share price was $19.67 and would result in us receiving approximately $1.3 billion in cash proceeds if we were to physically settle the Forward Sale Agreements. Alternatively, if we were to net cash settle the Forward Sale Agreements, it would result in a cash inflow of $197.2 million or, if we were to net share settle the Forward Sale Agreements, it would result in us receiving approximately 11.9 million shares. As of March 31, 2020, we have not settled any portion of the Forward Sale Agreements.

Further, the shares of common stock issuable upon settlement of the Forward Sale Agreements will be reflected in our diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward Sale Agreements over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period).

If and when we physically settle the Forward Sale Agreements, the delivery of shares of our common stock will result in an increase in the number of shares of common stock outstanding and dilution to our earnings per share. We used a portion of the net proceeds from the offering for the Hard Rock Cincinnati Acquisition and the Century Portfolio Acquisition and intend to use the remaining net proceeds from the offering and the proceeds upon settlement of the Forward Sale Agreements to fund a portion of the purchase price for the Eldorado Transaction and for general corporate purposes, which may include the acquisition and improvement of properties, capital expenditures, working capital and the repayment of indebtedness.

At-the-Market Offering Program

We have entered into an equity distribution agreement (the “ATM Agreement”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $750.0 million of our common stock (the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Agreement may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the three months ended March 31, 2020, we sold a total of 7,500,000 shares under the ATM Program for net proceeds of $200.0 million. During the year ended December 31, 2019, we sold a total of 6,107,633 shares under the ATM Program for net proceeds of $128.3 million. We have no obligation to sell the remaining shares available for sale under the ATM Program.

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


	Three Months Ended March 31,
Common Stock Outstanding	2020	2019
Beginning Balance January 1, ⁽¹⁾	461,004,742	404,729,616

Issuance of common stock under the at-the-market offering program	7,500,000	6,107,633
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures ⁽²⁾	111,798	133,305
Ending Balance March 31,	468,616,540	410,970,554

____________________

(1)The beginning balance as of December 31, 2019 includes 50,000,000 shares issued in our June 2019 primary follow-on offering and excludes the 65,000,000 shares subject to Forward Sale Agreements to be settled by September 26, 2020.

(2)The three months ended March 31, 2020 and 2019 excludes 239,437 share units and 157,512 share units, respectively, issued under the performance-based stock incentive program.

Dividends

Dividends declared (on a per share basis) during the three months ended March 31, 2020 and 2019 were as follows:

Three Months Ended March 31, 2020

Declaration Date

Record Date

Payment Date

Period

Dividend

March 12, 2020

March 31, 2020

April 9, 2020

January 1, 2020 - March 31, 2020

0.2975

Three Months Ended March 31, 2019

Declaration Date

Record Date

Payment Date

Period

Dividend

March 14, 2019

March 29, 2019

April 11, 2019

January 1, 2019 - March 31, 2019

0.2875

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net (loss) income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of the Forward Sale Agreements. The shares issuable upon settlement of the Forward Sale Agreements, as described in Note 12 - Stockholders Equity, are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward Sale Agreements over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price at the end of the reporting period). If and when we physically or net share settle the Forward Sale Agreements, the delivery of shares of common stock would result in an increase in the number of shares outstanding and dilution to earnings per share.

The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:


	Three Months Ended March 31,
(In thousands)	2020	2019
Determination of shares:
Weighted-average shares of common stock outstanding	465,177	405,734
Assumed conversion of restricted stock ⁽¹⁾	—	301
Assumed settlement of Forward Sale Agreements ⁽¹⁾	—	—
Diluted weighted-average shares of common stock outstanding	465,177	406,035


	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Basic:
Net (loss) income attributable to common stockholders	$	(24,012)	$	150,849
Weighted-average shares of common stock outstanding	465,177		405,734
Basic EPS	$	(0.05)	$	0.37

Diluted:
Net (loss) income attributable to common stockholders	$	(24,012)	$	150,849
Diluted weighted-average shares of common stock outstanding	465,177		406,035
Diluted EPS	$	(0.05)	$	0.37

____________________

(1)For the three months ended March 31, 2020 any such amounts have been excluded from the diluted weighted average number of shares of common stock as we were in a net loss position and the effect of inclusion would have been anti-dilutive. Assuming we had net income, using the treasury stock method, the assumed conversion of our restricted stock would have been in the amount of 83,367 shares and the assumed settlement of our Forward Sale Agreements would have been in the amount of 10,291,832 shares.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year. At March 31, 2020, 11,529,661 shares of common stock remained available for issuance by us as equity awards under the Plan.

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2020		2019
Stock-based compensation expense	$	1,350	$	1,051

The following table details the activity of our time-based restricted stock and performance-based restricted stock units:


	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
(In thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	601	$	21.16	398	$	19.60
Granted	370	22.21		299	22.00
Vested	(80)	20.80		(82)	19.50
Forfeited	(25)	21.21		(8)	20.47
Canceled	—	—		—	—
Outstanding at end of period	866	$	21.64	607	$	20.78

As of March 31, 2020, there was $14.6 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 2.26 years.

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

Our real property business and our golf course business represent two reportable segments. The real property business segment consists of leased real property and represents the substantial majority of our business. The golf course business segment consists of four golf courses, with each being operating segments that are aggregated into one reportable segment.

The results of each reportable segment presented below are consistent with the way our management assesses these results and allocates resources, which is a consolidated view that adjusts for the impact of certain transactions between our reportable segments, as described below.

The following table presents certain information with respect to our segments:


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(In thousands)	Real Property Business		Golf Course Business		VICI Consolidated		Real Property Business		Golf Course Business		VICI Consolidated
Revenues	$	248,701	$	6,300	$	255,001	$	206,663	$	7,339	$	214,002
Operating income	86,934		1,087		88,021		199,546		2,320		201,866
Interest expense	(76,093)		—		(76,093)		(53,586)		—		(53,586)
Loss on extinguishment of debt	(39,059)		—		(39,059)		—		—		—
(Loss) income before income taxes	(22,713)		1,102		(21,611)		151,091		2,356		153,447
Income tax expense	(257)		(197)		(454)		—		(521)		(521)
Net (loss) income	(22,970)		905		(22,065)		151,091		1,835		152,926

Depreciation	24		843		867		3		927		930

Total assets	$	14,818,556	$	88,657	$	14,907,213	$	11,350,664	$	98,007	$	11,448,671
Total liabilities	$	7,166,984	$	16,198	$	7,183,182	$	4,385,592	$	17,191	$	4,402,783

