MGM Growth Properties (MGP) Reports In-Line Q4 EPS, Revenues Beat

MGM Growth Properties (NYSE: MGP) reported Q4 EPS of $0.26, in-line with the analyst estimate of $0.26. Revenue for the quarter came in at $283.99 million versus the consensus estimate of $277.98 million.

• Rental revenue was $186.6 million;
• Consolidated net income was $68.6 million, or $0.26 per diluted Operating Partnership unit, which consisted of $54.5 million of net income from the REIT and $14.0 million of net income from the TRS;
• Funds From Operations(1) ("FFO") was $133.5 million, or $0.50 per diluted Operating Partnership unit;
• Adjusted Funds From Operations(2) ("AFFO") was $152.4 million, or $0.57 per diluted Operating Partnership unit;
• Adjusted EBITDA(3) was $209.7 million; and
• General and administrative expenses were $6.1 million, which included $2.9 million of costs incurred for transactions that did not sign or close.

"MGP successfully executed on all aspects of our business strategy to drive sustainable dividend growth and long-term value creation in 2018. We announced the transactions for Hard Rock Rocksino Northfield Park, Empire City Casino real estate and the Park MGM improvements, all of which are expected to be accretive to AFFO and further diversify our portfolio of premier destination assets. These three transactions will add an additional $160 million of rental revenue representing a 21% increase in our run-rate rental revenue," said James Stewart, CEO of MGM Growth Properties. \"We are very proud of our accomplishments in 2018 and remain focused on continuing to add high quality leisure assets to our portfolio in the coming year."

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

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