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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Rental revenue $ 163,178 $ 154,809 $ 489,532 $ 256,062
Tenant reimbursements and other 19,620 17,690 61,621 27,340
Revenues, net 182,798 172,499 551,153 283,402
Expenses        
Depreciation 68,662 54,260 190,573 158,860
Property transactions, net 1,662 1,442 19,104 2,651
Property taxes 18,983 17,690 60,112 44,231
Property insurance 0 0 0 2,943
Amortization of above market lease, net 172 114 515 114
Acquisition-related expenses 1,059 9,500 1,059 10,099
General and administrative 2,882 2,701 8,223 6,490
Expenses, net 93,420 85,707 279,586 225,388
Operating income 89,378 86,792 271,567 58,014
Non-operating income (expense)        
Interest income 1,480 0 3,039 0
Interest expense (45,544) (42,839) (134,998) (72,314)
Other non-operating (126) (367) (1,438) (439)
Non-operating income (expense) (44,190) (43,206) (133,397) (72,753)
Income (loss) before income taxes 45,188 43,586 138,170 (14,739)
Provision for income taxes (1,488) (915) (3,903) (915)
Net income (loss) 43,700 42,671 134,267 (15,654)
Less: Net (income) loss attributable to noncontrolling interest (32,675) (32,080) (101,214) 33,198
Class A Shares        
Non-operating income (expense)        
Net income attributable to Class A shareholders $ 11,025 $ 10,591 $ 33,053 $ 17,544
Weighted average Class A shares outstanding:        
Basic (in shares) 60,614,664 57,500,000 58,612,916 57,500,000
Diluted (in shares) 60,755,186 57,752,163 58,807,948 57,745,665
Net income per Class A share (basic) $ 0.18 $ 0.18 $ 0.56 $ 0.31
Net income per Class A share (diluted) 0.18 0.18 0.56 0.30
Dividends declared per Class A share (in usd per share) $ 0.3950 $ 0.3875 $ 1.1775 $ 0.6507
MGP Operating Partnership        
Revenues        
Rental revenue $ 163,178 $ 154,809 $ 489,532 $ 256,062
Tenant reimbursements and other 19,620 17,690 61,621 27,340
Revenues, net 182,798 172,499 551,153 283,402
Expenses        
Depreciation 68,662 54,260 190,573 158,860
Property transactions, net 1,662 1,442 19,104 2,651
Property taxes 18,983 17,690 60,112 44,231
Property insurance 0 0 0 2,943
Amortization of above market lease, net 172 114 515 114
Acquisition-related expenses 1,059 9,500 1,059 10,099
General and administrative 2,882 2,701 8,223 6,490
Expenses, net 93,420 85,707 279,586 225,388
Operating income 89,378 86,792 271,567 58,014
Non-operating income (expense)        
Interest income 1,480 0 3,039 0
Interest expense (45,544) (42,839) (134,998) (72,314)
Other non-operating (126) (367) (1,438) (439)
Non-operating income (expense) (44,190) (43,206) (133,397) (72,753)
Income (loss) before income taxes 45,188 43,586 138,170 (14,739)
Provision for income taxes (1,488) (915) (3,903) (915)
Net income (loss) $ 43,700 $ 42,671 $ 134,267 $ (15,654)
Weighted average Operating Partnership units outstanding:        
Basic (in usd per unit) 245,976,800 233,642,286 243,975,052 225,997,423
Diluted (in usd per unit) 246,117,322 233,894,449 244,170,084 226,243,088
Net income per Operating Partnership unit (basic) (in usd per unit) $ 0.18 $ 0.18 $ 0.55 $ 0.30
Net income per Operating Partnership unit (diluted) (in usd per unit) 0.18 0.18 0.55 0.30
Distributions declared per Operating Partnership unit (in usd per unit) $ 0.3950 $ 0.3875 $ 1.1775 $ 0.6507