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events and, except for the payment of dividends on April 9, 2020 (as described in Note 12 - Stockholders' Equity) and the sale of Bally’s Atlantic City on April 24, 2020 (As described in Note 4 - Property T ransactions) there were no other events relative to the Financial Statements that require additional disclosure.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures and information normally required in audited financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K and as updated from time to time in our other filings with the SEC. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Principles of Consolidation and Non-controlling Interest	Principles of Consolidation and Non-controlling Interest The accompanying consolidated financial statements include our accounts and the accounts of our Operating Partnership, and the subsidiaries in which we or our Operating Partnership has a controlling interest, which includes a single variable interest entity (“VIE”) where we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary. We present non-controlling interest and classify such interest as a component of consolidated stockholders’ equity, separate from VICI stockholders’ equity. Our non-controlling interest represents a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease Agreement.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Any investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are stated at the lower of cost or market value. Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair value. As of March 31, 2020, restricted cash was solely related to funds held in escrow from the February 2020 Senior Unsecured Notes offering to be used to consummate the Eldorado Transaction. As of March 31, 2019, restricted cash was primarily comprised of funds paid by us into a restricted account for a lender required furniture, fixtures and equipment (“FF&E”) replacement reserve for the CPLV CMBS Debt.
Short-Term Investments	Short-Term Investments We generally invest our excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 180 days and are accounted for as available for sale securities.
Investments in Leases and Loans, net	Investments in Leases - Direct Financing and Sales-Type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component, unless the impact of doing so is immaterial. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Due to the nature of our assets, the net investment in the lease is generally equal to the purchase price of the asset, and the land and building components of an investment generally have the same lease classification. Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. As such, we have not reassessed the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. The Caesars Lease Agreements continue to be accounted for as direct financing leases and are included within Investments in leases - direct financing and sales-type, net on the Balance Sheet, with the exception of the land component of Caesars Palace Las Vegas which was determined to be an operating lease and is included in Investments in leases - operating on the Balance Sheet. The income recognition for our direct financing leases recognized under ASC 840 is consistent with the income recognition for our sales-type lease under ASC 842. We determined that the land and building components of the Margaritaville Lease Agreement, the Greektown Lease Agreement, the Hard Rock Cincinnati Lease Agreement and the Century Portfolio Lease Agreement meet the definition of a sales-type lease. Investments in Leases - Financing Receivables, net For leases determined to be sales-type leases, we further assess to determine whether the transaction is considered a sale leaseback transaction. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a lease financing receivable and is accounted for in accordance with ASC 310 “Receivables” (“ASC 310”). The accounting for a lease as an investment in leases - financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - direct financing and sales-type under ASC 842. We determined that the land and building components of the JACK Cleveland/Thistledown Lease Agreement meets the definition of a sales-type lease and further meets the definition for a sale leaseback transaction. As such, the JACK Cleveland/Thistledown Lease Agreement is accounted for in accordance with ASC 310 and presented as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses. Investments in Loans, net Investments in loans, representing our investment in the ROV Loan (as further defined in Note 4 - Property T ransactions), are held-for-investment and are carried at historical cost, net of unamortized loan origination costs and fees and allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the Lease Agreements. We believe our tenants are economically compelled to renew the Lease Agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested in our properties and the lack of suitable replacement assets. Income from Leases and Lease Financing Receivables We recognize the related income from our direct financing leases, sales-type leases and lease financing receivables on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under direct financing leases, sales-type leases and lease financing receivables will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from direct financing and sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - direct financing and sales-type, net or Investments in leases - financing receivables, net, as applicable. Under ASC 840, we determined that the land component of Caesars Palace Las Vegas was greater than 25% of the overall fair value of the combined land and building components. At lease inception the land was determined to be an operating lease and we record the related income on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land element after deducting executory costs, including any profit thereon, is determined by applying the lessee’s incremental borrowing rate to the value of the land. Revenue from this lease is recorded as Income from operating leases in our Statement of Operations. Initial direct costs incurred in connection with entering into investments classified as direct financing or sales-type leases are included in the balance of the net investment in lease. Such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as a reduction to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method.
Allowance for Credit Losses	Allowance for Credit Losses In the current quarter, we adopted ASC 326 - “Credit Losses” (“ASC 326”) which requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our investments in leases - direct financing and sales-type, investment in leases - financing receivables and investments in loans. We have elected to use a discounted cash flow model to estimate the CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease or loan and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and their parent guarantors over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and their parent guarantors. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over the past 35 years that have similar credit profiles or characteristics to our tenants and their parent guarantors. We were unable to use our historical data to estimate losses as we have no loss history to date. The CECL allowance is recorded as a reduction to our net investments in leases - direct financing and sales type, investments in leases - financing receivables and investments in loans on our Balance Sheet. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance in the Statement of Operations for the relevant period. Write-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. For the three months ended March 31, 2020 there were no write-offs or recoveries.
Impairment	Impairment We assess our investments in operating leases, land and property and equipment used in operations for impairment under ASC 360 - “Property, Plant and Equipment” (“ASC 360”) on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows.
Tenant Reimbursements	Tenant Reimbursements Tenant reimbursements represent expenses that we incur as lessor that are the responsibility of our tenants pursuant to the applicable Lease Agreements. These expenses, and the related reimbursement revenue, are recorded on a gross basis in our Statement of Operations as required under GAAP. We previously recorded tenant reimbursements as a component of General and administrative expenses on a net basis. In the current period, we have re-classified these amounts to be presented gross in Tenant reimbursements and other income with an offsetting amount in Tenant reimbursement and other expenses within the Statement of Operations.
Fair Value Measurements	Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.
Derivative Financial Instruments	Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. If the hedge relationship is terminated, then the value of the derivative is recorded in Accumulated other comprehensive income and recognized in earnings when the cash flows that were hedged affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive loss on our consolidated financial statements. We use derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
Concentrations of Credit Risk	Concentrations of Credit Risk Caesars is the guarantor of all the lease payment obligations of the tenants under the respective leases of the properties that it leases from us, with the exception of Harrah’s Las Vegas which is guaranteed by a subsidiary of Caesars. Revenue from the Caesars Lease Agreements represented 82% and 97% of our lease revenues for the three months ended March 31, 2020 and 2019, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 29% and 34% of our lease revenue for the three months ended March 31, 2020 and 2019, respectively. Other than having a single tenant from which we derive and will continue to derive most of our revenue and our concentration in the Las Vegas market, we do not believe there are any other significant concentrations of credit risk.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted Accounting Standard Update (“ASU”) No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through February 2020): This amended guidance changes how entities measure credit losses for most financial assets and certain other instruments, including direct financing and sales-type leases, that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach, which will generally result in earlier recognition of allowance for credit losses. As a result of the guidance, we are required to estimate and record non-cash credit losses related to our investments in leases - direct financing and sales-type, investments in lease - financing receivables and loans and expand our credit quality disclosures. The new standard did not materially impact any of our other financial assets or instruments that we currently have on our balance sheet. We adopted the guidance on January 1, 2020 using the modified retrospective approach method of adoption. Under this method we recorded a cumulative-effect adjustment to our opening Balance Sheet as a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Such amount was determined by applying our methodology for estimating allowances for credit losses to our existing investments in leases - direct financing and sales-type as of January 1, 2020, which resulted in a $309.4 million cumulative adjustment, representing a 2.88% credit allowance upon adoption. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Each time we enter into a new direct financing or sales-type lease, lease financing receivable or loan, we will be required to estimate a credit allowance which will result in a non-cash charge to the Statement of Operations and a corresponding reduction in our net investment in the asset. Finally, each reporting period we are required to update the estimated allowance for any estimated changes in the credit loss, with the resulting change being recorded on the Statement of Operations and a corresponding change in our net investment in the asset. Accounting Pronouncements Not Yet Adopted ASU No. 2020-04 - Reference Rate Reform (Topic 848) - March 2020: This amended guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Specifically, the amendment provides accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will evaluate the impact of the guidance and may apply the elections as and when applicable.

Accounting Changes and Error Corrections (Policies)	3 Months Ended
Accounting Changes and Error Corrections (Policies)	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted Accounting Standard Update (“ASU”) No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through February 2020): This amended guidance changes how entities measure credit losses for most financial assets and certain other instruments, including direct financing and sales-type leases, that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” approach, which will generally result in earlier recognition of allowance for credit losses. As a result of the guidance, we are required to estimate and record non-cash credit losses related to our investments in leases - direct financing and sales-type, investments in lease - financing receivables and loans and expand our credit quality disclosures. The new standard did not materially impact any of our other financial assets or instruments that we currently have on our balance sheet. We adopted the guidance on January 1, 2020 using the modified retrospective approach method of adoption. Under this method we recorded a cumulative-effect adjustment to our opening Balance Sheet as a reduction in our Investments in leases - direct financing and sales-type and a corresponding charge to retained (deficit) earnings. Such amount was determined by applying our methodology for estimating allowances for credit losses to our existing investments in leases - direct financing and sales-type as of January 1, 2020, which resulted in a $309.4 million cumulative adjustment, representing a 2.88% credit allowance upon adoption. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. Each time we enter into a new direct financing or sales-type lease, lease financing receivable or loan, we will be required to estimate a credit allowance which will result in a non-cash charge to the Statement of Operations and a corresponding reduction in our net investment in the asset. Finally, each reporting period we are required to update the estimated allowance for any estimated changes in the credit loss, with the resulting change being recorded on the Statement of Operations and a corresponding change in our net investment in the asset. Accounting Pronouncements Not Yet Adopted ASU No. 2020-04 - Reference Rate Reform (Topic 848) - March 2020: This amended guidance contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Specifically, the amendment provides accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We will evaluate the impact of the guidance and may apply the elections as and when applicable.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash


(In thousands)	March 31, 2020		March 31, 2019
Cash and cash equivalents	$	369,052	$	598,276
Restricted cash	2,002,032		24,366
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	2,371,084	$	622,642

Real Estate Portfolio (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Schedule Real Estate Portfolio

The following is a summary of the balances of our real estate portfolio as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Minimum lease payments receivable under direct financing and sales-type leases ⁽¹⁾	$	31,233,640	$	31,460,712
Estimated residual values of leased property (not guaranteed)	2,525,469		2,525,469
Gross investment in direct financing and sales-type leases	33,759,109		33,986,181
Unamortized initial direct costs	42,761		42,819
Less: Unearned income	(23,070,752)		(23,294,755)
Less: Allowance for credit losses	(400,390)		—
Investments in leases - direct financing and sales-type, net	10,330,728		10,734,245
Investments in leases - operating	1,086,658		1,086,658
Investments in leases - financing receivables, net	794,055		—
Total investments in leases, net	12,211,441		11,820,903
Investments in loans, net	48,470		—
Land	94,711		94,711
Total Real estate portfolio	$	12,354,622	$	11,915,614

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

Schedule of Components of Direct Financing and Operating Leases

The following table details the components of our income from direct financing, sales-type and operating leases and lease financing receivables:


	Three Months Ended March 31,
(In thousands)	2020		2019
Income from direct financing and sales-type leases	$	224,252	$	195,750
Income from operating leases ⁽¹⁾	10,913		10,913
Income from lease financing receivables ⁽²⁾	12,020		—
Total lease revenue	247,185		206,663
Non-cash adjustment ⁽³⁾	3,254		(2,512)
Total contractual lease revenue	$	250,439	$	204,151

____________________

Schedule of Future Minimum Lease Payments for Operating and Capital Leases


	Minimum Lease Payments ^{(1) (2)}
	Investments in Leases
(In thousands)	Direct Financing and Sales-Type		Operating		Financing Receivables		Total
2020 (remaining)	$	683,223	$	32,740	$	49,410	$	765,373
2021	916,720		43,653		66,484		1,026,857
2022	927,351		43,653		67,149		1,038,153
2023	942,285		43,653		68,128		1,054,066
2024	954,569		43,653		68,212		1,066,434
2025	954,765		43,653		68,212		1,066,630
Thereafter	25,854,727		1,171,362		1,983,840		29,009,929
Total	$	31,233,640	$	1,422,367	$	2,371,435	$	35,027,442

Weighted Average Lease Term ⁽²⁾	32.8		32.6		34.8		32.9

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

(2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.

Schedule of Lease Agreements

($ In thousands)

Lease Provision ⁽¹⁾

Non-CPLV Lease Agreement and Joliet Lease Agreement

CPLV Lease Agreement

HLV Lease Agreement

Initial Term

15 years

Renewal Terms

Four, five-year terms

Current annual rent ⁽²⁾

$508,534

$207,745

$89,157

Escalator commencement

Lease year two

Escalator ⁽³⁾

Lease years 2-5 - 1.5%

Lease years 6-15 - Consumer price index (“CPI) subject to 2% floor

CPI subject to 2% floor

Lease years 2-5 - 1%

Lease years 6-15 - CPI subject to 2% floor

EBITDAR to Rent Ratio floor ⁽⁴⁾

1.2x commencing lease year 8

1.7x commencing lease year 8

1.6x commencing lease year 6

Variable Rent commencement/reset

Lease years 8 and 11

Variable Rent split ⁽⁵⁾

Lease years 8-10 - 70% Base Rent and 30% Variable Rent

Lease years 11-15- 80% Base Rent and 20% Variable Rent

80% Base Rent and 20% Variable Rent

Variable Rent percentage ⁽⁵⁾

____________________

(1) All capitalized terms used without definition herein have the meanings detailed in the applicable Caesars Lease Agreements.

(5) Variable Rent is not subject to the Escalator and is calculated as an increase or decrease of Net Revenues, as defined in the Caesars Lease Agreements, multiplied by the Variable Rent percentage.

