MGM Growth Properties Operating Partnership (MGP) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-37733
Entity Registrant Name	MGM Growth Properties LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5513237
Entity Address, Address Line One	1980 Festival Plaza Drive, Suite #750
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89135
City Area Code	702
Local Phone Number	669-1480
Title of 12(b) Security	Class A Shares, no par value
Trading Symbol	MGP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001656936
Current Fiscal Year End Date	--12-31
MGP Operating Partnership
Document Information [Line Items]
Entity File Number	333-215571
Entity Registrant Name	MGM Growth Properties Operating Partnership LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1162318
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001691299
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		131,455,410
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
ASSETS
Real estate investments, net		$ 8,427,330	$ 10,827,972
Lease incentive asset		517,171	527,181
Investment in unconsolidated affiliate		805,583	0
Cash and cash equivalents		725,889	202,101
Prepaid expenses and other assets		26,569	31,485
Above market lease, asset		40,653	41,440
Operating lease right-of-use assets		280,307	280,093
Total assets		10,823,502	11,910,272
Liabilities
Debt, net		3,614,749	4,307,354
Due to MGM Resorts International and affiliates		324	774
Accounts payable, accrued expenses and other liabilities		144,210	37,421
Accrued interest		46,221	42,904
Dividend and distribution payable		147,941	147,349
Deferred revenue		130,251	108,593
Deferred income taxes, net		29,909	29,909
Operating lease liabilities		340,451	337,956
Total liabilities		4,454,056	5,012,260
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest		700,000	0
Shareholders' equity
Class A shares*: no par value, 1,000,000,000 shares authorized, 131,455,410 and 113,806,820 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	[1]	0	0
Additional paid-in capital		2,987,682	2,766,325
Accumulated deficit		(379,587)	(244,381)
Accumulated other comprehensive loss		(52,899)	(7,045)
Total Class A shareholders' equity		2,555,196	2,514,899
Noncontrolling interest		3,114,250	4,383,113
Total shareholders' equity		5,669,446	6,898,012
Partners’ capital
Total liabilities, redeemable noncontrolling interest, and shareholders' equity		10,823,502	11,910,272
MGP Operating Partnership
ASSETS
Real estate investments, net		8,427,330	10,827,972
Lease incentive asset		517,171	527,181
Investment in unconsolidated affiliate		805,583	0
Cash and cash equivalents		725,889	202,101
Prepaid expenses and other assets		26,569	31,485
Above market lease, asset		40,653	41,440
Operating lease right-of-use assets		280,307	280,093
Total assets		10,823,502	11,910,272
Liabilities
Debt, net		3,614,749	4,307,354
Due to MGM Resorts International and affiliates		324	774
Accounts payable, accrued expenses and other liabilities		144,210	37,421
Accrued interest		46,221	42,904
Dividend and distribution payable		147,941	147,349
Deferred revenue		130,251	108,593
Deferred income taxes, net		29,909	29,909
Operating lease liabilities		340,451	337,956
Total liabilities		4,454,056	5,012,260
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest		700,000	0
Partners’ capital
General partner		0	0
Limited partners*: 303,467,998 and 313,509,363 Operating Partnership units issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.	[2]	5,669,446	6,898,012
Total partners’ capital		5,669,446	6,898,012
Total liabilities, redeemable noncontrolling interest, and shareholders' equity		$ 10,823,502	$ 11,910,272
[1]	Reflects all Class A shares outstanding. See Note 2 for discussion of redeemable noncontrolling interest.
[2]	Reflects all Operating Partnership units outstanding. See Note 2 for discussion of redeemable capital.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019
Shareholders' equity
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, issued (in shares)	131,455,410	113,806,820
Common stock, shares outstanding (in shares)	131,455,410	113,806,820
MGP Operating Partnership
Partners’ capital
Partners' capital, units issued (in shares)	303,467,998	313,509,363
Partners' capital, units outstanding (in shares)	303,467,998	313,509,363

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues	$ 194,342	$ 225,759	$ 403,912	$ 429,182
Expenses
Depreciation	58,405	79,543	120,452	151,105
Property transactions, net	(66)	310	194,990	1,423
Ground lease expense	5,920	5,920	11,840	11,840
Acquisition-related expenses	358	267	980	8,799
General and administrative	3,731	3,691	8,613	7,829
Total Expenses	68,348	89,731	336,875	180,996
Other income (expense)
Income from unconsolidated affiliate	25,453	0	38,816	0
Interest income	2,279	102	3,370	1,948
Interest expense	(55,377)	(63,977)	(104,575)	(127,925)
Gain (loss) on unhedged interest rate swaps, net	1,588	0	(10,532)	0
Other	(413)	(363)	(18,781)	(500)
Non-operating income (expense)	(26,470)	(64,238)	(91,702)	(126,477)
Income (loss) from continuing operations before income taxes	99,524	71,790	(24,665)	121,709
Provision for income taxes	(2,499)	(4,021)	(3,632)	(3,792)
Income (loss) from continuing operations, net of tax	97,025	67,769	(28,297)	117,917
Income from discontinued operations, net of tax	0	0	0	16,216
Net income (loss)	97,025	67,769	(28,297)	134,133
Less: Net (income) loss attributable to noncontrolling interest	(56,009)	(45,911)	19,565	(92,320)
Net income (loss) attributable to Class A shares - basic and diluted	$ 41,016	$ 21,858	$ (8,732)	$ 41,813
Weighted average Class A shares outstanding:
Basic (in shares)	131,526,763	91,011,559	127,380,566	87,544,627
Diluted (in shares)	131,637,018	91,208,398	127,380,566	87,772,714
MGP Operating Partnership
Revenues	$ 194,342	$ 225,759	$ 403,912	$ 429,182
Expenses
Depreciation	58,405	79,543	120,452	151,105
Property transactions, net	(66)	310	194,990	1,423
Ground lease expense	5,920	5,920	11,840	11,840
Acquisition-related expenses	358	267	980	8,799
General and administrative	3,731	3,691	8,613	7,829
Total Expenses	68,348	89,731	336,875	180,996
Other income (expense)
Income from unconsolidated affiliate	25,453	0	38,816	0
Interest income	2,279	102	3,370	1,948
Interest expense	(55,377)	(63,977)	(104,575)	(127,925)
Gain (loss) on unhedged interest rate swaps, net	1,588	0	(10,532)	0
Other	(413)	(363)	(18,781)	(500)
Non-operating income (expense)	(26,470)	(64,238)	(91,702)	(126,477)
Income (loss) from continuing operations before income taxes	99,524	71,790	(24,665)	121,709
Provision for income taxes	(2,499)	(4,021)	(3,632)	(3,792)
Income (loss) from continuing operations, net of tax	97,025	67,769	(28,297)	117,917
Income from discontinued operations, net of tax	0	0	0	16,216
Net income (loss)	$ 97,025	$ 67,769	$ (28,297)	$ 134,133
Weighted average Operating Partnership units outstanding
Basic (in shares)	319,188,801	290,714,102	321,736,879	289,537,067
Diluted (in shares)	319,299,056	290,910,941	321,736,879	289,765,154
Net income (loss) per Operating Partnership unit (basic) (in dollars per share)	$ 0.30	$ 0.23	$ (0.09)	$ 0.46
Net income (loss) per Operating Partnership unit (diluted) (in dollars per share)	$ 0.30	$ 0.23	$ (0.09)	$ 0.46
Class A Shares
Weighted average Class A shares outstanding:
Basic (in shares)	131,526,763	91,011,559	127,380,566	87,544,627
Diluted (in shares)	131,637,018	91,208,398	127,380,566	87,772,714
Income (loss) from continuing operations per Class A share (basic) (in usd per share)	$ 0.30	$ 0.24	$ (0.08)	$ 0.42
Income from discontinued operations per Class A share (basic) (in usd per share)	0	0	0	0.06
Net income per Class A share (basic) (in usd per share)	0.30	0.24	(0.08)	0.48
Income (loss) from continuing operations per Class A share (diluted) (in usd per share)	0.30	0.24	(0.08)	0.42
Income from discontinued operations per Class A share (diluted) (in usd per share)	0	0	0	0.06
Net income per Class A share (diluted) (in usd per share)	$ 0.30	$ 0.24	$ (0.08)	$ 0.48
Rental revenue
Revenues	$ 188,304	$ 219,846	$ 391,835	$ 416,728
Rental revenue | MGP Operating Partnership
Revenues	188,304	219,846	391,835	416,728
Ground lease and other
Revenues	6,038	5,913	12,077	12,454
Ground lease and other | MGP Operating Partnership
Revenues	$ 6,038	$ 5,913	$ 12,077	$ 12,454
Continuing Operations | MGP Operating Partnership
Weighted average Operating Partnership units outstanding
Net income (loss) per Operating Partnership unit (basic) (in dollars per share)	$ 0.30	$ 0.23	$ (0.09)	$ 0.41
Net income (loss) per Operating Partnership unit (diluted) (in dollars per share)	0.30	0.23	(0.09)	0.41
Discontinued Operations | MGP Operating Partnership
Weighted average Operating Partnership units outstanding
Net income (loss) per Operating Partnership unit (basic) (in dollars per share)	0	0	0	0.05
Net income (loss) per Operating Partnership unit (diluted) (in dollars per share)	$ 0	$ 0	$ 0	$ 0.05

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income (loss)	$ 97,025	$ 67,769	$ (28,297)	$ 134,133
Other comprehensive loss
Unrealized loss on cash flow hedges	(7,391)	(30,775)	(102,711)	(46,387)
Other comprehensive loss	(7,391)	(30,775)	(102,711)	(46,387)
Comprehensive income (loss)	89,634	36,994	(131,008)	87,746
Less: Comprehensive (income) loss attributable to noncontrolling interests	(51,629)	(24,783)	81,734	(60,297)
Comprehensive income (loss) attributable to Class A shareholders	38,005	12,211	(49,274)	27,449
MGP Operating Partnership
Net income (loss)	97,025	67,769	(28,297)	134,133
Other comprehensive loss
Unrealized loss on cash flow hedges	(7,391)	(30,775)	(102,711)	(46,387)
Other comprehensive loss	(6,129)	(30,775)	(88,649)	(46,387)
Comprehensive income (loss) attributable to Class A shareholders	$ 89,634	$ 36,994	$ (131,008)	$ 87,746

