February 16, 2021 Casino, Land-Based

MGM Growth Properties reports Q4 2020 total revenues of $194m, down 14% y-o-y

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Real estate investment trust MGM Growth Properties reported total revenues of $194m for the fourth quarter of 2020, a year-on-year drop of 14%.

MGP maintained 100% rent collection through the quarter even as consolidated rental revenue fell to $188m, also down 14% y-o-y. Adjusted EBITDA for the fourth quarter was $240m.

Consolidated net income for the year was $160m, while annual adjusted EBITDA was $955m.

MGP’s portfolio consists of 15 properties including The Mirage, Park MGM and Mandalay Bay.

“While 2020 presented a unique set of challenges, MGP successfully completed transactions that put us on a solid footing to continue to execute on our long-term business strategy,” said James Stewart, CEO of MGM Growth Properties. “We acquired majority ownership of the real estate assets of the MGM Grand Las Vegas through our joint venture with Blackstone and completed $1.4 billion of unit redemption transactions that helped grow the company and diversify our shareholder base.”

MGP had $626m of cash or cash equivalents on hand as of Dec. 31, 2020.

MGP CFO Andy Chien noted that last quarter the REIT completed the issuance of $750m in aggregate principal amount of 3.875% senior notes, a unit rate “at the lowest interest rate for a bond offering in our company's history.”

Chien said, “Our pro rata net leverage of 5.3x is within our long-term target of 5.0-5.5x and our balance sheet remains well positioned to capitalize on future growth opportunities.”

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