MGM Growth Properties Operating Partnership (MGP) 10-Q 21 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 19, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
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	No
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		156,753,272
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Real estate investments, net	$ 8,716,154	$ 8,780,521
Lease incentive asset	482,136	487,141
Investment in unconsolidated affiliate	818,053	816,756
Cash and cash equivalents	7,614	8,056
Prepaid expenses and other assets	20,768	22,237
Due from MGM Resorts International and affiliates	493	0
Above market lease, asset	37,900	38,293
Operating lease right-of-use assets	278,173	278,102
Total assets	10,361,291	10,431,106
Liabilities
Debt, net	4,168,857	4,216,877
Due to MGM Resorts International and affiliates	0	172
Accounts payable, accrued expenses and other liabilities	3,580	57,543
Accrued interest	51,619	55,685
Dividend and distribution payable	142,107	140,765
Deferred revenue	239,283	221,542
Deferred income taxes, net	41,217	41,217
Operating lease liabilities	337,543	337,460
Total liabilities	4,984,206	5,071,261
Commitments and contingencies (Note 11)
Shareholders' equity
Class A shares: no par value, 1,000,000,000 shares authorized, 156,753,272 and 156,750,325 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	3,736,244	3,735,727
Accumulated deficit	(551,367)	(537,715)
Accumulated other comprehensive loss	(17,951)	(41,189)
Total Class A shareholders' equity	3,166,926	3,156,823
Noncontrolling interest	2,210,159	2,203,022
Total shareholders' equity	5,377,085	5,359,845
Partners’ capital
Total liabilities and shareholders' equity	10,361,291	10,431,106
MGP Operating Partnership
ASSETS
Real estate investments, net	8,716,154	8,780,521
Lease incentive asset	482,136	487,141
Investment in unconsolidated affiliate	818,053	816,756
Cash and cash equivalents	7,614	8,056
Prepaid expenses and other assets	20,768	22,237
Due from MGM Resorts International and affiliates	493	0
Above market lease, asset	37,900	38,293
Operating lease right-of-use assets	278,173	278,102
Total assets	10,361,291	10,431,106
Liabilities
Debt, net	4,168,857	4,216,877
Due to MGM Resorts International and affiliates	0	172
Accounts payable, accrued expenses and other liabilities	3,580	57,543
Accrued interest	51,619	55,685
Dividend and distribution payable	142,107	140,765
Deferred revenue	239,283	221,542
Deferred income taxes, net	41,217	41,217
Operating lease liabilities	337,543	337,460
Total liabilities	4,984,206	5,071,261
Commitments and contingencies (Note 11)
Partners’ capital
General partner	0	0
Limited partners: 268,126,029 and 268,123,082 Operating Partnership units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.	5,377,085	5,359,845
Total partners’ capital	5,377,085	5,359,845
Total liabilities and shareholders' equity	$ 10,361,291	$ 10,431,106

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021
Shareholders' equity
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, issued (in shares)	156,753,272	156,750,325
Common stock, shares outstanding (in shares)	156,753,272	156,750,325
MGP Operating Partnership
Partners’ capital
Partners' capital, units issued (in shares)	268,126,029	268,123,082
Partners' capital, units outstanding (in shares)	268,126,029	268,123,082

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 201,936	$ 194,342
Expenses
Depreciation	62,821	57,937
Property transactions, net	1,546	843
Ground lease expense	5,824	5,920
Acquisition-related expenses	146	0
General and administrative	3,564	3,659
Total Expenses	73,901	68,359
Other income (expense)
Income from unconsolidated affiliate	25,411	25,485
Interest income	3	317
Interest expense	(63,768)	(68,446)
Gain on unhedged interest rate swaps, net	29,185	35,059
Other	(109)	(197)
Non-operating income (expense)	(9,278)	(7,782)
Income before income taxes	118,757	118,201
Provision for income taxes	(2,257)	(2,792)
Net income	116,500	115,409
Less: Net income attributable to noncontrolling interest	(47,072)	(55,811)
Net income attributable to Class A shareholders	69,428	59,598
MGP Operating Partnership
Revenues	201,936	194,342
Expenses
Depreciation	62,821	57,937
Property transactions, net	1,546	843
Ground lease expense	5,824	5,920
Acquisition-related expenses	146	0
General and administrative	3,564	3,659
Total Expenses	73,901	68,359
Other income (expense)
Income from unconsolidated affiliate	25,411	25,485
Interest income	3	317
Interest expense	(63,768)	(68,446)
Gain on unhedged interest rate swaps, net	29,185	35,059
Other	(109)	(197)
Non-operating income (expense)	(9,278)	(7,782)
Income before income taxes	118,757	118,201
Provision for income taxes	(2,257)	(2,792)
Net income	$ 116,500	$ 115,409
Weighted average units outstanding
Basic (in shares)	268,276	276,692
Diluted (in shares)	268,369	276,919
Net income (loss) per Operating Partnership unit (Basic) (in dollars per share)	$ 0.43	$ 0.42
Net income (loss) per Operating Partnership unit (Diluted) (in dollars per share)	$ 0.43	$ 0.42
Class A Shares
Weighted average Class A shares outstanding
Basic (in shares)	156,903	135,709
Diluted (in shares)	156,996	135,936
Earnings per Class A share
Basic (in usd per share)	$ 0.44	$ 0.44
Diluted (in usd per share)	$ 0.44	$ 0.44
Rental revenue
Revenues	$ 195,067	$ 188,303
Rental revenue | MGP Operating Partnership
Revenues	195,067	188,303
Ground lease and other
Revenues	6,869	6,039
Ground lease and other | MGP Operating Partnership
Revenues	$ 6,869	$ 6,039