The following is a summary of the material lease provisions of our Penn National Lease Agreements:

($ In thousands)

Lease Provision

Margaritaville Lease Agreement

Greektown Lease Agreement

Initial term

15 years

Renewal terms

Four, five-year terms

Current annual rent ⁽¹⁾

$23,544

$55,600

Escalation commencement

Lease year two

Escalation

2% of Building base rent, subject to the net revenue to rent ratio floor

2% of Building base rent, subject to the EBITDAR to rent ratio floor

Performance to rent ratio floor ⁽²⁾

6.1x net revenue commencing lease year two

1.85x EBITDAR commencing lease year two

Percentage rent ⁽³⁾

$3,000 (fixed for lease year one and two)

$6,400 (fixed for lease year one and two)

Percentage rent reset

Lease year three and each and every other lease year thereafter

Percentage rent multiplier

____________________

The following is a summary of the material lease provisions of our Hard Rock Cincinnati Lease Agreement:


($ In thousands)
Lease Provision						Term
Initial term						15 years
Renewal terms						Four, five-year terms
Current base rent ⁽¹⁾						$42,750
Escalator commencement						Lease year two
Escalator ⁽²⁾						Lease years 2-4 - 1.5% Lease years 5-15 - The greater of 2% or the change in CPI unless the change in CPI is less than 0.5%, in which case there is no escalation in rent for such lease year
Variable rent commencement/reset						Lease year 8
Variable rent split ⁽³⁾						80% base rent and 20% variable rent
Variable rent percentage ⁽³⁾						4%

____________________

(1) The amount represents the current annual base rent payable for the current lease year which is the period from September 20, 2019 through September 30, 2020.

The following is a summary of the material lease provisions of our Century Portfolio Lease Agreement:


($ In thousands)
Lease Provision						Term
Initial term						15 years
Renewal terms						Four, five-year terms
Current annual rent ⁽¹⁾						$25,000
Escalator commencement						Lease year two
Escalator ⁽²⁾						Lease years 2-3 - 1.0% Lease years 4-15 - The greater of 1.25% or the change in CPI
Net revenue to rent ratio floor						7.5x commencing lease year six - if the coverage ratio is below the stated amount the escalator will be reduced to 0.75%
Variable rent commencement/reset						Lease year 8 and 11
Variable rent split ⁽³⁾						80% Base Rent and 20% Variable Rent
Variable rent percentage⁽³⁾						4%

____________________

(1) The amount represents the current annual base rent payable for the current lease year which is the period from December 6, 2019 through December 31, 2020.

The following is a summary of the material lease provisions of our JACK Cleveland/Thistledown Lease Agreement:


($ In thousands)
Lease Provision						Term
Initial term						15 years
Renewal terms						Four, five-year terms
Current annual rent ⁽¹⁾						$65,880
Escalator commencement						Lease year two
Escalator ⁽²⁾						Lease years 2-3 - 1.0% Lease years 4-6 - 1.5% Lease Years 7-15 - The greater of 1.5% or the change in CPI capped at 2.5%
Net revenue to rent ratio floor						4.9x in any lease year (commencing in lease year 5) - if the coverage ratio is below the stated amount, there is no escalation in rent for such lease year
Variable rent commencement/reset						Lease year 8 and 11
Variable rent split ⁽³⁾						80% Base Rent and 20% Variable Rent
Variable rent percentage⁽³⁾						4%

____________________

(1) The amount represents the current annual base rent payable for the current lease year which is the period from January 24, 2020 through January 31, 2021.

Schedule Of Capital Expenditure Requirements Under Lease Agreements

Provision

Non-CPLV Lease Agreement and Joliet Lease Agreement

CPLV Lease Agreement

HLV Lease Agreement

Yearly minimum expenditure

1% of net revenues ⁽¹⁾

1% of net revenues commencing in 2022

Rolling three-year minimum⁽²⁾

$225 million

$84 million

N/A

Initial minimum capital expenditure

N/A

$171 million (2017 - 2021)

____________________

Provision

Penn National Lease Agreements

Hard Rock Cincinnati Lease Agreement

Century Portfolio Lease Agreement

JACK Cleveland/Thistledown Lease Agreement

Yearly minimum expenditure

1% of net revenues based on rolling four-year basis

1% of net revenues

1% of net gaming revenues (1)

Initial minimum of $30 million (2)

Thereafter - 1% of net revenues on a rolling three-year basis

____________________

(1) Minimum of 1% of net gaming revenue on a rolling three-year basis for each individual facility and 1% of net gaming revenues per fiscal year for the facilities collectively.

(2) Initial minimum required to be spent from the period commencing April 1, 2019 through December 31, 2022.

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2020

Credit Loss [Abstract]

Net Investment in Lease, Allowance for Credit Loss


	March 31, 2020
(In thousands, except for %)	Amortized Cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - direct financing and sales-type	$	10,731,118	$	(400,390)	$	10,330,728	3.73	%
Investments in leases - financing receivables	850,675		(56,620)		794,055		6.66	%
Investments in loans	50,330		(1,860)		48,470		3.70	%
Totals	$	11,632,123	$	(458,870)	$	11,173,253	3.94	%


	January 1, 2020
(In thousands, except for %)	Amortized Cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - direct financing and sales-type	$	10,734,245	$	(309,362)	$	10,424,883	2.88	%
Investments in leases - financing receivables	—		—		—		—	%
Investments in loans	—		—		—		—	%
Totals	$	10,734,245	$	(309,362)	$	10,424,883	2.88	%

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the three months ended March 31, 2020:


(In thousands)	Three Months Ended March 31, 2020
Beginning Balance December 31, 2019	$	—
Initial allowance upon adoption	309,362
Initial allowance from current period acquisitions	22,158
Current period change in credit allowance	127,350
Write-offs	—
Recoveries	—
Ending Balance March 31, 2020	$	458,870

Financing Receivable Credit Quality Indicators


	March 31, 2020
(In thousands)	Ba2		Ba3		B1		B2		B3		Total
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$	561,349	$	—	$	9,889,284	$	901,005	$	280,485	$	11,632,123


	January 1, 2020
(In thousands)	Ba2		Ba3		B1		B2		B3		Total
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$	1,527,776	$	—	$	8,926,229	$	280,240	$	—	$	10,734,245

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Other Liabilities [Abstract]

Schedule of Other Assets

The following table details the components of our other assets as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Property and equipment used in operations, net	$	70,868	$	70,406
Other receivables	56,885		60,111
Lease assets	26,439		26,426
Debt financing costs	11,352		14,575
Deferred acquisition costs	8,443		11,134
Tenant receivables	2,381		—
Prepaid expenses	1,741		3,252
Interest receivable	1,642		1,626
Other	1,756		1,108
Total other assets	$	181,507	$	188,638

Schedule Of Property and Equipment Used in Operations, Net


(In thousands)	March 31, 2020		December 31, 2019
Land and land improvements	$	59,346	$	59,346
Buildings and improvements	14,805		14,805
Furniture and equipment	5,852		4,523
Total property and equipment used in operations	80,003		78,674
Less: accumulated depreciation	(9,135)		(8,268)
Total property and equipment used in operations, net	$	70,868	$	70,406


	Three Months Ended March 31,
(In thousands)	2020		2019
Depreciation expense	$	867	$	930

Schedule Of Other Liabilities

The following table details the components of our other liabilities as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Derivative liability	$	118,216	$	65,078
Lease liabilities	26,449		26,426
Other accrued expenses	13,897		21,023
Deferred income taxes	3,396		3,382
Accrued payroll and other compensation	1,755		7,369
Accounts payable	442		640
Total other liabilities	$	164,155	$	123,918

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following tables detail our debt obligations as of March 31, 2020 and December 31, 2019:


($ in thousands)	March 31, 2020
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility ⁽²⁾	2024	L + 2.00%	$	—	$	—
Term Loan B Facility ⁽³⁾	2024	L + 1.75%	2,100,000		2,077,344
Senior Unsecured Notes ⁽⁴⁾
2025 Notes	2025	3.500%	750,000		738,593
2026 Notes	2026	4.250%	1,250,000		1,230,979
2027 Notes	2027	3.750%	750,000		738,493
2029 Notes	2029	4.625%	1,000,000		984,530
2030 Notes	2030	4.125%	1,000,000		984,546
Total Debt							$	6,850,000	$	6,754,485


($ in thousands)	December 31, 2019
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility ⁽²⁾	2024	L + 2.00%	$	—	$	—
Term Loan B Facility ⁽³⁾	2024	L + 2.00%	2,100,000		2,076,962
Second Lien Notes ⁽⁵⁾	2023	8.00%	498,480		498,480
Senior Unsecured Notes ⁽⁴⁾
2026 Notes	2026	4.250%	1,250,000		1,231,227
2029 Notes	2029	4.625%	1,000,000		984,894
Total Debt							$	4,848,480	$	4,791,563

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(4)Interest is payable semi-annually.

(5)The Second Lien Notes were redeemed in full on February 20, 2020 with proceeds from the February 2020 Senior Unsecured Notes.

Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2020:


(In thousands)	Future Minimum Payments
2020 (remaining)	$	—
2021	—
2022	10,000
2023	22,000
2024	2,068,000
2025	750,000
Thereafter	4,000,000
Total minimum repayments	$	6,850,000

Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2020 and December 31, 2019:

($ in thousands)

March 31, 2020

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Interest Rate Swaps

2.8297%

1,500,000

USD LIBOR

April 22, 2023

Interest Rate Swaps

2.3802%

500,000

USD LIBOR

January 22, 2021

($ in thousands)

December 31, 2019

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Interest Rate Swaps

2.8297%

1,500,000

USD LIBOR

April 22, 2023

Interest Rate Swaps

2.3802%

500,000

USD LIBOR

January 22, 2021

The following table presents the effect of our derivative financial instruments on our Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2020		2019
Unrealized loss recorded in other comprehensive income	$	53,138	$	17,191
Interest recorded in interest expense	$	5,580	$	1,149

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019:


	March 31, 2020
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	—	$	—	$	—	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	118,216	$	—	$	118,216	$	—


	December 31, 2019
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	59,474	$	—	$	59,474	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	65,078	$	—	$	65,078	$	—

___________________

(1) The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments as of March 31, 2020 and December 31, 2019 for which fair value is only disclosed are as follows:


	March 31, 2020						December 31, 2019
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables ⁽¹⁾	$	794,055	$	843,300	$	—	$	—
Investments in loans ⁽¹⁾	48,470		50,000		—		—
Cash and cash equivalents	369,052		369,052		1,101,893		1,101,893
Restricted cash	2,002,032		2,002,032		—		—
Financial liabilities:
Debt ⁽²⁾
Revolving Credit Facility	$	—	$	—	$	—	$	—
Term Loan B Facility	2,077,344		1,932,000		2,076,962		2,110,500
Second Lien Notes	—		—		498,480		538,358
2025 Notes	738,593		685,312		—		—
2026 Notes	1,230,979		1,150,000		1,231,227		1,287,500
2027 Notes	738,493		703,125		—		—
2029 Notes	984,530		905,000		984,894		1,045,000
2030 Notes	984,546		952,500		—		—

____________________

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Assets And Liabilities, Lessor

The following table details the balance and location in our Balance Sheet of the ground and use leases as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Others assets (lease assets)	$	8,647	$	8,688
Other liabilities (lease liabilities)	8,658		8,688

Lease, Cost

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Three Months Ended March 31,
(In thousands)	2020		2019
Rent expense	$	498	$	364
Contractual rent	$	323	$	318


	Three Months Ended March 31,
(In thousands)	2020		2019
Rental income and expense ⁽¹⁾	$	139	51
Contractual rent	154		56

____________________

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2020 are as follows:


(In thousands)	Lease Commitments
2020 (remaining)	$	1,189
2021	1,790
2022	1,808
2023	1,827
2024	1,847
2025	1,908
Thereafter	19,074
Total minimum lease commitments	$	29,443
Discounting factor	11,651
Lease liability	$	17,792

Finance Lease, Liability, Maturity

The future minimum lease commitments relating to the ground and use leases at March 31, 2020 are as follows:


(In thousands)	Lease Commitments
2020 (remaining)	$	462
2021	616
2022	616
2023	616
2024	616
2025	616
Thereafter	18,653
Total minimum lease commitments	$	22,195
Discounting factor	13,537
Lease liability	$	8,658

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule Of Common Stock Shares Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


	Three Months Ended March 31,
Common Stock Outstanding	2020	2019
Beginning Balance January 1, ⁽¹⁾	461,004,742	404,729,616

Issuance of common stock under the at-the-market offering program	7,500,000	6,107,633
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures ⁽²⁾	111,798	133,305
Ending Balance March 31,	468,616,540	410,970,554

____________________

(2)The three months ended March 31, 2020 and 2019 excludes 239,437 share units and 157,512 share units, respectively, issued under the performance-based stock incentive program.

Schedule of Dividends Declared

Dividends declared (on a per share basis) during the three months ended March 31, 2020 and 2019 were as follows:

Three Months Ended March 31, 2020

Declaration Date

Record Date

Payment Date

Period

Dividend

March 12, 2020

March 31, 2020

April 9, 2020

January 1, 2020 - March 31, 2020

0.2975

Three Months Ended March 31, 2019

Declaration Date

Record Date

Payment Date

Period

Dividend

March 14, 2019

March 29, 2019

April 11, 2019

January 1, 2019 - March 31, 2019

0.2875

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Weighted Average Earnings Per Share


	Three Months Ended March 31,
(In thousands)	2020	2019
Determination of shares:
Weighted-average shares of common stock outstanding	465,177	405,734
Assumed conversion of restricted stock ⁽¹⁾	—	301
Assumed settlement of Forward Sale Agreements ⁽¹⁾	—	—
Diluted weighted-average shares of common stock outstanding	465,177	406,035


	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Basic:
Net (loss) income attributable to common stockholders	$	(24,012)	$	150,849
Weighted-average shares of common stock outstanding	465,177		405,734
Basic EPS	$	(0.05)	$	0.37

Diluted:
Net (loss) income attributable to common stockholders	$	(24,012)	$	150,849
Diluted weighted-average shares of common stock outstanding	465,177		406,035
Diluted EPS	$	(0.05)	$	0.37

____________________

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Allocated Share-based Compensation Expense

The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations:


	Three Months Ended March 31,
(In thousands)	2020		2019
Stock-based compensation expense	$	1,350	$	1,051

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following table details the activity of our time-based restricted stock and performance-based restricted stock units:


	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
(In thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding at beginning of period	601	$	21.16	398	$	19.60
Granted	370	22.21		299	22.00
Vested	(80)	20.80		(82)	19.50
Forfeited	(25)	21.21		(8)	20.47
Canceled	—	—		—	—
Outstanding at end of period	866	$	21.64	607	$	20.78

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents certain information with respect to our segments:


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(In thousands)	Real Property Business		Golf Course Business		VICI Consolidated		Real Property Business		Golf Course Business		VICI Consolidated
Revenues	$	248,701	$	6,300	$	255,001	$	206,663	$	7,339	$	214,002
Operating income	86,934		1,087		88,021		199,546		2,320		201,866
Interest expense	(76,093)		—		(76,093)		(53,586)		—		(53,586)
Loss on extinguishment of debt	(39,059)		—		(39,059)		—		—		—
(Loss) income before income taxes	(22,713)		1,102		(21,611)		151,091		2,356		153,447
Income tax expense	(257)		(197)		(454)		—		(521)		(521)
Net (loss) income	(22,970)		905		(22,065)		151,091		1,835		152,926

Depreciation	24		843		867		3		927		930

Total assets	$	14,818,556	$	88,657	$	14,907,213	$	11,350,664	$	98,007	$	11,448,671
Total liabilities	$	7,166,984	$	16,198	$	7,183,182	$	4,385,592	$	17,191	$	4,402,783

Business and Organization (Details)	3 Months Ended
Business and Organization (Details)	Mar. 31, 2020 property	Mar. 31, 2020 golf_course	Feb. 05, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 26, 2019 USD ($)	May 15, 2019 USD ($)	Dec. 31, 2018 a	Dec. 31, 2017 USD ($)	Oct. 31, 2017 USD ($)	Oct. 06, 2017 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties	28	4
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of golf courses	28	4
Revolving Credit Facility
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount						$ 1,200,000,000		$ 400,000,000.0
Line of credit term	five
First Lien Term B Facility
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Line of credit term	seven
Golf Course Business
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| golf_course		4
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of golf courses \| golf_course		4
Eastside Convention Center, LLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Acres of parcel \| a							18.4
2025 Notes \| Senior Notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount			$ 750,000,000
Interest rate, stated percentage			3.50%
2026 Notes \| Senior Notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount					$ 1,250,000,000
Interest rate, stated percentage					4.25%
2027 Notes \| Senior Notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount			$ 750,000,000
Interest rate, stated percentage			3.75%
2029 Notes \| Senior Notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount					$ 1,000,000,000.0
Interest rate, stated percentage					4.625%
2030 Notes \| Senior Notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount			$ 1,000,000,000.0
Interest rate, stated percentage			4.125%
CPLV CMBS Debt \| CPLV CMBS Debt
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount										$ 1,550,000,000
Second Lien Notes Maturing 2023 \| Senior Notes
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument, face amount				$ 498,500,000					$ 766,900,000
Interest rate, stated percentage									8.00%

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 369,052	$ 1,101,893	$ 598,276
Restricted cash	2,002,032	0	24,366
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$ 2,371,084	$ 1,101,893	$ 622,642	$ 598,447

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Short-term investments	$ 0		$ 59,474,000
General and administrative expenses		$ 700,000
Geographic Concentration Risk \| Sales Revenue, Net \| Caesars Entertainment Corporation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	82.00%	97.00%
Property, Las Vegas Strip \| Geographic Concentration Risk \| Sales Revenue, Net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	29.00%	34.00%
Harrah’s Joliet LandCo LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage by noncontrolling owners	20.00%

Recently Issued Accounting Pronouncements (Details) $ in Thousands	Jan. 01, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASC 326	$ (309,362)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASC 326	$ 309,400
Credit allowance percentage	2.88%

