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Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:

			December 31, 2024
									Fair Value
(In thousands)			Carrying Amount						Level 1						Level 2						Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (1)			$	7,717					$	—					$	7,717					$	—

			December 31, 2023
									Fair Value
(In thousands)			Carrying Amount						Level 1						Level 2						Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (1)			$	1,563					$	—					$	1,563					$	—
Financial liabilities:
Derivative instruments - forward-starting interest rate swap (1)			$	11,218					$	—					$	11,218					$	—

____________________

(1)The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments at December 31, 2024 and 2023 for which fair value is only disclosed are as follows:

			December 31, 2024												December 31, 2023
(In thousands)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets:
Investments in leases - financing receivables (1)			$	18,430,320					$	17,723,171					$	18,211,102					$	17,717,435
Investments in loans and securities (2)			1,651,533						1,575,856						1,144,177						1,060,249
Cash and cash equivalents			524,615						524,615						522,574						522,574
Financial liabilities:
Debt (3)
2022 Revolving Credit Facility (4)			$	148,846					$	148,846					$	173,804					$	173,804
MGM Grand/Mandalay Bay CMBS Debt			2,800,544						2,686,960						2,773,758						2,627,984
Senior Unsecured Notes			13,783,499						13,619,484						13,776,563						13,469,176

____________________

(1)Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. Except as noted below, the fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy.

(2)The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

(3)The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

(4)Subsequent to year end, on February 3, 2025, we entered into the Credit Agreement providing for the Revolving Credit Facility in the amount of $2.5 billion and concurrently terminated our 2022 Revolving Credit Facility and 2022 Credit Agreement.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

No definition available.

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