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 116,500	$ 115,409
Unrealized gain on cash flow hedges	39,749	16,579
Comprehensive income	156,249	131,988
Less: Comprehensive income attributable to noncontrolling interests	(63,583)	(64,191)
Comprehensive income attributable to Class A shareholders	92,666	67,797
MGP Operating Partnership
Net income	116,500	115,409
Unrealized gain on cash flow hedges	39,749	16,579
Comprehensive income attributable to Class A shareholders	$ 156,249	$ 131,988

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 116,500	$ 115,409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	62,821	57,937
Property transactions, net	1,546	843
Amortization of financing costs	2,863	2,863
Non-cash ground lease, net	260	259
Deemed contributions - tax sharing agreement	2,257	2,792
Straight-line rental revenues, excluding amortization of lease incentive asset	18,119	13,633
Amortization of lease incentive asset	5,005	5,005
Amortization of deferred revenue on non-normal tenant improvements	(378)	(378)
Amortization of cash flow hedges	5,339	4,618
Gain on unhedged interest rate swaps, net	(29,185)	(35,059)
Share-based compensation	564	852
Income from unconsolidated affiliate	(25,411)	(25,485)
Distributions from unconsolidated affiliate	24,114	15,161
Change in operating assets and liabilities:
Prepaid expenses and other assets	17,440	242
Due to/from MGM Resorts International and affiliates	(665)	19
Accounts payable, accrued expenses and other liabilities	(6,759)	(1,644)
Accrued interest	(4,066)	11,005
Net cash provided by operating activities	190,364	168,072
Cash flows from investing activities
Net Cash Provided by (Used in) Investing Activities	0	0
Cash flows from financing activities
Net repayments under bank credit facility	(50,000)	(9,500)
Proceeds from issuance of Class A shares, net	0	676,034
Redemption of Operating Partnership units	0	(1,181,276)
Dividends and distributions paid	(140,765)	(136,484)
Other	(41)	0
Net cash used in financing activities	(190,806)	(651,226)
Cash and cash equivalents
Net decrease for the period	(442)	(483,154)
Balance, beginning of period	8,056	626,385
Balance, end of period	7,614	143,231
Supplemental cash flow disclosures
Interest paid	59,632	49,960
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	142,107	131,025
MGP Operating Partnership
Cash flows from operating activities
Net income	116,500	115,409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	62,821	57,937
Property transactions, net	1,546	843
Amortization of financing costs	2,863	2,863
Non-cash ground lease, net	260	259
Deemed contributions - tax sharing agreement	2,257	2,792
Straight-line rental revenues, excluding amortization of lease incentive asset	18,119	13,633
Amortization of lease incentive asset	5,005	5,005
Amortization of deferred revenue on non-normal tenant improvements	(378)	(378)
Amortization of cash flow hedges	5,339	4,618
Gain on unhedged interest rate swaps, net	(29,185)	(35,059)
Share-based compensation	564	852
Income from unconsolidated affiliate	(25,411)	(25,485)
Distributions from unconsolidated affiliate	24,114	15,161
Change in operating assets and liabilities:
Prepaid expenses and other assets	17,440	242
Due to/from MGM Resorts International and affiliates	(665)	19
Accounts payable, accrued expenses and other liabilities	(6,759)	(1,644)
Accrued interest	(4,066)	11,005
Net cash provided by operating activities	190,364	168,072
Cash flows from investing activities
Net Cash Provided by (Used in) Investing Activities	0	0
Cash flows from financing activities
Net repayments under bank credit facility	(50,000)	(9,500)
Proceeds from issuance of Class A shares, net	0	676,034
Redemption of Operating Partnership units	0	(1,181,276)
Dividends and distributions paid	(140,765)	(136,484)
Other	(41)	0
Net cash used in financing activities	(190,806)	(651,226)
Cash and cash equivalents
Net decrease for the period	(442)	(483,154)
Balance, beginning of period	8,056	626,385
Balance, end of period	7,614	143,231
Supplemental cash flow disclosures
Interest paid	59,632	49,960
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	$ 142,107	$ 131,025

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Total Class A Shareholders' Equity	Common stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2020			131,460,000
Beginning Balance at Dec. 31, 2020	$ 5,590,742	$ 2,640,237	$ 0	$ 3,114,331	$ (422,897)	$ (51,197)	$ 2,950,505
Changes in equity:
Net income	115,409
Net income (loss)	115,409	59,598			59,598		55,811
Cash flow hedges	16,579
Issuance of Class A shares (in shares)			21,850,000
Issuance of Class A shares	676,034	561,744		565,437		(3,693)	114,290
Redemption of Operating Partnership units	(1,181,276)	(227,487)		(220,627)		(6,860)	(953,789)
Cash flow hedges	16,579	8,199				8,199	8,380
Share-based compensation	852	431		431			421
Deemed contribution - tax sharing agreement	2,792						2,792
Dividends and distributions declared	(131,025)	(75,895)			(75,895)		(55,130)
Other (shares)			14,000
Other	(276)	25		27		(2)	(301)
Ending Balance (in shares) at Mar. 31, 2021			153,324,000
Ending Balance at Mar. 31, 2021	$ 5,089,831	2,966,852	$ 0	3,459,599	(439,194)	(53,553)	2,122,979
Beginning Balance (in shares) at Dec. 31, 2021	156,750,325		156,750,000
Beginning Balance at Dec. 31, 2021	$ 5,359,845	3,156,823	$ 0	3,735,727	(537,715)	(41,189)	2,203,022
Changes in equity:
Net income	116,500	69,428			69,428		47,072
Cash flow hedges	39,749	23,238				23,238	16,511
Share-based compensation	564	330		330			234
Deemed contribution - tax sharing agreement	2,257						2,257
Dividends and distributions declared	(142,107)	(83,080)			(83,080)		(59,027)
Other (shares)			3,000
Other	$ 277	187		187			90
Ending Balance (in shares) at Mar. 31, 2022	156,753,272		156,753,000
Ending Balance at Mar. 31, 2022	$ 5,377,085	$ 3,166,926	$ 0	$ 3,736,244	$ (551,367)	$ (17,951)	$ 2,210,159

