Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

December 31, 2018



		Acquisition Costs^(a)				Costs Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period^(b)
Property^(c)	Encumbrances	Land		Building, Improvements and Other		Land		Building, Improvements and Other		Land		Building, Improvements and Other		Total		Accumulated Depreciation			Year Acquired^(d)	Useful Life
Investment Properties:
New York-New York	e	$	149,984	$	484,001	$	—	$	—	$	149,984	$	484,536	$	634,520	$	(296,527	)	2016	g
The Mirage	e	1,017,562		760,222		—		—		1,017,562		747,479		1,765,041		(484,617		)	2016	g
Mandalay Bay	e	1,199,785		1,882,381		—		—		1,199,785		1,871,540		3,071,325		(733,704		)	2016	g
Luxor	e	440,685		710,796		—		—		440,685		704,484		1,145,169		(350,834		)	2016	g
Excalibur	e	814,805		342,685		—		43,945		814,805		384,036		1,198,841		(144,345		)	2016	g
Park MGM	e	291,035		376,625		—		100,768		291,035		322,875		613,910		(87,453		)	2016	g
Beau Rivage	e	104,945		561,457		—		—		104,945		559,210		664,155		(258,113		)	2016	g
MGM Grand Detroit	e	52,509		597,324		—		—		52,509		597,324		649,833		(177,119		)	2016	g
Gold Strike Tunica	e	3,609		179,146		—		—		3,609		178,578		182,187		(88,475		)	2016	g
Borgata	e	35,568		1,264,432		—		—		35,568		1,254,782		1,290,350		(87,997		)	2016	g
MGM National Harbor	—	—		1,183,909		—		—		—		1,199,839		1,199,839		(83,837		)	2017	g
The Park	e	33,026		101,353		—		—		33,026		100,115		133,141		(13,638		)	2016	g
MGM Northfield Park (f)	e	392,500		376,842		—		—		392,500		376,842		769,342		(5,438		)	2018	g
		4,536,013		8,821,173		—		144,713		4,536,013		8,781,640		13,317,653		(2,812,097		)
Corporate Property:
MGP Corporate Office		—		488		—		192		—		681		681		(108		)	2017	g
		$	4,536,013	$	8,821,661	$	—	$	144,905	$	4,536,013	$	8,782,321	$	13,318,334	$	(2,812,205	)


(a)	Represents the net carrying value of the IPO Properties on the IPO Date and the real estate assets of Borgata and MGM National Harbor on their respective acquisition dates by the Operating Partnership.


(b)	The aggregate cost of land, buildings and improvements for federal income tax purposes is approximately $9.4 billion.


(c)	All of the properties are large-scale destination entertainment and gaming-related properties, with the exception of The Park and MGP Corporate Office. See “Item 1 — Business — Our Properties” for additional detail about our properties.


(d)	We have omitted the date of construction of our properties on the basis that compiling this disclosure on a site-by-site basis would be impracticable because the majority of the real estate assets were constructed by other companies that were later acquired by MGM and then ultimately acquired by MGP.


(e)	The assets comprising these Properties collectively secure the entire amount of the Operating Partnership’s senior secured credit facility.


(f)	Reflects the real estate assets of MGM Northfield Park which were owned by the Company as of December 31, 2018 and were added to the Master Lease on April 1, 2019. Refer to Note 3 within the accompanying footnotes to the financial statements for further information.


(g)	Depreciation is computed based on the following estimated useful lives:



Buildings and building improvements	20 to 40 years
Land improvements	10 to 20 years
Fixtures and integral equipment	3 to 20 years

Reconciliation of Real Estate


(1)	2018 includes $769.3 million resulting from the Operating Partnership’s acquisition of the real estate assets of MGM Northfield Park. 2017 includes $1.2 billion resulting from the Operating Partnership’s acquisition of MGM National Harbor from MGM. 2016 includes $1.3 billion resulting from the Operating Partnership’s acquisition of Borgata from MGM. See Note 3 for additional details.

Reconciliation of Accumulated Depreciation