MGM Growth Properties 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	MGP
Entity Registrant Name	MGM Growth Properties LLC
Entity Central Index Key	1,656,936
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
MGP Operating Partnership
Document Information [Line Items]
Entity Registrant Name	MGM Growth Properties Operating Partnership LP
Entity Central Index Key	1,691,299
Entity Filer Category	Non-accelerated Filer
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		70,911,166
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Real estate investments, net	$ 9,880,658	$ 10,021,938
Cash and cash equivalents	289,909	259,722
Tenant and other receivables, net	4,197	6,385
Prepaid expenses and other assets	51,500	18,487
Above market lease, asset	43,801	44,588
Total assets	10,270,065	10,351,120
Liabilities
Debt, net	3,923,224	3,934,628
Due to MGM Resorts International and affiliates	147	962
Accounts payable, accrued expenses and other liabilities	9,758	10,240
Above market lease, liability	46,625	47,069
Accrued interest	25,119	22,565
Dividend and distribution payable	114,399	111,733
Deferred revenue	147,946	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,295,762	4,283,381
Commitments and contingencies (Note 11)
Shareholders’ equity
Class A shares: no par value, 1,000,000,000 shares authorized, 70,911,166 and 70,896,795 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	0	0
Additional paid-in capital	1,717,086	1,716,490
Accumulated deficit	(126,241)	(94,948)
Accumulated other comprehensive income	9,141	3,108
Total Class A shareholders’ equity	1,599,986	1,624,650
Noncontrolling interest	4,374,317	4,443,089
Total shareholders’ equity	5,974,303	6,067,739
Partners' capital
General partner	0	0
Limited partners: 266,045,289 and 266,030,918 Operating Partnership units issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	5,974,303	6,067,739
Total partners' capital	5,974,303	6,067,739
Total liabilities and shareholders’ equity	10,270,065	10,351,120
MGP Operating Partnership
ASSETS
Real estate investments, net	9,880,658	10,021,938
Cash and cash equivalents	289,909	259,722
Tenant and other receivables, net	4,197	6,385
Prepaid expenses and other assets	51,500	18,487
Above market lease, asset	43,801	44,588
Total assets	10,270,065	10,351,120
Liabilities
Debt, net	3,923,224	3,934,628
Due to MGM Resorts International and affiliates	147	962
Accounts payable, accrued expenses and other liabilities	9,758	10,240
Above market lease, liability	46,625	47,069
Accrued interest	25,119	22,565
Dividend and distribution payable	114,399	111,733
Deferred revenue	147,946	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,295,762	4,283,381
Commitments and contingencies (Note 11)
Partners' capital
General partner	0	0
Limited partners: 266,045,289 and 266,030,918 Operating Partnership units issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	5,974,303	6,067,739
Total partners' capital	5,974,303	6,067,739
Total liabilities and shareholders’ equity	$ 10,270,065	$ 10,351,120

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Shareholders’ equity
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	70,911,166	70,896,795
Common stock, shares outstanding (in shares)	70,911,166	70,896,795
MGP Operating Partnership
Partners' capital
Partners' capital, units issued (in shares)	266,045,289	266,030,918
Partners' capital, units outstanding (in shares)	266,045,289	266,030,918

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Revenues	$ 220,390	$ 184,456	$ 436,229	$ 368,355
Expenses
Depreciation	67,474	60,227	136,465	121,911
Property transactions, net	14,426	10,587	18,512	17,442
Reimbursable expenses	32,907	20,642	61,267	41,129
Amortization of above market lease, net	172	172	343	343
Acquisition-related expenses	2,131	0	2,672	0
General and administrative	2,755	2,661	6,663	5,341
Expenses, net	119,865	94,289	225,922	186,166
Operating income	100,525	90,167	210,307	182,189
Non-operating income (expense)
Interest income	1,278	881	2,310	1,559
Interest expense	(49,276)	(44,818)	(98,506)	(89,454)
Other non-operating expenses	(3,205)	(1,178)	(5,389)	(1,312)
Non-operating income (expense)	(51,203)	(45,115)	(101,585)	(89,207)
Income before income taxes	49,322	45,052	108,722	92,982
Provision for income taxes	(1,263)	(1,177)	(2,494)	(2,415)
Net income	48,059	43,875	106,228	90,567
Less: Net (income) attributable to noncontrolling interest	(34,913)	(33,195)	(77,252)	(68,539)
MGP Operating Partnership
Revenues
Revenues	220,390	184,456	436,229	368,355
Expenses
Depreciation	67,474	60,227	136,465	121,911
Property transactions, net	14,426	10,587	18,512	17,442
Reimbursable expenses	32,907	20,642	61,267	41,129
Amortization of above market lease, net	172	172	343	343
Acquisition-related expenses	2,131	0	2,672	0
General and administrative	2,755	2,661	6,663	5,341
Expenses, net	119,865	94,289	225,922	186,166
Operating income	100,525	90,167	210,307	182,189
Non-operating income (expense)
Interest income	1,278	881	2,310	1,559
Interest expense	(49,276)	(44,818)	(98,506)	(89,454)
Other non-operating expenses	(3,205)	(1,178)	(5,389)	(1,312)
Non-operating income (expense)	(51,203)	(45,115)	(101,585)	(89,207)
Income before income taxes	49,322	45,052	108,722	92,982
Provision for income taxes	(1,263)	(1,177)	(2,494)	(2,415)
Net income	$ 48,059	$ 43,875	$ 106,228	$ 90,567
Weighted average Operating Partnership units outstanding:
Basic (in shares)	266,127,214	243,049,694	266,116,366	242,958,359
Diluted (in shares)	266,319,119	243,216,224	266,292,708	243,180,647
Net income per Operating Partnership unit (basic) (in dollars per share)	$ 0.18	$ 0.18	$ 0.40	$ 0.37
Net income per Operating Partnership unit (diluted) (in dollars per share)	0.18	0.18	0.40	0.37
Distributions declared per Operating Partnership unit (in dollars per share)	$ 0.43	$ 0.3950	$ 0.85	$ 0.7825
Class A Shares
Non-operating income (expense)
Net income attributable to Class A shareholders	$ 13,146	$ 10,680	$ 28,976	$ 22,028
Weighted average Class A shares outstanding:
Basic (in shares)	70,993,091	57,687,558	70,982,243	57,596,223
Diluted (in shares)	71,184,996	57,854,088	71,158,585	57,818,511
Net income per Class A share (basic) (in dollars per share)	$ 0.19	$ 0.19	$ 0.41	$ 0.38
Net income per Class A share (diluted) (in dollars per share)	0.18	0.18	0.41	0.38
Dividends declared per Class A share (in dollars per share)	$ 0.43	$ 0.3950	$ 0.85	$ 0.7825
Rental Properties
Revenues
Revenues	$ 186,563	$ 163,177	$ 373,126	$ 326,354
Rental Properties | MGP Operating Partnership
Revenues
Revenues	186,563	163,177	373,126	326,354
Tenant Reimbursements
Revenues
Revenues	33,827	21,279	63,103	42,001
Tenant Reimbursements | MGP Operating Partnership
Revenues
Revenues	$ 33,827	$ 21,279	$ 63,103	$ 42,001

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 48,059	$ 43,875	$ 106,228	$ 90,567
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	6,281	(4,112)	22,636	(4,746)
Other comprehensive income (loss)	6,281	(4,112)	22,636	(4,746)
Comprehensive income	54,340	39,763	128,864	85,821
Less: Comprehensive (income) attributable to noncontrolling interests	(39,519)	(30,058)	(93,855)	(64,918)
Comprehensive income attributable to Class A shareholders	14,821	9,705	35,009	20,903
MGP Operating Partnership
Net income	48,059	43,875	106,228	90,567
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	6,281	(4,112)	22,636	(4,746)
Other comprehensive income (loss)			22,636
Comprehensive income	$ 54,340	$ 39,763	$ 128,864	$ 85,821

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income	$ 106,228	$ 90,567
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	136,465	121,911
Property transactions, net	18,512	17,442
Amortization of deferred financing costs and debt discount	6,056	5,623
Loss on retirement of debt	2,736	798
Amortization related to above market lease, net	343	343
Provision for income taxes	2,494	2,415
Straight-line rental revenues	8,635	1,571
Amortization of deferred revenue	(1,836)	(872)
Share-based compensation	940	550
Changes in operating assets and liabilities:
Tenant and other receivables, net	2,188	5,337
Prepaid expenses and other assets	(83)	(5,229)
Due to MGM Resorts International and affiliates	(815)	67
Accounts payable, accrued expenses and other liabilities	(84)	(1,248)
Accrued interest	2,554	(8,557)
Net cash provided by operating activities	284,333	230,718
Cash flows from investing activities
Capital expenditures for property and equipment	(190)	0
Net cash used in investing activities	(190)	0
Cash flows from financing activities
Deferred financing costs	(17,490)	(1,024)
Repayment of debt	(13,000)	(25,125)
Dividends and distributions paid	(223,466)	(188,219)
Net cash used in financing activities	(253,956)	(214,368)
Cash and cash equivalents
Net increase for the period	30,187	16,350
Balance, beginning of period	259,722	360,492
Balance, end of period	289,909	376,842
Supplemental cash flow disclosures
Interest paid	89,627	92,301
Non-cash investing and financing activities
Non-Normal Tenant Improvements by Tenant	13,507	17,297
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	114,399	95,995
MGP Operating Partnership
Cash flows from operating activities
Net income	106,228	90,567
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	136,465	121,911
Property transactions, net	18,512	17,442
Amortization of deferred financing costs and debt discount	6,056	5,623
Loss on retirement of debt	2,736	798
Amortization related to above market lease, net	343	343
Provision for income taxes	2,494	2,415
Straight-line rental revenues	8,635	1,571
Amortization of deferred revenue	(1,836)	(872)
Share-based compensation	940	550
Changes in operating assets and liabilities:
Tenant and other receivables, net	2,188	5,337
Prepaid expenses and other assets	(83)	(5,229)
Due to MGM Resorts International and affiliates	(815)	67
Accounts payable, accrued expenses and other liabilities	(84)	(1,248)
Accrued interest	2,554	(8,557)
Net cash provided by operating activities	284,333	230,718
Cash flows from investing activities
Capital expenditures for property and equipment	(190)	0
Net cash used in investing activities	(190)	0
Cash flows from financing activities
Deferred financing costs	(17,490)	(1,024)
Repayment of debt	(13,000)	(25,125)
Dividends and distributions paid	(223,466)	(188,219)
Net cash used in financing activities	(253,956)	(214,368)
Cash and cash equivalents
Net increase for the period	30,187	16,350
Balance, beginning of period	259,722	360,492
Balance, end of period	289,909	376,842
Supplemental cash flow disclosures
Interest paid	89,627	92,301
Non-cash investing and financing activities
Non-Normal Tenant Improvements by Tenant	13,507	17,297
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	$ 114,399	$ 95,995