Property Transactions (Details)											1 Months Ended				3 Months Ended
Property Transactions (Details)	Apr. 24, 2020 USD ($)	Feb. 20, 2020 USD ($)	Jan. 24, 2020 USD ($) renewal casino	Dec. 06, 2019 USD ($) renewal	Sep. 26, 2019 USD ($)	Sep. 20, 2019 USD ($) renewal	Jun. 24, 2019 USD ($) gambling_facility	Jun. 17, 2019 USD ($)	May 23, 2019 USD ($) renewal	Jan. 02, 2019 USD ($) renewal	Feb. 20, 2020 USD ($)	Nov. 30, 2019 USD ($)	Feb. 28, 2019 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2020 option	Dec. 31, 2019 USD ($)	Dec. 31, 2018 a
Business Acquisition [Line Items]
Purchase price multiple							13.0
Purchase price multiplier							1.3								10
Initial annual rent to be acquired							12.5
Denominator amount of property's trailing four quarters EBITDA at time of acquisition							1.3
Percentage of aggregate EBITDA of all facilities under lease agreement							5.00%
Reverse termination fee							$ 75,000,000.0
Accounted for using the operating method														$ 73,600,000
Deposit liability														73,600,000
Ownership percentage (at least)															50.00%
Period of exercise of call rights															5 years
Initial property of lease rent															1.67
Harrah's Reno Asset
Business Acquisition [Line Items]
Proceeds from sale of asset, percentage																75.00%
Caesars Entertainment Operating Company, Inc. \| Harrah's Reno Asset
Business Acquisition [Line Items]
Proceeds from sale of asset, percentage																25.00%
Caesars Entertainment Operating Company, Inc. \| Harrah's Reno Asset \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Disposal group, including discontinued operation, consideration to be received																$ 50,000,000.0
CPLV CMBS Debt
Business Acquisition [Line Items]
Percentage of out-of-pocket costs to be reimbursed							50.00%
Payment for debt extinguishment or debt prepayment cost												$ 110,800,000
Debt prepayment penalty reimbursement receivable												55,400,000
Eldorado Senior Bridge Facility
Business Acquisition [Line Items]
Maximum borrowing capacity (up to)		$ 1,200,000,000									$ 1,200,000,000	3,200,000,000
Maximum borrowing capacity, reduction amount											$ 2,000,000,000.0	$ 1,600,000,000
Eldorado Senior Bridge Facility \| First Lien Secured Bridge Facility
Business Acquisition [Line Items]
Debt instrument, term							364 days
Maximum borrowing capacity (up to)							$ 3,300,000,000
Eldorado Senior Bridge Facility \| Second Lien Secured Bridge Facility
Business Acquisition [Line Items]
Maximum borrowing capacity (up to)							$ 1,500,000,000
Maximum borrowing capacity, reduction amount		$ 2,000,000,000.0
Line of credit facility, proceeds placed in escrow													$ 2,000,000,000.0
Indiana
Business Acquisition [Line Items]
Number of facilities, future acquisition \| gambling_facility							2
HLV Lease Agreement
Business Acquisition [Line Items]
Payments for rent							$ 15,000,000.0
Purchase price							$ 213,800,000
CPLV, Joliet And Non-CPLV Lease Agreement
Business Acquisition [Line Items]
Lessor, sales-type lease, term of contract							15 years
CPLV Lease Agreement
Business Acquisition [Line Items]
Lessor, sales-type lease, renewal term															5 years
Purchase price							$ 1,189,900,000
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| option															4
Total annual rent payable to call option properties							83,500,000
Fee obligated to be paid							$ 45,000,000.0
JACK Cleveland Casino
Business Acquisition [Line Items]
Cash consideration			$ 843,300,000
Payments for rent			$ 65,900,000
Lessor, sales-type lease, term of contract			15 years
Lessor, sales-type lease, renewal term			5 years
Lessor, leasing arrangements, sales type leases, number of renewal options \| renewal			4
JACK Cincinnati Casino
Business Acquisition [Line Items]
Purchase price						$ 558,300,000
Hard Rock
Business Acquisition [Line Items]
Payments for rent						$ 42,800,000
Lessor, sales-type lease, term of contract						15 years
Lessor, sales-type lease, renewal term						5 years
Purchase price						$ 186,500,000
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal						4
MTA Property Acquisitions
Business Acquisition [Line Items]
Lessor, sales-type lease, term of contract							15 years
Purchase price							$ 1,823,500,000
Total annual rent payable to call option properties							154,000,000.0
Harrah’s New Orleans Purchase Agreement
Business Acquisition [Line Items]
Purchase price					$ 789,500,000
Initial accounting incomplete, adjustment, consideration transferred							$ 14,000,000.0
Harrah’s Atlantic City Purchase Agreement
Business Acquisition [Line Items]
Purchase price					599,250,000
Harrah’s Laughlin Purchase Agreement
Business Acquisition [Line Items]
Purchase price					$ 434,750,000
Century Portfolio
Business Acquisition [Line Items]
Payments for rent				$ 25,000,000.0
Lessor, sales-type lease, term of contract				15 years
Purchase price								$ 277,800,000
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal				4
Century Casinos
Business Acquisition [Line Items]
Lessor, sales-type lease, renewal term				5 years					5 years
Purchase price				$ 107,200,000
Greektown Acquisition \| Penn National
Business Acquisition [Line Items]
Payments for rent									$ 55,600,000
Lessor, sales-type lease, term of contract									15 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal									4
Greektown Acquisition \| JACK Entertainment LLC
Business Acquisition [Line Items]
Cash consideration									$ 700,000,000.0
Greektown Acquisition \| Penn National
Business Acquisition [Line Items]
Cash consideration									$ 300,000,000.0
Margaritaville
Business Acquisition [Line Items]
Lessor, sales-type lease, renewal term										5 years
Purchase price										$ 261,100,000
Penn National
Business Acquisition [Line Items]
Payments for rent										$ 23,200,000
Lessor, sales-type lease, term of contract										15 years
Purchase price										$ 114,900,000
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal										4
Eastside Convention Center, LLC
Business Acquisition [Line Items]
Purchase price														$ 73,600,000
Acres of parcel \| a																	18.4
Subsequent Event \| Bally's Atlantic City Hotel and Casino \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from sale of property	$ 19,000,000.0
Subsequent Event \| Caesars Entertainment Operating Company, Inc. \| Bally's Atlantic City Hotel and Casino \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Disposal group, including discontinued operation, consideration to be received	25,000,000.0
Proceeds from sale of property	$ 6,000,000.0
Rock Ohio Ventures \| Affiliated Entity \| JACK Cleveland Casino
Business Acquisition [Line Items]
Note receivable			$ 50,000,000
Note receivable, interest rate			9.00%
Note receivable, term			5 years
Note receivable, number of extensions \| casino			2
Related party, note receivable, number of extensions \| casino			1

Real Estate Portfolio - Narrative (Details)	3 Months Ended
Real Estate Portfolio - Narrative (Details)	Mar. 31, 2020 casino arrangement
Property Subject to or Available for Operating Lease [Line Items]
Number of casinos	26
Number of lease arrangements \| arrangement	8
JACK Cincinnati Lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Financing receivable, investment in lease, number of casinos	2

Real Estate Portfolio - Schedule Real Estate Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minimum lease payments receivable under direct financing and sales-type leases	$ 31,233,640		$ 31,460,712
Estimated residual values of leased property (not guaranteed)	2,525,469		2,525,469
Gross investment in direct financing and sales-type leases	33,759,109		33,986,181
Unamortized initial direct costs	42,761		42,819
Less: Unearned income	(23,070,752)		(23,294,755)
Less: Allowance for credit losses	(400,390)	$ (309,362)	0
Investments in leases - direct financing and sales-type, net	10,330,728	10,424,883	10,734,245
Investments in leases - operating	1,086,658		1,086,658
Total investments in leases, net	12,211,441		11,820,903
Land	94,711		94,711
Total Real estate portfolio	12,354,622		11,915,614
Investments in leases - financing receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing and loans receivables, net	794,055	0	0
Investments in loans, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing and loans receivables, net	$ 48,470	$ 0	$ 0

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Abstract]
Income from direct financing and sales-type leases	$ 224,252	$ 195,750
Income from operating leases	10,913	10,913
Income from lease financing receivables	12,020	0
Total lease revenue	247,185	206,663
Less: Direct financing and sales-type lease adjustment	3,254	(2,512)
Total contractual lease revenue	$ 250,439	$ 204,151

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Direct Financing and Sales-Type
2020 (remaining)	$ 683,223
2021	916,720
2022	927,351
2023	942,285
2024	954,569
2025	954,765
Thereafter	25,854,727
Total	31,233,640
Operating
2020 (remaining)	32,740
2021	43,653
2022	43,653
2023	43,653
2024	43,653
2025	43,653
Thereafter	1,171,362
Total	1,422,367
Financing Receivables
2020 (remaining)	49,410
2021	66,484
2022	67,149
2023	68,128
2024	68,212
2025	68,212
Thereafter	1,983,840
Total	2,371,435
2020 (remaining)	765,373
2021	1,026,857
2022	1,038,153
2023	1,054,066
2024	1,066,434
2025	1,066,630
Thereafter	29,009,929
Total	$ 35,027,442
Direct financing and sales-type lease, weighted average lease term	32 years 9 months 18 days
Operating lease, weighted average remaining lease term	32 years 7 months 6 days
Financing receivable, weighted average remaining lease term	34 years 9 months 18 days
Direct financing, sales-type and operating leases, weighted average lease term	32 years 10 months 24 days

