MGM Growth Properties reveals Q3 financial results
The real estate company owns a number of properties throughout Las Vegas.
The publicly traded real estate investment trust, MGM Growth Properties (MGP), has today reported its financial results for the period ending September 30, 2021. MGP, together with its joint venture, owns a portfolio of 12 properties throughout the United States consisting of hotel resorts, land-based casinos, convention spaces, restaurants, and other entertainment offerings.
Q3 has seen net income attributed to MGP Class A shareholders come in at $50m, or $0.32 per share. Rental revenue earned the real estate company $188.3m.
Meanwhile, consolidated net income has been reported at $0.31 per diluted operating partnership unit, or $83.1m. Concurrently, consolidated funds from operations have been cited at $151.5m or $0.56.
Per the financial statement, as of September 30, there were approximately 268 million operating units outstanding in MGP’s operating partnership with MGM, with the former owning 58.4% and the latter 41.6%.
For the third quarter of 2021, consolidated adjusted EBITDA has been reported as $244.6m, while general and administrative expenses are approximately $3.9m.
The group commented on its overall financial position, stating: “The Company had $319.6m of cash and cash equivalents as of September 30, 2021. Cash received from rent payments under the Master Lease for the quarter ended September 30, 2021 was $210.7m. Cash received from distributions from the unconsolidated affiliate, MGP BREIT Venture, for the quarter ended September 30, 2021 was $23.5m.
“On October 15, 2021, the Operating Partnership made a cash distribution of $139.4m relating to the third quarter, $57.9m of which was paid to MGM and $81.5m of which was paid to MGP. Simultaneously, MGP paid a cash dividend of $0.5200 per share.”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
