Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2019 | |
Cover [Abstract] | |
Document Type | S-4 |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2019 |
Entity Registrant Name | MGM Growth Properties Operating Partnership LP |
Entity Central Index Key | 0001691299 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||
Real estate investments, net | $ 10,894,121 | $ 10,506,129 | $ 10,021,938 |
Lease incentive asset | 532,186 | 0 | |
Cash and cash equivalents | 153,526 | 3,995 | 259,722 |
Tenant and other receivables, net | 463 | 7,668 | 6,385 |
Prepaid expenses and other assets | 27,413 | 34,813 | 18,487 |
Above market lease, asset | 41,834 | 43,014 | 44,588 |
Operating lease right-of-use assets | 280,020 | 0 | |
Assets held for sale | 0 | 355,688 | 0 |
Total assets | 11,929,563 | 10,951,307 | 10,351,120 |
Liabilities | |||
Debt, net | 4,847,408 | 4,666,949 | 3,934,628 |
Due to MGM Resorts International and affiliates | 298 | 227 | 962 |
Accounts payable, accrued expenses and other liabilities | 59,937 | 20,796 | 10,240 |
Above market lease, liability | 0 | 46,181 | 47,069 |
Accrued interest | 37,407 | 26,096 | 22,565 |
Dividend and distribution payable | 138,730 | 119,055 | 111,733 |
Deferred revenue | 95,306 | 163,926 | 127,640 |
Deferred income taxes, net | 29,721 | 33,634 | 28,544 |
Operating lease liabilities | 336,452 | 0 | |
Liabilities related to assets held for sale | 0 | 28,937 | 0 |
Total liabilities | 5,545,259 | 5,105,801 | 4,283,381 |
Commitments and contingencies | |||
Shareholders' equity | |||
Class A shares | 0 | 0 | 0 |
Additional paid-in capital | 2,307,463 | 1,712,671 | 1,716,490 |
Accumulated deficit | (216,824) | (150,908) | (94,948) |
Accumulated other comprehensive income (loss) | (16,129) | 4,208 | 3,108 |
Total Class A shareholders' equity | 2,074,510 | 1,565,971 | 1,624,650 |
Noncontrolling interest | 4,309,794 | 4,279,535 | 4,443,089 |
Total shareholders' equity | 6,384,304 | 5,845,506 | 6,067,739 |
Partners' capital | |||
Total liabilities and shareholders' equity | 11,929,563 | 10,951,307 | 10,351,120 |
MGP Operating Partnership | |||
ASSETS | |||
Real estate investments, net | 10,894,121 | 10,506,129 | 10,021,938 |
Lease incentive asset | 532,186 | 0 | |
Cash and cash equivalents | 153,526 | 3,995 | 259,722 |
Tenant and other receivables, net | 463 | 7,668 | 6,385 |
Prepaid expenses and other assets | 27,413 | 34,813 | 18,487 |
Above market lease, asset | 41,834 | 43,014 | 44,588 |
Operating lease right-of-use assets | 280,020 | 0 | |
Assets held for sale | 0 | 355,688 | 0 |
Total assets | 11,929,563 | 10,951,307 | 10,351,120 |
Liabilities | |||
Debt, net | 4,847,408 | 4,666,949 | 3,934,628 |
Due to MGM Resorts International and affiliates | 298 | 227 | 962 |
Accounts payable, accrued expenses and other liabilities | 59,937 | 20,796 | 10,240 |
Above market lease, liability | 0 | 46,181 | 47,069 |
Accrued interest | 37,407 | 26,096 | 22,565 |
Dividend and distribution payable | 138,730 | 119,055 | 111,733 |
Deferred revenue | 95,306 | 163,926 | 127,640 |
Deferred income taxes, net | 29,721 | 33,634 | 28,544 |
Operating lease liabilities | 336,452 | 0 | |
Liabilities related to assets held for sale | 0 | 28,937 | 0 |
Total liabilities | 5,545,259 | 5,105,801 | 4,283,381 |
Commitments and contingencies | |||
Partners' capital | |||
General partner | 0 | 0 | 0 |
Limited partners | 6,384,304 | 5,845,506 | 6,067,739 |
Total partners' capital | 6,384,304 | 5,845,506 | 6,067,739 |
Total liabilities and shareholders' equity | $ 11,929,563 | $ 10,951,307 | $ 10,351,120 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Shareholders' equity | |||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 95,468,067 | 70,911,166 | 70,896,795 |
Common stock, shares outstanding (in shares) | 95,468,067 | 70,911,166 | 70,896,795 |
MGP Operating Partnership | |||
Partners' capital | |||
Partners' capital, units issued (in shares) | 295,170,610 | 266,045,289 | 266,030,918 |
Partners' capital, units outstanding (in shares) | 295,170,610 | 266,045,289 | 266,030,918 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 226,011 | $ 216,659 | $ 655,193 | $ 652,888 | $ 869,495 | $ 765,695 | $ 467,548 |
Expenses | |||||||
Depreciation and amortization | 71,957 | 63,468 | 223,062 | 199,933 | 266,622 | 260,455 | 220,667 |
Property transactions, net | 9,921 | 339 | 11,344 | 18,851 | 20,319 | 34,022 | 4,684 |
Ground lease and other reimbursable expenses | 5,920 | 29,168 | 17,760 | 90,435 | 119,531 | 88,254 | 68,063 |
Amortization of above market lease, net | 0 | 171 | 0 | 514 | 686 | 686 | 286 |
Acquisition-related expenses | 92 | 1,931 | 8,891 | 4,603 | 6,149 | 17,304 | 10,178 |
General and administrative | 4,476 | 3,358 | 12,305 | 10,021 | 16,048 | 12,189 | 9,896 |
Expenses, net | 92,366 | 98,435 | 273,362 | 324,357 | 429,355 | 412,910 | 313,774 |
Operating income | 440,140 | 352,785 | 153,774 | ||||
Other income (expense) | |||||||
Interest income | 241 | 163 | 2,189 | 2,473 | 2,501 | 3,907 | 774 |
Interest expense | (63,048) | (58,743) | (190,973) | (157,249) | (215,532) | (184,175) | (116,212) |
Other | (306) | (1,020) | (806) | (6,409) | (7,191) | (1,621) | (726) |
Non-operating income (expense) | (63,113) | (59,600) | (189,590) | (161,185) | (220,222) | (181,889) | (116,164) |
Income from continuing operations before income taxes | 70,532 | 58,624 | 192,241 | 167,346 | 219,918 | 170,896 | 37,610 |
Provision for income taxes | (1,979) | (2,650) | (5,771) | (5,144) | (5,779) | (4,906) | (2,264) |
Income from continuing operations | 68,553 | 55,974 | 186,470 | 162,202 | 214,139 | 165,990 | 35,346 |
Income from discontinued operations | 0 | 13,949 | 16,216 | 13,949 | 30,563 | 0 | 0 |
Net income | 68,553 | 69,923 | 202,686 | 176,151 | 244,702 | 165,990 | 35,346 |
Less: Net income attributable to noncontrolling interest | (46,038) | (50,439) | (138,358) | (127,691) | (177,637) | (124,215) | (5,408) |
Net income attributable to Class A shareholders | $ 22,515 | $ 19,484 | $ 64,328 | $ 48,460 | $ 67,065 | $ 41,775 | $ 29,938 |
Weighted average Class A shares outstanding: | |||||||
Basic (in shares) | 93,165,443 | 71,005,052 | 89,440,552 | 70,991,129 | 70,997,589 | 61,733,136 | 57,502,158 |
Diluted (in shares) | 93,322,940 | 71,201,791 | 89,645,109 | 71,174,270 | 71,185,674 | 61,916,546 | 57,751,489 |
Class A Shares | |||||||
Weighted average Class A shares outstanding: | |||||||
Income from continuing operations per Class A share (basic) (in usd per share) | $ 0.24 | $ 0.22 | $ 0.67 | $ 0.63 | $ 0.83 | $ 0.68 | $ 0.52 |
Income from discontinued operations per Class A share (basic) (in usd per share) | 0 | 0.05 | 0.05 | 0.05 | 0.11 | 0 | 0 |
Net income per Class A share (basic) (in usd per share) | 0.24 | 0.27 | 0.72 | 0.68 | 0.94 | 0.68 | 0.52 |
Income from continuing operations per Class A share (diluted) (in usd per share) | 0.24 | 0.22 | 0.67 | 0.63 | 0.83 | 0.67 | 0.52 |
Income from discontinued operations per Class A share (diluted) (in usd per share) | 0 | 0.05 | 0.05 | 0.05 | 0.11 | 0 | 0 |
Net income per Class A share (diluted) (in usd per share) | $ 0.24 | $ 0.27 | $ 0.72 | $ 0.68 | $ 0.94 | $ 0.67 | $ 0.52 |
MGP Operating Partnership | |||||||
Revenues | $ 226,011 | $ 216,659 | $ 655,193 | $ 652,888 | $ 869,495 | $ 765,695 | $ 467,548 |
Expenses | |||||||
Depreciation and amortization | 71,957 | 63,468 | 223,062 | 199,933 | 266,622 | 260,455 | 220,667 |
Property transactions, net | 9,921 | 339 | 11,344 | 18,851 | 20,319 | 34,022 | 4,684 |
Ground lease and other reimbursable expenses | 5,920 | 29,168 | 17,760 | 90,435 | 119,531 | 88,254 | 68,063 |
Amortization of above market lease, net | 0 | 171 | 0 | 514 | 686 | 686 | 286 |
Acquisition-related expenses | 92 | 1,931 | 8,891 | 4,603 | 6,149 | 17,304 | 10,178 |
General and administrative | 4,476 | 3,358 | 12,305 | 10,021 | 16,048 | 12,189 | 9,896 |
Expenses, net | 92,366 | 98,435 | 273,362 | 324,357 | 429,355 | 412,910 | 313,774 |
Operating income | 440,140 | 352,785 | 153,774 | ||||
Other income (expense) | |||||||
Interest income | 241 | 163 | 2,189 | 2,473 | 2,501 | 3,907 | 774 |
Interest expense | (63,048) | (58,743) | (190,973) | (157,249) | (215,532) | (184,175) | (116,212) |
Other | (306) | (1,020) | (806) | (6,409) | (7,191) | (1,621) | (726) |
Non-operating income (expense) | (63,113) | (59,600) | (189,590) | (161,185) | (220,222) | (181,889) | (116,164) |
Income from continuing operations before income taxes | 70,532 | 58,624 | 192,241 | 167,346 | 219,918 | 170,896 | 37,610 |
Provision for income taxes | (1,979) | (2,650) | (5,771) | (5,144) | (5,779) | (4,906) | (2,264) |
Income from continuing operations | 68,553 | 55,974 | 186,470 | 162,202 | 214,139 | 165,990 | 35,346 |
Income from discontinued operations | 0 | 13,949 | 16,216 | 13,949 | 30,563 | 0 | 0 |
Net income | $ 68,553 | $ 69,923 | $ 202,686 | $ 176,151 | $ 244,702 | $ 165,990 | $ 35,346 |
Weighted average Operating Partnership units outstanding: | |||||||
Basic (in shares) | 292,867,986 | 266,139,175 | 290,661,305 | 266,125,252 | 266,131,712 | 249,451,258 | 232,181,070 |
Diluted (in shares) | 293,025,483 | 266,335,914 | 290,865,862 | 266,308,393 | 266,319,797 | 249,634,668 | 232,430,401 |
Net income per Operating Partnership unit (basic) (in dollars per share) | $ 0.23 | $ 0.26 | $ 0.70 | $ 0.66 | $ 0.92 | $ 0.67 | $ 0.52 |
Net income per Operating Partnership unit (diluted) (in dollars per share) | 0.23 | 0.26 | 0.70 | 0.66 | 0.92 | 0.66 | 0.52 |
MGP Operating Partnership | Continuing Operations | |||||||
Weighted average Operating Partnership units outstanding: | |||||||
Net income per Operating Partnership unit (basic) (in dollars per share) | 0.23 | 0.21 | 0.64 | 0.61 | 0.80 | 0.67 | 0.52 |
Net income per Operating Partnership unit (diluted) (in dollars per share) | 0.23 | 0.21 | 0.64 | 0.61 | 0.80 | 0.66 | 0.52 |
MGP Operating Partnership | Discontinued Operations | |||||||
Weighted average Operating Partnership units outstanding: | |||||||
Net income per Operating Partnership unit (basic) (in dollars per share) | 0 | 0.05 | 0.06 | 0.05 | 0.12 | 0 | 0 |
Net income per Operating Partnership unit (diluted) (in dollars per share) | $ 0 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.12 | $ 0 | $ 0 |
Rental revenue | |||||||
Revenues | $ 219,847 | $ 186,564 | $ 636,575 | $ 559,690 | $ 746,253 | $ 675,089 | $ 419,239 |
Rental revenue | MGP Operating Partnership | |||||||
Revenues | 219,847 | 186,564 | 636,575 | 559,690 | 746,253 | 675,089 | 419,239 |
Tenant reimbursements and other | |||||||
Rental revenue | 123,242 | 90,606 | 48,309 | ||||
Revenues | 6,164 | 30,095 | 18,618 | 93,198 | 48,309 | ||
Tenant reimbursements and other | MGP Operating Partnership | |||||||
Revenues | $ 6,164 | $ 30,095 | $ 18,618 | $ 93,198 | $ 123,242 | $ 90,606 | $ 48,309 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 68,553 | $ 69,923 | $ 202,686 | $ 176,151 | $ 244,702 | $ 165,990 | $ 35,346 |
Other comprehensive income (loss) | |||||||
Unrealized gain (loss) on cash flow hedges | (19,270) | 4,736 | (65,657) | 27,372 | 4,128 | 9,782 | 1,879 |
Other comprehensive income (loss) | (19,270) | 4,736 | (65,657) | 27,372 | 4,128 | 9,782 | 1,879 |
Comprehensive income (loss) | 49,283 | 74,659 | 137,029 | 203,523 | 248,830 | 175,772 | 37,225 |
Less: Comprehensive income attributable to noncontrolling interests | (33,001) | (53,912) | (93,298) | (147,767) | (180,665) | (131,236) | (6,842) |
Comprehensive income attributable to Class A shareholders | 16,282 | 20,747 | 43,731 | 55,756 | 68,165 | 44,536 | 30,383 |
MGP Operating Partnership | |||||||
Net income | 68,553 | 69,923 | 202,686 | 176,151 | 244,702 | 165,990 | 35,346 |
Other comprehensive income (loss) | |||||||
Unrealized gain (loss) on cash flow hedges | (19,270) | 4,736 | (65,657) | 27,372 | 4,128 | 9,782 | 1,879 |
Other comprehensive income (loss) | (19,270) | 4,736 | 4,128 | 9,782 | 1,879 | ||
Comprehensive income (loss) | $ 49,283 | $ 74,659 | $ 137,029 | $ 203,523 | $ 248,830 | $ 175,772 | $ 37,225 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||||
Net income | $ 202,686 | $ 176,151 | $ 244,702 | $ 165,990 | $ 35,346 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Income from discontinued operations, net | (16,216) | (13,949) | (30,563) | 0 | 0 |
Depreciation and amortization | 223,062 | 199,933 | 266,622 | 260,455 | 220,667 |
Property transactions, net | 11,344 | 18,851 | 20,319 | 34,022 | 4,684 |
Amortization of deferred financing costs and debt discount | 9,602 | 9,391 | 12,031 | 11,360 | 7,195 |
Loss on retirement of debt | 0 | 2,736 | 2,736 | 798 | 0 |
Amortization related to above market lease, net | 0 | 514 | 686 | 686 | 286 |
Non-cash ground lease, net | 778 | 514 | |||
Deemed contributions - tax sharing agreement | 5,599 | 4,912 | 5,745 | 1,730 | 2,156 |
Straight-line rental revenues, excluding amortization of lease incentive asset | 29,783 | 14,657 | 20,680 | 6,414 | (1,739) |
Amortization of lease incentive asset | 11,355 | 0 | |||
Amortization of deferred revenue on non-normal tenant improvements | (1,636) | (2,762) | (3,711) | (2,352) | (80) |
Share-based compensation | 1,608 | 1,516 | 2,093 | 1,336 | 510 |
Deferred income taxes | (3,913) | 2,848 | 5,090 | 3,176 | 108 |
Park MGM Transaction | (605,625) | 0 | 2,801 | 0 | 0 |
Distributions received from discontinued operations and other | 40,165 | 88 | |||
Changes in operating assets and liabilities: | |||||
Tenant and other receivables, net | (437) | 550 | (1,283) | 3,118 | (9,503) |
Prepaid expenses and other assets | (222) | 137 | 654 | (1,537) | 6,747 |
Due to MGM Resorts International and affiliates | 71 | (633) | (735) | 796 | 166 |
Accounts payable, accrued expenses and other liabilities | (3,832) | 67 | 5,403 | 158 | 5,101 |
Accrued interest | 11,311 | 9,830 | 3,531 | (3,572) | 26,137 |
Net cash provided by (used in) operating activities | (84,517) | 424,837 | 556,801 | 482,578 | 297,781 |
Cash flows from investing activities | |||||
Capital expenditures for property and equipment | 0 | (191) | (192) | (488) | (138,987) |
Acquisition of Northfield | 0 | (1,068,337) | (1,068,336) | 0 | 0 |
Proceeds from Northfield OpCo Transaction | 3,779 | 0 | |||
MGM National Harbor Transaction | 0 | (462,500) | 0 | ||
Net cash provided by (used in) investing activities | 3,779 | (1,068,528) | (1,068,528) | (462,988) | (138,987) |
Cash flows from financing activities | |||||
Net borrowings (repayments) under bank credit facility | (566,813) | 747,375 | 727,750 | (41,875) | (16,750) |
Proceeds from issuance of debt | 750,000 | 0 | 0 | 350,000 | 3,700,000 |
Deferred financing costs | (9,983) | (17,490) | (17,490) | (5,598) | (77,163) |
Repayment of assumed debt and bridge facilities | (245,950) | 0 | 0 | (425,000) | (4,544,850) |
Issuance of Class A shares | 699,362 | 0 | 0 | 404,685 | 1,207,500 |
Class A share issuance costs | 0 | (17,137) | (75,032) | ||
Dividends and distributions paid | (395,005) | (337,865) | (454,260) | (385,435) | (150,829) |
Net cash transfers from Parent | 0 | 0 | 158,822 | ||
Other | (1,342) | 0 | |||
Net cash provided by (used in) financing activities | 230,269 | 392,020 | 256,000 | (120,360) | 201,698 |
Cash flows from discontinued operations, net | |||||
Cash flows provided by operating activities, net | 15,591 | 8,250 | 23,406 | 0 | 0 |
Cash flows provided by (used in) investing activities, net | (12) | 33,199 | 32,416 | 0 | 0 |
Cash flows used in financing activities, net | (37,900) | 0 | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | (22,321) | 41,449 | 55,822 | 0 | 0 |
Change in cash and cash equivalents classified as assets held for sale | (22,321) | 41,449 | 55,822 | 0 | 0 |
Cash and cash equivalents | |||||
Net increase (decrease) for the period | 149,531 | (251,671) | (255,727) | (100,770) | 360,492 |
Balance, beginning of period | 3,995 | 259,722 | 259,722 | 360,492 | 0 |
Balance, end of period | 153,526 | 8,051 | 3,995 | 259,722 | 360,492 |
Supplemental cash flow disclosures | |||||
Interest paid | 169,646 | 137,623 | 199,429 | 176,033 | 82,880 |
Non-cash investing and financing activities | |||||
Non-Normal Tenant Improvements by Tenant | 0 | 18,172 | 19,316 | 52,995 | 72,402 |
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders | 138,730 | 116,395 | 119,055 | 111,733 | 94,109 |
MGP Operating Partnership | |||||
Cash flows from operating activities | |||||
Net income | 202,686 | 176,151 | 244,702 | 165,990 | 35,346 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
Income from discontinued operations, net | (16,216) | (13,949) | (30,563) | 0 | 0 |
Depreciation and amortization | 223,062 | 199,933 | 266,622 | 260,455 | 220,667 |
Property transactions, net | 11,344 | 18,851 | 20,319 | 34,022 | 4,684 |
Amortization of deferred financing costs and debt discount | 9,602 | 9,391 | 12,031 | 11,360 | 7,195 |
Loss on retirement of debt | 0 | 2,736 | 2,736 | 798 | 0 |
Amortization related to above market lease, net | 0 | 514 | 686 | 686 | 286 |
Non-cash ground lease, net | 778 | 514 | |||
Deemed contributions - tax sharing agreement | 5,599 | 4,912 | 5,745 | 1,730 | 2,156 |
Straight-line rental revenues, excluding amortization of lease incentive asset | 29,783 | 14,657 | 20,680 | 6,414 | (1,739) |
Amortization of lease incentive asset | 11,355 | 0 | |||
Amortization of deferred revenue on non-normal tenant improvements | (1,636) | (2,762) | (3,711) | (2,352) | (80) |
Share-based compensation | 1,608 | 1,516 | 2,093 | 1,336 | 510 |
Deferred income taxes | (3,913) | 2,848 | 5,090 | 3,176 | 108 |
Park MGM Transaction | (605,625) | 0 | 2,801 | 0 | 0 |
Distributions received from discontinued operations and other | 40,165 | 88 | |||
Changes in operating assets and liabilities: | |||||
Tenant and other receivables, net | (437) | 550 | (1,283) | 3,118 | (9,503) |
Prepaid expenses and other assets | (222) | 137 | 654 | (1,537) | 6,747 |
Due to MGM Resorts International and affiliates | 71 | (633) | (735) | 796 | 166 |
Accounts payable, accrued expenses and other liabilities | (3,832) | 67 | 5,403 | 158 | 5,101 |
Accrued interest | 11,311 | 9,830 | 3,531 | (3,572) | 26,137 |
Net cash provided by (used in) operating activities | (84,517) | 424,837 | 556,801 | 482,578 | 297,781 |
Cash flows from investing activities | |||||
Capital expenditures for property and equipment | 0 | (191) | (192) | (488) | (138,987) |
Acquisition of Northfield | 0 | (1,068,337) | (1,068,336) | 0 | 0 |
Proceeds from Northfield OpCo Transaction | 3,779 | 0 | |||
MGM National Harbor Transaction | 0 | (462,500) | 0 | ||
Net cash provided by (used in) investing activities | 3,779 | (1,068,528) | (1,068,528) | (462,988) | (138,987) |
Cash flows from financing activities | |||||
Net borrowings (repayments) under bank credit facility | (566,813) | 747,375 | 727,750 | (41,875) | (16,750) |
Proceeds from issuance of debt | 750,000 | 0 | 0 | 350,000 | 3,700,000 |
Deferred financing costs | (9,983) | (17,490) | (17,490) | (5,598) | (77,163) |
Repayment of assumed debt and bridge facilities | (245,950) | 0 | 0 | (425,000) | (4,544,850) |
Issuance of Class A shares | 699,362 | 0 | 0 | 387,548 | 1,132,468 |
Dividends and distributions paid | (395,005) | (337,865) | (454,260) | (385,435) | (150,829) |
Net cash transfers from Parent | 0 | 0 | 158,822 | ||
Other | (1,342) | 0 | |||
Net cash provided by (used in) financing activities | 230,269 | 392,020 | 256,000 | (120,360) | 201,698 |
Cash flows from discontinued operations, net | |||||
Cash flows provided by operating activities, net | 15,591 | 8,250 | 23,406 | 0 | 0 |
Cash flows provided by (used in) investing activities, net | (12) | 33,199 | 32,416 | 0 | 0 |
Cash flows used in financing activities, net | (37,900) | 0 | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | (22,321) | 41,449 | 55,822 | 0 | 0 |
Change in cash and cash equivalents classified as assets held for sale | (22,321) | 41,449 | 55,822 | 0 | 0 |
Cash and cash equivalents | |||||
Net increase (decrease) for the period | 149,531 | (251,671) | (255,727) | (100,770) | 360,492 |
Balance, beginning of period | 3,995 | 259,722 | 259,722 | 360,492 | 0 |
Balance, end of period | 153,526 | 8,051 | 3,995 | 259,722 | 360,492 |
Supplemental cash flow disclosures | |||||
Interest paid | 169,646 | 137,623 | 199,429 | 176,033 | 82,880 |
Non-cash investing and financing activities | |||||
Non-Normal Tenant Improvements by Tenant | 0 | 18,172 | 19,316 | 52,995 | 72,402 |
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders | 138,730 | 116,395 | 119,055 | 111,733 | 94,109 |
Northfield OpCo | |||||
Non-cash investing and financing activities | |||||
Redemption of Operating Partnership units relating to Northfield OpCo Transaction | 301,373 | 0 | |||
Northfield OpCo | MGP Operating Partnership | |||||
Non-cash investing and financing activities | |||||
Redemption of Operating Partnership units relating to Northfield OpCo Transaction | 301,373 | 0 | |||
Empire City | |||||
Non-cash investing and financing activities | |||||
Net assets acquired | 625,000 | 0 | |||
Empire City | MGP Operating Partnership | |||||
Non-cash investing and financing activities | |||||
Net assets acquired | $ 625,000 | $ 0 | |||
MGM National Harbor Transaction | |||||
Non-cash investing and financing activities | |||||
Net assets acquired | 0 | 721,409 | 0 | ||
MGM National Harbor Transaction | MGP Operating Partnership | |||||
Non-cash investing and financing activities | |||||
Net assets acquired | 0 | 721,409 | 0 | ||
Borgata | |||||
Non-cash investing and financing activities | |||||
Net assets acquired | 0 | 0 | 1,273,230 | ||
Borgata | MGP Operating Partnership | |||||
Non-cash investing and financing activities | |||||
Net assets acquired | $ 0 | $ 0 | $ 1,273,230 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Predecessor Net Parent Investment | Total Class A Shareholders' Equity | Non-controlling Interest | Empire City | Empire CityAdditional Paid-in Capital | Empire CityAccumulated Other Comprehensive Income (Loss) | Empire CityTotal Class A Shareholders' Equity | Empire CityNon-controlling 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 TransactionNon-controlling Interest |
Balance (in shares) at Dec. 31, 2015 | 0 | |||||||||||||||||
Balance at Dec. 31, 2015 | $ 6,058,959,000 | $ 0 | $ 0 | $ 0 | $ 6,058,959,000 | $ 6,058,959,000 | $ 0 | |||||||||||
Changes in equity: | ||||||||||||||||||
Net income | (84,383,000) | 0 | 0 | 0 | (84,383,000) | (84,383,000) | 0 | |||||||||||
Assumption of bridge facilities from MGM | (4,000,000,000) | 0 | 0 | 0 | (4,000,000,000) | (4,000,000,000) | 0 | |||||||||||
Other contributions from MGM | 1,893,502,000 | 0 | 0 | 0 | 1,893,502,000 | 1,893,502,000 | 0 | |||||||||||
Issuance of Class A shares (in shares) | 0 | |||||||||||||||||
Issuance of Class A shares | 1,207,500,000 | 1,207,500,000 | 0 | 0 | 0 | 1,207,500,000 | 0 | |||||||||||
Initial public offering costs | (75,032,000) | (75,032,000) | 0 | 0 | 0 | (75,032,000) | 0 | |||||||||||
Balance (in shares) at Dec. 31, 2015 | 0 | |||||||||||||||||
Balance at Dec. 31, 2015 | 6,058,959,000 | 0 | 0 | 0 | 6,058,959,000 | 6,058,959,000 | 0 | |||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 35,346,000 | |||||||||||||||||
Acquisition Transaction | 728,379,000 | 28,753,000 | 0 | 0 | 0 | 28,753,000 | 699,626,000 | |||||||||||
Northfield OpCo Transaction | 0 | |||||||||||||||||
Other comprehensive income - cash flow hedges | 1,879,000 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 0 | |||||||||||||||||
Balance at Dec. 31, 2016 | 5,608,261,000 | 1,363,130,000 | (29,758,000) | 445,000 | 0 | 1,333,817,000 | 4,274,444,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 1.0382 | |||||||||||||||||
Noncontrolling interest and additional paid-in capital | 0 | $ 0 | 201,785,000 | 0 | 0 | (3,868,078,000) | (3,666,293,000) | 3,666,293,000 | ||||||||||
Net income | 119,729,000 | 0 | 29,938,000 | 0 | 0 | 29,938,000 | 89,791,000 | |||||||||||
Deemed contribution - tax sharing agreement | 2,156,000 | 0 | 0 | 0 | 0 | 0 | 2,156,000 | |||||||||||
Dividends and distributions declared | (244,938,000) | 0 | (59,696,000) | 0 | 0 | (59,696,000) | (185,242,000) | |||||||||||
Share-based compensation (shares) | 0 | |||||||||||||||||
Share-based compensation | 510,000 | 124,000 | 0 | 0 | 0 | 124,000 | 386,000 | |||||||||||
Other comprehensive income - cash flow hedges | 1,879,000 | 0 | 0 | 445,000 | 0 | 445,000 | 1,434,000 | |||||||||||
Balance (in shares) at Dec. 31, 2016 | 0 | |||||||||||||||||
Balance at Dec. 31, 2016 | 5,608,261,000 | 1,363,130,000 | (29,758,000) | 445,000 | 0 | 1,333,817,000 | 4,274,444,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 165,990,000 | 0 | 41,775,000 | 0 | 0 | 41,775,000 | 124,215,000 | |||||||||||
Acquisition Transaction | 296,409,000 | 19,372,000 | 0 | 11,000 | 0 | 19,383,000 | 277,026,000 | |||||||||||
Deemed contribution - tax sharing agreement | 1,730,000 | 0 | 0 | 0 | 0 | 0 | 1,730,000 | |||||||||||
Dividends and distributions declared | (403,059,000) | 0 | (102,840,000) | 0 | 0 | (102,840,000) | (300,219,000) | |||||||||||
Issuance of Class A shares (in shares) | 0 | |||||||||||||||||
Issuance of Class A shares | 387,548,000 | 333,742,000 | (4,125,000) | (109,000) | 0 | 329,508,000 | 58,040,000 | |||||||||||
Share-based compensation (shares) | 0 | |||||||||||||||||
Share-based compensation | 1,336,000 | 334,000 | 0 | 0 | 0 | 334,000 | 1,002,000 | |||||||||||
Northfield OpCo Transaction | 0 | |||||||||||||||||
Other comprehensive income - cash flow hedges | 9,782,000 | 0 | 0 | 2,761,000 | 0 | 2,761,000 | 7,021,000 | |||||||||||
Other (shares) | 0 | |||||||||||||||||
Other | $ (258,000) | (88,000) | 0 | 0 | 0 | (88,000) | (170,000) | |||||||||||
Balance (in shares) at Dec. 31, 2017 | 70,896,795 | 0 | ||||||||||||||||
Balance at Dec. 31, 2017 | $ 6,067,739,000 | $ 0 | 1,716,490,000 | (94,948,000) | 3,108,000 | 0 | 1,624,650,000 | 4,443,089,000 | ||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 1.5975 | |||||||||||||||||
Noncontrolling interest and additional paid-in capital | 4,443,089,000 | |||||||||||||||||
Net income | 58,169,000 | 15,830,000 | 15,830,000 | 42,339,000 | ||||||||||||||
Deemed contribution - tax sharing agreement | 1,231,000 | 0 | 1,231,000 | |||||||||||||||
Dividends and distributions declared | (111,733,000) | (29,777,000) | (29,777,000) | (81,956,000) | ||||||||||||||
Share-based compensation | 384,000 | 102,000 | 102,000 | 282,000 | ||||||||||||||
Other comprehensive income - cash flow hedges | 16,355,000 | 4,358,000 | 4,358,000 | 11,997,000 | ||||||||||||||
Other | 401,000 | 108,000 | 108,000 | 293,000 | ||||||||||||||
Balance (in shares) at Mar. 31, 2018 | 70,897,000 | |||||||||||||||||
Balance at Mar. 31, 2018 | 6,032,546,000 | $ 0 | 1,716,700,000 | (108,895,000) | 7,466,000 | 1,615,271,000 | 4,417,275,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | $ 0.4200 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 70,896,795 | 0 | ||||||||||||||||
Balance at Dec. 31, 2017 | $ 6,067,739,000 | $ 0 | 1,716,490,000 | (94,948,000) | 3,108,000 | 0 | 1,624,650,000 | 4,443,089,000 | ||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 176,151,000 | |||||||||||||||||
Northfield OpCo Transaction | (1,068,337,000) | |||||||||||||||||
Other comprehensive income - cash flow hedges | 27,372,000 | |||||||||||||||||
Balance (in shares) at Sep. 30, 2018 | 70,911,000 | |||||||||||||||||
Balance at Sep. 30, 2018 | $ 5,915,203,000 | $ 0 | 1,711,813,000 | (137,781,000) | 10,404,000 | 1,584,436,000 | 4,330,767,000 | |||||||||||
Balance (in shares) at Dec. 31, 2017 | 70,896,795 | 0 | ||||||||||||||||
Balance at Dec. 31, 2017 | $ 6,067,739,000 | $ 0 | 1,716,490,000 | (94,948,000) | 3,108,000 | 0 | 1,624,650,000 | 4,443,089,000 | ||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 244,702,000 | 0 | 67,065,000 | 0 | 0 | 67,065,000 | 177,637,000 | |||||||||||
Deemed contribution - tax sharing agreement | 5,745,000 | 0 | 0 | 0 | 0 | 0 | 5,745,000 | |||||||||||
Dividends and distributions declared | (461,582,000) | 0 | (123,025,000) | 0 | 0 | (123,025,000) | (338,557,000) | |||||||||||
Share-based compensation (shares) | 0 | |||||||||||||||||
Share-based compensation | 2,093,000 | 558,000 | 0 | 0 | 0 | 558,000 | 1,535,000 | |||||||||||
Northfield OpCo Transaction | (1,068,336,000) | |||||||||||||||||
Other comprehensive income - cash flow hedges | 4,128,000 | 0 | 0 | 1,100,000 | 0 | 1,100,000 | 3,028,000 | |||||||||||
Other (shares) | 0 | |||||||||||||||||
Other | $ (17,319,000) | (4,377,000) | 0 | 0 | 0 | (4,377,000) | (12,942,000) | |||||||||||
Balance (in shares) at Dec. 31, 2018 | 70,911,166 | 70,911,000 | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 5,845,506,000 | $ 0 | 1,712,671,000 | (150,908,000) | 4,208,000 | 0 | 1,565,971,000 | 4,279,535,000 | ||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 1.7350 | |||||||||||||||||
Balance (in shares) at Mar. 31, 2018 | 70,897,000 | |||||||||||||||||
Balance at Mar. 31, 2018 | 6,032,546,000 | $ 0 | 1,716,700,000 | (108,895,000) | 7,466,000 | 1,615,271,000 | 4,417,275,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 48,059,000 | 13,146,000 | 13,146,000 | 34,913,000 | ||||||||||||||
Deemed contribution - tax sharing agreement | 1,263,000 | 0 | 1,263,000 | |||||||||||||||
Dividends and distributions declared | (114,399,000) | (30,492,000) | (30,492,000) | (83,907,000) | ||||||||||||||
Share-based compensation | 556,000 | 149,000 | 149,000 | 407,000 | ||||||||||||||
Other comprehensive income - cash flow hedges | 6,281,000 | 1,675,000 | 1,675,000 | 4,606,000 | ||||||||||||||
Other (shares) | 14,000 | |||||||||||||||||
Other | (3,000) | 237,000 | 237,000 | (240,000) | ||||||||||||||
Balance (in shares) at Jun. 30, 2018 | 70,911,000 | |||||||||||||||||
Balance at Jun. 30, 2018 | 5,974,303,000 | $ 0 | 1,717,086,000 | (126,241,000) | 9,141,000 | 1,599,986,000 | 4,374,317,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 0.4300 | |||||||||||||||||
Net income | 69,923,000 | 19,484,000 | 19,484,000 | 50,439,000 | ||||||||||||||
Deemed contribution - tax sharing agreement | 2,418,000 | 0 | 2,418,000 | |||||||||||||||
Dividends and distributions declared | (116,395,000) | (31,024,000) | (31,024,000) | (85,371,000) | ||||||||||||||
Share-based compensation | 576,000 | 153,000 | 153,000 | 423,000 | ||||||||||||||
Other comprehensive income - cash flow hedges | 4,736,000 | 1,263,000 | 1,263,000 | 3,473,000 | ||||||||||||||
Other | (20,358,000) | (5,426,000) | (5,426,000) | (14,932,000) | ||||||||||||||
Balance (in shares) at Sep. 30, 2018 | 70,911,000 | |||||||||||||||||
Balance at Sep. 30, 2018 | 5,915,203,000 | $ 0 | 1,711,813,000 | (137,781,000) | 10,404,000 | 1,584,436,000 | 4,330,767,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 0.4375 | |||||||||||||||||
Net income | $ 68,551,000 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 70,911,166 | 70,911,000 | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 5,845,506,000 | $ 0 | 1,712,671,000 | (150,908,000) | 4,208,000 | 0 | 1,565,971,000 | 4,279,535,000 | ||||||||||
Changes in equity: | ||||||||||||||||||
Noncontrolling interest and additional paid-in capital | 4,279,535,000 | |||||||||||||||||
Net income | 66,364,000 | 19,955,000 | 19,955,000 | 46,409,000 | ||||||||||||||
Acquisition Transaction | $ 379,050,000 | $ 23,940,000 | $ (195,000) | $ 23,745,000 | $ 355,305,000 | $ 31,875,000 | $ 2,512,000 | $ (16,000) | $ 2,496,000 | $ 29,379,000 | ||||||||
Deemed contribution - tax sharing agreement | 1,345,000 | 0 | 1,345,000 | |||||||||||||||
Dividends and distributions declared | (139,279,000) | (42,064,000) | (42,064,000) | (97,215,000) | ||||||||||||||
Issuance of Class A shares (in shares) | 19,550,000 | |||||||||||||||||
Issuance of Class A shares | 548,391,000 | 471,647,000 | 774,000 | 472,421,000 | 75,970,000 | |||||||||||||
Share-based compensation | 565,000 | 164,000 | 164,000 | 401,000 | ||||||||||||||
Other comprehensive income - cash flow hedges | (15,612,000) | (4,717,000) | (4,717,000) | (10,895,000) | ||||||||||||||
Other | (1,288,000) | (389,000) | (389,000) | (899,000) | ||||||||||||||
Balance (in shares) at Mar. 31, 2019 | 90,461,000 | |||||||||||||||||
Balance at Mar. 31, 2019 | 6,716,917,000 | $ 0 | 2,210,545,000 | (173,017,000) | 54,000 | 2,037,582,000 | 4,679,335,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | $ 0.4650 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 70,911,166 | 70,911,000 | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 5,845,506,000 | $ 0 | 1,712,671,000 | (150,908,000) | 4,208,000 | $ 0 | 1,565,971,000 | 4,279,535,000 | ||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 202,686,000 | |||||||||||||||||
Northfield OpCo Transaction | 0 | |||||||||||||||||
Other comprehensive income - cash flow hedges | $ (65,657,000) | |||||||||||||||||
Balance (in shares) at Sep. 30, 2019 | 95,468,067 | 95,468,000 | ||||||||||||||||
Balance at Sep. 30, 2019 | $ 6,384,304,000 | $ 0 | 2,307,463,000 | (216,824,000) | (16,129,000) | 2,074,510,000 | 4,309,794,000 | |||||||||||
Balance (in shares) at Mar. 31, 2019 | 90,461,000 | |||||||||||||||||
Balance at Mar. 31, 2019 | 6,716,917,000 | $ 0 | 2,210,545,000 | (173,017,000) | 54,000 | 2,037,582,000 | 4,679,335,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Net income | 67,769,000 | 21,858,000 | 21,858,000 | 45,911,000 | ||||||||||||||
Deemed contribution - tax sharing agreement | 2,275,000 | 0 | 2,275,000 | |||||||||||||||
Dividends and distributions declared | (136,671,000) | (43,310,000) | (43,310,000) | (93,361,000) | ||||||||||||||
Issuance of Class A shares (in shares) | 2,101,000 | |||||||||||||||||
Issuance of Class A shares | 64,908,000 | 52,294,000 | (105,000) | 52,189,000 | 12,719,000 | |||||||||||||
Share-based compensation (shares) | 77,000 | |||||||||||||||||
Share-based compensation | 524,000 | 164,000 | 164,000 | 360,000 | ||||||||||||||
Northfield OpCo Transaction | (298,957,000) | (27,441,000) | 0 | 2,000 | (27,439,000) | (271,518,000) | ||||||||||||
Other comprehensive income - cash flow hedges | (30,775,000) | (9,647,000) | (9,647,000) | (21,128,000) | ||||||||||||||
Other | 542,000 | 1,823,000 | 1,823,000 | (1,281,000) | ||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 92,639,000 | |||||||||||||||||
Balance at Jun. 30, 2019 | 6,386,532,000 | $ 0 | 2,237,385,000 | (194,469,000) | (9,696,000) | 2,033,220,000 | 4,353,312,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 0.4675 | |||||||||||||||||