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands						3 Months Ended
	Jan. 24, 2020 USD ($)	Dec. 06, 2019 USD ($) renewal	Sep. 20, 2019 USD ($) renewal	May 23, 2019 USD ($)	Jan. 02, 2019 USD ($) renewal	Mar. 31, 2020 USD ($) option
JACK Cleveland Casino
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent	$ 65,900
Lessor, sales-type lease, renewal term	5 years
Century Portfolio
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent		$ 25,000
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal		4
Penn National
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent					$ 23,200
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal					4
Hard Rock
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent			$ 42,800
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| renewal			4
Lessor, sales-type lease, renewal term			5 years
Non-CPLV Lease Agreement and Joliet Lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Initial Term						15 years
Current base rent						$ 508,534
Rent ratio floor						120.00%
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| option						4
Lessor, sales-type lease, renewal term						5 years
Variable rent percentage						400.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement \| Lease Years 6 Through 15
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index						2.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement \| Lease Years 2-5
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index						1.50%
Non-CPLV Lease Agreement and Joliet Lease Agreement \| Lease Years 8-10 \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						70.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement \| Lease Years 8-10 \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						30.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement \| Lease Years 11-15 \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						80.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement \| Lease Years 11-15 \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						20.00%
CPLV Lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Initial Term						15 years
Current base rent						$ 207,745
Rent ratio floor						170.00%
Consumer price index						2.00%
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| option						4
Lessor, sales-type lease, renewal term						5 years
Variable rent percentage						400.00%
CPLV Lease Agreement \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						80.00%
CPLV Lease Agreement \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						20.00%
HLV Lease
Property Subject to or Available for Operating Lease [Line Items]
Initial Term						15 years
Current base rent						$ 89,157
Rent ratio floor						160.00%
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| option						4
Lessor, sales-type lease, renewal term						5 years
Variable rent percentage						400.00%
HLV Lease \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						80.00%
HLV Lease \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split						20.00%
HLV Lease \| Lease Years 6 Through 15
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index						2.00%
HLV Lease \| Lease Years 2-5
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index						1.00%
Magaritaville Lease \| Penn National
Property Subject to or Available for Operating Lease [Line Items]
Percentage rent					$ 3,000
Rent ratio floor					610.00%
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| option						4
Lessor sales-type and direct financing lease, renewal term						5 years
Lessor, sales-type and direct financing lease, percentage rent multiplier					4.00%
Lessor, sales-type and direct financing lease, period of revenue of rent multiplier					2 years
Lessor, sales-type and direct financing lease, percentage of rent revenue prior to acquisition					50.00%
Greektown lease Agreement \| Penn National
Property Subject to or Available for Operating Lease [Line Items]
Percentage rent					$ 6,400
Rent ratio floor					185.00%
Consumer price index					2.00%
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options \| option						4
Lessor sales-type and direct financing lease, renewal term						5 years
Lessor, sales-type and direct financing lease, percentage rent multiplier					4.00%
Lessor, sales-type and direct financing lease, period of revenue of rent multiplier					2 years
Lessor, sales-type and direct financing lease, percentage of rent revenue prior to acquisition					50.00%
JACK Cincinnati Lease Agreement \| JACK Cincinnati Casino
Property Subject to or Available for Operating Lease [Line Items]
Initial Term			15 years
Variable rent percentage			4.00%
JACK Cleveland/Thirstledown Lease Agreement \| JACK Cleveland Casino
Property Subject to or Available for Operating Lease [Line Items]
Initial Term	15 years
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options		4
Lessor sales-type and direct financing lease, renewal term		5 years
Variable rent percentage	4.00%
Lessor, current annual rent						$ 65,880
JACK Cleveland/Thirstledown Lease Agreement \| Base Rent \| JACK Cleveland Casino
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split			80.00%
JACK Cleveland/Thirstledown Lease Agreement \| Variable Rent \| JACK Cleveland Casino
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split			20.00%
JACK Cleveland/Thirstledown Lease Agreement \| Lease Years 2 through 3 \| JACK Cleveland Casino
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			1.00%
JACK Cleveland/Thirstledown Lease Agreement \| Lease Years 4 through 6 \| JACK Cleveland Casino
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			1.50%
JACK Cleveland/Thirstledown Lease Agreement \| Lease Years 7 through 15 \| JACK Cleveland Casino \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			1.50%
JACK Cleveland/Thirstledown Lease Agreement \| Lease Years 7 through 15 \| JACK Cleveland Casino \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			2.50%
Century Portfolio Lease Agreement \| Century Portfolio
Property Subject to or Available for Operating Lease [Line Items]
Initial Term		15 years
Rent ratio floor		750.00%
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options		4
Lessor sales-type and direct financing lease, renewal term		5 years
Variable rent percentage		4.00%
Lessor, current annual rent						25,000
Century Portfolio Lease Agreement \| Base Rent \| Century Portfolio
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split		80.00%
Century Portfolio Lease Agreement \| Variable Rent \| Century Portfolio
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split		20.00%
Century Portfolio Lease Agreement \| Lease Years 2 through 3 \| Century Portfolio
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index		1.00%
Century Portfolio Lease Agreement \| Lease Years 4 Through 15 \| Century Portfolio
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index		1.25%
Hard Rock Cincinnati Lease Agreement \| Hard Rock
Property Subject to or Available for Operating Lease [Line Items]
Lessor leasing arrangements, sales-type/direct financing lease, number of renewal options			4
Lessor sales-type and direct financing lease, renewal term			5 years
Hard Rock Cincinnati Lease Agreement \| Base Rent \| Hard Rock
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split			80.00%
Hard Rock Cincinnati Lease Agreement \| Variable Rent \| Hard Rock
Property Subject to or Available for Operating Lease [Line Items]
Variable rent split			20.00%
Hard Rock Cincinnati Lease Agreement \| Lease Years 2-4 \| Hard Rock
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			1.50%
Hard Rock Cincinnati Lease Agreement \| Lease Years 5-15 \| Hard Rock \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			0.50%
Hard Rock Cincinnati Lease Agreement \| Lease Years 5-15 \| Hard Rock \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			2.00%
Penn National \| Magaritaville Lease
Property Subject to or Available for Operating Lease [Line Items]
Initial Term					15 years
Penn National \| Greektown lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Initial Term				15 years
Building \| Magaritaville Lease \| Penn National
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index					2.00%
Building \| JACK Cincinnati Lease Agreement \| JACK Cincinnati Casino
Property Subject to or Available for Operating Lease [Line Items]
Current base rent			$ 42,750
Building \| Penn National \| Magaritaville Lease
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent					$ 23,544
Lessor, Contingent Rent						$ 60
Building \| Penn National \| Greektown lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent				$ 55,600

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Rolling three-year minimum	$ 225
CPLV Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Rolling three-year minimum	$ 84
HLV Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Initial minimum capital expenditure	$ 171
Penn National Lease Agreements
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Average period of yearly minimum expenditure	4 years
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate [Line Items]
Capital expenditures	$ 100
Percentage of prior year net revenues	1.00%
Hard Rock Cincinnati Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Century Portfolio Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
JACK Cleveland/Thirstledown Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Average period of yearly minimum expenditure	3 years
Initial minimum capital expenditure	$ 30
CEOC
Real Estate [Line Items]
Rolling three-year minimum	350
Minimum amount to be expended across certain affiliates and other assets	495
CEOC \| CPLV Lease Agreement
Real Estate [Line Items]
Rolling three-year minimum	84
CEOC \| CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate [Line Items]
Additional capital expenditure requirement	11
CEOC \| Non-CPLV Lease Agreement
Real Estate [Line Items]
Rolling three-year minimum	$ 255

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in allowance for credit losses		$ 149,508	$ 0
Current period change in credit allowance		127,350
Financial receivable, allowance for credit loss, increase in current acquisition		$ 22,200
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 309,400
Financing and loans receivable, allowance as a percentage	2.88%

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Direct financing and sales-type, amortized cost	$ 10,734,245	$ 10,731,118
Amortized cost, total	10,734,245	11,632,123
Allowance
Direct financing and sales-type, allowance for credit losses	(309,362)	(400,390)	$ 0
Allowance, total	(309,362)	(458,870)
Net Investment
Direct financing and sales-type, net investment	10,424,883	10,330,728	10,734,245
Net investment total	$ 10,424,883	$ 11,173,253
Allowance as a % of Amortized Cost
Direct financing and sales-type, allowance as a percentage of amortized cost	2.88%	3.73%
Allowance as a percentage of amortized cost, total	2.88%	3.94%
Investments in leases - financing receivables, net
Amortized Cost
Financing and loans receivable, amortized cost	$ 0	$ 850,675
Allowance
Financing and loans receivable, allowance for credit losses	0	(56,620)
Net Investment
Financing and loans receivables, net	$ 0	$ 794,055	0
Allowance as a % of Amortized Cost
Financing and loans receivable, allowance as a percentage	0.00%	6.66%
Investments in loans, net
Amortized Cost
Financing and loans receivable, amortized cost	$ 0	$ 50,330
Allowance
Financing and loans receivable, allowance for credit losses	0	(1,860)
Net Investment
Financing and loans receivables, net	$ 0	$ 48,470	$ 0
Allowance as a % of Amortized Cost
Financing and loans receivable, allowance as a percentage	0.00%	3.70%

Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Initial allowance from current period acquisitions	$ 22,158
Current period change in credit allowance	127,350
Write-offs	0
Recoveries	0
Ending balance	458,870
Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Beginning balance	309,362
Cumulative Effect, Period Of Adoption, Adjusted Balance
Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$ 11,632,123	$ 10,734,245
Ba2
Financing Receivable, Credit Quality Indicator [Line Items]
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	561,349	1,527,776
Ba3
Financing Receivable, Credit Quality Indicator [Line Items]
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	0	0
B1
Financing Receivable, Credit Quality Indicator [Line Items]
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	9,889,284	8,926,229
B2
Financing Receivable, Credit Quality Indicator [Line Items]
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	901,005	280,240
B3
Financing Receivable, Credit Quality Indicator [Line Items]
Investments in leases - direct financing, sales-type and financing receivable and investments in loans	$ 280,485	$ 0

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Property and equipment used in operations, net	$ 70,868	$ 70,406
Other receivables	56,885	60,111
Lease liabilities	26,439	26,426
Investments in leases - operating	17,800
Debt financing costs	11,352	14,575
Deferred acquisition costs	8,443	11,134
Tenant receivables	2,381	0
Prepaid expenses	1,741	3,252
Interest receivable	1,642	1,626
Other	1,756	1,108
Total other assets	$ 181,507	$ 188,638

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	$ 80,003		$ 78,674
Less: accumulated depreciation	(9,135)		(8,268)
Total property and equipment used in operations, net	70,868		70,406
Depreciation Expense	867	$ 930
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	59,346		59,346
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	14,805		14,805
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	$ 5,852		$ 4,523

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities [Abstract]
Derivative liability	$ 118,216	$ 65,078
Lease liabilities	26,449	26,426
Other accrued expenses	13,897	21,023
Deferred income taxes	3,396	3,382
Accrued payroll and other compensation	1,755	7,369
Accounts payable	442	640
Total other liabilities	164,155	$ 123,918
Investments in leases - operating	$ 17,800

Debt - Schedule Of Outstanding Indebtedness (Details)				1 Months Ended	3 Months Ended	12 Months Ended
Debt - Schedule Of Outstanding Indebtedness (Details)	Jan. 24, 2020	May 15, 2019 USD ($)	Feb. 05, 2018	Dec. 31, 2017	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Jan. 03, 2019 USD ($) instrument	Apr. 24, 2018 USD ($) instrument
Debt Instrument [Line Items]
Face Value					$ 6,850,000,000	$ 4,848,480,000
Carrying Value					6,754,485,000	4,791,563,000
Senior Notes \| Term B Loan Facility
Debt Instrument [Line Items]
Face Value					2,100,000,000	2,100,000,000
Carrying Value					$ 2,077,344,000	$ 2,076,962,000
Senior Notes \| Term B Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%	200.00%
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Interest rate, stated percentage						8.00%
Face Value						$ 498,480,000
Carrying Value						$ 498,480,000
Unsecured Debt \| Senior Unsecured 2025 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					3.50%
Face Value					$ 750,000,000
Carrying Value					$ 738,593,000
Unsecured Debt \| Senior Unsecured 2026 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					4.25%	4.25%
Face Value					$ 1,250,000,000	$ 1,250,000,000
Carrying Value					$ 1,230,979,000	$ 1,231,227,000
Unsecured Debt \| Senior Unsecured 2027 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					3.75%
Face Value					$ 750,000,000
Carrying Value					$ 738,493,000
Unsecured Debt \| Senior Unsecured 2029 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					4.625%	4.625%
Face Value					$ 1,000,000,000	$ 1,000,000,000
Carrying Value					$ 984,530,000	984,894,000
Unsecured Debt \| Senior Unsecured 2030 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					4.125%
Face Value					$ 1,000,000,000
Carrying Value					$ 984,546,000
Interest Rate Swaps
Debt Instrument [Line Items]
Number of instruments \| instrument							2	4
Notional amount							$ 500,000,000.0	$ 1,500,000,000
Interest Rate Swaps \| LIBOR
Debt Instrument [Line Items]
Number of instruments \| instrument					6
Notional amount					$ 2,000,000,000.0
Fixed interest rate					2.7173%
Revolving Credit Facility \| Term B Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%	2.00%	2.25%
Commitment fee percentage				0.50%
Revolving Credit Facility \| Senior Notes
Debt Instrument [Line Items]
Face Value					$ 0	0
Carrying Value					0	$ 0
Maximum borrowing capacity		$ 600,000,000			$ 1,000,000,000.0
Commitment fee percentage					0.375%
Revolving Credit Facility \| Senior Notes \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%	200.00%
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage		0.375%
Minimum \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Minimum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Minimum \| Revolving Credit Facility \| Term B Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%	1.75%
Minimum \| Revolving Credit Facility \| Term B Loan Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Minimum \| Revolving Credit Facility \| Senior Notes
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage		0.50%
Maximum \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Maximum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Maximum \| Revolving Credit Facility \| Term B Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%	2.00%
Maximum \| Revolving Credit Facility \| Term B Loan Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Maximum \| Revolving Credit Facility \| Senior Notes
Debt Instrument [Line Items]
Commitment fee percentage		0.50%

