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Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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, 2021
– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter ended March 31, 2021. Net income attributable to MGP Class A shareholders for the quarter was $59.6 million, or $0.44 per dilutive share.
Financial highlights for the first quarter of 2021:
Consolidated rental revenue of $188.3 million;
Consolidated net income of $115.4 million, or $0.42 per diluted Operating Partnership unit;
Consolidated Funds From Operations(1) (“FFO”) of $184.7 million, or $0.67 per diluted Operating Partnership unit;
Consolidated Adjusted Funds From Operations(2) (“AFFO”) of $166.9 million, or $0.60 per diluted Operating Partnership unit;
Consolidated Adjusted EBITDA(3) (“Adjusted EBITDA”) of $240.9 million;
General and administrative expenses of $3.7 million; and
Income from unconsolidated affiliate of $25.5 million.

In March 2021, certain subsidiaries of MGM delivered a notice of redemption covering an aggregate of 37.1 million Operating Partnership units that they held that was satisfied with aggregate cash consideration of approximately $1.2 billion using cash on hand together with the proceeds from the registered public offering of 21.9 million Class A shares. As of March 31, 2021, there were approximately 264.7 million Operating Partnership units outstanding in the Operating Partnership of which MGM owned approximately 111.4 million, or 42.1%, while MGP owns the remaining 57.9%.

“MGP just celebrated its fifth anniversary as a public company and 2021 is off to another successful start. We completed the redemption of 37.1 million Operating Partnership units from MGM Resorts, reducing MGM’s ownership to 42.1%, and raised our annualized dividend for the 12th time to $1.98 per share,” said James Stewart, CEO of MGM Growth Properties. “Further, the first rent escalator under the MGP BREIT Venture lease of 2% went into effect on March 1, 2021 and the fifth base rent escalator under the MGM-MGP Master Lease of 2% went into effect on April 1, 2021, resulting in current annual pro rata rent of $992 million. We believe these steps further strengthen our ability to execute on our long-term strategy.”

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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Friday, April 30, 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-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
Debt
Debt - (Tables)
Debt - Debt Outstanding (Details)
Debt - Narrative (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities - (Tables)
Derivatives And Hedging Activities - Schedule Of Interest Rate Derivatives (Details)
Earnings Per Class A Share
Earnings Per Class A Share (Details)
Earnings Per Class A Share - (Tables)
Earnings Per Operating Partnership Unit
Earnings Per Operating Partnership Unit (Details)
Earnings Per Operating Partnership Unit - (Tables)
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)
Real Estate Investments
Real Estate Investments - (Tables)
Real Estate Investments - Carrying Value Of Investments (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: 0001656936-21-000025
Submitted to the SEC: Fri Apr 30 2021 9:06:09 AM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts

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