Business

Business	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Organization. MGM Growth Properties LLC (“MGP” or the “Company”) is a limited liability company that was organized in Delaware on October 23, 2015. MGP conducts its operations through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”), a Delaware limited partnership that was formed on January 6, 2016 and acquired by MGP on April 25, 2016. The Company has elected to be treated as a real estate investment trust ("REIT") commencing with its taxable year ended December 31, 2016. MGP is a publicly traded REIT engaged through its investment in the Operating Partnership in the real property business, which primarily consists of owning, acquiring and leasing large-scale destination entertainment and leisure resorts, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail. MGM Resorts International (“MGM” or the “Parent”) is a Delaware corporation that acts largely as a holding company and, through its subsidiaries, owns and operates large-scale destination entertainment and leisure resorts. Pursuant to a master lease agreement (the “Master Lease”), a subsidiary of the Operating Partnership (the “Landlord”) leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM ( which had previously been branded as Monte Carlo prior to May 2018), Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, and MGM National Harbor back to a subsidiary of MGM (the “Tenant”). As of June 30, 2018 , there were 266,045,289 Operating Partnership units outstanding in the Operating Partnership of which MGM owned 195,134,123 or 73.3% and MGP owns the remaining 26.7% . MGM’s Operating Partnership units are exchangeable into Class A shares of MGP on a one -to-one basis, or cash at the fair value of a Class A share. The determination of settlement method is at the option of MGP’s independent conflicts committee. MGM’s indirect ownership of these Operating Partnership units is recognized as a noncontrolling interest in MGP’s financial statements. A wholly owned subsidiary of MGP is the general partner of the Operating Partnership and operates and controls all of its business affairs. As a result, MGP consolidates the Operating Partnership and its subsidiaries. MGM also has ownership of MGP’s outstanding Class B share. The Class B share is a non-economic interest in MGP which does not provide its holder any rights to profits or losses or any rights to receive distributions from the operations of MGP or upon liquidation or winding up of MGP but which represents a majority of the voting power of MGP’s shares. As a result, MGP continues to be controlled by MGM through its majority voting rights, and is consolidated by MGM. On May 28, 2018, the Company entered into an agreement to acquire the real property associated with the Empire City Casino's race track and casino (“Empire City”) from MGM upon its acquisition of Empire City for total consideration of $625 million , which will include the assumption of approximately $245 million of debt by the Operating Partnership with the balance through the issuance of operating partnership units to MGM. Empire City will be added to the existing Master Lease between MGM and MGP. As a result, the annual rent payment to MGP will increase by $50 million . Consistent with the Master Lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. In addition, pursuant to the Master Lease, MGP will have a right of first offer with respect to certain undeveloped land adjacent to the property to the extent MGM develops additional gaming facilities and chooses to sell or transfer the property in the future. The transactions are expected to close in the first quarter of 2019, subject to regulatory approvals and other customary closing conditions. On April 4, 2018, the Company entered into an agreement with Milstein Entertainment LLC to acquire the membership interests of Northfield Park Associates, LLC, an Ohio limited liability company that owns the real estate assets and operations of the Hard Rock Northfield Park ("Rocksino") for approximately $1.06 billion and on July 6, 2018, one of the Company's taxable REIT subsidiaries (“TRS”) completed the acquisition of the Rocksino. The Company funded the acquisition through a $200 million draw on the delayed draw Term Loan A and a $655 million draw under the revolving credit facility, with the remainder of the purchase price paid with cash on hand. Simultaneously with the close, the Company entered into a new agreement with Hard Rock to continue to serve as the manager of the property. The TRS was formed to engage in activities resulting in income that is not qualifying income for the REIT and will accordingly pay U.S. federal, state and local income tax at regular corporate rates on its taxable income.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. 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”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Certain reclassifications have been made to conform the prior period presentation. Property tax expense was separately classified in prior periods and is now classified within “reimbursable expenses” in the accompanying condensed consolidated statements of operations. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K. Variable Interest Entities. The condensed consolidated financial statements of MGP include the accounts of the Operating Partnership, a VIE of which the Company is the primary beneficiary, as well as its wholly owned and majority-owned subsidiaries. MGP’s maximum exposure to loss is the carrying value of the assets and liabilities of the Operating Partnership, which represents all of MGP’s assets and liabilities. As MGP holds what is deemed a majority voting interest in the Operating Partnership through its ownership of the Operating Partnership’s sole general partner, it qualifies for the exemption from providing certain of the required disclosures associated with investments in VIEs. The condensed consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, the Landlord, which owns the real estate, a VIE of which the Operating Partnership is the primary beneficiary. As of June 30, 2018, on a consolidated basis the Landlord had total assets of $9.9 billion primarily related to its real estate assets, and total liabilities of $227 million primarily related to its deferred revenue and above market lease liability. Noncontrolling interest. The Company presents noncontrolling interest and classifies such interest as a component of consolidated shareholders’ equity, separate from the Company’s Class A shareholders’ equity. Noncontrolling interest in the Company represents Operating Partnership units currently held by subsidiaries of MGM. Net income or loss of the Operating Partnership is allocated to its noncontrolling interest based on the noncontrolling interest’s ownership percentage in the Operating Partnership except for income tax expenses. Ownership percentage is calculated by dividing the number of Operating Partnership units held by the noncontrolling interest by the total Operating Partnership units held by the noncontrolling interest and the Company. Issuance of additional Class A shares and Operating Partnership units changes the ownership interests of both the noncontrolling interest and the Company. Such transactions and the related proceeds are treated as capital transactions. MGM may tender its Operating Partnership units for redemption by the Operating Partnership in exchange for cash equal to the market price of MGP’s Class A shares at the time of redemption or for unregistered Class A shares on a one-for-one basis. Such selection to pay cash or issue Class A shares to satisfy an Operating Partnership unitholder’s redemption request is solely within the control of MGP’s independent conflicts committee. Real estate investments. Real estate investments consist of land, buildings, improvements and integral equipment. The contribution or acquisition of the real property by the Operating Partnership from MGM represent transactions between entities under common control, and as a result, such real estate was initially recorded by the Company at MGM’s historical cost basis, less accumulated depreciation (i.e., there was no change in the basis of the contributed assets), as of the contribution or acquisition dates. Costs of maintenance and repairs to real estate investments are the responsibility of the Tenant under the Master Lease. Although the Tenant is responsible for all capital expenditures during the term of the Master Lease, if, in the future, a deconsolidation event occurs, the Company will be required to pay the Tenant, should the Tenant so elect, for certain capital improvements that would not constitute “normal tenant improvements” in accordance with U.S. GAAP (“Non-Normal Tenant Improvements”), subject to an initial cap of $100 million in the first year of the Master Lease increasing annually by $75 million each year thereafter. The Company will be entitled to receive additional rent based on the 10 -year Treasury yield plus 600 basis points multiplied by the value of the new capital improvements the Company is required to pay for in connection with a deconsolidation event and such capital improvements will be subject to the terms of the Master Lease. Examples of Non-Normal Tenant Improvements include the costs of structural elements at the properties, including capital improvements that expand the footprint or square footage of any of the properties or extend the useful life of the properties, as well as equipment that would be a necessary improvement at any of the properties, including initial installation of elevators, air conditioning systems or electrical wiring. Such Non-Normal Tenant Improvements are capitalized and depreciated over the asset’s remaining life. Inception-to-date Non-Normal Tenant Improvements were $138.9 million through June 30, 2018 . Deferred revenue. The Company receives nonmonetary consideration related to Non-Normal Tenant Improvements as they become MGP’s property pursuant to the Master Lease, and recognizes the cost basis of Non-Normal Tenant Improvements as real estate investments and deferred revenue. The Company depreciates the real estate investments over their estimated useful lives and amortizes the deferred revenue as additional rental revenue over the remaining term of the Master Lease once the related real estate assets are placed in service. Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was 2.6% and 2.3% for the three and six months ended June 30, 2018 , respectively. T he provision for current taxes and the deferred tax liability in the accompanying financial statements are attributable to noncontrolling interest since the payment of such taxes are the responsibility of MGM. Recently issued accounting standards. In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. ASU 2017-12 amends the hedge accounting recognition and presentation requirements in order to improve the transparency and understandability of information about an entity’s risk management activities, and simplifies the application of hedge accounting. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. In 2016 and 2018, the FASB issued ASC 842 “Leases (Topic 842),” which replaces the existing guidance in ASC 840, “Leases.” ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. The Company is currently assessing the impact the adoption of ASC 842 will have on its consolidated financial statements and footnote disclosures. In May 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (Topic 606) which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The Company adopted ASC 606 on January 1, 2018 and it did not have a material impact on the Company’s financial statements and footnote disclosures.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The carrying value of real estate investments is as follows: June 30, 2018 December 31, 2017 (in thousands) Land $ 4,143,513 $ 4,143,513 Buildings, building improvements, land improvements and integral equipment 8,440,785 8,512,334 12,584,298 12,655,847 Less: Accumulated depreciation (2,703,640 ) (2,633,909 ) $ 9,880,658 $ 10,021,938