Net income | 68,553,000 | 22,515,000 | 22,515,000 | 46,038,000 | ||||||||||||||
Deemed contribution - tax sharing agreement | 1,979,000 | 1,979,000 | ||||||||||||||||
Dividends and distributions declared | (138,730,000) | (44,870,000) | (44,870,000) | (93,860,000) | ||||||||||||||
Issuance of Class A shares (in shares) | 2,829,000 | |||||||||||||||||
Issuance of Class A shares | 86,063,000 | 70,338,000 | (200,000) | 70,138,000 | 15,925,000 | |||||||||||||
Share-based compensation | 519,000 | 166,000 | 166,000 | 353,000 | ||||||||||||||
Other comprehensive income - cash flow hedges | (19,270,000) | (6,233,000) | (6,233,000) | (13,037,000) | ||||||||||||||
Other | $ (1,342,000) | (426,000) | (426,000) | (916,000) | ||||||||||||||
Balance (in shares) at Sep. 30, 2019 | 95,468,067 | 95,468,000 | ||||||||||||||||
Balance at Sep. 30, 2019 | $ 6,384,304,000 | $ 0 | $ 2,307,463,000 | $ (216,824,000) | $ (16,129,000) | $ 2,074,510,000 | $ 4,309,794,000 | |||||||||||
Changes in equity: | ||||||||||||||||||
Dividends declared | 0.4700 | |||||||||||||||||
Noncontrolling interest and additional paid-in capital | $ 4,309,794,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | MGP Operating Partnership | MGP Operating PartnershipPredecessor Net Parent Investment | MGP Operating PartnershipGeneral Partner | MGP Operating PartnershipLimited Partners | Empire City CasinoMGP Operating Partnership | Empire City CasinoMGP Operating PartnershipLimited Partners | Park MGM Lease TransactionMGP Operating Partnership | Park MGM Lease TransactionMGP Operating PartnershipLimited Partners |
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | $ 6,058,959 | ||||||||
Beginning balance at Dec. 31, 2015 | $ 6,058,959 | $ 6,058,959 | $ 0 | $ 0 | |||||
Changes in partners' capital: | |||||||||
Net income | (84,383) | (84,383) | (84,383) | 0 | 0 | ||||
Assumption of bridge facilities from MGM | (4,000,000) | (4,000,000) | (4,000,000) | 0 | 0 | ||||
Other contributions from MGM | 1,893,502 | 1,893,502 | 1,893,502 | 0 | 0 | ||||
Issuance of Class A shares | 1,207,500 | ||||||||
Beginning balance at Dec. 31, 2015 | 6,058,959 | 6,058,959 | 0 | 0 | |||||
Changes in partners' capital: | |||||||||
Net income | 35,346 | 35,346 | 0 | 0 | 119,729 | ||||
Deemed contribution - tax sharing agreement | 2,156 | 0 | 0 | 2,156 | |||||
Dividends and distributions declared | (244,938) | 0 | 0 | (244,938) | |||||
Issuance of Operating Partnership units | 1,132,468 | 0 | 0 | 1,132,468 | |||||
Acquisitions | 728,379 | 0 | 0 | 728,379 | |||||
Share-based compensation | 510 | 0 | 0 | 510 | |||||
Other comprehensive income - cash flow hedges | 1,879 | 1,879 | 0 | 0 | 1,879 | ||||
Ending balance at Dec. 31, 2016 | 5,608,261 | 0 | 0 | 5,608,261 | |||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 0 | (3,868,078) | 0 | 3,868,078 | |||||
Net income | 119,729 | 119,729 | |||||||
Deemed contribution - tax sharing agreement | 2,156 | ||||||||
Share-based compensation | 510 | ||||||||
Other comprehensive income - cash flow hedges | 1,879 | ||||||||
Ending balance at Dec. 31, 2016 | 5,608,261 | 0 | 0 | 5,608,261 | |||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 5,608,261 | ||||||||
Net income | 165,990 | 165,990 | 0 | 0 | 165,990 | ||||
Deemed contribution - tax sharing agreement | 1,730 | 1,730 | 0 | 0 | 1,730 | ||||
Dividends and distributions declared | (403,059) | 0 | 0 | (403,059) | |||||
Issuance of Operating Partnership units | 387,548 | 0 | 0 | 387,548 | |||||
Acquisitions | 296,409 | 0 | 0 | 296,409 | |||||
Issuance of Class A shares | 387,548 | ||||||||
Share-based compensation | 1,336 | 1,336 | 0 | 0 | 1,336 | ||||
Other comprehensive income - cash flow hedges | 9,782 | 9,782 | 0 | 0 | 9,782 | ||||
Other | (258) | 0 | 0 | (258) | |||||
Ending balance at Dec. 31, 2017 | 6,067,739 | 0 | 0 | 6,067,739 | |||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 6,067,739 | ||||||||
Net income | 58,169 | 58,169 | 58,169 | ||||||
Deemed contribution - tax sharing agreement | 1,231 | 1,231 | 1,231 | ||||||
Dividends and distributions declared | (111,733) | (111,733) | |||||||
Share-based compensation | 384 | 384 | 384 | ||||||
Other comprehensive income - cash flow hedges | 16,355 | 16,355 | 16,355 | ||||||
Other | 401 | 401 | |||||||
Ending balance at Mar. 31, 2018 | 6,032,546 | 0 | 6,032,546 | ||||||
Beginning balance at Dec. 31, 2017 | 6,067,739 | 0 | 0 | 6,067,739 | |||||
Changes in partners' capital: | |||||||||
Net income | 176,151 | 176,151 | |||||||
Other comprehensive income - cash flow hedges | 27,372 | ||||||||
Ending balance at Sep. 30, 2018 | 5,915,203 | 0 | 5,915,203 | ||||||
Beginning balance at Dec. 31, 2017 | 6,067,739 | 0 | 0 | 6,067,739 | |||||
Changes in partners' capital: | |||||||||
Net income | 244,702 | 244,702 | 0 | 0 | 244,702 | ||||
Deemed contribution - tax sharing agreement | 5,745 | 5,745 | 0 | 0 | 5,745 | ||||
Dividends and distributions declared | (461,582) | 0 | 0 | (461,582) | |||||
Share-based compensation | 2,093 | 2,093 | 0 | 0 | 2,093 | ||||
Other comprehensive income - cash flow hedges | 4,128 | 4,128 | 0 | 0 | 4,128 | ||||
Other | (17,319) | 0 | 0 | (17,319) | |||||
Ending balance at Dec. 31, 2018 | 5,845,506 | 0 | 0 | 5,845,506 | |||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 6,032,546 | ||||||||
Beginning balance at Mar. 31, 2018 | 6,032,546 | 0 | 6,032,546 | ||||||
Changes in partners' capital: | |||||||||
Net income | 48,059 | 48,059 | 48,059 | ||||||
Deemed contribution - tax sharing agreement | 1,263 | 1,263 | 1,263 | ||||||
Dividends and distributions declared | (114,399) | (114,399) | |||||||
Share-based compensation | 556 | 556 | 556 | ||||||
Other comprehensive income - cash flow hedges | 6,281 | 6,281 | 6,281 | ||||||
Other | (3) | (3) | |||||||
Ending balance at Jun. 30, 2018 | 5,974,303 | 0 | 5,974,303 | ||||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 5,974,303 | ||||||||
Net income | 69,923 | 69,923 | 69,923 | ||||||
Deemed contribution - tax sharing agreement | 2,418 | 2,418 | 2,418 | ||||||
Dividends and distributions declared | (116,395) | (116,395) | |||||||
Share-based compensation | 576 | 576 | 576 | ||||||
Other comprehensive income - cash flow hedges | 4,736 | 4,736 | 4,736 | ||||||
Other | (20,358) | (20,358) | |||||||
Ending balance at Sep. 30, 2018 | 5,915,203 | 0 | 5,915,203 | ||||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 5,915,203 | ||||||||
Net income | 68,551 | 68,551 | |||||||
Ending balance at Dec. 31, 2018 | 5,845,506 | 0 | 0 | 5,845,506 | |||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 5,845,506 | ||||||||
Net income | 66,364 | 66,364 | 66,364 | ||||||
Deemed contribution - tax sharing agreement | 1,345 | 1,345 | 1,345 | ||||||
Dividends and distributions declared | (139,279) | (139,279) | |||||||
Issuance of Operating Partnership units | 548,391 | 548,391 | |||||||
Acquisitions | $ 379,050 | $ 379,050 | $ 31,875 | $ 31,875 | |||||
Issuance of Class A shares | 548,391 | ||||||||
Share-based compensation | 565 | 565 | 565 | ||||||
Other comprehensive income - cash flow hedges | (15,612) | (15,612) | (15,612) | ||||||
Other | (1,288) | (1,288) | |||||||
Ending balance at Mar. 31, 2019 | 6,716,917 | 0 | 6,716,917 | ||||||
Beginning balance at Dec. 31, 2018 | 5,845,506 | $ 0 | 0 | 5,845,506 | |||||
Changes in partners' capital: | |||||||||
Net income | 202,686 | 202,686 | |||||||
Other comprehensive income - cash flow hedges | (65,657) | ||||||||
Ending balance at Sep. 30, 2019 | 6,384,304 | 0 | 6,384,304 | ||||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 6,716,917 | ||||||||
Beginning balance at Mar. 31, 2019 | 6,716,917 | 0 | 6,716,917 | ||||||
Changes in partners' capital: | |||||||||
Net income | 67,769 | 67,769 | 67,769 | ||||||
Deemed contribution - tax sharing agreement | 2,275 | 2,275 | 2,275 | ||||||
Dividends and distributions declared | (136,671) | (136,671) | |||||||
Issuance of Class A shares | 64,908 | 64,908 | 64,908 | ||||||
Share-based compensation | 524 | 524 | 524 | ||||||
Other comprehensive income - cash flow hedges | (30,775) | (30,775) | (30,775) | ||||||
Other | 542 | 542 | |||||||
Northfield OpCo Transaction | (298,957) | (298,957) | |||||||
Ending balance at Jun. 30, 2019 | 6,386,532 | 0 | 6,386,532 | ||||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | 6,386,532 | ||||||||
Net income | 68,553 | 68,553 | 68,553 | ||||||
Deemed contribution - tax sharing agreement | 1,979 | 1,979 | 1,979 | ||||||
Dividends and distributions declared | (138,730) | (138,730) | |||||||
Issuance of Operating Partnership units | 86,063 | 86,063 | |||||||
Issuance of Class A shares | 86,063 | ||||||||
Share-based compensation | 519 | 519 | 519 | ||||||
Other comprehensive income - cash flow hedges | (19,270) | (19,270) | (19,270) | ||||||
Other | (1,342) | (1,342) | |||||||
Ending balance at Sep. 30, 2019 | $ 6,384,304 | $ 0 | $ 6,384,304 | ||||||
Changes in partners' capital: | |||||||||
Noncontrolling interest and additional paid-in capital | $ 6,384,304 |
Business
Business | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
BUSINESS | BUSINESS Organization. MGP is a publicly traded REIT primarily engaged through its investment in the Operating Partnership in the real property business, which consists of owning, acquiring and leasing large-scale destination entertainment and leisure properties, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail. A wholly owned subsidiary of the Operating Partnership (the “Landlord”) leases all of its real estate properties to a wholly owned subsidiary (the “Tenant”) of MGM Resorts International (“MGM”) under a master lease agreement (the “Master Lease”). As of September 30, 2019, there were approximately 295.2 million Operating Partnership units outstanding in the Operating Partnership, of which MGM owned approximately 199.7 million, or 67.7%, and MGP owned the remaining 32.3%. MGM’s Operating Partnership units are exchangeable for Class A shares of MGP on a one non-economic Empire City Transaction On January 29, 2019, the Company acquired the developed real property associated with Empire City Casino (“Empire City”) from MGM upon its acquisition of Empire City (“Empire City Transaction”) and Empire City was added to the existing Master Lease between the Landlord and Tenant. Refer to Note 3 for additional details on the Empire City Transaction and Note 5 for further discussion on the Master Lease. Park MGM Transaction On March 7, 2019, the Company completed the transaction relating to renovations undertaken by MGM Resorts regarding the Park MGM and NoMad Las Vegas property (the “Park MGM Transaction”). Refer to Note 5 for further discussion on the Master Lease. Northfield OpCo Transaction On April 1, 2019, the Company transferred the membership interests of Northfield Park Associates, LLC (“Northfield”), the entity that formerly owned the real estate assets and operations of the Hard Rock Rocksino Northfield Park in Northfield, Ohio, to a subsidiary of MGM and the Company retained the real estate assets. The Company’s taxable REIT subsidiary (“TRS”) that owned Northfield liquidated immediately prior to the transfer. Subsequently, MGM rebranded the operations it acquired (“Northfield OpCo”) to MGM Northfield Park, which was added to the existing Master Lease between the Landlord and Tenant. Refer to Note 3 for additional details on the Northfield OpCo Transaction and Note 5 for further discussion on the Master Lease. | BUSINESS Organization. MGM Resorts International (“MGM” or the “Parent”) is a Delaware corporation that acts largely as a holding company and, through its subsidiaries, owns and operates large-scale destination entertainment and leisure resorts. Prior to the IPO Date, the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New On the IPO Date, MGP completed the initial public offering of 57.5 million of its Class A shares representing limited liability company interests. MGP contributed the proceeds from its initial public offering to the Operating Partnership in exchange for 26.7% of the Operating Partnership units and the general partner interest in the Operating Partnership. Certain subsidiaries of MGM acquired the remaining 73.3% of the outstanding Operating Partnership units on such date. MGM retained ownership of MGP’s outstanding Class B share. The Class B share is a non-economic As discussed in Note 3 and Note 9, the Operating Partnership issued additional Operating Partnership units in connection with the Borgata Transaction, follow-on units are exchangeable into Class A shares of MGP on a one-to-one MGP is a publicly traded REIT primarily engaged through its investment in the Operating Partnership in the real property business, which consists of owning, acquiring and leasing large-scale destination entertainment and leisure resorts, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail. A wholly owned subsidiary of the Operating Partnership (the “Landlord”) leases all of its real estate properties back to a wholly owned subsidiary of MGM (the “Tenant”) under a master lease agreement (the “Master Lease”). Northfield Acquisition and Northfield OpCo Transaction On July 6, 2018, a wholly owned taxable REIT subsidiary of the Company (the “TRS”) completed its previously announced acquisition of the membership interests of Northfield Park Associates, LLC (“Northfield”), an Ohio limited liability company that owned the real estate assets and operations of the Hard Rock Rocksino Northfield Park (the “Rocksino” and such acquisition the “Northfield Acquisition”) from Milstein Entertainment LLC. Simultaneously with the close of the transaction, Northfield entered into a new agreement with an affiliate of Hard Rock Café International (STP), Inc. (“Hard Rock”) to continue to serve as the manager of the property. Refer to Note 2 and Note 3 for additional details. On April 1, 2019, the TRS liquidated. Concurrently, a subsidiary of MGM acquired the membership interests of Northfield for consideration consisting primarily of Operating Partnership units that were ultimately redeemed by the Operating Partnership, and the Company retained the real estate assets (collectively, the “Northfield OpCo Transaction”). Refer to Note 3 for additional details on the Northfield OpCo Transaction and the presentation of discontinued operations. Empire City Transaction On January 29, 2019, the Company acquired the real property associated with the Empire City Casino’s race track and casino (“Empire City”) from MGM upon its acquisition of Empire City for fair value of consideration transferred of approximately $634 million, which included the assumption of approximately $246 million of debt by the Operating Partnership with the balance through the issuance of 12.9 million Operating Partnership units to MGM (“Empire City Transaction”). Empire City was added to the existing Master Lease between the Landlord and Tenant. As a result, the annual rent payment to MGP increased by $50 million, prorated for the remainder of the lease year. Consistent with the Master Lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. In addition, pursuant to the Master Lease, MGP has a right of first offer with respect to certain undeveloped land adjacent to the property to the extent MGM develops additional gaming facilities and chooses to sell or transfer the property in the future. Park MGM Lease Transaction On December 20, 2018, the Company entered into a definitive agreement with MGM whereby the Company will pay MGM consideration of $637.5 million for renovations undertaken by MGM regarding the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). Additionally, at closing the parties will enter into an amendment to the Master Lease whereby the annual rent payment to the Company will increase by $50.0 million, prorated for the remainder of the lease year. Consistent with the Master Lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions. Segments The Company’s TRS liquidated in connection with the Northfield OpCo Transaction in April 2019 and, accordingly, the Company solely generates revenue from its real estate properties. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of 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. Variable Interest Entities. Noncontrolling interest. 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 Fair value measurements. 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 long-term debt fair value disclosures. See Note 6; and • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7. Real estate investments. Although the Tenant is responsible for all capital expenditures during the term of the Master Lease, if, in the future, a deconsolidation event occurs, the Company will be required to pay the Tenant, should the Tenant so elect, for certain capital improvements that would not constitute “normal tenant improvements” in accordance with U.S. GAAP (“Non-Normal the 10-year Treasury 600 Non-Normal Non-Normal Lease incentive asset. Non-Normal Deferred revenue. Non-Normal Non-Normal Ground lease and other reimbursable expenses. triple-net Revenue recognition. non-cancelable ten years four five be fixed and measurable. The difference between such rental revenue earned and the cash paid under the provisions of the Master Lease is recorded as deferred rent receivable and included as a component of tenant and other receivables, net or as deferred revenue if cash rent due exceeds rental revenue earned. Tenant reimbursement revenue and other reflects the amortization of deferred revenue relating to Non-Normal non-cash Lessee leases. For leases with terms greater than twelve months, the operating lease right-of-use Reportable segment. Income tax provision. year-to-date 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 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 financial statements as if the 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 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 Landlord by a subsidiary of MGM. MGM is responsible for all other taxes reported in the New Jersey consolidated return and, accordingly, the related income tax balances related to such taxes is reflected within noncontrolling interest within the accompanying financial statements. No amounts were due to MGM under the tax sharing agreement as of September 30, 2019 and December 31, 2018. Prior to April 1, 2019, the Company’s TRS owned the real estate assets and operations of Northfield and the Company recorded a tax provision on the income from the TRS operations. In connection with the Northfield OpCo Transaction, the TRS was liquidated on April 1, 2019 and the Company transferred the Northfield operations to a subsidiary of MGM and the Company retained the real estate. Consequently, the Company does not provide a tax provision on TRS operations after April 1, 2019. Recently issued accounting standards. The Company is also a lessee in lease arrangements, primarily for land underlying certain of its properties. As a result of adoption, the Company recognized approximately $279.9 million of operating ROU assets and approximately $333.5 million of operating lease liabilities as of January 1, 2019. | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. For periods prior to the IPO Date, the accompanying combined and consolidated financial statements of MGP and the Operating Partnership represent the IPO Properties, which were controlled by MGM, and have been determined to be MGP’s and the Operating Partnership’s predecessor for accounting purposes (the “Predecessor”). The accompanying combined and consolidated financial statements include Predecessor financial statements that have been “carved out” of MGM’s consolidated financial statements and reflect significant assumptions and allocations. The financial statements do not fully reflect what the Predecessor’s results of operations, financial position and cash flows would have been if the Predecessor had been a stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of the future results of operations, financial position and cash flows of MGP or the Operating Partnership. For periods subsequent to the IPO Date, the accompanying combined and consolidated financial statements of MGP and the Operating Partnership represent the results of operations, financial positions and cash flows of MGP and the Operating Partnership, including their respective subsidiaries. Certain reclassifications have been made to conform the prior period presentation. Property tax expense and property insurance expense were separately classified in prior periods and now are classified within “reimbursable expenses” in the accompanying combined and consolidated statements of operations. Principles of consolidation. the exemption from providing certain of the required disclosures associated with investments in VIEs. The combined and consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, the Landlord, which owns the real estate, a VIE of which the Operating Partnership is the primary beneficiary. As of December 31, 2018, on a consolidated basis, the Landlord had total assets of $9.8 billion primarily related to its real estate assets and total liabilities of $247.5 million primarily related to its deferred revenue and above market lease liability. 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. Noncontrolling interest. 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 Use of estimates. Real estate investments. Although the Tenant is responsible for all capital expenditures during the term of the Master Lease, if, in the future, a deconsolidation event occurs, the Company will be required to pay the Tenant, should the Tenant so elect, for certain capital improvements that would not constitute “normal tenant improvements” in accordance with U.S. GAAP (“Non-Normal receive additional rent based on the 10-year Treasury 600 Non-Normal Non-Normal Inception-to-date, Non-Normal Property and Equipment used in operations. The Company evaluates its long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset to a third-party at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. There were no Depreciation and property transactions. Buildings and building improvements 20 to 40 years Land improvements 10 to 20 years Furniture, fixtures and equipment 3 to 20 years Property transactions, net are comprised of transactions related to long-lived assets, such as normal losses on the disposition of assets. Cash and cash equivalents. Revenue recognition. non-cancelable ten years and all four five years Tenant reimbursement revenue arises from costs which the Company is the primary obligor that are required to be paid by the Tenant or reimbursed to the Company pursuant to the Master Lease. This revenue is recognized in the same periods as the expense is incurred. Northfield generates gaming, food, beverage and other revenue, which primarily consists of video lottery terminal (“VLT”) wager transactions and food and beverage transactions. The transaction price for a VLT wager is the difference between gaming wins and losses (net win). The Company accounts for VLT revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. The transaction price of food and beverage contracts is the amount collected from customer or stand-alone selling price for such goods and services and is recorded when the delivery is made. Sales and usage-based taxes are excluded from revenues. Gaming, food, beverage and other revenue relate to the operations of Northfield and are classified as discontinued operations. Refer to Note 3 for further information. Deferred revenue. Non-Normal Non-Normal Goodwill and other intangible assets. No Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as step zero) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the qualitative analysis, the license rights are tested for impairment using a discounted cash flow approach. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. Reimbursable expenses. Acquisition-related expenses. General and administrative. Net income per share. Net income per unit. Deferred financing costs. Derivative financial instruments. Derivatives and Hedging Fair value measurements • Level 2 inputs for its long-term debt fair value disclosures. See Note 6; • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7; and • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield Acquisition. See Note 3. Income taxes. 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 bases 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. Concentrations of credit risk. Geographical risk. Recently issued accounting standards. No. 2017-04, 2017-04”). 2017-04 2017-04 In August 2017, the FASB issued ASU No. 2017-12, Derivatives 2017-12”). 2017-12 2017-12 2017-12 In February 2018, the FASB issued ASC 842 “Leases (Topic 842),” which replaces the existing guidance in ASC 840, “Leases,” (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use In May 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (Topic 606) which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The Company adopted ASC 606 on January 1, 2018 and it did not have a material impact on the Company’s financial statements. |
Acquisitions and dispositions
Acquisitions and dispositions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Acquisitions and dispositions | ACQUISITIONS AND DISPOSITIONS Empire City Acquisition As discussed in Note 1, on January 29, 2019, the Company acquired the developed real property associated with Empire City from MGM for fair value consideration of approximately $634.4 million. The Company funded the acquisition of the developed real property from MGM through the assumption of approximately $246.0 million of indebtedness, which was repaid with borrowings under its senior secured credit facility, and the issuance of approximately 12.9 million Operating Partnership units to MGM. Empire City was added to the existing Master Lease between the Landlord and Tenant, as further discussed in Note 5. The Empire City Transaction was accounted for as a transaction between entities under common control and, therefore, the Company recorded the Empire City real estate assets at the carryover value of $625.0 million from MGM with the difference between the purchase price and carrying value of assets, which was approximately $9.4 million, recorded as a reduction to additional paid-in-capital. Northfield Acquisition and Northfield OpCo Transaction On July 6, 2018 the TRS completed its acquisition of 100% of the membership interests of Northfield for a purchase price of approximately $1.1 billion. The Company recognized 100% of the assets and liabilities of Northfield at fair value at the date of the acquisition. On April 1, 2019, the Company transferred Northfield OpCo to a subsidiary of MGM for fair value consideration of approximately $305.2 million consisting primarily of approximately 9.4 million Operating Partnership units that were ultimately redeemed by the Operating Partnership and the Company retained the real estate assets. The Company’s TRS that owned Northfield liquidated immediately prior to the transfer. Subsequently, MGM rebranded Northfield OpCo to MGM Northfield Park, which was then added to the existing Master Lease between the Landlord and Tenant. Refer to Note 5 for further discussion on the Master Lease. The Northfield OpCo Transaction was accounted for as a transaction between entities under common control and, therefore, the Company had carried the Northfield OpCo operating assets and liabilities as held and used until the close of the transaction on April 1, 2019. As a transaction between entities under common control, the Company recorded the difference between the purchase price of $305.2 million and the carrying value of net assets transferred of $292.3 million to additional paid-in-capital. The Company’s results for Northfield OpCo for the three and nine months ended September 30, 2018 and the nine months ended September 30, 2019 are reflected in discontinued operations on the consolidated statement of operations and the related assets and liabilities have been reclassified as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheet on a retrospective basis. The retained MGM Northfield Park real estate assets have been retrospectively reclassified into real estate investments, net. The major classes of assets and liabilities of the Northfield OpCo presented as assets and liabilities related to assets held for sale as of December 31, 2018 were as follows: December 31, 2018 (in thousands) Assets held for sale Property and equipment, used in operations, net $ 20,391 Cash and cash equivalents 55,822 Tenant and other receivables, net 7,322 Prepaid expenses and other assets 3,024 Goodwill 17,915 Other intangible assets, net 251,214 Assets held for sale $ 355,688 Liabilities related to assets held for sale Due to MGM Resorts International and affiliates $ 80 Accounts payable, accrued expenses and other liabilities 28,806 Deferred revenue 51 Liabilities related to assets held for sale $ 28,937 The results of the Northfield OpCo discontinued operations are summarized as follows: Nine Months Ended Three and Nine Months Ended 2019 (1) 2018 (2) Total revenues $ 67,841 $ 65,562 Total expenses (48,735 ) (48,997 ) Income from discontinued operations before income taxes 19,106 16,565 Provision for income taxes (2,890 ) (2,616 ) Income from discontinued operations, net of tax 16,216 13,949 Less: Income attributable to noncontrolling interests — discontinued operations (11,434 ) (10,231 ) Income from discontinued operations attributable to Class A shareholders $ 4,782 $ 3,718 (1) There was no income from discontinued operations for the three months ended September 30, 2019. (2) As Northfield was acquired on July 6, 2018, the results of the Northfield OpCo discontinued operations are the same for both the three and nine months ended September 30, 2018. | ACQUISITIONS AND DISPOSITIONS Northfield Acquisition and Northfield OpCo Transaction. The Company recognized 100% of the assets and liabilities of Northfield at fair value at the date of the acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The allocation of fair value for substantially all of the assets and liabilities is preliminary and may be adjusted up to one year after the acquisition. Specifically, as of December 31, 2018, the Company was finalizing valuation work related to the asset classes that comprise the property and equipment acquired. The following table sets forth the preliminary purchase price allocation at July 6, 2018 (in thousands): Fair value of assets acquired and liabilities: Property and equipment used in operations $ 792,807 Cash and cash equivalents 35,831 Racing and gaming licenses 228,000 Customer list 25,000 Goodwill 17,915 Other assets 9,598 Other liabilities (38,786 ) $ 1,070,365 As discussed above, the Company recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were preliminarily determined using methodologies under the income approach based on significant inputs that were not observable. The goodwill is primarily attributable to the synergies expected to arise after the acquisition. Consolidated results. Northfield OpCo Transaction. The Northfield OpCo Transaction was accounted for as a transaction between entities under common control and, therefore, the Company had carried the Northfield OpCo operating assets and liabilities as held and used until the close of the transaction on April 1, 2019. The Company’s results for Northfield OpCo for the year ended December 31, 2018 are reflected in discontinued operations on the consolidated statement of operations and the related assets and liabilities have been reclassified as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheet on a retrospective basis. The retained real estate assets have been retrospectively reclassified into real estate investments, net. The major classes of assets and liabilities of the Northfield OpCo presented as assets and liabilities related to assets held for sale as of December 31, 2018 were as follows: December 31, 2018 (In thousands) Assets held for sale Property and equipment, used in operations, net $ 20,391 Cash and cash equivalents 55,822 Tenant and other receivables, net 7,322 Prepaid expenses and other assets 3,024 Goodwill 17,915 Other intangible assets, net 251,214 Assets held for sale $ 355,688 Liabilities related to assets held for sale Due to MGM Resorts International and affiliates $ 80 Accounts payable, accrued expenses and other liabilities 28,806 Deferred revenue 51 Liabilities related to assets held for sale $ 28,937 The results of the Northfield OpCo discontinued operations are summarized as follows: Year Ended December 31, (In thousands) Total revenues $ 132,949 Total expenses (97,330 ) Income for discontinued operations before income taxes 35,619 Provision for income tax (5,056 ) Income from discontinued operations, net of tax 30,563 Less: Net income attributable to noncontrolling interests — discontinued operations (22,417 ) Net income from discontinued operations $ 8,146 MGM National Harbor Transaction. The MGM National Harbor Transaction was accounted for as a transaction between entities under common control, and therefore the Company recorded the MGM National Harbor real estate assets at the carryover value of $1.18 billion from MGM. In addition, the Operating Partnership was assigned ground leases for an approximate 23 acres underlying MGM National Harbor, which the terms extends through 2082. Under the terms of the Master Lease, the Tenant is responsible for the rent payments related to the ground leases during the term of the Master Lease. Borgata Transaction. |
Real Estate Investments
Real Estate Investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Real Estate [Abstract] | ||
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS The carrying value of real estate investments is as follows: September 30, December 31, (in thousands) Land $ 4,631,013 $ 4,536,013 Buildings, building improvements, land improvements and integral equipment 9,281,926 8,782,321 13,912,939 13,318,334 Less: Accumulated depreciation (3,018,818 ) (2,812,205 ) $ 10,894,121 $ 10,506,129 | REAL ESTATE INVESTMENTS The carrying value of real estate investments is as follows: December 31, 2018 2017 (in thousands) Land $ 4,536,013 $ 4,143,513 Buildings, building improvements, land improvements and integral equipment 8,782,321 8,512,334 13,318,334 12,655,847 Less: Accumulated depreciation (2,812,205 ) (2,633,909 ) $ 10,506,129 $ 10,021,938 |
