XML 74 R58.htm IDEA: XBRL DOCUMENT v3.25.3
Debt - Schedule of Outstanding Indebtedness (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Feb. 03, 2025
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Apr. 30, 2025
Debt Instrument          
Weighted average interest rate   4.466% 4.466%    
Principal Amount   $ 17,097,906 $ 17,097,906    
Carrying Value   $ 16,762,660 $ 16,762,660 $ 16,732,889  
Secured Overnight Financing Rate (SOFR)          
Debt Instrument          
Basis spread on variable rate (percent) 1.00%        
Secured Overnight Financing Rate (SOFR) | Minimum          
Debt Instrument          
Basis spread on variable rate (percent) 1.00%        
Unsecured Debt          
Debt Instrument          
Weighted average interest rate   4.62% 4.62% 4.413%  
Principal Amount       $ 17,098,846  
Carrying Value       $ 16,732,889  
Unsecured Debt | MGM Grand/Mandalay Bay CMBS Debt          
Debt Instrument          
Interest rate, stated percentage   3.558% 3.558% 3.558%  
Principal Amount   $ 3,000,000 $ 3,000,000 $ 3,000,000  
Carrying Value   $ 2,820,693 $ 2,820,693 $ 2,800,544  
Unsecured Debt | 4.375% Notes          
Debt Instrument          
Interest rate, stated percentage       4.375% 4.375%
Principal Amount       $ 500,000  
Carrying Value       $ 499,419  
Unsecured Debt | 4.625% Notes          
Debt Instrument          
Interest rate, stated percentage       4.625% 4.625%
Principal Amount       $ 800,000  
Carrying Value       $ 797,059  
Unsecured Debt | 4.500% Notes          
Debt Instrument          
Interest rate, stated percentage   4.50% 4.50% 4.50%  
Principal Amount   $ 500,000 $ 500,000 $ 500,000  
Carrying Value   $ 495,325 $ 495,325 $ 491,532  
Unsecured Debt | 4.250% Notes          
Debt Instrument          
Interest rate, stated percentage   4.25% 4.25% 4.25%  
Principal Amount   $ 1,250,000 $ 1,250,000 $ 1,250,000  
Carrying Value   $ 1,246,671 $ 1,246,671 $ 1,244,469  
Unsecured Debt | 5.750% Notes          
Debt Instrument          
Interest rate, stated percentage   5.75% 5.75% 5.75%  
Principal Amount   $ 750,000 $ 750,000 $ 750,000  
Carrying Value   $ 752,932 $ 752,932 $ 754,588  
Unsecured Debt | 3.750% Notes          
Debt Instrument          
Interest rate, stated percentage   3.75% 3.75% 3.75%  
Principal Amount   $ 750,000 $ 750,000 $ 750,000  
Carrying Value   $ 747,695 $ 747,695 $ 746,438  
Unsecured Debt | 4.500% Notes          
Debt Instrument          
Interest rate, stated percentage   4.50% 4.50% 4.50%  
Principal Amount   $ 350,000 $ 350,000 $ 350,000  
Carrying Value   $ 344,119 $ 344,119 $ 342,214  
Unsecured Debt | 4.750% Notes          
Debt Instrument          
Interest rate, stated percentage   4.75% 4.75% 4.75%  
Hedge adjusted interest rate     4.516% 4.516%  
Principal Amount   $ 1,250,000 $ 1,250,000 $ 1,250,000  
Carrying Value   $ 1,244,001 $ 1,244,001 $ 1,242,110  
Unsecured Debt | 4.750% Notes          
Debt Instrument          
Interest rate, stated percentage   4.75% 4.75%    
Principal Amount   $ 400,000 $ 400,000    
Carrying Value   $ 396,683 $ 396,683    
Unsecured Debt | 3.875% Notes          
Debt Instrument          
Interest rate, stated percentage   3.875% 3.875% 3.875%  
Principal Amount   $ 750,000 $ 750,000 $ 750,000  
Carrying Value   $ 711,083 $ 711,083 $ 702,707  
Unsecured Debt | 4.625% Notes          
Debt Instrument          
Interest rate, stated percentage   4.625% 4.625% 4.625%  
Principal Amount   $ 1,000,000 $ 1,000,000 $ 1,000,000  
Carrying Value   $ 993,332 $ 993,332 $ 992,132  
Unsecured Debt | 4.950% Notes          
Debt Instrument          
Interest rate, stated percentage   4.95% 4.95% 4.95%  
Hedge adjusted interest rate     4.541% 4.541%  