Master Lease

Master Lease	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
MASTER LEASE	MASTER LEASE Pursuant to the Master Lease, the Tenant has leased the Company’s real estate properties (other than the real estate associated with the TRS). The Master Lease is accounted for as an operating lease and has an initial lease term of ten years with the potential to extend the term for four additional five -year terms thereafter at the option of the Tenant. On April 1, 2018, the second 2.0% fixed annual rent escalator went into effect. Rent payments under the Master Lease for the third lease year of April 1, 2018 through March 31, 2019 are $770.3 million . Rental revenues from the Master Lease for the three and six months ended June 30, 2018 were $186.6 million and $373.1 million , respectively. The Company also recognized revenue related to tenant reimbursements and other of $33.8 million and $63.1 million for the three and six months ended June 30, 2018 , respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Debt consists of the following: June 30, December 31, 2018 2017 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ 270,000 $ 273,750 Senior secured term loan B facility 1,808,375 1,817,625 Senior secured revolving credit facility — — $1,050 million 5.625% senior notes, due 2024 1,050,000 1,050,000 $500 million 4.50% senior notes, due 2026 500,000 500,000 $350 million 4.50% senior notes, due 2028 350,000 350,000 3,978,375 3,991,375 Less: Unamortized discount and debt issuance costs (55,151 ) (56,747 ) $ 3,923,224 $ 3,934,628 Operating Partnership credit agreement. At June 30, 2018, the Operating Partnership senior credit facility consisted of a $470 million term loan A facility, a $1.8 billion term loan B facility, and a $1.4 billion revolving credit facility. On March 23, 2018, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.00% and extended the maturity of the term loan B facility to March 2025, effective June 14, 2018. In addition, the Operating Partnership will receive a further reduction in pricing to LIBOR plus 1.75% upon a corporate rating upgrade by either S&P or Moody's. On June 14, 2018, the Operating Partnership amended its credit agreement to provide for a $750 million increase of the revolving facility to $1.35 billion , provide for a new $200 million delayed draw on the term loan A facility (which was drawn in full, subsequent to June 30, 2018, in connection with the Rocksino closing), and extend the maturity of the revolving facility and the term loan A facility to June 2023. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.75% to 2.25% determined by reference to the total net leverage ratio pricing grid. In addition, amortization payments under the term loan A facility’s will start on the last business day of each calendar quarter beginning September 30, 2019, for an amount equal to 0.625% of the aggregate principal amount of the term loan A outstanding as of the amendment effective date. The Operating Partnership permanently repaid $5 million and $13 million of the term loan A and term loan B facility in the three and six months ended June 30, 2018, respectively, in accordance with the scheduled amortization. At June 30, 2018, the interest rate on the term loan A facility was 4.34% and the interest rate on the term loan B facility was 4.09% . At June 30, 2018, no amounts were drawn on the revolving credit facility or on the delayed draw on the term loan A facility. The Operating Partnership was in compliance with its financial covenants at June 30, 2018. See Note 6 for further discussion of the Company's interest rate swap agreements related to the term loan B facility. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $3.9 billion and $4.1 billion at June 30, 2018 and December 31, 2017, respectively. Fair value was estimated using quoted prices for identical or similar liabilities in markets that are not active (level 2 inputs). Deferred financing costs. The Company recognized non-cash interest expense related to the amortization of deferred financing costs of $3.1 million and $6.1 million and during the three and six months ended June 30, 2018 , respectively. The Company recognized non-cash interest expense related to the amortization of deferred financing costs of $2.8 million and $5.6 million and during the three and six months ended June 30, 2017 , respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in its variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior secured term loan B facility. In May 2017 in connection with the term loan B re-pricing, the Company amended its outstanding interest rate swap agreements. As of June 30, 2018 and December 31, 2017, the Company pays a weighted average fixed rate of 1.844% on total notional amount of $1.2 billion and the variable rate received will reset monthly to the one-month LIBOR, with no minimum floor. As of June 30, 2018 and December 31, 2017 , all of the Company's derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting. The fair values of the Company's interest rate swaps are $33.7 million and $11.3 million as of June 30, 2018 and December 31, 2017, respectively, based upon the present value of expected future cash flows using observable, quoted LIBOR swap rates for the full term of the swap (level 2 inputs). Interest rate swaps valued in net unrealized gain positions are recognized as asset balances within the prepaid expenses and other assets. Interest rate swaps valued in net unrealized loss positions are recognized as liability balances within accounts payable, accrued expenses and other liabilities. For the three and six months ended June 30, 2018 , the amount recorded in other comprehensive income related to the derivative instruments was a net unrealized gain of $6.3 million and a net unrealized gain of $22.6 million , respectively. For the three and six months ended June 30, 2017 , the amount recorded in other comprehensive income related to the derivative instruments was a net unrealized loss of $4.1 million and $4.7 million , respectively. There was no material ineffective portion of the change in fair value derivatives. For the three and six months ended June 30, 2018 , the Company recorded an offset to interest expense of $0.1 million and interest expense of $0.8 million , respectively, related to the swap agreements. For the three and six months ended June 30, 2017 , the Company recorded interest expense of $2.6 million and $5.3 million , respectively, related to the swap agreements.

Shareholders' Equity and Partne

Shareholders' Equity and Partners' Capital	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL	SHAREHOLDERS’ EQUITY AND PARTNERS' CAPITAL MGP dividends and Operating Partnership distributions. The following table presents the distributions declared and paid by the Operating Partnership and the dividends declared and paid by MGP for the six months ended June 30, 2018 and June 30, 2017 . MGP pays its dividends with the receipt of its share of the Operating Partnership's distributions. Declaration Date Record Date Distribution/ Dividend Per Unit/ Share Payment Date Operating Partnership Distribution MGP Class A Dividend (in thousands, except per unit and per share amount) 2018 March 15, 2018 March 30, 2018 $ 0.4200 April 15, 2018 $ 111,733 $ 29,777 June 15, 2018 June 29, 2018 $ 0.4300 July 16, 2018 $ 114,399 $ 30,492 2017 March 15, 2017 March 31, 2017 $ 0.3875 April 13, 2017 $ 94,109 $ 22,281 June 15, 2017 June 30, 2017 $ 0.3950 July 14, 2017 $ 95,995 $ 22,777 Dividends with respect to MGP’s Class A shares are characterized for federal income tax purposes as taxable ordinary dividends, capital gains dividends, non-dividend distributions or a combination thereof. The following table presents MGP's changes in shareholders' equity for the six months ended June 30, 2018 : Total Class A Shareholders' Equity Noncontrolling Total (in thousands) Balance at December 31, 2017 $ 1,624,650 $ 4,443,089 $ 6,067,739 Net income - January 1, 2018 to June 30, 2018 28,976 77,252 106,228 Other comprehensive income - cash flow hedges 6,033 16,603 22,636 Share-based compensation 251 689 940 Deemed contribution - tax sharing agreement — 2,494 2,494 Dividends and distributions declared (60,269 ) (165,864 ) (226,133 ) Other 345 54 399 Balance at June 30, 2018 $ 1,599,986 $ 4,374,317 $ 5,974,303 The following table presents the Operating Partnership's changes in partners' capital for the six months ended June 30, 2018 : General Partner Limited Partners Total Partners' Capital (in thousands) Balance at December 31, 2017 $ — $ 6,067,739 $ 6,067,739 Net income - January 1, 2018 to June 30, 2018 — 106,228 106,228 Other comprehensive income - cash flow hedges — 22,636 22,636 Share-based compensation — 940 940 Deemed contribution - tax sharing agreement — 2,494 2,494 Distributions declared — (226,133 ) (226,133 ) Other — 399 399 Balance at June 30, 2018 $ — $ 5,974,303 $ 5,974,303

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME Comprehensive income includes net income and all other non-shareholder changes in equity, or other comprehensive income. The following table summarizes the changes in accumulated other comprehensive income by component for the six months ended June 30, 2018 : Cash Flow Hedges (in thousands) Balance at December 31, 2017 $ 11,661 Other comprehensive income before reclassifications 21,802 Amounts reclassified from accumulated other comprehensive income to interest expense 834 Net current period other comprehensive income 22,636 Balance at June 30, 2018 34,297 Accumulated other comprehensive income attributable to noncontrolling interest (25,156 ) Accumulated other comprehensive income attributable to Class A shareholders $ 9,141

Net Income Per Class A Share

Net Income Per Class A Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
NET INCOME PER CLASS A SHARE	NET INCOME PER CLASS A SHARE The table below provides basic net income and per Class A share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the six months ended June 30, 2018 and June 30, 2017 . Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Basic net income per Class A share $ 0.19 $ 0.19 $ 0.41 $ 0.38 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Effect of dilutive shares for diluted net income per Class A share (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Class A share 71,184,996 57,854,088 71,158,585 57,818,511 Diluted net income per Class A share (3) $ 0.18 $ 0.18 $ 0.41 $ 0.38 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. NET INCOME PER OPERATING PARTNERSHIP UNIT The table below provides basic net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Net income attributable to Operating Partnership units, weighted average Operating Partnership units outstanding and the effect of dilutive securities outstanding are presented for the three and six months ended June 30, 2018 and June 30, 2017 . Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 $ 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Basis net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Operating Partnership unit 266,319,119 243,216,224 266,292,708 243,180,647 Diluted net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive.

