XML 21 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Net income $ 117,917 $ 106,228
Income from continuing operations attributable to noncontrolling interest 80,886 77,252
Cash flows from operating activities    
Net income 134,133 106,228
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax (16,216) 0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 151,105 136,465
Property transactions, net 1,423 18,512
Amortization of deferred financing costs and debt discount 6,373 6,056
Loss on retirement of debt 0 2,736
Non-cash ground lease, net 519 343
Deemed contributions - tax sharing agreement 3,620 2,494
Straight-line rental revenues, excluding amortization of lease incentive asset 18,119 8,635
Amortization of lease incentive asset 6,350 0
Amortization of deferred revenue on non-normal tenant improvements (1,132) (1,836)
Share-based compensation 1,089 940
Deferred income taxes (3,913) 0
Park MGM Transaction (605,625) 0
Distributions Received from Discontinued Operations 40,165 0
Changes in operating assets and liabilities:    
Tenant and other receivables, net (80) 2,188
Prepaid expenses and other assets (534) (83)
Due to MGM Resorts International and affiliates (153) (815)
Accounts payable, accrued expenses and other liabilities 2,588 (84)
Accrued interest 18,179 2,554
Net cash provided by (used in) operating activities - continuing operations (243,990) 284,333
Cash flows from investing activities    
Capital expenditures for property and equipment 0 (190)
Proceeds from Northfield OpCo Transaction 3,779 0
Net cash provided by (used in) investing activities - continuing operations 3,779 (190)
Cash flows from financing activities    
Net repayments under bank credit facility (559,250) (13,000)
Proceeds from issuance of debt 750,000 0
Deferred financing costs (9,983) (17,490)
Repayment of assumed bridge facility (245,950) 0
Proceeds from issuance of Class A shares, net 613,299 0
Dividends and distributions paid (258,334) (223,466)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations 289,782 (253,956)
Cash flows from discontinued operations, net    
Cash flows provided by operating activities, net 15,591 0
Cash flows used in investing activities, net (12) 0
Cash flows used in financing activities, net (37,900) 0
Net cash used in discontinued operations (22,321) 0
Change in cash and cash equivalents classified as assets held for sale (22,321) 0
Cash and cash equivalents    
Net increase for the period 49,571 30,187
Balance, beginning of period 3,995 259,722
Balance, end of period 53,566 289,909
Supplemental cash flow disclosures    
Interest paid 103,098 89,627
Non-cash investing and financing activities    
Non-Normal Tenant Improvements by Tenant 0 13,507
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders 136,671 114,399
MGP Operating Partnership    
Net income 117,917 106,228
Cash flows from operating activities    
Net income 134,133 106,228
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax (16,216) 0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 151,105 136,465
Property transactions, net 1,423 18,512
Amortization of deferred financing costs and debt discount 6,373 6,056
Loss on retirement of debt 0 2,736
Non-cash ground lease, net 519 343
Deemed contributions - tax sharing agreement 3,620 2,494
Straight-line rental revenues, excluding amortization of lease incentive asset 18,119 8,635
Amortization of lease incentive asset 6,350 0
Amortization of deferred revenue on non-normal tenant improvements (1,132) (1,836)
Share-based compensation 1,089 940
Deferred income taxes (3,913) 0
Park MGM Transaction (605,625) 0
Distributions Received from Discontinued Operations 40,165 0
Changes in operating assets and liabilities:    
Tenant and other receivables, net (80) 2,188
Prepaid expenses and other assets (534) (83)
Due to MGM Resorts International and affiliates (153) (815)
Accounts payable, accrued expenses and other liabilities 2,588 (84)
Accrued interest 18,179 2,554
Net cash provided by (used in) operating activities - continuing operations (243,990) 284,333
Cash flows from investing activities    
Capital expenditures for property and equipment 0 (190)
Proceeds from Northfield OpCo Transaction (3,779) 0
Cash flows from financing activities    
Net repayments under bank credit facility (559,250) (13,000)
Proceeds from issuance of debt 750,000 0
Deferred financing costs (9,983) (17,490)
Repayment of assumed bridge facility (245,950) 0
Proceeds from issuance of Class A shares, net 613,299 0
Dividends and distributions paid (258,334) (223,466)
Net cash provided by (used in) financing activities - continuing operations 289,782 (253,956)
Cash flows from discontinued operations, net    
Cash flows provided by operating activities, net 15,591 0
Cash flows used in investing activities, net (12) 0
Net Cash Provided by (Used in) Investing Activities 3,779 (190)
Cash flows used in financing activities, net (37,900) 0
Net cash used in discontinued operations (22,321) 0
Change in cash and cash equivalents classified as assets held for sale (22,321) 0
Cash and cash equivalents    
Net increase for the period 49,571 30,187
Balance, beginning of period 3,995 259,722
Balance, end of period 53,566 289,909
Supplemental cash flow disclosures    
Interest paid 103,098 89,627
Non-cash investing and financing activities    
Non-Normal Tenant Improvements by Tenant 0 13,507
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders 136,671 114,399
Empire City    
Non-cash investing and financing activities    
Empire City Transaction assets acquired 625,000 0
Empire City | MGP Operating Partnership    
Non-cash investing and financing activities    
Empire City Transaction assets acquired 625,000 0
Northfield OpCo    
Non-cash investing and financing activities    
Gain (Loss) on Disposition of Business 301,373 0
Northfield OpCo | MGP Operating Partnership    
Non-cash investing and financing activities    
Gain (Loss) on Disposition of Business $ 301,373 $ 0