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.5300	$ 0.4950

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands	Total	MGP Operating Partnership	MGP Operating PartnershipLimited Partners
Beginning Balance at Dec. 31, 2020		$ 5,590,742	$ 5,590,742
Changes in partners' capital:
Net income	$ 115,409	115,409	115,409
Proceeds from issuance of Class A shares by MGP		676,034	676,034
Redemption of Operating Partnership units	(1,181,276)	(1,181,276)	(1,181,276)
Cash flow hedges		16,579	16,579
Share-based compensation	852	852	852
Deemed contribution - tax sharing agreement	2,792	2,792	2,792
Dividends declared		(131,025)	(131,025)
Other		(276)	(276)
Ending Balance at Mar. 31, 2021		5,089,831	5,089,831
Beginning Balance at Dec. 31, 2021		5,359,845	5,359,845
Changes in partners' capital:
Net income	116,500	116,500	116,500
Cash flow hedges		39,749	39,749
Share-based compensation	564	564	564
Deemed contribution - tax sharing agreement	$ 2,257	2,257	2,257
Dividends declared		(142,107)	(142,107)
Other		277	277
Ending Balance at Mar. 31, 2022		$ 5,377,085	$ 5,377,085

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Dividend declared (in dollars per share)	$ 0.5300	$ 0.4950
MGP Operating Partnership | Limited Partners
Dividend declared (in dollars per share)	$ 0.5300	$ 0.4950

Business

Business	3 Months Ended
	Mar. 31, 2022
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”), a Delaware limited partnership that was formed in January 2016 and became a subsidiary of MGP in April 2016. The Company elected to be taxed 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”). A venture owned 50.1% by the Operating Partnership and 49.9% by a subsidiary of Blackstone Real Estate Income Trust, Inc. (“BREIT”, such venture, the “MGP BREIT Venture”) owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay and leases such real estate properties back to a wholly owned subsidiary of MGM under a master lease agreement (the “MGP BREIT Venture lease”). As of March 31, 2022, there were approximately 268.1 million Operating Partnership units outstanding in the Operating Partnership, of which MGM owned approximately 111.4 million, or 41.5%, and MGP owned the remaining 58.5%. MGM’s Operating Partnership units are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the Fair Market Value of a Class A share (as defined in the Operating Partnership’s partnership agreement). The determination of settlement method is at the option of MGP’s independent conflicts committee. MGM’s indirect ownership of these Operating Partnership units is recognized as a noncontrolling interest in MGP’s financial statements. A wholly owned subsidiary of MGP is the general partner of the Operating Partnership and operates and controls all of its business affairs. As a result, MGP consolidates the Operating Partnership and its subsidiaries. MGM also has ownership of MGP’s outstanding Class B share. The Class B share is a non-economic interest in MGP which does not provide its holder any rights to profits or losses or any rights to receive distributions from the operations of MGP or upon liquidation or winding up of MGP but which represents a majority of the voting power of MGP’s shares. As a result, MGP continues to be controlled by MGM through its majority voting rights and is consolidated by MGM. VICI Transaction On August 4, 2021, the Company and the Operating Partnership entered into an agreement with VICI Properties, Inc. (“VICI”) and MGM whereby VICI will acquire the Company in a stock-for-stock transaction (such transaction, the “VICI Transaction”). Pursuant to the agreement, MGP Class A shareholders will have the right to receive 1.366 shares of newly issued VICI stock in exchange for each MGP Class A share outstanding and MGM will have the right to receive 1.366 units of the new VICI operating partnership (“VICI OP”) in exchange for each Operating Partnership unit held by MGM. The fixed exchange ratio represents an agreed upon price of $43 per share of MGP Class A share to the five-day volume weighted average price of VICI stock as of the close of business on July 30, 2021. In connection with the exchange, VICI OP will redeem the majority of MGM’s VICI OP units for cash consideration of $4.4 billion, with MGM retaining approximately 12.2 million VICI OP units. MGP’s Class B share that is held by MGM will be cancelled. As of April 15, 2022, all closing conditions have been satisfied or waived (other than those that by their nature or terms are to be satisfied at the closing or, with respect to certain conditions, if the failure of such condition is as a result of an event, circumstance, effect or development occurring on or after April 15, 2022), and, accordingly, the VICI Transaction is expected to close on or about April 29, 2022, or otherwise within the marketing period pursuant to the master transaction agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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. 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 March 31, 2022, on a consolidated basis, MGP Lessor, LLC had total assets of $8.8 billion primarily related to its real estate investments, and total liabilities of $617.4 million primarily related to its deferred revenue and operating lease liabilities. For entities determined not 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 under the voting interest model if it has controlling financial interest based upon the terms of the respective entities’ ownership agreements. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s MGP BREIT Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process which prevents the Company from exerting a controlling financial interest, as defined in ASC 810. 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 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. 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 the Company’s real estate investments, investment in unconsolidated affiliate, 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 properties 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 1.9% and 2.4% for the three months ended March 31, 2022 and 2021, respectively. The Company and MGM join in the filing of a New Jersey consolidated corporation business tax return and have entered into a tax sharing agreement which provides for an allocation of taxes due in the consolidated New Jersey return. No amounts were due to MGM under the tax sharing agreement between the Company and MGM as of March 31, 2022 or December 31, 2021.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The carrying value of real estate investments is as follows: March 31, 2022 December 31, 2021 (in thousands) Land $ 3,522,546 $ 3,522,546 Buildings, building improvements, land improvements and integral equipment 8,139,231 8,142,008 11,661,777 11,664,554 Less: Accumulated depreciation (2,945,623) (2,884,033) $ 8,716,154 $ 8,780,521