Net Income Per Operating Partne

Net Income Per Operating Partnership Unit	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
NET INCOME PER OPERATING PARTNERSHIP UNIT	NET INCOME PER CLASS A SHARE The table below provides basic net income and per Class A share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the six months ended June 30, 2018 and June 30, 2017 . Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Basic net income per Class A share $ 0.19 $ 0.19 $ 0.41 $ 0.38 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Effect of dilutive shares for diluted net income per Class A share (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Class A share 71,184,996 57,854,088 71,158,585 57,818,511 Diluted net income per Class A share (3) $ 0.18 $ 0.18 $ 0.41 $ 0.38 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. NET INCOME PER OPERATING PARTNERSHIP UNIT The table below provides basic net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Net income attributable to Operating Partnership units, weighted average Operating Partnership units outstanding and the effect of dilutive securities outstanding are presented for the three and six months ended June 30, 2018 and June 30, 2017 . Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 $ 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Basis net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Operating Partnership unit 266,319,119 243,216,224 266,292,708 243,180,647 Diluted net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. In the ordinary course of business, from time to time, the Company expects to be subject to legal claims and administrative proceedings, none of which are currently outstanding, which the Company believes could have, individually or in the aggregate, a material adverse effect on its business, financial condition or results of operations, liquidity or cash flows.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATING FINANCIAL INFORMATION	CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Operating Partnership’s senior notes were co-issued by MGP Finance Co-Issuer, Inc., a 100% owned finance subsidiary of the Operating Partnership. Obligations to pay principal and interest on the senior notes are currently guaranteed by all of the Operating Partnership’s subsidiaries, other than MGP Finance Co-Issuer, Inc., each of which is directly or indirectly 100% owned by the Operating Partnership. Such guarantees are full and unconditional, and joint and several and are subject to release in accordance with the events described below. Separate condensed financial information for the subsidiary guarantors as of June 30, 2018 and December 31, 2017 and for the six months ended June 30, 2018 and June 30, 2017 are presented below. The guarantee of a subsidiary guarantor will be automatically released upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor, or the capital stock of the subsidiary guarantor; (ii) the sale or disposition of all or substantially all of the assets of the subsidiary guarantor; (iii) the designation in accordance with the indenture of a subsidiary guarantor as an unrestricted subsidiary; (iv) at such time as such subsidiary guarantor is no longer a subsidiary guarantor or other obligor with respect to any credit facilities or capital markets indebtedness of the Operating Partnership; or (v) defeasance or discharge of the notes. CONSOLIDATING BALANCE SHEET INFORMATION June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 636 $ — $ 9,880,022 $ — $ 9,880,658 Cash and cash equivalents 289,909 — — — 289,909 Tenant and other receivables, net 376 — 3,821 — 4,197 Intercompany 1,001,634 — — (1,001,634 ) — Prepaid expenses and other assets 51,500 — — — 51,500 Investments in subsidiaries 8,699,073 — — (8,699,073 ) — Above market lease, asset — — 43,801 — 43,801 Total assets $ 10,043,128 $ — $ 9,927,644 $ (9,700,707 ) $ 10,270,065 Debt, net 3,923,224 — — — 3,923,224 Due to MGM Resorts International and affiliates 147 — — — 147 Intercompany — — 1,001,634 (1,001,634 ) — Accounts payable, accrued expenses and other liabilities 5,936 — 3,822 — 9,758 Above market lease, liability — — 46,625 — 46,625 Accrued interest 25,119 — — — 25,119 Dividend and distribution payable 114,399 — — — 114,399 Deferred revenue — — 147,946 — 147,946 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,068,825 — 1,228,571 (1,001,634 ) 4,295,762 General partner — — — — — Limited partners 5,974,303 — 8,699,073 (8,699,073 ) 5,974,303 Total partners' capital 5,974,303 — 8,699,073 (8,699,073 ) 5,974,303 Total liabilities and partners’ capital $ 10,043,128 $ — $ 9,927,644 $ (9,700,707 ) $ 10,270,065 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 488 $ — $ 10,021,450 $ — $ 10,021,938 Cash and cash equivalents 259,722 — — — 259,722 Tenant and other receivables, net 299 — 6,086 — 6,385 Intercompany 1,383,397 — — (1,383,397 ) — Prepaid expenses and other assets 18,487 — — — 18,487 Investments in subsidiaries 8,479,388 — — (8,479,388 ) — Above market lease, asset — — 44,588 — 44,588 Total assets $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 Debt, net 3,934,628 — — — 3,934,628 Due to MGM Resorts International and affiliates 962 — — — 962 Intercompany — — 1,383,397 (1,383,397 ) — Accounts payable, accrued expenses and other liabilities 4,154 — 6,086 — 10,240 Above market lease, liability — — 47,069 — 47,069 Accrued interest 22,565 — — — 22,565 Dividend and distribution payable 111,733 — — — 111,733 Deferred revenue — — 127,640 — 127,640 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,074,042 — 1,592,736 (1,383,397 ) 4,283,381 General partner — — — — — Limited partners 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total partners' capital 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total liabilities and partners’ capital $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,563 $ — $ 186,563 Tenant reimbursements and other — — 33,827 — 33,827 — — 220,390 — 220,390 Expenses Depreciation 15 — 67,459 — 67,474 Property transactions, net — — 14,426 — 14,426 Reimbursable expenses — — 32,907 — 32,907 Amortization of above market lease, net — — 172 — 172 Acquisition-related expenses 2,131 — — — 2,131 General and administrative 2,755 — — — 2,755 4,901 — 114,964 — 119,865 Operating income (loss) (4,901 ) — 105,426 — 100,525 Equity in earnings of subsidiaries 104,163 — — (104,163 ) — Non-operating income (expense) Interest income 1,278 — — — 1,278 Interest expense (49,276 ) — — — (49,276 ) Other non-operating expenses (3,205 ) — — — (3,205 ) (51,203 ) — — — (51,203 ) Income before income taxes 48,059 — 105,426 (104,163 ) 49,322 Provision for income taxes — — (1,263 ) — (1,263 ) Net income $ 48,059 $ — $ 104,163 $ (104,163 ) $ 48,059 Other comprehensive income Net income 48,059 — 104,163 (104,163 ) 48,059 Unrealized gain on cash flow hedges, net 6,281 — — — 6,281 Comprehensive income $ 54,340 $ — $ 104,163 $ (104,163 ) $ 54,340 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Six Months Ended June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 373,126 $ — $ 373,126 Tenant reimbursements and other — — 63,103 — 63,103 — — 436,229 — 436,229 Expenses Depreciation 42 — 136,423 — 136,465 Property transactions, net — — 18,512 — 18,512 Reimbursable expenses — — 61,267 — 61,267 Amortization of above market lease, net — — 343 — 343 Acquisition-related expenses 2,672 — — — 2,672 General and administrative 6,663 — — — 6,663 9,377 — 216,545 — 225,922 Operating income (loss) (9,377 ) — 219,684 — 210,307 Equity in earnings of subsidiaries 217,190 — — (217,190 ) — Non-operating income (expense) Interest income 2,310 — — — 2,310 Interest expense (98,506 ) — — — (98,506 ) Other non-operating expenses (5,389 ) — — — (5,389 ) (101,585 ) — — — (101,585 ) Income before income taxes 106,228 — 219,684 (217,190 ) 108,722 Provision for income taxes — — (2,494 ) — (2,494 ) Net income $ 106,228 $ — $ 217,190 $ (217,190 ) $ 106,228 Other comprehensive income Net income 106,228 — 217,190 (217,190 ) 106,228 Unrealized gain on cash flow hedges, net 22,636 — — — 22,636 Comprehensive income $ 128,864 $ — $ 217,190 $ (217,190 ) $ 128,864 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended June 30, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 163,177 $ — $ 163,177 Tenant reimbursements and other — — 21,279 — 21,279 — — 184,456 — 184,456 Expenses Depreciation — — 60,227 — 60,227 Property transactions, net — — 10,587 — 10,587 Reimbursable expenses — — 20,642 — 20,642 Amortization of above market lease, net — — 172 — 172 General and administrative 2,661 — — — 2,661 2,661 — 91,628 — 94,289 Operating income (loss) (2,661 ) — 92,828 — 90,167 Equity in earnings of subsidiaries 91,651 — — (91,651 ) — Non-operating income (expense) Interest income 881 — — — 881 Interest expense (44,818 ) — — — (44,818 ) Other non-operating expenses (1,178 ) — — — (1,178 ) (45,115 ) — — — (45,115 ) Income before income taxes 43,875 — 92,828 (91,651 ) 45,052 Provision for income taxes — — (1,177 ) — (1,177 ) Net income $ 43,875 $ — $ 91,651 $ (91,651 ) $ 43,875 Other comprehensive income Net income 43,875 — 91,651 (91,651 ) 43,875 Unrealized loss on cash flow hedges, net (4,112 ) — — — (4,112 ) Comprehensive income $ 39,763 $ — $ 91,651 $ (91,651 ) $ 39,763 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Six Months Ended June 30, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 326,354 $ — $ 326,354 Tenant reimbursements and other — — 42,001 — 42,001 — — 368,355 — 368,355 Expenses Depreciation — — 121,911 — 121,911 Property transactions, net — — 17,442 — 17,442 Reimbursable expenses — — 41,129 — 41,129 Amortization of above market lease, net — — 343 — 343 General and administrative 5,341 — — — 5,341 5,341 — 180,825 — 186,166 Operating income (loss) (5,341 ) — 187,530 — 182,189 Equity in earnings of subsidiaries 185,115 — — (185,115 ) — Non-operating income (expense) Interest income 1,559 — — — 1,559 Interest expense (89,454 ) — — — (89,454 ) Other non-operating expenses (1,312 ) — — — (1,312 ) (89,207 ) — — — (89,207 ) Income before income taxes 90,567 — 187,530 (185,115 ) 92,982 Provision for income taxes — — (2,415 ) — (2,415 ) Net income $ 90,567 $ — $ 185,115 $ (185,115 ) $ 90,567 Other comprehensive income Net income 90,567 — 185,115 (185,115 ) 90,567 Unrealized loss on cash flow hedges, net (4,746 ) — — — (4,746 ) Comprehensive income $ 85,821 $ — $ 185,115 $ (185,115 ) $ 85,821 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (97,428 ) $ — $ 381,761 $ — $ 284,333 Cash flows from investing activities Capital expenditures for property and equipment (190 ) — — — (190 ) Net cash used in investing activities (190 ) — — — (190 ) Cash flows from financing activities Deferred financing costs (17,490 ) — — — (17,490 ) Repayment of debt (13,000 ) — — — (13,000 ) Distributions paid (223,466 ) — — — (223,466 ) Cash received by Parent on behalf of Guarantor Subsidiaries 381,761 — (381,761 ) — — Net cash provided by (used in) financing activities 127,805 — (381,761 ) — (253,956 ) Cash and cash equivalents Net increase for the period 30,187 — — — 30,187 Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 289,909 $ — $ — $ — $ 289,909 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (97,207 ) $ — $ 327,925 $ — $ 230,718 Cash flows from investing activities Capital expenditures for property and equipment — — — — — Net cash used in investing activities — — — — — Cash flows from financing activities Deferred financing costs (1,024 ) — — — (1,024 ) Repayment of debt principal (25,125 ) — — — (25,125 ) Distributions paid (188,219 ) — — — (188,219 ) Cash received by Parent on behalf of Guarantor Subsidiaries 327,925 — (327,925 ) — — Net cash provided by (used in) financing activities 113,557 — (327,925 ) — (214,368 ) Cash and cash equivalents Net increase for the period 16,350 — — — 16,350 Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 376,842 $ — $ — $ — $ 376,842

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. 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”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Certain reclassifications have been made to conform the prior period presentation. Property tax expense was separately classified in prior periods and is now classified within “reimbursable expenses” in the accompanying condensed consolidated statements of operations.
Variable Interest Entities	Variable Interest Entities. The condensed consolidated financial statements of MGP include the accounts of the Operating Partnership, a VIE of which the Company is the primary beneficiary, as well as its wholly owned and majority-owned subsidiaries. MGP’s maximum exposure to loss is the carrying value of the assets and liabilities of the Operating Partnership, which represents all of MGP’s assets and liabilities. As MGP holds what is deemed a majority voting interest in the Operating Partnership through its ownership of the Operating Partnership’s sole general partner, it qualifies for the exemption from providing certain of the required disclosures associated with investments in VIEs. The condensed consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, the Landlord, which owns the real estate, a VIE of which the Operating Partnership is the primary beneficiary.
Noncontrolling interest	Noncontrolling interest. The Company presents noncontrolling interest and classifies such interest as a component of consolidated shareholders’ equity, separate from the Company’s Class A shareholders’ equity. Noncontrolling interest in the Company represents Operating Partnership units currently held by subsidiaries of MGM. Net income or loss of the Operating Partnership is allocated to its noncontrolling interest based on the noncontrolling interest’s ownership percentage in the Operating Partnership except for income tax expenses. Ownership percentage is calculated by dividing the number of Operating Partnership units held by the noncontrolling interest by the total Operating Partnership units held by the noncontrolling interest and the Company. Issuance of additional Class A shares and Operating Partnership units changes the ownership interests of both the noncontrolling interest and the Company. Such transactions and the related proceeds are treated as capital transactions. MGM may tender its Operating Partnership units for redemption by the Operating Partnership in exchange for cash equal to the market price of MGP’s Class A shares at the time of redemption or for unregistered Class A shares on a one-for-one basis. Such selection to pay cash or issue Class A shares to satisfy an Operating Partnership unitholder’s redemption request is solely within the control of MGP’s independent conflicts committee.
Real estate investments	Real estate investments. Real estate investments consist of land, buildings, improvements and integral equipment. The contribution or acquisition of the real property by the Operating Partnership from MGM represent transactions between entities under common control, and as a result, such real estate was initially recorded by the Company at MGM’s historical cost basis, less accumulated depreciation (i.e., there was no change in the basis of the contributed assets), as of the contribution or acquisition dates. Costs of maintenance and repairs to real estate investments are the responsibility of the Tenant under the Master Lease.
Deferred revenue	Deferred revenue. The Company receives nonmonetary consideration related to Non-Normal Tenant Improvements as they become MGP’s property pursuant to the Master Lease, and recognizes the cost basis of Non-Normal Tenant Improvements as real estate investments and deferred revenue. The Company depreciates the real estate investments over their estimated useful lives and amortizes the deferred revenue as additional rental revenue over the remaining term of the Master Lease once the related real estate assets are placed in service.
Income tax provision	Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.
Recently issued accounting standards	Recently issued accounting standards. In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. ASU 2017-12 amends the hedge accounting recognition and presentation requirements in order to improve the transparency and understandability of information about an entity’s risk management activities, and simplifies the application of hedge accounting. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. In 2016 and 2018, the FASB issued ASC 842 “Leases (Topic 842),” which replaces the existing guidance in ASC 840, “Leases.” ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. The Company is currently assessing the impact the adoption of ASC 842 will have on its consolidated financial statements and footnote disclosures. In May 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (Topic 606) which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The Company adopted ASC 606 on January 1, 2018 and it did not have a material impact on the Company’s financial statements and footnote disclosures.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Carrying Value of Real Estate Investments	The carrying value of real estate investments is as follows: June 30, 2018 December 31, 2017 (in thousands) Land $ 4,143,513 $ 4,143,513 Buildings, building improvements, land improvements and integral equipment 8,440,785 8,512,334 12,584,298 12,655,847 Less: Accumulated depreciation (2,703,640 ) (2,633,909 ) $ 9,880,658 $ 10,021,938