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income (loss)	$ (28,297)	$ 134,133
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Income from discontinued operations, net	0	(16,216)
Depreciation	120,452	151,105
Property transactions, net	194,990	1,423
Amortization of deferred financing costs and debt discount	4,703	6,373
Loss on retirement of debt	18,129	0
Non-cash ground lease, net	519	519
Deemed contributions - tax sharing agreement	3,632	3,620
Straight-line rental revenues, excluding amortization of lease incentive asset	24,414	18,119
Amortization of deferred revenue on non-normal tenant improvements	(756)	(1,132)
Loss on unhedged interest rate swaps, net	10,532	0
Share-based compensation	1,357	1,089
Deferred income taxes	0	(3,913)
Amortization of lease incentive asset	10,010	6,350
Income from unconsolidated affiliate	(38,816)	0
Distributions from unconsolidated affiliate	35,233	0
Park MGM transaction	0	(605,625)
Distributions received from discontinued operations and other	0	40,165
Change in operating assets and liabilities:
Prepaid expenses and other assets	(86)	(614)
Due to MGM Resorts International and affiliates	(450)	(153)
Accounts payable, accrued expenses and other liabilities	(927)	2,588
Accrued interest	3,317	18,179
Net cash provided by (used in) operating activities - continuing operations	357,956	(243,990)
Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net	58,615	0
Proceeds from Northfield OpCo transaction	0	3,779
Net cash provided by investing activities - continuing operations	58,615	3,779
Cash flows from financing activities
Net repayments under bank credit facility	(1,503,750)	(559,250)
Proceeds from issuance of bridge loan facility	1,304,625	0
Proceeds from issuance of debt	800,000	750,000
Deferred financing costs	(11,307)	(9,983)
Repayment of assumed debt and bridge facilities	0	(245,950)
Proceeds from issuance of Class A shares, net	524,616	613,299
Redemption of Operating Partnership units	(700,000)	0
Dividends and distributions paid	(305,837)	(258,334)
Other	(1,130)	0
Net cash provided by financing activities - continuing operations	107,217	289,782
Cash flows from discontinued operations, net
Cash flows provided by operating activities, net	0	15,591
Cash flows used in investing activities, net	0	(12)
Cash flows used in financing activities, net	0	(37,900)
Net cash used in discontinued operations	0	(22,321)
Change in cash and cash equivalents classified as assets held for sale	0	(22,321)
Cash and cash equivalents
Net increase for the period	523,788	49,571
Balance, beginning of period	202,101	3,995
Balance, end of period	725,889	53,566
Supplemental cash flow disclosures
Interest paid	94,165	103,098
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	147,941	136,671
MGP BREIT Venture assumption of bridge loan facility	1,304,625	0
Northfield OpCo
Non-cash investing and financing activities
Redemption of Operating Partnership units relating to Northfield OpCo transaction	0	301,373
Empire City
Non-cash investing and financing activities
Empire City transaction assets acquired	0	625,000
MGP BREIT Venture Transaction
Non-cash investing and financing activities
Investment in MGP BREIT Venture	802,000	0
MGP Operating Partnership
Cash flows from operating activities
Net income (loss)	(28,297)	134,133
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Income from discontinued operations, net	0	(16,216)
Depreciation	120,452	151,105
Property transactions, net	194,990	1,423
Amortization of deferred financing costs and debt discount	4,703	6,373
Loss on retirement of debt	18,129	0
Non-cash ground lease, net	519	519
Deemed contributions - tax sharing agreement	3,632	3,620
Straight-line rental revenues, excluding amortization of lease incentive asset	24,414	18,119
Amortization of deferred revenue on non-normal tenant improvements	(756)	(1,132)
Loss on unhedged interest rate swaps, net	10,532	0
Share-based compensation	1,357	1,089
Deferred income taxes	0	(3,913)
Amortization of lease incentive asset	10,010	6,350
Income from unconsolidated affiliate	(38,816)	0
Distributions from unconsolidated affiliate	35,233	0
Park MGM transaction	0	(605,625)
Distributions received from discontinued operations and other	0	40,165
Change in operating assets and liabilities:
Prepaid expenses and other assets	(86)	(614)
Due to MGM Resorts International and affiliates	(450)	(153)
Accounts payable, accrued expenses and other liabilities	(927)	2,588
Accrued interest	3,317	18,179
Net cash provided by (used in) operating activities - continuing operations	357,956	(243,990)
Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net	58,615	0
Proceeds from Northfield OpCo transaction	0	3,779
Net cash provided by investing activities - continuing operations	58,615	3,779
Cash flows from financing activities
Net repayments under bank credit facility	(1,503,750)	(559,250)
Proceeds from issuance of bridge loan facility	1,304,625	0
Proceeds from issuance of debt	800,000	750,000
Deferred financing costs	(11,307)	(9,983)
Repayment of assumed debt and bridge facilities	0	(245,950)
Proceeds from issuance of Class A shares, net	524,616	613,299
Redemption of Operating Partnership units	(700,000)	0
Dividends and distributions paid	(305,837)	(258,334)
Other	(1,130)	0
Net cash provided by financing activities - continuing operations	107,217	289,782
Cash flows from discontinued operations, net
Cash flows provided by operating activities, net	0	15,591
Cash flows used in investing activities, net	0	(12)
Cash flows used in financing activities, net	0	(37,900)
Net cash used in discontinued operations	0	(22,321)
Change in cash and cash equivalents classified as assets held for sale	0	(22,321)
Cash and cash equivalents
Net increase for the period	523,788	49,571
Balance, beginning of period	202,101	3,995
Balance, end of period	725,889	53,566
Supplemental cash flow disclosures
Interest paid	94,165	103,098
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	147,941	136,671
Redemption of Operating Partnership units relating to Northfield OpCo transaction	0	301,373
MGP BREIT Venture assumption of bridge loan facility	1,304,625	0
MGP Operating Partnership | Empire City
Non-cash investing and financing activities
Empire City transaction assets acquired	0	625,000
MGP Operating Partnership | MGP BREIT Venture Transaction
Non-cash investing and financing activities
Investment in MGP BREIT Venture	$ 802,000	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands		Total		Common stock	Additional Paid-in Capital		Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)		Total Class A Shareholders' Equity	Noncontrolling Interest	Empire City	Empire CityAdditional Paid-in Capital	Empire CityAccumulated Other Comprehensive Income (Loss)	Empire CityTotal Class A Shareholders' Equity	Empire CityNoncontrolling Interest	Park MGM Lease Transaction	Park MGM Lease TransactionAdditional Paid-in Capital	Park MGM Lease TransactionAccumulated Other Comprehensive Income (Loss)	Park MGM Lease TransactionTotal Class A Shareholders' Equity	Park MGM Lease TransactionNoncontrolling Interest
Balance (in shares) at Dec. 31, 2018				70,911,000
Balance at Dec. 31, 2018		$ 5,845,506		$ 0	$ 1,712,671		$ (150,908)	$ 4,208		$ 1,565,971	$ 4,279,535
Changes in equity:
Net income (loss)		134,133					41,813			41,813	92,320
Issuance of Class A shares (in shares)				21,651,000
Issuance of Class A shares		613,299			523,941			669		524,610	88,689
Other comprehensive income - cash flow hedges		(46,387)						(14,364)		(14,364)	(32,023)
Share-based compensation		1,089			328					328	761
Deemed contribution - tax sharing agreement		3,620									3,620
Dividends and distributions declared		(275,950)					(85,374)			(85,374)	(190,576)
Northfield OpCo transaction		(298,957)			(27,441)			2		(27,439)	(271,518)
Increase from business combination												$ 379,050	$ 23,940	$ (195)	$ 23,745	$ 355,305	$ 31,875	$ 2,512	$ (16)	$ 2,496	$ 29,379
Other (shares)				77,000
Other		(746)			1,434					1,434	(2,180)
Balance (in shares) at Jun. 30, 2019				92,639,000
Balance at Jun. 30, 2019		6,386,532		$ 0	2,237,385		(194,469)	(9,696)		2,033,220	4,353,312
Balance (in shares) at Mar. 31, 2019				90,461,000
Balance at Mar. 31, 2019		6,716,917		$ 0	2,210,545		(173,017)	54		2,037,582	4,679,335
Changes in equity:
Net income (loss)		67,769					21,858			21,858	45,911
Issuance of Class A shares (in shares)				2,101,000
Issuance of Class A shares		64,908			52,294			(105)		52,189	12,719
Cash flow hedges*		(30,775)						(9,647)		(9,647)	(21,128)
Other comprehensive income - cash flow hedges		(30,775)
Share-based compensation		524			164					164	360
Deemed contribution - tax sharing agreement		2,275									2,275
Dividends and distributions declared		(136,671)					(43,310)			(43,310)	(93,361)
Northfield OpCo transaction		(298,957)			(27,441)			2		(27,439)	(271,518)
Other (shares)				77,000
Other		542			1,823					1,823	(1,281)
Balance (in shares) at Jun. 30, 2019				92,639,000
Balance at Jun. 30, 2019		$ 6,386,532		$ 0	2,237,385		(194,469)	(9,696)		2,033,220	4,353,312
Balance (in shares) at Dec. 31, 2019		113,806,820		113,807,000
Balance at Dec. 31, 2019		$ 6,898,012		$ 0	2,766,325		(244,381)	(7,045)		2,514,899	4,383,113
Changes in equity:
Net income	[1]	(26,738)					(8,732)			(8,732)	(18,006)
Net income (loss)		(28,297)
Issuance of Class A shares (in shares)	[1]			17,524,000
Issuance of Class A shares	[1]	506,198			443,363			(646)		442,717	63,481
MGP BREIT Venture Transaction*	[1]	63,904			8,228			59		8,287	55,617
Partial redemption of temporary equity*		(7,532)	[1]		(15,260)	[1]		(4,772)	[1]	(20,032)	12,500
Reclassification of redeemable equity to temporary equity and fair value adjustments to temporary equity*	[1]	(1,408,050)			(216,858)					(216,858)	(1,191,192)
Cash flow hedges*	[1]	(88,649)						(40,542)		(40,542)	(48,107)
Other comprehensive income - cash flow hedges		(102,711)
Share-based compensation	[1]	1,164			539					539	625
Deemed contribution - tax sharing agreement	[1]	2,982									2,982
Dividends and distributions declared	[1]	(271,738)					(126,474)			(126,474)	(145,264)
Other (shares)	[1]			124,000
Other	[1]	$ (107)			1,345			47		1,392	(1,499)
Balance (in shares) at Jun. 30, 2020		131,455,410		131,455,000
Balance at Jun. 30, 2020		$ 5,669,446		$ 0	2,987,682		(379,587)	(52,899)		2,555,196	3,114,250
Balance (in shares) at Mar. 31, 2020				131,347,000
Balance at Mar. 31, 2020		5,541,861		$ 0	3,218,414		(356,518)	(45,163)		2,816,733	2,725,128
Changes in equity:
Net income	[2]	82,048					41,016			41,016	41,032
Net income (loss)		97,025
Partial redemption of temporary equity*	[2]	(7,532)			(15,260)			(4,772)		(20,032)	12,500
Reclassification of redeemable equity to temporary equity and fair value adjustments to temporary equity*	[2]	191,269			(216,858)					(216,858)	408,127
Cash flow hedges*	[2]	(6,129)						(3,011)		(3,011)	(3,118)
Other comprehensive income - cash flow hedges		(7,391)
Share-based compensation	[2]	515			250					250	265
Deemed contribution - tax sharing agreement	[2]	2,100									2,100
Dividends and distributions declared	[2]	(134,539)					(64,085)			(64,085)	(70,454)
Other (shares)				108,000
Other	[2]	$ (147)			1,136			47		1,183	(1,330)
Balance (in shares) at Jun. 30, 2020		131,455,410		131,455,000
Balance at Jun. 30, 2020		$ 5,669,446		$ 0	$ 2,987,682		$ (379,587)	$ (52,899)		$ 2,555,196	$ 3,114,250
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.4875	$ 0.4675	$ 0.9625	$ 0.9325

