MGM Growth Properties reports $116.5m in net income for Q1
Its first quarter number reflect a strong start to the fiscal year.
MGM Growth Properties (MGP) has published its financial results for 2022’s first quarter. Financial highlights for the first quarter ending March 31, 2022 include an overall net income of $116.5m and a consolidated rental revenue of $195.1m.
Net income attributed to MGP Class A shareholders reached $69.4m during the first quarter, the equivalent of $ 0.44 per dilutive share.
The company reported a total of $191.4m from its funds from operations or $0.69 per diluted operating partnership unit. Adjusted funds from operation this quarter was $184.6 million, which reflected $0.69 per diluted operating partnership unit.
Adjusted EBITDA reached $253.6m during Q1.
As of March 31, the company had $7.6m of cash and cash equivalents. Total cash received under its master lease for rent payments totaled $218.2m at the end of the quarter. The company also ended the quarter with $24.1m in cash received from unconsolidated affiliate distributions.
The company distributed $142.1m in cash from its operating partnership as of April 14. MGP paid out $59m to MGM and collected the remaining $83.1m.
MGP also reported $268.1m outstanding operating partnership units in its deal with MGM as of March 31. MGP maintains control of 41.5% or 111.4 million of those, while MGM owns the remaining 58.5%.
MGP is a publicly traded real estate investment trust that purchases and leases large entertainment resorts throughout the United States. It currently owns 13 resorts in Las Vegas and other US destinations, including MGM Northfield Park in Ohio and the Empire Resort Casino in New York State.
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