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt consists of the following: June 30, December 31, 2018 2017 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ 270,000 $ 273,750 Senior secured term loan B facility 1,808,375 1,817,625 Senior secured revolving credit facility — — $1,050 million 5.625% senior notes, due 2024 1,050,000 1,050,000 $500 million 4.50% senior notes, due 2026 500,000 500,000 $350 million 4.50% senior notes, due 2028 350,000 350,000 3,978,375 3,991,375 Less: Unamortized discount and debt issuance costs (55,151 ) (56,747 ) $ 3,923,224 $ 3,934,628

Shareholders' Equity and Part22

Shareholders' Equity and Partners' Capital (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Distributions and Dividends Declared and Paid	The following table presents the distributions declared and paid by the Operating Partnership and the dividends declared and paid by MGP for the six months ended June 30, 2018 and June 30, 2017 . MGP pays its dividends with the receipt of its share of the Operating Partnership's distributions. Declaration Date Record Date Distribution/ Dividend Per Unit/ Share Payment Date Operating Partnership Distribution MGP Class A Dividend (in thousands, except per unit and per share amount) 2018 March 15, 2018 March 30, 2018 $ 0.4200 April 15, 2018 $ 111,733 $ 29,777 June 15, 2018 June 29, 2018 $ 0.4300 July 16, 2018 $ 114,399 $ 30,492 2017 March 15, 2017 March 31, 2017 $ 0.3875 April 13, 2017 $ 94,109 $ 22,281 June 15, 2017 June 30, 2017 $ 0.3950 July 14, 2017 $ 95,995 $ 22,777
Changes in Shareholders' Equity	The following table presents MGP's changes in shareholders' equity for the six months ended June 30, 2018 : Total Class A Shareholders' Equity Noncontrolling Total (in thousands) Balance at December 31, 2017 $ 1,624,650 $ 4,443,089 $ 6,067,739 Net income - January 1, 2018 to June 30, 2018 28,976 77,252 106,228 Other comprehensive income - cash flow hedges 6,033 16,603 22,636 Share-based compensation 251 689 940 Deemed contribution - tax sharing agreement — 2,494 2,494 Dividends and distributions declared (60,269 ) (165,864 ) (226,133 ) Other 345 54 399 Balance at June 30, 2018 $ 1,599,986 $ 4,374,317 $ 5,974,303
Changes in Partners' Capital	The following table presents the Operating Partnership's changes in partners' capital for the six months ended June 30, 2018 : General Partner Limited Partners Total Partners' Capital (in thousands) Balance at December 31, 2017 $ — $ 6,067,739 $ 6,067,739 Net income - January 1, 2018 to June 30, 2018 — 106,228 106,228 Other comprehensive income - cash flow hedges — 22,636 22,636 Share-based compensation — 940 940 Deemed contribution - tax sharing agreement — 2,494 2,494 Distributions declared — (226,133 ) (226,133 ) Other — 399 399 Balance at June 30, 2018 $ — $ 5,974,303 $ 5,974,303

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive income by component for the six months ended June 30, 2018 : Cash Flow Hedges (in thousands) Balance at December 31, 2017 $ 11,661 Other comprehensive income before reclassifications 21,802 Amounts reclassified from accumulated other comprehensive income to interest expense 834 Net current period other comprehensive income 22,636 Balance at June 30, 2018 34,297 Accumulated other comprehensive income attributable to noncontrolling interest (25,156 ) Accumulated other comprehensive income attributable to Class A shareholders $ 9,141

Net Income Per Class A Share (T

Net Income Per Class A Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income and Number of Class A Shares Used in the Calculation of Basic and Diluted Income Per Share	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Basic net income per Class A share $ 0.19 $ 0.19 $ 0.41 $ 0.38 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Effect of dilutive shares for diluted net income per Class A share (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Class A share 71,184,996 57,854,088 71,158,585 57,818,511 Diluted net income per Class A share (3) $ 0.18 $ 0.18 $ 0.41 $ 0.38 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 $ 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Basis net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Operating Partnership unit 266,319,119 243,216,224 266,292,708 243,180,647 Diluted net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive.

Net Income Per Operating Part25

Net Income Per Operating Partnership Unit (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income and Number of Operating Partnership Units Used in the Calculation of Basic and Diluted Income Per Share	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Basic net income per Class A share $ 0.19 $ 0.19 $ 0.41 $ 0.38 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 13,146 $ 10,680 $ 28,976 $ 22,028 Denominator: Basic weighted average Class A shares outstanding (1) 70,993,091 57,687,558 70,982,243 57,596,223 Effect of dilutive shares for diluted net income per Class A share (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Class A share 71,184,996 57,854,088 71,158,585 57,818,511 Diluted net income per Class A share (3) $ 0.18 $ 0.18 $ 0.41 $ 0.38 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 $ 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Basis net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 48,059 $ 43,875 $ 106,228 90,567 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,127,214 243,049,694 266,116,366 242,958,359 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 191,905 166,530 176,342 222,288 Weighted average shares for diluted net income per Operating Partnership unit 266,319,119 243,216,224 266,292,708 243,180,647 Diluted net income per Operating Partnership unit $ 0.18 $ 0.18 $ 0.40 $ 0.37 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive.

Condensed Consolidating Finan26

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Consolidating Balance Sheet Information	CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 488 $ — $ 10,021,450 $ — $ 10,021,938 Cash and cash equivalents 259,722 — — — 259,722 Tenant and other receivables, net 299 — 6,086 — 6,385 Intercompany 1,383,397 — — (1,383,397 ) — Prepaid expenses and other assets 18,487 — — — 18,487 Investments in subsidiaries 8,479,388 — — (8,479,388 ) — Above market lease, asset — — 44,588 — 44,588 Total assets $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 Debt, net 3,934,628 — — — 3,934,628 Due to MGM Resorts International and affiliates 962 — — — 962 Intercompany — — 1,383,397 (1,383,397 ) — Accounts payable, accrued expenses and other liabilities 4,154 — 6,086 — 10,240 Above market lease, liability — — 47,069 — 47,069 Accrued interest 22,565 — — — 22,565 Dividend and distribution payable 111,733 — — — 111,733 Deferred revenue — — 127,640 — 127,640 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,074,042 — 1,592,736 (1,383,397 ) 4,283,381 General partner — — — — — Limited partners 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total partners' capital 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total liabilities and partners’ capital $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 CONSOLIDATING BALANCE SHEET INFORMATION June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 636 $ — $ 9,880,022 $ — $ 9,880,658 Cash and cash equivalents 289,909 — — — 289,909 Tenant and other receivables, net 376 — 3,821 — 4,197 Intercompany 1,001,634 — — (1,001,634 ) — Prepaid expenses and other assets 51,500 — — — 51,500 Investments in subsidiaries 8,699,073 — — (8,699,073 ) — Above market lease, asset — — 43,801 — 43,801 Total assets $ 10,043,128 $ — $ 9,927,644 $ (9,700,707 ) $ 10,270,065 Debt, net 3,923,224 — — — 3,923,224 Due to MGM Resorts International and affiliates 147 — — — 147 Intercompany — — 1,001,634 (1,001,634 ) — Accounts payable, accrued expenses and other liabilities 5,936 — 3,822 — 9,758 Above market lease, liability — — 46,625 — 46,625 Accrued interest 25,119 — — — 25,119 Dividend and distribution payable 114,399 — — — 114,399 Deferred revenue — — 147,946 — 147,946 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,068,825 — 1,228,571 (1,001,634 ) 4,295,762 General partner — — — — — Limited partners 5,974,303 — 8,699,073 (8,699,073 ) 5,974,303 Total partners' capital 5,974,303 — 8,699,073 (8,699,073 ) 5,974,303 Total liabilities and partners’ capital $ 10,043,128 $ — $ 9,927,644 $ (9,700,707 ) $ 10,270,065
Consolidating Statement of Operations and Comprehensive Income Information	CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,563 $ — $ 186,563 Tenant reimbursements and other — — 33,827 — 33,827 — — 220,390 — 220,390 Expenses Depreciation 15 — 67,459 — 67,474 Property transactions, net — — 14,426 — 14,426 Reimbursable expenses — — 32,907 — 32,907 Amortization of above market lease, net — — 172 — 172 Acquisition-related expenses 2,131 — — — 2,131 General and administrative 2,755 — — — 2,755 4,901 — 114,964 — 119,865 Operating income (loss) (4,901 ) — 105,426 — 100,525 Equity in earnings of subsidiaries 104,163 — — (104,163 ) — Non-operating income (expense) Interest income 1,278 — — — 1,278 Interest expense (49,276 ) — — — (49,276 ) Other non-operating expenses (3,205 ) — — — (3,205 ) (51,203 ) — — — (51,203 ) Income before income taxes 48,059 — 105,426 (104,163 ) 49,322 Provision for income taxes — — (1,263 ) — (1,263 ) Net income $ 48,059 $ — $ 104,163 $ (104,163 ) $ 48,059 Other comprehensive income Net income 48,059 — 104,163 (104,163 ) 48,059 Unrealized gain on cash flow hedges, net 6,281 — — — 6,281 Comprehensive income $ 54,340 $ — $ 104,163 $ (104,163 ) $ 54,340 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Six Months Ended June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 373,126 $ — $ 373,126 Tenant reimbursements and other — — 63,103 — 63,103 — — 436,229 — 436,229 Expenses Depreciation 42 — 136,423 — 136,465 Property transactions, net — — 18,512 — 18,512 Reimbursable expenses — — 61,267 — 61,267 Amortization of above market lease, net — — 343 — 343 Acquisition-related expenses 2,672 — — — 2,672 General and administrative 6,663 — — — 6,663 9,377 — 216,545 — 225,922 Operating income (loss) (9,377 ) — 219,684 — 210,307 Equity in earnings of subsidiaries 217,190 — — (217,190 ) — Non-operating income (expense) Interest income 2,310 — — — 2,310 Interest expense (98,506 ) — — — (98,506 ) Other non-operating expenses (5,389 ) — — — (5,389 ) (101,585 ) — — — (101,585 ) Income before income taxes 106,228 — 219,684 (217,190 ) 108,722 Provision for income taxes — — (2,494 ) — (2,494 ) Net income $ 106,228 $ — $ 217,190 $ (217,190 ) $ 106,228 Other comprehensive income Net income 106,228 — 217,190 (217,190 ) 106,228 Unrealized gain on cash flow hedges, net 22,636 — — — 22,636 Comprehensive income $ 128,864 $ — $ 217,190 $ (217,190 ) $ 128,864 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended June 30, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 163,177 $ — $ 163,177 Tenant reimbursements and other — — 21,279 — 21,279 — — 184,456 — 184,456 Expenses Depreciation — — 60,227 — 60,227 Property transactions, net — — 10,587 — 10,587 Reimbursable expenses — — 20,642 — 20,642 Amortization of above market lease, net — — 172 — 172 General and administrative 2,661 — — — 2,661 2,661 — 91,628 — 94,289 Operating income (loss) (2,661 ) — 92,828 — 90,167 Equity in earnings of subsidiaries 91,651 — — (91,651 ) — Non-operating income (expense) Interest income 881 — — — 881 Interest expense (44,818 ) — — — (44,818 ) Other non-operating expenses (1,178 ) — — — (1,178 ) (45,115 ) — — — (45,115 ) Income before income taxes 43,875 — 92,828 (91,651 ) 45,052 Provision for income taxes — — (1,177 ) — (1,177 ) Net income $ 43,875 $ — $ 91,651 $ (91,651 ) $ 43,875 Other comprehensive income Net income 43,875 — 91,651 (91,651 ) 43,875 Unrealized loss on cash flow hedges, net (4,112 ) — — — (4,112 ) Comprehensive income $ 39,763 $ — $ 91,651 $ (91,651 ) $ 39,763 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Six Months Ended June 30, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 326,354 $ — $ 326,354 Tenant reimbursements and other — — 42,001 — 42,001 — — 368,355 — 368,355 Expenses Depreciation — — 121,911 — 121,911 Property transactions, net — — 17,442 — 17,442 Reimbursable expenses — — 41,129 — 41,129 Amortization of above market lease, net — — 343 — 343 General and administrative 5,341 — — — 5,341 5,341 — 180,825 — 186,166 Operating income (loss) (5,341 ) — 187,530 — 182,189 Equity in earnings of subsidiaries 185,115 — — (185,115 ) — Non-operating income (expense) Interest income 1,559 — — — 1,559 Interest expense (89,454 ) — — — (89,454 ) Other non-operating expenses (1,312 ) — — — (1,312 ) (89,207 ) — — — (89,207 ) Income before income taxes 90,567 — 187,530 (185,115 ) 92,982 Provision for income taxes — — (2,415 ) — (2,415 ) Net income $ 90,567 $ — $ 185,115 $ (185,115 ) $ 90,567 Other comprehensive income Net income 90,567 — 185,115 (185,115 ) 90,567 Unrealized loss on cash flow hedges, net (4,746 ) — — — (4,746 ) Comprehensive income $ 85,821 $ — $ 185,115 $ (185,115 ) $ 85,821
Consolidating Statement of Cash Flows Information	CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (97,428 ) $ — $ 381,761 $ — $ 284,333 Cash flows from investing activities Capital expenditures for property and equipment (190 ) — — — (190 ) Net cash used in investing activities (190 ) — — — (190 ) Cash flows from financing activities Deferred financing costs (17,490 ) — — — (17,490 ) Repayment of debt (13,000 ) — — — (13,000 ) Distributions paid (223,466 ) — — — (223,466 ) Cash received by Parent on behalf of Guarantor Subsidiaries 381,761 — (381,761 ) — — Net cash provided by (used in) financing activities 127,805 — (381,761 ) — (253,956 ) Cash and cash equivalents Net increase for the period 30,187 — — — 30,187 Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 289,909 $ — $ — $ — $ 289,909 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (97,207 ) $ — $ 327,925 $ — $ 230,718 Cash flows from investing activities Capital expenditures for property and equipment — — — — — Net cash used in investing activities — — — — — Cash flows from financing activities Deferred financing costs (1,024 ) — — — (1,024 ) Repayment of debt principal (25,125 ) — — — (25,125 ) Distributions paid (188,219 ) — — — (188,219 ) Cash received by Parent on behalf of Guarantor Subsidiaries 327,925 — (327,925 ) — — Net cash provided by (used in) financing activities 113,557 — (327,925 ) — (214,368 ) Cash and cash equivalents Net increase for the period 16,350 — — — 16,350 Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 376,842 $ — $ — $ — $ 376,842

