MGM Growth Properties (MGP) Misses Q1 EPS by 2c, Revenues Miss

MGM Growth Properties (NYSE: MGP) reported Q1 EPS of $0.24, $0.02 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $271.26 million versus the consensus estimate of $287.33 million.

• Rental revenue was $196.9 million;
• Consolidated net income was $66.4 million, or $0.23 per diluted Operating Partnership unit; which consisted of $53.6 million of net income from the REIT, and $12.8 million of net income from the TRS;
• Funds From Operations(1) ("FFO") was $134.0 million , or $0.46 per diluted Operating Partnership unit;
• Adjusted Funds From Operations(2) (\"AFFO\") was $163.8 million, or $0.57 per diluted Operating Partnership unit;
• Adjusted EBITDA(3) was $223.9 million; and
• General and administrative expenses were $4.2 million.

"One week ago, we celebrated our third anniversary as a public company. We have accomplished a great deal since our IPO and we are off to another successful start in 2019," said James Stewart, CEO of MGM Growth Properties. "We completed the transactions for the acquisition of Empire City Casino real estate, the Park MGM and NoMad improvements, and the sale of operations of MGM Northfield Park, which added an additional $160 million in rental revenue in total across all three transaction closings. The third base rent escalator under our Master Lease of 2% also went into effect on April 1, 2019, resulting in an annual rent amount of $946 million for our fourth lease year, representing a 72% increase from IPO. With these transactions and other potential acquisitions, we continue to work towards growing our dividend to drive shareholder value."

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

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