MGM Growth Properties (MGP) Misses Q2 EPS by 2c, Revenues Miss

MGM Growth Properties (NYSE: MGP) reported Q2 EPS of $0.30, $0.02 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $194.34 million versus the consensus estimate of $198.76 million.

• Earnings attributable to MGP's Class A shareholders for the quarter was $41.0 million, or $0.30 per diluted share.

Other financial highlights for the second quarter of 2020 included:

• Rental revenue of $188.3 million;
• Consolidated net income of $97.0 million, or $0.30 per diluted Operating Partnership unit;
• Funds From Operations(1) ("FFO") of $165.9 million, or $0.52 per diluted Operating Partnership unit;
• Adjusted Funds From Operations(2) ("AFFO") of $177.7 million, or $0.56 per diluted Operating Partnership unit;
• Adjusted EBITDA(3) of $240.3 million;
• General and administrative expenses of $3.7 million; and
• Income from unconsolidated affiliate of $25.5 million.

"Despite the economic challenges brought by the COVID-19 pandemic, we continue to receive our rental payments in full and on time. In the second quarter of 2020, we continued to execute on our strategy of returning value to shareholders via the accretive redemption of 30.3 million Operating Partnership units, which allowed us to increase our dividend for the eleventh time in four years," said James Stewart, CEO of MGM Growth Properties. "We also have an opportunity for further accretion through the agreement to redeem an additional $700 million worth of units from MGM. In addition, we welcomed two new members to our Board of Directors and we look forward to leveraging their broad real estate and transaction expertise to further drive our business strategy in the coming years."

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

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