Business (Details)

Business (Details) $ in Millions	Jul. 06, 2018USD ($)	May 28, 2018USD ($)	Jun. 30, 2018shares	Dec. 31, 2017shares
Business And Organization [Line Items]
Ownership percentage acquired			26.70%
Term Loan | Senior Secured Term Loan A Facility | Subsequent Event
Business And Organization [Line Items]
Amount drawn under borrowing agreement	$ 200
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Subsequent Event
Business And Organization [Line Items]
Amount drawn under borrowing agreement	655
Exchange of Operating Partnership Units to MGP's Class A Shares
Business And Organization [Line Items]
Operating Partnership unit conversion ratio			1
MGM
Business And Organization [Line Items]
Operating Partnership units held (in shares) | shares			195,134,123
Increase in ownership interest in operating partnership			73.30%
MGP Operating Partnership
Business And Organization [Line Items]
Operating Partnership units outstanding (in shares) | shares			266,045,289	266,030,918
Empire City
Business And Organization [Line Items]
Consideration transferred		$ 625
Debt assumed upon acquisition		245
Increase in annual rent received		$ 50
Percentage of rent under fixed rate		90.00%
Annual contractual rent growth rate		2.00%
Northfield Park Associates, LLC | Subsequent Event
Business And Organization [Line Items]
Consideration transferred	$ 1,060

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Treasury yield term		10 years
Percentage points used in calculation for additional rent		6.00%
Non-normal tenant improvements	$ 138,900,000	$ 138,900,000
Effective tax rate	2.60%	2.30%
Tenant
Summary Of Significant Accounting Policies [Line Items]
Initial cap of non-normal tenant improvements in the first year		$ 100,000,000
Annual increase in non-normal tenant improvements		75,000,000
MGP Operating Partnership | Variable Interest Entity
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets	$ 9,900,000,000	9,900,000,000
Maximum exposure to loss, liabilities	$ 227,000,000	$ 227,000,000

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Real estate investments, gross	$ 12,584,298	$ 12,655,847
Less: Accumulated depreciation	(2,703,640)	(2,633,909)
Real estate investments, net	9,880,658	10,021,938
Land
Real Estate Properties [Line Items]
Real estate investments, gross	4,143,513	4,143,513
Buildings, building improvements, land improvements and integral equipment
Real Estate Properties [Line Items]
Real estate investments, gross	$ 8,440,785	$ 8,512,334

Master Lease (Details)

Master Lease (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)term	Jun. 30, 2017USD ($)	Apr. 01, 2018USD ($)
Leases [Line Items]
Number of lease extension options | term			4
Revenues	$ 220,390	$ 184,456	$ 436,229	$ 368,355
Rental Properties
Leases [Line Items]
Revenues	186,563	163,177	373,126	326,354
Tenant Reimbursements
Leases [Line Items]
Revenues	$ 33,827	$ 21,279	$ 63,103	$ 42,001
Master Lease
Leases [Line Items]
Initial lease term	10 years		10 years
Lease extension term	5 years		5 years
Master Lease Base Rent
Leases [Line Items]
Fixed annual rent escalator					2.00%
Rent payments due under master lease					$ 770,300

Debt (Details)

Debt (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 3,978,375,000	$ 3,991,375,000
Less: Unamortized discount and debt issuance costs	(55,151,000)	(56,747,000)
Long-term debt, net	3,923,224,000	3,934,628,000
Senior secured term loan A facility | Term Loan
Debt Instrument [Line Items]
Principal amount	470,000,000
Senior secured term loan	$ 270,000,000	273,750,000
Interest rate	4.34%
Senior secured term loan B facility | Term Loan
Debt Instrument [Line Items]
Principal amount	$ 1,800,000,000
Senior secured term loan	$ 1,808,375,000	1,817,625,000
Interest rate	4.09%
Senior secured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 0	0
5.625% senior notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Principal amount	1,050,000,000
Senior notes	$ 1,050,000,000	1,050,000,000
Interest rate	5.625%
4.50% senior notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Senior notes	$ 500,000,000	500,000,000
Interest rate	4.50%
4.50% senior notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 350,000,000
Senior notes	$ 350,000,000	$ 350,000,000
Interest rate	4.50%

Debt - Narrative (Details)

Debt - Narrative (Details)	Jun. 14, 2018USD ($)	Mar. 23, 2018	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt					$ 13,000,000	$ 25,125,000
Estimated fair value of long-term debt			$ 3,900,000,000		3,900,000,000		$ 4,100,000,000
Amortization of deferred financing costs			3,100,000	$ 2,800,000	6,100,000	$ 5,600,000
Term Loan | Senior Secured Term Loan A Facility
Debt Instrument [Line Items]
Principal amount under term loan facility			470,000,000		470,000,000
Borrowing capacity under credit facility	$ 200,000,000
Percentage of the aggregate principal amount due at quarterly payment	0.00625
Repayments of long-term debt			$ 5,000,000		$ 5,000,000
Interest rate			4.34%		4.34%
Term Loan | Senior Secured Term Loan A Facility | LIBOR
Debt Instrument [Line Items]
Variable rate	2.25%
Term Loan | Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount under term loan facility			$ 1,800,000,000		$ 1,800,000,000
Repayments of long-term debt			$ 13,000,000		$ 13,000,000
Interest rate			4.09%		4.09%
Term Loan | Senior Secured Term Loan B Facility | LIBOR
Debt Instrument [Line Items]
Variable rate		2.00%
Variable rate upon corporate rating upgrade by S&P or Moody's		1.75%
Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility	$ 1,350,000,000		$ 1,400,000,000		$ 1,400,000,000
Variable rate	1.75%
Increase to the revolving facility	$ 750,000,000

Derivatives and Hedging Activ33

Derivatives and Hedging Activities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Net gain (loss) related to derivative instrument	$ 6,281,000	$ (4,112,000)	$ 22,636,000	$ (4,746,000)
Ineffective portion of the change in fair value derivatives			$ 0
Interest Rate Swaps
Derivative [Line Items]
Weighted average fixed rate	1.844%		1.844%
Notional amount	$ 1,200,000,000		$ 1,200,000,000
Interest expense	(100,000)	$ 2,600,000	800,000	$ 5,300,000
Designated as Hedging Instrument | Interest Rate Swaps
Derivative [Line Items]
Fair value of derivative instruments	$ 33,700,000		$ 33,700,000		$ 11,300,000

Shareholders' Equity and Part34

Shareholders' Equity and Partners' Capital - Distributions and Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 16, 2018	Apr. 15, 2018	Jul. 14, 2017	Apr. 13, 2017	Jun. 30, 2018
Class of Stock [Line Items]
MGP Class A Dividend					$ 226,133
Class A Shares
Class of Stock [Line Items]
Dividend Per Share (in dollars per share)		$ 420	$ 395	$ 387.5000
MGP Class A Dividend		$ 29,777	$ 22,777	$ 22,281
Class A Shares | Subsequent Event
Class of Stock [Line Items]
Dividend Per Share (in dollars per share)	$ 430
MGP Class A Dividend	$ 30,492
MGP Operating Partnership
Class of Stock [Line Items]
Distribution Per Unit (in dollars per share)		$ 420	$ 395	$ 387.5000
Operating Partnership Distribution		$ 111,733	$ 95,995	$ 94,109
MGP Operating Partnership | Subsequent Event
Class of Stock [Line Items]
Distribution Per Unit (in dollars per share)	$ 430
Operating Partnership Distribution	$ 114,399

