| Schedule of Debt |
The following tables detail our debt obligations as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ In thousands) | | September 30, 2026 | | Description of Debt | | Maturity | | Interest Rate | | Principal Amount | | Carrying Value (1) | | Revolving Credit Facility | | | | | | | | | USD Borrowings (2) | | February 3, 2029 | | SOFR + 0.85% | | $ | — | | | $ | — | | CAD Borrowings (2) | | February 3, 2029 | | CORRA + 0.85% | | 245,945 | | | 245,945 | | GBP Borrowings (2) | | February 3, 2029 | | SONIA + 0.85% | | 21,887 | | | 21,887 | | | MGM Grand/Mandalay Bay CMBS Debt | | March 5, 2032 | | 3.558% | | 3,000,000 | | | 2,847,858 | | | 2027 Maturities | | | | | | | | | 5.750% Notes | | February 1, 2027 | | 5.750% | | 750,000 | | | 750,732 | | 3.750% Notes | | February 15, 2027 | | 3.750% | | 750,000 | | | 749,371 | | | 2028 Maturities | | | | | | | | | 4.500% Notes | | January 15, 2028 | | 4.500% | | 350,000 | | | 346,677 | | 4.750% Notes | | February 15, 2028 | | 4.516% (3) | | 1,250,000 | | | 1,246,526 | | 4.750% Notes | | April 1, 2028 | | 4.750% | | 400,000 | | | 398,005 | | | 2029 Maturities | | | | | | | | | 3.875% Notes | | February 15, 2029 | | 3.875% | | 750,000 | | | 722,408 | | 4.625% Notes | | December 1, 2029 | | 4.625% | | 1,000,000 | | | 994,932 | | | 2030 Maturities | | | | | | | | | 4.950% Notes | | February 15, 2030 | | 4.541% (3) | | 1,000,000 | | | 994,118 | | 4.125% Notes | | August 15, 2030 | | 4.125% | | 1,000,000 | | | 994,220 | | | 2031 Maturities | | | | | | | | | 5.400% Notes | | October 15, 2031 | | 5.406% (3) | | 900,000 | | | 891,799 | | 5.125% Notes | | November 15, 2031 | | 4.969% (3) | | 750,000 | | | 742,871 | | | 2032 Maturities | | | | | | | | | 5.125% Notes | | May 15, 2032 | | 3.980% (3) | | 1,500,000 | | | 1,488,452 | | | 2034 Maturities | | | | | | | | | 5.750% Notes | | April 1, 2034 | | 5.689% (3) | | 550,000 | | | 542,683 | | | 2035 Maturities | | | | | | | | | 5.625% Notes | | April 1, 2035 | | 5.601% (3) | | 900,000 | | | 886,584 | | | 2036 Maturities | | | | | | | | | 5.750% Notes | | October 15, 2036 | | 5.440% (3) | | 850,000 | | | 828,387 | | | 2052 Maturities | | | | | | | | | 5.625% Notes | | May 15, 2052 | | 5.625% | | 750,000 | | | 737,213 | | | 2054 Maturities | | | | | | | | | 6.125% Notes | | April 1, 2054 | | 6.125% | | 500,000 | | | 486,266 | | | Total Debt | | | | 4.567% (4) | | $ | 17,217,832 | | | $ | 16,916,934 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ In thousands) | | December 31, 2025 | | Description of Debt | |
Maturity | | Interest Rate | | Principal Amount | | Carrying Value (1) | | Revolving Credit Facility | | | | | | | | | USD Borrowings (2) | | February 3, 2029 | | SOFR + 0.85% | | $ | — | | | $ | — | | CAD Borrowings (2) | | February 3, 2029 | | CORRA + 0.85% | | 120,219 | | | 120,219 | | GBP Borrowings (2) | | February 3, 2029 | | SONIA + 0.85% | | 22,234 | | | 22,234 | | | MGM Grand/Mandalay Bay CMBS Debt | | March 5, 2032 | | 3.558% | | 3,000,000 | | | 2,827,515 | | | 2026 Maturities | | | | | | | | | 4.500% Notes | | September 1, 2026 | | 4.500% | | 500,000 | | | 496,596 | | 4.250% Notes | | December 1, 2026 | | 4.250% | | 1,250,000 | | | 1,247,385 | | | 2027 Maturities | | | | | | | | | 5.750% Notes | | February 1, 2027 | | 5.750% | | 750,000 | | | 752,382 | | 3.750% Notes | | February 15, 2027 | | 3.750% | | 750,000 | | | 748,114 | | | 2028 Maturities | | | | | | | | | 4.500% Notes | | January 15, 2028 | | 4.500% | | 350,000 | | | 344,756 | | 4.750% Notes | | February 15, 2028 | | 4.516% (3) | | 1,250,000 | | | 1,244,632 | | 4.750% Notes | | April 1, 2028 | | 4.750% | | 400,000 | | | 397,012 | | | 2029 Maturities | | | | | | | | | 3.875% Notes | | February 15, 2029 | | 3.875% | | 750,000 | | | 713,898 | | 4.625% Notes | | December 1, 2029 | | 4.625% | | 1,000,000 | | | 993,732 | | | 2030 Maturities | | | | | | | | | 4.950% Notes | | February 15, 2030 | | 4.541% (3) | | 1,000,000 | | | 992,815 | | 4.125% Notes | | August 15, 2030 | | 4.125% | | 1,000,000 | | | 993,101 | | | 2031 Maturities | | | | | | | | | 5.125% Notes | | November 15, 2031 | | 4.969% (3) | | 750,000 | | | 741,828 | | | 2032 Maturities | | | | | | | | | 5.125% Notes | | May 15, 2032 | | 3.980% (3) | | 1,500,000 | | | 1,486,918 | | | 2034 Maturities | | | | | | | | | 5.750% Notes | | April 1, 2034 | | 5.689% (3) | | 550,000 | | | 541,956 | | | 2035 Maturities | | | | | | | | | 5.625% Notes | | April 1, 2035 | | 5.601% (3) | | 900,000 | | | 885,409 | | | 2052 Maturities | | | | | | | | | 5.625% Notes | | May 15, 2052 | | 5.625% | | 750,000 | | | 736,842 | | | 2054 Maturities | | | | | | | | | 6.125% Notes | | April 1, 2054 | | 6.125% | | 500,000 | | | 485,897 | | | Total Debt | | | | 4.464% (4) | | $ | 17,092,453 | | | $ | 16,773,241 | |
____________________ (1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2)Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.70% to 1.40% margin plus SOFR (or Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), as applicable), depending on our credit ratings and total leverage ratio. Additionally, the facility fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.10% to 0.30%, depending on our credit ratings and total leverage ratio. For the three and nine months ended September 30, 2026, the commitment fee for the Revolving Credit Facility averaged 0.20%. (3)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 – Derivatives). (4)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps (as further described in Note 8 – Derivatives), as applicable. The contractual weighted average interest rate as of September 30, 2026, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.73%.
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