Leases
Leases | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Leases | LEASES Master Lease. ten years four five ten-year ten-year On January 29, 2019, Empire City was added to the existing Master Lease between the Landlord and Tenant. As a result, the annual rent payment to MGP increased by $50 million, prorated for the remainder of the lease year. Consistent with the Master Lease terms, 90% of this rent is fixed and will contractually grow at 2% per year until 2022. In addition, pursuant to the Master Lease, MGP has a right of first offer with respect to certain undeveloped land adjacent to the property to the extent MGM develops additional gaming facilities and chooses to sell or transfer the property in the future. On March 7, 2019, the Company completed the Park MGM Transaction and amended the existing Master Lease between the Landlord and Tenant concurrent with which the Company paid $637.5 million, of which $605.6 million was cash and the remainder was the issuance of approximately 1.0 million of Operating Partnership units, to a subsidiary of MGM and, as a result, the annual rent payment to the Company increased by $50 million, prorated for the remainder of the lease year. Consistent with the Master Lease terms, 90% of this rent is fixed and will contractually grow at 2% per year until 2022. The Company recorded a lease incentive asset which represents the consideration paid, less the existing deferred revenue balance of $94.0 million relating to the non-normal On April 1, 2019, MGM Northfield Park was added to the existing Master Lease and the annual rent payment increased by $60 million. Consistent with the Master Lease terms, 90% of this rent is fixed and will contractually grow at 2% per year until 2022. The annual rent payments under the Master Lease for the fourth lease year, which commenced on April 1, 2019, increased to $946.1 million from $770.3 million at the start of the third lease year. The increase was a result of the $50 million in additional rent for each of the Park MGM Transaction and Empire City in the beginning of 2019, the $60 million of additional rent for MGM Northfield Park on April 1, 2019, as well as the third 2.0% fixed annual rent escalator that went into effect on April 1, 2019. Straight-line rental revenues from the Master Lease, which includes the lease incentive asset amortization, were $219.8 million and $636.6 million for the three and nine months ended September 30, 2019, respectively, and were $186.6 million and $559.7 million for the three and nine months ended September 30, 2018, respectively. The Company also recognized revenue related to tenant reimbursements and other of $6.2 million and $18.6 million for the three and nine months ended September 30, 2019, respectively, and $30.1 million and $93.2 million for the three and nine months ended September 30, 2018, respectively. Under the Master Lease, future non-cancelable 10-year Year ending December 31, (in thousands) 2019 $ 236,515 2020 958,894 2021 976,262 2022 912,751 2023 890,126 Thereafter 1,922,713 $ 5,897,261 Lessee Leases. non-cancelable cost of $5.9 million and $17.9 million, respectively. Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): Supplemental balance sheet information Balance at September 30, 2019 Operating lease right-of-use $ 280,020 Operating lease liabilities 336,452 Weighted-average remaining lease term (years) 59 Weighted-average discount rate (%) 7 % Maturities of operating lease liabilities were as follows: Year ending December 31, (in thousands) 2019 (excluding the nine months ended September 30, 2019) $ 4,541 2020 21,113 2021 24,996 2022 25,015 2023 24,875 Thereafter 1,357,650 Total future minimum lease payments 1,458,190 Less: Amount of lease payments representing interest (1,121,738 ) Total $ 336,452 | LEASES Master Lease. five years triple-net In connection with the commencement of the third lease year on April 1, 2018, the base rent under the Master Lease increased to $695.8 million, resulting in total annual rent under the Master Lease of $770.3 million. Rent under the Master Lease consists of a “base rent” component and a “percentage rent” component. As of December 31, 2018, the base rent represents approximately 90% of the rent payments due under the Master Lease and the percentage rent represents approximately 10% of the rent payments due under the Master 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 Master Lease). Thereafter, the annual escalator of 2.0% will be subject to the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant (the “Operating Subtenants”), 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 Master 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 Master 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%). In connection with the MGM National Harbor Transaction on October 5, 2017, the base rent under the Master Lease increased to $682.2 million and the percentage rent to $74.5 million, prorated for the remainder of the second lease year, resulting in total annual rent under the Master Lease of $756.7 million. As a result of this transaction, the Master Lease was amended to provide that the initial term with respect to MGM National Harbor ends on August 31, 2024. Thereafter, the initial term of the 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 Master Lease or the next renewal term (depending on whether MGM elects to renew the other properties under the Master Lease in connection with the expiration of the initial 10 years 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 Master Lease, the Tenant would also lose the right to renew the Master Lease with respect to the rest of the properties when the initial 10 In connection with the Borgata Transaction on August 1, 2016, rent under the Master Lease increased by $100 million from the initial rent of $550 million, $90 million of which relates to the base rent for the initial term and the remaining $10 million of which relates to the percentage rent. Following the closing of the Borgata Transaction, the base rent under the Master Lease became $585 million for the initial term and the percentage rent became $65 million, prorated for the remainder of the first lease year after the Borgata Transaction. Straight-line rental revenues from the Master Lease for the years ended December 31, 2018 and 2017 were $746.3 million and $675.1 million, respectively. The Company also recognized revenue related to tenant reimbursements and other of $123.2 million and $90.6 million for the years ended December 31, 2018 and 2017, respectively. Straight-line rental revenues from the Master Lease for the year ended December 31, 2016 were $419.2 million. Rental revenues from the Master Lease for the year ended December 31, 2016 represents activity from the IPO Date through December 31, 2016. The Company also recognized revenue related to tenant reimbursements and other of $48.3 million for the year ended December 31, 2016. Under the Master Lease, future non-cancelable 10-year Year ending December 31, (in thousands) 2019 $ 780,782 2020 794,907 2021 809,315 2022 757,060 2023 738,435 Thereafter 1,568,769 Total $ 5,449,268 Refer to Note 1 and Note 3 for transactions that have been entered into but not yet occurred as of December 31, 2018. |
Debt
Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt | DEBT Debt consists of the following: September 30, December 31, 2019 2018 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ 467,063 $ 470,000 Senior secured term loan B facility 1,785,250 1,799,125 Senior secured revolving credit facility — 550,000 $ 1,050 5.625 1,050,000 1,050,000 $ 500 4.50 500,000 500,000 $ 750 5.75 750,000 — $ 350 4.50 350,000 350,000 4,902,313 4,719,125 Less: Unamortized discount and debt issuance costs (54,905 ) (52,176 ) $ 4,847,408 $ 4,666,949 Operating Partnership credit agreement. no Refer to Note 7 for further discussion of the Company’s interest rate swap agreements. Bridge Facility. Operating Partnership senior notes. Fair value of long-term debt. Deferred financing costs. non-cash non-cash | DEBT Debt consists of the following: December 31, 2018 2017 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ 470,000 $ 273,750 Senior secured term loan B facility 1,799,125 1,817,625 Senior secured revolving credit facility 550,000 — $ 1,050 5.625 1,050,000 1,050,000 $ 500 4.50 500,000 500,000 $ 350 4.50 350,000 350,000 4,719,125 3,991,375 Less: Unamortized discount and debt issuance costs (52,176 ) (56,747 ) $ 4,666,949 $ 3,934,628 Operating Partnership credit agreement. In June 2018, the Operating Partnership amended its credit agreement to provide for a $750 million increase of the revolving facility to $1.4 billion, a $200 million increase on the term loan A facility, and extension of the maturities of the revolving facility and the term loan A facility to June 2023. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.75% to 2.25% determined by reference to the total net leverage ratio pricing grid. In addition, amortization payments under the term loan A facility will start on the last business day of each calendar quarter beginning September 30, 2019, for an amount equal to 0.625 Prior to the amendment, the term loan A facility was subject to amortization in equal quarterly installments of 2.5% of the initial aggregate principal amount to be payable each year. The Operating Partnership permanently repaid $3.8 million of the term loan A facility for the year ended December 31, 2018. The term loan B facility is subject to equal quarterly installments of 1.0% of the initial aggregate principal amount each year. The Operating Partnership permanently repaid $18.5 million of the term loan B facility in the year ended December 31, 2018 in accordance with the scheduled amortization. As of December 31, 2018, $550.0 million was drawn on the revolving credit facility. At December 31, 2018, the interest rate on the term loan A facility was 4.52%, the interest rate on the term loan B facility was 4.52% and the interest rate on the revolver facility was 4.43%. See Note 7 for further discussion of the Operating Partnership’s interest rate swap agreements related to the term loan B facility. No letters of credit were outstanding under the Operating Partnership senior credit facility at December 31, 2018. The credit agreement contains customary representations and warranties, events of default and positive and negative covenants. The revolving credit facility and term loan A facility also require that the Operating Partnership maintain compliance with a maximum secured net debt to adjusted total asset ratio, a maximum total net debt to adjusted asset ratio and a minimum interest coverage ratio. The Operating Partnership was in compliance with its financial covenants at December 31, 2018. The revolving credit facility and the term loan facilities are both guaranteed by each of the Operating Partnership’s existing and subsequently acquired direct and indirect wholly owned material domestic restricted subsidiaries, and secured by a first priority lien security interest on substantially all of the Operating Partnership’s and such restricted subsidiaries’ material assets, including mortgages on its real estate, excluding the real estate assets of MGM National Harbor and Empire City, and subject to other customary exclusions. Operating Partnership senior notes. In August 2016, the Operating Partnership issued $500 million in aggregate principal amount of 4.50% senior notes due 2026. The senior notes will mature on September 1, 2026. Interest on the senior notes is payable on March 1 and September 1 of each year. In September 2017, the Operating Partnership issued $350 million in aggregate principal amount of 4.50% senior notes due 2028. The senior notes will mature on January 15, 2028. Interest on the senior notes is payable on January 15 and July 15 of each year. Subsequent to year end, in January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027. The senior notes will mature on February 1, 2027. Interest on the senior notes is payable on February 1 and August 1 of each year, commencing on August 1, 2019. Each series of the Operating Partnership’s senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by all of the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s credit facilities, other than MGP Finance Co-Issuer, co-issuer Maturities of debt. Year ending December 31, (in thousands) 2019 $ 24,375 2020 30,250 2021 30,250 2022 30,250 2023 997,375 Thereafter 3,606,625 $ 4,719,125 Fair value of long-term debt. Deferred financing costs. non-cash |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in its variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. The Operating Partnership is party to interest rate swaps, summarized in the table below, to mitigate the interest rate risk inherent in its senior credit facility. As of September 30, 2019, the Operating Partnership pays a weighted average fixed rate of 1.707% on a total notional amount of $1.5 billion. Notional Amount Weighted Average Fair Value Asset Effective Date Maturity Date (in thousands, except percentages) $300,000 1.158% $3,393 September 6, 2019 December 31, 2024 $1,200,000 1.844% $(9,926 ) May 3, 2017 November 30, 2021 400,000 2.252% (31,370 ) October 1, 2019 December 31, 2029 900,000 1.801% (13,274 ) November 30, 2021 December 31, 2024 $(54,570 ) In June 2019, the Operating Partnership entered into interest rate swap agreements, effective November 30, 2021, that will mature in December 2024 with a combined notional amount of $900 million. The weighted average fixed rate paid under the swap agreements is 1.801% and the variable rate received resets monthly to the one-month In September 2019, the Operating Partnership entered into an interest rate swap agreement, effective September 6, 2019, that will mature in December 2024 with a notional amount of $300 million. The fixed rate paid under the swap agreement is 1.158% and the variable rate received resets monthly to the one-month In September 2019, the Operating Partnership modified and extended certain of its existing interest rate swaps with a combined notional amount of $400 million, effective October 1, 2019. The weighted average fixed rate paid under the modified swap agreements is 2.252% and the variable rate received resets monthly to the one-month As of September 30, 2019, and December 31, 2018, all of the Company’s derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting. The Company expects to have variable rate debt outstanding for the duration and amount of its interest rate swap agreements. As of September 30, 2019, the fair values of the Company’s interest rate swaps were $3.4 million recorded as an asset within prepaid expenses and other assets, and $ 54.6 20.5 5.6 | DERIVATIVES AND HEDGING ACTIVITIES The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in its variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior secured term loan B facility. As of December 31, 2018 and 2017, the Operating Partnership pays a weighted average fixed rate of 1.844%, on total notional amount of $1.2 billion, and the variable rate received will reset monthly to the one-month one-month For the years ended December 31, 2018 and 2017, the amount recorded in other comprehensive income related to the derivative instruments was a net gain of $4.1 million and a net gain of $9.8 million, respectively. For the years ended December 31, 2018 and 2017, the Operating Partnership recorded interest income of $1.1 million and interest expense of $9.2 million, respectively, related to the swap agreements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company elected to be treated as a REIT as defined under Section 856(a) of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2016. To qualify as a REIT, the Company must meet certain organizational, income, asset and distribution tests. Accordingly, except as described below, the Company will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions of all of its taxable income to its shareholders and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and share ownership tests. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pays taxes at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. The Company distributed 100% of its taxable income in the taxable year ended December 31, 2018 and expects to do so in future years. Accordingly, the accompanying combined and consolidated financial statements do not reflect a provision for federal income taxes for its REIT operations; however, the Company is subject to federal, state and local income tax on its TRS operations and may still be subject to federal excise tax, as well as certain state and local income and franchise taxes on its REIT operations. The Company’s TRS owned the real estate assets and operations of Northfield that were acquired on July 6, 2018. The Company recorded a tax provision of $5.1 million in discontinued operations and a tax benefit of $1.2 million in continuing operations for a total tax provision of $3.9 million related to the operations of the TRS for the year ended December 31, 2018. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, including, but not limited to, reducing the U.S. federal corporate tax rate from 35 percent to 21 percent, creating a new limitation on deductible interest expense, and significantly changing the manner in which income from foreign operations are taxed in the U.S. Given that the Company is not subject to corporate U.S. federal income tax to the extent that it makes qualifying distributions of all of its taxable income to its shareholders, changes made by the Tax Act had no impact on the provision for federal income taxes for the year ended December 31, 2017. Consequently, the Company’s accounting for the Tax Act was complete as of December 31, 2017. The 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 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 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 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 The provision for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Federal: Current $ — $ — $ — Deferred (1,142 ) — — Provision for federal income taxes on continuing operations $ (1,142 ) $ — $ — State: Current $ 5,746 $ 1,729 $ 2,156 Deferred 1,175 3,177 108 Provision for state income taxes on continuing operations $ 6,921 $ 4,906 $ 2,264 A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate on income from continuing operations is as follows: Year Ended December 31, 2018 2017 2016 Federal income tax statutory rate 21.0 % 35.0 % 35.0 % Federal valuation allowance — — — Income not subject to federal income tax (21.5 ) (35.0 ) (35.0 ) State taxes 3.1 2.9 6.0 Effective tax rate on income from continuing operations 2.6 % 2.9 % 6.0 % The major tax-effected December 31, 2018 2017 (in thousands) Deferred tax asset — federal and state Accruals, reserves and other $ 1,844 $ — Total deferred tax asset $ 1,844 $ — Deferred tax liability — federal and state Real estate investments, net $ (33,466 ) $ (28,544 ) Other intangible assets, net (2,012 ) — Total deferred tax liability (35,478 ) (28,544 ) Net deferred tax liability $ (33,634 ) $ (28,544 ) The Company assesses its tax positions using a two-step no No The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. All returns are subject to examination by the relevant taxing authorities as of December 31, 2018. |
Shareholders' Equity and Partne
Shareholders' Equity and Partners' Capital | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL MGP shareholders. On April 30, 2019, the Company entered into an “at-the-market-offering” Operating Partnership capital. On January 31, 2019, in connection with the Company’s registered offering of Class A shares, the Operating Partnership issued 19.6 million Operating Partnership units to the Company and MGP’s indirect ownership percentage in the Operating Partnership increased from 25.4% to 30.3%. On March 7, 2019, in connection with the Park MGM Transaction, the Operating Partnership issued 1.0 million Operating Partnership units to a subsidiary of MGM and MGP’s indirect ownership percentage in the Operating Partnership decreased from 30.3% to 30.2%. On April 1, 2019, in connection with the Northfield OpCo Transaction, 9.4 million Operating Partnership units were redeemed by the Operating Partnership and MGP’s indirect ownership percentage in the Operating Partnership increased from 30.2% to 31.2%. During the three and nine months ended September 30, 2019, in connection with the Company’s issuance of Class A shares under the ATM program, the Operating Partnership issued 2.8 million and 4.9 million Operating Partnership units to the Company, respectively. MGP’s indirect ownership percentage in the Operating Partnership as of September 30, 2019 was 32.3%. Accumulated Other Comprehensive Income (Loss). non-shareholder Cash Flow Other Total (in thousands) Balance at January 1, 2019 $ 4,208 $ — $ 4,208 Other comprehensive loss before reclassifications (13,765 ) — (13,765 ) Amounts reclassified from accumulated other comprehensive income to interest expense (1,847 ) — (1,847 ) Empire City Transaction — (195 ) (195 ) Class A share issuances — 774 774 Park MGM Transaction — (16 ) (16 ) Other comprehensive income (loss) (15,612 ) 563 (15,049 ) Less: Other comprehensive loss attributable to noncontrolling interest 10,895 — 10,895 Balance at March 31, 2019 (509 ) 563 54 Other comprehensive loss before reclassifications (29,008 ) — (29,008 ) Amounts reclassified from accumulated other comprehensive income to interest expense (1,767 ) — (1,767 ) Class A share issuances — (105 ) (105 ) Northfield OpCo Transaction — 2 2 Other comprehensive loss (30,775 ) (103 ) (30,878 ) Less: Other comprehensive loss attributable to noncontrolling interest 21,128 — 21,128 Balance at June 30, 2019 (10,156 ) 460 (9,696 ) Other comprehensive loss before reclassifications (17,989 ) — (17,989 ) Amounts reclassified from accumulated other comprehensive loss to interest expense (1,281 ) — (1,281 ) Class A share issuances — (200 ) (200 ) Other comprehensive loss (19,270 ) (200 ) (19,470 ) Less: Other comprehensive loss attributable to noncontrolling interest 13,037 — 13,037 Balance at September 30, 2019 $ (16,389 ) $ 260 $ (16,129 ) MGP dividends and Operating Partnership distributions. non-dividend | SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL MGP shareholders Subsequent to year end, on January 31, 2019, the Company completed an offering of 19.6 million Class A shares representing limited liability company interests in a registered public offering, including 2.6 million Class A shares sold pursuant to the exercise in full by the underwriters of their over-allotment option, for net proceeds of approximately $548.4 million after deducting underwriting discounts and commissions. Operating Partnership capital. On October 5, 2017, in connection with the MGM National Harbor Transaction, the Operating Partnership issued 9.8 million Operating Partnership units to a subsidiary of MGM. Subsequent to year end, on January 29, 2019, in connection with the Empire City Transaction, the Operating Partnership issued 12.9 million Operating Partnership units to a subsidiary of MGM. Subsequent to year end, on January 31, 2019, in connection with the Company’s registered offering of Class A shares, the Operating Partnership issued 19.6 million Operating Partnership units to the Company. Accumulated Other Comprehensive Income. non-shareholder Cash Flow Hedges (in thousands) Balance at January 1, 2017 $ 445 Other comprehensive income before reclassifications 566 Amounts reclassified from accumulated other comprehensive income to interest expense 9,216 Other comprehensive income 9,782 Less: Other comprehensive (income) attributable to noncontrolling interest (7,119 ) Balance at December 31, 2017 3,108 Other comprehensive income before reclassifications 5,258 Amounts reclassified from accumulated other comprehensive income to interest expense (1,130 ) Other comprehensive income 4,128 Less: Other comprehensive (income) attributable to noncontrolling interest (3,028 ) Balance at December 31, 2018 $ 4,208 MGP dividends and Operating Partnership distributions. The non-dividend and $0.4406 non-dividend and $0.3755 non-dividend |
Net Income Per Class A Share
Net Income Per Class A Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
NET INCOME PER CLASS A SHARE | NET INCOME PER CLASS A SHARE The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from continuing operations attributable to noncontrolling interest (46,038 ) (40,208 ) (126,924 ) (117,460 ) Income from continuing operations attributable to Class A shares—basic and diluted 22,515 15,766 59,546 44,742 Income from discontinued operations — 13,949 16,216 13,949 Income from discontinued operations attributable to noncontrolling interest — (10,231 ) (11,434 ) (10,231 ) Income from discontinued operations attributable to Class A shares—basic and diluted — 3,718 4,782 3,718 Net income attributable to Class A shares—basic and diluted $ 22,515 $ 19,484 $ 64,328 $ 48,460 Denominator: Weighted average Class A shares outstanding (1) 93,165,443 71,005,052 89,440,552 70,991,129 Effect of dilutive (2)(3) 157,497 196,739 204,557 183,141 Weighted average Class A shares outstanding (1) 93,322,940 71,201,791 89,645,109 71,174,270 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. | NET INCOME PER CLASS A SHARE The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 35,346 Income from continuing operations attributable to noncontrolling interest (155,220 ) (124,215 ) (5,408 ) Income from continuing operations attributable to Class A shares — basic and diluted 58,919 41,775 29,938 Income from discontinued operations, net of tax 30,563 — — Income from discontinued operations attributable to noncontrolling interest (22,417 ) — — Income from discontinued operations attributable to Class A shares — basic and diluted 8,146 — — Net income attributable to Class A shares — basic and diluted $ 67,065 $ 41,775 $ 29,938 Denominator: Weighted average Class A shares outstanding (1) 70,997,589 61,733,136 57,502,158 Effect of dilutive shares for diluted net income per Class A share (2) 188,085 183,410 249,331 Weighted average Class A shares outstanding (1) 71,185,674 61,916,546 57,751,489 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. |
Net Income Per Operating Partne
Net Income Per Operating Partnership Unit | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||
NET INCOME PER OPERATING PARTNERSHIP UNIT | NET INCOME PER CLASS A SHARE The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from continuing operations attributable to noncontrolling interest (46,038 ) (40,208 ) (126,924 ) (117,460 ) Income from continuing operations attributable to Class A shares—basic and diluted 22,515 15,766 59,546 44,742 Income from discontinued operations — 13,949 16,216 13,949 Income from discontinued operations attributable to noncontrolling interest — (10,231 ) (11,434 ) (10,231 ) Income from discontinued operations attributable to Class A shares—basic and diluted — 3,718 4,782 3,718 Net income attributable to Class A shares—basic and diluted $ 22,515 $ 19,484 $ 64,328 $ 48,460 Denominator: Weighted average Class A shares outstanding (1) 93,165,443 71,005,052 89,440,552 70,991,129 Effect of dilutive (2)(3) 157,497 196,739 204,557 183,141 Weighted average Class A shares outstanding (1) 93,322,940 71,201,791 89,645,109 71,174,270 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. | NET INCOME PER CLASS A SHARE The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 35,346 Income from continuing operations attributable to noncontrolling interest (155,220 ) (124,215 ) (5,408 ) Income from continuing operations attributable to Class A shares — basic and diluted 58,919 41,775 29,938 Income from discontinued operations, net of tax 30,563 — — Income from discontinued operations attributable to noncontrolling interest (22,417 ) — — Income from discontinued operations attributable to Class A shares — basic and diluted 8,146 — — Net income attributable to Class A shares — basic and diluted $ 67,065 $ 41,775 $ 29,938 Denominator: Weighted average Class A shares outstanding (1) 70,997,589 61,733,136 57,502,158 Effect of dilutive shares for diluted net income per Class A share (2) 188,085 183,410 249,331 Weighted average Class A shares outstanding (1) 71,185,674 61,916,546 57,751,489 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. |
MGP Operating Partnership | ||
Condensed Income Statements, Captions [Line Items] | ||
NET INCOME PER OPERATING PARTNERSHIP UNIT | NET INCOME PER OPERATING PARTNERSHIP UNIT The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from discontinued operations — 13,949 16,216 13,949 Net income—basic and diluted $ 68,553 $ 69,923 $ 202,686 $ 176,151 Denominator: Weighted average Operating Partnership units outstanding (1) 292,867,986 266,139,175 290,661,305 266,125,252 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 157,497 196,739 204,557 183,141 Weighted average Operating Partnership units outstanding (1) 293,025,483 266,335,914 290,865,862 266,308,393 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. | NET INCOME PER OPERATING PARTNERSHIP UNIT The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Net income attributable to Operating Partnership units, weighted average Operating Partnership units outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 119,729 Income from discontinued operations, net of tax 30,563 — — Net income — basic and diluted $ 244,702 $ 165,990 $ 119,729 Denominator: Weighted average Operating Partnership units outstanding (1) 266,131,712 249,451,258 232,181,070 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 188,085 183,410 249,331 Weighted average Operating Partnership units outstanding (1) 266,319,797 249,634,668 232,430,401 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation. | COMMITMENTS AND CONTINGENCIES Leases. non-cancelable non-cancelable Year ending December 31, (in thousands) 2019 $ 19,868 2020 21,113 2021 24,996 2022 25,015 2023 24,875 Thereafter 1,310,253 $ 1,426,120 Litigation. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | ||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Operating Partnership’s senior notes were co-issued Co-Issuer, Co-Issuer, The guarantee of a subsidiary guarantor will be automatically released upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor, or the capital stock of the subsidiary guarantor; (ii) the sale or disposition of all or substantially all of the assets of the subsidiary guarantor; (iii) the designation in accordance with the indenture of a subsidiary guarantor as an unrestricted subsidiary; (iv) at such time as such subsidiary guarantor is no longer a subsidiary guarantor or other obligor with respect to any credit facilities or capital markets indebtedness of the Operating Partnership; or (v) defeasance or discharge of the notes. CONSOLIDATING BALANCE SHEET INFORMATION September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 507 $ — $ 10,893,614 $ — $ 10,894,121 Lease incentive asset — — 532,186 — 532,186 Cash and cash equivalents 153,526 — — — 153,526 Tenant and other receivables, net 463 — — — 463 Intercompany 1,169,999 — — (1,169,999 ) — Prepaid expenses and other assets 15,730 — 11,683 — 27,413 Investments in subsidiaries 10,126,379 — — (10,126,379 ) — Above market lease, asset — — 41,834 — 41,834 Operating lease right-of-use 477 — 279,543 — 280,020 Total assets $ 11,467,081 $ — $ 11,758,860 $ (11,296,378 ) $ 11,929,563 Debt, net 4,847,408 — — — 4,847,408 Due to MGM Resorts International and affiliates 298 — — — 298 Intercompany — — 1,169,999 (1,169,999 ) — Accounts payable, accrued expenses and other liabilities 58,457 — 1,480 — 59,937 Accrued interest 37,407 — — — 37,407 Dividend and distribution payable 138,730 — — — 138,730 Deferred revenue — — 95,306 — 95,306 Deferred income taxes, net — — 29,721 — 29,721 Operating lease liabilities 477 — 335,975 — 336,452 Total liabilities 5,082,777 — 1,632,481 (1,169,999 ) 5,545,259 General partner — — — — — Limited partners 6,384,304 — 10,126,379 (10,126,379 ) 6,384,304 Total partners’ capital 6,384,304 — 10,126,379 (10,126,379 ) 6,384,304 Total liabilities and partners’ capital $ 11,467,081 $ — $ 11,758,860 $ (11,296,378 ) $ 11,929,563 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 572 $ — $ 10,505,557 $ — $ 10,506,129 Cash and cash equivalents 3,995 — — — 3,995 Tenant and other receivables, net 26 — 7,642 — 7,668 Intercompany 841,179 — — (841,179 ) — Prepaid expenses and other assets 34,813 — — — 34,813 Investments in subsidiaries 9,790,350 — — (9,790,350 ) — Above market lease, asset — — 43,014 — 43,014 Assets held for sale — — 355,688 — 355,688 Total assets $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 Debt, net 4,666,949 — — — 4,666,949 Due to MGM Resorts International and affiliates 227 — — — 227 Intercompany — — 841,179 (841,179 ) — Accounts payable, accrued expenses and other liabilities 13,102 — 7,694 — 20,796 Above market lease, liability — — 46,181 — 46,181 Accrued interest 26,096 — — — 26,096 Dividend and distribution payable 119,055 — — — 119,055 Deferred revenue — — 163,926 — 163,926 Deferred income taxes, net — — 33,634 — 33,634 Liabilities related to assets held for sale — — 28,937 — 28,937 Total liabilities 4,825,429 — 1,121,551 (841,179 ) 5,105,801 General partner — — — — — Limited partners 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total partners’ capital 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total liabilities and partners’ capital $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 219,847 $ — $ 219,847 Tenant reimbursements and other — — 6,164 — 6,164 Total revenues — — 226,011 — 226,011 Expenses Depreciation 22 — 71,935 — 71,957 Property transactions, net — — 9,921 — 9,921 Ground lease and other reimbursable expenses — — 5,920 — 5,920 Acquisition-related expenses 92 — — — 92 General and administrative 4,476 — — — 4,476 Total expenses 4,590 — 87,776 — 92,366 Equity in earnings of subsidiaries 136,256 — — (136,256 ) — Other income (expense) Interest income 241 — — — 241 Interest expense (63,048 ) — — — (63,048 ) Other (306 ) — — — (306 ) (63,113 ) — — — (63,113 ) Income before income taxes 68,553 — 138,235 (136,256 ) 70,532 Provision for income taxes — — (1,979 ) — (1,979 ) Net income $ 68,553 $ — $ 136,256 $ (136,256 ) $ 68,553 Other comprehensive income Net income $ 68,553 $ — $ 136,256 $ (136,256 ) $ 68,553 Unrealized loss on cash flow hedges, net (19,270 ) — — — (19,270 ) Comprehensive income $ 49,283 $ — $ 136,256 $ (136,256 ) $ 49,283 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,564 $ — $ 186,564 Tenant reimbursements and other — — 30,095 — 30,095 Total revenues — — 216,659 — 216,659 Expenses Depreciation 45 — 63,423 — 63,468 Property transactions, net — — 339 — 339 Ground lease and other reimbursable expenses — — 29,168 — 29,168 Amortization of above market lease, net — — 171 — 171 Acquisition-related expenses 1,931 — — — 1,931 General and administrative 3,358 — — — 3,358 Total expenses 5,334 — 93,101 — 98,435 Equity in earnings of subsidiaries 129,568 — — (129,568 ) — Other income (expense) Interest income 5,452 — — (5,289 ) 163 Interest expense (58,743 ) — (5,289 ) 5,289 (58,743 ) Other (1,020 ) — — — (1,020 ) (54,311 ) — (5,289 ) — (59,600 ) Income from continuing operations before income taxes 69,923 — 118,269 (129,568 ) 58,624 Provision for income taxes — — (2,650 ) — (2,650 ) Income from continuing operations, net of tax 69,923 — 115,619 (129,568 ) 55,974 Income from discontinued operations, net of tax — — 13,949 — 13,949 Net income $ 69,923 $ — $ 129,568 $ (129,568 ) $ 69,923 Other comprehensive income Net income $ 69,923 $ — $ 129,568 $ (129,568 ) $ 69,923 Unrealized gain on cash flow hedges, net 4,736 — — — 4,736 Comprehensive income $ 74,659 $ — $ 129,568 $ (129,568 ) $ 74,659 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Nine Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 636,575 $ — $ 636,575 Tenant reimbursements and other — — 18,618 — 18,618 Total revenues — — 655,193 — 655,193 Expenses Depreciation 65 — 222,997 — 223,062 Property transactions, net — — 11,344 — 11,344 Ground lease and other reimbursable expenses — — 17,760 — 17,760 Acquisition-related expenses 8,891 — — — 8,891 General and administrative 12,305 — — — 12,305 Total expenses 21,261 — 252,101 — 273,362 Equity in earnings of subsidiaries 409,665 — — (409,665 ) — Other income (expense) Interest income 7,806 — — (5,617 ) 2,189 Interest expense (190,973 ) — (5,617 ) 5,617 (190,973 ) Other (806 ) — — — (806 ) (183,973 ) — (5,617 ) — (189,590 ) Income from continuing operations before income taxes 204,431 — 397,475 (409,665 ) 192,241 Provision for income taxes (1,745 ) — (4,026 ) — (5,771 ) Income from continuing operations, net of tax 202,686 — 393,449 (409,665 ) 186,470 Income from discontinued operations, net of tax — — 16,216 — 16,216 Net income $ 202,686 $ — $ 409,665 $ (409,665 ) $ 202,686 Other comprehensive income Net income $ 202,686 $ — $ 409,665 $ (409,665 ) $ 202,686 Unrealized loss on cash flow hedges, net (65,657 ) — — — (65,657 ) Comprehensive income $ 137,029 $ — $ 409,665 $ (409,665 ) $ 137,029 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Nine Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 559,690 $ — $ 559,690 Tenant reimbursements and other — — 93,198 — 93,198 Total revenues — — 652,888 — 652,888 Expenses Depreciation 87 — 199,846 — 199,933 Property transactions, net — — 18,851 — 18,851 Ground lease and other reimbursable expenses — — 90,435 — 90,435 Amortization of above market lease, net — — 514 — 514 Acquisition-related expenses 4,603 — — — 4,603 General and administrative 10,021 — — — 10,021 Total expenses 14,711 — 309,646 — 324,357 Equity in earnings of subsidiaries 346,758 — — (346,758 ) — Other income (expense) Interest income 7,762 — — (5,289 ) 2,473 Interest expense (157,249 ) — (5,289 ) 5,289 (157,249 ) Other (6,409 ) — — — (6,409 ) (155,896 ) — (5,289 ) — (161,185 ) Income from continuing operations before income taxes 176,151 — 337,953 (346,758 ) 167,346 Provision for income taxes — — (5,144 ) — (5,144 ) Income from continuing operations, net of tax 176,151 — 332,809 (346,758 ) 162,202 Income from discontinued operations, net of tax — — 13,949 — 13,949 Net income $ 176,151 $ — $ 346,758 $ (346,758 ) $ 176,151 Other comprehensive income Net income $ 176,151 $ — $ 346,758 $ (346,758 ) $ 176,151 Unrealized gain on cash flow hedges, net 27,372 — — — 27,372 Comprehensive income $ 203,523 $ — $ 346,758 $ (346,758 ) $ 203,523 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (762,230 ) $ — $ 677,713 $ — $ (84,517 ) Cash flows from investing activities Proceeds from Northfield OpCo Transaction 3,779 — — — 3,779 Net cash provided by investing activities 3,779 — — — 3,779 Cash flows from financing activities Net repayments under bank credit facility (566,813 ) — — — (566,813 ) Proceeds from issuance of debt 750,000 — — — 750,000 Deferred financing costs (9,983 ) — — — (9,983 ) Repayment of assumed bridge facility (245,950 ) — — — (245,950 ) Issuance of Operating Partnership units 699,362 — — — 699,362 Distributions paid (395,005 ) — — — (395,005 ) Cash received by Parent on behalf of Guarantor Subsidiaries, net 677,713 — (677,713 ) — — Other (1,342 ) — — — (1,342 ) Net cash provided by (used in) financing activities 907,982 — (677,713 ) — 230,269 Cash flows from discontinued operations, net Cash flows provided by operating activities, net — — 15,591 — 15,591 Cash flows used in investing activities, net — — (12 ) — (12 ) Cash flows used in financing activities, net — — (37,900 ) — (37,900 ) Net cash used in discontinued operations — — (22,321 ) — (22,321 ) Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — (22,321 ) Cash and cash equivalents Net increase for the period 149,531 — — — 149,531 Balance, beginning of period 3,995 — — — 3,995 Balance, end of period $ 153,526 $ — $ — $ — $ 153,526 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (149,511 ) $ — $ 574,348 $ — $ 424,837 Cash flows from investing activities Capital expenditures for property and equipment (191 ) — — — (191 ) Acquisition of Northfield (1,068,337 ) — — (1,068,337 ) Net cash used in investing activities (1,068,528 ) — — — (1,068,528 ) Cash flows from financing activities Net borrowings under bank credit facility 747,375 — — — 747,375 Deferred financing costs (17,490 ) — — — (17,490 ) Distributions paid (337,865 ) — — — (337,865 ) Cash received by Parent on behalf of Guarantor Subsidiaries 574,348 — (574,348 ) — — Net cash provided by (used in) financing activities 966,368 — (574,348 ) — 392,020 Cash flows from discontinued operations, net Cash flows provided by operating activities, net — — 8,250 — 8,250 Cash flows provided by investing activities, net — — 33,199 — 33,199 Cash flows used in financing activities, net — — — — — Net cash provided by discontinued operations — — 41,449 — 41,449 Cash flows from discontinued operations, net Change in cash and cash equivalents classified as assets held for sale — — 41,449 — 41,449 Cash and cash equivalents Net decrease for the period (251,671 ) — — — (251,671 ) Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 8,051 $ — $ — $ — $ 8,051 | CONSOLIDATING FINANCIAL INFORMATION The Operating Partnership’s senior notes were co-issued Co-Issuer, Co-Issuer, The guarantee of a subsidiary guarantor will be automatically released upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor, or the capital stock of the subsidiary guarantor; (ii) the sale or disposition of all or substantially all of the assets of the subsidiary guarantor; (iii) the designation in accordance with the indenture of a subsidiary guarantor as an unrestricted subsidiary; (iv) at such time as such subsidiary guarantor is no longer a subsidiary guarantor or other obligor with respect to any credit facilities or capital markets indebtedness of the Operating Partnership; or (v) defeasance or discharge of the notes. CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 572 $ — $ 10,505,557 $ — $ 10,506,129 Cash and cash equivalents 3,995 — — — 3,995 Tenant and other receivables, net 26 — 7,642 — 7,668 Intercompany 841,179 — — (841,179 ) — Prepaid expenses and other assets 34,813 — — — 34,813 Investments in subsidiaries 9,790,350 — — (9,790,350 ) — Above market lease, asset — — 43,014 — 43,014 Assets held for sale — — 355,688 — 355,688 Total assets $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 Debt, net 4,666,949 — — — 4,666,949 Due to MGM Resorts International and affiliates 227 — — — 227 Intercompany — — 841,179 (841,179 ) — Accounts payable, accrued expenses, and other liabilities 13,102 — 7,694 — 20,796 Above market lease, liability — — 46,181 — 46,181 Accrued interest 26,096 — — — 26,096 Distribution payable 119,055 — — — 119,055 Deferred revenue — — 163,926 — 163,926 Deferred income taxes, net — — 33,634 — 33,634 Liabilities related to assets held for sale — — 28,937 — 28,937 Total liabilities 4,825,429 — 1,121,551 (841,179 ) 5,105,801 General partner — — — — — Limited partners 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total partners’ capital 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total liabilities and partners’ capital $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 488 $ — $ 10,021,450 $ — $ 10,021,938 Cash and cash equivalents 259,722 — — — 259,722 Tenant and other receivables, net 299 — 6,086 — 6,385 Intercompany 1,383,397 — — (1,383,397 ) — Prepaid expenses and other assets 18,487 — — — 18,487 Investments in subsidiaries 8,479,388 — — (8,479,388 ) — Above market lease, asset — — 44,588 — 44,588 Total assets $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 Debt, net 3,934,628 — — — 3,934,628 Due to MGM Resorts International and affiliates 962 — — — 962 Intercompany — — 1,383,397 (1,383,397 ) — Accounts payable, accrued expenses, and other liabilities 4,154 — 6,086 — 10,240 Above market lease, liability — — 47,069 — 47,069 Accrued interest 22,565 — — — 22,565 Distribution payable 111,733 — — — 111,733 Deferred revenue — — 127,640 — 127,640 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,074,042 — 1,592,736 (1,383,397 ) 4,283,381 General partner — — — — — Limited partners 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total partners’ capital 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total liabilities and partners’ capital $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 746,253 $ — $ 746,253 Tenant reimbursements and other — — 123,242 — 123,242 — — 869,495 — 869,495 Expenses Depreciation 108 — 266,514 — 266,622 Property transactions, net — — 20,319 — 20,319 Reimbursable expenses — — 119,531 — 119,531 Amortization of above market lease, net — — 686 — 686 Acquisition-related expenses 6,149 — — — 6,149 General and administrative 16,048 — — — 16,048 22,305 — 407,050 — 429,355 (22,305 ) — 462,445 — 440,140 Equity in earnings of subsidiaries 476,353 — — (476,353 ) — Other income (expense) Interest income 13,377 — — (10,876 ) 2,501 Interest expense (215,532 ) — (10,876 ) 10,876 (215,532 ) Other (7,191 ) — — — (7,191 ) (209,346 ) — (10,876 ) — (220,222 ) Income (loss) from continuing operations before income taxes 244,702 — 451,569 (476,353 ) 219,918 Provision for income taxes — — (5,779 ) — (5,779 ) Income from continuing operations, net of tax $ 244,702 $ — $ 445,790 $ (476,353 ) $ 214,139 Income from discontinued operations, net of tax (Note 3) — — 30,563 — 30,563 Net income (loss) $ 244,702 $ — $ 476,353 $ (476,353 ) $ 244,702 Other comprehensive income (loss) Net income (loss) 244,702 — 476,353 (476,353 ) 244,702 Unrealized gain on cash flow hedges 4,128 — — — 4,128 Comprehensive income (loss) $ 248,830 $ — $ 476,353 $ (476,353 ) $ 248,830 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (210,132 ) $ — $ 766,933 $ — $ 556,801 Cash flows from investing activities Capital expenditures for property and equipment (192 ) — — — (192 ) Acquisition of Northfield, net of cash acquired (1,068,336 ) — — — (1,068,336 ) Net cash provided by (used in) investing activities (1,068,528 ) — — — (1,068,528 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facility 727,750 — — — 727,750 Deferred financing costs (17,490 ) — — — (17,490 ) Distributions paid (454,260 ) — — — (454,260 ) Cash received by Parent on behalf of Guarantor Subsidiaries 766,933 — (766,933 ) — — Net cash provided by (used in) financing activities 1,022,933 — (766,933 ) — 256,000 Cash flows from discontinued operations Cash flows from operating activities — — 23,406 23,406 Cash flows from investing activities — — 32,416 32,416 Cash flows from financing activities — — — — Net cash from discontinued operations — — 55,822 — 55,822 Cash and cash equivalents Net increase (decrease) for the period, including cash and cash equivalents classified as held for sale (255,727 ) — 55,822 — (199,905 ) Less: change in cash and cash equivalents classified as held for sale — — 55,822 — 55,822 Net increase (decrease) for the period (255,727 ) — — — (255,727 ) Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 3,995 $ — $ — $ — $ 3,995 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 675,089 $ — $ 675,089 Tenant reimbursements and other — — 90,606 — 90,606 — — 765,695 — 765,695 Expenses Depreciation — — 260,455 — 260,455 Property transactions, net — — 34,022 — 34,022 Reimbursable expenses — — 88,254 — 88,254 Amortization of above market lease, net — — 686 — 686 Acquisition-related expenses 17,304 — — — 17,304 General and administrative 12,189 — — — 12,189 29,493 — 383,417 — 412,910 (29,493 ) — 382,278 — 352,785 Equity in earnings of subsidiaries 377,372 — — (377,372 ) — Other income (expense) Interest income 3,907 — — — 3,907 Interest expense (184,175 ) — — — (184,175 ) Other (1,621 ) — — — (1,621 ) (181,889 ) — — — (181,889 ) Income (loss) before income taxes 165,990 — 382,278 (377,372 ) 170,896 Provision for income taxes — — (4,906 ) — (4,906 ) Net income (loss) $ 165,990 $ — $ 377,372 $ (377,372 ) $ 165,990 Other comprehensive income (loss) Net income (loss) 165,990 — 377,372 (377,372 ) 165,990 Unrealized gain on cash flow hedges 9,782 — — — 9,782 Comprehensive income (loss) $ 175,772 $ — $ 377,372 $ (377,372 ) $ 175,772 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (198,925 ) $ — $ 681,503 $ — $ 482,578 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent (488 ) — — — (488 ) MGM National Harbor transaction (462,500 ) — — — (462,500 ) Net cash used in investing activities (462,988 ) — — — (462,988 ) Cash flows from financing activities Proceeds from issuance of debt 350,000 — — — 350,000 Deferred financing costs (5,598 ) — — — (5,598 ) Repayment of assumed debt (425,000 ) — — — (425,000 ) Repayment of debt principal (41,875 ) — — — (41,875 ) Proceeds from purchase of Operating Partnership units by MGP 387,548 — — — 387,548 Distributions paid (385,435 ) — — — (385,435 ) Cash received by Parent on behalf of Guarantor Subsidiaries 681,503 — (681,503 ) — — Net cash provided by (used in) financing activities 561,143 — (681,503 ) — (120,360 ) Cash and cash equivalents Net decrease for the period (100,770 ) — — — (100,770 ) Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 259,722 $ — $ — $ — $ 259,722 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 419,239 $ — $ 419,239 Tenant reimbursements and other — — 48,309 — 48,309 — — 467,548 — 467,548 Expenses Depreciation — — 220,667 — 220,667 Property transactions, net — — 4,684 — 4,684 Reimbursable expenses — — 68,063 — 68,063 Amortization of above market lease, net — — 286 — 286 Acquisition-related expenses 10,178 — — — 10,178 General and administrative 9,896 — — — 9,896 20,074 — 293,700 — 313,774 (20,074 ) — 173,848 — 153,774 Equity in earnings of subsidiaries 171,584 — — (171,584 ) — Other income (expense) Interest income 774 — — — 774 Interest expense (116,212 ) — — — (116,212 ) Other (726 ) — — — (726 ) (116,164 ) — — — (116,164 ) Income (loss) before income taxes 35,346 — 173,848 (171,584 ) 37,610 Provision for income taxes — — (2,264 ) — (2,264 ) Net income (loss) $ 35,346 $ — $ 171,584 $ (171,584 ) $ 35,346 Other comprehensive income (loss) Net income (loss) 35,346 — 171,584 (171,584 ) 35,346 Unrealized gain on cash flow hedges 1,879 — — — 1,879 Comprehensive income (loss) $ 37,225 $ — $ 171,584 $ (171,584 ) $ 37,225 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (99,884 ) $ — $ 397,665 $ — $ 297,781 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent — — (138,987 ) — (138,987 ) Net cash used in investing activities — — (138,987 ) — (138,987 ) Cash flows from financing activities Proceeds from issuance of debt 3,700,000 — — — 3,700,000 Deferred financing costs (77,163 ) — — — (77,163 ) Repayment of bridge facilities (4,544,850 ) — — — (4,544,850 ) Repayment of debt principal (16,750 ) — — — (16,750 ) Proceeds from purchase of Operating Partnership units by MGP 1,132,468 — — — 1,132,468 Distributions paid (150,829 ) — — — (150,829 ) Cash received by Parent on behalf of Guarantor Subsidiaries 417,500 — (417,500 ) — — Net cash transfers from Parent — — 158,822 — 158,822 Net cash provided by (used in) financing activities 460,376 — (258,678 ) — 201,698 Cash and cash equivalents Net increase for the period 360,492 — — — 360,492 Balance, beginning of period — — — — — Balance, end of period $ 360,492 $ — $ — $ — $ 360,492 |
MGP Selected Quarterly Financia
MGP Selected Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
MGP SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) | MGP SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) Quarter First Second Third Fourth Total (in thousands, except per share data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income attributable to Class A shareholders 15,830 13,146 19,484 18,605 67,065 Net income per Class A share (basic) $ 0.22 $ 0.19 $ 0.27 $ 0.26 $ 0.94 Net income per Class A share (diluted) $ 0.22 $ 0.18 $ 0.27 $ 0.26 $ 0.94 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income attributable to Class A shareholders 11,348 10,680 11,025 8,722 41,775 Net income per Class A share (basic) $ 0.20 $ 0.19 $ 0.18 $ 0.12 $ 0.68 Net income per Class A share (diluted) $ 0.20 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Because net income per Class A share amounts are calculated using the weighted average number of basic and dilutive Class A shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total net income per Class A share amounts for the year. The following sections list certain items affecting comparability of quarterly and year-to-date The Company’s results for Northfield OpCo for the year ended December 31, 2018 are presented as discontinued operations and the related assets and liabilities are classified as assets held for sale. The Company retained the real estate assets. See Note 3 for additional detail. In the fourth quarter of 2017, on October 5, 2017, MGM, MGP, the Operating Partnership, the Landlord and the Tenant completed the MGM National Harbor Transaction. The real estate assets related to MGM National Harbor were leased by the Landlord to the Tenant via an amendment to the Master Lease. As a result, the initial rent under the Master Lease increased by $95 million, $85.5 million of which relates to the base rent for the remainder of the 2017 lease year and the remaining $9.5 million of which relates to the percentage rent. Quarter First Second Third Fourth Total (in thousands, except per unit data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income per Operating Partnership unit (basic) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 Net income per Operating Partnership unit (diluted) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income per Operating Partnership unit (basic) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Net income per Operating Partnership unit (diluted) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.66 See Note 14 for a discussion of items affecting comparability for the years ended December 31, 2018 and 2017, which are the same for the Operating Partnership. |
Operating Partnership Selected
Operating Partnership Selected Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Operating Partnership Selected Quarterly Financial Results (Unaudited) | MGP SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) Quarter First Second Third Fourth Total (in thousands, except per share data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income attributable to Class A shareholders 15,830 13,146 19,484 18,605 67,065 Net income per Class A share (basic) $ 0.22 $ 0.19 $ 0.27 $ 0.26 $ 0.94 Net income per Class A share (diluted) $ 0.22 $ 0.18 $ 0.27 $ 0.26 $ 0.94 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income attributable to Class A shareholders 11,348 10,680 11,025 8,722 41,775 Net income per Class A share (basic) $ 0.20 $ 0.19 $ 0.18 $ 0.12 $ 0.68 Net income per Class A share (diluted) $ 0.20 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Because net income per Class A share amounts are calculated using the weighted average number of basic and dilutive Class A shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total net income per Class A share amounts for the year. The following sections list certain items affecting comparability of quarterly and year-to-date The Company’s results for Northfield OpCo for the year ended December 31, 2018 are presented as discontinued operations and the related assets and liabilities are classified as assets held for sale. The Company retained the real estate assets. See Note 3 for additional detail. In the fourth quarter of 2017, on October 5, 2017, MGM, MGP, the Operating Partnership, the Landlord and the Tenant completed the MGM National Harbor Transaction. The real estate assets related to MGM National Harbor were leased by the Landlord to the Tenant via an amendment to the Master Lease. As a result, the initial rent under the Master Lease increased by $95 million, $85.5 million of which relates to the base rent for the remainder of the 2017 lease year and the remaining $9.5 million of which relates to the percentage rent. Quarter First Second Third Fourth Total (in thousands, except per unit data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income per Operating Partnership unit (basic) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 Net income per Operating Partnership unit (diluted) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income per Operating Partnership unit (basic) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Net income per Operating Partnership unit (diluted) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.66 See Note 14 for a discussion of items affecting comparability for the years ended December 31, 2018 and 2017, which are the same for the Operating Partnership. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) December 31, 2018 Acquisition Costs (a) Costs Capitalized Gross Amount (b) Property (c) Encumbrances Land Building, Land Building, Land Building, Total Accumulated Year (d) Useful Investment Properties: New York-New e $ 149,984 $ 484,001 $ — $ — $ 149,984 $ 484,536 $ 634,520 $ (296,527 ) 2016 g The Mirage e 1,017,562 760,222 — — 1,017,562 747,479 1,765,041 (484,617 ) 2016 g Mandalay Bay e 1,199,785 1,882,381 — — 1,199,785 1,871,540 3,071,325 (733,704 ) 2016 g Luxor e 440,685 710,796 — — 440,685 704,484 1,145,169 (350,834 ) 2016 g Excalibur e 814,805 342,685 — 43,945 814,805 384,036 1,198,841 (144,345 ) 2016 g Park MGM e 291,035 376,625 — 100,768 291,035 322,875 613,910 (87,453 ) 2016 g Beau Rivage e 104,945 561,457 — — 104,945 559,210 664,155 (258,113 ) 2016 g MGM Grand Detroit e 52,509 597,324 — — 52,509 597,324 649,833 (177,119 ) 2016 g Gold Strike Tunica e 3,609 179,146 — — 3,609 178,578 182,187 (88,475 ) 2016 g Borgata e 35,568 1,264,432 — — 35,568 1,254,782 1,290,350 (87,997 ) 2016 g MGM National Harbor — — 1,183,909 — — — 1,199,839 1,199,839 (83,837 ) 2017 g The Park e 33,026 101,353 — — 33,026 100,115 133,141 (13,638 ) 2016 g MGM Northfield Park (f) e 392,500 376,842 — — 392,500 376,842 769,342 (5,438 ) 2018 g 4,536,013 8,821,173 — 144,713 4,536,013 8,781,640 13,317,653 (2,812,097 ) Corporate Property: MGP Corporate Office — 488 — 192 — 681 681 (108 ) 2017 g $ 4,536,013 $ 8,821,661 $ — $ 144,905 $ 4,536,013 $ 8,782,321 $ 13,318,334 $ (2,812,205 ) (a) Represents the net carrying value of the IPO Properties on the IPO Date and the real estate assets of Borgata and MGM National Harbor on their respective acquisition dates by the Operating Partnership. (b) The aggregate cost of land, buildings and improvements for federal income tax purposes is approximately $9.4 billion. (c) All of the properties are large-scale destination entertainment and gaming-related properties, with the exception of The Park and MGP Corporate Office. See “Item 1 — Business — Our Properties” for additional detail about our properties. (d) We have omitted the date of construction of our properties on the basis that compiling this disclosure on a site-by-site (e) The assets comprising these Properties collectively secure the entire amount of the Operating Partnership’s senior secured credit facility. (f) Reflects the real estate assets of MGM Northfield Park which were owned by the Company as of December 31, 2018 and were added to the Master Lease on April 1, 2019. Refer to Note 3 within the accompanying footnotes to the financial statements for further information. (g) Depreciation is computed based on the following estimated useful lives: Buildings and building improvements 20 to 40 years Land improvements 10 to 20 years Fixtures and integral equipment 3 to 20 years Reconciliation of Real Estate 2018 2017 2016 Balance at beginning of year $ 12,655,847 $ 11,468,170 $ 9,965,185 Additions (1) 788,850 1,273,776 1,511,390 Dispositions and write-offs (105,646 ) (86,905 ) (8,405 ) Other (20,717 ) 806 — Balance at end of year $ 13,318,334 $ 12,655,847 $ 11,468,170 (1) 2018 includes $769.3 million resulting from the Operating Partnership’s acquisition of the real estate assets of MGM Northfield Park. 2017 includes $ 1.2 1.3 Reconciliation of Accumulated Depreciation 2018 2017 2016 Balance at beginning of year $ (2,633,909 ) $ (2,388,492 ) $ (2,171,546 ) Depreciation expense (266,622 ) (260,455 ) (220,667 ) Dispositions and write-offs 85,327 52,883 3,721 Other 2,999 (37,845 ) — Balance at end of year $ (2,812,205 ) $ (2,633,909 ) $ (2,388,492 ) |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Basis of presentation | Basis of 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. | Basis of presentation. For periods prior to the IPO Date, the accompanying combined and consolidated financial statements of MGP and the Operating Partnership represent the IPO Properties, which were controlled by MGM, and have been determined to be MGP’s and the Operating Partnership’s predecessor for accounting purposes (the “Predecessor”). The accompanying combined and consolidated financial statements include Predecessor financial statements that have been “carved out” of MGM’s consolidated financial statements and reflect significant assumptions and allocations. The financial statements do not fully reflect what the Predecessor’s results of operations, financial position and cash flows would have been if the Predecessor had been a stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of the future results of operations, financial position and cash flows of MGP or the Operating Partnership. For periods subsequent to the IPO Date, the accompanying combined and consolidated financial statements of MGP and the Operating Partnership represent the results of operations, financial positions and cash flows of MGP and the Operating Partnership, including their respective subsidiaries. Certain reclassifications have been made to conform the prior period presentation. Property tax expense and property insurance expense were separately classified in prior periods and now are classified within “reimbursable expenses” in the accompanying combined and consolidated statements of operations. |
Variable Interest Entities | Variable Interest Entities. | |
Principles of consolidation | Principles of consolidation. the exemption from providing certain of the required disclosures associated with investments in VIEs. The combined and consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, the Landlord, which owns the real estate, a VIE of which the Operating Partnership is the primary beneficiary. As of December 31, 2018, on a consolidated basis, the Landlord had total assets of $9.8 billion primarily related to its real estate assets and total liabilities of $247.5 million primarily related to its deferred revenue and above market lease liability. 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. | |
Noncontrolling interest | Noncontrolling interest. 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 | Noncontrolling interest. 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 |
Use of estimates | Use of estimates. | |
Real estate investments | Real estate investments. Although the Tenant is responsible for all capital expenditures during the term of the Master Lease, if, in the future, a deconsolidation event occurs, the Company will be required to pay the Tenant, should the Tenant so elect, for certain capital improvements that would not constitute “normal tenant improvements” in accordance with U.S. GAAP (“Non-Normal the 10-year Treasury 600 Non-Normal Non-Normal | Real estate investments. Although the Tenant is responsible for all capital expenditures during the term of the Master Lease, if, in the future, a deconsolidation event occurs, the Company will be required to pay the Tenant, should the Tenant so elect, for certain capital improvements that would not constitute “normal tenant improvements” in accordance with U.S. GAAP (“Non-Normal receive additional rent based on the 10-year Treasury 600 Non-Normal Non-Normal Inception-to-date, Non-Normal |
Property and Equipment used in operations | Property and Equipment used in operations. The Company evaluates its long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset to a third-party at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. There were no Depreciation and property transactions. Buildings and building improvements 20 to 40 years Land improvements 10 to 20 years Furniture, fixtures and equipment 3 to 20 years Property transactions, net are comprised of transactions related to long-lived assets, such as normal losses on the disposition of assets. | |
Cash and cash equivalents | Cash and cash equivalents. | |
Deferred revenue | Deferred revenue. Non-Normal Non-Normal Ground lease and other reimbursable expenses. triple-net Revenue recognition. non-cancelable ten years four five be fixed and measurable. The difference between such rental revenue earned and the cash paid under the provisions of the Master Lease is recorded as deferred rent receivable and included as a component of tenant and other receivables, net or as deferred revenue if cash rent due exceeds rental revenue earned. Tenant reimbursement revenue and other reflects the amortization of deferred revenue relating to Non-Normal non-cash | Deferred revenue. Non-Normal Non-Normal Revenue recognition. non-cancelable ten years and all four five years Tenant reimbursement revenue arises from costs which the Company is the primary obligor that are required to be paid by the Tenant or reimbursed to the Company pursuant to the Master Lease. This revenue is recognized in the same periods as the expense is incurred. Northfield generates gaming, food, beverage and other revenue, which primarily consists of video lottery terminal (“VLT”) wager transactions and food and beverage transactions. The transaction price for a VLT wager is the difference between gaming wins and losses (net win). The Company accounts for VLT revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. The transaction price of food and beverage contracts is the amount collected from customer or stand-alone selling price for such goods and services and is recorded when the delivery is made. Sales and usage-based taxes are excluded from revenues. Gaming, food, beverage and other revenue relate to the operations of Northfield and are classified as discontinued operations. Refer to Note 3 for further information. |
Goodwill and other intangible assets | Goodwill and other intangible assets. No Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as step zero) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the qualitative analysis, the license rights are tested for impairment using a discounted cash flow approach. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. | |
Reimbursable expenses | Reimbursable expenses. | |
Acquisition-related expenses | Acquisition-related expenses. | |
General and administrative | General and administrative. | |
Net income per share and net income per unit | Net income per share. Net income per unit. | |
Deferred financing costs | Deferred financing costs. | |
Derivative financial instruments | Derivative financial instruments. Derivatives and Hedging | |
Fair value measurements | Fair value measurements. 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 long-term debt fair value disclosures. See Note 6; and • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7. | Fair value measurements • Level 2 inputs for its long-term debt fair value disclosures. See Note 6; • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7; and • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield Acquisition. See Note 3. |
Reportable segment | Reportable segment. | |
Income tax provision | Income tax provision. year-to-date 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 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 financial statements as if the 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 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 Landlord by a subsidiary of MGM. MGM is responsible for all other taxes reported in the New Jersey consolidated return and, accordingly, the related income tax balances related to such taxes is reflected within noncontrolling interest within the accompanying financial statements. No amounts were due to MGM under the tax sharing agreement as of September 30, 2019 and December 31, 2018. Prior to April 1, 2019, the Company’s TRS owned the real estate assets and operations of Northfield and the Company recorded a tax provision on the income from the TRS operations. In connection with the Northfield OpCo Transaction, the TRS was liquidated on April 1, 2019 and the Company transferred the Northfield operations to a subsidiary of MGM and the Company retained the real estate. Consequently, the Company does not provide a tax provision on TRS operations after April 1, 2019. | Income taxes. 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 bases 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. |