Shareholders' Equity and Part35

Shareholders' Equity and Partners' Capital - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			$ 6,067,739
Net income	$ 48,059	$ 43,875	106,228	$ 90,567
Other comprehensive income - cash flow hedges	6,281	$ (4,112)	22,636	$ (4,746)
Share-based compensation			940
Deemed contribution - tax sharing agreement			2,494
Dividends and distributions declared			(226,133)
Other			399
Balance	5,974,303		5,974,303
Total Class A Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			1,624,650
Net income			28,976
Other comprehensive income - cash flow hedges			6,033
Share-based compensation			251
Deemed contribution - tax sharing agreement			0
Dividends and distributions declared			(60,269)
Other			345
Balance	1,599,986		1,599,986
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			4,443,089
Net income			77,252
Other comprehensive income - cash flow hedges			16,603
Share-based compensation			689
Deemed contribution - tax sharing agreement			2,494
Dividends and distributions declared			(165,864)
Other			54
Balance	$ 4,374,317		$ 4,374,317

Shareholders' Equity and Part36

Shareholders' Equity and Partners' Capital - Changes in Partners' Capital (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance			$ 6,067,739
Net income	$ 48,059	$ 43,875	106,228	$ 90,567
Other comprehensive income - cash flow hedges	6,281	(4,112)	22,636	(4,746)
Deemed contribution - tax sharing agreement			2,494
Balance	5,974,303		5,974,303
MGP Operating Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance			6,067,739
Net income	48,059	$ 43,875	106,228	$ 90,567
Other comprehensive income - cash flow hedges			22,636
Share-based compensation			940
Deemed contribution - tax sharing agreement			2,494
Distributions declared			(226,133)
Other			399
Balance	5,974,303		5,974,303
General Partner | MGP Operating Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance			0
Net income			0
Other comprehensive income - cash flow hedges			0
Share-based compensation			0
Deemed contribution - tax sharing agreement			0
Distributions declared			0
Other			0
Balance	0		0
Limited Partners | MGP Operating Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance			6,067,739
Net income			106,228
Other comprehensive income - cash flow hedges			22,636
Share-based compensation			940
Deemed contribution - tax sharing agreement			2,494
Distributions declared			(226,133)
Other			399
Balance	$ 5,974,303		$ 5,974,303

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance			$ 6,067,739
Other comprehensive income (loss)	$ 6,281	$ (4,112)	22,636	$ (4,746)
Balance	5,974,303		5,974,303
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance			11,661
Other comprehensive income before reclassifications			21,802
Amounts reclassified from accumulated other comprehensive income to interest expense			834
Other comprehensive income (loss)			22,636
Balance	34,297		34,297
Accumulated other comprehensive income attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance	25,156		25,156
Accumulated other comprehensive income attributable to Class A shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance	$ 9,141		$ 9,141

Net Income Per Class A Share (D

Net Income Per Class A Share (Details) - Class A Shares - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income attributable to Class A shares	$ 13,146	$ 10,680	$ 28,976	$ 22,028
Denominator:
Basic weighted average Class A shares outstanding (in shares)	70,993,091	57,687,558	70,982,243	57,596,223
Basic net income per Class A share (in dollars per share)	$ 0.19	$ 0.19	$ 0.41	$ 0.38
Numerator:
Net income attributable to Class A shares	$ 13,146	$ 10,680	$ 28,976	$ 22,028
Denominator:
Basic weighted average Class A shares outstanding (in shares)	70,993,091	57,687,558	70,982,243	57,596,223
Effect of dilutive shares for diluted net income per Class A share (in shares)	191,905	166,530	176,342	222,288
Weighted average shares for diluted net income per Class A share (in shares)	71,184,996	57,854,088	71,158,585	57,818,511
Diluted net income per Class A share (in dollars per share)	$ 0.18	$ 0.18	$ 0.41	$ 0.38

Net Income Per Operating Part39

Net Income Per Operating Partnership Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income	$ 48,059	$ 43,875	$ 106,228	$ 90,567
Numerator:
Net income	48,059	43,875	106,228	90,567
MGP Operating Partnership
Numerator:
Net income	$ 48,059	$ 43,875	$ 106,228	$ 90,567
Denominator:
Basic weighted average Operating Partnership units outstanding (in shares)	266,127,214	243,049,694	266,116,366	242,958,359
Basic net income per Operating Partnership Unit (in dollars per share)	$ 0.18	$ 0.18	$ 0.40	$ 0.37
Numerator:
Net income	$ 48,059	$ 43,875	$ 106,228	$ 90,567
Denominator:
Basic weighted average Operating Partnership units outstanding (in shares)	266,127,214	243,049,694	266,116,366	242,958,359
Effect of dilutive shares for diluted net income per Operating Partnership unit (in shares)	191,905	166,530	176,342	222,288
Weighted average shares for diluted net income per Operating Partnership unit (in shares)	266,319,119	243,216,224	266,292,708	243,180,647
Diluted net income per Operating Partnership unit (in dollars per share)	$ 0.18	$ 0.18	$ 0.40	$ 0.37

Condensed Consolidating Finan40

Condensed Consolidating Financial Information - Consolidating Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Real estate investments, net	$ 9,880,658	$ 10,021,938
Cash and cash equivalents	289,909	259,722	$ 376,842	$ 360,492
Tenant and other receivables, net	4,197	6,385
Intercompany	0	0
Prepaid expenses and other assets	51,500	18,487
Investments in subsidiaries	0	0
Above market lease, asset	43,801	44,588
Total assets	10,270,065	10,351,120
Liabilities
Debt, net	3,923,224	3,934,628
Due to MGM Resorts International and affiliates	147	962
Intercompany	0	0
Accounts payable, accrued expenses and other liabilities	9,758	10,240
Above market lease, liability	46,625	47,069
Accrued interest	25,119	22,565
Dividend and distribution payable	114,399	111,733
Deferred revenue	147,946	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,295,762	4,283,381
General partner	0	0
Limited partners	5,974,303	6,067,739
Total partners' capital	5,974,303	6,067,739
Total liabilities and shareholders’ equity	10,270,065	10,351,120
Eliminations
ASSETS
Real estate investments, net	0	0
Cash and cash equivalents	0	0	0	0
Tenant and other receivables, net	0	0
Intercompany	(1,001,634)	(1,383,397)
Prepaid expenses and other assets	0	0
Investments in subsidiaries	(8,699,073)	(8,479,388)
Above market lease, asset	0	0
Total assets	(9,700,707)	(9,862,785)
Liabilities
Debt, net	0	0
Due to MGM Resorts International and affiliates	0	0
Intercompany	(1,001,634)	(1,383,397)
Accounts payable, accrued expenses and other liabilities	0	0
Above market lease, liability	0	0
Accrued interest	0	0
Dividend and distribution payable	0	0
Deferred revenue	0	0
Deferred income taxes, net	0	0
Total liabilities	(1,001,634)	(1,383,397)
General partner	0	0
Limited partners	(8,699,073)	(8,479,388)
Total partners' capital	(8,699,073)	(8,479,388)
Total liabilities and shareholders’ equity	(9,700,707)	(9,862,785)
Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Real estate investments, net	9,880,022	10,021,450
Cash and cash equivalents	0	0	0	0
Tenant and other receivables, net	3,821	6,086
Intercompany	0	0
Prepaid expenses and other assets	0	0
Investments in subsidiaries	0	0
Above market lease, asset	43,801	44,588
Total assets	9,927,644	10,072,124
Liabilities
Debt, net	0	0
Due to MGM Resorts International and affiliates	0	0
Intercompany	1,001,634	1,383,397
Accounts payable, accrued expenses and other liabilities	3,822	6,086
Above market lease, liability	46,625	47,069
Accrued interest	0	0
Dividend and distribution payable	0	0
Deferred revenue	147,946	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	1,228,571	1,592,736
General partner	0	0
Limited partners	8,699,073	8,479,388
Total partners' capital	8,699,073	8,479,388
Total liabilities and shareholders’ equity	9,927,644	10,072,124
MGP Operating Partnership
ASSETS
Real estate investments, net	9,880,658	10,021,938
Cash and cash equivalents	289,909	259,722	376,842	360,492
Tenant and other receivables, net	4,197	6,385
Prepaid expenses and other assets	51,500	18,487
Above market lease, asset	43,801	44,588
Total assets	10,270,065	10,351,120
Liabilities
Debt, net	3,923,224	3,934,628
Due to MGM Resorts International and affiliates	147	962
Accounts payable, accrued expenses and other liabilities	9,758	10,240
Above market lease, liability	46,625	47,069
Accrued interest	25,119	22,565
Dividend and distribution payable	114,399	111,733
Deferred revenue	147,946	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,295,762	4,283,381
General partner	0	0
Limited partners	5,974,303	6,067,739
Total partners' capital	5,974,303	6,067,739
Total liabilities and shareholders’ equity	10,270,065	10,351,120
MGP Operating Partnership | Reportable Legal Entities
ASSETS
Real estate investments, net	636	488
Cash and cash equivalents	289,909	259,722	376,842	360,492
Tenant and other receivables, net	376	299
Intercompany	1,001,634	1,383,397
Prepaid expenses and other assets	51,500	18,487
Investments in subsidiaries	8,699,073	8,479,388
Above market lease, asset	0	0
Total assets	10,043,128	10,141,781
Liabilities
Debt, net	3,923,224	3,934,628
Due to MGM Resorts International and affiliates	147	962
Intercompany	0	0
Accounts payable, accrued expenses and other liabilities	5,936	4,154
Above market lease, liability	0	0
Accrued interest	25,119	22,565
Dividend and distribution payable	114,399	111,733
Deferred revenue	0	0
Deferred income taxes, net	0	0
Total liabilities	4,068,825	4,074,042
General partner	0	0
Limited partners	5,974,303	6,067,739
Total partners' capital	5,974,303	6,067,739
Total liabilities and shareholders’ equity	10,043,128	10,141,781
Co-Issuer | Reportable Legal Entities
ASSETS
Real estate investments, net	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Tenant and other receivables, net	0	0
Intercompany	0	0
Prepaid expenses and other assets	0	0
Investments in subsidiaries	0	0
Above market lease, asset	0	0
Total assets	0	0
Liabilities
Debt, net	0	0
Due to MGM Resorts International and affiliates	0	0
Intercompany	0	0
Accounts payable, accrued expenses and other liabilities	0	0
Above market lease, liability	0	0
Accrued interest	0	0
Dividend and distribution payable	0	0
Deferred revenue	0	0
Deferred income taxes, net	0	0
Total liabilities	0	0
General partner	0	0
Limited partners	0	0
Total partners' capital	0	0
Total liabilities and shareholders’ equity	$ 0	$ 0