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total		MGP Operating Partnership	MGP Operating PartnershipPark MGM Lease Transaction	MGP Operating PartnershipEmpire City	MGP Operating PartnershipGeneral Partner	MGP Operating PartnershipLimited Partners	MGP Operating PartnershipLimited PartnersPark MGM Lease Transaction	MGP Operating PartnershipLimited PartnersEmpire City
Balance at Dec. 31, 2018			$ 5,845,506			$ 0	$ 5,845,506
Changes in partners' capital:
Net income (loss)	$ 134,133		134,133				134,133
Issuance of Operating Partnership units			613,299				613,299
Transactions				$ 31,875	$ 379,050			$ 31,875	$ 379,050
Other comprehensive income - cash flow hedges	(46,387)		(46,387)				(46,387)
Northfield OpCo transaction	(298,957)		(298,957)				(298,957)
Share-based compensation	1,089		1,089				1,089
Deemed contribution - tax sharing agreement	3,620		3,620				3,620
Dividends and distributions declared	(275,950)		(275,950)				(275,950)
Other			(746)				(746)
Balance at Jun. 30, 2019			6,386,532			0	6,386,532
Balance at Mar. 31, 2019			6,716,917			0	6,716,917
Changes in partners' capital:
Net income (loss)	67,769		67,769				67,769
Issuance of Operating Partnership units			64,908				64,908
Other comprehensive income - cash flow hedges	(30,775)		(30,775)				(30,775)
Northfield OpCo transaction	(298,957)		(298,957)				(298,957)
Share-based compensation	524		524				524
Deemed contribution - tax sharing agreement	2,275		2,275				2,275
Dividends and distributions declared	(136,671)		(136,671)				(136,671)
Other			542				542
Balance at Jun. 30, 2019			6,386,532			0	6,386,532
Balance at Dec. 31, 2019			6,898,012			0
Changes in partners' capital:
Net income	(26,738)	[1]	(26,738)				(26,738)
Net income (loss)	(28,297)		(28,297)
Issuance of Operating Partnership units	59		506,198				506,198
MGP BREIT Venture Transaction			63,904				63,904
Partial redemption of temporary equity*	(7,532)	[1]	(7,532)				(7,532)
Reclassification of redeemable equity to temporary equity and fair value adjustments to temporary equity*	(1,408,050)	[1]	(1,408,050)				(1,408,050)
Other comprehensive income - cash flow hedges	(102,711)		(88,649)				(88,649)
Share-based compensation	1,164	[1]	1,164				1,164
Deemed contribution - tax sharing agreement	2,982	[1]	2,982				2,982
Dividends and distributions declared	(271,738)	[1]	(271,738)				(271,738)
Other			(107)				(107)
Balance at Jun. 30, 2020			5,669,446			0	5,669,446
Balance at Mar. 31, 2020			5,541,861			0	5,541,861
Changes in partners' capital:
Net income	82,048	[2]	82,048				82,048
Net income (loss)	97,025		97,025
Partial redemption of temporary equity*	(7,532)	[2]	(7,532)				(7,532)
Reclassification of redeemable equity to temporary equity and fair value adjustments to temporary equity*	191,269	[2]	191,269				191,269
Other comprehensive income - cash flow hedges	(7,391)		(6,129)				(6,129)
Share-based compensation	515	[2]	515				515
Deemed contribution - tax sharing agreement	2,100	[2]	2,100				2,100
Dividends and distributions declared	$ (134,539)	[2]	(134,539)				(134,539)
Other			(147)				(147)
Balance at Jun. 30, 2020			$ 5,669,446			$ 0	$ 5,669,446
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividend declared (in dollars per share)	$ 0.4875	$ 0.4675	$ 0.9625	$ 0.9325
MGP Operating Partnership
Dividend declared (in dollars per share)	$ 0.4875	$ 0.4675	$ 0.9625	$ 0.9325

Business

Business	6 Months Ended
	Jun. 30, 2020
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 in October 2015. MGP conducts its operations through MGM Growth Properties Operating Partnership LP (the “Operating Partnership” and, together with the Company, the “Registrants”), a Delaware limited partnership that was formed in January 2016 and acquired by MGP in April 2016. The Company 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 primarily engaged through its investment in the Operating Partnership which owns, acquires, leases and invests in large-scale destination entertainment and leisure properties, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail and other amenities. A wholly owned subsidiary of the Operating Partnership leases its real estate properties back to a wholly owned subsidiary of MGM under a master lease agreement (the “MGM-MGP Master Lease”). As of June 30, 2020, there were approximately 303.5 million Operating Partnership units outstanding in the Operating Partnership, of which MGM owned approximately 172.0 million, or 56.7%, and MGP owned the remaining 43.3%. 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 the settlement method is at the option of MGP’s independent conflicts committee, except as otherwise agreed to in connection with the waiver agreement, discussed in Note 2. 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. MGP BREIT Venture Transaction On February 14, 2020, the Operating Partnership and MGM completed a series of transactions (collectively the “MGP BREIT Venture Transaction”) pursuant to which the real estate assets of MGM Grand Las Vegas and Mandalay Bay (including Mandalay Place), were contributed to a newly formed entity (“MGP BREIT Venture”), which, following the transactions, is owned 50.1% by the Operating Partnership and 49.9% by a subsidiary of Blackstone Real Estate Income Trust, Inc. (“BREIT”). In exchange for the contribution of the Mandalay Bay real estate assets, the Operating Partnership received consideration of $2.1 billion, which was comprised of $1.3 billion of the Operating Partnership’s secured indebtedness assumed by MGM BREIT Venture, the Operating Partnership’s 50.1% equity interest in the MGP BREIT Venture, and the remainder in cash. In addition, MGM received approximately $2.4 billion of cash distributed from the MGP BREIT Venture as consideration for its contribution of the MGM Grand Las Vegas real estate assets, and, additionally, the Operating Partnership issued 2.6 million Operating Partnership units to MGM representing 5% of the equity value of the MGP BREIT Venture. In connection with the transactions, MGM provided a shortfall guaranty of the principal amount of indebtedness of the MGP BREIT Venture (and any interest accrued and unpaid thereto). On the closing date, BREIT also purchased 4.9 million Class A common shares of MGP for $150 million. Refer to Note 4 for additional details on the MGP BREIT Venture. In connection with the transactions, MGP BREIT Venture entered into a lease with a subsidiary of MGM for the real estate assets of Mandalay Bay and MGM Grand Las Vegas. The lease (the “MGP BREIT Venture Lease”) provides for a term of 30 years with two ten In connection with the MGP BREIT Venture Transaction, the MGM-MGP Master Lease was modified to remove the Mandalay Bay property and the annual rent under the MGM-MGP Master Lease was reduced by $133 million. Refer to Note 5 for additional details on the modification to the MGM-MGP Master Lease.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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. 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. Principles of consolidation. The Company identifies entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIE”). A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. The 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, 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 consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, MGP Lessor LLC, which is the MGM-MGP Master Lease landlord, a VIE of which the Operating Partnership is the primary beneficiary. As of June 30, 2020, on a consolidated basis, the MGP Lessor, LLC had total assets of $9.3 billion primarily related to its real estate assets, and total liabilities of $500.5 million primarily related to its deferred revenue and operating lease liabilities. For entities not determined to be VIEs, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. All intercompany balances and transactions are eliminated in consolidation. The Company’s investments in unconsolidated affiliates are accounted for under the equity method when the Company can exercise significant influence over, or has joint control of, the unconsolidated affiliate, such as MGP BREIT Venture. Noncontrolling interest. MGP 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 MGP represents Operating Partnership units currently held by subsidiaries of MGM. Comprehensive 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 election 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. Refer to Note 1 above and to “Redeemable noncontrolling interest and redeemable capital” below for discussion of a waiver agreement relating to MGM’s cash redemption of Operating Partnership units. Redeemable noncontrolling interest and redeemable capital. As discussed in Note 1, on January 14, 2020 the Operating Partnership agreed to waive its right following the closing of the MGP BREIT Venture Transaction to issue MGP Class A shares, in lieu of cash, to settle redemptions of Operating Partnership units held by MGM up to a maximum cash redemption amount of $1.4 billion. In connection with the waiver, the Operating Partnership and the Company reclassified, from permanent equity to temporary equity, the carrying value of Operating Partnership units that could require cash redemption and remeasured the units to their redemption value. The Operating Partnership units that comprised the $1.4 billion redemption amount were determined based on a 3% discount to the ten-day average closing price prior to the date of determination. At each subsequent reporting period, the carrying value of temporary equity will be remeasured to the greater of: (1) the carrying value of the number of units then considered redeemable, inclusive of the comprehensive income and losses attributed based on a per unit or share basis in accordance with ASC 810 or (2) the redemption value of the number of units that are then redeemable based on the remaining aggregate cash redemption amount and the per share redemption value, except that decreases in the per unit or share redemption will be limited to the amount of previous increases, with the differences between the carrying value and the remeasured value being recorded as an adjustment in additional paid-in capital (in lieu of retained earnings) or limited partners’ capital. While the carrying amount of temporary equity may vary based upon the allocations and reclassifications described above and presented below, the Company’s maximum cash obligation for the redemption of units under the waiver agreement as of June 30, 2020 is $700 million, reflecting the $1.4 billion maximum cash redemption amount less the $700 million redeemed on May 18, 2020. The Company’s redeemable noncontrolling interest and the Operating Partnership’s redeemable capital was comprised of the following: (in thousands) As of March 31, 2020 $ 1,583,556 Reclassification and remeasurement adjustments (191,269) Attribution of: Net income 14,977 Partial redemption of temporary equity (692,468) Cash flow hedges (1,262) Share-based compensation 88 Deemed contribution - tax sharing agreement 399 MGP Dividends and Operating Partnership distributions declared (13,402) Other (619) As of June 30, 2020 $ 700,000 (in thousands) As of January 14, 2020 $ — Reclassification and remeasurement adjustments 1,408,050 Attribution of: Net loss (1,559) Partial redemption of temporary equity (692,468) MGP's issuance of Class A shares and Operating Partnership's issuance of units 18,418 MGP BREIT Venture Transaction 16,136 Cash flow hedges (14,062) Share-based compensation 193 Deemed contribution - tax sharing agreement 650 MGP Dividends and Operating Partnership distributions declared (34,691) Other (667) As of June 30, 2020 $ 700,000 I nvestments in and advances to unconsolidated affiliate. The Company has an investment in an unconsolidated affiliate accounted for under the equity method, which is currently comprised of MGP BREIT Venture. Under the equity method, carrying value is adjusted for the Company’s share of the investee’s earnings and losses, as well as distributions from the investee. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies its share of investee’s earnings and loss as a component of Other income (expense), as the Company’s investment in such unconsolidated affiliate is an extension of the Company’s core business operations. The Company evaluates its investment in unconsolidated affiliate for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. Property transactions, net . Property transactions, net are comprised of transactions related to long-lived assets, such as gains and losses on the disposition of assets. Fair value measurements. Fair value measurements are utilized in the accounting and impairment assessments of its real estate investments and certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 2 inputs for its debt fair value disclosures. See Note 6; and • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7. Reportable segment. The Company’s operations consist of investments in real estate, both wholly-owned and through its investment in MGP BREIT Venture, for which all such real estate properties are similar to one another in that they consist of large-scale destination entertainment and leisure resorts and related offerings, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. The operating results of the Company’s wholly-owned and equity method real estate investments are regularly reviewed, in the aggregate, by the chief operating decision maker. As such, the Company has one reportable segment. 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 a provision of 2.5% on income from continuing operations for the three months ended June 30, 2020, a provision of 14.7% on loss from continuing operations for the six months ended June 30, 2020, and a provision of 5.6% and 3.1% on income from continuing operations for the three and six months ended June 30, 2019, respectively. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The MGM-MGP Master Lease landlord is required to join in the filing of a New Jersey consolidated corporation business tax return under the New Jersey Casino Control Act and include in such return its income and expenses associated with its New Jersey assets and is thus subject to an entity level tax in New Jersey. Although the consolidated New Jersey return also includes MGM and certain of its subsidiaries, the Company is required to record New Jersey state income taxes in the accompanying combined and consolidated financial statements as if the MGM-MGP Master Lease landlord was taxed for state purposes on a stand-alone basis. The Company and MGM have entered into a tax sharing agreement providing for an allocation of taxes due in the consolidated New Jersey return. Pursuant to this agreement, the MGM-MGP Master Lease landlord will only be responsible for New Jersey taxes on any gain that may be realized upon a future sale of the New Jersey assets resulting solely from an appreciation in value of such assets over their value on the date they were contributed to the MGM-MGP Master Lease landlord by a subsidiary of MGM. MGM is responsible for all other taxes reported in the New Jersey consolidated return and, accordingly, the income tax balances related to such taxes are reflected within noncontrolling interest within the accompanying financial statements. No amounts were due to MGM under the tax sharing agreement as of June 30, 2020 and December 31, 2019.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS As discussed in Note 1, on February 14, 2020, the Operating Partnership completed the MGP BREIT Venture Transaction pursuant to which the real estate assets of Mandalay Bay (including Mandalay Place), were contributed to MGP BREIT Venture. In exchange for the contribution of the Mandalay Bay real estate assets, the Operating Partnership received consideration of $2.1 billion, which was comprised of $1.3 billion of the Operating Partnership’s secured indebtedness assumed by MGM BREIT Venture, the Operating Partnership’s 50.1% equity interest in the MGP BREIT Venture, and the remainder in cash. Accordingly, the Company recorded the difference between the carrying value of the Mandalay Bay real estate assets of $2.3 billion and the consideration received of $2.1 billion, as well as the selling costs of $10.0 million, as a net loss on sale of assets of $193.1 million, which is reflected within property transactions, net. The carrying value of real estate investments is as follows: June 30, 2020 December 31, 2019 (in thousands) Land $ 3,431,228 $ 4,631,013 Buildings, building improvements, land improvements and integral equipment 7,426,639 9,293,483 10,857,867 13,924,496 Less: Accumulated depreciation (2,430,537) (3,096,524) $ 8,427,330 $ 10,827,972