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliate	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED AFFILIATE	INVESTMENT IN UNCONSOLIDATED AFFILIATE As of March 31, 2022, 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 as “Income from unconsolidated affiliate” in the condensed consolidated statements of operations. The Operating Partnership received $24.1 million and $15.2 million in distributions from MGP BREIT Venture during the three months ended March 31, 2022 and 2021, respectively. Summarized results of operations of MGP BREIT Venture are as follows: Three Months Ended March 31, 2022 2021 (in thousands) Net revenues $ 98,681 $ 98,681 Net income 50,721 50,869 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. MGP BREIT Venture excess cash flow guarantee. The MGP BREIT Venture loan agreement requires that the tenant EBITDAR to MGP BREIT Venture cash interest ratio is maintained above a specified level. If this ratio is not met for two consecutive fiscal quarters, then the borrowers will be unable to distribute excess cash flows to the venture partners unless and until an excess cash flow guarantee is provided. The ratio was not met for the two consecutive quarters ended December 31,

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 additional renewal options with respect to MGM Springfield, as described below). The lease provides that any extension of its term must apply to all of the real estate under the lease at the time of the extension. With respect to MGM National Harbor, the initial lease term ends on August 31, 2024. Thereafter, the initial term of the 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 lease or the next renewal term (depending on whether MGM elects to renew the other properties under the 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 lease, the tenant would also lose the right to renew the 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. In addition to the four five-year renewal terms, the term of the lease with respect to MGM Springfield may be extended for an additional four five-year renewal terms. The lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, ground lease rent, 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 any future gaming development by MGM on the undeveloped land adjacent to Empire City, which MGP may exercise should MGM elect to sell such property in the future. Rent under the lease consists of a “base rent” component and a “percentage rent” component. As of March 31, 2022, 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, beginning on April 1, 2022, the annual escalator of 2.0% is subject to the tenant and, without duplication, the MGM 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 was initially a fixed amount for approximately the first six years and, starting with the seventh lease year that commenced on April 1, 2022, is now adjusted every five years based on the average annual adjusted 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 adjusted 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%). With respect to the additional renewal terms for MGM Springfield, for the first two additional renewal terms, base rent will include a fixed annual rent escalator of 2.0%, subject to the tenant and the MGM operating subsidiary sublessee of our tenant collectively meeting an adjusted net revenue to rent ratio, discussed above, and for each lease year subsequent to the first two additional renewal terms, the base rent shall be the Fair Market Rent (as defined in the MGM-MGP Master Lease). As of March 31, 2022, total annual cash rent under the MGM-MGP Master Lease was $872.8 million. In connection with the commencement of the seventh lease year on April 1, 2022, and the corresponding 2.0% fixed annual rent escalator that went into effect on such date due to the adjusted net revenue to rent ratio being met, as discussed above, the base rent under the MGM-MGP Master Lease increased to $807.7 million. Additionally, in connection with the percentage rent adjustment as discussed above, starting with the seventh lease year that commenced on April 1, 2022, the percentage rent adjusted to $69.1 million, resulting in total annual cash rent under the MGM-MGP Master Lease of $876.8 million. Straight-line rental revenues from the MGM-MGP Master Lease, which includes lease incentive asset amortization, were $195.1 million and $188.3 million for the three months ended March 31, 2022 and 2021, respectively. The Company also recognized revenue related to ground lease and other of $6.9 million and $6.0 million for the three months ended March 31, 2022 and 2021, respectively. Under the MGM-MGP Master Lease, future non-cancelable minimum cash rental payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include renewal options and, with respect to MGM National Harbor, through August 31, 2024, are as follows as of March 31, 2022: Year ending December 31, (in thousands) 2022 (excluding the three months ended March 31, 2022) $ 593,896 2023 791,861 2024 760,161 2025 696,760 2026 232,253 Thereafter — Total $ 3,074,931
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 additional renewal options with respect to MGM Springfield, as described below). The lease provides that any extension of its term must apply to all of the real estate under the lease at the time of the extension. With respect to MGM National Harbor, the initial lease term ends on August 31, 2024. Thereafter, the initial term of the 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 lease or the next renewal term (depending on whether MGM elects to renew the other properties under the 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 lease, the tenant would also lose the right to renew the 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. In addition to the four five-year renewal terms, the term of the lease with respect to MGM Springfield may be extended for an additional four five-year renewal terms. The lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, ground lease rent, 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 any future gaming development by MGM on the undeveloped land adjacent to Empire City, which MGP may exercise should MGM elect to sell such property in the future. Rent under the lease consists of a “base rent” component and a “percentage rent” component. As of March 31, 2022, 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, beginning on April 1, 2022, the annual escalator of 2.0% is subject to the tenant and, without duplication, the MGM 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 was initially a fixed amount for approximately the first six years and, starting with the seventh lease year that commenced on April 1, 2022, is now adjusted every five years based on the average annual adjusted 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 adjusted 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%). With respect to the additional renewal terms for MGM Springfield, for the first two additional renewal terms, base rent will include a fixed annual rent escalator of 2.0%, subject to the tenant and the MGM operating subsidiary sublessee of our tenant collectively meeting an adjusted net revenue to rent ratio, discussed above, and for each lease year subsequent to the first two additional renewal terms, the base rent shall be the Fair Market Rent (as defined in the MGM-MGP Master Lease). As of March 31, 2022, total annual cash rent under the MGM-MGP Master Lease was $872.8 million. In connection with the commencement of the seventh lease year on April 1, 2022, and the corresponding 2.0% fixed annual rent escalator that went into effect on such date due to the adjusted net revenue to rent ratio being met, as discussed above, the base rent under the MGM-MGP Master Lease increased to $807.7 million. Additionally, in connection with the percentage rent adjustment as discussed above, starting with the seventh lease year that commenced on April 1, 2022, the percentage rent adjusted to $69.1 million, resulting in total annual cash rent under the MGM-MGP Master Lease of $876.8 million. Straight-line rental revenues from the MGM-MGP Master Lease, which includes lease incentive asset amortization, were $195.1 million and $188.3 million for the three months ended March 31, 2022 and 2021, respectively. The Company also recognized revenue related to ground lease and other of $6.9 million and $6.0 million for the three months ended March 31, 2022 and 2021, respectively. Under the MGM-MGP Master Lease, future non-cancelable minimum cash rental payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include renewal options and, with respect to MGM National Harbor, through August 31, 2024, are as follows as of March 31, 2022: Year ending December 31, (in thousands) 2022 (excluding the three months ended March 31, 2022) $ 593,896 2023 791,861 2024 760,161 2025 696,760 2026 232,253 Thereafter — Total $ 3,074,931

