MGM Growth Properties Operating Partnership (MGP) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		70,907,219
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Real estate investments, net	$ 9,949,410	$ 10,021,938
Cash and cash equivalents	280,117	259,722
Tenant and other receivables, net	2,337	6,385
Prepaid expenses and other assets	33,936	18,487
Above market lease, asset	44,194	44,588
Total assets	10,309,994	10,351,120
Liabilities
Debt, net	3,925,203	3,934,628
Due to MGM Resorts International and affiliates	302	962
Accounts payable, accrued expenses and other liabilities	4,596	10,240
Above market lease, liability	46,847	47,069
Accrued interest	30,515	22,565
Dividend and distribution payable	111,733	111,733
Deferred revenue	129,708	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,277,448	4,283,381
Commitments and contingencies (Note 11)
Shareholders’ equity
Class A shares: no par value, 1,000,000,000 shares authorized, 70,896,795 shares issued and outstanding as of March 31, 2018 and December 31, 2017	0	0
Additional paid-in capital	1,716,700	1,716,490
Accumulated deficit	(108,895)	(94,948)
Accumulated other comprehensive income	7,466	3,108
Total Class A shareholders’ equity	1,615,271	1,624,650
Noncontrolling interest	4,417,275	4,443,089
Total shareholders’ equity	6,032,546	6,067,739
Partners' capital
General partner	0	0
Limited partners: 266,030,918 Operating Partnership units issued and outstanding as of March 31, 2018 and December 31, 2017	6,032,546	6,067,739
Total partners' capital	6,032,546	6,067,739
Total liabilities and shareholders’ equity	10,309,994	10,351,120
MGP Operating Partnership
ASSETS
Real estate investments, net	9,949,410	10,021,938
Cash and cash equivalents	280,117	259,722
Tenant and other receivables, net	2,337	6,385
Prepaid expenses and other assets	33,936	18,487
Above market lease, asset	44,194	44,588
Total assets	10,309,994	10,351,120
Liabilities
Debt, net	3,925,203	3,934,628
Due to MGM Resorts International and affiliates	302	962
Accounts payable, accrued expenses and other liabilities	4,596	10,240
Above market lease, liability	46,847	47,069
Accrued interest	30,515	22,565
Dividend and distribution payable	111,733	111,733
Deferred revenue	129,708	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,277,448	4,283,381
Commitments and contingencies (Note 11)
Partners' capital
General partner	0	0
Limited partners: 266,030,918 Operating Partnership units issued and outstanding as of March 31, 2018 and December 31, 2017	6,032,546	6,067,739
Total partners' capital	6,032,546	6,067,739
Total liabilities and shareholders’ equity	$ 10,309,994	$ 10,351,120

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 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)	70,896,795	70,896,795
Common stock, shares outstanding (in shares)	70,896,795	70,896,795
MGP Operating Partnership
Partners' capital
Partners' capital, units issued (in shares)	266,030,918	266,030,918
Partners' capital, units outstanding (in shares)	266,030,918	266,030,918

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental revenue	$ 186,563	$ 163,177
Tenant reimbursements and other	29,276	20,722
Revenues, net	215,839	183,899
Expenses
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Reimbursable expenses	28,360	20,487
Amortization of above market lease, net	171	171
Acquisition-related expenses	541	0
General and administrative	3,908	2,680
Expenses, net	106,057	91,877
Operating income	109,782	92,022
Non-operating income (expense)
Interest income	1,032	678
Interest expense	(49,230)	(44,636)
Other non-operating expenses	(2,184)	(134)
Non-operating income (expense)	(50,382)	(44,092)
Income before income taxes	59,400	47,930
Provision for income taxes	(1,231)	(1,238)
Net income	58,169	46,692
Less: Net (income) attributable to noncontrolling interest	(42,339)	(35,344)
MGP Operating Partnership
Revenues
Rental revenue	186,563	163,177
Tenant reimbursements and other	29,276	20,722
Revenues, net	215,839	183,899
Expenses
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Reimbursable expenses	28,360	20,487
Amortization of above market lease, net	171	171
Acquisition-related expenses	541	0
General and administrative	3,908	2,680
Expenses, net	106,057	91,877
Operating income	109,782	92,022
Non-operating income (expense)
Interest income	1,032	678
Interest expense	(49,230)	(44,636)
Other non-operating expenses	(2,184)	(134)
Non-operating income (expense)	(50,382)	(44,092)
Income before income taxes	59,400	47,930
Provision for income taxes	(1,231)	(1,238)
Net income	$ 58,169	$ 46,692
Weighted average Operating Partnership units outstanding:
Basic (in shares)	266,104,264	242,868,331
Diluted (in shares)	266,265,043	243,146,376
Net income per Operating Partnership unit (basic) (in dollars per share)	$ 0.22	$ 0.19
Net income per Operating Partnership unit (diluted) (in dollars per share)	0.22	0.19
Distributions declared per Operating Partnership unit (in dollars per share)	$ 0.42	$ 0.3875
Class A Shares
Non-operating income (expense)
Net income attributable to Class A shareholders	$ 15,830	$ 11,348
Weighted average Class A shares outstanding:
Basic (in shares)	70,970,141	57,506,195
Diluted (in shares)	71,130,920	57,784,240
Net income per Class A share (basic) (in dollars per share)	$ 0.22	$ 0.20
Net income per Class A share (diluted) (in dollars per share)	0.22	0.20
Dividends declared per Class A share (in dollars per share)	$ 0.42	$ 0.3875

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 58,169	$ 46,692
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	16,355	(634)
Other comprehensive income (loss)	16,355	(634)
Comprehensive income	74,524	46,058
Less: Comprehensive (income) attributable to noncontrolling interests	(54,336)	(34,860)
Comprehensive income attributable to Class A shareholders	20,188	11,198
MGP Operating Partnership
Net income	58,169	46,692
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	16,355	(634)
Other comprehensive income (loss)	16,355
Comprehensive income	$ 74,524	$ 46,058

