MGM Growth Properties (MGP) Reports In-Line Q3 EPS, Revenues Miss

MGM Growth Properties (NYSE: MGP) reported Q3 EPS of $0.26, in-line with the analyst estimate of $0.26. Revenue for the quarter came in at $282.22 million versus the consensus estimate of $285.58 million.

• Rental revenue was $186.6 million;
• Net income attributable to MGP Class A shareholders for the quarter was $19.5 million, or $0.27 per diluted share.
• Consolidated net income was $69.9 million, or $0.26 per diluted Operating Partnership unit; which consisted of $57.7 million of net income from the REIT, and $12.2 million of net income from the TRS;
• Funds From Operations(1) ("FFO") was $131.5 million , or $0.49 per diluted Operating Partnership unit;
• Adjusted Funds From Operations(2) ("AFFO") was $154.8 million, or $0.58 per diluted Operating Partnership unit;
• Adjusted EBITDA(3) was $212.0 million; and
• General and administrative expenses were $3.4 million

"We are excited to present our results of operations and transaction activity for our third quarter," said James Stewart, CEO of MGM Growth Properties. "We announced the closing of the acquisition of the real estate and operations and the subsequent sale of the operations of Northfield to MGM Resorts for $275 million. Northfield just recorded its best quarter ever in terms of revenue, EBITDA and market share. We are thrilled to partner with MGM Resorts who will introduce their award-winning M Life Rewards program to further drive growth at Northfield. Additionally, MGM Springfield opened its doors in August and we are excited to see that Right of First Offer property come online and enter the Massachusetts market."

For earnings history and earnings-related data on MGM Growth Properties (MGP) click here.

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