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliate	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED AFFILIATE	INVESTMENT IN UNCONSOLIDATED AFFILIATE As of June 30, 2020, the Operating Partnership’s investment in unconsolidated affiliate was comprised of its 50.1% interest in MGP BREIT Venture. The Operating Partnership recorded its share of income of $25.5 million and $38.8 million for the three and six months ended June 30, 2020, respectively, as “Income from unconsolidated affiliate” in the condensed consolidated statements of operations. Additionally, the Operating Partnership received $23.1 million and $35.2 million in distributions from MGP BREIT Venture during the three and six months ended June 30, 2020, respectively. Summarized results of operations of MGP BREIT Venture are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2020 (in thousands) Net revenues $ 98,681 $ 149,118 Income from continuing operations 50,804 77,479 Net income 50,804 77,479

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	LEASES MGM-MGP Master Lease. The MGM-MGP Master Lease is accounted for as an operating lease and has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year terms thereafter at the option of the tenant. With respect to MGM National Harbor, the initial lease term ends on August 31, 2024. Thereafter, the initial term of the MGM-MGP Master Lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the MGM-MGP Master Lease or the next renewal term (depending on whether MGM elects to renew the other properties under the MGM-MGP Master Lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the MGM-MGP Master Lease, the tenant would also lose the right to renew the MGM-MGP Master Lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026. The lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the lease provides MGP with a right of first offer with respect to MGM Springfield and with respect to any future gaming development by MGM on the undeveloped land adjacent to Empire City, which MGP may exercise should MGM elect to sell either property in the future. Rent under the lease consists of a “base rent” component and a “percentage rent” component. As of June 30, 2020, the base rent represents approximately 91% of the rent payments due under the lease and the percentage rent represents approximately 9% of the rent payments due under the lease. The base rent includes a fixed annual rent escalator of 2.0% for the second through the sixth lease years (as defined in the lease). Thereafter, the annual escalator of 2.0% will be subject to the tenant and, without duplication, the operating subsidiary sublessees of the tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the lease (as determined in accordance with U.S. GAAP, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average actual annual net revenues of the tenant and, without duplication, the operating subtenants, from the leased properties subject to the lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual net revenues, excluding net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%). As discussed in Note 1, on February 14, 2020, in connection with the MGP BREIT Venture Transaction, the MGM-MGP Master Lease was modified to remove the Mandalay Bay property and the annual rent under the lease was reduced by $133 million. The Company reassessed the lease classification of the lease, which included estimating the fair value of the properties using an income approach and the residual value used in the determination of the implicit rate, and concluded that the lease will continue to be accounted for as an operating lease. Additionally, in connection with the commencement of the fifth lease year on April 1, 2020, and the corresponding 2.0% fixed annual rent escalator that went into effect on such date, the base rent under the MGM-MGP Master Lease increased to $749.9 million, resulting in total annual rent under the MGM-MGP Master Lease of $827.8 million. Straight-line rental revenues from the MGM-MGP Master Lease, which includes the lease incentive asset amortization, were $188.3 million and $391.8 million for the three and six months ended June 30, 2020 respectively and were $219.8 million and $416.7 million for the three and six months ended June 30, 2019, respectively. The Company also recognized revenue related to ground lease and other of $6.0 million and $12.1 million for the three and six months ended June 30, 2020, respectively, and $5.9 million and $12.5 million for the three and six months ended June 30, 2019, respectively. Under the MGM-MGP Master Lease, future non-cancelable minimum rental cash payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include the four five Year ending December 31, (in thousands) 2020 (excluding the six months ended June 30, 2020) $ 413,882 2021 839,012 2022 784,336 2023 764,861 2024 733,161 Thereafter 893,014 Total $ 4,428,266
Leases	LEASES MGM-MGP Master Lease. The MGM-MGP Master Lease is accounted for as an operating lease and has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year terms thereafter at the option of the tenant. With respect to MGM National Harbor, the initial lease term ends on August 31, 2024. Thereafter, the initial term of the MGM-MGP Master Lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the MGM-MGP Master Lease or the next renewal term (depending on whether MGM elects to renew the other properties under the MGM-MGP Master Lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the MGM-MGP Master Lease, the tenant would also lose the right to renew the MGM-MGP Master Lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026. The lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the lease provides MGP with a right of first offer with respect to MGM Springfield and with respect to any future gaming development by MGM on the undeveloped land adjacent to Empire City, which MGP may exercise should MGM elect to sell either property in the future. Rent under the lease consists of a “base rent” component and a “percentage rent” component. As of June 30, 2020, the base rent represents approximately 91% of the rent payments due under the lease and the percentage rent represents approximately 9% of the rent payments due under the lease. The base rent includes a fixed annual rent escalator of 2.0% for the second through the sixth lease years (as defined in the lease). Thereafter, the annual escalator of 2.0% will be subject to the tenant and, without duplication, the operating subsidiary sublessees of the tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the lease (as determined in accordance with U.S. GAAP, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average actual annual net revenues of the tenant and, without duplication, the operating subtenants, from the leased properties subject to the lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual net revenues, excluding net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%). As discussed in Note 1, on February 14, 2020, in connection with the MGP BREIT Venture Transaction, the MGM-MGP Master Lease was modified to remove the Mandalay Bay property and the annual rent under the lease was reduced by $133 million. The Company reassessed the lease classification of the lease, which included estimating the fair value of the properties using an income approach and the residual value used in the determination of the implicit rate, and concluded that the lease will continue to be accounted for as an operating lease. Additionally, in connection with the commencement of the fifth lease year on April 1, 2020, and the corresponding 2.0% fixed annual rent escalator that went into effect on such date, the base rent under the MGM-MGP Master Lease increased to $749.9 million, resulting in total annual rent under the MGM-MGP Master Lease of $827.8 million. Straight-line rental revenues from the MGM-MGP Master Lease, which includes the lease incentive asset amortization, were $188.3 million and $391.8 million for the three and six months ended June 30, 2020 respectively and were $219.8 million and $416.7 million for the three and six months ended June 30, 2019, respectively. The Company also recognized revenue related to ground lease and other of $6.0 million and $12.1 million for the three and six months ended June 30, 2020, respectively, and $5.9 million and $12.5 million for the three and six months ended June 30, 2019, respectively. Under the MGM-MGP Master Lease, future non-cancelable minimum rental cash payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include the four five Year ending December 31, (in thousands) 2020 (excluding the six months ended June 30, 2020) $ 413,882 2021 839,012 2022 784,336 2023 764,861 2024 733,161 Thereafter 893,014 Total $ 4,428,266

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Debt consists of the following: June 30, December 31, 2020 2019 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ — $ 399,125 Senior secured term loan B facility — 1,304,625 Senior secured revolving credit facility 200,000 — 5.625% senior notes, due 2024 1,050,000 1,050,000 4.625% senior notes, due 2025 800,000 — 4.50% senior notes, due 2026 500,000 500,000 5.75% senior notes, due 2027 750,000 750,000 4.50% senior notes, due 2028 350,000 350,000 3,650,000 4,353,750 Less: Unamortized discount and debt issuance costs (35,251) (46,396) $ 3,614,749 $ 4,307,354 Operating Partnership credit agreement and bridge facility. At June 30, 2020, the Operating Partnership senior credit facility consisted of a $1.35 billion revolving credit facility. At June 30, 2020, $200.0 million was drawn on the revolving credit facility and the interest rate on the revolving credit facility was 2.35%. In February 2020, i n connection with the MGP BREIT Venture Transaction, the Operating Partnership amended its senior secured credit facility to, among other things, allow for the transaction to occur, permit the incurrence by the Operating Partnership of a nonrecourse guarantee relating to the debt of the MGP BREIT Venture (refer to Note 11 for description of such guarantee), and permit the incurrence of the bridge loan facility. As a result of the transaction and the amendment, the Operating Partnership repaid its $1.3 billion outstanding term loan B facility in full with the proceeds of a bridge facility, which was then assumed by the MGP BREIT Venture as partial consideration for the Operating Partnership’s contribution. Additionally, the Operating Partnership used the proceeds from the settlement of the forward equity issuances made in connection with its November 2019 equity offering and from its “at-the-market offering” (“ATM”) program to pay off the outstanding balance of $399 million of its term loan A facility in full. The Operating Partnership incurred a loss on retirement of debt of $18.1 million recorded in “Other” in the condensed consolidated statements of operations. The Operating Partnership was in compliance with its financial covenants at June 30, 2020. Refer to Note 7 for further discussion of the Company’s interest rate swap agreements. Operating Partnership senior notes. In June 2020, the Operating Partnership issued $800 million in aggregate principal amount of 4.625% senior notes due 2025. The senior notes mature on June 15, 2025. Interest on the senior notes is payable on June 15 and December 15 of each year, commencing on December 15, 2020. The net proceeds from the offering were used in full to repay drawings under the Operating Partnership’s revolving credit facility. Fair value of debt. The estimated fair value of the Operating Partnership’s debt was $3.7 billion at June 30, 2020 and $4.6 billion at December 31, 2019. Fair value was estimated using quoted market prices for the Operating Partnership’s senior notes and senior secured credit facility. Deferred financing costs. The Company recognized non-cash interest expense related to the amortization of deferred financing costs of $2.2 million and $4.7 million during the three and six months ended June 30, 2020, respectively. The Company recognized non-cash interest expense related to the amortization of deferred financing costs of $3.2 million and $6.4 million during the three and six months ended June 30, 2019, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Operating Partnership uses derivative instruments to mitigate the effects of interest rate volatility inherent in its variable rate senior credit facility and forecasted debt issuances for the duration and amount of its interest rate swap agreements, which such variable rate could unfavorably impact future earnings and forecasted cash flows. The Operating Partnership and the Company do not use derivative instruments for speculative or trading purposes. The interest rate swaps as of June 30, 2020 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Asset (Liability) Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 300,000 1.158 % (12,436) September 6, 2019 December 31, 2024 400,000 2.252 % (56,682) October 1, 2019 December 31, 2029 900,000 1.801 % (41,398) November 30, 2021 December 31, 2024 $ 1,600,000 $ (110,516) Derivatives not designated as hedges: $ 1,200,000 1.844 % (29,089) May 3, 2017 November 30, 2021 $ 1,200,000 $ (29,089) $ (139,605) The interest rate swaps as of December 31, 2019 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Asset (Liability) Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 600,000 1.902 % (4,106) May 3, 2017 November 30, 2021 300,000 1.158 % 6,529 September 6, 2019 December 31, 2024 400,000 2.252 % (18,743) October 1, 2019 December 31, 2029 900,000 1.801 % (4,915) November 30, 2021 December 31, 2024 $ 2,200,000 $ (21,235) Derivatives not designated as hedges: $ 600,000 1.786 % (2,736) May 3, 2017 November 30, 2021 $ 600,000 $ (2,736) $ (23,971) As of June 30, 2020 and as of December 31, 2019, the Operating Partnership’s interest rate swaps that are in a liability position are recorded within accounts payable, accrued expenses, and other liabilities. As of December 31, 2019, the Operating Partnership’s interest rate swaps that are in an asset position are recorded within prepaid expenses and other assets.