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 58,169	$ 46,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Amortization of deferred financing costs and debt discount	2,974	2,806
Loss on retirement of debt	1,018	0
Amortization related to above market lease, net	171	171
Provision for income taxes	1,231	1,238
Straight-line rental revenues	2,612	(677)
Amortization of deferred revenue	(916)	(235)
Share-based compensation	384	188
Changes in operating assets and liabilities:
Tenant and other receivables, net	4,048	4,891
Prepaid expenses and other assets	407	(704)
Due to MGM Resorts International and affiliates	(660)	650
Accounts payable, accrued expenses and other liabilities	(5,241)	(5,249)
Accrued interest	7,950	881
Net cash provided by operating activities	145,224	119,191
Cash flows from investing activities
Capital expenditures for property and equipment	(177)	0
Net cash used in investing activities	(177)	0
Cash flows from financing activities
Deferred financing costs	(4,544)	(526)
Repayment of debt principal	(8,375)	(16,750)
Dividends and distributions paid	(111,733)	(94,109)
Net cash used in financing activities	(124,652)	(111,385)
Cash and cash equivalents
Net increase for the period	20,395	7,806
Balance, beginning of period	259,722	360,492
Balance, end of period	280,117	368,298
Supplemental cash flow disclosures
Interest paid	38,171	40,949
Non-cash investing and financing activities
Non-Normal Tenant Improvements by Tenant	372	8,480
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	111,733	94,109
MGP Operating Partnership
Cash flows from operating activities
Net income	58,169	46,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Amortization of deferred financing costs and debt discount	2,974	2,806
Loss on retirement of debt	1,018	0
Amortization related to above market lease, net	171	171
Provision for income taxes	1,231	1,238
Straight-line rental revenues	2,612	(677)
Amortization of deferred revenue	(916)	(235)
Share-based compensation	384	188
Changes in operating assets and liabilities:
Tenant and other receivables, net	4,048	4,891
Prepaid expenses and other assets	407	(704)
Due to MGM Resorts International and affiliates	(660)	650
Accounts payable, accrued expenses and other liabilities	(5,241)	(5,249)
Accrued interest	7,950	881
Net cash provided by operating activities	145,224	119,191
Cash flows from investing activities
Capital expenditures for property and equipment	(177)	0
Net cash used in investing activities	(177)	0
Cash flows from financing activities
Deferred financing costs	(4,544)	(526)
Repayment of debt principal	(8,375)	(16,750)
Dividends and distributions paid	(111,733)	(94,109)
Net cash used in financing activities	(124,652)	(111,385)
Cash and cash equivalents
Net increase for the period	20,395	7,806
Balance, beginning of period	259,722	360,492
Balance, end of period	280,117	368,298
Supplemental cash flow disclosures
Interest paid	38,171	40,949
Non-cash investing and financing activities
Non-Normal Tenant Improvements by Tenant	372	8,480
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	$ 111,733	$ 94,109

Business

Business	3 Months Ended
	Mar. 31, 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, Monte Carlo (which was rebranded as Park MGM in 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 March 31, 2018, there were 266,030,918 Operating Partnership units outstanding in the Operating Partnership of which MGM owned 195,134,123 or 73.4% and MGP owns the remaining 26.6% . 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 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 and property insurance expense were separately classified in prior periods and are 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. The Operating Partnership’s maximum exposure to loss is the carrying value of the assets and liabilities of the Landlord, which represent $10 billion of the Operating Partnership’s assets and $207 million of the Operating Partnership’s liabilities at March 31, 2018. 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, 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 $125.8 million through March 31, 2018. Deferred revenue. The Company receives nonmonetary consideration related to Non-Normal Tenant Improvements as they automatically become MGP’s property, 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 2.1% and 2.6% for the three months ended March 31, 2018 and March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The carrying value of real estate investments is as follows: March 31, 2018 December 31, 2017 (in thousands) Land $ 4,143,513 $ 4,143,513 Buildings, building improvements, land improvements and integral equipment 8,490,592 8,512,334 12,634,105 12,655,847 Less: Accumulated depreciation (2,684,695 ) (2,633,909 ) $ 9,949,410 $ 10,021,938

Leases

Leases	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
MASTER LEASE	MASTER LEASE Pursuant to the Master Lease, the Tenant has leased the Company’s real estate properties. 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. As of March 31, 2018 , the annual rent payments under the Master Lease were $756.7 million . The second 2.0% fixed annual rent escalator went into effect on April 1, 2018, resulting in annual rent payments of $770.3 million for the third lease year. Rental revenues from the Master Lease for the three months ended March 31, 2018 and 2017 were $186.6 million and $163.2 million , respectively. The Company also recognized revenue related to tenant reimbursements and other of $29.3 million and $20.7 million for the three months ended March 31, 2018 and 2017, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Debt consists of the following: March 31, 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 1,813,000 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 3,983,000 3,991,375 Less: Unamortized discount and debt issuance costs (57,797 ) (56,747 ) $ 3,925,203 $ 3,934,628 Operating Partnership credit agreement. At March 31, 2018, the Operating Partnership senior credit facility consisted of a $270.0 million term loan A facility, a $1.8 billion term loan B facility, and a $600 million revolving credit facility. The revolving credit facility and term loan A facility bear interest determined by reference to a total net leverage ratio pricing grid which results in an interest rate of LIBOR plus 2.25% to 2.75% . The revolving credit facility and the term loan A facility will mature in April 2021. The term loan B facility bore interest at LIBOR plus 2.25% with a LIBOR floor of 0% and on March 23, 2018, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.00% . The repricing also included an extension of the maturity of the term loan B facility by 2 years to March 23, 2025 and was repriced at a price of 99.75% . 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. The effectiveness of the extension is subject to certain conditions, which are expected to occur in May 2018. The Operating Partnership permanently repaid $4 million of the term loan A facility and $5 million of the term loan B facility in the three months ended March 31, 2018, in accordance with the scheduled amortization. At March 31, 2018, the interest rate on the term loan A facility was 4.38% and the interest rate on the term loan B facility was 3.88% . No amounts have been drawn on the revolving credit facility. See Note 6 for further discussion of the Company's interest rate swap agreements related to the term loan B facility. The revolving credit facility and term loan A facility also require the Operating Partnership to maintain compliance with a maximum secured net debt to adjusted total asset ratio, a maximum total net debt to adjusted asset ratio and a minimum interest coverage ratio, all of which may restrict the Operating Partnership’s ability to incur additional debt to fund its obligations in the near term. As of March 31, 2018, the Operating Partnership was required to have a senior secured net debt to adjusted total assets ratio of not more than 0.40 to1.00, a total net debt to adjusted total assets ratio of not more than 0.65 to 1.00, and an interest coverage ratio of not less than 2.00 to 1.00. The Operating Partnership was in compliance with its financial covenants at March 31, 2018. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $4.0 billion and $4.1 billion at March 31, 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 $3.0 million and $2.8 million and during the three months ended March 31, 2018 and March 31, 2017, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 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 March 31, 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 March 31, 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 $27.5 million and $11.3 million as of March 31, 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 months ended March 31, 2018 and 2017 , the amount recorded in other comprehensive income related to the derivative instruments was a net unrealized gain of $16.4 million and a net unrealized loss of $0.6 million , respectively. There was no material ineffective portion of the change in fair value derivatives. For the three months ended March 31, 2018 and 2017 , the Company recorded interest expense of $0.8 million and $2.7 million , respectively, related to the swap agreements.

