Last10K.com

Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

SEC Filings

Mgm Growth Properties Operating Partners

CIK: 1691299

Exhibit 99.1
g275168g1105051634256a04a.jpg
MGM GROWTH PROPERTIES REPORTS SECOND QUARTER FINANCIAL RESULTS
Las Vegas, Nevada, August 6, 2021
– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter ended June 30, 2021. Net income attributable to MGP Class A shareholders for the quarter was $43.9 million, or $0.28 per dilutive share.
Financial highlights for the second quarter of 2021:
Consolidated rental revenue of $188.3 million;
Consolidated net income of $73.7 million, or $0.28 per diluted Operating Partnership unit;
Consolidated Funds From Operations(1) (“FFO”) of $142.0 million, or $0.53 per diluted Operating Partnership unit;
Consolidated Adjusted Funds From Operations(2) (“AFFO”) of $171.8 million, or $0.65 per diluted Operating Partnership unit;
Consolidated Adjusted EBITDA(3) (“Adjusted EBITDA”) of $244.3 million;
General and administrative expenses of $4.3 million; and
Income from unconsolidated affiliate of $25.3 million.

As of June 30, 2021, there were approximately 268.0 million Operating Partnership units outstanding in the Operating Partnership of which MGM owned approximately 111.4 million, or 41.6%, while MGP owns the remaining 58.4%.

On May 11, 2021, the Company entered into an agreement to acquire the real estate assets of MGM Springfield from MGM Resorts International (“MGM”) for $400 million in cash. MGM Springfield will be added to the Company’s existing master lease with MGM and the annual rent payment will increase by $30 million, $27.0 million of which will be fixed and contractually grow at 2% per year with escalators subject to the tenant meeting an adjusted net revenue to rent ratio. The transaction is expected to close in the fourth quarter of 2021, upon receipt of interim regulatory approvals from the Massachusetts Gaming Commission and the satisfaction of other customary closing conditions.

On August 4, 2021, the Company and the Operating Partnership entered into an agreement with VICI Properties, Inc. (“VICI”) and MGM whereby VICI will acquire the Company in a stock-for-stock transaction (such transaction, the “VICI Transaction”). Pursuant to the agreement, MGP Class A shareholders will have the right to receive 1.366 shares of newly issued VICI stock in exchange for each MGP Class A share outstanding and MGM will have the right to receive 1.366 units of the new VICI operating partnership (“VICI OP”) in exchange for each Operating Partnership unit held by MGM. The fixed exchange ratio represents an agreed upon price of $43 per share of MGP Class A share to the five-day volume weighted average price of VICI stock as of the close of business on July 30, 2021. Subsequent to the exchange, VICI OP will redeem the majority of MGM’s VICI OP units for cash consideration of $4.4 billion, with MGM retaining approximately 12.2 million VICI OP units. MGP’s Class B share that is held by MGM will be cancelled. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, regulatory approvals, and approval by VICI stockholders.

“Since our IPO in 2016, MGP completed over $7 billion of real estate transactions that grew our portfolio of premier entertainment assets, including introducing innovative transaction structures to the gaming REIT universe,” said James Stewart, CEO of MGP. “As a result of our completed and announced transactions, MGP’s pro rata rental revenue has nearly doubled from $550 million at IPO to approximately $1.0 billion, our annualized dividends per share increased 44%, and our total shareholder return has more than doubled. Following the announced strategic VICI Transaction, MGP shareholders will benefit from the collective strengths of both companies.”

Page 1 of 7

The following information was filed by Mgm Growth Properties Operating Partnership Lp on Friday, August 6, 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.

View differences made from one quarter to another to evaluate Mgm Growth Properties Operating Partnership Lp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Mgm Growth Properties Operating Partnership Lp.

Continue

Assess how Mgm Growth Properties Operating Partnership Lp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Mgm Growth Properties Operating Partnership Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

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 - Narrative (Details)
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: 0001656936-21-000034
Submitted to the SEC: Fri Aug 06 2021 9:05:48 AM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Real Estate Investment Trusts

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/1691299/0001656936-21-000034.htm