Concentrations of credit risk | Concentrations of credit risk. | |
Geographical risk | Geographical risk. | |
Lease incentive asset | Lease incentive asset. Non-Normal | |
Lessee leases | Lessee leases. For leases with terms greater than twelve months, the operating lease right-of-use | |
Recently issued accounting standards | Recently issued accounting standards. The Company is also a lessee in lease arrangements, primarily for land underlying certain of its properties. As a result of adoption, the Company recognized approximately $279.9 million of operating ROU assets and approximately $333.5 million of operating lease liabilities as of January 1, 2019. | Recently issued accounting standards. No. 2017-04, 2017-04”). 2017-04 2017-04 In August 2017, the FASB issued ASU No. 2017-12, Derivatives 2017-12”). 2017-12 2017-12 2017-12 In February 2018, the FASB issued ASC 842 “Leases (Topic 842),” which replaces the existing guidance in ASC 840, “Leases,” (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use In May 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (Topic 606) which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The Company adopted ASC 606 on January 1, 2018 and it did not have a material impact on the Company’s financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Useful Lives and Carrying Value of Property and Equipment Used in Operations | Depreciation expense is recognized over the useful lives of real estate investments and property and equipment used in operations applying the straight-line method over the following estimated useful lives, which are periodically reviewed: Buildings and building improvements 20 to 40 years Land improvements 10 to 20 years Furniture, fixtures and equipment 3 to 20 years |
Acquisitions and dispositions -
Acquisitions and dispositions - (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Fair Value of Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary purchase price allocation at July 6, 2018 (in thousands): Fair value of assets acquired and liabilities: Property and equipment used in operations $ 792,807 Cash and cash equivalents 35,831 Racing and gaming licenses 228,000 Customer list 25,000 Goodwill 17,915 Other assets 9,598 Other liabilities (38,786 ) $ 1,070,365 | |
Results of discontinued operations | The results of the Northfield OpCo discontinued operations are summarized as follows: Nine Months Ended Three and Nine Months Ended 2019 (1) 2018 (2) Total revenues $ 67,841 $ 65,562 Total expenses (48,735 ) (48,997 ) Income from discontinued operations before income taxes 19,106 16,565 Provision for income taxes (2,890 ) (2,616 ) Income from discontinued operations, net of tax 16,216 13,949 Less: Income attributable to noncontrolling interests — discontinued operations (11,434 ) (10,231 ) Income from discontinued operations attributable to Class A shareholders $ 4,782 $ 3,718 (1) There was no income from discontinued operations for the three months ended September 30, 2019. (2) As Northfield was acquired on July 6, 2018, the results of the Northfield OpCo discontinued operations are the same for both the three and nine months ended September 30, 2018. December 31, 2018 (in thousands) Assets held for sale Property and equipment, used in operations, net $ 20,391 Cash and cash equivalents 55,822 Tenant and other receivables, net 7,322 Prepaid expenses and other assets 3,024 Goodwill 17,915 Other intangible assets, net 251,214 Assets held for sale $ 355,688 Liabilities related to assets held for sale Due to MGM Resorts International and affiliates $ 80 Accounts payable, accrued expenses and other liabilities 28,806 Deferred revenue 51 Liabilities related to assets held for sale $ 28,937 | The results of the Northfield OpCo discontinued operations are summarized as follows: Year Ended December 31, (In thousands) Total revenues $ 132,949 Total expenses (97,330 ) Income for discontinued operations before income taxes 35,619 Provision for income tax (5,056 ) Income from discontinued operations, net of tax 30,563 Less: Net income attributable to noncontrolling interests — discontinued operations (22,417 ) Net income from discontinued operations $ 8,146 December 31, 2018 (In thousands) Assets held for sale Property and equipment, used in operations, net $ 20,391 Cash and cash equivalents 55,822 Tenant and other receivables, net 7,322 Prepaid expenses and other assets 3,024 Goodwill 17,915 Other intangible assets, net 251,214 Assets held for sale $ 355,688 Liabilities related to assets held for sale Due to MGM Resorts International and affiliates $ 80 Accounts payable, accrued expenses and other liabilities 28,806 Deferred revenue 51 Liabilities related to assets held for sale $ 28,937 |
Real Estate Investments - (Tabl
Real Estate Investments - (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Real Estate [Abstract] | ||
Carrying Value of Real Estate Investments | The carrying value of real estate investments is as follows: September 30, December 31, (in thousands) Land $ 4,631,013 $ 4,536,013 Buildings, building improvements, land improvements and integral equipment 9,281,926 8,782,321 13,912,939 13,318,334 Less: Accumulated depreciation (3,018,818 ) (2,812,205 ) $ 10,894,121 $ 10,506,129 | The carrying value of real estate investments is as follows: December 31, 2018 2017 (in thousands) Land $ 4,536,013 $ 4,143,513 Buildings, building improvements, land improvements and integral equipment 8,782,321 8,512,334 13,318,334 12,655,847 Less: Accumulated depreciation (2,812,205 ) (2,633,909 ) $ 10,506,129 $ 10,021,938 |
Leases (Tables)
Leases (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Lessor, Operating Lease Minimum Rental Payments | Under the Master Lease, future non-cancelable 10-year Year ending December 31, (in thousands) 2019 $ 236,515 2020 958,894 2021 976,262 2022 912,751 2023 890,126 Thereafter 1,922,713 $ 5,897,261 | |
Future Noncancelable Minimum Rental Payments | Under the Master Lease, future non-cancelable 10-year Year ending December 31, (in thousands) 2019 $ 780,782 2020 794,907 2021 809,315 2022 757,060 2023 738,435 Thereafter 1,568,769 Total $ 5,449,268 | |
Operating Lease Maturities | Maturities of operating lease liabilities were as follows: Year ending December 31, (in thousands) 2019 (excluding the nine months ended September 30, 2019) $ 4,541 2020 21,113 2021 24,996 2022 25,015 2023 24,875 Thereafter 1,357,650 Total future minimum lease payments 1,458,190 Less: Amount of lease payments representing interest (1,121,738 ) Total $ 336,452 | |
Lease Cost | Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): Supplemental balance sheet information Balance at September 30, 2019 Operating lease right-of-use $ 280,020 Operating lease liabilities 336,452 Weighted-average remaining lease term (years) 59 Weighted-average discount rate (%) 7 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt | Debt consists of the following: September 30, December 31, 2019 2018 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ 467,063 $ 470,000 Senior secured term loan B facility 1,785,250 1,799,125 Senior secured revolving credit facility — 550,000 $ 1,050 5.625 1,050,000 1,050,000 $ 500 4.50 500,000 500,000 $ 750 5.75 750,000 — $ 350 4.50 350,000 350,000 4,902,313 4,719,125 Less: Unamortized discount and debt issuance costs (54,905 ) (52,176 ) $ 4,847,408 $ 4,666,949 | Debt consists of the following: December 31, 2018 2017 (in thousands) Senior secured credit facility: Senior secured term loan A facility $ 470,000 $ 273,750 Senior secured term loan B facility 1,799,125 1,817,625 Senior secured revolving credit facility 550,000 — $ 1,050 5.625 1,050,000 1,050,000 $ 500 4.50 500,000 500,000 $ 350 4.50 350,000 350,000 4,719,125 3,991,375 Less: Unamortized discount and debt issuance costs (52,176 ) (56,747 ) $ 4,666,949 $ 3,934,628 |
Maturities of the Principal Amount of Debt | Maturities of debt. Year ending December 31, (in thousands) 2019 $ 24,375 2020 30,250 2021 30,250 2022 30,250 2023 997,375 Thereafter 3,606,625 $ 4,719,125 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The Operating Partnership is party to interest rate swaps, summarized in the table below, to mitigate the interest rate risk inherent in its senior credit facility. As of September 30, 2019, the Operating Partnership pays a weighted average fixed rate of 1.707% on a total notional amount of $1.5 billion. Notional Amount Weighted Average Fair Value Asset Effective Date Maturity Date (in thousands, except percentages) $300,000 1.158% $3,393 September 6, 2019 December 31, 2024 $1,200,000 1.844% $(9,926 ) May 3, 2017 November 30, 2021 400,000 2.252% (31,370 ) October 1, 2019 December 31, 2029 900,000 1.801% (13,274 ) November 30, 2021 December 31, 2024 $(54,570 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes Attributable to Income (Loss) Before Income Taxes | The provision for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Federal: Current $ — $ — $ — Deferred (1,142 ) — — Provision for federal income taxes on continuing operations $ (1,142 ) $ — $ — State: Current $ 5,746 $ 1,729 $ 2,156 Deferred 1,175 3,177 108 Provision for state income taxes on continuing operations $ 6,921 $ 4,906 $ 2,264 |
Reconciliation of Federal Income Tax Statutory Rate and Effective Tax Rate | A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate on income from continuing operations is as follows: Year Ended December 31, 2018 2017 2016 Federal income tax statutory rate 21.0 % 35.0 % 35.0 % Federal valuation allowance — — — Income not subject to federal income tax (21.5 ) (35.0 ) (35.0 ) State taxes 3.1 2.9 6.0 Effective tax rate on income from continuing operations 2.6 % 2.9 % 6.0 % |
Major Tax-Effected Components of Net Deferred Tax Liability | The major tax-effected December 31, 2018 2017 (in thousands) Deferred tax asset — federal and state Accruals, reserves and other $ 1,844 $ — Total deferred tax asset $ 1,844 $ — Deferred tax liability — federal and state Real estate investments, net $ (33,466 ) $ (28,544 ) Other intangible assets, net (2,012 ) — Total deferred tax liability (35,478 ) (28,544 ) Net deferred tax liability $ (33,634 ) $ (28,544 ) |
Shareholders' Equity and Part_2
Shareholders' Equity and Partners' Capital - (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||
Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2019: Cash Flow Other Total (in thousands) Balance at January 1, 2019 $ 4,208 $ — $ 4,208 Other comprehensive loss before reclassifications (13,765 ) — (13,765 ) Amounts reclassified from accumulated other comprehensive income to interest expense (1,847 ) — (1,847 ) Empire City Transaction — (195 ) (195 ) Class A share issuances — 774 774 Park MGM Transaction — (16 ) (16 ) Other comprehensive income (loss) (15,612 ) 563 (15,049 ) Less: Other comprehensive loss attributable to noncontrolling interest 10,895 — 10,895 Balance at March 31, 2019 (509 ) 563 54 Other comprehensive loss before reclassifications (29,008 ) — (29,008 ) Amounts reclassified from accumulated other comprehensive income to interest expense (1,767 ) — (1,767 ) Class A share issuances — (105 ) (105 ) Northfield OpCo Transaction — 2 2 Other comprehensive loss (30,775 ) (103 ) (30,878 ) Less: Other comprehensive loss attributable to noncontrolling interest 21,128 — 21,128 Balance at June 30, 2019 (10,156 ) 460 (9,696 ) Other comprehensive loss before reclassifications (17,989 ) — (17,989 ) Amounts reclassified from accumulated other comprehensive loss to interest expense (1,281 ) — (1,281 ) Class A share issuances — (200 ) (200 ) Other comprehensive loss (19,270 ) (200 ) (19,470 ) Less: Other comprehensive loss attributable to noncontrolling interest 13,037 — 13,037 Balance at September 30, 2019 $ (16,389 ) $ 260 $ (16,129 ) | The following table summarizes the changes in accumulated other comprehensive income: Cash Flow Hedges (in thousands) Balance at January 1, 2017 $ 445 Other comprehensive income before reclassifications 566 Amounts reclassified from accumulated other comprehensive income to interest expense 9,216 Other comprehensive income 9,782 Less: Other comprehensive (income) attributable to noncontrolling interest (7,119 ) Balance at December 31, 2017 3,108 Other comprehensive income before reclassifications 5,258 Amounts reclassified from accumulated other comprehensive income to interest expense (1,130 ) Other comprehensive income 4,128 Less: Other comprehensive (income) attributable to noncontrolling interest (3,028 ) Balance at December 31, 2018 $ 4,208 |
Net Income Per Class A Share -
Net Income Per Class A Share - (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net Income and Number of Class A Shares Used in the Calculation of Basic and Diluted Income Per Share | The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from continuing operations attributable to noncontrolling interest (46,038 ) (40,208 ) (126,924 ) (117,460 ) Income from continuing operations attributable to Class A shares—basic and diluted 22,515 15,766 59,546 44,742 Income from discontinued operations — 13,949 16,216 13,949 Income from discontinued operations attributable to noncontrolling interest — (10,231 ) (11,434 ) (10,231 ) Income from discontinued operations attributable to Class A shares—basic and diluted — 3,718 4,782 3,718 Net income attributable to Class A shares—basic and diluted $ 22,515 $ 19,484 $ 64,328 $ 48,460 Denominator: Weighted average Class A shares outstanding (1) 93,165,443 71,005,052 89,440,552 70,991,129 Effect of dilutive (2)(3) 157,497 196,739 204,557 183,141 Weighted average Class A shares outstanding (1) 93,322,940 71,201,791 89,645,109 71,174,270 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from discontinued operations — 13,949 16,216 13,949 Net income—basic and diluted $ 68,553 $ 69,923 $ 202,686 $ 176,151 Denominator: Weighted average Operating Partnership units outstanding (1) 292,867,986 266,139,175 290,661,305 266,125,252 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 157,497 196,739 204,557 183,141 Weighted average Operating Partnership units outstanding (1) 293,025,483 266,335,914 290,865,862 266,308,393 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. | The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 35,346 Income from continuing operations attributable to noncontrolling interest (155,220 ) (124,215 ) (5,408 ) Income from continuing operations attributable to Class A shares — basic and diluted 58,919 41,775 29,938 Income from discontinued operations, net of tax 30,563 — — Income from discontinued operations attributable to noncontrolling interest (22,417 ) — — Income from discontinued operations attributable to Class A shares — basic and diluted 8,146 — — Net income attributable to Class A shares — basic and diluted $ 67,065 $ 41,775 $ 29,938 Denominator: Weighted average Class A shares outstanding (1) 70,997,589 61,733,136 57,502,158 Effect of dilutive shares for diluted net income per Class A share (2) 188,085 183,410 249,331 Weighted average Class A shares outstanding (1) 71,185,674 61,916,546 57,751,489 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Net income attributable to Operating Partnership units, weighted average Operating Partnership units outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 119,729 Income from discontinued operations, net of tax 30,563 — — Net income — basic and diluted $ 244,702 $ 165,990 $ 119,729 Denominator: Weighted average Operating Partnership units outstanding (1) 266,131,712 249,451,258 232,181,070 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 188,085 183,410 249,331 Weighted average Operating Partnership units outstanding (1) 266,319,797 249,634,668 232,430,401 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. |
Net Income Per Operating Part_2
Net Income Per Operating Partnership Unit - (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
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 and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended Nine Months Ended 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from continuing operations attributable to noncontrolling interest (46,038 ) (40,208 ) (126,924 ) (117,460 ) Income from continuing operations attributable to Class A shares—basic and diluted 22,515 15,766 59,546 44,742 Income from discontinued operations — 13,949 16,216 13,949 Income from discontinued operations attributable to noncontrolling interest — (10,231 ) (11,434 ) (10,231 ) Income from discontinued operations attributable to Class A shares—basic and diluted — 3,718 4,782 3,718 Net income attributable to Class A shares—basic and diluted $ 22,515 $ 19,484 $ 64,328 $ 48,460 Denominator: Weighted average Class A shares outstanding (1) 93,165,443 71,005,052 89,440,552 70,991,129 Effect of dilutive (2)(3) 157,497 196,739 204,557 183,141 Weighted average Class A shares outstanding (1) 93,322,940 71,201,791 89,645,109 71,174,270 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands, except share amounts) Numerator: Income from continuing operations $ 68,553 $ 55,974 $ 186,470 $ 162,202 Income from discontinued operations — 13,949 16,216 13,949 Net income—basic and diluted $ 68,553 $ 69,923 $ 202,686 $ 176,151 Denominator: Weighted average Operating Partnership units outstanding (1) 292,867,986 266,139,175 290,661,305 266,125,252 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 157,497 196,739 204,557 183,141 Weighted average Operating Partnership units outstanding (1) 293,025,483 266,335,914 290,865,862 266,308,393 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. | The table below provides net income and the number of Class A shares used in the computations of “basic” net income 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 per share, which includes all such shares. Net income attributable to Class A shares, weighted average Class A shares outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Net income per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 35,346 Income from continuing operations attributable to noncontrolling interest (155,220 ) (124,215 ) (5,408 ) Income from continuing operations attributable to Class A shares — basic and diluted 58,919 41,775 29,938 Income from discontinued operations, net of tax 30,563 — — Income from discontinued operations attributable to noncontrolling interest (22,417 ) — — Income from discontinued operations attributable to Class A shares — basic and diluted 8,146 — — Net income attributable to Class A shares — basic and diluted $ 67,065 $ 41,775 $ 29,938 Denominator: Weighted average Class A shares outstanding (1) 70,997,589 61,733,136 57,502,158 Effect of dilutive shares for diluted net income per Class A share (2) 188,085 183,410 249,331 Weighted average Class A shares outstanding (1) 71,185,674 61,916,546 57,751,489 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. (3) Diluted net income per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. The table below provides net income and the number of Operating Partnership units used in the computations of “basic” net income per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” net income per Operating Partnership units, which includes all such Operating Partnership units. Net income attributable to Operating Partnership units, weighted average Operating Partnership units outstanding and the effect of dilutive securities outstanding are presented for the period subsequent to the IPO Date. Years ended April 25 — 2018 2017 2016 (in thousands, except share amounts) Numerator: Income from continuing operations, net of tax $ 214,139 $ 165,990 $ 119,729 Income from discontinued operations, net of tax 30,563 — — Net income — basic and diluted $ 244,702 $ 165,990 $ 119,729 Denominator: Weighted average Operating Partnership units outstanding (1) 266,131,712 249,451,258 232,181,070 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 188,085 183,410 249,331 Weighted average Operating Partnership units outstanding (1) 266,319,797 249,634,668 232,430,401 (1) Includes weighted average deferred share units granted to certain members of the Board of Directors. (2) No shares related to outstanding share-based compensation awards were excluded due to being antidilutive. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Noncancelable Minimum Lease Payments Pursuant to Ground Leases | At December 31, 2018, the Company was obligated under non-cancelable non-cancelable Year ending December 31, (in thousands) 2019 $ 19,868 2020 21,113 2021 24,996 2022 25,015 2023 24,875 Thereafter 1,310,253 $ 1,426,120 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information - (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | ||
Consolidating Balance Sheet Information | The guarantee of a subsidiary guarantor will be automatically released upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor, or the capital stock of the subsidiary guarantor; (ii) the sale or disposition of all or substantially all of the assets of the subsidiary guarantor; (iii) the designation in accordance with the indenture of a subsidiary guarantor as an unrestricted subsidiary; (iv) at such time as such subsidiary guarantor is no longer a subsidiary guarantor or other obligor with respect to any credit facilities or capital markets indebtedness of the Operating Partnership; or (v) defeasance or discharge of the notes. CONSOLIDATING BALANCE SHEET INFORMATION September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 507 $ — $ 10,893,614 $ — $ 10,894,121 Lease incentive asset — — 532,186 — 532,186 Cash and cash equivalents 153,526 — — — 153,526 Tenant and other receivables, net 463 — — — 463 Intercompany 1,169,999 — — (1,169,999 ) — Prepaid expenses and other assets 15,730 — 11,683 — 27,413 Investments in subsidiaries 10,126,379 — — (10,126,379 ) — Above market lease, asset — — 41,834 — 41,834 Operating lease right-of-use 477 — 279,543 — 280,020 Total assets $ 11,467,081 $ — $ 11,758,860 $ (11,296,378 ) $ 11,929,563 Debt, net 4,847,408 — — — 4,847,408 Due to MGM Resorts International and affiliates 298 — — — 298 Intercompany — — 1,169,999 (1,169,999 ) — Accounts payable, accrued expenses and other liabilities 58,457 — 1,480 — 59,937 Accrued interest 37,407 — — — 37,407 Dividend and distribution payable 138,730 — — — 138,730 Deferred revenue — — 95,306 — 95,306 Deferred income taxes, net — — 29,721 — 29,721 Operating lease liabilities 477 — 335,975 — 336,452 Total liabilities 5,082,777 — 1,632,481 (1,169,999 ) 5,545,259 General partner — — — — — Limited partners 6,384,304 — 10,126,379 (10,126,379 ) 6,384,304 Total partners’ capital 6,384,304 — 10,126,379 (10,126,379 ) 6,384,304 Total liabilities and partners’ capital $ 11,467,081 $ — $ 11,758,860 $ (11,296,378 ) $ 11,929,563 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 572 $ — $ 10,505,557 $ — $ 10,506,129 Cash and cash equivalents 3,995 — — — 3,995 Tenant and other receivables, net 26 — 7,642 — 7,668 Intercompany 841,179 — — (841,179 ) — Prepaid expenses and other assets 34,813 — — — 34,813 Investments in subsidiaries 9,790,350 — — (9,790,350 ) — Above market lease, asset — — 43,014 — 43,014 Assets held for sale — — 355,688 — 355,688 Total assets $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 Debt, net 4,666,949 — — — 4,666,949 Due to MGM Resorts International and affiliates 227 — — — 227 Intercompany — — 841,179 (841,179 ) — Accounts payable, accrued expenses and other liabilities 13,102 — 7,694 — 20,796 Above market lease, liability — — 46,181 — 46,181 Accrued interest 26,096 — — — 26,096 Dividend and distribution payable 119,055 — — — 119,055 Deferred revenue — — 163,926 — 163,926 Deferred income taxes, net — — 33,634 — 33,634 Liabilities related to assets held for sale — — 28,937 — 28,937 Total liabilities 4,825,429 — 1,121,551 (841,179 ) 5,105,801 General partner — — — — — Limited partners 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total partners’ capital 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total liabilities and partners’ capital $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 | CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 572 $ — $ 10,505,557 $ — $ 10,506,129 Cash and cash equivalents 3,995 — — — 3,995 Tenant and other receivables, net 26 — 7,642 — 7,668 Intercompany 841,179 — — (841,179 ) — Prepaid expenses and other assets 34,813 — — — 34,813 Investments in subsidiaries 9,790,350 — — (9,790,350 ) — Above market lease, asset — — 43,014 — 43,014 Assets held for sale — — 355,688 — 355,688 Total assets $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 Debt, net 4,666,949 — — — 4,666,949 Due to MGM Resorts International and affiliates 227 — — — 227 Intercompany — — 841,179 (841,179 ) — Accounts payable, accrued expenses, and other liabilities 13,102 — 7,694 — 20,796 Above market lease, liability — — 46,181 — 46,181 Accrued interest 26,096 — — — 26,096 Distribution payable 119,055 — — — 119,055 Deferred revenue — — 163,926 — 163,926 Deferred income taxes, net — — 33,634 — 33,634 Liabilities related to assets held for sale — — 28,937 — 28,937 Total liabilities 4,825,429 — 1,121,551 (841,179 ) 5,105,801 General partner — — — — — Limited partners 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total partners’ capital 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total liabilities and partners’ capital $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 488 $ — $ 10,021,450 $ — $ 10,021,938 Cash and cash equivalents 259,722 — — — 259,722 Tenant and other receivables, net 299 — 6,086 — 6,385 Intercompany 1,383,397 — — (1,383,397 ) — Prepaid expenses and other assets 18,487 — — — 18,487 Investments in subsidiaries 8,479,388 — — (8,479,388 ) — Above market lease, asset — — 44,588 — 44,588 Total assets $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 Debt, net 3,934,628 — — — 3,934,628 Due to MGM Resorts International and affiliates 962 — — — 962 Intercompany — — 1,383,397 (1,383,397 ) — Accounts payable, accrued expenses, and other liabilities 4,154 — 6,086 — 10,240 Above market lease, liability — — 47,069 — 47,069 Accrued interest 22,565 — — — 22,565 Distribution payable 111,733 — — — 111,733 Deferred revenue — — 127,640 — 127,640 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,074,042 — 1,592,736 (1,383,397 ) 4,283,381 General partner — — — — — Limited partners 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total partners’ capital 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total liabilities and partners’ capital $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 |
Consolidating Statement of Operations and Comprehensive Income Information | CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 219,847 $ — $ 219,847 Tenant reimbursements and other — — 6,164 — 6,164 Total revenues — — 226,011 — 226,011 Expenses Depreciation 22 — 71,935 — 71,957 Property transactions, net — — 9,921 — 9,921 Ground lease and other reimbursable expenses — — 5,920 — 5,920 Acquisition-related expenses 92 — — — 92 General and administrative 4,476 — — — 4,476 Total expenses 4,590 — 87,776 — 92,366 Equity in earnings of subsidiaries 136,256 — — (136,256 ) — Other income (expense) Interest income 241 — — — 241 Interest expense (63,048 ) — — — (63,048 ) Other (306 ) — — — (306 ) (63,113 ) — — — (63,113 ) Income before income taxes 68,553 — 138,235 (136,256 ) 70,532 Provision for income taxes — — (1,979 ) — (1,979 ) Net income $ 68,553 $ — $ 136,256 $ (136,256 ) $ 68,553 Other comprehensive income Net income $ 68,553 $ — $ 136,256 $ (136,256 ) $ 68,553 Unrealized loss on cash flow hedges, net (19,270 ) — — — (19,270 ) Comprehensive income $ 49,283 $ — $ 136,256 $ (136,256 ) $ 49,283 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,564 $ — $ 186,564 Tenant reimbursements and other — — 30,095 — 30,095 Total revenues — — 216,659 — 216,659 Expenses Depreciation 45 — 63,423 — 63,468 Property transactions, net — — 339 — 339 Ground lease and other reimbursable expenses — — 29,168 — 29,168 Amortization of above market lease, net — — 171 — 171 Acquisition-related expenses 1,931 — — — 1,931 General and administrative 3,358 — — — 3,358 Total expenses 5,334 — 93,101 — 98,435 Equity in earnings of subsidiaries 129,568 — — (129,568 ) — Other income (expense) Interest income 5,452 — — (5,289 ) 163 Interest expense (58,743 ) — (5,289 ) 5,289 (58,743 ) Other (1,020 ) — — — (1,020 ) (54,311 ) — (5,289 ) — (59,600 ) Income from continuing operations before income taxes 69,923 — 118,269 (129,568 ) 58,624 Provision for income taxes — — (2,650 ) — (2,650 ) Income from continuing operations, net of tax 69,923 — 115,619 (129,568 ) 55,974 Income from discontinued operations, net of tax — — 13,949 — 13,949 Net income $ 69,923 $ — $ 129,568 $ (129,568 ) $ 69,923 Other comprehensive income Net income $ 69,923 $ — $ 129,568 $ (129,568 ) $ 69,923 Unrealized gain on cash flow hedges, net 4,736 — — — 4,736 Comprehensive income $ 74,659 $ — $ 129,568 $ (129,568 ) $ 74,659 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Nine Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 636,575 $ — $ 636,575 Tenant reimbursements and other — — 18,618 — 18,618 Total revenues — — 655,193 — 655,193 Expenses Depreciation 65 — 222,997 — 223,062 Property transactions, net — — 11,344 — 11,344 Ground lease and other reimbursable expenses — — 17,760 — 17,760 Acquisition-related expenses 8,891 — — — 8,891 General and administrative 12,305 — — — 12,305 Total expenses 21,261 — 252,101 — 273,362 Equity in earnings of subsidiaries 409,665 — — (409,665 ) — Other income (expense) Interest income 7,806 — — (5,617 ) 2,189 Interest expense (190,973 ) — (5,617 ) 5,617 (190,973 ) Other (806 ) — — — (806 ) (183,973 ) — (5,617 ) — (189,590 ) Income from continuing operations before income taxes 204,431 — 397,475 (409,665 ) 192,241 Provision for income taxes (1,745 ) — (4,026 ) — (5,771 ) Income from continuing operations, net of tax 202,686 — 393,449 (409,665 ) 186,470 Income from discontinued operations, net of tax — — 16,216 — 16,216 Net income $ 202,686 $ — $ 409,665 $ (409,665 ) $ 202,686 Other comprehensive income Net income $ 202,686 $ — $ 409,665 $ (409,665 ) $ 202,686 Unrealized loss on cash flow hedges, net (65,657 ) — — — (65,657 ) Comprehensive income $ 137,029 $ — $ 409,665 $ (409,665 ) $ 137,029 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Nine Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 559,690 $ — $ 559,690 Tenant reimbursements and other — — 93,198 — 93,198 Total revenues — — 652,888 — 652,888 Expenses Depreciation 87 — 199,846 — 199,933 Property transactions, net — — 18,851 — 18,851 Ground lease and other reimbursable expenses — — 90,435 — 90,435 Amortization of above market lease, net — — 514 — 514 Acquisition-related expenses 4,603 — — — 4,603 General and administrative 10,021 — — — 10,021 Total expenses 14,711 — 309,646 — 324,357 Equity in earnings of subsidiaries 346,758 — — (346,758 ) — Other income (expense) Interest income 7,762 — — (5,289 ) 2,473 Interest expense (157,249 ) — (5,289 ) 5,289 (157,249 ) Other (6,409 ) — — — (6,409 ) (155,896 ) — (5,289 ) — (161,185 ) Income from continuing operations before income taxes 176,151 — 337,953 (346,758 ) 167,346 Provision for income taxes — — (5,144 ) — (5,144 ) Income from continuing operations, net of tax 176,151 — 332,809 (346,758 ) 162,202 Income from discontinued operations, net of tax — — 13,949 — 13,949 Net income $ 176,151 $ — $ 346,758 $ (346,758 ) $ 176,151 Other comprehensive income Net income $ 176,151 $ — $ 346,758 $ (346,758 ) $ 176,151 Unrealized gain on cash flow hedges, net 27,372 — — — 27,372 Comprehensive income $ 203,523 $ — $ 346,758 $ (346,758 ) $ 203,523 | CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 746,253 $ — $ 746,253 Tenant reimbursements and other — — 123,242 — 123,242 — — 869,495 — 869,495 Expenses Depreciation 108 — 266,514 — 266,622 Property transactions, net — — 20,319 — 20,319 Reimbursable expenses — — 119,531 — 119,531 Amortization of above market lease, net — — 686 — 686 Acquisition-related expenses 6,149 — — — 6,149 General and administrative 16,048 — — — 16,048 22,305 — 407,050 — 429,355 (22,305 ) — 462,445 — 440,140 Equity in earnings of subsidiaries 476,353 — — (476,353 ) — Other income (expense) Interest income 13,377 — — (10,876 ) 2,501 Interest expense (215,532 ) — (10,876 ) 10,876 (215,532 ) Other (7,191 ) — — — (7,191 ) (209,346 ) — (10,876 ) — (220,222 ) Income (loss) from continuing operations before income taxes 244,702 — 451,569 (476,353 ) 219,918 Provision for income taxes — — (5,779 ) — (5,779 ) Income from continuing operations, net of tax $ 244,702 $ — $ 445,790 $ (476,353 ) $ 214,139 Income from discontinued operations, net of tax (Note 3) — — 30,563 — 30,563 Net income (loss) $ 244,702 $ — $ 476,353 $ (476,353 ) $ 244,702 Other comprehensive income (loss) Net income (loss) 244,702 — 476,353 (476,353 ) 244,702 Unrealized gain on cash flow hedges 4,128 — — — 4,128 Comprehensive income (loss) $ 248,830 $ — $ 476,353 $ (476,353 ) $ 248,830 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 675,089 $ — $ 675,089 Tenant reimbursements and other — — 90,606 — 90,606 — — 765,695 — 765,695 Expenses Depreciation — — 260,455 — 260,455 Property transactions, net — — 34,022 — 34,022 Reimbursable expenses — — 88,254 — 88,254 Amortization of above market lease, net — — 686 — 686 Acquisition-related expenses 17,304 — — — 17,304 General and administrative 12,189 — — — 12,189 29,493 — 383,417 — 412,910 (29,493 ) — 382,278 — 352,785 Equity in earnings of subsidiaries 377,372 — — (377,372 ) — Other income (expense) Interest income 3,907 — — — 3,907 Interest expense (184,175 ) — — — (184,175 ) Other (1,621 ) — — — (1,621 ) (181,889 ) — — — (181,889 ) Income (loss) before income taxes 165,990 — 382,278 (377,372 ) 170,896 Provision for income taxes — — (4,906 ) — (4,906 ) Net income (loss) $ 165,990 $ — $ 377,372 $ (377,372 ) $ 165,990 Other comprehensive income (loss) Net income (loss) 165,990 — 377,372 (377,372 ) 165,990 Unrealized gain on cash flow hedges 9,782 — — — 9,782 Comprehensive income (loss) $ 175,772 $ — $ 377,372 $ (377,372 ) $ 175,772 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 419,239 $ — $ 419,239 Tenant reimbursements and other — — 48,309 — 48,309 — — 467,548 — 467,548 Expenses Depreciation — — 220,667 — 220,667 Property transactions, net — — 4,684 — 4,684 Reimbursable expenses — — 68,063 — 68,063 Amortization of above market lease, net — — 286 — 286 Acquisition-related expenses 10,178 — — — 10,178 General and administrative 9,896 — — — 9,896 20,074 — 293,700 — 313,774 (20,074 ) — 173,848 — 153,774 Equity in earnings of subsidiaries 171,584 — — (171,584 ) — Other income (expense) Interest income 774 — — — 774 Interest expense (116,212 ) — — — (116,212 ) Other (726 ) — — — (726 ) (116,164 ) — — — (116,164 ) Income (loss) before income taxes 35,346 — 173,848 (171,584 ) 37,610 Provision for income taxes — — (2,264 ) — (2,264 ) Net income (loss) $ 35,346 $ — $ 171,584 $ (171,584 ) $ 35,346 Other comprehensive income (loss) Net income (loss) 35,346 — 171,584 (171,584 ) 35,346 Unrealized gain on cash flow hedges 1,879 — — — 1,879 Comprehensive income (loss) $ 37,225 $ — $ 171,584 $ (171,584 ) $ 37,225 |