Shareholders' Equity and Partne

Shareholders' Equity and Partners' Capital	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2018 and March 31, 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 2017 March 15, 2017 March 31, 2017 $ 0.3875 April 13, 2017 $ 94,109 $ 22,281 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 three months ended March 31, 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 March 31, 2018 15,830 42,339 58,169 Other comprehensive income - cash flow hedges 4,358 11,997 16,355 Share-based compensation 102 282 384 Deemed contribution - tax sharing agreement — 1,231 1,231 Dividends and distributions declared (29,777 ) (81,956 ) (111,733 ) Other 108 293 401 Balance at March 31, 2018 $ 1,615,271 $ 4,417,275 $ 6,032,546 The following table presents the Operating Partnership's changes in partners' capital for the three months ended March 31, 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 March 31, 2018 — 58,169 58,169 Other comprehensive income - cash flow hedges — 16,355 16,355 Share-based compensation — 384 384 Deemed contribution - tax sharing agreement — 1,231 1,231 Distributions declared — (111,733 ) (111,733 ) Other — 401 401 Balance at March 31, 2018 $ — $ 6,032,546 $ 6,032,546

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2018 : Cash Flow Hedges (in thousands) Balance at December 31, 2017 $ 11,661 Other comprehensive income before reclassifications 15,510 Amounts reclassified from accumulated other comprehensive income to interest expense 845 Net current period other comprehensive income 16,355 Balance at March 31, 2018 28,016 Accumulated other comprehensive income attributable to noncontrolling interest (20,550 ) Accumulated other comprehensive income attributable to Class A shareholders $ 7,466

Net Income Per Class A Share

Net Income Per Class A Share	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2018 and March 31, 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 March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Basic net income per Class A share $ 0.22 $ 0.20 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Effect of dilutive shares for diluted net income per Class A share (2) 160,779 278,045 Weighted average shares for diluted net income per Class A share 71,130,920 57,784,240 Diluted net income per Class A share (3) $ 0.22 $ 0.20 (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 months ended March 31, 2018 and March 31, 2017 . Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 58,169 $ 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Basis net income per Operating Partnership unit $ 0.22 $ 0.19 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 58,169 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 160,779 278,045 Weighted average shares for diluted net income per Operating Partnership unit 266,265,043 243,146,376 Diluted net income per Operating Partnership unit $ 0.22 $ 0.19 (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	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2018 and March 31, 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 March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Basic net income per Class A share $ 0.22 $ 0.20 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Effect of dilutive shares for diluted net income per Class A share (2) 160,779 278,045 Weighted average shares for diluted net income per Class A share 71,130,920 57,784,240 Diluted net income per Class A share (3) $ 0.22 $ 0.20 (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 months ended March 31, 2018 and March 31, 2017 . Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 58,169 $ 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Basis net income per Operating Partnership unit $ 0.22 $ 0.19 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 58,169 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 160,779 278,045 Weighted average shares for diluted net income per Operating Partnership unit 266,265,043 243,146,376 Diluted net income per Operating Partnership unit $ 0.22 $ 0.19 (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	3 Months Ended
	Mar. 31, 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	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only 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 March 31, 2018 and December 31, 2017 and for the three ended March 31, 2018 and March 31, 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 March 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 639 $ — $ 9,948,771 $ — $ 9,949,410 Cash and cash equivalents 280,117 — — — 280,117 Tenant and other receivables, net 426 — 1,911 — 2,337 Intercompany 1,194,220 — — (1,194,220 ) — Prepaid expenses and other assets 33,936 — — — 33,936 Investments in subsidiaries 8,593,646 — — (8,593,646 ) — Above market lease, asset — — 44,194 — 44,194 Total assets $ 10,102,984 $ — $ 9,994,876 $ (9,787,866 ) $ 10,309,994 Debt, net 3,925,203 — — — 3,925,203 Due to MGM Resorts International and affiliates 302 — — — 302 Intercompany — — 1,194,220 (1,194,220 ) — Accounts payable, accrued expenses and other liabilities 2,685 — 1,911 — 4,596 Above market lease, liability — — 46,847 — 46,847 Accrued interest 30,515 — — — 30,515 Dividend and distribution payable 111,733 — — — 111,733 Deferred revenue — — 129,708 — 129,708 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,070,438 — 1,401,230 (1,194,220 ) 4,277,448 General partner — — — — — Limited partners 6,032,546 — 8,593,646 (8,593,646 ) 6,032,546 Total partners' capital 6,032,546 — 8,593,646 (8,593,646 ) 6,032,546 Total liabilities and partners’ capital $ 10,102,984 $ — $ 9,994,876 $ (9,787,866 ) $ 10,309,994 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 March 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,563 $ — $ 186,563 Tenant reimbursements and other — — 29,276 — 29,276 — — 215,839 — 215,839 Expenses Depreciation — — 68,991 — 68,991 Property transactions, net — — 4,086 — 4,086 Reimbursable expenses — — 28,360 — 28,360 Amortization of above market lease, net — — 171 — 171 Acquisition-related expenses 541 — — — 541 General and administrative 3,908 — — — 3,908 4,449 — 101,608 — 106,057 Operating income (loss) (4,449 ) — 114,231 — 109,782 Equity in earnings of subsidiaries 113,000 — — (113,000 ) — Non-operating income (expense) Interest income 1,032 — — — 1,032 Interest expense (49,230 ) — — — (49,230 ) Other non-operating expenses (2,184 ) — — — (2,184 ) (50,382 ) — — — (50,382 ) Income before income taxes 58,169 — 114,231 (113,000 ) 59,400 Provision for income taxes — — (1,231 ) — (1,231 ) Net income $ 58,169 $ — $ 113,000 $ (113,000 ) $ 58,169 Other comprehensive income Net income 58,169 — 113,000 (113,000 ) 58,169 Unrealized gain on cash flow hedges, net 16,355 — — — 16,355 Comprehensive income $ 74,524 $ — $ 113,000 $ (113,000 ) $ 74,524 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended March 31, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 163,177 $ — $ 163,177 Tenant reimbursements and other — — 20,722 — 20,722 — — 183,899 — 183,899 Expenses Depreciation — — 61,684 — 61,684 Property transactions, net — — 6,855 — 6,855 Reimbursable expenses — — 20,487 — 20,487 Amortization of above market lease, net — — 171 — 171 General and administrative 2,680 — — — 2,680 2,680 — 89,197 — 91,877 Operating income (loss) (2,680 ) — 94,702 — 92,022 Equity in earnings of subsidiaries 93,464 — — (93,464 ) — Non-operating income (expense) Interest income 678 — — — 678 Interest expense (44,636 ) — — — (44,636 ) Other non-operating expenses (134 ) — — — (134 ) (44,092 ) — — — (44,092 ) Income before income taxes 46,692 — 94,702 (93,464 ) 47,930 Provision for income taxes — — (1,238 ) — (1,238 ) Net income $ 46,692 $ — $ 93,464 $ (93,464 ) $ 46,692 Other comprehensive income Net income 46,692 — 93,464 (93,464 ) 46,692 Unrealized loss on cash flow hedges, net (634 ) — — — (634 ) Comprehensive income $ 46,058 $ — $ 93,464 $ (93,464 ) $ 46,058 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (43,951 ) $ — $ 189,175 $ — $ 145,224 Cash flows from investing activities Capital expenditures for property and equipment (177 ) — — — (177 ) Net cash used in investing activities (177 ) — — — (177 ) Cash flows from financing activities Deferred financing costs (4,544 ) — — — (4,544 ) Repayment of debt principal (8,375 ) — — — (8,375 ) Distributions paid (111,733 ) — — — (111,733 ) Cash received by Parent on behalf of Guarantor Subsidiaries 189,175 — (189,175 ) — — Net cash provided by (used in) financing activities 64,523 — (189,175 ) — (124,652 ) Cash and cash equivalents Net increase for the period 20,395 — — — 20,395 Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 280,117 $ — $ — $ — $ 280,117 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (43,309 ) $ — $ 162,500 $ — $ 119,191 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent — — — — — Net cash used in investing activities — — — — — Cash flows from financing activities Deferred financing costs (526 ) — — — (526 ) Repayment of debt principal (16,750 ) — — — (16,750 ) Distributions paid (94,109 ) — — — (94,109 ) Cash received by Parent on behalf of Guarantor Subsidiaries 162,500 — (162,500 ) — — Net cash provided by (used in) financing activities 51,115 — (162,500 ) — (111,385 ) Cash and cash equivalents Net increase for the period 7,806 — — — 7,806 Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 368,298 $ — $ — $ — $ 368,298