Shareholders' Equity and Partne

Shareholders' Equity and Partners' Capital	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL	SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL MGP shareholders. On February 12, 2020, the Company received net proceeds of approximately $18.7 million for 0.6 million of forward shares settled under the Company’s ATM program. On February 11 through February 13, 2020, the Company received net proceeds of approximately $355.9 million for 12.0 million of forward shares settled related to the Company’s November 2019 equity offering. On February 14, 2020, in connection with the MGP BREIT Venture Transaction, the Company completed a registered sale of 4.9 million Class A shares to BREIT for proceeds of $150.0 million. Operating Partnership capital. In connection with the Company’s settlement of 0.6 million of forward shares issued under the ATM program on February 12, 2020, the Operating Partnership issued 0.6 million Operating Partnership units to the Company. Additionally, in connection with the issuance of 12.0 million Class A shares by the Company under the forward sales agreements on February 11 through February 13, 2020, the Operating Partnership issued 12.0 million Operating Partnership units to the Company. As a result of these issuances, the Company’s indirect ownership percentage in the Operating Partnership increased from 36.3% to 38.8%. On February 14, 2020, in connection with the Company’s registered sale of Class A shares to BREIT, the Operating Partnership issued 4.9 million Operating Partnership units to the Company and MGP’s indirect ownership percentage in the Operating Partnership increased from 38.8% to 39.7%. On February 14, 2020, in connection with the MGP BREIT Venture Transaction, the Operating Partnership issued 2.6 million Operating Partnership units to MGM and the Company’s indirect ownership percentage in the Operating Partnership decreased from 39.7% to 39.4%. On May 18, 2020, in connection with the redemption waiver discussed in Note 1 and Note 2, the Operating Partnership redeemed 30.3 million Operating Partnership units from MGM for $700 million and the Company’s indirect ownership percentage in the Operating Partnership increased from 39.4% to 43.3%. Accumulated Other Comprehensive Income (Loss). Comprehensive income (loss) includes net income (loss) and all other non-shareholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income (loss) are reported in the accompanying condensed consolidated statement of shareholders’ equity. The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2020: Cash Flow Hedges Other Total (in thousands) Balance at March 31, 2020 $ (42,757) $ (2,406) $ (45,163) Other comprehensive loss before reclassifications (15,339) — (15,339) Amounts reclassified from accumulated other comprehensive loss to interest expense 7,948 — 7,948 Other comprehensive loss (7,391) — (7,391) Other changes in accumulated other comprehensive income (loss): Partial redemption of temporary equity — (4,772) (4,772) Other — 47 47 Changes in accumulated other comprehensive loss: (7,391) (4,725) (12,116) Less: Other comprehensive loss attributable to noncontrolling interest 4,380 — 4,380 Balance at June 30, 2020 $ (45,768) $ (7,131) $ (52,899) Balance at December 31, 2019 $ (5,226) $ (1,819) $ (7,045) Other comprehensive loss before reclassifications (112,122) — (112,122) Amounts reclassified from accumulated other comprehensive loss to interest expense 9,411 — 9,411 Other comprehensive loss (102,711) — (102,711) Other changes in accumulated other comprehensive income (loss): Class A share issuances — (646) (646) Issuance of OP Units — 59 59 Partial redemption of temporary equity — (4,772) (4,772) Other — 47 47 Changes in accumulated other comprehensive loss: (102,711) (5,312) (108,023) Less: Other comprehensive loss attributable to noncontrolling interest 62,169 — 62,169 Balance at June 30, 2020 $ (45,768) $ (7,131) $ (52,899) MGP dividends and Operating Partnership distributions. The Operating Partnership declares and pays distributions. MGP pays its dividends with the receipt of its share of the Operating Partnership’s distributions. 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. On July 15, 2020, the Company paid a dividend of $0.4875 per Class A share upon receipt of its share of the Operating Partnership’s distribution of $0.4875 per unit made the same day.

Net Income (Loss) Per Class A S

Net Income (Loss) Per Class A Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER CLASS A SHARE	NET INCOME (LOSS) PER CLASS A SHARE The table below provides net income (loss) and the number of Class A shares used in the computations of “basic” net income (loss) per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income (loss) per share, which includes all such shares. Net income (loss) per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: (Income) loss from continuing operations attributable to noncontrolling interest (56,009) (45,911) 19,565 (80,886) Less: Adjustment related to redeemable noncontrolling interests (1,232) — (1,232) — Income (loss) from continuing operations attributable to Class A shares - basic and diluted 39,784 21,858 (9,964) 37,031 Income from discontinued operations, net of tax — — — 16,216 Less: Income from discontinued operations attributable to noncontrolling interest — — — (11,434) Income from discontinued operations attributable to Class A shares - basic and diluted — — — 4,782 Net income (loss) attributable to Class A shares - basic and diluted $ 39,784 $ 21,858 $ (9,964) $ 41,813 Denominator: Weighted average Class A shares outstanding - basic 131,526,763 91,011,559 127,380,566 87,544,627 Effect of dilutive shares for diluted net income per Class A share (1) 110,255 196,839 — 228,087 Weighted average Class A shares outstanding - diluted 131,637,018 91,208,398 127,380,566 87,772,714 (1) 0.1 million and 0.3 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and six months ended June 30, 2020, respectively. No shares related to outstanding share-based compensation awards were excluded due to being antidilutive for both the three and six months ended June 30, 2019. (2) 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. The table below provides net income (loss) and the number of Operating Partnership units used in the computations of “basic” net income (loss) 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 (loss) per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: Adjustment related to redeemable capital (1,232) — (1,232) — Income (loss) from continuing operations, net of tax - basic and diluted 95,793 67,769 (29,529) 117,917 Income from discontinued operations, net of tax - basic and diluted — — — 16,216 Net income (loss) - basic and diluted $ 95,793 $ 67,769 $ (29,529) 134,133 Denominator: Weighted average Operating Partnership units outstanding - basic 319,188,801 290,714,102 321,736,879 289,537,067 Effect of dilutive shares for diluted net income per Operating Partnership unit (1) 110,255 196,839 — 228,087 Weighted average Operating Partnership units outstanding - diluted 319,299,056 290,910,941 321,736,879 289,765,154

Net Income (Loss) Per Operating

Net Income (Loss) Per Operating Partnership Unit	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER OPERATING PARTNERSHIP UNIT	NET INCOME (LOSS) PER CLASS A SHARE The table below provides net income (loss) and the number of Class A shares used in the computations of “basic” net income (loss) per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income (loss) per share, which includes all such shares. Net income (loss) per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: (Income) loss from continuing operations attributable to noncontrolling interest (56,009) (45,911) 19,565 (80,886) Less: Adjustment related to redeemable noncontrolling interests (1,232) — (1,232) — Income (loss) from continuing operations attributable to Class A shares - basic and diluted 39,784 21,858 (9,964) 37,031 Income from discontinued operations, net of tax — — — 16,216 Less: Income from discontinued operations attributable to noncontrolling interest — — — (11,434) Income from discontinued operations attributable to Class A shares - basic and diluted — — — 4,782 Net income (loss) attributable to Class A shares - basic and diluted $ 39,784 $ 21,858 $ (9,964) $ 41,813 Denominator: Weighted average Class A shares outstanding - basic 131,526,763 91,011,559 127,380,566 87,544,627 Effect of dilutive shares for diluted net income per Class A share (1) 110,255 196,839 — 228,087 Weighted average Class A shares outstanding - diluted 131,637,018 91,208,398 127,380,566 87,772,714 (1) 0.1 million and 0.3 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and six months ended June 30, 2020, respectively. No shares related to outstanding share-based compensation awards were excluded due to being antidilutive for both the three and six months ended June 30, 2019. (2) 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. The table below provides net income (loss) and the number of Operating Partnership units used in the computations of “basic” net income (loss) 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 (loss) per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: Adjustment related to redeemable capital (1,232) — (1,232) — Income (loss) from continuing operations, net of tax - basic and diluted 95,793 67,769 (29,529) 117,917 Income from discontinued operations, net of tax - basic and diluted — — — 16,216 Net income (loss) - basic and diluted $ 95,793 $ 67,769 $ (29,529) 134,133 Denominator: Weighted average Operating Partnership units outstanding - basic 319,188,801 290,714,102 321,736,879 289,537,067 Effect of dilutive shares for diluted net income per Operating Partnership unit (1) 110,255 196,839 — 228,087 Weighted average Operating Partnership units outstanding - diluted 319,299,056 290,910,941 321,736,879 289,765,154