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Debt consists of the following: March 31, December 31, 2022 2021 (in thousands) Senior secured revolving credit facility $ — $ 50,000 5.625% senior notes, due 2024 1,050,000 1,050,000 4.625% senior notes, due 2025 800,000 800,000 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 3.875% senior notes, due 2029 750,000 750,000 4,200,000 4,250,000 Less: Unamortized discount and debt issuance costs (31,143) (33,123) $ 4,168,857 $ 4,216,877 Operating Partnership senior secured credit facility. At March 31, 2022, the Operating Partnership senior secured credit facility consisted of a $1.4 billion revolving credit facility. The Operating Partnership’s senior secured credit facility limits the amount of letters of credit that can be issued to $75 million. No letters of credit were outstanding under the Operating Partnership senior secured credit facility at March 31, 2022. The Operating Partnership was in compliance with its financial covenants at March 31, 2022. Refer to Note 7 for further discussion of the Company’s interest rate swap agreements. Fair value of debt. The estimated fair value of the Operating Partnership’s debt was $4.3 billion at March 31, 2022 and $4.6 billion at December 31, 2021. Fair value was estimated using quoted market prices for the Operating Partnership’s senior notes and senior secured credit facility.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIESIn March 2022, the Operating Partnership terminated all of its interest rate swap agreements which resulted in a loss of $0.5 million. The interest rate swaps as of December 31, 2021 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Liability Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 900,000 1.940 % $ (25,299) June 30, 2022 June 30, 2027 $ 900,000 $ (25,299) Derivatives not designated as hedges: $ 300,000 1.158 % $ (969) September 6, 2019 December 31, 2024 400,000 2.252 % (26,319) October 1, 2019 December 31, 2029 $ 700,000 $ (27,288) $ (52,587)

Shareholders' Equity and Partne

Shareholders' Equity and Partners' Capital	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL	SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL Accumulated Other Comprehensive 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 loss are reported in the accompanying condensed consolidated statement of shareholders’ equity. The following table summarizes the changes in accumulated other comprehensive loss by component: Cash Flow Hedges Other Total (in thousands) Balance at December 31, 2021 $ (18,998) $ (22,191) $ (41,189) Other comprehensive income before reclassifications 34,410 — 34,410 Amounts reclassified from accumulated other comprehensive loss to interest expense 5,339 — 5,339 Other comprehensive income 39,749 — 39,749 Less: Other comprehensive income attributable to noncontrolling interest (16,511) — (16,511) Balance at March 31, 2022 $ 4,240 $ (22,191) $ (17,951) 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. On April 14, 2022, the Company paid a dividend of $0.5300 per Class A share upon receipt of its share of the Operating Partnership’s distribution of $0.5300 per unit made the same day.

Earnings Per Class A Share

Earnings Per Class A Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER CLASS A SHARE	EARNINGS PER CLASS A SHARE The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings 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 March 31, 2022 2021 (in thousands) Numerator: Net income attributable to Class A shares - basic and diluted $ 69,428 $ 59,598 Denominator: Weighted average Class A shares outstanding — basic (1) 156,903 135,709 Effect of dilutive shares for diluted net income per Class A share (2) 93 227 Weighted average Class A shares outstanding — diluted (1) 156,996 135,936 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings 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” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended March 31, 2022 2021 (in thousands) Numerator: Net income attributable to unitholders - basic and diluted $ 116,500 $ 115,409 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,276 276,692 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 93 227 Weighted average Operating Partnership units outstanding — diluted (1) 268,369 276,919 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021.

