XML 58 R42.htm IDEA: XBRL DOCUMENT v3.22.2
Real Estate Transactions (Details)
$ in Thousands, ft² in Millions
3 Months Ended 6 Months Ended
Jul. 01, 2022
USD ($)
room
option
Jun. 06, 2022
USD ($)
option
Apr. 29, 2022
USD ($)
ft²
property
region
renewal
hotelRoom
shares
Feb. 23, 2022
USD ($)
renewal
Feb. 18, 2022
USD ($)
Dec. 31, 2022
USD ($)
renewal
Jun. 30, 2023
USD ($)
renewal
Dec. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
property
Jun. 30, 2022
Jun. 30, 2022
golfCourse
Apr. 07, 2022
USD ($)
Dec. 31, 2021
USD ($)
Business Acquisition                              
Number of golf courses                     43   4    
Debt instrument, face amount                 $ 13,950,000           $ 4,750,000
Yearly minimum expenditure                 1.00%            
Allowance for credit losses                 $ 582,200           434,900
Investment in unconsolidated affiliate                 1,464,766           0
Payments to acquire real estate                 4,012,828 $ 0          
Debt, net                 13,721,500           4,694,523
Proceeds from offering of common stock, net                 3,219,101 0          
Proceeds from Revolving Credit Facility                 600,000 $ 0          
Investments in leases - sales-type, net                 17,075,857           13,136,664
CECL allowance for unfunded commitments                 18,109           1,037
Future funding commitments                 221,523           $ 60,886
BREIT JV                              
Business Acquisition                              
Investment in unconsolidated affiliate                 646,400            
MGP                              
Business Acquisition                              
Asset acquisition, consideration transferred     $ 11,556,990                        
Liabilities incurred     $ 5,700,000                        
Number of golf courses | property     15                        
Number or regions in which entity operates | region     9                        
Number of hotel rooms | hotelRoom     36,000                        
Area of real estate property (in square feet) | ft²     3.6                        
Exchange ratio | shares     1.366                        
Cash consideration     $ 4,404,000                        
Asset acquisition equity interest retained (in shares) | shares     12,200,000                        
Tax protection period     15 years                        
Tax protection, holding amount     $ 8,500,000                        
Investment in leases - financing receivables     14,245,868                        
Allowance for credit losses     431,500                        
Exchange Notes | Unsecured Debt                              
Business Acquisition                              
Debt instrument, face amount     4,110,000                        
MGP OP Notes | Unsecured Debt                              
Business Acquisition                              
Debt instrument, face amount     90,000                        
Revolving Credit Facility                              
Business Acquisition                              
Proceeds from Revolving Credit Facility         $ 600,000                    
Revolving Credit Facility | Unsecured Debt                              
Business Acquisition                              
Debt instrument, face amount                 0            
Debt, net                 $ 0            
Forward Sales Agreement                              
Business Acquisition                              
Proceeds from offering of common stock, net         $ 3,200,000                    
Venetian Resort                              
Business Acquisition                              
Payments to acquire real estate       $ 4,000,000                      
Contractual lease support agreement, EBITDAR floor amount       $ 550,000                      
Contractual lease support agreement, letter of credit period       7 months 15 days                      
Venetian Resort | OpCo Buyer                              
Business Acquisition                              
Payments to acquire productive assets       $ 2,250,000                      
Debt, net       1,200,000                      
MGP OP Notes | MGP                              
Business Acquisition                              
Liabilities incurred     $ 4,200,000                        
BigShots Loan                              
Business Acquisition                              
Initial lease term                           25 years  
Future funding commitments                           $ 80,000  
Great Wolf South Florida Loan | Subsequent Event                              
Business Acquisition                              
Future funding commitments $ 59,000                            
Project value $ 250,000                            
Number of rooms | room 500                            
Financing receivable, term 4 years                            
Financing receivable, number of extension options | option 1                            
Financing receivable, extension term 12 months                            
Cabot Citrus Farms Loan                              
Business Acquisition                              
Future funding commitments   $ 120,000                          
Financing receivable, term   25 years                          
Financing receivable, number of extension options | option   5                          
Financing receivable, extension term   5 years                          
BREIT JV                              
Business Acquisition                              
Equity method investment ownership percentage                       50.10%      
BREIT JV | MGP                              
Business Acquisition                              