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 position, results of operations, or cash flows. MGP BREIT Venture guarantee. The Operating Partnership provides a guarantee for losses incurred by the lenders of the $3.0 billion indebtedness of the MGP BREIT Venture arising out of certain bad acts by the Operating Partnership, its venture partner, or the venture, such as fraud or willful misconduct, based on the party’s percentage ownership of the MGP BREIT Venture, which guarantee is capped at 10% of the principal amount outstanding at the time of the loss. The Operating Partnership and its venture partner have separately indemnified each other for the other party’s share of the overall liability exposure, if at fault. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	6 Months Ended
	Jun. 30, 2020
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.
Principles of consolidation	Principles of consolidation. The Company identifies entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIE”). A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. The 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, 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 consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, MGP Lessor LLC, which is the MGM-MGP Master Lease landlord, a VIE of which the Operating Partnership is the primary beneficiary. As of June 30, 2020, on a consolidated basis, the MGP Lessor, LLC had total assets of $9.3 billion primarily related to its real estate assets, and total liabilities of $500.5 million primarily related to its deferred revenue and operating lease liabilities. For entities not determined to be VIEs, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. All intercompany balances and transactions are eliminated in consolidation. The Company’s investments in unconsolidated affiliates are accounted for under the equity method when the Company can exercise significant influence over, or has joint control of, the unconsolidated affiliate, such as MGP BREIT Venture.
Noncontrolling interest	Noncontrolling interest. MGP 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 MGP represents Operating Partnership units currently held by subsidiaries of MGM. Comprehensive 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.
Redeemable noncontrolling interest and redeemable capital	Redeemable noncontrolling interest and redeemable capital. As discussed in Note 1, on January 14, 2020 the Operating Partnership agreed to waive its right following the closing of the MGP BREIT Venture Transaction to issue MGP Class A shares, in lieu of cash, to settle redemptions of Operating Partnership units held by MGM up to a maximum cash redemption amount of $1.4 billion. In connection with the waiver, the Operating Partnership and the Company reclassified, from permanent equity to temporary equity, the carrying value of Operating Partnership units that could require cash redemption and remeasured the units to their redemption value. The Operating Partnership units that comprised the $1.4 billion redemption amount were determined based on a 3% discount to the ten-day average closing price prior to the date of determination. At each subsequent reporting period, the carrying value of temporary equity will be remeasured to the greater of: (1) the carrying value of the number of units then considered redeemable, inclusive of the comprehensive income and losses attributed based on a per unit or share basis in accordance with ASC 810 or (2) the redemption value of the number of units that are then redeemable based on the remaining aggregate cash redemption amount and the per share redemption value, except that decreases in the per unit or share redemption will be limited to the amount of previous increases, with the differences between the carrying value and the remeasured value being recorded as an adjustment in additional paid-in capital (in lieu of retained earnings) or limited partners’ capital. While the carrying amount of temporary equity may vary based upon the allocations and reclassifications described above and presented below, the Company’s maximum cash obligation for the redemption of units under the waiver agreement as of June 30, 2020 is $700 million, reflecting the $1.4 billion maximum cash redemption amount less the $700 million redeemed on May 18, 2020.
Investments in and advances to unconsolidated affiliate	I nvestments in and advances to unconsolidated affiliate. The Company has an investment in an unconsolidated affiliate accounted for under the equity method, which is currently comprised of MGP BREIT Venture. Under the equity method, carrying value is adjusted for the Company’s share of the investee’s earnings and losses, as well as distributions from the investee. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies its share of investee’s earnings and loss as a component of Other income (expense), as the Company’s investment in such unconsolidated affiliate is an extension of the Company’s core business operations.
Property transactions, net	Property transactions, net . Property transactions, net are comprised of transactions related to long-lived assets, such as gains and losses on the disposition of assets.
Fair value measurements	Fair value measurements. Fair value measurements are utilized in the accounting and impairment assessments of its real estate investments and certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 2 inputs for its debt fair value disclosures. See Note 6; and • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7.
Reportable segment	Reportable segment. The Company’s operations consist of investments in real estate, both wholly-owned and through its investment in MGP BREIT Venture, for which all such real estate properties are similar to one another in that they consist of large-scale destination entertainment and leisure resorts and related offerings, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. The operating results of the Company’s wholly-owned and equity method real estate investments are regularly reviewed, in the aggregate, by the chief operating decision maker. As such, the Company has one reportable segment.
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 a provision of 2.5% on income from continuing operations for the three months ended June 30, 2020, a provision of 14.7% on loss from continuing operations for the six months ended June 30, 2020, and a provision of 5.6% and 3.1% on income from continuing operations for the three and six months ended June 30, 2019, respectively. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The MGM-MGP Master Lease landlord is required to join in the filing of a New Jersey consolidated corporation business tax return under the New Jersey Casino Control Act and include in such return its income and expenses associated with its New Jersey assets and is thus subject to an entity level tax in New Jersey. Although the consolidated New Jersey return also includes MGM and certain of its subsidiaries, the Company is required to record New Jersey state income taxes in the accompanying combined and consolidated financial statements as if the MGM-MGP Master Lease landlord was taxed for state purposes on a stand-alone basis. The Company and MGM have entered into a tax sharing agreement providing for an allocation of taxes due in the consolidated New Jersey return. Pursuant to this agreement, the MGM-MGP Master Lease landlord will only be responsible for New Jersey taxes on any gain that may be realized upon a future sale of the New Jersey assets resulting solely from an appreciation in value of such assets over their value on the date they were contributed to the MGM-MGP Master Lease landlord by a subsidiary of MGM. MGM is responsible for all other taxes reported in the New Jersey consolidated return and, accordingly, the income tax balances related to such taxes are reflected within noncontrolling interest within the accompanying financial statements. No amounts were due to MGM under the tax sharing agreement as of June 30, 2020 and December 31, 2019.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Redeemable Noncontrolling Interest	The Company’s redeemable noncontrolling interest and the Operating Partnership’s redeemable capital was comprised of the following: (in thousands) As of March 31, 2020 $ 1,583,556 Reclassification and remeasurement adjustments (191,269) Attribution of: Net income 14,977 Partial redemption of temporary equity (692,468) Cash flow hedges (1,262) Share-based compensation 88 Deemed contribution - tax sharing agreement 399 MGP Dividends and Operating Partnership distributions declared (13,402) Other (619) As of June 30, 2020 $ 700,000 (in thousands) As of January 14, 2020 $ — Reclassification and remeasurement adjustments 1,408,050 Attribution of: Net loss (1,559) Partial redemption of temporary equity (692,468) MGP's issuance of Class A shares and Operating Partnership's issuance of units 18,418 MGP BREIT Venture Transaction 16,136 Cash flow hedges (14,062) Share-based compensation 193 Deemed contribution - tax sharing agreement 650 MGP Dividends and Operating Partnership distributions declared (34,691) Other (667) As of June 30, 2020 $ 700,000

Real Estate Investments - (Tabl

Real Estate Investments - (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Carrying Value of Real Estate Investments	The carrying value of real estate investments is as follows: June 30, 2020 December 31, 2019 (in thousands) Land $ 3,431,228 $ 4,631,013 Buildings, building improvements, land improvements and integral equipment 7,426,639 9,293,483 10,857,867 13,924,496 Less: Accumulated depreciation (2,430,537) (3,096,524) $ 8,427,330 $ 10,827,972

Investment in Unconsolidated _2

Investment in Unconsolidated Affiliate - (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investments	Summarized results of operations of MGP BREIT Venture are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2020 (in thousands) Net revenues $ 98,681 $ 149,118 Income from continuing operations 50,804 77,479 Net income 50,804 77,479

Leases - (Tables)

Leases - (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lessor, Operating Lease Minimum Rental Payments	Under the MGM-MGP Master Lease, future non-cancelable minimum rental cash payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include the four five Year ending December 31, (in thousands) 2020 (excluding the six months ended June 30, 2020) $ 413,882 2021 839,012 2022 784,336 2023 764,861 2024 733,161 Thereafter 893,014 Total $ 4,428,266

Debt - (Tables)

Debt - (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt consists of the following: June 30, December 31, 2020 2019 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ — $ 399,125 Senior secured term loan B facility — 1,304,625 Senior secured revolving credit facility 200,000 — 5.625% senior notes, due 2024 1,050,000 1,050,000 4.625% senior notes, due 2025 800,000 — 4.50% senior notes, due 2026 500,000 500,000 5.75% senior notes, due 2027 750,000 750,000 4.50% senior notes, due 2028 350,000 350,000 3,650,000 4,353,750 Less: Unamortized discount and debt issuance costs (35,251) (46,396) $ 3,614,749 $ 4,307,354

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities - (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The interest rate swaps as of June 30, 2020 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Asset (Liability) Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 300,000 1.158 % (12,436) September 6, 2019 December 31, 2024 400,000 2.252 % (56,682) October 1, 2019 December 31, 2029 900,000 1.801 % (41,398) November 30, 2021 December 31, 2024 $ 1,600,000 $ (110,516) Derivatives not designated as hedges: $ 1,200,000 1.844 % (29,089) May 3, 2017 November 30, 2021 $ 1,200,000 $ (29,089) $ (139,605) The interest rate swaps as of December 31, 2019 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Asset (Liability) Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 600,000 1.902 % (4,106) May 3, 2017 November 30, 2021 300,000 1.158 % 6,529 September 6, 2019 December 31, 2024 400,000 2.252 % (18,743) October 1, 2019 December 31, 2029 900,000 1.801 % (4,915) November 30, 2021 December 31, 2024 $ 2,200,000 $ (21,235) Derivatives not designated as hedges: $ 600,000 1.786 % (2,736) May 3, 2017 November 30, 2021 $ 600,000 $ (2,736) $ (23,971)

Shareholders' Equity and Part_2

Shareholders' Equity and Partners' Capital - (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2020: Cash Flow Hedges Other Total (in thousands) Balance at March 31, 2020 $ (42,757) $ (2,406) $ (45,163) Other comprehensive loss before reclassifications (15,339) — (15,339) Amounts reclassified from accumulated other comprehensive loss to interest expense 7,948 — 7,948 Other comprehensive loss (7,391) — (7,391) Other changes in accumulated other comprehensive income (loss): Partial redemption of temporary equity — (4,772) (4,772) Other — 47 47 Changes in accumulated other comprehensive loss: (7,391) (4,725) (12,116) Less: Other comprehensive loss attributable to noncontrolling interest 4,380 — 4,380 Balance at June 30, 2020 $ (45,768) $ (7,131) $ (52,899) Balance at December 31, 2019 $ (5,226) $ (1,819) $ (7,045) Other comprehensive loss before reclassifications (112,122) — (112,122) Amounts reclassified from accumulated other comprehensive loss to interest expense 9,411 — 9,411 Other comprehensive loss (102,711) — (102,711) Other changes in accumulated other comprehensive income (loss): Class A share issuances — (646) (646) Issuance of OP Units — 59 59 Partial redemption of temporary equity — (4,772) (4,772) Other — 47 47 Changes in accumulated other comprehensive loss: (102,711) (5,312) (108,023) Less: Other comprehensive loss attributable to noncontrolling interest 62,169 — 62,169 Balance at June 30, 2020 $ (45,768) $ (7,131) $ (52,899)

Net Income (Loss) Per Class A_2

Net Income (Loss) Per Class A Share - (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income and Number of Class A Shares Used in the Calculation of Basic and Diluted Income Per Share	The table below provides net income (loss) and the number of Class A shares used in the computations of “basic” net income (loss) per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income (loss) per share, which includes all such shares. Net income (loss) per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: (Income) loss from continuing operations attributable to noncontrolling interest (56,009) (45,911) 19,565 (80,886) Less: Adjustment related to redeemable noncontrolling interests (1,232) — (1,232) — Income (loss) from continuing operations attributable to Class A shares - basic and diluted 39,784 21,858 (9,964) 37,031 Income from discontinued operations, net of tax — — — 16,216 Less: Income from discontinued operations attributable to noncontrolling interest — — — (11,434) Income from discontinued operations attributable to Class A shares - basic and diluted — — — 4,782 Net income (loss) attributable to Class A shares - basic and diluted $ 39,784 $ 21,858 $ (9,964) $ 41,813 Denominator: Weighted average Class A shares outstanding - basic 131,526,763 91,011,559 127,380,566 87,544,627 Effect of dilutive shares for diluted net income per Class A share (1) 110,255 196,839 — 228,087 Weighted average Class A shares outstanding - diluted 131,637,018 91,208,398 127,380,566 87,772,714 (1) 0.1 million and 0.3 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and six months ended June 30, 2020, respectively. No shares related to outstanding share-based compensation awards were excluded due to being antidilutive for both the three and six months ended June 30, 2019. (2) 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. The table below provides net income (loss) and the number of Operating Partnership units used in the computations of “basic” net income (loss) 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 (loss) per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: Adjustment related to redeemable capital (1,232) — (1,232) — Income (loss) from continuing operations, net of tax - basic and diluted 95,793 67,769 (29,529) 117,917 Income from discontinued operations, net of tax - basic and diluted — — — 16,216 Net income (loss) - basic and diluted $ 95,793 $ 67,769 $ (29,529) 134,133 Denominator: Weighted average Operating Partnership units outstanding - basic 319,188,801 290,714,102 321,736,879 289,537,067 Effect of dilutive shares for diluted net income per Operating Partnership unit (1) 110,255 196,839 — 228,087 Weighted average Operating Partnership units outstanding - diluted 319,299,056 290,910,941 321,736,879 289,765,154 (1) 0.1 million and 0.3 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and six months ended June 30, 2020, respectively. No shares related to outstanding share-based compensation awards were excluded due to being antidilutive for both the three and six months ended June 30, 2019.