Earnings Per Operating Partners

Earnings Per Operating Partnership Unit	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER OPERATING PARTNERSHIP UNIT	EARNINGS PER CLASS A SHARE The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings 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 March 31, 2022 2021 (in thousands) Numerator: Net income attributable to Class A shares - basic and diluted $ 69,428 $ 59,598 Denominator: Weighted average Class A shares outstanding — basic (1) 156,903 135,709 Effect of dilutive shares for diluted net income per Class A share (2) 93 227 Weighted average Class A shares outstanding — diluted (1) 156,996 135,936 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings 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” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended March 31, 2022 2021 (in thousands) Numerator: Net income attributable to unitholders - basic and diluted $ 116,500 $ 115,409 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,276 276,692 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 93 227 Weighted average Operating Partnership units outstanding — diluted (1) 268,369 276,919 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	3 Months Ended
	Mar. 31, 2022
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.
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 March 31, 2022, on a consolidated basis, MGP Lessor, LLC had total assets of $8.8 billion primarily related to its real estate investments, and total liabilities of $617.4 million primarily related to its deferred revenue and operating lease liabilities. For entities determined not 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 under the voting interest model if it has controlling financial interest based upon the terms of the respective entities’ ownership agreements. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s MGP BREIT Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process which prevents the Company from exerting a controlling financial interest, as defined in ASC 810.
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. MGM may tender its Operating Partnership units for redemption 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.
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 the Company’s real estate investments, investment in unconsolidated affiliate, 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 properties 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 1.9% and 2.4% for the three months ended March 31, 2022 and 2021, respectively. The Company and MGM join in the filing of a New Jersey consolidated corporation business tax return and have entered into a tax sharing agreement which provides for an allocation of taxes due in the consolidated New Jersey return. No amounts were due to MGM under the tax sharing agreement between the Company and MGM as of March 31, 2022 or December 31, 2021.

Real Estate Investments - (Tabl

Real Estate Investments - (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Carrying Value of Real Estate Investments	The carrying value of real estate investments is as follows: March 31, 2022 December 31, 2021 (in thousands) Land $ 3,522,546 $ 3,522,546 Buildings, building improvements, land improvements and integral equipment 8,139,231 8,142,008 11,661,777 11,664,554 Less: Accumulated depreciation (2,945,623) (2,884,033) $ 8,716,154 $ 8,780,521

Investment in Unconsolidated _2

Investment in Unconsolidated Affiliate - (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in thousands) Net revenues $ 98,681 $ 98,681 Net income 50,721 50,869

Leases - (Tables)

Leases - (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Lessor, Operating Lease Minimum Rental Payments	Under the MGM-MGP Master Lease, future non-cancelable minimum cash rental payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include renewal options and, with respect to MGM National Harbor, through August 31, 2024, are as follows as of March 31, 2022: Year ending December 31, (in thousands) 2022 (excluding the three months ended March 31, 2022) $ 593,896 2023 791,861 2024 760,161 2025 696,760 2026 232,253 Thereafter — Total $ 3,074,931

Debt - (Tables)

Debt - (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt consists of the following: March 31, December 31, 2022 2021 (in thousands) Senior secured revolving credit facility $ — $ 50,000 5.625% senior notes, due 2024 1,050,000 1,050,000 4.625% senior notes, due 2025 800,000 800,000 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 3.875% senior notes, due 2029 750,000 750,000 4,200,000 4,250,000 Less: Unamortized discount and debt issuance costs (31,143) (33,123) $ 4,168,857 $ 4,216,877

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities - (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The interest rate swaps as of December 31, 2021 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Liability Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 900,000 1.940 % $ (25,299) June 30, 2022 June 30, 2027 $ 900,000 $ (25,299) Derivatives not designated as hedges: $ 300,000 1.158 % $ (969) September 6, 2019 December 31, 2024 400,000 2.252 % (26,319) October 1, 2019 December 31, 2029 $ 700,000 $ (27,288) $ (52,587)

Shareholders' Equity and Part_2

Shareholders' Equity and Partners' Capital - (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive loss by component: Cash Flow Hedges Other Total (in thousands) Balance at December 31, 2021 $ (18,998) $ (22,191) $ (41,189) Other comprehensive income before reclassifications 34,410 — 34,410 Amounts reclassified from accumulated other comprehensive loss to interest expense 5,339 — 5,339 Other comprehensive income 39,749 — 39,749 Less: Other comprehensive income attributable to noncontrolling interest (16,511) — (16,511) Balance at March 31, 2022 $ 4,240 $ (22,191) $ (17,951)

Earnings Per Class A Share - (T

Earnings Per Class A Share - (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings and Number of Class A Shares Used in the Calculation of Basic and Diluted Income Per Share	The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings 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 March 31, 2022 2021 (in thousands) Numerator: Net income attributable to Class A shares - basic and diluted $ 69,428 $ 59,598 Denominator: Weighted average Class A shares outstanding — basic (1) 156,903 135,709 Effect of dilutive shares for diluted net income per Class A share (2) 93 227 Weighted average Class A shares outstanding — diluted (1) 156,996 135,936 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings 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” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended March 31, 2022 2021 (in thousands) Numerator: Net income attributable to unitholders - basic and diluted $ 116,500 $ 115,409 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,276 276,692 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 93 227 Weighted average Operating Partnership units outstanding — diluted (1) 268,369 276,919 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021.

