Mgm Growth Properties Operating Partnership Lp 10-K Annual Report February 2021

– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2020. Net income attributable to MGP Class A shareholders for the quarter was $41.5 million, or $0.31 per dilutive share, and for the year ended December 31, 2020 was $76.1 million, or $0.59 per dilutive share.

Financial highlights for the fourth quarter of 2020:

•Consolidated rental revenue of $188.3 million;

•Consolidated net income of $91.3 million, or $0.31 per diluted Operating Partnership unit;

•Consolidated Funds From Operations(1) (“FFO”) of $160.1 million, or $0.54 per diluted Operating Partnership unit;

•Consolidated Adjusted Funds From Operations(2) (“AFFO”) of $169.6 million, or $0.57 per diluted Operating Partnership unit;

•Consolidated Adjusted EBITDA(3) (“Adjusted EBITDA”) of $240.2 million;

•General and administrative expenses of $4.0 million; and

•Income from unconsolidated affiliate of $25.0 million.

Financial highlights for the year ended December 31, 2020:

•Consolidated rental revenue of $768.4 million;

•Consolidated net income of $160.4 million for the year, or $0.52 per diluted Operating Partnership unit;

•FFO of $629.2 million for the year, or $2.02 per diluted Operating Partnership unit;

•AFFO of $703.7 million for the year, or $2.26 per diluted Operating Partnership unit;

•Adjusted EBITDA of $955.3 million for the year;

•General and administrative expenses of $16.1 million; and

•Income from unconsolidated affiliate of $89.1 million.

On December 2, 2020, the Operating Partnership redeemed and retired 23.5 million Operating Partnership units for cash, which represented the remaining $700 million under 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. As of December 31, 2020, there were approximately 280.0 million Operating Partnership units outstanding in the Operating Partnership of which MGM owned approximately 148.5 million, or 53.0%, of the Operating Partnership units in the Operating Partnership while MGP owns the remaining 47.0%.

“While 2020 presented a unique set of challenges, MGP successfully completed transactions that put us on a solid footing to continue to execute on our long-term business strategy. We acquired majority ownership of the real estate assets of the MGM Grand Las Vegas through our joint venture with Blackstone and completed $1.4 billion of unit redemption transactions that helped grow the company and diversify our shareholder base,” said James Stewart, CEO of MGM Growth Properties. “The

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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Tuesday, February 16, 2021 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

Material Contracts, Statements, Certifications & more

Mgm Growth Properties Operating Partnership Lp provided additional information to their SEC Filing as exhibits

Exhibit 4.15: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.42: Material Contract

Exhibit 10.43: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 21.2: Subsidaries Of The Registrant

Exhibit 22.1: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 23.3: Consents Of Experts And Counsel

Exhibit 23.4: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 32.3: Section 1350 Certification

Exhibit 32.4: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

CIK: 1691299
Form Type: 10-K Annual Report
Accession Number: 0001656936-21-000011
Submitted to the SEC: Tue Feb 23 2021 4:11:54 PM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

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Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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