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Hard Rock Rocksino Northfield Park Acquisition. On April 4, 2018, MGP entered into an agreement with Milstein Entertainment LLC to acquire the Hard Rock Rocksino Northfield Park ("Rocksino") for approximately $1.06 billion . The membership interest purchase agreement provides for the acquisition of 100% of the issued and outstanding limited liability company interests in Northfield Park Associates LLC, which owns and operates the Rocksino. The transaction is expected to close in the second half of 2018 and is subject to customary closing conditions and regulatory approvals.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 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 and property insurance expense were separately classified in prior periods and are 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, 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 automatically become MGP’s property, 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. The Company’s effective income tax rate was 2.1% and 2.6% for the three months ended March 31, 2018 and March 31, 2017 , respectively.
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)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Carrying Value of Real Estate Investments	The carrying value of real estate investments is as follows: March 31, 2018 December 31, 2017 (in thousands) Land $ 4,143,513 $ 4,143,513 Buildings, building improvements, land improvements and integral equipment 8,490,592 8,512,334 12,634,105 12,655,847 Less: Accumulated depreciation (2,684,695 ) (2,633,909 ) $ 9,949,410 $ 10,021,938

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt consists of the following: March 31, 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 1,813,000 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 3,983,000 3,991,375 Less: Unamortized discount and debt issuance costs (57,797 ) (56,747 ) $ 3,925,203 $ 3,934,628

Shareholders' Equity and Part23

Shareholders' Equity and Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2018 and March 31, 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 2017 March 15, 2017 March 31, 2017 $ 0.3875 April 13, 2017 $ 94,109 $ 22,281
Changes in Shareholders' Equity	The following table presents MGP's changes in shareholders' equity for the three months ended March 31, 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 March 31, 2018 15,830 42,339 58,169 Other comprehensive income - cash flow hedges 4,358 11,997 16,355 Share-based compensation 102 282 384 Deemed contribution - tax sharing agreement — 1,231 1,231 Dividends and distributions declared (29,777 ) (81,956 ) (111,733 ) Other 108 293 401 Balance at March 31, 2018 $ 1,615,271 $ 4,417,275 $ 6,032,546
Changes in Partners' Capital	The following table presents the Operating Partnership's changes in partners' capital for the three months ended March 31, 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 March 31, 2018 — 58,169 58,169 Other comprehensive income - cash flow hedges — 16,355 16,355 Share-based compensation — 384 384 Deemed contribution - tax sharing agreement — 1,231 1,231 Distributions declared — (111,733 ) (111,733 ) Other — 401 401 Balance at March 31, 2018 $ — $ 6,032,546 $ 6,032,546

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive income by component for the three months ended March 31, 2018 : Cash Flow Hedges (in thousands) Balance at December 31, 2017 $ 11,661 Other comprehensive income before reclassifications 15,510 Amounts reclassified from accumulated other comprehensive income to interest expense 845 Net current period other comprehensive income 16,355 Balance at March 31, 2018 28,016 Accumulated other comprehensive income attributable to noncontrolling interest (20,550 ) Accumulated other comprehensive income attributable to Class A shareholders $ 7,466

Net Income Per Class A Share (T

Net Income Per Class A Share (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Basic net income per Class A share $ 0.22 $ 0.20 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Effect of dilutive shares for diluted net income per Class A share (2) 160,779 278,045 Weighted average shares for diluted net income per Class A share 71,130,920 57,784,240 Diluted net income per Class A share (3) $ 0.22 $ 0.20 (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 March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 58,169 $ 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Basis net income per Operating Partnership unit $ 0.22 $ 0.19 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 58,169 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 160,779 278,045 Weighted average shares for diluted net income per Operating Partnership unit 266,265,043 243,146,376 Diluted net income per Operating Partnership unit $ 0.22 $ 0.19 (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 Part26

Net Income Per Operating Partnership Unit (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Basic net income per Class A share $ 0.22 $ 0.20 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per share Numerator: Net income attributable to Class A shares $ 15,830 $ 11,348 Denominator: Basic weighted average Class A shares outstanding (1) 70,970,141 57,506,195 Effect of dilutive shares for diluted net income per Class A share (2) 160,779 278,045 Weighted average shares for diluted net income per Class A share 71,130,920 57,784,240 Diluted net income per Class A share (3) $ 0.22 $ 0.20 (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 March 31, 2018 2017 (in thousands, except share and per share amounts) Basic net income per Operating Partnership unit Numerator: Net income $ 58,169 $ 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Basis net income per Operating Partnership unit $ 0.22 $ 0.19 Three Months Ended March 31, 2018 2017 (in thousands, except share and per share amounts) Diluted net income per Operating Partnership unit Numerator: Net income $ 58,169 46,692 Denominator: Basic weighted average Operating Partnership units outstanding (1) 266,104,264 242,868,331 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 160,779 278,045 Weighted average shares for diluted net income per Operating Partnership unit 266,265,043 243,146,376 Diluted net income per Operating Partnership unit $ 0.22 $ 0.19 (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 Finan27

