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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Revenues $ 220,390 $ 184,456 $ 436,229 $ 368,355
Expenses        
Depreciation 67,474 60,227 136,465 121,911
Property transactions, net 14,426 10,587 18,512 17,442
Reimbursable expenses 32,907 20,642 61,267 41,129
Amortization of above market lease, net 172 172 343 343
Acquisition-related expenses 2,131 0 2,672 0
General and administrative 2,755 2,661 6,663 5,341
Expenses, net 119,865 94,289 225,922 186,166
Operating income 100,525 90,167 210,307 182,189
Non-operating income (expense)        
Interest income 1,278 881 2,310 1,559
Interest expense (49,276) (44,818) (98,506) (89,454)
Other non-operating expenses (3,205) (1,178) (5,389) (1,312)
Non-operating income (expense) (51,203) (45,115) (101,585) (89,207)
Income before income taxes 49,322 45,052 108,722 92,982
Provision for income taxes (1,263) (1,177) (2,494) (2,415)
Net income 48,059 43,875 106,228 90,567
Less: Net (income) attributable to noncontrolling interest (34,913) (33,195) (77,252) (68,539)
MGP Operating Partnership        
Revenues        
Revenues 220,390 184,456 436,229 368,355
Expenses        
Depreciation 67,474 60,227 136,465 121,911
Property transactions, net 14,426 10,587 18,512 17,442
Reimbursable expenses 32,907 20,642 61,267 41,129
Amortization of above market lease, net 172 172 343 343
Acquisition-related expenses 2,131 0 2,672 0
General and administrative 2,755 2,661 6,663 5,341
Expenses, net 119,865 94,289 225,922 186,166
Operating income 100,525 90,167 210,307 182,189
Non-operating income (expense)        
Interest income 1,278 881 2,310 1,559
Interest expense (49,276) (44,818) (98,506) (89,454)
Other non-operating expenses (3,205) (1,178) (5,389) (1,312)
Non-operating income (expense) (51,203) (45,115) (101,585) (89,207)
Income before income taxes 49,322 45,052 108,722 92,982
Provision for income taxes (1,263) (1,177) (2,494) (2,415)
Net income $ 48,059 $ 43,875 $ 106,228 $ 90,567
Weighted average Operating Partnership units outstanding:        
Basic (in shares) 266,127,214 243,049,694 266,116,366 242,958,359
Diluted (in shares) 266,319,119 243,216,224 266,292,708 243,180,647
Net income per Operating Partnership unit (basic) (in dollars per share) $ 0.18 $ 0.18 $ 0.40 $ 0.37
Net income per Operating Partnership unit (diluted) (in dollars per share) 0.18 0.18 0.40 0.37
Distributions declared per Operating Partnership unit (in dollars per share) $ 0.43 $ 0.3950 $ 0.85 $ 0.7825
Class A Shares        
Non-operating income (expense)        
Net income attributable to Class A shareholders $ 13,146 $ 10,680 $ 28,976 $ 22,028
Weighted average Class A shares outstanding:        
Basic (in shares) 70,993,091 57,687,558 70,982,243 57,596,223
Diluted (in shares) 71,184,996 57,854,088 71,158,585 57,818,511
Net income per Class A share (basic) (in dollars per share) $ 0.19 $ 0.19 $ 0.41 $ 0.38
Net income per Class A share (diluted) (in dollars per share) 0.18 0.18 0.41 0.38
Dividends declared per Class A share (in dollars per share) $ 0.43 $ 0.3950 $ 0.85 $ 0.7825
Rental Properties        
Revenues        
Revenues $ 186,563 $ 163,177 $ 373,126 $ 326,354
Rental Properties | MGP Operating Partnership        
Revenues        
Revenues 186,563 163,177 373,126 326,354
Tenant Reimbursements        
Revenues        
Revenues 33,827 21,279 63,103 42,001
Tenant Reimbursements | MGP Operating Partnership        
Revenues        
Revenues $ 33,827 $ 21,279 $ 63,103 $ 42,001