Net Income (Loss) Per Operati_2

Net Income (Loss) Per Operating Partnership Unit - (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income and Number of Operating Partnership Units Used in the Calculation of Basic and Diluted Income Per Share	The table below provides net income (loss) and the number of Class A shares used in the computations of “basic” net income (loss) per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” net income (loss) per share, which includes all such shares. Net income (loss) per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: (Income) loss from continuing operations attributable to noncontrolling interest (56,009) (45,911) 19,565 (80,886) Less: Adjustment related to redeemable noncontrolling interests (1,232) — (1,232) — Income (loss) from continuing operations attributable to Class A shares - basic and diluted 39,784 21,858 (9,964) 37,031 Income from discontinued operations, net of tax — — — 16,216 Less: Income from discontinued operations attributable to noncontrolling interest — — — (11,434) Income from discontinued operations attributable to Class A shares - basic and diluted — — — 4,782 Net income (loss) attributable to Class A shares - basic and diluted $ 39,784 $ 21,858 $ (9,964) $ 41,813 Denominator: Weighted average Class A shares outstanding - basic 131,526,763 91,011,559 127,380,566 87,544,627 Effect of dilutive shares for diluted net income per Class A share (1) 110,255 196,839 — 228,087 Weighted average Class A shares outstanding - diluted 131,637,018 91,208,398 127,380,566 87,772,714 (1) 0.1 million and 0.3 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and six months ended June 30, 2020, respectively. No shares related to outstanding share-based compensation awards were excluded due to being antidilutive for both the three and six months ended June 30, 2019. (2) 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. The table below provides net income (loss) and the number of Operating Partnership units used in the computations of “basic” net income (loss) 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 (loss) per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share amounts) Numerator: Income (loss) from continuing operations, net of tax $ 97,025 $ 67,769 $ (28,297) $ 117,917 Less: Adjustment related to redeemable capital (1,232) — (1,232) — Income (loss) from continuing operations, net of tax - basic and diluted 95,793 67,769 (29,529) 117,917 Income from discontinued operations, net of tax - basic and diluted — — — 16,216 Net income (loss) - basic and diluted $ 95,793 $ 67,769 $ (29,529) 134,133 Denominator: Weighted average Operating Partnership units outstanding - basic 319,188,801 290,714,102 321,736,879 289,537,067 Effect of dilutive shares for diluted net income per Operating Partnership unit (1) 110,255 196,839 — 228,087 Weighted average Operating Partnership units outstanding - diluted 319,299,056 290,910,941 321,736,879 289,765,154 (1) 0.1 million and 0.3 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and six months ended June 30, 2020, respectively. No shares related to outstanding share-based compensation awards were excluded due to being antidilutive for both the three and six months ended June 30, 2019.

Business - Narrative (Details)

Business - Narrative (Details) $ in Thousands	May 18, 2020USD ($)shares	Feb. 14, 2020USD ($)extensionshares	Jan. 14, 2020USD ($)	Jun. 30, 2020shares	Dec. 31, 2019shares
MGP Operating Partnership
Business And Organization [Line Items]
Operating partnership units outstanding (in shares) | shares				303,467,998	313,509,363
Partnership agreement, purchase agreement covenant, discount rate			3.00%
Partnership agreement, purchase agreement covenant, operating unit redemption, consideration amount			$ 1,400,000
MGP BREIT Venture Lease | Mandalay Bay and MGM Grand Las Vegas | Subsidiaries
Business And Organization [Line Items]
Lessee, operating lease, term of contract		30 years
Lessee, operating lease, number of options to extend | extension		2
Lessee, operating lease, escalating base rate, period one		10 years
Operating lease cost		$ 292,000
Lessee, operating lease, annual rent escalator rate, period one		2.00%
Lessee, Operating Lease, Escalating Base Rate, Period One		15 years
Lessee, operating lease, annual rent escalator rate, period two		2.00%
Lessee, operating lease, lease covenants, capital expenditures, percent of net revenue		3.50%
MGP BREIT Venture Lease | Mandalay Bay | Subsidiaries
Business And Organization [Line Items]
Increase (decrease) in rent payments due under lease		$ (133,000)
MGP BREIT Venture Transaction | Common Class A
Business And Organization [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares		4,900,000
Sale of stock, consideration received on transaction		$ 150,000
Maximum | MGP BREIT Venture Lease | Mandalay Bay and MGM Grand Las Vegas | Subsidiaries
Business And Organization [Line Items]
Lessee, operating lease, annual rent escalator rate, period two, variable rate		3.00%
Exchange of Operating Partnership Units to MGP's Class A Shares
Business And Organization [Line Items]
Operating partnership unit conversion ratio				1
MGP Operating Partnership
Business And Organization [Line Items]
Operating partnership units outstanding (in shares) | shares				303,500,000
Ownership percentage acquired ( as a percent )				43.30%
Partnership agreement, purchase agreement covenant, discount rate			3.00%
Partnership agreement, purchase agreement covenant, operating unit redemption, consideration amount			$ 1,400,000
Operating Partnership units redeemed (in units) | shares	30,300,000
Amount of Operating Partnership units redeemed	$ 700,000
MGP Operating Partnership | MGM
Business And Organization [Line Items]
Operating partnership units held (in shares) | shares				172,000,000
Increase in ownership interest in operating partnership ( as a percent )				56.70%
MGP BREIT Venture Transaction | MGM
Business And Organization [Line Items]
Proceeds from sale of equity method investments		$ 2,400,000
MGP BREIT Venture Transaction | MGP Operating Partnership
Business And Organization [Line Items]
Controlling interest, ownership percentage		50.10%
Proceeds from sale of equity method investments		$ 2,100,000
Sale of stock, number of shares issued in transaction (in shares) | shares		2,600,000
Sale of stock, equity value of venture issued, percent		5.00%
MGP BREIT Venture Transaction | Secured Debt
Business And Organization [Line Items]
Notes reduction		$ 1,300,000
MGP BREIT Venture Transaction | Blackstone Real Estate Income Trust, Inc.
Business And Organization [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		49.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	May 18, 2020USD ($)	Jan. 14, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2019	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets			$ 10,823,502		$ 10,823,502		$ 11,910,272
Maximum exposure to loss, liabilities			$ 4,454,056		$ 4,454,056		$ 5,012,260
Effective tax rate			2.50%	5.60%	14.70%	3.10%
MGP Operating Partnership
Summary Of Significant Accounting Policies [Line Items]
Partnership agreement, purchase agreement covenant, operating unit redemption, consideration amount		$ 1,400,000
Partnership agreement, purchase agreement covenant, discount rate		3.00%
Amount of Operating Partnership units redeemed	$ 700,000
Variable Interest Entity | MGP Operating Partnership
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets			$ 9,300,000		$ 9,300,000
Maximum exposure to loss, liabilities			$ 500,500		$ 500,500
Exchange of Operating Partnership Units to MGP's Class A Shares
Summary Of Significant Accounting Policies [Line Items]
Operating partnership unit conversion ratio					1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)shares		Jun. 30, 2020USD ($)shares		Jun. 30, 2020USD ($)shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 1,583,556				$ 0
Reclassification and remeasurement adjustments	(191,269)				(1,408,050)
Net income (loss)	14,977				(1,559)
Partial redemption of temporary equity	(692,468)
Partial redemption of temporary equity	$ 7,532	[1]	$ 7,532	[2]	$ (692,468)
MGP's issuance of Class A shares and Operating Partnership's issuance of units | shares	18,418		18,418		18,418
MGP BREIT Venture Transaction					$ 16,136
Cash flow hedges	$ (1,262)				(14,062)
Share-based compensation	88				193
Deemed contribution - tax sharing agreement	399				650
MGP dividends and Operating Partnership distributions declared	(13,402)				(34,691)
Other	(619)				(667)
Ending balance	$ 700,000		$ 700,000		$ 700,000
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) - USD ($) $ in Thousands	Feb. 14, 2020	Jun. 30, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Carrying value of property		$ 8,427,330	$ 10,827,972
Gains (losses) on sales of investment real estate	$ 193,100
MGP Operating Partnership
Real Estate Properties [Line Items]
Carrying value of property		$ 8,427,330	$ 10,827,972
MGP Operating Partnership | MGP BREIT Venture Transaction
Real Estate Properties [Line Items]
Proceeds from sale of equity method investments	$ 2,100,000
Controlling interest, ownership percentage	50.10%
Carrying value of property	$ 2,300,000
Selling costs	10,000
Secured Debt | MGP BREIT Venture Transaction
Real Estate Properties [Line Items]
Notes reduction	$ 1,300,000

Real Estate Investments - Carry

Real Estate Investments - Carrying Value of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Real estate investments, gross	$ 10,857,867	$ 13,924,496
Less: Accumulated depreciation	(2,430,537)	(3,096,524)
Real estate investments, net	8,427,330	10,827,972
Land
Real Estate Properties [Line Items]
Real estate investments, gross	3,431,228	4,631,013
Buildings, building improvements, land improvements and integral equipment
Real Estate Properties [Line Items]
Real estate investments, gross	$ 7,426,639	$ 9,293,483

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliate - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated affiliate	$ 25,453	$ 0	$ 38,816	$ 0
Distributions from unconsolidated affiliate			35,233	0
MGP Operating Partnership
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated affiliate	$ 25,453	$ 0	38,816	0
Distributions from unconsolidated affiliate			$ 35,233	$ 0
MGP BREIT Venture | MGP Operating Partnership
Schedule of Equity Method Investments [Line Items]
Controlling interest, ownership percentage	50.10%		50.10%
Income from unconsolidated affiliate	$ 25,500		$ 38,800
Distributions from unconsolidated affiliate	$ 23,100		$ 35,200

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliate - MGP BREIT Venture Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Income from continuing operations	$ 99,524	$ 71,790	$ (24,665)	$ 121,709
Net income (loss)	97,025	$ 67,769	(28,297)	$ 134,133
MGP BREIT Venture
Schedule of Equity Method Investments [Line Items]
Net revenues	98,681		149,118
Income from continuing operations	50,804		77,479
Net income (loss)	$ 50,804		$ 77,479

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Apr. 01, 2020USD ($)	Jun. 30, 2020USD ($)extension	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)extension	Jun. 30, 2019USD ($)	Feb. 14, 2020USD ($)
Leases [Line Items]
Number of lease extension options | extension		4
Percent of rent payments, base rent		91.00%		91.00%
Percent of rent payment, percentage rent		9.00%		9.00%
Adjusted net revenue to rent ratio				625.00%
Initial period of fixed rent remaining term				6 years
Subsequent period of variable rent amount				5 years
Tenant Reimbursements
Leases [Line Items]
Operating lease, lease income		$ 6	$ 5.9	$ 12.1	$ 12.5
Master Lease
Leases [Line Items]
Initial lease term (in years)		10 years		10 years
Number of lease extension options | extension				4
Lease extension term		5 years		5 years
Master Lease | Rental Properties
Leases [Line Items]
Operating lease, lease income		$ 188.3	$ 219.8	$ 391.8	$ 416.7
Master Lease Base Rent
Leases [Line Items]
Lessor, operating lease, variable lease payment, annual rent escalator		2.00%		2.00%
Rent payments due under master lease	$ 749.9
Annual contractual rent growth rate	2.00%
Annual rent	$ 827.8
Master Lease Percentage Rent
Leases [Line Items]
Operating leases fixed amount adjustment multiplier				1.40%
Subsidiaries | Mandalay Bay | MGP BREIT Venture Lease
Leases [Line Items]
Rent payments due under master lease						$ (133)

Leases - Operating Lease Minimu

Leases - Operating Lease Minimum Rental Payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020 (excluding the six months ended June 30, 2020)	$ 413,882
2021	839,012
2022	784,336
2023	764,861
2024	733,161
Thereafter	893,014
Total	$ 4,428,266

