Condensed Consolidating Financial Information - (Tables)

6 Months Ended

Jun. 30, 2019

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
	June 30, 2019
	Operating				Guarantor
	Partnership		Co-Issuer		Subsidiaries		Eliminations			Consolidated
	(in thousands)
Real estate investments, net	$	529	$	—	$	10,975,470	$	—		$	10,975,999
Lease incentive asset	—		—		537,191		—			537,191
Cash and cash equivalents	53,566		—		—		—			53,566
Tenant and other receivables, net	106		—		—		—			106
Intercompany	1,406,515		—		—		(1,406,515		)	—
Prepaid expenses and other assets	13,292		—		10,461		—			23,753
Investments in subsidiaries	9,988,144		—		—		(9,988,144		)	—
Above market lease, asset	—		—		42,227		—			42,227
Operating lease right-of-use assets	510		—		279,456		—			279,966
Total assets	$	11,462,662	$	—	$	11,844,805	$	(11,394,659	)	$	11,912,808
Debt, net	4,852,524		—		—		—			4,852,524
Due to MGM Resorts International and affiliates	74		—		—		—			74
Intercompany	—		—		1,406,515		(1,406,515		)	—
Accounts payable, accrued expenses and other liabilities	42,076		—		269		—			42,345
Accrued interest	44,275		—		—		—			44,275
Dividend and distribution payable	136,671		—		—		—			136,671
Deferred revenue	—		—		84,146		—			84,146
Deferred income taxes, net	—		—		29,721		—			29,721
Operating lease liabilities	510		—		336,010		—			336,520
Total liabilities	5,076,130		—		1,856,661		(1,406,515		)	5,526,276
General partner	—		—		—		—			—
Limited partners	6,386,532		—		9,988,144		(9,988,144		)	6,386,532
Total partners' capital	6,386,532		—		9,988,144		(9,988,144		)	6,386,532
Total liabilities and partners’ capital	$	11,462,662	$	—	$	11,844,805	$	(11,394,659	)	$	11,912,808

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
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

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION
	Three Months Ended June 30, 2019
	Operating					Guarantor
	Partnership			Co-Issuer		Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues
Rental revenue	$	—		$	—	$	219,846		$	—		$	219,846
Tenant reimbursements and other	—			—		5,913			—			5,913
	—			—		225,759			—			225,759
Expenses
Depreciation	22			—		79,521			—			79,543
Property transactions, net	—			—		310			—			310
Ground lease and other reimbursable expenses	—			—		5,920			—			5,920
Acquisition-related expenses	267			—		—			—			267
General and administrative	3,691			—		—			—			3,691
	3,980			—		85,751			—			89,731
	(3,980		)	—		140,008			—			136,028
Equity in earnings of subsidiaries	137,732			—		—			(137,732		)	—
Other income (expense)
Interest income	102			—		—			—			102
Interest expense	(63,977		)	—		—			—			(63,977		)
Other	(363		)	—		—			—			(363		)
	(64,238		)	—		—			—			(64,238		)
Income before income taxes	69,514			—		140,008			(137,732		)	71,790
Provision for income taxes	(1,745		)	—		(2,276		)	—			(4,021		)
Net income	$	67,769		$	—	$	137,732		$	(137,732	)	$	67,769
Other comprehensive income
Net income	$	67,769		$	—	$	137,732		$	(137,732	)	$	67,769
Unrealized loss on cash flow hedges, net	(30,775		)	—		—			—			(30,775		)
Comprehensive income	$	36,994		$	—	$	137,732		$	(137,732	)	$	36,994

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION
	Three Months Ended June 30, 2018
	Operating					Guarantor
	Partnership			Co-Issuer		Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues
Rental revenue	$	—		$	—	$	186,563		$	—		$	186,563
Tenant reimbursements and other	—			—		33,827			—			33,827
	—			—		220,390			—			220,390
Expenses
Depreciation	15			—		67,459			—			67,474
Property transactions, net	—			—		14,426			—			14,426
Ground lease and other reimbursable expenses	—			—		32,907			—			32,907
Amortization of above market lease, net	—			—		172			—			172
Acquisition-related expenses	2,131			—		—			—			2,131
General and administrative	2,755			—		—			—			2,755
	4,901			—		114,964			—			119,865
	(4,901		)	—		105,426			—			100,525
Equity in earnings of subsidiaries	104,163			—		—			(104,163		)	—
Other income (expense)
Interest income	1,278			—		—			—			1,278
Interest expense	(49,276		)	—		—			—			(49,276		)
Other	(3,205		)	—		—			—			(3,205		)
	(51,203		)	—		—			—			(51,203		)
Income before income taxes	48,059			—		105,426			(104,163		)	49,322
Provision for income taxes	—			—		(1,263		)	—			(1,263		)
Net income	$	48,059		$	—	$	104,163		$	(104,163	)	$	48,059
Other comprehensive income
Net income	$	48,059		$	—	$	104,163		$	(104,163	)	$	48,059
Unrealized gain on cash flow hedges, net	6,281			—		—			—			6,281
Comprehensive income	$	54,340		$	—	$	104,163		$	(104,163	)	$	54,340

