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Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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1691299 Annual Reports

  • 10-K Annual Report February 2022
  • 10-K Annual Report February 2021
    10-K Annual Report February 2020
    10-K Annual Report February 2019

Mgm Growth Properties Operating Partners

CIK: 1691299

Exhibit 99.1
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MGM GROWTH PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Las Vegas, Nevada, February 10, 2022
– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2021. Net income attributable to MGP Class A shareholders for the quarter was $52.0 million, or $0.33 per dilutive share, and for the year ended December 31, 2021 was $205.5 million, or $1.36 per dilutive share.
Financial highlights for the fourth quarter of 2021:
Consolidated rental revenue of $193.0 million;
Consolidated net income of $87.0 million, or $0.32 per diluted Operating Partnership unit;
Consolidated Funds From Operations(1) (“FFO”) of $160.2 million, or $0.60 per diluted Operating Partnership unit;
Consolidated Adjusted Funds From Operations(2) (“AFFO”) of $179.5 million, or $0.67 per diluted Operating Partnership unit;
Consolidated Adjusted EBITDA(3) (“Adjusted EBITDA”) of $249.4 million;
General and administrative expenses of $6.2 million; and
Income from unconsolidated affiliate of $25.0 million.
Financial highlights for the year ended December 31, 2021:
Consolidated rental revenue of $757.9 million;
Consolidated net income of $359.2 million, or $1.33 per diluted Operating Partnership unit;
FFO of $638.4 million, or $2.37 per diluted Operating Partnership unit;
AFFO of $693.3 million, or $2.57 per diluted Operating Partnership unit;
Adjusted EBITDA of $979.2 million;
General and administrative expenses of $18.1 million; and
Income from unconsolidated affiliate of $100.8 million.

As of December 31, 2021, there were approximately 268.1 million Operating Partnership units outstanding in the Operating Partnership of which MGM owned approximately 111.4 million, or 41.5%, while MGP owns the remaining 58.5%.

On October 29, 2021, the Company acquired the real estate assets of MGM Springfield from MGM for $400 million of cash consideration. MGM Springfield was added to the MGM-MGP Master Lease between the Company and MGM and, as a result, the annual rent payment increased by $30 million.

In addition, on December 13, 2021, MGM entered into an agreement to sell the equity interests of The Mirage to an affiliate of Seminole Hard Rock Entertainment, Inc (“Hard Rock”). Upon closing, the master lease agreement between the Company and MGM (or MGM’s master lease with VICI, in the event that the VICI transaction is consummated prior to closing) will be amended and restated to reflect a $90 million reduction in annual cash rent and a new lease will be entered into with Hard Rock to reflect an initial $90 million annual cash rent. The transaction is expected to close during the second half of 2022, subject to certain closing conditions, including, but not limited to, the consummation or termination of the VICI transaction.
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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Thursday, February 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Partners' Capital
Consolidated Statements Of Partners' Capital (Parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions - Narrative (Detail)
Acquisitions And Dispositions - Results Of Discontinued Operations (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Leased Real Estate And Leasehold Improvements (Detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (Detail)
Basis Of Presentation And Summary Of Significant Accounting Policies - Redeemable Noncontrolling Interest (Details)
Business
Business (Detail)
Commitments And Contingencies
Debt
Debt (Tables)
Debt - Maturities Of The Principal Amount Of Debt (Detail)
Debt - Operating Partnership Credit Agreement (Detail)
Debt - Schedule Of Debt (Detail)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Narrative (Detail)
Derivatives And Hedging Activities - Schedule Of Interest Rate Derivatives (Details)
Earnings Per Class A Share
Earnings Per Class A Share (Detail)
Earnings Per Class A Share (Tables)
Earnings Per Operating Partnership Unit
Earnings Per Operating Partnership Unit (Detail)
Earnings Per Operating Partnership Unit (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Major Tax-Effected Components Of Net Deferred Tax Liability (Detail)
Income Taxes - Narrative (Detail)
Income Taxes - Provision For Income Taxes Attributable To Income (Loss) Before Income Taxes (Detail)
Income Taxes - Reconciliation Of Federal Income Tax Statutory Rate And Effective Tax Rate (Detail)
Investment In Unconsolidated Affiliate
Investment In Unconsolidated Affiliate - (Tables)
Investment In Unconsolidated Affiliate - Mgp Breit Venture Operations (Details)
Investment In Unconsolidated Affiliate - Narrative (Details)
Leases
Leases (Tables)
Leases - Future Noncancelable Minimum Rental Payments (Detail)
Leases - Lease Cost (Details)
Leases - Narrative (Detail)
Leases - Operating Lease Maturities (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - Carrying Value Of Investments (Details)
Real Estate Investments - Narrative (Details)
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation - Reconciliation Of Accumulated Depreciation (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation - Reconciliation Of Real Estate (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation - Summary Of Depreciable Lives (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation - Summary Of Real Estate Properties (Detail)
Shareholders' Equity And Partners' Capital
Shareholders' Equity And Partners' Capital (Tables)
Shareholders' Equity And Partners' Capital - Change In Ownership Percentage (Details)
Shareholders' Equity And Partners' Capital - Changes In Accumulated Other Comprehensive Income (Detail)
Shareholders' Equity And Partners' Capital - Narrative (Detail)
Shareholders' Equity And Partners' Capital - Summary Of Distributions (Details)
CIK: 1691299
Form Type: 10-K Annual Report
Accession Number: 0001656936-22-000007
Submitted to the SEC: Wed Feb 16 2022 9:04:43 AM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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