Debt - Schedule of Future Minimum Repayment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining)	$ 0
2021	0
2022	10,000
2023	22,000
2024	2,068,000
2025	750,000
Thereafter	4,000,000
Total minimum repayments	$ 6,850,000	$ 4,848,480

Debt - Senior Unsecured Debt (Details) - USD ($)		1 Months Ended		3 Months Ended
Debt - Senior Unsecured Debt (Details) - USD ($)	Feb. 05, 2020	Nov. 30, 2019	Feb. 28, 2019	Mar. 31, 2020	Dec. 31, 2019	Nov. 26, 2019	Oct. 06, 2017
Debt Instrument [Line Items]
Restricted net assets				$ 7,500,000,000
Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				40.00%
Cumulative adjusted funds from operations rate				95.00%
Senior Unsecured Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage						4.25%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2026 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, face amount						$ 1,250,000,000
Redemption price, percentage (equal to)				102.125%
Senior Unsecured Notes due 2026 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				101.063%
Senior Unsecured Notes due 2026 \| Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2026 \| Senior Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				104.25%
Senior Unsecured Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage						4.625%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2029 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				102.313%
Senior Unsecured Notes due 2029 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, face amount						$ 1,000,000,000
Redemption price, percentage (equal to)				101.541%
Senior Unsecured Notes due 2029 \| Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.771%
Senior Unsecured Notes due 2029 \| Senior Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2029 \| Senior Notes \| Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				104.625%
CPLV CMBS Debt
Debt Instrument [Line Items]
Payment for debt extinguishment or debt prepayment cost		$ 110,800,000
CPLV CMBS Debt \| CPLV CMBS Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 1,550,000,000
Payment for debt extinguishment or debt prepayment cost				$ 55,400,000
Senior Unsecured Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2025 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750,000,000
Redemption price, percentage (equal to)				101.75%
Senior Unsecured Notes due 2025 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.875%
Senior Unsecured Notes due 2025 \| Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2025 \| Senior Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				103.50%
Senior Unsecured Notes Due 2019 \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				60.00%
Senior Unsecured Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.75%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2027 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				101.875%
Senior Unsecured Notes due 2027 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750,000,000
Redemption price, percentage (equal to)				100.938%
Senior Unsecured Notes due 2027 \| Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2027 \| Senior Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				103.75%
Senior Unsecured Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2030 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				102.063%
Senior Unsecured Notes due 2030 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				101.375%
Senior Unsecured Notes due 2030 \| Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000.0
Redemption price, percentage (equal to)				100.688%
Senior Unsecured Notes due 2030 \| Senior Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				100.00%
Senior Unsecured Notes due 2030 \| Senior Notes \| Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				104.125%
Special Mandatory Redemption Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage (equal to)			100.00%
Second Lien Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage					8.00%
Repayments of debt	498,500,000		$ 537,500,000
Redemption price, percentage (equal to)			100.00%
Second Lien Notes And Second Lien Notes Applicable Premium \| Senior Notes
Debt Instrument [Line Items]
Repayments of debt	$ 537,500,000
Senior Unsecured Notes Due 2020 \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage (equal to)				60.00%

Debt - Senior Secured Credit Facilities (Details) - USD ($)					1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 24, 2020	Jun. 28, 2019	May 15, 2019	Feb. 05, 2018	Feb. 28, 2018	Dec. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Total net debt to adjusted asset ratio (not more than)			0.65
Permitted acquisitions consummated (not more than)			0.70
EBITDA to interest charges (not less than)			2.00
Proceeds from offering of common stock, net		$ 1,000,000,000.0					$ 199,877,000	$ 128,085,000
Carrying Value							$ 6,754,485,000		$ 4,791,563,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,200,000,000			$ 400,000,000.0
Total net debt to adjusted asset ratio (not more than)			0.75
Percentage of utilization of credit facility			30.00%
Repayment of revolving credit facility					$ 300,000,000.0
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage			0.375%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage			0.50%
LIBOR \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
LIBOR \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Base Rate \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Base Rate \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Senior Notes
Debt Instrument [Line Items]
Percentage of funds from operations (not more than)							95.00%
Percentage of adjusted total assets							0.60%
Amount of adjusted total assets							$ 30,000,000
Senior Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 600,000,000				1,000,000,000.0
Carrying Value							$ 0		$ 0
Senior Notes \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							2.00%		200.00%
Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount						$ 2,200,000,000
Repayments of debt					$ 100,000,000.0
Percentage of amortization of principal amount per annum					1.00%
Term B Loan Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from offering of common stock, net					$ 1,300,000,000
Term B Loan Facility \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%	2.00%		2.25%
Term B Loan Facility \| LIBOR \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%		1.75%
Term B Loan Facility \| LIBOR \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%		2.00%
Term B Loan Facility \| Base Rate \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Term B Loan Facility \| Base Rate \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Term B Loan Facility \| Senior Notes
Debt Instrument [Line Items]
Carrying Value							$ 2,077,344,000		$ 2,076,962,000
Term B Loan Facility \| Senior Notes \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate							1.75%		200.00%

Debt - Bridge Facilities (Details) - USD ($)				1 Months Ended		3 Months Ended
Debt - Bridge Facilities (Details) - USD ($)	Feb. 20, 2020	Sep. 26, 2019	Jun. 24, 2019	Feb. 20, 2020	Nov. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Feb. 05, 2020
Debt Instrument [Line Items]
Interest recorded in interest expense						$ 76,093,000	$ 53,586,000
Escrow deposit								$ 2,000,000,000.0
Eldorado Senior Bridge Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000			$ 1,200,000,000	$ 3,200,000,000
Line of credit facility, structuring fee, percentage						0.10%
Interest recorded in interest expense						$ 2,600,000
Maximum borrowing capacity, reduction amount				2,000,000,000.0	1,600,000,000
Eldorado Senior Bridge Facility \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Commitment fee percentage			0.25%
Eldorado Senior Bridge Facility \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
Eldorado Senior Bridge Facility \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Commitment fee percentage			0.75%
Eldorado Senior Bridge Facility \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Commitment fee percentage			1.00%
Eldorado Senior Bridge Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		200.00%
Eldorado Senior Bridge Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
Eldorado Senior Bridge Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
Eldorado Senior Bridge Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		175.00%
Eldorado Junior Bridge Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		300.00%
Eldorado Junior Bridge Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Eldorado Junior Bridge Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		200.00%
Eldorado Junior Bridge Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		275.00%
First Lien Secured Bridge Facility \| Eldorado Senior Bridge Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 3,300,000,000
Second Lien Secured Bridge Facility \| Eldorado Senior Bridge Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,500,000,000
Escrow deposit	2,000,000,000.0			$ 2,000,000,000.0	$ 1,600,000,000
Maximum borrowing capacity, reduction amount	$ 2,000,000,000.0

Debt - Second Lien Notes (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
Debt - Second Lien Notes (Details) - USD ($) $ in Thousands	Feb. 05, 2020	Feb. 28, 2019	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Loss from extinguishment of debt			$ (39,059)	$ 0
Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage (equal to)			40.00%
Second Lien Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage (equal to)		100.00%
Repayments of debt	$ 498,500	$ 537,500
Loss from extinguishment of debt		$ (39,100)

Derivatives - Narrative (Details) $ in Thousands	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($) instrument	Jan. 03, 2019 USD ($) instrument	Apr. 24, 2018 USD ($) instrument
Derivative [Line Items]
Debt, net	$ 6,754,485	$ 4,791,563
Interest Rate Swaps
Derivative [Line Items]
Number of instruments \| instrument			2	4
Notional amount			$ 500,000	$ 1,500,000
Interest Rate Swap Maturing April 22, 2023
Derivative [Line Items]
Number of instruments \| instrument	4	4
Notional amount	$ 1,500,000	$ 1,500,000
Fixed interest rate	2.8297%	2.8297%
Term B Loan Facility \| Senior Notes
Derivative [Line Items]
Debt, net	$ 2,077,344	$ 2,076,962
Variable Rate Debt not Subject to Interest Rate Swaps	$ 100,000

Derivatives - Schedule of Derivatives (Details) $ in Thousands	Mar. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($) instrument
Interest Rate Swap Maturing April 22, 2023
Derivative [Line Items]
Number of Instruments \| instrument	4	4
Fixed Rate	2.8297%	2.8297%
Notional \| $	$ 1,500,000	$ 1,500,000
Interest Rate Swap Maturing January 22, 2021
Derivative [Line Items]
Number of Instruments \| instrument	2	2
Fixed Rate	2.3802%	2.3802%
Notional \| $	$ 500,000	$ 500,000

Derivatives - Schedule of Derivatives on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Unrealized (loss) gain recorded in other comprehensive income	$ (53,138)	$ (17,191)
Interest recorded in interest expense	76,093	53,586
Interest Rate Swaps
Derivative [Line Items]
Interest recorded in interest expense	$ 5,580	$ 1,149