Earnings Per Operating Partne_2

Earnings Per Operating Partnership Unit - (Tables)	3 Months Ended
	Mar. 31, 2022
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 earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings 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 March 31, 2022 2021 (in thousands) Numerator: Net income attributable to Class A shares - basic and diluted $ 69,428 $ 59,598 Denominator: Weighted average Class A shares outstanding — basic (1) 156,903 135,709 Effect of dilutive shares for diluted net income per Class A share (2) 93 227 Weighted average Class A shares outstanding — diluted (1) 156,996 135,936 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings 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” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended March 31, 2022 2021 (in thousands) Numerator: Net income attributable to unitholders - basic and diluted $ 116,500 $ 115,409 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,276 276,692 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 93 227 Weighted average Operating Partnership units outstanding — diluted (1) 268,369 276,919 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for each of the three months ended March 31, 2022 and 2021.

Business - Narrative (Details)

Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Billions	Apr. 29, 2022	Mar. 31, 2022	Dec. 31, 2021	Feb. 29, 2020
VICI Properties Transaction | VICI Operating Partnership Unit | Forecast
Business And Organization [Line Items]
Number of shares retained	12,200,000
MGP Operating Partnership
Business And Organization [Line Items]
Operating partnership units outstanding (in shares)		268,126,029	268,123,082
VICI Properties Inc. | VICI Properties Transaction | Forecast
Business And Organization [Line Items]
Payments to acquire business	$ 4.4
VICI Properties Inc. | VICI Properties Transaction | VICI Operating Partnership Unit | Forecast
Business And Organization [Line Items]
Conversion basis of shares	1.366
VICI Properties Inc. | VICI Properties Transaction | Common stock | Forecast
Business And Organization [Line Items]
Conversion basis of shares	1.366
Exchange ratio, price per share (in dollars per share)	$ 43
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)		268,100,000
Ownership percentage acquired ( as a percent )		58.50%
MGP Operating Partnership | MGM
Business And Organization [Line Items]
Operating partnership units held (in shares)		111,400,000
Ownership interest in operating partnership ( as a percent )		41.50%
MGP BREIT Venture Transaction | MGP Operating Partnership
Business And Organization [Line Items]
Controlling interest, ownership percentage				50.10%
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_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021	Dec. 31, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets	$ 10,361,291		$ 10,431,106
Maximum exposure to loss, liabilities	$ 4,984,206		5,071,261
Number of segments | segment	1
Effective tax rate	1.90%	2.40%
Tax sharing agreement amount	$ 0		$ 0
Variable Interest Entity | MGP Operating Partnership
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets	8,800,000
Maximum exposure to loss, liabilities	$ 617,400
Exchange of Operating Partnership Units to MGP's Class A Shares
Summary Of Significant Accounting Policies [Line Items]
Operating partnership unit conversion ratio	1

Real Estate Investments - Carry

Real Estate Investments - Carrying Value of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Real estate investments, gross	$ 11,661,777	$ 11,664,554
Less: Accumulated depreciation	(2,945,623)	(2,884,033)
Real estate investments, net	8,716,154	8,780,521
Land
Real Estate Properties [Line Items]
Real estate investments, gross	3,522,546	3,522,546
Buildings, building improvements, land improvements and integral equipment
Real Estate Properties [Line Items]
Real estate investments, gross	$ 8,139,231	$ 8,142,008

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliate - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliate	$ 24,114	$ 15,161
MGP Operating Partnership
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliate	24,114	15,161
MGP Operating Partnership | MGP BREIT Venture | Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantee for losses	$ 3,000,000
Guarantee cap	10.00%
MGP Operating Partnership | MGP BREIT Venture | Property Lease Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantee cap	9.90%
MGP BREIT Venture | MGP Operating Partnership
Schedule of Equity Method Investments [Line Items]
Controlling interest, ownership percentage	50.10%
Distributions from unconsolidated affiliate	$ 24,100	$ 15,200

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliate - MGP BREIT Venture Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net income	$ 116,500	$ 115,409
MGP BREIT Venture
Schedule of Equity Method Investments [Line Items]
Net revenues	98,681	98,681
Net income	$ 50,721	$ 50,869

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Apr. 01, 2022USD ($)	Mar. 31, 2022USD ($)extension	Mar. 31, 2021USD ($)
Leases [Line Items]
Percent of rent payments, base rent		91.00%
Percent of rent payment, percentage rent		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
MGM Springfield
Leases [Line Items]
Number of lease extension options | extension		4
Tenant Reimbursements
Leases [Line Items]
Operating lease, lease income		$ 6.9	$ 6
Master Lease
Leases [Line Items]
Initial lease term (in years)		10 years
Number of lease extension options | extension		4
Lease extension term		5 years
Master Lease | MGM Springfield
Leases [Line Items]
Lease extension term		5 years
Master Lease | Rental Properties
Leases [Line Items]
Operating lease, lease income		$ 195.1	$ 188.3
Master Lease Base Rent
Leases [Line Items]
Lessor, operating lease, variable lease payment, annual rent escalator		2.00%
Annual rent		$ 872.8
Master Lease Base Rent | Subsequent Event
Leases [Line Items]
Annual rent	$ 876.8
Annual contractual rent growth rate	2.00%
Increase in rent payments due under master lease	$ 807.7
Master Lease Base Rent | MGM Springfield
Leases [Line Items]
Lessor, operating lease, variable lease payment, annual rent escalator		2.00%
First two extensions of master lease | extension		2
Master Lease Percentage Rent
Leases [Line Items]
Operating leases fixed amount adjustment multiplier		1.40%
Master Lease Percentage Rent | Subsequent Event
Leases [Line Items]
Increase in rent payments due under master lease	$ 69.1