Equity method investment ownership percentage     50.10%                 50.10%      
Las Vegas Strip Entertainment and Gaming-Related Property | MGP                              
Business Acquisition                              
Number of golf courses | property     7                        
Regional Casino Resorts | MGP                              
Business Acquisition                              
Number of golf courses | property     8                        
Largest Hotel | UNITED STATES | MGP                              
Business Acquisition                              
Number of golf courses | property     2                        
Largest Resort Property | Las Vegas | MGP                              
Business Acquisition                              
Number of golf courses | property     2                        
MGM Master Lease Agreement and BREIT JV Lease Agreement | MGP                              
Business Acquisition                              
Contractual rent amount     $ 1,012,000                        
MGM Master Lease Agreement                              
Business Acquisition                              
Initial lease term     25 years                        
Number of renewal options | renewal     3                        
Lessor, sales-type lease, renewal term     10 years                        
Annual escalation rate period     10 years                        
Annual rent increase, cap percent     3.00%                        
MGM Master Lease Agreement | Forecast                              
Business Acquisition                              
Contractual rent amount           $ 90,000   $ 90,000              
Decrease in annual rent payments           $ (90,000)                  
MGM Master Lease Agreement | Maximum                              
Business Acquisition                              
Contractual rent amount     $ 860,000                        
MGM Master Lease Agreement | Maximum | Forecast                              
Business Acquisition                              
Decrease in annual rent payments               90,000              
MGM Master Lease Agreement | Minimum                              
Business Acquisition                              
Annual escalator     2.00%                        
MGM Master Lease Agreement | Minimum | Forecast                              
Business Acquisition                              
Decrease in annual rent payments               $ 40,000              
BREIT JV Lease Agreement                              
Business Acquisition                              
Contractual rent amount     $ 303,800                        
Initial lease term     30 years                        
Number of renewal options | renewal     2                        
Lessor, sales-type lease, renewal term     10 years                        
Annual escalation rate period     15 years                        
Annual rent increase, cap percent     3.00%                        
BREIT JV Lease Agreement | BREIT JV                              
Business Acquisition                              
Contractual rent amount     $ 152,200                        
BREIT JV Lease Agreement | Minimum                              
Business Acquisition                              
Annual escalator     2.00%                        
Mirage Severance Lease | Forecast                              
Business Acquisition                              
Number of renewal options | renewal           3                  
Lessor, sales-type lease, renewal term           10 years   10 years              
Annual rent increase, cap percent           3.00%                  
Yearly minimum expenditure           1.00%                  
Future funding commitments           $ 1,500,000   $ 1,500,000              
Mirage Severance Lease | Minimum | Forecast                              
Business Acquisition                              
Annual escalator           2.00%                  
Venetian PGFA | Venetian Resort                              
Business Acquisition                              
Future funding commitments       1,000,000                      
CECL allowance for unfunded commitments       8,300                      
Venetian Lease Agreement | Venetian Resort                              
Business Acquisition                              
Contractual rent amount       $ 250,000                      
Initial lease term       30 years                      
Number of renewal options | renewal       2                      
Lessor, sales-type lease, renewal term       10 years                      
Annual rent increase, cap percent       3.00%                      
Investments in leases - sales-type, net       $ 65,600                      
Venetian Lease Agreement | Minimum | Venetian Resort                              
Business Acquisition                              
Annual escalator       2.00%                      
Gold Strike Severance Lease | Forecast                              
Business Acquisition                              
Initial lease term             25 years                
Number of renewal options | renewal             3                
Lessor, sales-type lease, renewal term             10 years                
Annual rent increase, cap percent             3.00%                
Yearly minimum expenditure             1.00%                
Gold Strike Severance Lease | Maximum | Forecast                              
Business Acquisition                              
Contractual rent amount             $ 40,000                
Decrease in annual rent payments             $ 40,000                
Gold Strike Severance Lease | Minimum | Forecast                              
Business Acquisition                              
Annual escalator             2.00%