MGM Growth Properties reports big turnaround in Q1
Net income jumps to $115m from loss of $125m one year earlier.
MGM Growth Properties LLC on Friday reported financial results for the quarter ending March 31.
The company said its consolidated net income for Q1 2021 was $115.4m, compared to a net loss of $125.3m in Q1 2020, which saw the first effects of the pandemic shutdowns.
Net income attributable to MGP class A shareholders for the quarter was $59.6m, or $0.44 per dilutive share, a sharp contrast to the year-earlier figures: a loss of $49.7m, or $0.40 per share.
The company said its consolidated rental revenue for the just-completed quarter was $188.3m, down from $203.5m last year.
James Stewart, CEO of MGM Growth Properties, noted MGP recently celebrated its fifth anniversary as a public company and said 2021 is off to another successful start.
“We completed the redemption of 37.1 million operating partnership units from MGM Resorts, reducing MGM’s ownership to 42.1%, and raised our annualized dividend for the 12th time, to $1.98 per share,” Stewart said in a statement.
He added the first rent escalator under the MGP BREIT Venture lease of 2% went into effect on March 1, and the fifth base rent escalator under the MGM-MGP Master Lease of 2% went into effect on April 1, resulting in current annual pro rata rent of $992m.
“We believe these steps further strengthen our ability to execute on our long-term strategy,” Stewart added.
MGM Growth Properties is a publicly traded real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. Its holdings include casino gaming, hotel, convention, dining, entertainment and retail offerings.
MGP, together with its joint venture, currently owns a portfolio of properties consisting of 12 resorts in Las Vegas and elsewhere across the United States, including MGM Northfield Park in Northfield, Ohio, Empire Resort Casino in Yonkers, NY and The Park in Las Vegas.
As of December 31, 2020, the company’s resorts collectively comprise approximately 32,400 hotel rooms, 1.6m casino square footage, and 3.6m convention square footage.
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