MGM Growth Properties has announced its financial results for quarter ended 31 March 2022.
MGP, a public-traded real estate investment trust, is engaged in the ownership, leasing, and acquisition of large-scale destinations. It currently has 13 resorts across America, which it shares with its joint venture. These include MGM Northfield Park (Ohio), Empire Resort Casino Yonkers, New York and The Park, a Las Vegas retail and entertainment area.
Overall, the results show a net income for the quarter that’s attributable to MGP Class A shareholders of $69.4m or $0.44 per dilutive share.
The quarter’s consolidated rental revenues reached $195.1m. That is $0.43 per Unit of the Operating Partnership. The consolidated adjusted EBITDA was $253.6 million. General and administrative expenses were $3.6m, and income from unconsolidated Affiliates was $25.4m.
MGM Growth Properties held approximately 268.1 millions of outstanding Operating Partnership units as of 31 March 2022. MGM held approximately 111.4 million units, or 41.5%. MGP had the remainder at 58.5%.
The company’s financial position was as follows: As of 31 March 2022 the company had $7.6 million in cash and cash equivalents. The Master Lease, which was $218.2m in rent payments, provided cash. Cash distributions from MGP BREIT Venture, an unconsolidated affiliate of MGP BREIT Venture also contributed $24.1m.
Operating Partnership distributed $142.1m cash on April 14, 2022. This was for the first quarter. $59m went to MGM, $83.1m went to MGP. MGP also paid $0.5300 per share as a cash dividend.
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