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only 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 March 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 639 $ — $ 9,948,771 $ — $ 9,949,410 Cash and cash equivalents 280,117 — — — 280,117 Tenant and other receivables, net 426 — 1,911 — 2,337 Intercompany 1,194,220 — — (1,194,220 ) — Prepaid expenses and other assets 33,936 — — — 33,936 Investments in subsidiaries 8,593,646 — — (8,593,646 ) — Above market lease, asset — — 44,194 — 44,194 Total assets $ 10,102,984 $ — $ 9,994,876 $ (9,787,866 ) $ 10,309,994 Debt, net 3,925,203 — — — 3,925,203 Due to MGM Resorts International and affiliates 302 — — — 302 Intercompany — — 1,194,220 (1,194,220 ) — Accounts payable, accrued expenses and other liabilities 2,685 — 1,911 — 4,596 Above market lease, liability — — 46,847 — 46,847 Accrued interest 30,515 — — — 30,515 Dividend and distribution payable 111,733 — — — 111,733 Deferred revenue — — 129,708 — 129,708 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,070,438 — 1,401,230 (1,194,220 ) 4,277,448 General partner — — — — — Limited partners 6,032,546 — 8,593,646 (8,593,646 ) 6,032,546 Total partners' capital 6,032,546 — 8,593,646 (8,593,646 ) 6,032,546 Total liabilities and partners’ capital $ 10,102,984 $ — $ 9,994,876 $ (9,787,866 ) $ 10,309,994
Consolidating Statement of Operations and Comprehensive Income Information	CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended March 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,563 $ — $ 186,563 Tenant reimbursements and other — — 29,276 — 29,276 — — 215,839 — 215,839 Expenses Depreciation — — 68,991 — 68,991 Property transactions, net — — 4,086 — 4,086 Reimbursable expenses — — 28,360 — 28,360 Amortization of above market lease, net — — 171 — 171 Acquisition-related expenses 541 — — — 541 General and administrative 3,908 — — — 3,908 4,449 — 101,608 — 106,057 Operating income (loss) (4,449 ) — 114,231 — 109,782 Equity in earnings of subsidiaries 113,000 — — (113,000 ) — Non-operating income (expense) Interest income 1,032 — — — 1,032 Interest expense (49,230 ) — — — (49,230 ) Other non-operating expenses (2,184 ) — — — (2,184 ) (50,382 ) — — — (50,382 ) Income before income taxes 58,169 — 114,231 (113,000 ) 59,400 Provision for income taxes — — (1,231 ) — (1,231 ) Net income $ 58,169 $ — $ 113,000 $ (113,000 ) $ 58,169 Other comprehensive income Net income 58,169 — 113,000 (113,000 ) 58,169 Unrealized gain on cash flow hedges, net 16,355 — — — 16,355 Comprehensive income $ 74,524 $ — $ 113,000 $ (113,000 ) $ 74,524 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended March 31, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 163,177 $ — $ 163,177 Tenant reimbursements and other — — 20,722 — 20,722 — — 183,899 — 183,899 Expenses Depreciation — — 61,684 — 61,684 Property transactions, net — — 6,855 — 6,855 Reimbursable expenses — — 20,487 — 20,487 Amortization of above market lease, net — — 171 — 171 General and administrative 2,680 — — — 2,680 2,680 — 89,197 — 91,877 Operating income (loss) (2,680 ) — 94,702 — 92,022 Equity in earnings of subsidiaries 93,464 — — (93,464 ) — Non-operating income (expense) Interest income 678 — — — 678 Interest expense (44,636 ) — — — (44,636 ) Other non-operating expenses (134 ) — — — (134 ) (44,092 ) — — — (44,092 ) Income before income taxes 46,692 — 94,702 (93,464 ) 47,930 Provision for income taxes — — (1,238 ) — (1,238 ) Net income $ 46,692 $ — $ 93,464 $ (93,464 ) $ 46,692 Other comprehensive income Net income 46,692 — 93,464 (93,464 ) 46,692 Unrealized loss on cash flow hedges, net (634 ) — — — (634 ) Comprehensive income $ 46,058 $ — $ 93,464 $ (93,464 ) $ 46,058
Consolidating Statement of Cash Flows Information	CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (43,951 ) $ — $ 189,175 $ — $ 145,224 Cash flows from investing activities Capital expenditures for property and equipment (177 ) — — — (177 ) Net cash used in investing activities (177 ) — — — (177 ) Cash flows from financing activities Deferred financing costs (4,544 ) — — — (4,544 ) Repayment of debt principal (8,375 ) — — — (8,375 ) Distributions paid (111,733 ) — — — (111,733 ) Cash received by Parent on behalf of Guarantor Subsidiaries 189,175 — (189,175 ) — — Net cash provided by (used in) financing activities 64,523 — (189,175 ) — (124,652 ) Cash and cash equivalents Net increase for the period 20,395 — — — 20,395 Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 280,117 $ — $ — $ — $ 280,117 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 2017 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (43,309 ) $ — $ 162,500 $ — $ 119,191 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent — — — — — Net cash used in investing activities — — — — — Cash flows from financing activities Deferred financing costs (526 ) — — — (526 ) Repayment of debt principal (16,750 ) — — — (16,750 ) Distributions paid (94,109 ) — — — (94,109 ) Cash received by Parent on behalf of Guarantor Subsidiaries 162,500 — (162,500 ) — — Net cash provided by (used in) financing activities 51,115 — (162,500 ) — (111,385 ) Cash and cash equivalents Net increase for the period 7,806 — — — 7,806 Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 368,298 $ — $ — $ — $ 368,298

Business (Details)

Business (Details)	3 Months Ended
	Mar. 31, 2018shares	Dec. 31, 2017shares
Business And Organization [Line Items]
Ownership percentage acquired	26.60%
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)	195,134,123
Increase in ownership interest in operating partnership	73.40%
MGP Operating Partnership
Business And Organization [Line Items]
Operating Partnership units outstanding (in shares)	266,030,918	266,030,918

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 125,800,000
Effective tax rate	2.10%	2.60%
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	10,000,000,000
Maximum exposure to loss, liabilities	$ 207,000,000

Real Estate Investments (Detail

Real Estate Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Real estate investments, gross	$ 12,634,105	$ 12,655,847
Less: Accumulated depreciation	(2,684,695)	(2,633,909)
Real estate investments, net	9,949,410	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	$ 8,490,592	$ 8,512,334

Master Lease (Details)