Consolidating Statement of Cash Flows Information | CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (762,230 ) $ — $ 677,713 $ — $ (84,517 ) Cash flows from investing activities Proceeds from Northfield OpCo Transaction 3,779 — — — 3,779 Net cash provided by investing activities 3,779 — — — 3,779 Cash flows from financing activities Net repayments under bank credit facility (566,813 ) — — — (566,813 ) Proceeds from issuance of debt 750,000 — — — 750,000 Deferred financing costs (9,983 ) — — — (9,983 ) Repayment of assumed bridge facility (245,950 ) — — — (245,950 ) Issuance of Operating Partnership units 699,362 — — — 699,362 Distributions paid (395,005 ) — — — (395,005 ) Cash received by Parent on behalf of Guarantor Subsidiaries, net 677,713 — (677,713 ) — — Other (1,342 ) — — — (1,342 ) Net cash provided by (used in) financing activities 907,982 — (677,713 ) — 230,269 Cash flows from discontinued operations, net Cash flows provided by operating activities, net — — 15,591 — 15,591 Cash flows used in investing activities, net — — (12 ) — (12 ) Cash flows used in financing activities, net — — (37,900 ) — (37,900 ) Net cash used in discontinued operations — — (22,321 ) — (22,321 ) Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — (22,321 ) Cash and cash equivalents Net increase for the period 149,531 — — — 149,531 Balance, beginning of period 3,995 — — — 3,995 Balance, end of period $ 153,526 $ — $ — $ — $ 153,526 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (149,511 ) $ — $ 574,348 $ — $ 424,837 Cash flows from investing activities Capital expenditures for property and equipment (191 ) — — — (191 ) Acquisition of Northfield (1,068,337 ) — — (1,068,337 ) Net cash used in investing activities (1,068,528 ) — — — (1,068,528 ) Cash flows from financing activities Net borrowings under bank credit facility 747,375 — — — 747,375 Deferred financing costs (17,490 ) — — — (17,490 ) Distributions paid (337,865 ) — — — (337,865 ) Cash received by Parent on behalf of Guarantor Subsidiaries 574,348 — (574,348 ) — — Net cash provided by (used in) financing activities 966,368 — (574,348 ) — 392,020 Cash flows from discontinued operations, net Cash flows provided by operating activities, net — — 8,250 — 8,250 Cash flows provided by investing activities, net — — 33,199 — 33,199 Cash flows used in financing activities, net — — — — — Net cash provided by discontinued operations — — 41,449 — 41,449 Cash flows from discontinued operations, net Change in cash and cash equivalents classified as assets held for sale — — 41,449 — 41,449 Cash and cash equivalents Net decrease for the period (251,671 ) — — — (251,671 ) Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 8,051 $ — $ — $ — $ 8,051 | CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (210,132 ) $ — $ 766,933 $ — $ 556,801 Cash flows from investing activities Capital expenditures for property and equipment (192 ) — — — (192 ) Acquisition of Northfield, net of cash acquired (1,068,336 ) — — — (1,068,336 ) Net cash provided by (used in) investing activities (1,068,528 ) — — — (1,068,528 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facility 727,750 — — — 727,750 Deferred financing costs (17,490 ) — — — (17,490 ) Distributions paid (454,260 ) — — — (454,260 ) Cash received by Parent on behalf of Guarantor Subsidiaries 766,933 — (766,933 ) — — Net cash provided by (used in) financing activities 1,022,933 — (766,933 ) — 256,000 Cash flows from discontinued operations Cash flows from operating activities — — 23,406 23,406 Cash flows from investing activities — — 32,416 32,416 Cash flows from financing activities — — — — Net cash from discontinued operations — — 55,822 — 55,822 Cash and cash equivalents Net increase (decrease) for the period, including cash and cash equivalents classified as held for sale (255,727 ) — 55,822 — (199,905 ) Less: change in cash and cash equivalents classified as held for sale — — 55,822 — 55,822 Net increase (decrease) for the period (255,727 ) — — — (255,727 ) Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 3,995 $ — $ — $ — $ 3,995 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (198,925 ) $ — $ 681,503 $ — $ 482,578 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent (488 ) — — — (488 ) MGM National Harbor transaction (462,500 ) — — — (462,500 ) Net cash used in investing activities (462,988 ) — — — (462,988 ) Cash flows from financing activities Proceeds from issuance of debt 350,000 — — — 350,000 Deferred financing costs (5,598 ) — — — (5,598 ) Repayment of assumed debt (425,000 ) — — — (425,000 ) Repayment of debt principal (41,875 ) — — — (41,875 ) Proceeds from purchase of Operating Partnership units by MGP 387,548 — — — 387,548 Distributions paid (385,435 ) — — — (385,435 ) Cash received by Parent on behalf of Guarantor Subsidiaries 681,503 — (681,503 ) — — Net cash provided by (used in) financing activities 561,143 — (681,503 ) — (120,360 ) Cash and cash equivalents Net decrease for the period (100,770 ) — — — (100,770 ) Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 259,722 $ — $ — $ — $ 259,722 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (99,884 ) $ — $ 397,665 $ — $ 297,781 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent — — (138,987 ) — (138,987 ) Net cash used in investing activities — — (138,987 ) — (138,987 ) Cash flows from financing activities Proceeds from issuance of debt 3,700,000 — — — 3,700,000 Deferred financing costs (77,163 ) — — — (77,163 ) Repayment of bridge facilities (4,544,850 ) — — — (4,544,850 ) Repayment of debt principal (16,750 ) — — — (16,750 ) Proceeds from purchase of Operating Partnership units by MGP 1,132,468 — — — 1,132,468 Distributions paid (150,829 ) — — — (150,829 ) Cash received by Parent on behalf of Guarantor Subsidiaries 417,500 — (417,500 ) — — Net cash transfers from Parent — — 158,822 — 158,822 Net cash provided by (used in) financing activities 460,376 — (258,678 ) — 201,698 Cash and cash equivalents Net increase for the period 360,492 — — — 360,492 Balance, beginning of period — — — — — Balance, end of period $ 360,492 $ — $ — $ — $ 360,492 |
MGP Selected Quarterly Financ_2
MGP Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarter First Second Third Fourth Total (in thousands, except per share data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income attributable to Class A shareholders 15,830 13,146 19,484 18,605 67,065 Net income per Class A share (basic) $ 0.22 $ 0.19 $ 0.27 $ 0.26 $ 0.94 Net income per Class A share (diluted) $ 0.22 $ 0.18 $ 0.27 $ 0.26 $ 0.94 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income attributable to Class A shareholders 11,348 10,680 11,025 8,722 41,775 Net income per Class A share (basic) $ 0.20 $ 0.19 $ 0.18 $ 0.12 $ 0.68 Net income per Class A share (diluted) $ 0.20 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Quarter First Second Third Fourth Total (in thousands, except per unit data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income per Operating Partnership unit (basic) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 Net income per Operating Partnership unit (diluted) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income per Operating Partnership unit (basic) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Net income per Operating Partnership unit (diluted) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.66 |
Operating Partnership Selecte_2
Operating Partnership Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarter First Second Third Fourth Total (in thousands, except per share data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income attributable to Class A shareholders 15,830 13,146 19,484 18,605 67,065 Net income per Class A share (basic) $ 0.22 $ 0.19 $ 0.27 $ 0.26 $ 0.94 Net income per Class A share (diluted) $ 0.22 $ 0.18 $ 0.27 $ 0.26 $ 0.94 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income attributable to Class A shareholders 11,348 10,680 11,025 8,722 41,775 Net income per Class A share (basic) $ 0.20 $ 0.19 $ 0.18 $ 0.12 $ 0.68 Net income per Class A share (diluted) $ 0.20 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Quarter First Second Third Fourth Total (in thousands, except per unit data) 2018 Revenues $ 215,839 $ 220,390 $ 216,659 $ 216,607 $ 869,495 Net income 58,169 48,059 69,923 68,551 244,702 Net income per Operating Partnership unit (basic) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 Net income per Operating Partnership unit (diluted) $ 0.22 $ 0.18 $ 0.26 $ 0.26 $ 0.92 2017 Revenues $ 183,899 $ 184,456 $ 182,798 $ 214,542 $ 765,695 Net income 46,692 43,875 43,700 31,723 165,990 Net income per Operating Partnership unit (basic) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.67 Net income per Operating Partnership unit (diluted) $ 0.19 $ 0.18 $ 0.18 $ 0.12 $ 0.66 |
Business - Narrative (Details)
Business - Narrative (Details) - USD ($) $ in Thousands | Jan. 29, 2019 | Dec. 20, 2018 | May 28, 2018 | Apr. 25, 2016 | Apr. 24, 2016 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business And Organization [Line Items] | ||||||||
Ownership interest transferred | 100.00% | |||||||
Assumption of bridge facilities from Parent | $ 4,000,000 | |||||||
Ownership percentage acquired ( as a percent ) | 32.30% | |||||||
Rent payments percentage | 90.00% | |||||||
Empire City Casino | ||||||||
Business And Organization [Line Items] | ||||||||
Assumption of bridge facilities from Parent | $ 246,000 | |||||||
Consideration transferred | $ 634,400 | 634,000 | ||||||
Increase In annual rent received | $ 50,000 | |||||||
Rent payments percentage | 90.00% | |||||||
Rent payment (percent) | 2.00% | |||||||
Units of Partnership Interest | 12.9 million | |||||||
Exchange of Operating Partnership Units to MGP's Class A Shares | ||||||||
Business And Organization [Line Items] | ||||||||
Operating Partnership unit conversion ratio | 0.01 | 1 | ||||||
MGM | ||||||||
Business And Organization [Line Items] | ||||||||
Ownership interest in operating partnership | 73.30% | |||||||
Ownership percentage required for voting rights | 30.00% | |||||||
Operating Partnership units held (in shares) | 199,700,000 | 195,100,000 | ||||||
Increase in ownership interest in operating partnership ( as a percent ) | 67.70% | |||||||
IPO | ||||||||
Business And Organization [Line Items] | ||||||||
Shares issued under initial public offering (in shares) | 57,500,000 | |||||||
Ownership percentage acquired ( as a percent ) | 26.70% | |||||||
MGP Operating Partnership | ||||||||
Business And Organization [Line Items] | ||||||||
Assumption of bridge facilities from Parent | $ 4,000,000 | |||||||
Operating Partnership units outstanding (in shares) | 295,170,610 | 266,045,289 | 266,030,918 | |||||
Park MGM Lease Transaction | ||||||||
Business And Organization [Line Items] | ||||||||
Increase In annual rent received | $ 50,000 | |||||||
Rent payments percentage | 90.00% | |||||||
Rent payment (percent) | 2.00% | |||||||
Commitment for renovations | $ 637,500 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019USD ($) | Sep. 30, 2018 | Dec. 31, 2016USD ($) | Sep. 30, 2019USD ($)extension | Sep. 30, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)term | Dec. 31, 2018USD ($)extension | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Oct. 05, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Treasury yield term | 10 years | 10 years | ||||||||||||
Percentage points used in calculation for additional rent ( as a percent ) | 6.00% | 6.00% | ||||||||||||
Non-normal tenant improvements | $ 48,400,000 | $ 48,400,000 | $ 144,700,000 | $ 144,700,000 | $ 144,700,000 | $ 144,700,000 | $ 144,700,000 | |||||||
Impairment charges | 0 | $ 0 | $ 0 | |||||||||||
Number of lease extension options | 4 | 4 | 4 | |||||||||||
Goodwill impairment loss | 0 | |||||||||||||
Effective tax rate | 2.80% | 4.50% | 3.00% | 3.10% | 2.60% | 2.90% | 6.00% | |||||||
Operating lease right-of-use assets | $ 280,020,000 | $ 280,020,000 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 279,900,000 | ||||||
Operating lease liabilities | $ 336,452,000 | $ 336,452,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 333,500,000 | ||||||
Master Lease | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Initial lease term ( In years ) | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | ||||||
Additional extension period under Master Lease | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | |||||||
Corporate Services Agreement | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Expenses incurred | $ 900,000 | $ 1,900,000 | $ 1,600,000 | |||||||||||
Tenant | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Initial cap of non-normal tenant improvements in the first year | $ 100,000,000 | 100,000,000 | ||||||||||||
Annual increase in non-normal tenant improvements | $ 75,000,000 | 75,000,000 | ||||||||||||
Operating Partnership Units to MGP's Class A Shares | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Operating Partnership unit conversion ratio (in units) | 0.01 | 1 | ||||||||||||
MGP Operating Partnership | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Operating lease right-of-use assets | $ 280,020,000 | $ 280,020,000 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | |||||||
Operating lease liabilities | 336,452,000 | 336,452,000 | 0 | 0 | 0 | 0 | 0 | |||||||
MGP Operating Partnership | Landlord | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Maximum exposure to loss, assets | 11,800,000,000 | 11,800,000,000 | 9,800,000,000 | 9,800,000,000 | 9,800,000,000 | 9,800,000,000 | 9,800,000,000 | |||||||
Maximum exposure to loss, liabilities | $ 462,500,000 | $ 462,500,000 | $ 247,500,000 | $ 247,500,000 | $ 247,500,000 | $ 247,500,000 | $ 247,500,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Leased Real Estate and Leasehold Improvements (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and building improvements | Minimum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Estimated useful life | 20 years |
Buildings and building improvements | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Estimated useful life | 40 years |
Land improvements | Minimum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Estimated useful life | 10 years |
Land improvements | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Estimated useful life | 20 years |
Furniture, fixtures and equipment | Minimum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Estimated useful life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property Subject to or Available for Operating Lease [Line Items] | |
Estimated useful life | 20 years |
Acquisitions (Detail)
Acquisitions (Detail) $ in Thousands, shares in Millions | Apr. 01, 2019USD ($) | Sep. 18, 2018USD ($) | Jul. 06, 2018USD ($) | Oct. 05, 2017USD ($)ashares | Aug. 01, 2016USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 01, 2018USD ($) |
Business Acquisition | |||||||||||
Proceeds from issuance of debt | $ 750,000 | $ 0 | $ 0 | $ 350,000 | $ 3,700,000 | ||||||
Operating Lease Rent Payments percentage | 90.00% | ||||||||||
Basis spread on variable rate | 2.00% | ||||||||||
Indebtedness assumed in acquisition | $ 545,000 | ||||||||||
Cash consideration | $ 0 | $ 462,500 | $ 0 | ||||||||
Rent payments due under Master Lease | $ 756,700 | 770,300 | |||||||||
Master Lease - Base Rent | |||||||||||
Business Acquisition | |||||||||||
Rent payments due under Master Lease | 585,000 | $ 695,800 | |||||||||
Master Lease - Percentage Rent | |||||||||||
Business Acquisition | |||||||||||
Rent payments due under Master Lease | 65,000 | ||||||||||
MGM National Harbor | Master Lease - Rent Increase | |||||||||||
Business Acquisition | |||||||||||
Rental revenues under Master Lease | 95,000 | ||||||||||
Rent payments due under Master Lease | 682,200 | ||||||||||
MGM National Harbor | Master Lease - Base Rent Increase | |||||||||||
Business Acquisition | |||||||||||
Rental revenues under Master Lease | 85,500 | ||||||||||
MGM National Harbor | Master Lease - Percentage Rent Increase | |||||||||||
Business Acquisition | |||||||||||
Rental revenues under Master Lease | 9,500 | ||||||||||
MGM National Harbor | Master Lease - Percentage Rent | |||||||||||
Business Acquisition | |||||||||||
Rent payments due under Master Lease | 74,500 | ||||||||||
Borgata | Master Lease - Rent Increase | |||||||||||
Business Acquisition | |||||||||||
Rental revenues under Master Lease | 100,000 | ||||||||||
Borgata | Master Lease - Base Rent Increase | |||||||||||
Business Acquisition | |||||||||||
Rental revenues under Master Lease | 90,000 | ||||||||||
Borgata | Master Lease - Percentage Rent Increase | |||||||||||
Business Acquisition | |||||||||||
Rental revenues under Master Lease | 10,000 | ||||||||||
Borgata | Master Lease - Percentage Rent | |||||||||||
Business Acquisition | |||||||||||
Rent payments due under Master Lease | $ 65,000 | ||||||||||
MGM National Harbor Transaction | |||||||||||
Business Acquisition | |||||||||||
Consideration transferred | 1,180,000 | ||||||||||
Indebtedness assumed in acquisition | 425,000 | ||||||||||
Cash consideration | $ 462,500 | ||||||||||
Operating Partnership units issued | shares | 9.8 | ||||||||||
Area of land leased | a | 23 | ||||||||||
Borgata Transaction | |||||||||||
Business Acquisition | |||||||||||
Operating Partnership units issued | shares | 27.4 | ||||||||||
Northfield Park Associates, LLC | |||||||||||
Business Acquisition | |||||||||||
Consideration transferred | $ 305,200 | $ 1,100,000 | |||||||||
Property and equipment used in operations | 792,807 | ||||||||||
Cash and cash equivalents | 35,831 | ||||||||||
Racing and gaming licenses | 228,000 | ||||||||||
Customer list | 25,000 | ||||||||||
Goodwill | 17,915 | ||||||||||
Other assets | 9,598 | ||||||||||
Other liabilities | (38,786) | ||||||||||
Assets Acquired Net | 1,070,365 | ||||||||||
Revenue of Acquiree | 132,900 | ||||||||||
Operating Income Of Acquiree | $ 33,000 | ||||||||||
Northfield Real Estate Leased Assets | |||||||||||
Business Acquisition | |||||||||||
Increase In Annual Rent Paid | $ 60,000 | ||||||||||
Senior Credit Facility Term Loan A | Secured Debt | |||||||||||
Business Acquisition | |||||||||||
Proceeds from issuance of debt | 200,000 | ||||||||||
Senior secured revolving credit facility | Revolving Credit Facility | |||||||||||
Business Acquisition | |||||||||||
Proceeds from issuance of debt | $ 655,000 |
Acquisitions and dispositions_2
Acquisitions and dispositions - Narrative (Details) - USD ($) $ in Millions | Apr. 01, 2019 | Jan. 29, 2019 | Jul. 06, 2018 | May 28, 2018 |
Business Acquisition [Line Items] | ||||
Reduction to additional paid in capital | $ 9.4 | |||
Empire City | ||||
Business Acquisition [Line Items] | ||||
Liabilities incurred | $ 246 | |||
Partnership Interest ( in units ) | 12,900,000 | |||
Carryover value | $ 625 | |||
Purchase price | $ 634.4 | $ 634 | ||
Northfield | ||||
Business Acquisition [Line Items] | ||||
Reduction to additional paid in capital | $ 9.4 | |||
Carryover value | 292.3 | |||
Membership interest acquired ( as a percent ) | 100.00% | |||
Purchase price | $ 305.2 | $ 1,100 |
Acquisitions and dispositions_3
Acquisitions and dispositions - Assets held-for-sale (Details) - Held-for-sale - Northfield OpCo $ in Thousands | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Property and equipment, used in operations, net | $ 20,391 |
Cash and cash equivalents | 55,822 |
Tenant and other receivables, net | 7,322 |
Prepaid expenses and other assets | 3,024 |
Goodwill | 17,915 |
Other intangible assets, net | 251,214 |
Assets held for sale | 355,688 |
Due to MGM Resorts International and affiliates | 80 |
Accounts payable, accrued expenses and other liabilities | 28,806 |
Deferred revenue | 51 |
Liabilities related to assets held for sale | $ 28,937 |
Acquisitions and dispositions_4
Acquisitions and dispositions - Results of discontinued operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||||||
Total revenues | $ 65,562 | $ 67,841 | $ 65,562 | $ 132,949 | ||
Total expenses | (48,997) | (48,735) | (48,997) | (97,330) | ||
Income from discontinued operations before income taxes | 16,565 | 19,106 | 16,565 | 35,619 | ||
Provision for income taxes | (2,616) | (2,890) | (2,616) | (5,056) | ||
Income from discontinued operations, net of tax | 13,949 | 16,216 | 13,949 | 30,563 | $ 0 | $ 0 |
Less: Income attributable to noncontrolling interests - discontinued operations | (10,231) | (11,434) | (10,231) | (22,417) | ||
Income from discontinued operations attributable to Class A shareholders | $ 3,718 | $ 4,782 | $ 3,718 | $ 8,146 |
Real Estate Investments (Detail
Real Estate Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | |||
Real estate investments, gross | $ 13,912,939 | $ 13,318,334 | $ 12,655,847 |
Less: Accumulated depreciation | (3,018,818) | (2,812,205) | (2,633,909) |
Real estate investments, net | 10,894,121 | 10,506,129 | 10,021,938 |
Land | |||
Real Estate Properties [Line Items] | |||
Real estate investments, gross | 4,631,013 | 4,536,013 | 4,143,513 |
Buildings, building improvements, land improvements and integral equipment | |||
Real Estate Properties [Line Items] | |||
Real estate investments, gross | $ 9,281,926 | $ 8,782,321 | $ 8,512,334 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | Apr. 01, 2019USD ($) | Mar. 07, 2019USD ($) | Jan. 29, 2019USD ($) | Jul. 06, 2018USD ($) | May 28, 2018USD ($) | Oct. 05, 2017USD ($) | Aug. 01, 2016USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)extension | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)term | Dec. 31, 2018USD ($)extension | Dec. 31, 2018USD ($)period | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 02, 2019USD ($) | Mar. 30, 2019USD ($) | Sep. 18, 2018 | Apr. 01, 2018USD ($) |
Leases [Line Items] | |||||||||||||||||||||||
Number of lease extension options | 4 | 4 | 4 | ||||||||||||||||||||
Rent payments due under Master Lease | $ 756,700 | $ 770,300 | $ 770,300 | $ 770,300 | $ 770,300 | $ 770,300 | $ 770,300 | ||||||||||||||||
Operating Lease Rent Payments percentage | 90.00% | ||||||||||||||||||||||
Annual contractual rent growth rate ( as a percent ) | 2.00% | ||||||||||||||||||||||
Number of years that the percentage rent is fixed | 6 years | ||||||||||||||||||||||
Number of years that percentage rent is variable | 5 years | ||||||||||||||||||||||
Number of periods for calculation of variable rent | period | 5 | ||||||||||||||||||||||
Rent payments due under master lease | $ 946,100 | $ 770,300 | |||||||||||||||||||||
Operating lease cost | $ 5,900 | $ 17,900 | |||||||||||||||||||||
Revenues | $ 226,011 | $ 216,659 | $ 655,193 | $ 652,888 | $ 869,495 | $ 765,695 | $ 467,548 | ||||||||||||||||
Master Lease | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Lease extension term | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | |||||||||||||||
Initial lease term ( In years ) | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | ||||||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 746,300 | 675,100 | 419,200 | ||||||||||||||||||||
Revenues | $ 219,800 | 186,600 | $ 636,600 | 559,700 | |||||||||||||||||||
Master Lease - Base Rent | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rent payments due under Master Lease | $ 585,000 | $ 695,800 | |||||||||||||||||||||
Annual contractual rent growth rate ( as a percent ) | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||
Annual rent escalator percentage | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||||||||||
Rent payments fixed rate (as a percent) | 90.00% | 90.00% | 90.00% | ||||||||||||||||||||
Percentage Rent | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rent payments due under Master Lease | 65,000 | ||||||||||||||||||||||
Percentage of initial total rent payments due under the master lease | 10.00% | ||||||||||||||||||||||
Lease fixed amount adjustment multiplier | 1.40% | ||||||||||||||||||||||
Tenant Reimbursements | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 123,242 | $ 90,606 | 48,309 | ||||||||||||||||||||
Revenues | $ 6,164 | $ 30,095 | $ 18,618 | $ 93,198 | $ 48,309 | ||||||||||||||||||
MGM National Harbor | Percentage Rent | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rent payments due under Master Lease | $ 74,500 | ||||||||||||||||||||||
MGM National Harbor | Rent Increase | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rent payments due under Master Lease | 682,200 | ||||||||||||||||||||||
Rental revenues under Master Lease | 95,000 | ||||||||||||||||||||||
MGM National Harbor | Base Rent Increase | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rental revenues under Master Lease | 85,500 | ||||||||||||||||||||||
MGM National Harbor | Percentage Rent Increase | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rental revenues under Master Lease | $ 9,500 | ||||||||||||||||||||||
Borgata | Master Lease | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rental revenues under Master Lease | 550,000 | ||||||||||||||||||||||
Borgata | Percentage Rent | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rent payments due under Master Lease | 65,000 | ||||||||||||||||||||||
Borgata | Rent Increase | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rental revenues under Master Lease | 100,000 | ||||||||||||||||||||||
Borgata | Base Rent Increase | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rental revenues under Master Lease | 90,000 | ||||||||||||||||||||||
Borgata | Percentage Rent Increase | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rental revenues under Master Lease | $ 10,000 | ||||||||||||||||||||||
Park MGM Lease Transaction | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 637,500 | ||||||||||||||||||||||
Business Combination, Consideration Transferred, Other | 605,600 | ||||||||||||||||||||||
Rent payments due under master lease | 50,000 | ||||||||||||||||||||||
Park MGM Lease Transaction | Operating Partnership Units [Member] | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Operating partnership units | 1,000 | ||||||||||||||||||||||
Park MGM Lease Transaction | Tenant Reimbursements | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 94,000 | ||||||||||||||||||||||
Empire City | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Operating Lease Rent Payments percentage | 90.00% | ||||||||||||||||||||||
Business Acquisition, Transaction Costs | $ 634,400 | $ 634,000 | |||||||||||||||||||||
Rent payments due under master lease | $ 50,000 | ||||||||||||||||||||||
Rent payments fixed rate (as a percent) | 2.00% | ||||||||||||||||||||||
Northfield Op Co [Member] | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Rent payments due under master lease | $ 60,000 | ||||||||||||||||||||||
Northfield | |||||||||||||||||||||||
Leases [Line Items] | |||||||||||||||||||||||
Business Acquisition, Transaction Costs | 305,200 | $ 1,100,000 | |||||||||||||||||||||
Rent payments due under master lease | $ 60,000 |
Leases - Future Noncancelable M
Leases - Future Noncancelable Minimum Rental Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 780,782 |
2020 | 794,907 |
2021 | 809,315 |
2022 | 757,060 |
2023 | 738,435 |
Thereafter | 1,568,769 |
Total | $ 5,449,268 |
Leases - Operating Lease Minimu
Leases - Operating Lease Minimum Rental Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 236,515 |
2020 | 958,894 |
2021 | 976,262 |
2022 | 912,751 |
2023 | 890,126 |
Thereafter | 1,922,713 |
Total | $ 5,897,261 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 280,020 | ||
Operating lease liabilities | $ 336,452 | $ 333,500 | $ 0 |
Weighted-average remaining lease term (years) | 59 years | ||
Weighted-average discount rate (%) | 7.00% |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
2019 (excluding the nine months ended September 30, 2019) | $ 4,541 | ||
2020 | 21,113 | ||
2021 | 24,996 | ||
2022 | 25,015 | ||
2023 | 24,875 | ||
Thereafter | 1,357,650 | ||
Total future minimum lease payments | 1,458,190 | ||
Less: Amount of lease payments representing interest | (1,121,738) | ||
Operating lease liabilities | $ 336,452 | $ 333,500 | $ 0 |
Debt (Detail)
Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Total | $ 4,902,313 | $ 4,719,125 | $ 3,991,375 |
Less: Unamortized discount and debt issuance costs | (54,905) | (52,176) | (56,747) |
Long-term debt, net | 4,847,408 | 4,666,949 | 3,934,628 |
Senior secured term loan A facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Senior secured term loan | 467,063 | 470,000 | 273,750 |
Principal amount | $ 467,000 | 470,000 | |
Interest rate | 4.04% | ||
Senior secured term loan B facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Senior secured term loan | $ 1,785,250 | 1,799,125 | 1,817,625 |
Principal amount | 1,800,000 | 1,800,000 | |
Senior secured revolving credit facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility | 0 | 550,000 | 0 |
5.625% Senior Notes Due 2024 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior notes | 1,050,000 | 1,050,000 | 1,050,000 |
Principal amount | $ 1,050,000 | $ 1,050,000 | $ 1,050,000 |
Interest rate | 5.625% | 5.625% | 5.625% |
4.50% senior notes, due 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 500,000 | $ 500,000 | $ 500,000 |
Principal amount | $ 500,000 | $ 500,000 | $ 500,000 |
Interest rate | 4.50% | 4.50% | 4.50% |
5.75% senior notes due 2027 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 750,000 | $ 0 | |
Principal amount | $ 750,000 | ||
Interest rate | 5.75% | ||
4.50% senior notes, due 2028 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 350,000 | 350,000 | $ 350,000 |
Principal amount | $ 350,000 | $ 350,000 | $ 350,000 |
Interest rate | 4.50% | 4.50% | 4.50% |
Debt - Operating Partnership Cr
Debt - Operating Partnership Credit Agreement (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2017 | |
Operating Partnership Credit Agreement | Senior secured term loan A facility | ||||||
Debt Instrument [Line Items] | ||||||
Term loan repayment percentage of initial aggregate principal amount | 2.50% | |||||
Repayments of Debt | $ 3,800 | |||||
Interest rate | 4.52% | |||||
Operating Partnership Credit Agreement | Senior secured term loan B facility | ||||||
Debt Instrument [Line Items] | ||||||
Term loan repayment percentage of initial aggregate principal amount | 1.00% | |||||
Repayments of Debt | $ 18,500 | |||||
Interest rate | 4.52% | |||||
Operating Partnership Credit Agreement | Senior secured revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.43% | |||||
Secured Debt | Senior secured term loan A facility | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 470,000 | $ 467,000 | ||||
Credit facility amount | $ 200,000 | |||||
Debt Instrument, Payment Terms, Percent Of Principal Due At Payment | 0.625% | |||||
Interest rate | 4.04% | |||||
Secured Debt | Senior secured term loan A facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 2.25% | |||||
Secured Debt | Senior secured term loan B facility | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 1,800,000 | $ 1,800,000 | ||||
Secured Debt | Senior secured term loan B facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Variable margin | 2.00% | |||||
Debt Instrument, Basis Spread On Variable Rate Upon Rating Upgrade | 1.75% | |||||
Revolving Credit Facility | Senior secured revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility amount | $ 1,400,000 | 1,400,000 | ||||
Variable margin | 1.75% | |||||
Line Of Credit Facility, Increase (Decrease) In Maximum Borrowing Capacity | $ 750,000 | |||||
Amounts drawn on credit facility | $ 550,000 | $ 0 | $ 0 |
Debt - Operating Partnership Se
Debt - Operating Partnership Senior Notes (Detail) - Operating Partnership Senior Notes - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Jan. 31, 2019 | Sep. 30, 2017 | Aug. 31, 2016 | Apr. 30, 2016 | |
$1,050 million 5.625% senior notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 1,050 | ||||
Interest rate | 5.625% | ||||
Debt instrument redemption price percentage | 100.00% | ||||
$500 million 4.50% senior notes, due 2026 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 500 | ||||
Interest rate | 4.50% | ||||
Debt instrument redemption price percentage | 100.00% | ||||
$350 million 4.50% senior notes, due 2028 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 350 | ||||
Interest rate | 5.75% | 4.50% | |||
Debt instrument redemption price percentage | 100.00% | ||||
$750 million 5.75% senior notes due 2027 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 750 | ||||
Interest rate | 5.75% |
Debt - Maturities of the Princi
Debt - Maturities of the Principal Amount of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 24,375 | ||
2020 | 30,250 | ||
2021 | 30,250 | ||
2022 | 30,250 | ||
2023 | 997,375 | ||
Thereafter | 3,606,625 | ||
Total | $ 4,902,313 | $ 4,719,125 | $ 3,991,375 |
Debt - Fair value of long-term
Debt - Fair value of long-term debt (Detail) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Estimated fair value of long-term debt | $ 5.1 | $ 4.5 | $ 4.1 |
Debt - Deferred financing costs