Principal Amount   $ 1,000,000 $ 1,000,000 $ 1,000,000  
Carrying Value   $ 992,381 $ 992,381 $ 991,080  
Unsecured Debt | 4.125% Notes          
Debt Instrument          
Interest rate, stated percentage   4.125% 4.125% 4.125%  
Principal Amount   $ 1,000,000 $ 1,000,000 $ 1,000,000  
Carrying Value   $ 992,728 $ 992,728 $ 991,609  
Unsecured Debt | 5.125% Notes          
Debt Instrument          
Interest rate, stated percentage   5.125% 5.125% 5.125%  
Hedge adjusted interest rate     4.969% 4.969%  
Principal Amount   $ 750,000 $ 750,000 $ 750,000  
Carrying Value   $ 741,481 $ 741,481 $ 740,527  
Unsecured Debt | 5.125% Notes          
Debt Instrument          
Interest rate, stated percentage   5.125% 5.125% 5.125%  
Hedge adjusted interest rate     3.98% 3.98%  
Principal Amount   $ 1,500,000 $ 1,500,000 $ 1,500,000  
Carrying Value   $ 1,486,407 $ 1,486,407 $ 1,484,876  
Unsecured Debt | 5.750% Notes          
Debt Instrument          
Interest rate, stated percentage   5.75% 5.75% 5.75%  
Hedge adjusted interest rate     5.689% 5.689%  
Principal Amount   $ 550,000 $ 550,000 $ 550,000  
Carrying Value   $ 541,713 $ 541,713 $ 540,986  
Unsecured Debt | 5.625% Notes          
Debt Instrument          
Interest rate, stated percentage   5.625% 5.625%    
Hedge adjusted interest rate     5.601%    
Principal Amount   $ 900,000 $ 900,000    
Carrying Value   $ 885,018 $ 885,018    
Unsecured Debt | 5.625% Notes          
Debt Instrument          
Interest rate, stated percentage   5.625% 5.625% 5.625%  
Principal Amount   $ 750,000 $ 750,000 $ 750,000  
Carrying Value   $ 736,718 $ 736,718 $ 736,348  
Unsecured Debt | 6.125% Notes          
Debt Instrument          
Interest rate, stated percentage   6.125% 6.125% 6.125%  
Principal Amount   $ 500,000 $ 500,000 $ 500,000  
Carrying Value   $ 485,774 $ 485,774 485,405  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum          
Debt Instrument          
Basis spread on variable rate (percent) 0.70%        
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum          
Debt Instrument          
Basis spread on variable rate (percent) 1.40%        
Revolving Credit Facility | Unsecured Debt          
Debt Instrument          
Commitment fee percentage   0.20% 0.20%    
Revolving Credit Facility | Unsecured Debt | Minimum          
Debt Instrument          
Basis spread on variable rate (percent)     0.70%    
Commitment fee percentage     0.10%    
Revolving Credit Facility | Unsecured Debt | Maximum          
Debt Instrument          
Basis spread on variable rate (percent)     1.40%    
Commitment fee percentage     0.30%    
USD | Revolving Credit Facility | Unsecured Debt          
Debt Instrument          
Principal Amount   $ 0 $ 0 0  
Carrying Value   0 $ 0 $ 0  
USD | Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)          
Debt Instrument          
Basis spread on variable rate (percent)     0.85% 0.85%  
CAD | Revolving Credit Facility | Unsecured Debt          
Debt Instrument          
Principal Amount   125,720 $ 125,720 $ 130,698  
Carrying Value   125,720 $ 125,720 $ 130,698  
CAD | Revolving Credit Facility | Unsecured Debt | Canadian Overnight Repo Rate Average (CORRA)          
Debt Instrument          
Basis spread on variable rate (percent)     0.85% 0.85%  
GBP | Revolving Credit Facility | Unsecured Debt          
Debt Instrument          
Principal Amount   22,186 $ 22,186 $ 18,148  
Carrying Value   $ 22,186 $ 22,186 $ 18,148  
GBP | Revolving Credit Facility | Unsecured Debt | Sterling Overnight Index Average (SONIA)          
Debt Instrument          
Basis spread on variable rate (percent)     0.85% 0.85%