Leases - Operating Lease Minimu

Leases - Operating Lease Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 593,896
2023	791,861
2024	760,161
2025	696,760
2026	232,253
Thereafter	0
Total	$ 3,074,931

Debt - Debt Outstanding (Detail

Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 4,200,000	$ 4,250,000
Less: Unamortized discount and debt issuance costs	(31,143)	(33,123)
Long-term debt, net	4,168,857	4,216,877
Senior secured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 0	50,000
5.625% senior notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.625%
Senior notes	$ 1,050,000	1,050,000
4.625% senior notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Senior notes	$ 800,000	800,000
4.50% senior notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.50%
Senior notes	$ 500,000	500,000
5.75% senior notes, due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%
Senior notes	$ 750,000	750,000
4.50% senior notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.50%
Senior notes	$ 350,000	350,000
3.875% senior notes, due 2029 | Senior Notes
Debt Instrument [Line Items]
Interest rate	3.875%
Senior notes	$ 750,000	$ 750,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Estimated fair value of long-term debt	$ 4,300,000,000	$ 4,600,000,000
Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	0
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity under credit facility	75,000,000
MGP Operating Partnership | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility	$ 1,400,000,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Loss on interest rate swaps, net		$ (29,185)	$ (35,059)
Interest Rate Swaps | MGP Operating Partnership
Derivative [Line Items]
Loss on interest rate swaps, net	$ 500

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands	Dec. 31, 2021USD ($)
Derivative [Line Items]
Derivative, Fair Value, Net	$ (52,587)
Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Notional Amount	900,000
Derivative, Fair Value, Net	(25,299)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Notional Amount	700,000
Derivative, Fair Value, Net	(27,288)
Interest Rate Swap Effective June 30, 2022 | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 900,000
Derivative, Average Fixed Interest Rate	1.94%
Derivative, Fair Value, Net	$ (25,299)
Interest Rate Swap Effective Sep 6, 2019 | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 300,000
Derivative, Average Fixed Interest Rate	1.158%
Derivative, Fair Value, Net	$ (969)
Interest Rate Swap Effective Oct 1, 2019 | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 400,000
Derivative, Average Fixed Interest Rate	2.252%
Derivative, Fair Value, Net	$ (26,319)

Shareholders' Equity and Part_3

Shareholders' Equity and Partners' Capital - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI [Roll Forward]
Beginning Balance	$ 5,359,845	$ 5,590,742
Other comprehensive income before reclassifications	34,410
Less: Other comprehensive income attributable to noncontrolling interest	(16,511)
Ending Balance	5,377,085	5,089,831
Interest Expense
AOCI [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss to interest expense	5,339
AOCI Attributable to Parent
AOCI [Roll Forward]
Beginning Balance	(41,189)	(51,197)
Other comprehensive income	39,749
Ending Balance	(17,951)	$ (53,553)
Cash Flow Hedges Attributable to Parent
AOCI [Roll Forward]
Other comprehensive income	39,749
Ending Balance	4,240
Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Beginning Balance	(18,998)
Other comprehensive income before reclassifications	34,410
Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Interest Expense
AOCI [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss to interest expense	5,339
Cash Flow Hedges Including Noncontrolling Interest
AOCI [Roll Forward]
Less: Other comprehensive income attributable to noncontrolling interest	(16,511)
Other Attributable to Parent
AOCI [Roll Forward]
Beginning Balance	(22,191)
Ending Balance	(22,191)
Other Including Portion Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Other comprehensive income before reclassifications	0
Other comprehensive income	0
Other Including Portion Attributable to Noncontrolling Interest | Interest Expense
AOCI [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss to interest expense	0
Other Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Less: Other comprehensive income attributable to noncontrolling interest	$ 0

Shareholders' Equity and Part_4

Shareholders' Equity and Partners' Capital - Narrative (Details) - Class A Shares - Subsequent Event	Apr. 14, 2022$ / shares
Class of Stock [Line Items]
Dividends (in dollars per share)	$ 0.5300
Dividends (in dollars per share)	$ 0.5300

Earnings Per Class A Share (Det

Earnings Per Class A Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Class A
Numerator:
Net income attributable to Class A shares - basic and diluted	$ 69,428	$ 59,598
Denominator:
Weighted average Class A shares outstanding - basic (in shares)	156,903	135,709
Effect of dilutive shares for diluted net income per Class A share (in shares)	93	227
Weighted average Class A shares outstanding - diluted (in shares)	156,996	135,936
Stock Compensation Plan
Denominator:
Potentially dilutive shares (less than )	100	100

Earnings Per Operating Partne_3

Earnings Per Operating Partnership Unit (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock Compensation Plan
Denominator:
Potentially dilutive shares (less than)	100	100
MGP Operating Partnership
Numerator:
Net income attributable to unitholders - basic and diluted	$ 116,500	$ 115,409
Denominator:
Weighted average Operating Partnership units outstanding - basic (in shares)	268,276	276,692
Effect of dilutive shares for diluted net income per Class A share (in shares)	93	227
Weighted average Operating Partnership units outstanding - diluted (in shares)	268,369	276,919
MGP Operating Partnership | Stock Compensation Plan
Denominator:
Potentially dilutive shares (less than)	100	100