Master Lease (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017term	Apr. 01, 2018USD ($)
Leases [Line Items]
Number of lease extension options | term			4
Rent payments due under master lease	$ 756,700
Rental revenues	186,563	$ 163,177
Revenue related to the tenant reimbursements and other	$ 29,276	$ 20,722
Master Lease
Leases [Line Items]
Initial lease term			10 years
Lease extension term			5 years
Master Lease Base Rent | Subsequent Event
Leases [Line Items]
Rent payments due under master lease				$ 770,300
Fixed annual rent escalator				2.00%

Debt (Details)

Debt (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 3,983,000,000	$ 3,991,375,000
Less: Unamortized discount and debt issuance costs	(57,797,000)	(56,747,000)
Long-term debt, net	3,925,203,000	3,934,628,000
Senior secured term loan A facility | Term Loan
Debt Instrument [Line Items]
Principal amount	270,000,000
Senior secured term loan	270,000,000	273,750,000
Senior secured term loan B facility | Term Loan
Debt Instrument [Line Items]
Principal amount	1,800,000,000
Senior secured term loan	1,813,000,000	1,817,625,000
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) - USD ($)	Mar. 23, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Estimated fair value of long-term debt		$ 4,000,000,000		$ 4,100,000,000
Amortization of deferred financing costs		$ 3,000,000	$ 2,800,000
Operating Partnership Credit Agreement
Debt Instrument [Line Items]
Maximum senior secured net debt to adjusted total assets ratio under covenant		40.00%
Maximum total net debt to adjusted total assets ratio under covenant		65.00%
Minimum interest coverage ratio under covenant		200.00%
Operating Partnership Credit Agreement | Senior Secured Term Loan A Facility
Debt Instrument [Line Items]
Interest rate		4.38%
Operating Partnership Credit Agreement | Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Interest rate		3.88%
Operating Partnership Credit Agreement | Senior Secured Term Loan B Facility | LIBOR
Debt Instrument [Line Items]
Variable rate	2.00%	2.25%
LIBOR floor rate		0.00%
Extension period	2 years
Repriced rate	99.75%
Variable rate upon corporate rating upgrade by S&P or Moody's	1.75%
Term Loan | Senior Secured Term Loan A Facility
Debt Instrument [Line Items]
Principal amount		$ 270,000,000
Repayments of long-term debt		4,000,000
Term Loan | Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount		1,800,000,000
Repayments of long-term debt		$ 5,000,000
Revolving Credit Facility | Operating Partnership Credit Agreement | Senior Secured Term Loan A Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Initial variable margin		2.25%
Revolving Credit Facility | Operating Partnership Credit Agreement | Senior Secured Term Loan A Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Initial variable margin		2.75%
Revolving Credit Facility | Operating Partnership Credit Agreement | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility amount		$ 600,000,000
Amount drawn under credit facility		$ 0

Derivatives and Hedging Activ34

Derivatives and Hedging Activities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Net gain (loss) related to derivative instrument	$ 16,355,000	$ (634,000)
Ineffective portion of the change in fair value derivatives	0
Interest expense	$ 49,230,000	44,636,000
Interest Rate Swaps
Derivative [Line Items]
Weighted average fixed rate	1.844%
Notional amount	$ 1,200,000,000
Interest expense	800,000	$ 2,700,000
Designated as Hedging Instrument | Interest Rate Swaps
Derivative [Line Items]
Fair value of derivative instruments	$ 27,500,000		$ 11,300,000

Shareholders' Equity and Part35

Shareholders' Equity and Partners' Capital - Distributions and Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 15, 2018	Apr. 13, 2017	Mar. 31, 2018
Class of Stock [Line Items]
MGP Class A Dividend			$ 111,733
Class A Shares
Class of Stock [Line Items]
Dividend Per Share (in dollars per share)		$ 387.5000
MGP Class A Dividend		$ 22,281
MGP Operating Partnership
Class of Stock [Line Items]
Distribution Per Unit (in dollars per share)		$ 387.5000
Operating Partnership Distribution		$ 94,109
Subsequent Event | Class A Shares
Class of Stock [Line Items]
Dividend Per Share (in dollars per share)	$ 420
MGP Class A Dividend	$ 29,777
Subsequent Event | MGP Operating Partnership
Class of Stock [Line Items]
Distribution Per Unit (in dollars per share)	$ 420
Operating Partnership Distribution	$ 111,733

Shareholders' Equity and Part36

Shareholders' Equity and Partners' Capital - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 6,067,739
Net income	58,169	$ 46,692
Other comprehensive income - cash flow hedges	16,355	$ (634)
Share-based compensation	384
Deemed contribution - tax sharing agreement	1,231
Dividends and distributions declared	(111,733)
Other	401
Balance	6,032,546
Total Class A Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,624,650
Net income	15,830
Other comprehensive income - cash flow hedges	4,358
Share-based compensation	102
Deemed contribution - tax sharing agreement	0
Dividends and distributions declared	(29,777)
Other	108
Balance	1,615,271
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	4,443,089
Net income	42,339
Other comprehensive income - cash flow hedges	11,997
Share-based compensation	282
Deemed contribution - tax sharing agreement	1,231
Dividends and distributions declared	(81,956)
Other	293
Balance	$ 4,417,275

Shareholders' Equity and Part37

Shareholders' Equity and Partners' Capital - Changes in Partners' Capital (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance	$ 6,067,739
Net income	58,169	$ 46,692
Other comprehensive income - cash flow hedges	16,355	(634)
Deemed contribution - tax sharing agreement	1,231
Balance	6,032,546
MGP Operating Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance	6,067,739
Net income	58,169	$ 46,692
Other comprehensive income - cash flow hedges	16,355
Share-based compensation	384
Deemed contribution - tax sharing agreement	1,231
Distributions declared	(111,733)
Other	401
Balance	6,032,546
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
Limited Partners | MGP Operating Partnership
Increase (Decrease) in Partners' Capital [Roll Forward]
Balance	6,067,739
Net income	58,169
Other comprehensive income - cash flow hedges	16,355
Share-based compensation	384
Deemed contribution - tax sharing agreement	1,231
Distributions declared	(111,733)
Other	401
Balance	$ 6,032,546

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance	$ 6,067,739
Other comprehensive income (loss)	16,355	$ (634)
Balance	6,032,546
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance	11,661
Other comprehensive income before reclassifications	15,510
Amounts reclassified from accumulated other comprehensive income to interest expense	845
Other comprehensive income (loss)	16,355
Balance	28,016
Accumulated other comprehensive income attributable to noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance	20,550
Accumulated other comprehensive income attributable to Class A shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Balance	$ 7,466

