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Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

SEC Filings

Mgm Growth Properties Operating Partners

CIK: 1691299

Exhibit 99.1
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MGM GROWTH PROPERTIES REPORTS SECOND QUARTER FINANCIAL RESULTS
Las Vegas, Nevada, August 4, 2020
– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter ended June 30, 2020. Earnings attributable to MGP’s Class A shareholders for the quarter was $41.0 million, or $0.30 per diluted share.
Other financial highlights for the second quarter of 2020 included:
Rental revenue of $188.3 million;
Consolidated net income of $97.0 million, or $0.30 per diluted Operating Partnership unit;
Funds From Operations(1) (“FFO”) of $165.9 million, or $0.52 per diluted Operating Partnership unit;
Adjusted Funds From Operations(2) (“AFFO”) of $177.7 million, or $0.56 per diluted Operating Partnership unit;
Adjusted EBITDA(3) of $240.3 million;
General and administrative expenses of $3.7 million; and
Income from unconsolidated affiliate of $25.5 million.
On May 18, 2020, the Operating Partnership redeemed and retired 30.3 million Operating Partnership units for $700 million in cash in accordance with its previously announced agreement with MGM Resorts International (“MGM”) to deliver cash for up to $1.4 billion of MGM’s existing Operating Partnership units should MGM elect to have any units redeemed.

“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,” said James Stewart, CEO of MGM Growth Properties. “We also have an opportunity for further accretion through the agreement to redeem an additional $700 million worth of units from MGM. In addition, we welcomed two new members to our Board of Directors and we look forward to leveraging their broad real estate and transaction expertise to further drive our business strategy in the coming years.”


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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Tuesday, August 4, 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)
Business
Business - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Debt
Debt - (Tables)
Debt - Debt Outstanding (Details)
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 (Details)
Net Income (Loss) Per Class A Share - (Tables)
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: 0001656936-20-000049
Submitted to the SEC: Tue Aug 04 2020 9:15:32 AM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts

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