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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

The Bellagio Real Estate

On October 15, 2019, the Company entered into an agreement to acquire the real estate assets of The Bellagio Las Vegas from MGM Resorts International (“MGM”) for approximately $4.25 billion, excluding closing costs, in a 95%/5% Company controlled joint venture with MGM. The Bellagio is an iconic, market-leading, luxury integrated resort located on 77 acres at the center of the Las Vegas strip, featuring 3,933 hotel rooms, an approximately 155,000 square feet gaming floor, 94,000 square feet of retail space and 200,000 square feet of meeting and ballroom space. The acquisition is part of a sale-leaseback transaction whereby the Company expects to enter into a triple-net lease agreement for the Bellagio with MGM as the tenant, providing that MGM would generally be responsible for all property-related expenses, including taxes, insurance and maintenance. The lease is expected to have an initial annual rent of $245 million with an initial term of 30 years with two 10-year extension options for MGM. The Company expects the closing of the acquisition to occur by year end.

Acquisitions

Subsequent to September 30, 2019, the Company acquired an aggregate of $1.0 billion of real estate, exclusive of closing costs, across 11 separate transactions.

Subsequent to September 30, 2019, the Company acquired an aggregate of $458.8 million of real estate-related securities and loans.

Proceeds from the Issuance of Common Stock

Subsequent to September 30, 2019, the Company had received net proceeds of $1.6 billion from the issuance of its common stock.