Debt - Deferred financing costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of deferred financing costs | $ 3.2 | $ 3.3 | $ 9.6 | $ 9.4 | $ 12 | $ 11.4 | $ 7.2 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | Jan. 29, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2019 | Jun. 30, 2018 |
Debt Instrument [Line Items] | ||||||||||
Estimated fair value of long-term debt | $ 5,100,000 | $ 5,100,000 | $ 4,500,000 | $ 4,100,000 | ||||||
Amortization of deferred financing costs | 3,200 | $ 3,300 | 9,600 | $ 9,400 | 12,000 | 11,400 | $ 7,200 | |||
Empire City Casino | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Liabilities incurred | $ 246,000 | |||||||||
Term Loan | Senior secured term loan A facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount under term loan facility | $ 467,000 | $ 467,000 | 470,000 | |||||||
Borrowing capacity under credit facility | $ 200,000 | |||||||||
Interest rate | 4.04% | 4.04% | ||||||||
Term Loan | Senior secured term loan B facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount under term loan facility | $ 1,800,000 | $ 1,800,000 | 1,800,000 | |||||||
Revolving Credit Facility | Senior secured revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity under credit facility | 1,400,000 | 1,400,000 | $ 1,400,000 | |||||||
Amounts drawn on credit facility | $ 0 | $ 0 | $ 550,000 | $ 0 | ||||||
Operating Partnership Senior Notes | 5.75% senior notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.75% | |||||||||
Senior notes | $ 750,000 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||||
Derivative liability | $ (54,570) | $ (54,570) | |||||
Gain on derivative instrument | $ (19,270) | $ 4,736 | $ (65,657) | $ 27,372 | $ 4,128 | $ 9,782 | $ 1,879 |
Interest rate swaps | |||||||
Derivative [Line Items] | |||||||
Weighted average fixed rate ( as a percent ) | 1.707% | 1.707% | 1.844% | 1.844% | |||
Notional amount | $ 1,500,000 | $ 1,500,000 | $ 1,200,000 | $ 1,200,000 | |||
LIBOR floor rate | 0.00% | ||||||
Gain on derivative instrument | $ 4,100 | 9,800 | |||||
Interest Income (Expense), Net | 1,100 | 9,200 | |||||
Interest rate swaps | Prepaid Expenses and Other Assets [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset Fair Value | 20,500 | 11,300 | |||||
Interest rate swaps | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Notional amount | 400,000 | ||||||
Derivative liability | 54,600 | 54,600 | 5,600 | $ 0 | |||
Fair value of derivative instruments | $ 3,400 | $ 3,400 | $ 20,500 | ||||
Fixed Interest Rate | 2.735% | ||||||
September 6, 2019 | |||||||
Derivative [Line Items] | |||||||
Weighted average fixed rate ( as a percent ) | 1.158% | 1.158% | |||||
Notional amount | $ 300,000 | $ 300,000 | |||||
Fair value of derivative instruments | 3,393 | 3,393 | |||||
May 3, 2017 | |||||||
Derivative [Line Items] | |||||||
Derivative liability | $ (9,926) | $ (9,926) | |||||
October 1, 2019 | |||||||
Derivative [Line Items] | |||||||
Weighted average fixed rate ( as a percent ) | 2.252% | 2.252% | |||||
Notional amount | $ 400,000 | $ 400,000 | |||||
Derivative liability | $ (31,370) | $ (31,370) | |||||
November 30, 2021 | |||||||
Derivative [Line Items] | |||||||
Weighted average fixed rate ( as a percent ) | 1.801% | 1.801% | |||||
Notional amount | $ 900,000 | $ 900,000 | |||||
Derivative liability | $ (13,274) | $ (13,274) |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Derivative [Line Items] | |
Derivative liability | $ (54,570) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate [Line Items] | |||||||
Minimum percentage of taxable income distributed to shareholders | 90.00% | ||||||
Expected distribution percentage of REIT taxable income in the current taxable year | 100.00% | ||||||
Income tax expense | $ 1,979,000 | $ 2,650,000 | $ 5,771,000 | $ 5,144,000 | $ 5,779,000 | $ 4,906,000 | $ 2,264,000 |
Amounts due to MGM under tax sharing agreement | 0 | 0 | |||||
Uncertain tax positions | 0 | ||||||
Interest and penalties recorded | $ 0 | $ 0 | |||||
Income tax rate | 21.00% | 35.00% | 35.00% | ||||
Taxable REIT subsidiaries | |||||||
Real Estate [Line Items] | |||||||
Income tax expense | $ 3,900,000 | ||||||
Taxable REIT subsidiaries | Continuing Operations [Member] | |||||||
Real Estate [Line Items] | |||||||
Income tax expense | 1,200,000 | ||||||
Taxable REIT subsidiaries | Discontinued Operations [Member] | |||||||
Real Estate [Line Items] | |||||||
Income tax expense | $ 5,100,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal: | |||
Current | $ 0 | $ 0 | $ 0 |
Deferred | (1,142) | 0 | 0 |
Provision for federal income taxes | (1,142) | 0 | 0 |
State: | |||
Current | 5,746 | 1,729 | 2,156 |
Deferred | 1,175 | 3,177 | 108 |
Provision for state income taxes | $ 6,921 | $ 4,906 | $ 2,264 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Income Tax Statutory Rate and Effective Tax Rate (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate [Line Items] | |||||||
Federal income tax statutory rate | 21.00% | 35.00% | 35.00% | ||||
Federal valuation allowance | 0.00% | 0.00% | 0.00% | ||||
Income not subject to federal income tax | (21.50%) | (35.00%) | (35.00%) | ||||
State taxes | 3.10% | 2.90% | 6.00% | ||||
Effective tax rate | 2.80% | 4.50% | 3.00% | 3.10% | 2.60% | 2.90% | 6.00% |
Income Taxes - Major Tax-Effect
Income Taxes - Major Tax-Effected Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax asset — federal and state | ||
Accruals, reserves and other | $ 1,844 | $ 0 |
Total deferred tax asset | 1,844 | 0 |
Deferred tax liability — federal and state | ||
Real estate investments, net | (33,466) | (28,544) |
Other intangible assets, net | (2,012) | 0 |
Total deferred tax liability | (35,478) | (28,544) |
Net deferred tax liability | $ (33,634) | $ (28,544) |
Shareholders' Equity and Part_3
Shareholders' Equity and Partners' Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 15, 2019 | Apr. 01, 2019 | Mar. 07, 2019 | Jan. 31, 2019 | Sep. 11, 2017 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2019 | Apr. 02, 2019 | Mar. 06, 2019 | Jan. 30, 2019 | Jan. 29, 2019 | Jan. 28, 2019 | Oct. 05, 2017 |
Class A Shares | ||||||||||||||||
Dividend Declared | $ 1.7075 | $ 1.5297 | ||||||||||||||
Dividends Declared, Ordinary | 1.2669 | 1.1542 | ||||||||||||||
Non-Dividend Distribution | $ 0.4406 | $ 0.3755 | ||||||||||||||
Common Stock | $ 300 | |||||||||||||||
Subsidiaries | ||||||||||||||||
Partnership Interest ( in units ) | 9,800,000 | |||||||||||||||
Empire City Casino | ||||||||||||||||
Partnership Interest ( in units ) | 12,900,000 | |||||||||||||||
Ownership percentage | 25.40% | 26.70% | ||||||||||||||
Park MGM Lease Transaction | ||||||||||||||||
Ownership percentage | 30.20% | 30.30% | ||||||||||||||
Northfield | ||||||||||||||||
Ownership percentage | 30.20% | 32.30% | 32.30% | 31.20% | ||||||||||||
Subsequent Event | Class A Shares | ||||||||||||||||
Dividends | $ 0.4700 | |||||||||||||||
Dividends | $ 0.4700 | |||||||||||||||
Subsequent Event | Empire City Casino | ||||||||||||||||
Partnership Interest ( in units ) | 12,900,000 | |||||||||||||||
Public Stock Offering | Class A Shares | ||||||||||||||||
Number of shares offered in public offering (in shares) | 19,600,000 | 13,200,000 | 2,800,000 | |||||||||||||
Net proceeds from public offering of stock | $ 548.4 | $ 387.5 | $ 86.1 | $ 151 | ||||||||||||
Ownership percentage | 30.30% | 25.40% | ||||||||||||||
Public Stock Offering | Subsequent Event | Class A Shares | ||||||||||||||||
Number of shares offered in public offering (in shares) | 19,600,000 | |||||||||||||||
Net proceeds from public offering of stock | $ 548.4 | |||||||||||||||
Over-Allotment Option | Class A Shares | ||||||||||||||||
Number of shares offered in public offering (in shares) | 2,600,000 | 1,700,000 | ||||||||||||||
Net proceeds from public offering of stock | $ 4.9 | |||||||||||||||
Over-Allotment Option | Subsequent Event | Class A Shares | ||||||||||||||||
Number of shares offered in public offering (in shares) | 2,600,000 | |||||||||||||||
Operating Partnership Units | ||||||||||||||||
Operating partnership units | 2,800,000 | 4,900,000 | ||||||||||||||
Operating Partnership Units | Park MGM Lease Transaction | ||||||||||||||||
Operating partnership units | 1,000,000 | |||||||||||||||
Operating Partnership Units | Northfield | ||||||||||||||||
Operating partnership units | 9,400,000 |
Shareholders' Equity and Part_4
Shareholders' Equity and Partners' Capital - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI [Roll Forward] | ||||||
Balance | $ 6,386,532 | $ 6,716,917 | $ 5,845,506 | $ 6,067,739 | $ 5,608,261 | $ 6,058,959 |
Balance | 6,384,304 | 6,386,532 | 6,716,917 | 5,845,506 | 6,067,739 | 5,608,261 |
AOCI Attributable to Parent | ||||||
AOCI [Roll Forward] | ||||||
Balance | (9,696) | 54 | 4,208 | 3,108 | 445 | 0 |
Balance | (16,129) | (9,696) | 54 | 4,208 | 3,108 | 445 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||||
AOCI [Roll Forward] | ||||||
Other comprehensive income (loss) before reclassifications | 5,258 | 566 | ||||
Amounts reclassified from accumulated other comprehensive income to interest expense | (1,130) | 9,216 | ||||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 4,128 | 9,782 | ||||
AOCI Attributable to Noncontrolling Interest | ||||||
AOCI [Roll Forward] | ||||||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (3,028) | (7,119) | ||||
MGP Operating Partnership | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | 296,409 | 728,379 | ||||
MGP Operating Partnership | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | $ 296,409 | $ 728,379 | ||||
Empire City Casino | MGP Operating Partnership | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | 379,050 | |||||
Empire City Casino | MGP Operating Partnership | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | 379,050 | |||||
Park MGM Lease Transaction | MGP Operating Partnership | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | 31,875 | |||||
Park MGM Lease Transaction | MGP Operating Partnership | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | 31,875 | |||||
Other Comprehensive Income (Loss) | ||||||
AOCI [Roll Forward] | ||||||
Balance | (9,696) | 54 | 4,208 | |||
Other comprehensive income (loss) before reclassifications | (17,989) | (29,008) | (13,765) | |||
Amounts reclassified from accumulated other comprehensive income to interest expense | (1,281) | (1,767) | (1,847) | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (19,470) | (30,878) | (15,049) | |||
Balance | (16,129) | (9,696) | 54 | 4,208 | ||
Other Comprehensive Income (Loss) | AOCI Attributable to Parent | ||||||
AOCI [Roll Forward] | ||||||
Balance | (10,156) | (509) | 4,208 | |||
Balance | (16,389) | (10,156) | (509) | 4,208 | ||
Other Comprehensive Income (Loss) | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||||
AOCI [Roll Forward] | ||||||
Other comprehensive income (loss) before reclassifications | (17,989) | (29,008) | (13,765) | |||
Amounts reclassified from accumulated other comprehensive income to interest expense | (1,281) | (1,767) | (1,847) | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (19,270) | (30,775) | (15,612) | |||
Other Comprehensive Income (Loss) | AOCI Attributable to Noncontrolling Interest | ||||||
AOCI [Roll Forward] | ||||||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 13,037 | 21,128 | 10,895 | |||
Other Comprehensive Income (Loss) | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Balance | 460 | 563 | 0 | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (200) | (103) | 563 | |||
Balance | 260 | 460 | 563 | $ 0 | ||
Other Comprehensive Income (Loss) | MGP Operating Partnership | ||||||
AOCI [Roll Forward] | ||||||
Issuance of Operating Partnership units | (200) | (105) | 774 | |||
Other Comprehensive Income (Loss) | MGP Operating Partnership | Northfield Op Co [Member] | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | 2 | |||||
Other Comprehensive Income (Loss) | MGP Operating Partnership | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Issuance of Operating Partnership units | $ (200) | (105) | 774 | |||
Other Comprehensive Income (Loss) | MGP Operating Partnership | Limited Partners | Northfield Op Co [Member] | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | $ 2 | |||||
Other Comprehensive Income (Loss) | Empire City Casino | MGP Operating Partnership | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | (195) | |||||
Other Comprehensive Income (Loss) | Empire City Casino | MGP Operating Partnership | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | (195) | |||||
Other Comprehensive Income (Loss) | Park MGM Lease Transaction | MGP Operating Partnership | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | (16) | |||||
Other Comprehensive Income (Loss) | Park MGM Lease Transaction | MGP Operating Partnership | Limited Partners | ||||||
AOCI [Roll Forward] | ||||||
Acquisitions | $ (16) |
Net Income Per Class A Share _2
Net Income Per Class A Share - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||||||
Income from continuing operations | $ 68,553 | $ 55,974 | $ 35,346 | $ 186,470 | $ 162,202 | $ 214,139 | $ 165,990 | $ 35,346 | |||||||
Income from continuing operations attributable to noncontrolling interest | (46,038) | (40,208) | (5,408) | (126,924) | (117,460) | (155,220) | (124,215) | (35,346) | |||||||
Income from continuing operations attributable to Class A shares - basic and diluted | 22,515 | 15,766 | 29,938 | 59,546 | 44,742 | 58,919 | 41,775 | ||||||||
Income from discontinued operations | 0 | 13,949 | 16,216 | 13,949 | 30,563 | 0 | 0 | ||||||||
Income from discontinued operations attributable to noncontrolling interest | (10,231) | (11,434) | (10,231) | (22,417) | |||||||||||
Income from discontinued operations attributable to Class A shares - basic and diluted | 3,718 | 4,782 | 3,718 | 8,146 | |||||||||||
Net income attributable to Class A shares - basic and diluted | $ 22,515 | $ 18,605 | $ 19,484 | $ 13,146 | $ 15,830 | $ 8,722 | $ 11,025 | $ 10,680 | $ 11,348 | $ 29,938 | $ 64,328 | $ 48,460 | $ 67,065 | $ 41,775 | $ 29,938 |
Denominator: | |||||||||||||||
Basic weighted average Class A shares outstanding (in shares) | 93,165,443 | 71,005,052 | 57,502,158 | 89,440,552 | 70,991,129 | 70,997,589 | 61,733,136 | 57,502,158 | |||||||
Effect of dilutive shares for diluted net income per Class A share (in shares) | 157,497 | 196,739 | 249,331 | 204,557 | 183,141 | 188,085 | 183,410 | ||||||||
Weighted average shares for diluted net income per Class A share (in shares) | 93,322,940 | 71,201,791 | 57,751,489 | 89,645,109 | 71,174,270 | 71,185,674 | 61,916,546 | 57,751,489 |
Net Income Per Operating Part_3
Net Income Per Operating Partnership Unit - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 24, 2016 | Dec. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||||||||||||||||||
Income from continuing operations | $ 68,553 | $ 55,974 | $ 35,346 | $ 186,470 | $ 162,202 | $ 214,139 | $ 165,990 | $ 35,346 | ||||||||||
Income from discontinued operations | 0 | 13,949 | 16,216 | 13,949 | 30,563 | 0 | 0 | |||||||||||
Net income - basic and diluted | $ 68,553 | $ 67,769 | $ 66,364 | $ 68,551 | $ 69,923 | $ 48,059 | $ 58,169 | $ 31,723 | $ 43,700 | $ 43,875 | $ 46,692 | $ (84,383) | $ 119,729 | $ 202,686 | $ 176,151 | $ 244,702 | $ 165,990 | 35,346 |
Denominator: | ||||||||||||||||||
Effect of dilutive shares for diluted net income per Operating Partnership unit (in shares) | 157,497 | 196,739 | 249,331 | 204,557 | 183,141 | 188,085 | 183,410 | |||||||||||
MGP Operating Partnership | ||||||||||||||||||
Numerator: | ||||||||||||||||||
Income from continuing operations | $ 68,553 | $ 55,974 | $ 119,729 | $ 186,470 | $ 162,202 | $ 214,139 | $ 165,990 | 35,346 | ||||||||||
Income from discontinued operations | 0 | 13,949 | 0 | 16,216 | 13,949 | 30,563 | 0 | 0 | ||||||||||
Net income - basic and diluted | $ 68,553 | $ 67,769 | $ 66,364 | $ 68,551 | $ 69,923 | $ 48,059 | $ 58,169 | $ 31,723 | $ 43,700 | $ 43,875 | $ 46,692 | $ (84,383) | $ 119,729 | $ 202,686 | $ 176,151 | $ 244,702 | $ 165,990 | $ 35,346 |
Denominator: | ||||||||||||||||||
Weighted average Operating Partnership units outstanding - basic (in shares) | 292,867,986 | 266,139,175 | 232,181,070 | 290,661,305 | 266,125,252 | 266,131,712 | 249,451,258 | 232,181,070 | ||||||||||
Effect of dilutive shares for diluted net income per Operating Partnership unit (in shares) | 157,497 | 196,739 | 249,331 | 204,557 | 183,141 | 188,085 | 183,410 | |||||||||||
Weighted average Operating Partnership units outstanding - diluted (in shares) | 293,025,483 | 266,335,914 | 232,430,401 | 290,865,862 | 266,308,393 | 266,319,797 | 249,634,668 | 232,430,401 |
Commitments and Contingencies_2
Commitments and Contingencies (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |
2019 | $ 19,868 |
2020 | 21,113 |
2021 | 24,996 |
2022 | 25,015 |
2023 | 24,875 |
Thereafter | 1,310,253 |
Total minimum lease payments | $ 1,426,120 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real estate investments, net | $ 10,894,121 | $ 10,506,129 | $ 10,021,938 | ||||||||
Lease incentive asset | 532,186 | 0 | |||||||||
Cash and cash equivalents | 153,526 | 3,995 | $ 8,051 | 259,722 | $ 360,492 | $ 0 | |||||
Tenant and other receivables, net | 463 | 7,668 | 6,385 | ||||||||
Prepaid expenses and other assets | 27,413 | 34,813 | 18,487 | ||||||||
Above market lease, asset | 41,834 | 43,014 | 44,588 | ||||||||
Operating lease right-of-use assets | 280,020 | $ 279,900 | 0 | ||||||||
Total assets | 11,929,563 | 10,951,307 | 10,351,120 | ||||||||
Debt, net | 4,847,408 | 4,666,949 | 3,934,628 | ||||||||
Due to MGM Resorts International and affiliates | 298 | 227 | 962 | ||||||||
Accounts payable, accrued expenses and other liabilities | 59,937 | 20,796 | 10,240 | ||||||||
Above market lease, liability | 0 | 46,181 | 47,069 | ||||||||
Accrued interest | 37,407 | 26,096 | 22,565 | ||||||||
Dividend and distribution payable | 138,730 | 119,055 | 111,733 | ||||||||
Deferred revenue | 95,306 | 163,926 | 127,640 | ||||||||
Deferred income taxes, net | 29,721 | 33,634 | 28,544 | ||||||||
Operating lease liabilities | 336,452 | $ 333,500 | 0 | ||||||||
Total liabilities | 5,545,259 | 5,105,801 | 4,283,381 | ||||||||
Total liabilities and shareholders' equity | 11,929,563 | 10,951,307 | 10,351,120 | ||||||||
MGP Operating Partnership | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real estate investments, net | 10,894,121 | 10,506,129 | 10,021,938 | ||||||||
Lease incentive asset | 532,186 | 0 | |||||||||
Cash and cash equivalents | 153,526 | 3,995 | 8,051 | 259,722 | 360,492 | 0 | |||||
Tenant and other receivables, net | 463 | 7,668 | 6,385 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Prepaid expenses and other assets | 27,413 | 34,813 | 18,487 | ||||||||
Investments in subsidiaries | 0 | 0 | 0 | ||||||||
Above market lease, asset | 41,834 | 43,014 | 44,588 | ||||||||
Operating lease right-of-use assets | 280,020 | 0 | |||||||||
Assets held for sale | 355,688 | ||||||||||
Total assets | 11,929,563 | 10,951,307 | 10,351,120 | ||||||||
Debt, net | 4,847,408 | 4,666,949 | 3,934,628 | ||||||||
Due to MGM Resorts International and affiliates | 298 | 227 | 962 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Accounts payable, accrued expenses and other liabilities | 59,937 | 20,796 | 10,240 | ||||||||
Above market lease, liability | 0 | 46,181 | 47,069 | ||||||||
Accrued interest | 37,407 | 26,096 | 22,565 | ||||||||
Dividend and distribution payable | 138,730 | 119,055 | 111,733 | ||||||||
Deferred revenue | 95,306 | 163,926 | 127,640 | ||||||||
Deferred income taxes, net | 29,721 | 33,634 | 28,544 | ||||||||
Operating lease liabilities | 336,452 | 0 | |||||||||
Liabilities related to assets held for sale | 28,937 | ||||||||||
Total liabilities | 5,545,259 | 5,105,801 | 4,283,381 | ||||||||
General partner | 0 | 0 | 0 | ||||||||
Limited partners | 6,384,304 | 5,845,506 | 6,067,739 | ||||||||
Total partners' capital | 6,384,304 | $ 6,386,532 | $ 6,716,917 | 5,845,506 | 5,915,203 | $ 5,974,303 | $ 6,032,546 | 6,067,739 | 5,608,261 | 6,058,959 | |
Total liabilities and shareholders' equity | 11,929,563 | 10,951,307 | 10,351,120 | ||||||||
MGP Operating Partnership | Eliminations | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real estate investments, net | 0 | 0 | 0 | ||||||||
Lease incentive asset | 0 | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Tenant and other receivables, net | 0 | 0 | 0 | ||||||||
Intercompany | (1,169,999) | (841,179) | (1,383,397) | ||||||||
Prepaid expenses and other assets | 0 | 0 | 0 | ||||||||
Investments in subsidiaries | (10,126,379) | (9,790,350) | (8,479,388) | ||||||||
Above market lease, asset | 0 | 0 | 0 | ||||||||
Operating lease right-of-use assets | 0 | ||||||||||
Assets held for sale | 0 | ||||||||||
Total assets | (11,296,378) | (10,631,529) | (9,862,785) | ||||||||
Debt, net | 0 | 0 | 0 | ||||||||
Due to MGM Resorts International and affiliates | 0 | 0 | 0 | ||||||||
Intercompany | (1,169,999) | (841,179) | (1,383,397) | ||||||||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | 0 | ||||||||
Above market lease, liability | 0 | 0 | |||||||||
Accrued interest | 0 | 0 | 0 | ||||||||
Dividend and distribution payable | 0 | 0 | 0 | ||||||||
Deferred revenue | 0 | 0 | 0 | ||||||||
Deferred income taxes, net | 0 | 0 | 0 | ||||||||
Operating lease liabilities | 0 | ||||||||||
Liabilities related to assets held for sale | 0 | ||||||||||
Total liabilities | (1,169,999) | (841,179) | (1,383,397) | ||||||||
General partner | 0 | 0 | 0 | ||||||||
Limited partners | (10,126,379) | (9,790,350) | (8,479,388) | ||||||||
Total partners' capital | (10,126,379) | (9,790,350) | (8,479,388) | ||||||||
Total liabilities and shareholders' equity | (11,296,378) | (10,631,529) | (9,862,785) | ||||||||
MGP Operating Partnership | Operating Partnership | Reportable Legal Entities | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real estate investments, net | 507 | 572 | 488 | ||||||||
Lease incentive asset | 0 | ||||||||||
Cash and cash equivalents | 153,526 | 3,995 | 8,051 | 259,722 | 360,492 | 0 | |||||
Tenant and other receivables, net | 463 | 26 | 299 | ||||||||
Intercompany | 1,169,999 | 841,179 | 1,383,397 | ||||||||
Prepaid expenses and other assets | 15,730 | 34,813 | 18,487 | ||||||||
Investments in subsidiaries | 10,126,379 | 9,790,350 | 8,479,388 | ||||||||
Above market lease, asset | 0 | 0 | 0 | ||||||||
Operating lease right-of-use assets | 477 | ||||||||||
Assets held for sale | 0 | ||||||||||
Total assets | 11,467,081 | 10,670,935 | 10,141,781 | ||||||||
Debt, net | 4,847,408 | 4,666,949 | 3,934,628 | ||||||||
Due to MGM Resorts International and affiliates | 298 | 227 | 962 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Accounts payable, accrued expenses and other liabilities | 58,457 | 13,102 | 4,154 | ||||||||
Above market lease, liability | 0 | 0 | |||||||||
Accrued interest | 37,407 | 26,096 | 22,565 | ||||||||
Dividend and distribution payable | 138,730 | 119,055 | 111,733 | ||||||||
Deferred revenue | 0 | 0 | 0 | ||||||||
Deferred income taxes, net | 0 | 0 | 0 | ||||||||
Operating lease liabilities | 477 | ||||||||||
Liabilities related to assets held for sale | 0 | ||||||||||
Total liabilities | 5,082,777 | 4,825,429 | 4,074,042 | ||||||||
General partner | 0 | 0 | 0 | ||||||||
Limited partners | 6,384,304 | 5,845,506 | 6,067,739 | ||||||||
Total partners' capital | 6,384,304 | 5,845,506 | 6,067,739 | ||||||||
Total liabilities and shareholders' equity | 11,467,081 | 10,670,935 | 10,141,781 | ||||||||
MGP Operating Partnership | Co-Issuer | Reportable Legal Entities | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real estate investments, net | 0 | 0 | 0 | ||||||||
Lease incentive asset | 0 | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Tenant and other receivables, net | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Prepaid expenses and other assets | 0 | 0 | 0 | ||||||||
Investments in subsidiaries | 0 | 0 | 0 | ||||||||
Above market lease, asset | 0 | 0 | 0 | ||||||||
Operating lease right-of-use assets | 0 | ||||||||||
Assets held for sale | 0 | ||||||||||
Total assets | 0 | 0 | 0 | ||||||||
Debt, net | 0 | 0 | 0 | ||||||||
Due to MGM Resorts International and affiliates | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | 0 | ||||||||
Above market lease, liability | 0 | 0 | |||||||||
Accrued interest | 0 | 0 | 0 | ||||||||
Dividend and distribution payable | 0 | 0 | 0 | ||||||||
Deferred revenue | 0 | 0 | 0 | ||||||||
Deferred income taxes, net | 0 | 0 | 0 | ||||||||
Operating lease liabilities | 0 | ||||||||||
Liabilities related to assets held for sale | 0 | ||||||||||
Total liabilities | 0 | 0 | 0 | ||||||||
General partner | 0 | 0 | 0 | ||||||||
Limited partners | 0 | 0 | 0 | ||||||||
Total partners' capital | 0 | 0 | 0 | ||||||||
Total liabilities and shareholders' equity | 0 | 0 | 0 | ||||||||
MGP Operating Partnership | Guarantor Subsidiaries | Reportable Legal Entities | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real estate investments, net | 10,893,614 | 10,505,557 | 10,021,450 | ||||||||
Lease incentive asset | 532,186 | ||||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | 0 | $ 0 | $ 0 | |||||
Tenant and other receivables, net | 0 | 7,642 | 6,086 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Prepaid expenses and other assets | 11,683 | 0 | 0 | ||||||||
Investments in subsidiaries | 0 | 0 | 0 | ||||||||
Above market lease, asset | 41,834 | 43,014 | 44,588 | ||||||||
Operating lease right-of-use assets | 279,543 | ||||||||||
Assets held for sale | 355,688 | ||||||||||
Total assets | 11,758,860 | 10,911,901 | 10,072,124 | ||||||||
Debt, net | 0 | 0 | 0 | ||||||||
Due to MGM Resorts International and affiliates | 0 | 0 | 0 | ||||||||
Intercompany | 1,169,999 | 841,179 | 1,383,397 | ||||||||
Accounts payable, accrued expenses and other liabilities | 1,480 | 7,694 | 6,086 | ||||||||
Above market lease, liability | 46,181 | 47,069 | |||||||||
Accrued interest | 0 | 0 | 0 | ||||||||
Dividend and distribution payable | 0 | 0 | 0 | ||||||||
Deferred revenue | 95,306 | 163,926 | 127,640 | ||||||||
Deferred income taxes, net | 29,721 | 33,634 | 28,544 | ||||||||
Operating lease liabilities | 335,975 | ||||||||||
Liabilities related to assets held for sale | 28,937 | ||||||||||
Total liabilities | 1,632,481 | 1,121,551 | 1,592,736 | ||||||||
General partner | 0 | 0 | 0 | ||||||||
Limited partners | 10,126,379 | 9,790,350 | 8,479,388 | ||||||||
Total partners' capital | 10,126,379 | 9,790,350 | 8,479,388 | ||||||||
Total liabilities and shareholders' equity | $ 11,758,860 | $ 10,911,901 | $ 10,072,124 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Consolidating Statement of Operations and Comprehensive Income Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 24, 2016 | Dec. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | $ 226,011 | $ 216,659 | $ 655,193 | $ 652,888 | $ 869,495 | $ 765,695 | $ 467,548 | |||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 71,957 | 63,468 | 223,062 | 199,933 | 266,622 | 260,455 | 220,667 | |||||||||||
Property transactions, net | 9,921 | 339 | 11,344 | 18,851 | 20,319 | 34,022 | 4,684 | |||||||||||
Reimbursable expenses | 5,920 | 29,168 | 17,760 | 90,435 | 119,531 | 88,254 | 68,063 | |||||||||||
Amortization of above market lease, net | 0 | 171 | 0 | 514 | 686 | 686 | 286 | |||||||||||
Acquisition-related expenses | 92 | 1,931 | 8,891 | 4,603 | 6,149 | 17,304 | 10,178 | |||||||||||
General and administrative | 4,476 | 3,358 | 12,305 | 10,021 | 16,048 | 12,189 | 9,896 | |||||||||||
Expenses, net | 92,366 | 98,435 | 273,362 | 324,357 | 429,355 | 412,910 | 313,774 | |||||||||||
Operating income (loss) | 440,140 | 352,785 | 153,774 | |||||||||||||||
Equity in earnings of subsidiaries | 0 | |||||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 241 | 163 | 2,189 | 2,473 | 2,501 | 3,907 | 774 | |||||||||||
Interest expense | (63,048) | (58,743) | (190,973) | (157,249) | (215,532) | (184,175) | (116,212) | |||||||||||
Other non-operating | (306) | (1,020) | (806) | (6,409) | (7,191) | (1,621) | (726) | |||||||||||
Non-operating income (expense) | (63,113) | (59,600) | (189,590) | (161,185) | (220,222) | (181,889) | (116,164) | |||||||||||
Income from continuing operations before income taxes | 70,532 | 58,624 | 192,241 | 167,346 | 219,918 | 170,896 | 37,610 | |||||||||||
Provision for income taxes | (1,979) | (2,650) | (5,771) | (5,144) | (5,779) | (4,906) | (2,264) | |||||||||||
Net income (loss) | 46,038 | 40,208 | $ 5,408 | 126,924 | 117,460 | 155,220 | 124,215 | 35,346 | ||||||||||
Income from discontinued operations | 10,231 | 11,434 | 10,231 | 22,417 | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 68,553 | $ 67,769 | $ 66,364 | $ 68,551 | 69,923 | $ 48,059 | $ 58,169 | $ 31,723 | $ 43,700 | $ 43,875 | $ 46,692 | $ (84,383) | 119,729 | 202,686 | 176,151 | 244,702 | 165,990 | 35,346 |
Unrealized gain (loss) on cash flow hedges, net | (19,270) | 4,736 | (65,657) | 27,372 | 4,128 | 9,782 | 1,879 | |||||||||||
Comprehensive income (loss) | 49,283 | 74,659 | 137,029 | 203,523 | 248,830 | 175,772 | 37,225 | |||||||||||
Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 219,847 | 186,564 | 636,575 | 559,690 | 746,253 | 675,089 | 419,239 | |||||||||||
Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 6,164 | 30,095 | 18,618 | 93,198 | 48,309 | |||||||||||||
Eliminations | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||||
Property transactions, net | 0 | 0 | 0 | |||||||||||||||
Reimbursable expenses | 0 | 0 | 0 | |||||||||||||||
Amortization of above market lease, net | 0 | 0 | 0 | |||||||||||||||
Acquisition-related expenses | 0 | 0 | 0 | |||||||||||||||
General and administrative | 0 | 0 | 0 | |||||||||||||||
Expenses, net | 0 | 0 | 0 | |||||||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||||||
Equity in earnings of subsidiaries | (476,353) | (377,372) | (171,584) | |||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | (10,876) | 0 | 0 | |||||||||||||||
Interest expense | 10,876 | 0 | 0 | |||||||||||||||
Other non-operating | 0 | 0 | 0 | |||||||||||||||
Non-operating income (expense) | 0 | 0 | 0 | |||||||||||||||
Income from continuing operations before income taxes | (476,353) | (377,372) | (171,584) | |||||||||||||||
Provision for income taxes | 0 | 0 | 0 | |||||||||||||||
Net income (loss) | (476,353) | (377,372) | (171,584) | |||||||||||||||
Income from discontinued operations | 0 | |||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | (476,353) | (377,372) | (171,584) | |||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 0 | 0 | 0 | |||||||||||||||
Comprehensive income (loss) | (476,353) | (377,372) | (171,584) | |||||||||||||||
Eliminations | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Eliminations | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Operating Partnership | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | ||||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 0 | 0 | ||||||||||||||||
Property transactions, net | 0 | 0 | ||||||||||||||||
Reimbursable expenses | 0 | 0 | ||||||||||||||||
Amortization of above market lease, net | 0 | 0 | ||||||||||||||||
Acquisition-related expenses | 17,304 | 10,178 | ||||||||||||||||
General and administrative | 12,189 | 9,896 | ||||||||||||||||
Expenses, net | 29,493 | 20,074 | ||||||||||||||||
Operating income (loss) | (29,493) | (20,074) | ||||||||||||||||
Equity in earnings of subsidiaries | 377,372 | 171,584 | ||||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 3,907 | 774 | ||||||||||||||||
Interest expense | (184,175) | (116,212) | ||||||||||||||||
Other non-operating | (1,621) | (726) | ||||||||||||||||
Non-operating income (expense) | (181,889) | (116,164) | ||||||||||||||||
Income from continuing operations before income taxes | 165,990 | 35,346 | ||||||||||||||||
Provision for income taxes | 0 | 0 | ||||||||||||||||
Net income (loss) | 165,990 | 35,346 | ||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 165,990 | 35,346 | ||||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 9,782 | 1,879 | ||||||||||||||||
Comprehensive income (loss) | 175,772 | 37,225 | ||||||||||||||||
Operating Partnership | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | ||||||||||||||||
Operating Partnership | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | ||||||||||||||||
Co-Issuer | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||||
Property transactions, net | 0 | 0 | 0 | |||||||||||||||
Reimbursable expenses | 0 | 0 | 0 | |||||||||||||||
Amortization of above market lease, net | 0 | 0 | 0 | |||||||||||||||
Acquisition-related expenses | 0 | 0 | 0 | |||||||||||||||
General and administrative | 0 | 0 | 0 | |||||||||||||||
Expenses, net | 0 | 0 | 0 | |||||||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 0 | 0 | 0 | |||||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||||
Other non-operating | 0 | 0 | 0 | |||||||||||||||
Non-operating income (expense) | 0 | 0 | 0 | |||||||||||||||
Income from continuing operations before income taxes | 0 | 0 | 0 | |||||||||||||||
Provision for income taxes | 0 | 0 | 0 | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | |||||||||||||||
Income from discontinued operations | 0 | |||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 0 | 0 | 0 | |||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 0 | 0 | 0 | |||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | |||||||||||||||
Co-Issuer | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Co-Issuer | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||
Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 869,495 | 765,695 | 467,548 | |||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 266,514 | 260,455 | 220,667 | |||||||||||||||
Property transactions, net | 20,319 | 34,022 | 4,684 | |||||||||||||||
Reimbursable expenses | 119,531 | 88,254 | 68,063 | |||||||||||||||
Amortization of above market lease, net | 686 | 686 | 286 | |||||||||||||||
Acquisition-related expenses | 0 | 0 | 0 | |||||||||||||||
General and administrative | 0 | 0 | 0 | |||||||||||||||
Expenses, net | 407,050 | 383,417 | 293,700 | |||||||||||||||
Operating income (loss) | 462,445 | 382,278 | 173,848 | |||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 0 | 0 | 0 | |||||||||||||||
Interest expense | (10,876) | 0 | 0 | |||||||||||||||
