MGM Growth Properties reports full rental payments for Q2
Real estate investment trust MGM Growth Properties reported full and on time rental payments for Q2.
MGP earned rental revenue of $188m for the quarter and consolidated net income of $97m.
Rental revenue is down 14% year-on-year.
James Stewart, CEO of MGM Growth Properties, said: “Despite the economic challenges brought by the COVID-19 pandemic, we continue to receive our rental payments in full and on time. In the second quarter of 2020, we continued to execute on our strategy of returning value to shareholders via the accretive redemption of 30.3 million Operating Partnership units, which allowed us to increase our dividend for the eleventh time in four years.”
The 30.3m operating partnership units totaled $700m in cash.
MGP reported $41m of quarterly earnings attributable to Class A shareholders.
MGP had $726m of cash and cash equivalents as of 30 June, 2020.
The company’s Las Vegas portfolio includes MGM Resorts properties MGM Grand, Mandalay Bay and Park MGM.
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