Fair Value - Recurring Basis (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Short-term investments	$ 0	$ 59,474,000
Financial liabilities:
Derivative instruments - interest rate swaps	118,216,000	65,078,000
Carrying Amount
Financial assets:
Short-term investments	0	59,474,000
Carrying Amount \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	118,216,000	65,078,000
Level 1 \| Fair Value
Financial assets:
Short-term investments	0	0
Level 1 \| Fair Value \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	0	0
Level 2 \| Fair Value
Financial assets:
Short-term investments	0	59,474,000
Level 2 \| Fair Value \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	118,216,000	65,078,000
Level 3 \| Fair Value
Financial assets:
Short-term investments	0	0
Level 3 \| Fair Value \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	$ 0	$ 0

Fair Value - Schedule Of Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lease Financing Receivable
Financial assets:
Investments in Leases and Loans	$ 794,055	$ 0
Lease Loans Receivable
Financial assets:
Investments in Leases and Loans	48,470	0
Carrying Amount
Financial assets:
Cash and cash equivalents	369,052	1,101,893
Restricted cash	2,002,032	0
Carrying Amount \| Lease Financing Receivable
Financial assets:
Investments in Leases and Loans	794,055	0
Carrying Amount \| Lease Loans Receivable
Financial assets:
Investments in Leases and Loans	48,470	0
Carrying Amount \| Revolving Credit Facility
Financial liabilities:
Debt	0	0
Carrying Amount \| Term Loan B Facility
Financial liabilities:
Debt	2,077,344	2,076,962
Carrying Amount \| Second Lien Notes
Financial liabilities:
Debt	0	498,480
Carrying Amount \| 2025 Notes
Financial liabilities:
Debt	738,593	0
Carrying Amount \| 2026 Notes
Financial liabilities:
Debt	1,230,979	1,231,227
Carrying Amount \| 2027 Notes
Financial liabilities:
Debt	738,493	0
Carrying Amount \| 2029 Notes
Financial liabilities:
Debt	984,530	984,894
Carrying Amount \| 2030 Notes
Financial liabilities:
Debt	984,546	0
Fair Value
Financial assets:
Cash and cash equivalents	369,052	1,101,893
Restricted cash	2,002,032	0
Fair Value \| Lease Financing Receivable
Financial assets:
Investments in Leases and Loans	843,300	0
Fair Value \| Lease Loans Receivable
Financial assets:
Investments in Leases and Loans	50,000	0
Fair Value \| Revolving Credit Facility
Financial liabilities:
Debt	0	0
Fair Value \| Term Loan B Facility
Financial liabilities:
Debt	1,932,000	2,110,500
Fair Value \| Second Lien Notes
Financial liabilities:
Debt	0	538,358
Fair Value \| 2025 Notes
Financial liabilities:
Debt	685,312	0
Fair Value \| 2026 Notes
Financial liabilities:
Debt	1,150,000	1,287,500
Fair Value \| 2027 Notes
Financial liabilities:
Debt	703,125	0
Fair Value \| 2029 Notes
Financial liabilities:
Debt	905,000	1,045,000
Fair Value \| 2030 Notes
Financial liabilities:
Debt	$ 952,500	$ 0

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands		3 Months Ended
	May 10, 2019 USD ($)	Mar. 31, 2020 USD ($) option	Jan. 01, 2019 USD ($)
Loss Contingencies [Line Items]
Weighted average remaining lease term		16 years 1 month 6 days
Number of extension options \| option		3
Renewal term	5 years	10 years
Lessee, initial term	10 years
Finance lease, weighted average remaining lease term		36 years
Expenses related to operating lease commitments	$ 900
Investments in leases - operating		$ 17,800
Lease liability		$ 17,792
Minimum
Loss Contingencies [Line Items]
Operating lease, discount rate	5.30%
Lessee, finance lease, discount rate		600.00%
Maximum
Loss Contingencies [Line Items]
Operating lease, discount rate	5.50%
Lessee, finance lease, discount rate		700.00%
Accounting Standards Update 2016-02
Loss Contingencies [Line Items]
Investments in leases - operating			$ 11,100
Lease liability			$ 11,100

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020	Dec. 31, 2019
Leases, Finance [Abstract]
Investments in leases - direct financing and sales-type, net	$ 10,330,728		$ 10,424,883	$ 10,734,245
Other Assets
Leases, Finance [Abstract]
Investments in leases - direct financing and sales-type, net	8,647	$ 8,688
Other Liabilities
Leases, Finance [Abstract]
Other liabilities (lease liabilities)	8,658	8,688
General and Administrative Expense
Leases, Operating [Abstract]
Rent expense	498	364
Contractual rent	323	318
Leases, Finance [Abstract]
Rental income and expense (1)	139	51
Contractual rent	$ 154	$ 56

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Operating Leases
2020 (remaining)	$ 1,189
2021	1,790
2022	1,808
2023	1,827
2024	1,847
2025	1,908
Thereafter	19,074
Total minimum lease commitments	29,443
Discounting factor	11,651
Lease liability	17,792
Financing Receivables
2020 (remaining)	462
2021	616
2022	616
2023	616
2024	616
2025	616
Thereafter	18,653
Total	22,195
Discounting factor	13,537
Lease liability	$ 8,658

Stockholders' Equity - Narrative (Details) - USD ($)			3 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Jun. 28, 2019	Dec. 19, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Total number of common and preferred shares authorized (in shares)			750,000,000
Common stock, shares authorized (in shares)			700,000,000		700,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)			50,000,000		50,000,000
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01
Shares issued in IPO (in shares)	50,000,000
Future stock to be issued during period, shares sold pursuant to the exercise In full of underwriters' option to purchase additional common stock	15,000,000
Share price (in dollars per share)	$ 21.50
Aggregate offering value of shares	$ 1,100,000,000		$ 199,877,000	$ 128,265,000
Proceeds from issuance of common stock	$ 1,000,000,000.0		$ 199,877,000	$ 128,085,000
Additional shares subject to forward sale agreement (in shares)	65,000,000		65,000,000
Offering forward price (in dollars per share)	$ 21.50
ATM Stock Offering Program
Class of Stock [Line Items]
Shares issued in IPO (in shares)			7,500,000	6,107,633	6,107,633
Proceeds from issuance of common stock			$ 200,000,000.0		$ 128,300,000
Maximum amount of shares to be sold		$ 750,000,000.0
Scenario, Plan
Class of Stock [Line Items]
Offering forward price (in dollars per share)			$ 19.67
Forward agreement on the proceeds from issuance of common stock			$ 1,300,000,000
Forward Share Agreements, Payments for Repurchase of Common Stock			$ 197,200,000
Forward Contract Indexed to Issuer's Equity, Shares			11,900,000
Forward Contract Indexed to Issuer's Equity, Shares			11,900,000

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares			3 Months Ended		12 Months Ended
	Jun. 28, 2019	Nov. 19, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			461,004,742	404,729,616	404,729,616
Stock issued during period (in shares)	50,000,000
Ending balance			468,616,540	410,970,554	461,004,742
Additional shares subject to forward sale agreement (in shares)	65,000,000		65,000,000
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period (in shares)			111,798	133,305
Performance-Based Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period (in shares)			239,437	157,512
Follow-On Offerings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period (in shares)		50,000,000
ATM Stock Offering Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period (in shares)			7,500,000	6,107,633	6,107,633

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.2975	$ 0.2875

Earnings Per Share - Schedule Of Weighted Average Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common shares outstanding (in shares)	465,177,425	405,733,656
Assumed conversion of restricted stock (in shares)	0	301,000
Assumed settlement of Forward Sale Agreements (in shares)	0	0
Diluted weighted-average common shares outstanding (in shares)	465,177,425	406,035,025
Forward Contracts
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutivesecurities (in shares)	10,291,832
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutivesecurities (in shares)	83,367

Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic:
Net income attributable to common stockholders	$ (24,012)	$ 150,849
Weighted-average common shares outstanding (in shares)	465,177,425	405,733,656
Basic EPS (in dollars per share)	$ (0.05)	$ 0.37
Diluted:
Net income attributable to common stockholders	$ (24,012)	$ 150,849
Diluted weighted-average common shares outstanding (in shares)	465,177,425	406,035,025
Diluted EPS (in dollars per share)	$ (0.05)	$ 0.37

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $	$ 14.6
Weighted average period	2 years 3 months 3 days
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	12,750,000
Number of remaining shares authorized (in shares)	11,529,661

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,350	$ 1,051

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Shares
Beginning balance (in shares)	601	398
Granted (in shares)	370	299
Vested (in shares)	(80)	(82)
Forfeited (in shares)	(25)	(8)
Canceled (in shares)	0	0
Ending balance (in shares)	866	607
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.16	$ 19.60
Granted (in dollars per share)	22.21	22.00
Vested (in dollars per share)	20.80	19.50
Forfeited (in dollars per share)	21.21	20.47
Canceled (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 21.64	$ 20.78

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2020 segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Golf Course Business
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 255,001	$ 214,002
Operating income	88,021	201,866
Interest expense	(76,093)	(53,586)
Loss on extinguishment of debt	(39,059)	0
Income before income taxes	(21,611)	153,447
Income tax expense	(454)	(521)
Net income	(22,065)	152,926
Depreciation	867	930
Total assets	14,907,213	11,448,671	$ 13,265,619
Total liabilities	7,183,182	4,402,783	$ 5,216,630
Real Property Business
Segment Reporting Information [Line Items]
Revenues	248,701	206,663
Operating income	86,934	199,546
Interest expense	(76,093)	(53,586)
Loss on extinguishment of debt	(39,059)	0
Income before income taxes	(22,713)	151,091
Income tax expense	(257)	0
Net income	(22,970)	151,091
Depreciation	24	3
Total assets	14,818,556	11,350,664
Total liabilities	7,166,984	4,385,592
Golf Course Business
Segment Reporting Information [Line Items]
Revenues	6,300	7,339
Operating income	1,087	2,320
Interest expense	0	0
Loss on extinguishment of debt	0	0
Income before income taxes	1,102	2,356
Income tax expense	(197)	(521)
Net income	905	1,835
Depreciation	843	927
Total assets	88,657	98,007
Total liabilities	$ 16,198	$ 17,191

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (307,114,000)
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,248,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (307,114,000)