Other non-operating | 0 | 0 | 0 | |||||||||||||||
Non-operating income (expense) | (10,876) | 0 | 0 | |||||||||||||||
Income from continuing operations before income taxes | 451,569 | 382,278 | 173,848 | |||||||||||||||
Provision for income taxes | (5,779) | (4,906) | (2,264) | |||||||||||||||
Net income (loss) | 445,790 | 377,372 | 171,584 | |||||||||||||||
Income from discontinued operations | 30,563 | |||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 476,353 | 377,372 | 171,584 | |||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 0 | 0 | 0 | |||||||||||||||
Comprehensive income (loss) | 476,353 | 377,372 | 171,584 | |||||||||||||||
Guarantor Subsidiaries | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 746,253 | 675,089 | 419,239 | |||||||||||||||
Guarantor Subsidiaries | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 123,242 | 90,606 | 48,309 | |||||||||||||||
MGP Operating Partnership | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 226,011 | 216,659 | 655,193 | 652,888 | 869,495 | 765,695 | 467,548 | |||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 71,957 | 63,468 | 223,062 | 199,933 | 266,622 | 260,455 | 220,667 | |||||||||||
Property transactions, net | 9,921 | 339 | 11,344 | 18,851 | 20,319 | 34,022 | 4,684 | |||||||||||
Reimbursable expenses | 5,920 | 29,168 | 17,760 | 90,435 | 119,531 | 88,254 | 68,063 | |||||||||||
Amortization of above market lease, net | 0 | 171 | 0 | 514 | 686 | 686 | 286 | |||||||||||
Acquisition-related expenses | 92 | 1,931 | 8,891 | 4,603 | 6,149 | 17,304 | 10,178 | |||||||||||
General and administrative | 4,476 | 3,358 | 12,305 | 10,021 | 16,048 | 12,189 | 9,896 | |||||||||||
Expenses, net | 92,366 | 98,435 | 273,362 | 324,357 | 429,355 | 412,910 | 313,774 | |||||||||||
Operating income (loss) | 440,140 | 352,785 | 153,774 | |||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 241 | 163 | 2,189 | 2,473 | 2,501 | 3,907 | 774 | |||||||||||
Interest expense | (63,048) | (58,743) | (190,973) | (157,249) | (215,532) | (184,175) | (116,212) | |||||||||||
Other non-operating | (306) | (1,020) | (806) | (6,409) | (7,191) | (1,621) | (726) | |||||||||||
Non-operating income (expense) | (63,113) | (59,600) | (189,590) | (161,185) | (220,222) | (181,889) | (116,164) | |||||||||||
Income from continuing operations before income taxes | 70,532 | 58,624 | 192,241 | 167,346 | 219,918 | 170,896 | 37,610 | |||||||||||
Provision for income taxes | (1,979) | (2,650) | (5,771) | (5,144) | (5,779) | (4,906) | (2,264) | |||||||||||
Net income (loss) | 55,974 | 186,470 | 162,202 | 214,139 | 165,990 | |||||||||||||
Income from discontinued operations | 13,949 | 16,216 | 13,949 | 30,563 | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 68,553 | $ 67,769 | $ 66,364 | $ 68,551 | 69,923 | $ 48,059 | $ 58,169 | $ 31,723 | $ 43,700 | $ 43,875 | $ 46,692 | $ (84,383) | $ 119,729 | 202,686 | 176,151 | 244,702 | 165,990 | 35,346 |
Unrealized gain (loss) on cash flow hedges, net | (19,270) | 4,736 | (65,657) | 27,372 | 4,128 | 9,782 | 1,879 | |||||||||||
Comprehensive income (loss) | 49,283 | 74,659 | 137,029 | 203,523 | 248,830 | 175,772 | 37,225 | |||||||||||
MGP Operating Partnership | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 219,847 | 186,564 | 636,575 | 559,690 | 746,253 | 675,089 | 419,239 | |||||||||||
MGP Operating Partnership | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 6,164 | 30,095 | 18,618 | 93,198 | 123,242 | $ 90,606 | $ 48,309 | |||||||||||
MGP Operating Partnership | Eliminations | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||||||||||
Property transactions, net | 0 | 0 | 0 | 0 | ||||||||||||||
Reimbursable expenses | 0 | 0 | 0 | 0 | ||||||||||||||
Amortization of above market lease, net | 0 | 0 | ||||||||||||||||
Acquisition-related expenses | 0 | 0 | 0 | 0 | ||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | ||||||||||||||
Expenses, net | 0 | 0 | 0 | 0 | ||||||||||||||
Equity in earnings of subsidiaries | (136,256) | (129,568) | (409,665) | (346,758) | ||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 0 | (5,289) | (5,617) | (5,289) | ||||||||||||||
Interest expense | 0 | 5,289 | 5,617 | 5,289 | ||||||||||||||
Other non-operating | 0 | 0 | 0 | 0 | ||||||||||||||
Non-operating income (expense) | 0 | 0 | 0 | 0 | ||||||||||||||
Income from continuing operations before income taxes | (136,256) | (129,568) | (409,665) | (346,758) | ||||||||||||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||||||||||||
Net income (loss) | (129,568) | (409,665) | (346,758) | |||||||||||||||
Income from discontinued operations | 0 | 0 | 0 | |||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | (136,256) | (129,568) | (409,665) | (346,758) | ||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 0 | 0 | 0 | 0 | ||||||||||||||
Comprehensive income (loss) | (136,256) | (129,568) | (409,665) | (346,758) | ||||||||||||||
MGP Operating Partnership | Eliminations | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Eliminations | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | |||||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 108 | |||||||||||||||||
Property transactions, net | 0 | |||||||||||||||||
Reimbursable expenses | 0 | |||||||||||||||||
Amortization of above market lease, net | 0 | |||||||||||||||||
Acquisition-related expenses | 6,149 | |||||||||||||||||
General and administrative | 16,048 | |||||||||||||||||
Expenses, net | 22,305 | |||||||||||||||||
Operating income (loss) | (22,305) | |||||||||||||||||
Equity in earnings of subsidiaries | 476,353 | |||||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 13,377 | |||||||||||||||||
Interest expense | (215,532) | |||||||||||||||||
Other non-operating | (7,191) | |||||||||||||||||
Non-operating income (expense) | (209,346) | |||||||||||||||||
Income from continuing operations before income taxes | 244,702 | |||||||||||||||||
Provision for income taxes | 0 | |||||||||||||||||
Net income (loss) | 244,702 | |||||||||||||||||
Income from discontinued operations | 0 | |||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 244,702 | |||||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 4,128 | |||||||||||||||||
Comprehensive income (loss) | 248,830 | |||||||||||||||||
MGP Operating Partnership | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | |||||||||||||||||
MGP Operating Partnership | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | $ 0 | |||||||||||||||||
MGP Operating Partnership | Operating Partnership | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 22 | 45 | 65 | 87 | ||||||||||||||
Property transactions, net | 0 | 0 | 0 | 0 | ||||||||||||||
Reimbursable expenses | 0 | 0 | 0 | 0 | ||||||||||||||
Amortization of above market lease, net | 0 | 0 | ||||||||||||||||
Acquisition-related expenses | 92 | 1,931 | 8,891 | 4,603 | ||||||||||||||
General and administrative | 4,476 | 3,358 | 12,305 | 10,021 | ||||||||||||||
Expenses, net | 4,590 | 5,334 | 21,261 | 14,711 | ||||||||||||||
Equity in earnings of subsidiaries | 136,256 | 129,568 | 409,665 | 346,758 | ||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 241 | 5,452 | 7,806 | 7,762 | ||||||||||||||
Interest expense | (63,048) | (58,743) | (190,973) | (157,249) | ||||||||||||||
Other non-operating | (306) | (1,020) | (806) | (6,409) | ||||||||||||||
Non-operating income (expense) | (63,113) | (54,311) | (183,973) | (155,896) | ||||||||||||||
Income from continuing operations before income taxes | 68,553 | 69,923 | 204,431 | 176,151 | ||||||||||||||
Provision for income taxes | 0 | 0 | (1,745) | 0 | ||||||||||||||
Net income (loss) | 69,923 | 202,686 | 176,151 | |||||||||||||||
Income from discontinued operations | 0 | 0 | 0 | |||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 68,553 | 69,923 | 202,686 | 176,151 | ||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | (19,270) | 4,736 | (65,657) | 27,372 | ||||||||||||||
Comprehensive income (loss) | 49,283 | 74,659 | 137,029 | 203,523 | ||||||||||||||
MGP Operating Partnership | Operating Partnership | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Operating Partnership | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Co-Issuer | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||||||||||||
Property transactions, net | 0 | 0 | 0 | 0 | ||||||||||||||
Reimbursable expenses | 0 | 0 | 0 | 0 | ||||||||||||||
Amortization of above market lease, net | 0 | 0 | ||||||||||||||||
Acquisition-related expenses | 0 | 0 | 0 | 0 | ||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | ||||||||||||||
Expenses, net | 0 | 0 | 0 | 0 | ||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | ||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | ||||||||||||||
Other non-operating | 0 | 0 | 0 | 0 | ||||||||||||||
Non-operating income (expense) | 0 | 0 | 0 | 0 | ||||||||||||||
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 | ||||||||||||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||||||||||||
Net income (loss) | 0 | 0 | 0 | |||||||||||||||
Income from discontinued operations | 0 | 0 | 0 | |||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | ||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 0 | 0 | 0 | 0 | ||||||||||||||
Comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Co-Issuer | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Co-Issuer | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||||||
MGP Operating Partnership | Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 226,011 | 216,659 | 655,193 | 652,888 | ||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 71,935 | 63,423 | 222,997 | 199,846 | ||||||||||||||
Property transactions, net | 9,921 | 339 | 11,344 | 18,851 | ||||||||||||||
Reimbursable expenses | 5,920 | 29,168 | 17,760 | 90,435 | ||||||||||||||
Amortization of above market lease, net | 171 | 514 | ||||||||||||||||
Acquisition-related expenses | 0 | 0 | 0 | 0 | ||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | ||||||||||||||
Expenses, net | 87,776 | 93,101 | 252,101 | 309,646 | ||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||||||||||||||
Non-operating income (expense) | ||||||||||||||||||
Interest income | 0 | 0 | 0 | 0 | ||||||||||||||
Interest expense | 0 | (5,289) | (5,617) | (5,289) | ||||||||||||||
Other non-operating | 0 | 0 | 0 | 0 | ||||||||||||||
Non-operating income (expense) | 0 | (5,289) | (5,617) | (5,289) | ||||||||||||||
Income from continuing operations before income taxes | 138,235 | 118,269 | 397,475 | 337,953 | ||||||||||||||
Provision for income taxes | (1,979) | (2,650) | (4,026) | (5,144) | ||||||||||||||
Net income (loss) | 115,619 | 393,449 | 332,809 | |||||||||||||||
Income from discontinued operations | 13,949 | 16,216 | 13,949 | |||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||
Net income (loss) | 136,256 | 129,568 | 409,665 | 346,758 | ||||||||||||||
Unrealized gain (loss) on cash flow hedges, net | 0 | 0 | 0 | 0 | ||||||||||||||
Comprehensive income (loss) | 136,256 | 129,568 | 409,665 | 346,758 | ||||||||||||||
MGP Operating Partnership | Guarantor Subsidiaries | Reportable Legal Entities | Rental revenue | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 219,847 | 186,564 | 636,575 | 559,690 | ||||||||||||||
MGP Operating Partnership | Guarantor Subsidiaries | Reportable Legal Entities | Tenant reimbursements and other | ||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | $ 6,164 | $ 30,095 | $ 18,618 | $ 93,198 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Consolidating Statement of Cash Flows Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||||||
Net cash provided by (used in) operating activities | $ (84,517) | $ 424,837 | $ 556,801 | $ 482,578 | $ 297,781 | |
Acquisition of Northfield | $ (298,957) | 0 | (1,068,337) | (1,068,336) | 0 | 0 |
Cash flows from investing activities | ||||||
Capital expenditures for property and equipment | 0 | (191) | (192) | (488) | (138,987) | |
MGM National Harbor Transaction | 0 | (462,500) | 0 | |||
Net cash provided by (used in) investing activities | 3,779 | (1,068,528) | (1,068,528) | (462,988) | (138,987) | |
Cash flows from financing activities | ||||||
Net borrowings (repayments) under bank credit facility | (566,813) | 747,375 | 727,750 | (41,875) | (16,750) | |
Proceeds from issuance of debt | 750,000 | 0 | 0 | 350,000 | 3,700,000 | |
Deferred financing costs | (9,983) | (17,490) | (17,490) | (5,598) | (77,163) | |
Repayment of assumed debt and bridge facilities | (245,950) | 0 | 0 | (425,000) | (4,544,850) | |
Issuance of Operating Partnership units | 699,362 | 0 | 0 | 404,685 | 1,207,500 | |
Dividends and distributions paid | (395,005) | (337,865) | (454,260) | (385,435) | (150,829) | |
Other | (1,342) | 0 | ||||
Net cash transfers from Parent | 0 | 0 | 158,822 | |||
Net cash provided by (used in) financing activities | 230,269 | 392,020 | 256,000 | (120,360) | 201,698 | |
Cash flows from discontinued operations, net | ||||||
Cash flows provided by operating activities, net | 15,591 | 8,250 | 23,406 | 0 | 0 | |
Cash flows provided by investing activities, net | (12) | 33,199 | 32,416 | 0 | 0 | |
Cash flows used in financing activities, net | (37,900) | 0 | 0 | 0 | 0 | |
Net cash provided by (used in) discontinued operations | (22,321) | 41,449 | 55,822 | 0 | 0 | |
Cash and cash equivalents | ||||||
Net increase (decrease) for the period | 149,531 | (251,671) | (255,727) | (100,770) | 360,492 | |
Balance, beginning of period | 3,995 | 259,722 | 259,722 | 360,492 | 0 | |
Balance, end of period | 153,526 | 8,051 | 3,995 | 259,722 | 360,492 | |
MGP Operating Partnership | ||||||
Cash flows from operating activities | ||||||
Net cash provided by (used in) operating activities | (84,517) | 424,837 | 556,801 | 482,578 | 297,781 | |
Proceeds from Northfield OpCo Transaction | 3,779 | |||||
Acquisition of Northfield | 0 | (1,068,337) | (1,068,336) | 0 | 0 | |
Cash flows from investing activities | ||||||
Capital expenditures for property and equipment | 0 | (191) | (192) | (488) | (138,987) | |
MGM National Harbor Transaction | 0 | (462,500) | 0 | |||
Net cash provided by (used in) investing activities | 3,779 | (1,068,528) | (1,068,528) | (462,988) | (138,987) | |
Cash flows from financing activities | ||||||
Net borrowings (repayments) under bank credit facility | (566,813) | 747,375 | 727,750 | (41,875) | (16,750) | |
Proceeds from issuance of debt | 750,000 | 0 | 0 | 350,000 | 3,700,000 | |
Deferred financing costs | (9,983) | (17,490) | (17,490) | (5,598) | (77,163) | |
Repayment of assumed debt and bridge facilities | (245,950) | 0 | 0 | (425,000) | (4,544,850) | |
Repayment of debt principal | (41,875) | (16,750) | ||||
Issuance of Operating Partnership units | 699,362 | 0 | 0 | 387,548 | 1,132,468 | |
Proceeds from purchase of Operating Partnership units by MGP | 387,548 | 1,132,468 | ||||
Dividends and distributions paid | (395,005) | (337,865) | (454,260) | (385,435) | (150,829) | |
Cash received by Parent on behalf of Guarantor Subsidiaries | 0 | 0 | 0 | 0 | 0 | |
Other | (1,342) | 0 | ||||
Net cash transfers from Parent | 0 | 0 | 158,822 | |||
Net cash provided by (used in) financing activities | 230,269 | 392,020 | 256,000 | (120,360) | 201,698 | |
Cash flows from discontinued operations, net | ||||||
Cash flows provided by operating activities, net | 15,591 | 8,250 | 23,406 | 0 | 0 | |
Cash flows provided by investing activities, net | (12) | 33,199 | 32,416 | 0 | 0 | |
Cash flows used in financing activities, net | (37,900) | 0 | 0 | 0 | 0 | |
Net cash provided by (used in) discontinued operations | (22,321) | 41,449 | 55,822 | 0 | 0 | |
Change in cash and cash equivalents classified as assets held for sale | (22,321) | 41,449 | 55,822 | |||
Cash and cash equivalents | ||||||
Net increase (decrease) for the period | 149,531 | (251,671) | (255,727) | (100,770) | 360,492 | |
Balance, beginning of period | 3,995 | 259,722 | 259,722 | 360,492 | 0 | |
Balance, end of period | 153,526 | 8,051 | 3,995 | 259,722 | 360,492 | |
MGP Operating Partnership | Eliminations | ||||||
Cash flows from operating activities | ||||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 | |
Proceeds from Northfield OpCo Transaction | 0 | |||||
Acquisition of Northfield | 0 | |||||
Cash flows from investing activities | ||||||
Capital expenditures for property and equipment | 0 | 0 | 0 | 0 | ||
MGM National Harbor Transaction | 0 | |||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | 0 | 0 | |
Cash flows from financing activities | ||||||
Net borrowings (repayments) under bank credit facility | 0 | 0 | 0 | |||
Proceeds from issuance of debt | 0 | 0 | 0 | |||
Deferred financing costs | 0 | 0 | 0 | 0 | 0 | |
Repayment of assumed debt and bridge facilities | 0 | 0 | 0 | |||
Repayment of debt principal | 0 | 0 | ||||
Issuance of Operating Partnership units | 0 | |||||
Proceeds from purchase of Operating Partnership units by MGP | 0 | 0 | ||||
Dividends and distributions paid | 0 | 0 | 0 | 0 | 0 | |
Cash received by Parent on behalf of Guarantor Subsidiaries | 0 | 0 | 0 | 0 | 0 | |
Other | 0 | |||||
Net cash transfers from Parent | 0 | |||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | |
Cash flows from discontinued operations, net | ||||||
Cash flows provided by operating activities, net | 0 | 0 | ||||
Cash flows provided by investing activities, net | 0 | 0 | ||||
Cash flows used in financing activities, net | 0 | 0 | ||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | |||
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | 0 | |||
Cash and cash equivalents | ||||||
Net increase (decrease) for the period | 0 | 0 | 0 | 0 | 0 | |
Balance, beginning of period | 0 | 0 | 0 | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 | 0 | 0 | |
MGP Operating Partnership | Operating Partnership | Reportable Legal Entities | ||||||
Cash flows from operating activities | ||||||
Net cash provided by (used in) operating activities | (762,230) | (149,511) | (210,132) | (198,925) | (99,884) | |
Proceeds from Northfield OpCo Transaction | 3,779 | |||||
Acquisition of Northfield | (1,068,337) | (1,068,336) | ||||
Cash flows from investing activities | ||||||
Capital expenditures for property and equipment | (191) | (192) | (488) | 0 | ||
MGM National Harbor Transaction | (462,500) | |||||
Net cash provided by (used in) investing activities | 3,779 | (1,068,528) | (1,068,528) | (462,988) | 0 | |
Cash flows from financing activities | ||||||
Net borrowings (repayments) under bank credit facility | (566,813) | 747,375 | 727,750 | |||
Proceeds from issuance of debt | 750,000 | 350,000 | 3,700,000 | |||
Deferred financing costs | (9,983) | (17,490) | (17,490) | (5,598) | (77,163) | |
Repayment of assumed debt and bridge facilities | (245,950) | (425,000) | (4,544,850) | |||
Repayment of debt principal | (41,875) | (16,750) | ||||
Issuance of Operating Partnership units | 699,362 | |||||
Proceeds from purchase of Operating Partnership units by MGP | 387,548 | 1,132,468 | ||||
Dividends and distributions paid | (395,005) | (337,865) | (454,260) | (385,435) | (150,829) | |
Cash received by Parent on behalf of Guarantor Subsidiaries | 677,713 | 574,348 | 766,933 | 681,503 | 417,500 | |
Other | (1,342) | |||||
Net cash transfers from Parent | 0 | |||||
Net cash provided by (used in) financing activities | 907,982 | 966,368 | 1,022,933 | 561,143 | 460,376 | |
Cash flows from discontinued operations, net | ||||||
Cash flows provided by operating activities, net | 0 | 0 | 0 | |||
Cash flows provided by investing activities, net | 0 | 0 | 0 | |||
Cash flows used in financing activities, net | 0 | 0 | 0 | |||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | |||
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | 0 | |||
Cash and cash equivalents | ||||||
Net increase (decrease) for the period | 149,531 | (251,671) | (255,727) | (100,770) | 360,492 | |
Balance, beginning of period | 3,995 | 259,722 | 259,722 | 360,492 | 0 | |
Balance, end of period | 153,526 | 8,051 | 3,995 | 259,722 | 360,492 | |
MGP Operating Partnership | Co-Issuer | Reportable Legal Entities | ||||||
Cash flows from operating activities | ||||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 | |
Proceeds from Northfield OpCo Transaction | 0 | |||||
Acquisition of Northfield | 0 | 0 | ||||
Cash flows from investing activities | ||||||
Capital expenditures for property and equipment | 0 | 0 | 0 | 0 | ||
MGM National Harbor Transaction | 0 | |||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | 0 | 0 | |
Cash flows from financing activities | ||||||
Net borrowings (repayments) under bank credit facility | 0 | 0 | 0 | |||
Proceeds from issuance of debt | 0 | 0 | 0 | |||
Deferred financing costs | 0 | 0 | 0 | 0 | 0 | |
Repayment of assumed debt and bridge facilities | 0 | 0 | 0 | |||
Repayment of debt principal | 0 | 0 | ||||
Issuance of Operating Partnership units | 0 | |||||
Proceeds from purchase of Operating Partnership units by MGP | 0 | 0 | ||||
Dividends and distributions paid | 0 | 0 | 0 | 0 | 0 | |
Cash received by Parent on behalf of Guarantor Subsidiaries | 0 | 0 | 0 | 0 | 0 | |
Other | 0 | |||||
Net cash transfers from Parent | 0 | |||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | |
Cash flows from discontinued operations, net | ||||||
Cash flows provided by operating activities, net | 0 | 0 | 0 | |||
Cash flows provided by investing activities, net | 0 | 0 | 0 | |||
Cash flows used in financing activities, net | 0 | 0 | 0 | |||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | |||
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | 0 | |||
Cash and cash equivalents | ||||||
Net increase (decrease) for the period | 0 | 0 | 0 | 0 | 0 | |
Balance, beginning of period | 0 | 0 | 0 | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 | 0 | 0 | |
MGP Operating Partnership | Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Cash flows from operating activities | ||||||
Net cash provided by (used in) operating activities | 677,713 | 574,348 | 766,933 | 681,503 | 397,665 | |
Proceeds from Northfield OpCo Transaction | 0 | |||||
Acquisition of Northfield | 0 | 0 | ||||
Cash flows from investing activities | ||||||
Capital expenditures for property and equipment | 0 | 0 | 0 | (138,987) | ||
MGM National Harbor Transaction | 0 | |||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | 0 | (138,987) | |
Cash flows from financing activities | ||||||
Net borrowings (repayments) under bank credit facility | 0 | 0 | 0 | |||
Proceeds from issuance of debt | 0 | 0 | 0 | |||
Deferred financing costs | 0 | 0 | 0 | 0 | 0 | |
Repayment of assumed debt and bridge facilities | 0 | 0 | 0 | |||
Repayment of debt principal | 0 | 0 | ||||
Issuance of Operating Partnership units | 0 | |||||
Proceeds from purchase of Operating Partnership units by MGP | 0 | 0 | ||||
Dividends and distributions paid | 0 | 0 | 0 | 0 | 0 | |
Cash received by Parent on behalf of Guarantor Subsidiaries | (677,713) | (574,348) | (766,933) | (681,503) | (417,500) | |
Other | 0 | |||||
Net cash transfers from Parent | 158,822 | |||||
Net cash provided by (used in) financing activities | (677,713) | (574,348) | (766,933) | (681,503) | (258,678) | |
Cash flows from discontinued operations, net | ||||||
Cash flows provided by operating activities, net | 15,591 | 8,250 | 23,406 | |||
Cash flows provided by investing activities, net | (12) | 33,199 | 32,416 | |||
Cash flows used in financing activities, net | (37,900) | 0 | 0 | |||
Net cash provided by (used in) discontinued operations | (22,321) | 41,449 | 55,822 | |||
Change in cash and cash equivalents classified as assets held for sale | (22,321) | 41,449 | 55,822 | |||
Cash and cash equivalents | ||||||
Net increase (decrease) for the period | 0 | 0 | 55,822 | 0 | 0 | |
Balance, beginning of period | 0 | 0 | 0 | 0 | 0 | |
Balance, end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
MGP Selected Quarterly Financ_3
MGP Selected Quarterly Financial Results (Unaudited) - Summary of Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 24, 2016 | Dec. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 216,607 | $ 216,659 | $ 220,390 | $ 215,839 | $ 214,542 | $ 182,798 | $ 184,456 | $ 183,899 | $ 869,495 | $ 765,695 | ||||||||
Net income | $ 68,553 | $ 67,769 | $ 66,364 | 68,551 | 69,923 | 48,059 | 58,169 | 31,723 | 43,700 | 43,875 | 46,692 | $ (84,383) | $ 119,729 | $ 202,686 | $ 176,151 | 244,702 | 165,990 | $ 35,346 |
Net income attributable to Class A shareholders | $ 22,515 | $ 18,605 | $ 19,484 | $ 13,146 | $ 15,830 | $ 8,722 | $ 11,025 | $ 10,680 | $ 11,348 | $ 29,938 | $ 64,328 | $ 48,460 | $ 67,065 | $ 41,775 | $ 29,938 | |||
Class A Shares | ||||||||||||||||||
Net income per Class A share (basic) (in dollars per share) | $ 0.24 | $ 0.26 | $ 0.27 | $ 0.19 | $ 0.22 | $ 0.12 | $ 0.18 | $ 0.19 | $ 0.20 | $ 0.72 | $ 0.68 | $ 0.94 | $ 0.68 | $ 0.52 | ||||
Net income per Class A share (diluted) (in dollars per share) | $ 0.24 | $ 0.26 | $ 0.27 | $ 0.18 | $ 0.22 | $ 0.12 | $ 0.18 | $ 0.18 | $ 0.20 | $ 0.72 | $ 0.68 | $ 0.94 | $ 0.67 | $ 0.52 |
MGP Selected Quarterly Financ_4
MGP Selected Quarterly Financial Results (Unaudited) - Narrative (Detail) - MGM National Harbor $ in Millions | Oct. 05, 2017USD ($) |
Master Lease - Rent Increase | |
Segment Reporting Information [Line Items] | |
Rental revenues under master lease | $ 95 |
Base Rent Increase | |
Segment Reporting Information [Line Items] | |
Rental revenues under master lease | 85.5 |
Percentage Rent Increase | |
Segment Reporting Information [Line Items] | |
Rental revenues under master lease | $ 9.5 |
Operating Partnership Selecte_3
Operating Partnership Selected Quarterly Financial Results (Unaudited) - Summary of Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 24, 2016 | Dec. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | $ 216,607 | $ 216,659 | $ 220,390 | $ 215,839 | $ 214,542 | $ 182,798 | $ 184,456 | $ 183,899 | $ 869,495 | $ 765,695 | ||||||||
Net income | $ 68,553 | $ 67,769 | $ 66,364 | 68,551 | 69,923 | 48,059 | 58,169 | 31,723 | 43,700 | 43,875 | 46,692 | $ (84,383) | $ 119,729 | $ 202,686 | $ 176,151 | 244,702 | 165,990 | $ 35,346 |
MGP Operating Partnership | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 216,607 | 216,659 | 220,390 | 215,839 | 214,542 | 182,798 | 184,456 | 183,899 | 869,495 | 765,695 | ||||||||
Net income | $ 68,553 | $ 67,769 | $ 66,364 | $ 68,551 | $ 69,923 | $ 48,059 | $ 58,169 | $ 31,723 | $ 43,700 | $ 43,875 | $ 46,692 | $ (84,383) | $ 119,729 | $ 202,686 | $ 176,151 | $ 244,702 | $ 165,990 | $ 35,346 |
Net income per Operating Partnership unit (basic in dollars per share) | $ 0.23 | $ 0.26 | $ 0.26 | $ 0.18 | $ 0.22 | $ 0.12 | $ 0.18 | $ 0.18 | $ 0.19 | $ 0.70 | $ 0.66 | $ 0.92 | $ 0.67 | $ 0.52 | ||||
Net income per Operating Partnership unit (diluted in dollars per share) | $ 0.23 | $ 0.26 | $ 0.26 | $ 0.18 | $ 0.22 | $ 0.12 | $ 0.18 | $ 0.18 | $ 0.19 | $ 0.70 | $ 0.66 | $ 0.92 | $ 0.66 | $ 0.52 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Summary of Real Estate Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Gross Amount at Which Carried at Close of Period | ||||
Total | $ 13,318,334 | $ 12,655,847 | $ 11,468,170 | $ 9,965,185 |
Accumulated Depreciation | (2,812,205) | $ (2,633,909) | $ (2,388,492) | $ (2,171,546) |
Aggregate cost of land, buildings, and improvements for federal income tax purposes | 9,400,000 | |||
Investment Properties | ||||
Acquisition Costs | ||||
Land | 4,536,013 | |||
Building, Improvements and Other | 8,821,173 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 144,713 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,536,013 | |||
Building, Improvements and Other | 8,781,640 | |||
Total | 13,317,653 | |||
Accumulated Depreciation | (2,812,097) | |||
Investment Properties Plus Corporate Property | ||||
Acquisition Costs | ||||
Land | 4,536,013 | |||
Building, Improvements and Other | 8,821,661 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 144,905 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,536,013 | |||
Building, Improvements and Other | 8,782,321 | |||
Total | 13,318,334 | |||
Accumulated Depreciation | (2,812,205) | |||
New York-New York | Investment Properties | ||||
Acquisition Costs | ||||
Land | 149,984 | |||
Building, Improvements and Other | 484,001 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 149,984 | |||
Building, Improvements and Other | 484,536 | |||
Total | 634,520 | |||
Accumulated Depreciation | (296,527) | |||
The Mirage | Investment Properties | ||||
Acquisition Costs | ||||
Land | 1,017,562 | |||
Building, Improvements and Other | 760,222 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,017,562 | |||
Building, Improvements and Other | 747,479 | |||
Total | 1,765,041 | |||
Accumulated Depreciation | (484,617) | |||
Mandalay Bay | Investment Properties | ||||
Acquisition Costs | ||||
Land | 1,199,785 | |||
Building, Improvements and Other | 1,882,381 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,199,785 | |||
Building, Improvements and Other | 1,871,540 | |||
Total | 3,071,325 | |||
Accumulated Depreciation | (733,704) | |||
Luxor | Investment Properties | ||||
Acquisition Costs | ||||
Land | 440,685 | |||
Building, Improvements and Other | 710,796 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 440,685 | |||
Building, Improvements and Other | 704,484 | |||
Total | 1,145,169 | |||
Accumulated Depreciation | (350,834) | |||
Excalibur | Investment Properties | ||||
Acquisition Costs | ||||
Land | 814,805 | |||
Building, Improvements and Other | 342,685 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 43,945 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 814,805 | |||
Building, Improvements and Other | 384,036 | |||
Total | 1,198,841 | |||
Accumulated Depreciation | (144,345) | |||
Park MGM | Investment Properties | ||||
Acquisition Costs | ||||
Land | 291,035 | |||
Building, Improvements and Other | 376,625 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 100,768 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 291,035 | |||
Building, Improvements and Other | 322,875 | |||
Total | 613,910 | |||
Accumulated Depreciation | (87,453) | |||
Beau Rivage | Investment Properties | ||||
Acquisition Costs | ||||
Land | 104,945 | |||
Building, Improvements and Other | 561,457 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 104,945 | |||
Building, Improvements and Other | 559,210 | |||
Total | 664,155 | |||
Accumulated Depreciation | (258,113) | |||
MGM Grand Detroit | Investment Properties | ||||
Acquisition Costs | ||||
Land | 52,509 | |||
Building, Improvements and Other | 597,324 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 52,509 | |||
Building, Improvements and Other | 597,324 | |||
Total | 649,833 | |||
Accumulated Depreciation | (177,119) | |||
Gold Strike Tunica | Investment Properties | ||||
Acquisition Costs | ||||
Land | 3,609 | |||
Building, Improvements and Other | 179,146 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,609 | |||
Building, Improvements and Other | 178,578 | |||
Total | 182,187 | |||
Accumulated Depreciation | (88,475) | |||
Borgata | Investment Properties | ||||
Acquisition Costs | ||||
Land | 35,568 | |||
Building, Improvements and Other | 1,264,432 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 35,568 | |||
Building, Improvements and Other | 1,254,782 | |||
Total | 1,290,350 | |||
Accumulated Depreciation | (87,997) | |||
MGM National Harbor | Investment Properties | ||||
Acquisition Costs | ||||
Land | 0 | |||
Building, Improvements and Other | 1,183,909 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building, Improvements and Other | 1,199,839 | |||
Total | 1,199,839 | |||
Accumulated Depreciation | (83,837) | |||
The Park | Investment Properties | ||||
Acquisition Costs | ||||
Land | 33,026 | |||
Building, Improvements and Other | 101,353 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 33,026 | |||
Building, Improvements and Other | 100,115 | |||
Total | 133,141 | |||
Accumulated Depreciation | (13,638) | |||
MGP Corporate Office | Corporate Property | ||||
Acquisition Costs | ||||
Land | 0 | |||
Building, Improvements and Other | 488 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 192 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building, Improvements and Other | 681 | |||
Total | 681 | |||
Accumulated Depreciation | (108) | |||
MGM Northfield Park | Investment Properties | ||||
Acquisition Costs | ||||
Land | 392,500 | |||
Building, Improvements and Other | 376,842 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building, Improvements and Other | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 392,500 | |||
Building, Improvements and Other | 376,842 | |||
Total | 769,342 | |||
Accumulated Depreciation | $ (5,438) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Summary of Depreciable Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and building improvements | Minimum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives | 20 years |
Buildings and building improvements | Maximum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives | 40 years |
Land improvements | Minimum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives | 10 years |
Land improvements | Maximum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives | 20 years |
Fixtures and integral equipment | Minimum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives | 3 years |
Fixtures and integral equipment | Maximum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable lives | 20 years |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 12,655,847 | $ 11,468,170 | $ 9,965,185 |
Additions | 788,850 | 1,273,776 | 1,511,390 |
Dispositions and write-offs | (105,646) | (86,905) | (8,405) |
Other | (20,717) | 806 | 0 |
Balance at end of year | 13,318,334 | 12,655,847 | 11,468,170 |
MGM National Harbor Transaction | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions | $ 1,200,000 | ||
Borgata | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions | $ 1,300,000 | ||
MGM Northfield Park | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Additions | $ 769,300 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ (2,633,909) | $ (2,388,492) | $ (2,171,546) |
Depreciation expense | (266,622) | (260,455) | (220,667) |
Dispositions and write-offs | 85,327 | 52,883 | 3,721 |
Other | 2,999 | (37,845) | 0 |
Balance at end of year | $ (2,812,205) | $ (2,633,909) | $ (2,388,492) |