Debt - Debt Outstanding (Detail

Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 3,650,000	$ 4,353,750
Less: Unamortized discount and debt issuance costs	(35,251)	(46,396)
Long-term debt, net	3,614,749	4,307,354
Senior secured term loan A facility | Term Loan
Debt Instrument [Line Items]
Senior secured term loan	0	399,125
Senior secured term loan B facility | Term Loan
Debt Instrument [Line Items]
Senior secured term loan	0	1,304,625
Senior secured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	200,000	0
5.625% senior notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 1,050,000	1,050,000
Interest rate	5.625%
4.625% senior notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 800,000	0
Interest rate	4.625%
4.50% senior notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 500,000	500,000
Interest rate	4.50%
5.75% senior notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 750,000	750,000
Interest rate	5.75%
4.50% senior notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 350,000	$ 350,000
Interest rate	4.50%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ (18,129,000)	$ 0
Estimated fair value of long-term debt	$ 3,700,000,000		3,700,000,000		$ 4,600,000,000
Amortization of deferred financing costs	$ 2,200,000	$ 3,200,000	$ 4,700,000	6,400,000
Senior Notes | 4.625% senior notes, due 2025
Debt Instrument [Line Items]
Interest rate	4.625%		4.625%
Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 200,000,000		$ 200,000,000		$ 0
MGP Operating Partnership
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			(18,129,000)	$ 0
MGP Operating Partnership | Senior Notes | 4.625% senior notes, due 2025
Debt Instrument [Line Items]
Amount of debt issued	$ 800,000,000		$ 800,000,000
Interest rate	4.625%		4.625%
MGP Operating Partnership | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility	$ 1,350,000,000		$ 1,350,000,000
Credit facility	$ 200,000,000		$ 200,000,000
Interest rate	2.35%		2.35%
MGP Operating Partnership | Term Loan | Senior Secured Term Loan A Facility
Debt Instrument [Line Items]
Repayments of debt			$ 399,000,000
MGP Operating Partnership | Term Loan | Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Repayments of debt			$ 1,300,000,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Fair Value Asset (Liability)	$ (139,605,000)	$ (23,971,000)
Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	1,600,000,000	2,200,000,000
Fair Value Asset (Liability)	(110,516,000)	(21,235,000)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	1,200,000,000	600,000,000
Fair Value Asset (Liability)	(29,089,000)	(2,736,000)
Interest Rate Swap Effective May 3, 2017, One | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 1,200,000,000
Weighted Average Fixed Rate	1.844%
Fair Value Asset (Liability)	$ (29,089,000)
Interest Rate Swap Effective May 3, 2017, Two | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount		$ 600,000,000
Weighted Average Fixed Rate		1.902%
Fair Value Asset (Liability)		$ (4,106,000)
Interest Rate Swap Effective May 3, 2017, Two | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount		$ 600,000,000
Weighted Average Fixed Rate		1.786%
Fair Value Asset (Liability)		$ (2,736,000)
Interest Rate Swap Effective Sep 6, 2019 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 300,000,000	$ 300,000,000
Weighted Average Fixed Rate	1.158%	1.158%
Fair Value Asset (Liability)	$ (12,436,000)	$ 6,529,000
Interest Rate Swap Effective Oct 1, 2019 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 400,000,000	$ 400,000,000
Weighted Average Fixed Rate	2.252%	2.252%
Fair Value Asset (Liability)	$ (56,682,000)	$ (18,743,000)
Interest Rate Swap Effective Nov 30, 2021 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 900,000,000	$ 900,000,000
Weighted Average Fixed Rate	1.801%	1.801%
Fair Value Asset (Liability)	$ (41,398,000)	$ (4,915,000)

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Gain (loss) on unhedged interest rate swaps, net	$ 1,588	$ 0	$ (10,532)	$ 0
Interest Rate Swaps | MGP Operating Partnership
Derivative [Line Items]
Gain (loss) on unhedged interest rate swaps, net	$ 1,600		$ (10,500)

Shareholders' Equity and Part_3

Shareholders' Equity and Partners' Capital - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 15, 2020$ / shares	May 18, 2020USD ($)shares	Feb. 14, 2020USD ($)shares	Feb. 13, 2020USD ($)shares	Feb. 12, 2020USD ($)shares	Jun. 30, 2020	Feb. 15, 2020
MGP Operating Partnership
Class of Stock [Line Items]
Operating Partnership units redeemed (in units)		30.3
Amount of Operating Partnership units redeemed | $		$ 700,000
Exchange of Operating Partnership Units to MGP's Class A Shares
Class of Stock [Line Items]
Operating partnership unit conversion ratio						1
Class A Shares | Subsequent Event
Class of Stock [Line Items]
Dividends (in dollars per share) | $ / shares	$ 0.4875
Dividends (in dollars per share) | $ / shares	$ 0.4875
At-The-Market-Offering Program | Class A Shares
Class of Stock [Line Items]
Sale of stock, consideration received on transaction | $					$ 18,700
Sale of stock, number of shares issued in transaction (in shares)					0.6
At-The-Market-Offering Program | MGP Operating Partnership | Class A Shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)					0.6
Forward Purchase Agreement | Class A Shares
Class of Stock [Line Items]
Sale of stock, consideration received on transaction | $				$ 355,900
Sale of stock, number of shares issued in transaction (in shares)				12
Forward Purchase Agreement | MGP Operating Partnership | Class A Shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				12
MGP BREIT Venture Transaction | Class A Shares
Class of Stock [Line Items]
Sale of stock, consideration received on transaction | $			$ 150,000
Sale of stock, number of shares issued in transaction (in shares)			4.9
Public Stock Offering | Class A Shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			4.9
Ownership percentage				38.80%	36.30%
MGP BREIT Venture Transaction
Class of Stock [Line Items]
Ownership percentage		43.30%	39.70%				39.40%
MGP BREIT Venture Transaction | MGP Operating Partnership
Class of Stock [Line Items]
Operating partnership units | $			$ 2,600

Shareholders' Equity and Part_4

Shareholders' Equity and Partners' Capital - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2020	Jun. 30, 2019
AOCI [Roll Forward]
Balance	$ 5,541,861		$ 6,716,917	$ 6,898,012			$ 5,845,506
Other comprehensive loss before reclassifications	(15,339)			(112,122)
Amounts reclassified from accumulated other comprehensive loss to interest expense	(7,948)			(9,411)
Other comprehensive loss	(7,391)		(30,775)	(102,711)			(46,387)
Class A share issuances				(646)
Issuance of OP Units				59
Partial redemption of temporary equity*	(7,532)	[1]		(7,532)	[2]	$ 692,468
Other	(147)	[1]	542	(107)	[2]		(746)
Changes in accumulated other comprehensive income:	(12,116)			(108,023)
Less: Other comprehensive loss attributable to noncontrolling interest	(4,380)			(62,169)
Balance	5,669,446		6,386,532	5,669,446		5,669,446	6,386,532
AOCI Attributable to Parent
AOCI [Roll Forward]
Balance	(45,163)		54	(7,045)			4,208
Other comprehensive loss							(14,364)
Partial redemption of temporary equity*	(4,772)	[1]		(4,772)	[2]
Other	47	[1]		47	[2]
Balance	(52,899)		(9,696)	(52,899)		(52,899)	(9,696)
Cash Flow Hedges Attributable to Parent [Member]
AOCI [Roll Forward]
Balance	(42,757)			(5,226)
Balance	(45,768)			(45,768)		(45,768)
Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Other comprehensive loss before reclassifications	(15,339)			(112,122)
Amounts reclassified from accumulated other comprehensive loss to interest expense	(7,948)			(9,411)
Other comprehensive loss	(7,391)			(102,711)
Class A share issuances				0
Issuance of OP Units				0
Partial redemption of temporary equity*	0			0
Other	0			0
Changes in accumulated other comprehensive income:	(7,391)			(102,711)
Cash Flow Hedges Including Noncontrolling Interest [Member]
AOCI [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interest	(4,380)			(62,169)
Other Attributable to Parent [Member]
AOCI [Roll Forward]
Balance	(2,406)			(1,819)
Balance	(7,131)			(7,131)		$ (7,131)
Other Including Portion Attributable to Noncontrolling Interest [Member]
AOCI [Roll Forward]
Other comprehensive loss before reclassifications	0			0
Amounts reclassified from accumulated other comprehensive loss to interest expense	0			0
Other comprehensive loss	0			0
Class A share issuances				(646)
Issuance of OP Units				59
Partial redemption of temporary equity*	(4,772)			(4,772)
Other	47			47
Changes in accumulated other comprehensive income:	(4,725)			(5,312)
Other Attributable to Noncontrolling Interest [Member]
AOCI [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interest	0			0
MGP Operating Partnership
AOCI [Roll Forward]
Other comprehensive loss	(6,129)		(30,775)	(88,649)			(46,387)
Issuance of OP Units			$ 64,908	506,198			$ 613,299
Partial redemption of temporary equity*	$ (7,532)			$ (7,532)
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Net Income (Loss) Per Class A_3

Net Income (Loss) Per Class A Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Income (loss) from continuing operations, net of tax	$ 97,025	$ 67,769	$ (28,297)	$ 117,917
Less: (Income) loss from continuing operations attributable to noncontrolling interest	(56,009)	(45,911)	19,565	(80,886)
Less: Adjustment related to redeemable noncontrolling interests	(1,232)	0	(1,232)	0
Income (loss) from continuing operations attributable to Class A shares - basic and diluted	39,784	21,858	(9,964)	37,031
Income from discontinued operations, net of tax	0	0	0	16,216
Less: Income from discontinued operations attributable to noncontrolling interest	0	0	0	(11,434)
Income from discontinued operations attributable to Class A shares - basic and diluted	0	0	0	4,782
Net income (loss) attributable to Class A shares - basic and diluted	$ 39,784	$ 21,858	$ (9,964)	$ 41,813
Denominator:
Weighted average Class A shares outstanding - basic (in shares)	131,526,763	91,011,559	127,380,566	87,544,627
Effect of dilutive shares for diluted net income per Class A share (in shares)	110,255	196,839	0	228,087
Weighted average Class A shares outstanding - diluted (in shares)	131,637,018	91,208,398	127,380,566	87,772,714
Stock Compensation Plan
Denominator:
Potentially dilutive shares (in shares)	100,000	0	300,000	0

Net Income (Loss) Per Operati_3

Net Income (Loss) Per Operating Partnership Unit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Income (loss) from continuing operations, net of tax	$ 97,025	$ 67,769	$ (28,297)	$ 117,917
Less: Adjustment related to redeemable noncontrolling interests	(1,232)	0	(1,232)	0
Income (loss) from continuing operations attributable to Class A shares - basic and diluted	39,784	21,858	(9,964)	37,031
Income from discontinued operations, net of tax	0	0	0	16,216
Net income (loss) attributable to Class A shares - basic and diluted	$ 39,784	$ 21,858	$ (9,964)	$ 41,813
Denominator:
Effect of dilutive shares for diluted net income per Class A share (in shares)	110,255	196,839	0	228,087
Stock Compensation Plan
Denominator:
Potentially dilutive shares (in shares)	100,000	0	300,000	0
MGP Operating Partnership
Numerator:
Income (loss) from continuing operations, net of tax	$ 97,025	$ 67,769	$ (28,297)	$ 117,917
Less: Adjustment related to redeemable noncontrolling interests	(1,232)	0	(1,232)	0
Income (loss) from continuing operations attributable to Class A shares - basic and diluted	95,793	67,769	(29,529)	117,917
Income from discontinued operations, net of tax	0	0	0	16,216
Net income (loss) attributable to Class A shares - basic and diluted	$ 95,793	$ 67,769	$ (29,529)	$ 134,133
Denominator:
Weighted average Operating Partnership units outstanding - basic (in shares)	319,188,801	290,714,102	321,736,879	289,537,067
Effect of dilutive shares for diluted net income per Class A share (in shares)	110,255	196,839	0	228,087
Weighted average Operating Partnership units outstanding - diluted (in shares)	319,299,056	290,910,941	321,736,879	289,765,154
MGP Operating Partnership | Stock Compensation Plan
Denominator:
Potentially dilutive shares (in shares)	100,000		300,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - MGP BREIT Venture - Financial Guarantee - MGP Operating Partnership $ in Billions	Jun. 30, 2020USD ($)
Loss Contingencies [Line Items]
Guarantee for losses	$ 3
Guarantee cap	10.00%