Condensed Consolidating Finan41

Condensed Consolidating Financial Information - Consolidating Statement of Operations and Comprehensive Income Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Revenues	$ 220,390	$ 184,456	$ 436,229	$ 368,355
Expenses
Depreciation	67,474	60,227	136,465	121,911
Property transactions, net	14,426	10,587	18,512	17,442
Reimbursable expenses	32,907	20,642	61,267	41,129
Amortization of above market lease, net	172	172	343	343
Acquisition-related expenses	2,131	0	2,672	0
General and administrative	2,755	2,661	6,663	5,341
Expenses, net	119,865	94,289	225,922	186,166
Operating income	100,525	90,167	210,307	182,189
Equity in earnings of subsidiaries	0	0	0	0
Non-operating income (expense)
Interest income	1,278	881	2,310	1,559
Interest expense	(49,276)	(44,818)	(98,506)	(89,454)
Other non-operating expenses	(3,205)	(1,178)	(5,389)	(1,312)
Non-operating income (expense)	(51,203)	(45,115)	(101,585)	(89,207)
Income before income taxes	49,322	45,052	108,722	92,982
Provision for income taxes	(1,263)	(1,177)	(2,494)	(2,415)
Net income	48,059	43,875	106,228	90,567
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	6,281	(4,112)	22,636	(4,746)
Comprehensive income	54,340	39,763	128,864	85,821
Eliminations
Revenues
Revenues	0	0	0	0
Expenses
Depreciation	0	0	0	0
Property transactions, net	0	0	0	0
Reimbursable expenses	0	0	0	0
Amortization of above market lease, net	0	0	0	0
Acquisition-related expenses	0		0
General and administrative	0	0	0	0
Expenses, net	0	0	0	0
Operating income	0	0	0	0
Equity in earnings of subsidiaries	(104,163)	(91,651)	(217,190)	(185,115)
Non-operating income (expense)
Interest income	0	0	0	0
Interest expense	0	0	0	0
Other non-operating expenses	0	0	0	0
Non-operating income (expense)	0	0	0	0
Income before income taxes	(104,163)	(91,651)	(217,190)	(185,115)
Provision for income taxes	0	0	0	0
Net income	(104,163)	(91,651)	(217,190)	(185,115)
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	0	0	0	0
Comprehensive income	(104,163)	(91,651)	(217,190)	(185,115)
Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Revenues	220,390	184,456	436,229	368,355
Expenses
Depreciation	67,459	60,227	136,423	121,911
Property transactions, net	14,426	10,587	18,512	17,442
Reimbursable expenses	32,907	20,642	61,267	41,129
Amortization of above market lease, net	172	172	343	343
Acquisition-related expenses	0		0
General and administrative	0	0	0	0
Expenses, net	114,964	91,628	216,545	180,825
Operating income	105,426	92,828	219,684	187,530
Equity in earnings of subsidiaries	0	0	0	0
Non-operating income (expense)
Interest income	0	0	0	0
Interest expense	0	0	0	0
Other non-operating expenses	0	0	0	0
Non-operating income (expense)	0	0	0	0
Income before income taxes	105,426	92,828	219,684	187,530
Provision for income taxes	(1,263)	(1,177)	(2,494)	(2,415)
Net income	104,163	91,651	217,190	185,115
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	0	0	0	0
Comprehensive income	104,163	91,651	217,190	185,115
MGP Operating Partnership
Revenues
Revenues	220,390	184,456	436,229	368,355
Expenses
Depreciation	67,474	60,227	136,465	121,911
Property transactions, net	14,426	10,587	18,512	17,442
Reimbursable expenses	32,907	20,642	61,267	41,129
Amortization of above market lease, net	172	172	343	343
Acquisition-related expenses	2,131	0	2,672	0
General and administrative	2,755	2,661	6,663	5,341
Expenses, net	119,865	94,289	225,922	186,166
Operating income	100,525	90,167	210,307	182,189
Non-operating income (expense)
Interest income	1,278	881	2,310	1,559
Interest expense	(49,276)	(44,818)	(98,506)	(89,454)
Other non-operating expenses	(3,205)	(1,178)	(5,389)	(1,312)
Non-operating income (expense)	(51,203)	(45,115)	(101,585)	(89,207)
Income before income taxes	49,322	45,052	108,722	92,982
Provision for income taxes	(1,263)	(1,177)	(2,494)	(2,415)
Net income	48,059	43,875	106,228	90,567
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	6,281	(4,112)	22,636	(4,746)
Comprehensive income	54,340	39,763	128,864	85,821
MGP Operating Partnership | Reportable Legal Entities
Revenues
Revenues	0	0	0	0
Expenses
Depreciation	15	0	42	0
Property transactions, net	0	0	0	0
Reimbursable expenses	0	0	0	0
Amortization of above market lease, net	0	0	0	0
Acquisition-related expenses	2,131		2,672
General and administrative	2,755	2,661	6,663	5,341
Expenses, net	4,901	2,661	9,377	5,341
Operating income	(4,901)	(2,661)	(9,377)	(5,341)
Equity in earnings of subsidiaries	104,163	91,651	217,190	185,115
Non-operating income (expense)
Interest income	1,278	881	2,310	1,559
Interest expense	(49,276)	(44,818)	(98,506)	(89,454)
Other non-operating expenses	(3,205)	(1,178)	(5,389)	(1,312)
Non-operating income (expense)	(51,203)	(45,115)	(101,585)	(89,207)
Income before income taxes	48,059	43,875	106,228	90,567
Provision for income taxes	0	0	0	0
Net income	48,059	43,875	106,228	90,567
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	6,281	(4,112)	22,636	(4,746)
Comprehensive income	54,340	39,763	128,864	85,821
Co-Issuer | Reportable Legal Entities
Revenues
Revenues	0	0	0	0
Expenses
Depreciation	0	0	0	0
Property transactions, net	0	0	0	0
Reimbursable expenses	0	0	0	0
Amortization of above market lease, net	0	0	0	0
Acquisition-related expenses	0		0
General and administrative	0	0	0	0
Expenses, net	0	0	0	0
Operating income	0	0	0	0
Equity in earnings of subsidiaries	0	0	0	0
Non-operating income (expense)
Interest income	0	0	0	0
Interest expense	0	0	0	0
Other non-operating expenses	0	0	0	0
Non-operating income (expense)	0	0	0	0
Income before income taxes	0	0	0	0
Provision for income taxes	0	0	0	0
Net income	0	0	0	0
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	0	0	0	0
Comprehensive income	0	0	0	0
Rental Properties
Revenues
Revenues	186,563	163,177	373,126	326,354
Rental Properties | Eliminations
Revenues
Revenues	0	0	0	0
Rental Properties | Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Revenues	186,563	163,177	373,126	326,354
Rental Properties | MGP Operating Partnership
Revenues
Revenues	186,563	163,177	373,126	326,354
Rental Properties | MGP Operating Partnership | Reportable Legal Entities
Revenues
Revenues	0	0	0	0
Rental Properties | Co-Issuer | Reportable Legal Entities
Revenues
Revenues	0	0	0	0
Tenant Reimbursements
Revenues
Revenues	33,827	21,279	63,103	42,001
Tenant Reimbursements | Eliminations
Revenues
Revenues	0	0	0	0
Tenant Reimbursements | Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Revenues	33,827	21,279	63,103	42,001
Tenant Reimbursements | MGP Operating Partnership
Revenues
Revenues	33,827	21,279	63,103	42,001
Tenant Reimbursements | MGP Operating Partnership | Reportable Legal Entities
Revenues
Revenues	0	0	0	0
Tenant Reimbursements | Co-Issuer | Reportable Legal Entities
Revenues
Revenues	$ 0	$ 0	$ 0	$ 0

Condensed Consolidating Finan42

Condensed Consolidating Financial Information - Consolidating Statement of Cash Flows Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 284,333	$ 230,718
Cash flows from investing activities
Capital expenditures for property and equipment	(190)	0
Net cash used in investing activities	(190)	0
Cash flows from financing activities
Deferred financing costs	(17,490)	(1,024)
Repayment of debt	(13,000)	(25,125)
Dividends and distributions paid	(223,466)	(188,219)
Cash received by Parent on behalf of Guarantor Subsidiaries	0	0
Net cash used in financing activities	(253,956)	(214,368)
Cash and cash equivalents
Net increase for the period	30,187	16,350
Balance, beginning of period	259,722	360,492
Balance, end of period	289,909	376,842
Eliminations
Cash flows from operating activities
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities
Capital expenditures for property and equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities
Deferred financing costs	0	0
Repayment of debt	0	0
Dividends and distributions paid	0	0
Cash received by Parent on behalf of Guarantor Subsidiaries	0	0
Net cash used in financing activities	0	0
Cash and cash equivalents
Net increase for the period	0	0
Balance, beginning of period	0	0
Balance, end of period	0	0
Guarantor Subsidiaries | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by (used in) operating activities	381,761	327,925
Cash flows from investing activities
Capital expenditures for property and equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities
Deferred financing costs	0	0
Repayment of debt	0	0
Dividends and distributions paid	0	0
Cash received by Parent on behalf of Guarantor Subsidiaries	(381,761)	(327,925)
Net cash used in financing activities	(381,761)	(327,925)
Cash and cash equivalents
Net increase for the period	0	0
Balance, beginning of period	0	0
Balance, end of period	0	0
MGP Operating Partnership
Cash flows from operating activities
Net cash provided by (used in) operating activities	284,333	230,718
Cash flows from investing activities
Capital expenditures for property and equipment	(190)	0
Net cash used in investing activities	(190)	0
Cash flows from financing activities
Deferred financing costs	(17,490)	(1,024)
Repayment of debt	(13,000)	(25,125)
Dividends and distributions paid	(223,466)	(188,219)
Net cash used in financing activities	(253,956)	(214,368)
Cash and cash equivalents
Net increase for the period	30,187	16,350
Balance, beginning of period	259,722	360,492
Balance, end of period	289,909	376,842
MGP Operating Partnership | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by (used in) operating activities	(97,428)	(97,207)
Cash flows from investing activities
Capital expenditures for property and equipment	(190)	0
Net cash used in investing activities	(190)	0
Cash flows from financing activities
Deferred financing costs	(17,490)	(1,024)
Repayment of debt	(13,000)	(25,125)
Dividends and distributions paid	(223,466)	(188,219)
Cash received by Parent on behalf of Guarantor Subsidiaries	381,761	327,925
Net cash used in financing activities	127,805	113,557
Cash and cash equivalents
Net increase for the period	30,187	16,350
Balance, beginning of period	259,722	360,492
Balance, end of period	289,909	376,842
Co-Issuer | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities
Capital expenditures for property and equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities
Deferred financing costs	0	0
Repayment of debt	0	0
Dividends and distributions paid	0	0
Cash received by Parent on behalf of Guarantor Subsidiaries	0	0
Net cash used in financing activities	0	0
Cash and cash equivalents
Net increase for the period	0	0
Balance, beginning of period	0	0
Balance, end of period	$ 0	$ 0