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Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

SEC Filings

Mgm Growth Properties Operating Partners

CIK: 1691299


Exhibit 99.1
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MGM GROWTH PROPERTIES REPORTS FIRST QUARTER FINANCIAL RESULTS
Las Vegas, Nevada, April 30, 2019 – MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter ended March 31, 2019 for its real estate investment trust (“REIT”) operations and its taxable REIT subsidiary (“TRS”) operations. Net income attributable to MGP Class A shareholders for the quarter was $20.0 million, or $0.24 per diluted share.
Financial highlights for the first quarter of 2019:
Rental revenue was $196.9 million;
Consolidated net income was $66.4 million, or $0.23 per diluted Operating Partnership unit; which consisted of $53.6 million of net income from the REIT, and $12.8 million of net income from the TRS;
Funds From Operations(1) (“FFO”) was $134.0 million , or $0.46 per diluted Operating Partnership unit;
Adjusted Funds From Operations(2) (“AFFO”) was $163.8 million, or $0.57 per diluted Operating Partnership unit;
Adjusted EBITDA(3) was $223.9 million; and
General and administrative expenses were $4.2 million.
On January 29, 2019, the Company acquired the real property associated with the Empire City Casino’s race track and casino from MGM Resorts International (“MGM Resorts”) in exchange for the issuance of 12.9 million Operating Partnership units of MGM Growth Properties Operating Partnership LP (the “Operating Partnership”) to a subsidiary of MGM Resorts and the assumption of $246.0 million of debt, which was immediately repaid. Empire City Casino was added to the existing master lease agreement (the “Master Lease”) and as a result the annual rent payment increased by $50 million, prorated for the remainder of the lease year.
On March 7, 2019, the Company completed the transaction relating to renovations undertaken by MGM Resorts regarding the Park MGM and NoMad Las Vegas property for total consideration of $637.5 million. MGP funded the transaction with $605.6 million in cash and the issuance of approximately 1.0 million Operating Partnership units to a subsidiary of MGM Resorts. As a result of the transaction, the annual rent payment to MGP increased by $50 million, prorated for the remainder of the lease year.

On April 1, 2019, the Company sold the operations of what is now the MGM Northfield Park to a subsidiary of MGM Resorts for approximately $275 million, plus working capital and other customary purchase price adjustments, and retained the associated real estate assets. MGM Resorts funded its acquisition with approximately 9.4 million Operating Partnership units that were ultimately redeemed by the Operating Partnership. Concurrent with the closing of the transaction, the TRS liquidated, the real estate assets were transferred to a subsidiary of MGP, MGM Northfield Park was added to the existing Master Lease and, as a result, the annual rent increased by $60 million.

“One week ago, we celebrated our third anniversary as a public company. We have accomplished a great deal since our IPO and we are off to another successful start in 2019,” said James Stewart, CEO of MGM Growth Properties. “We completed the transactions for the acquisition of Empire City Casino real estate, the Park MGM and Nomad improvements, and the sale of operations of MGM Northfield Park, which added an additional $160 million in rental revenue in total across all three transaction closings. The third base rent escalator under our Master Lease of 2% also went into effect on April 1, 2019, resulting in an annual rent amount of $946 million for our fourth lease year, representing a 72% increase from IPO. With these transactions and other potential acquisitions, we continue to work towards growing our dividend to drive shareholder value.”



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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Tuesday, April 30, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Partners' Capital
Condensed Consolidated Statements Of Shareholders' Equity
- Debt (Details)
Acquisitions Acquisitions
Acquisitions - (Details)
Acquisitions - Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Northfield Sale (Details)
Business
Business (Details)
Commitments And Contingencies
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Tables)
Condensed Consolidating Financial Information - Consolidating Balance Sheet Information (Details)
Condensed Consolidating Financial Information - Consolidating Statement Of Cash Flows Information (Details)
Condensed Consolidating Financial Information - Consolidating Statement Of Operations And Comprehensive Income Information (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Details)
Goodwill And Other Intangible Assets - Composition Of Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Summary Of Changes In Goodwill By Reportable Segment (Details)
Leases
Leases (Details)
Leases - (Tables)
Leases Lease Cost (Details)
Leases Operating Lease Maturities (Details)
Leases Operating Lease Minimum Rental Payments (Details)
Net Income Per Class A Share
Net Income Per Class A Share (Details)
Net Income Per Class A Share (Tables)
Net Income Per Operating Partnership Unit
Net Income Per Operating Partnership Unit (Details)
Net Income Per Operating Partnership Unit (Tables)
Property And Equipment Used In Operations
Property And Equipment Used In Operations (Details)
Property And Equipment Used In Operations (Tables)
Real Estate Investments
Real Estate Investments (Details)
Real Estate Investments (Tables)
Segments
Segments (Tables)
Segments - Company And Operating Partnership Segment Information (Details)
Shareholders' Equity And Partners' Capital
Shareholders' Equity And Partners' Capital (Details)
Shareholders' Equity And Partners' Capital (Tables)
Shareholders' Equity And Partners' Capital Changes In Accumulated Other Comprehensive Income (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Useful Lives Of Property And Equipment Used In Operations (Details)
CIK: 1691299
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-19-006077
Submitted to the SEC: Tue May 07 2019 4:33:02 PM EST
Accepted by the SEC: Tue May 07 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts

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