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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 results and related per share amounts. Additional information related to these items is included elsewhere in the notes to the accompanying financial statements.

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.
OPERATING PARTNERSHIP SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED)

 
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.