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Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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, May 5, 2020 – MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter ended March 31, 2020. Net loss attributable to MGP’s Class A shareholders for the quarter was $49.7 million, or $0.40 per diluted share.
Other financial highlights for the first quarter of 2020 included:
Rental revenue of $203.5 million;
Consolidated net loss of $125.3 million, or $0.39 per diluted Operating Partnership unit; which includes $193.7 million of Property transactions, net relating to the MGP BREIT Venture transaction;
Funds From Operations(1) (“FFO”) of $137.1 million, or $0.42 per diluted Operating Partnership unit;
Adjusted Funds From Operations(2) (“AFFO”) of $182.8 million, or $0.56 per diluted Operating Partnership unit;
Adjusted EBITDA(3) of $234.1 million;
General and administrative expenses of $4.9 million; and
Income from unconsolidated affiliate of $13.4 million.
On February 14, 2020, the Operating Partnership closed the previously announced transactions relating to the sale of the Mandalay Bay property and its corresponding 50.1% investment in the venture with Blackstone Real Estate Investment Trust, Inc., which now owns the Mandalay Bay and MGM Grand Las Vegas real estate. The venture leases the properties to a subsidiary of MGM for an initial annual base rent of $292 million.

Also, the Operating Partnership entered into an agreement with MGM to deliver cash for up to $1.4 billion of MGM’s existing Operating Partnership units for a period of 24 months post-closing should MGM elect to have any units redeemed.

“In the first quarter of 2020 we continued to execute on our long-term strategy with the investment in the MGP BREIT Venture, which was immediately accretive to adjusted AFFO and added an iconic Las Vegas Strip resort to our portfolio,” said James Stewart, CEO of MGM Growth Properties. “While we are also cognizant of the severe and unique challenges the COVID-19 pandemic is having on global and domestic economies, we are pleased that our tenant has continued to make rental payments in full and on time and based upon its publicly reported liquidity position, we believe our tenant’s liquidity position is sufficient to cover its expected rental obligations.”



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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Tuesday, May 5, 2020 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Partners' Capital
Condensed Consolidated Statements Of Partners' Capital (Parenthetical)
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
- Debt (Details)
Business
Business - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Debt
Debt - (Tables)
Debt - Narrative (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities - (Tables)
Derivatives And Hedging Activities - Narrative (Details)
Derivatives And Hedging Activities - Schedule Of Interest Rate Derivatives (Details)
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 - Narrative (Details)
Leases - Operating Lease Minimum Rental Payments (Details)
Net Income (Loss) Per Class A Share
Net Income (Loss) Per Class A Share - (Tables)
Net Income (Loss) Per Class A Share - Narrative (Details)
Net Income (Loss) Per Operating Partnership Unit
Net Income (Loss) Per Operating Partnership Unit (Details)
Net Income (Loss) Per Operating Partnership Unit - (Tables)
Real Estate Investments
Real Estate Investments - (Tables)
Real Estate Investments - Carrying Value Of Investments (Details)
Real Estate Investments - Narrative (Details)
Shareholders' Equity And Partners' Capital
Shareholders' Equity And Partners' Capital - (Tables)
Shareholders' Equity And Partners' Capital - Changes In Accumulated Other Comprehensive Income (Details)
Shareholders' Equity And Partners' Capital - Narrative (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 - Redeemable Noncontrolling Interest (Details)
CIK: 1691299
Form Type: 10-Q Quarterly Report
Accession Number: 0001656936-20-000032
Submitted to the SEC: Tue May 05 2020 9:20:26 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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