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION
	Six Months Ended June 30, 2019
	Operating					Guarantor
	Partnership			Co-Issuer		Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues
Rental revenue	$	—		$	—	$	416,728		$	—		$	416,728
Tenant reimbursements and other	—			—		12,454			—			12,454
	—			—		429,182			—			429,182
Expenses
Depreciation	43			—		151,062			—			151,105
Property transactions, net	—			—		1,423			—			1,423
Ground lease and other reimbursable expenses	—			—		11,840			—			11,840
Acquisition-related expenses	8,799			—		—			—			8,799
General and administrative	7,829			—		—			—			7,829
	16,671			—		164,325			—			180,996
	(16,671		)	—		264,857			—			248,186
Equity in earnings of subsidiaries	273,409			—		—			(273,409		)	—
Other income (expense)
Interest income	7,565			—		—			(5,617		)	1,948
Interest expense	(127,925		)	—		(5,617		)	5,617			(127,925		)
Other	(500		)	—		—			—			(500		)
	(120,860		)	—		(5,617		)	—			(126,477		)
Income from continuing operations before income taxes	135,878			—		259,240			(273,409		)	121,709
Provision for income taxes	(1,745		)	—		(2,047		)	—			(3,792		)
Income from continuing operations, net of tax	134,133			—		257,193			(273,409		)	117,917
Income from discontinued operations, net of tax	—			—		16,216			—			16,216
Net income	$	134,133		$	—	$	273,409		$	(273,409	)	$	134,133
Other comprehensive income
Net income	$	134,133		$	—	$	273,409		$	(273,409	)	$	134,133
Unrealized loss on cash flow hedges, net	(46,387		)	—		—			—			(46,387		)
Comprehensive income	$	87,746		$	—	$	273,409		$	(273,409	)	$	87,746

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION
	Six Months Ended June 30, 2018
	Operating					Guarantor
	Partnership			Co-Issuer		Subsidiaries			Eliminations			Consolidated
	(in thousands)
Revenues
Rental revenue	$	—		$	—	$	373,126		$	—		$	373,126
Tenant reimbursements and other	—			—		63,103			—			63,103
	—			—		436,229			—			436,229
Expenses
Depreciation	42			—		136,423			—			136,465
Property transactions, net	—			—		18,512			—			18,512
Ground lease and other reimbursable expenses	—			—		61,267			—			61,267
Amortization of above market lease, net	—			—		343			—			343
Acquisition-related expenses	2,672			—		—			—			2,672
General and administrative	6,663			—		—			—			6,663
	9,377			—		216,545			—			225,922
	(9,377		)	—		219,684			—			210,307
Equity in earnings of subsidiaries	217,190			—		—			(217,190		)	—
Other income (expense)
Interest income	2,310			—		—			—			2,310
Interest expense	(98,506		)	—		—			—			(98,506		)
Other	(5,389		)	—		—			—			(5,389		)
	(101,585		)	—		—			—			(101,585		)
Income before income taxes	106,228			—		219,684			(217,190		)	108,722
Provision for income taxes	—			—		(2,494		)	—			(2,494		)
Net income	$	106,228		$	—	$	217,190		$	(217,190	)	$	106,228
Other comprehensive income
Net income	$	106,228		$	—	$	217,190		$	(217,190	)	$	106,228
Unrealized gain on cash flow hedges, net	22,636			—		—			—			22,636
Comprehensive income	$	128,864		$	—	$	217,190		$	(217,190	)	$	128,864

Consolidating Statement of Cash Flows Information

CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION
	Six Months Ended June 30, 2019
	Operating					Guarantor
	Partnership			Co-Issuer		Subsidiaries			Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(685,188	)	$	—	$	441,198		$	—	$	(243,990	)
Cash flows from investing activities
Proceeds from Northfield OpCo Transaction	3,779			—		—			—		3,779
Net cash provided by (used in) investing activities - continuing operations	3,779			—		—			—		3,779
Cash flows from financing activities
Net repayments under bank credit facility	(559,250		)	—		—			—		(559,250		)
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	613,299			—		—			—		613,299
Distributions paid	(258,334		)	—		—			—		(258,334		)
Cash received by Parent on behalf of Guarantor Subsidiaries, net	441,198			—		(441,198		)	—		—
Net cash provided by (used in) financing activities	730,980			—		(441,198		)	—		289,782
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	49,571			—		—			—		49,571
Balance, beginning of period	3,995			—		—			—		3,995
Balance, end of period	$	53,566		$	—	$	—		$	—	$	53,566

CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION
	Six Months Ended June 30, 2018
	Operating					Guarantor
	Partnership			Co-Issuer		Subsidiaries			Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(97,428	)	$	—	$	381,761		$	—	$	284,333
Cash flows from investing activities
Capital expenditures for property and equipment	(190		)	—		—			—		(190		)
Net cash used in investing activities	(190		)	—		—			—		(190		)
Cash flows from financing activities
Deferred financing costs	(17,490		)	—		—			—		(17,490		)
Repayment of debt principal	(13,000		)	—		—			—		(13,000		)
Distributions paid	(223,466		)	—		—			—		(223,466		)
Cash received by Parent on behalf of Guarantor Subsidiaries	381,761			—		(381,761		)	—		—
Net cash provided by (used in) financing activities	127,805			—		(381,761		)	—		(253,956		)
Cash flows from discontinued operations, net
Cash flows provided by operating activities, net	—			—		—			—		—
Cash flows used in investing activities, net	—			—		—			—		—
Cash flows used in financing activities, net	—			—		—			—		—
Net cash used in discontinued operations	—			—		—			—		—
Change in cash and cash equivalents classified as assets held for sale	—			—		—			—		—
Cash and cash equivalents
Net increase for the period	30,187			—		—			—		30,187
Balance, beginning of period	259,722			—		—			—		259,722
Balance, end of period	$	289,909		$	—	$	—		$	—	$	289,909