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
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income attributable to Class A shares	$ 15,830	$ 11,348
Denominator:
Basic weighted average Class A shares outstanding (in shares)	70,970,141	57,506,195
Basic net income per Class A share (in dollars per share)	$ 0.22	$ 0.20
Numerator:
Net income attributable to Class A shares	$ 15,830	$ 11,348
Denominator:
Basic weighted average Class A shares outstanding (in shares)	70,970,141	57,506,195
Effect of dilutive shares for diluted net income per Class A share (in shares)	160,779	278,045
Weighted average shares for diluted net income per Class A share (in shares)	71,130,920	57,784,240
Diluted net income per Class A share (in dollars per share)	$ 0.22	$ 0.20

Net Income Per Operating Part40

Net Income Per Operating Partnership Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income	$ 58,169	$ 46,692
Numerator:
Net income	58,169	46,692
MGP Operating Partnership
Numerator:
Net income	$ 58,169	$ 46,692
Denominator:
Basic weighted average Operating Partnership units outstanding (in shares)	266,104,264	242,868,331
Basic net income per Operating Partnership Unit (in dollars per share)	$ 0.22	$ 0.19
Numerator:
Net income	$ 58,169	$ 46,692
Denominator:
Basic weighted average Operating Partnership units outstanding (in shares)	266,104,264	242,868,331
Effect of dilutive shares for diluted net income per Operating Partnership unit (in shares)	160,779	278,045
Weighted average shares for diluted net income per Operating Partnership unit (in shares)	266,265,043	243,146,376
Diluted net income per Operating Partnership unit (in dollars per share)	$ 0.22	$ 0.19

Condensed Consolidating Finan41

Condensed Consolidating Financial Information - Consolidating Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Real estate investments, net	$ 9,949,410	$ 10,021,938
Cash and cash equivalents	280,117	259,722	$ 368,298	$ 360,492
Tenant and other receivables, net	2,337	6,385
Intercompany	0	0
Prepaid expenses and other assets	33,936	18,487
Investments in subsidiaries	0	0
Above market lease, asset	44,194	44,588
Total assets	10,309,994	10,351,120
Liabilities
Debt, net	3,925,203	3,934,628
Due to MGM Resorts International and affiliates	302	962
Intercompany	0	0
Accounts payable, accrued expenses and other liabilities	4,596	10,240
Above market lease, liability	46,847	47,069
Accrued interest	30,515	22,565
Dividend and distribution payable	111,733	111,733
Deferred revenue	129,708	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,277,448	4,283,381
General partner	0	0
Limited partners	6,032,546	6,067,739
Total partners' capital	6,032,546	6,067,739
Total liabilities and shareholders’ equity	10,309,994	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	(1,194,220)	(1,383,397)
Prepaid expenses and other assets	0	0
Investments in subsidiaries	(8,593,646)	(8,479,388)
Above market lease, asset	0	0
Total assets	(9,787,866)	(9,862,785)
Liabilities
Debt, net	0	0
Due to MGM Resorts International and affiliates	0	0
Intercompany	(1,194,220)	(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	(1,194,220)	(1,383,397)
General partner	0	0
Limited partners	(8,593,646)	(8,479,388)
Total partners' capital	(8,593,646)	(8,479,388)
Total liabilities and shareholders’ equity	(9,787,866)	(9,862,785)
Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Real estate investments, net	9,948,771	10,021,450
Cash and cash equivalents	0	0	0	0
Tenant and other receivables, net	1,911	6,086
Intercompany	0	0
Prepaid expenses and other assets	0	0
Investments in subsidiaries	0	0
Above market lease, asset	44,194	44,588
Total assets	9,994,876	10,072,124
Liabilities
Debt, net	0	0
Due to MGM Resorts International and affiliates	0	0
Intercompany	1,194,220	1,383,397
Accounts payable, accrued expenses and other liabilities	1,911	6,086
Above market lease, liability	46,847	47,069
Accrued interest	0	0
Dividend and distribution payable	0	0
Deferred revenue	129,708	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	1,401,230	1,592,736
General partner	0	0
Limited partners	8,593,646	8,479,388
Total partners' capital	8,593,646	8,479,388
Total liabilities and shareholders’ equity	9,994,876	10,072,124
MGP Operating Partnership
ASSETS
Real estate investments, net	9,949,410	10,021,938
Cash and cash equivalents	280,117	259,722	368,298	360,492
Tenant and other receivables, net	2,337	6,385
Prepaid expenses and other assets	33,936	18,487
Above market lease, asset	44,194	44,588
Total assets	10,309,994	10,351,120
Liabilities
Debt, net	3,925,203	3,934,628
Due to MGM Resorts International and affiliates	302	962
Accounts payable, accrued expenses and other liabilities	4,596	10,240
Above market lease, liability	46,847	47,069
Accrued interest	30,515	22,565
Dividend and distribution payable	111,733	111,733
Deferred revenue	129,708	127,640
Deferred income taxes, net	28,544	28,544
Total liabilities	4,277,448	4,283,381
General partner	0	0
Limited partners	6,032,546	6,067,739
Total partners' capital	6,032,546	6,067,739
Total liabilities and shareholders’ equity	10,309,994	10,351,120
MGP Operating Partnership | Reportable Legal Entities
ASSETS
Real estate investments, net	639	488
Cash and cash equivalents	280,117	259,722	368,298	360,492
Tenant and other receivables, net	426	299
Intercompany	1,194,220	1,383,397
Prepaid expenses and other assets	33,936	18,487
Investments in subsidiaries	8,593,646	8,479,388
Above market lease, asset	0	0
Total assets	10,102,984	10,141,781
Liabilities
Debt, net	3,925,203	3,934,628
Due to MGM Resorts International and affiliates	302	962
Intercompany	0	0
Accounts payable, accrued expenses and other liabilities	2,685	4,154
Above market lease, liability	0	0
Accrued interest	30,515	22,565
Dividend and distribution payable	111,733	111,733
Deferred revenue	0	0
Deferred income taxes, net	0	0
Total liabilities	4,070,438	4,074,042
General partner	0	0
Limited partners	6,032,546	6,067,739
Total partners' capital	6,032,546	6,067,739
Total liabilities and shareholders’ equity	10,102,984	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 Finan42

Condensed Consolidating Financial Information - Consolidating Statement of Operations and Comprehensive Income Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental revenue	$ 186,563	$ 163,177
Tenant reimbursements and other	29,276	20,722
Revenues, net	215,839	183,899
Expenses
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Reimbursable expenses	28,360	20,487
Amortization of above market lease, net	171	171
Acquisition-related expenses	541	0
General and administrative	3,908	2,680
Expenses, net	106,057	91,877
Operating income	109,782	92,022
Equity in earnings of subsidiaries	0	0
Non-operating income (expense)
Interest income	1,032	678
Interest expense	(49,230)	(44,636)
Other non-operating expenses	(2,184)	(134)
Non-operating income (expense)	(50,382)	(44,092)
Income before income taxes	59,400	47,930
Provision for income taxes	(1,231)	(1,238)
Net income	58,169	46,692
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	16,355	(634)
Comprehensive income	74,524	46,058
Eliminations
Revenues
Rental revenue	0	0
Tenant reimbursements and other	0	0
Revenues, net	0	0
Expenses
Depreciation	0	0
Property transactions, net	0	0
Reimbursable expenses	0	0
Amortization of above market lease, net	0	0
Acquisition-related expenses	0
General and administrative	0	0
Expenses, net	0	0
Operating income	0	0
Equity in earnings of subsidiaries	(113,000)	(93,464)
Non-operating income (expense)
Interest income	0	0
Interest expense	0	0
Other non-operating expenses	0	0
Non-operating income (expense)	0	0
Income before income taxes	(113,000)	(93,464)
Provision for income taxes	0	0
Net income	(113,000)	(93,464)
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	0	0
Comprehensive income	(113,000)	(93,464)
Guarantor Subsidiaries | Reportable Legal Entities
Revenues
Rental revenue	186,563	163,177
Tenant reimbursements and other	29,276	20,722
Revenues, net	215,839	183,899
Expenses
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Reimbursable expenses	28,360	20,487
Amortization of above market lease, net	171	171
Acquisition-related expenses	0
General and administrative	0	0
Expenses, net	101,608	89,197
Operating income	114,231	94,702
Equity in earnings of subsidiaries	0	0
Non-operating income (expense)
Interest income	0	0
Interest expense	0	0
Other non-operating expenses	0	0
Non-operating income (expense)	0	0
Income before income taxes	114,231	94,702
Provision for income taxes	(1,231)	(1,238)
Net income	113,000	93,464
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	0	0
Comprehensive income	113,000	93,464
MGP Operating Partnership
Revenues
Rental revenue	186,563	163,177
Tenant reimbursements and other	29,276	20,722
Revenues, net	215,839	183,899
Expenses
Depreciation	68,991	61,684
Property transactions, net	4,086	6,855
Reimbursable expenses	28,360	20,487
Amortization of above market lease, net	171	171
Acquisition-related expenses	541	0
General and administrative	3,908	2,680
Expenses, net	106,057	91,877
Operating income	109,782	92,022
Non-operating income (expense)
Interest income	1,032	678
Interest expense	(49,230)	(44,636)
Other non-operating expenses	(2,184)	(134)
Non-operating income (expense)	(50,382)	(44,092)
Income before income taxes	59,400	47,930
Provision for income taxes	(1,231)	(1,238)
Net income	58,169	46,692
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	16,355	(634)
Comprehensive income	74,524	46,058
MGP Operating Partnership | Reportable Legal Entities
Revenues
Rental revenue	0	0
Tenant reimbursements and other	0	0
Revenues, net	0	0
Expenses
Depreciation	0	0
Property transactions, net	0	0
Reimbursable expenses	0	0
Amortization of above market lease, net	0	0
Acquisition-related expenses	541
General and administrative	3,908	2,680
Expenses, net	4,449	2,680
Operating income	(4,449)	(2,680)
Equity in earnings of subsidiaries	113,000	93,464
Non-operating income (expense)
Interest income	1,032	678
Interest expense	(49,230)	(44,636)
Other non-operating expenses	(2,184)	(134)
Non-operating income (expense)	(50,382)	(44,092)
Income before income taxes	58,169	46,692
Provision for income taxes	0	0
Net income	58,169	46,692
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net		(634)
Comprehensive income	74,524	46,058
Co-Issuer | Reportable Legal Entities
Revenues
Rental revenue	0	0
Tenant reimbursements and other	0	0
Revenues, net	0	0
Expenses
Depreciation	0	0
Property transactions, net	0	0
Reimbursable expenses	0	0
Amortization of above market lease, net	0	0
Acquisition-related expenses	0
General and administrative	0	0
Expenses, net	0	0
Operating income	0	0
Equity in earnings of subsidiaries	0	0
Non-operating income (expense)
Interest income	0	0
Interest expense	0	0
Other non-operating expenses	0	0
Non-operating income (expense)	0	0
Income before income taxes	0	0
Provision for income taxes	0	0
Net income	0	0
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges, net	0	0
Comprehensive income	$ 0	$ 0

Condensed Consolidating Finan43

Condensed Consolidating Financial Information - Consolidating Statement of Cash Flows Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 145,224	$ 119,191
Cash flows from investing activities
Capital expenditures for property and equipment	(177)	0
Net cash used in investing activities	(177)	0
Cash flows from financing activities
Deferred financing costs	(4,544)	(526)
Repayment of debt principal	(8,375)	(16,750)
Dividends and distributions paid	(111,733)	(94,109)
Cash received by Parent on behalf of Guarantor Subsidiaries	0	0
Net cash used in financing activities	(124,652)	(111,385)
Cash and cash equivalents
Net increase for the period	20,395	7,806
Balance, beginning of period	259,722	360,492
Balance, end of period	280,117	368,298
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 principal	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	189,175	162,500
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 principal	0	0
Dividends and distributions paid	0	0
Cash received by Parent on behalf of Guarantor Subsidiaries	(189,175)	(162,500)
Net cash used in financing activities	(189,175)	(162,500)
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	145,224	119,191
Cash flows from investing activities
Capital expenditures for property and equipment	(177)	0
Net cash used in investing activities	(177)	0
Cash flows from financing activities
Deferred financing costs	(4,544)	(526)
Repayment of debt principal	(8,375)	(16,750)
Dividends and distributions paid	(111,733)	(94,109)
Net cash used in financing activities	(124,652)	(111,385)
Cash and cash equivalents
Net increase for the period	20,395	7,806
Balance, beginning of period	259,722	360,492
Balance, end of period	280,117	368,298
MGP Operating Partnership | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by (used in) operating activities	(43,951)	(43,309)
Cash flows from investing activities
Capital expenditures for property and equipment	(177)	0
Net cash used in investing activities	(177)	0
Cash flows from financing activities
Deferred financing costs	(4,544)	(526)
Repayment of debt principal	(8,375)	(16,750)
Dividends and distributions paid	(111,733)	(94,109)
Cash received by Parent on behalf of Guarantor Subsidiaries	189,175	162,500
Net cash used in financing activities	64,523	51,115
Cash and cash equivalents
Net increase for the period	20,395	7,806
Balance, beginning of period	259,722	360,492
Balance, end of period	280,117	368,298
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 principal	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

Subsequent Events (Details)

Subsequent Events (Details) - Hard Rock Rocksino Northfield Park Transaction - Subsequent Event $ in Millions	Apr. 05, 2018USD ($)
Subsequent Event [Line Items]
Consideration transferred	$ 1,060
Percent of voting interests acquired	100.00%