Mgm Growth Properties Operating Partnership Lp 10-K Annual Report February 2022

– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2021. Net income attributable to MGP Class A shareholders for the quarter was $52.0 million, or $0.33 per dilutive share, and for the year ended December 31, 2021 was $205.5 million, or $1.36 per dilutive share.

Financial highlights for the fourth quarter of 2021:

•Consolidated rental revenue of $193.0 million;

•Consolidated net income of $87.0 million, or $0.32 per diluted Operating Partnership unit;

•Consolidated Funds From Operations(1) (“FFO”) of $160.2 million, or $0.60 per diluted Operating Partnership unit;

•Consolidated Adjusted Funds From Operations(2) (“AFFO”) of $179.5 million, or $0.67 per diluted Operating Partnership unit;

•Consolidated Adjusted EBITDA(3) (“Adjusted EBITDA”) of $249.4 million;

•General and administrative expenses of $6.2 million; and

•Income from unconsolidated affiliate of $25.0 million.

Financial highlights for the year ended December 31, 2021:

•Consolidated rental revenue of $757.9 million;

•Consolidated net income of $359.2 million, or $1.33 per diluted Operating Partnership unit;

•FFO of $638.4 million, or $2.37 per diluted Operating Partnership unit;

•AFFO of $693.3 million, or $2.57 per diluted Operating Partnership unit;

•Adjusted EBITDA of $979.2 million;

•General and administrative expenses of $18.1 million; and

•Income from unconsolidated affiliate of $100.8 million.

As of December 31, 2021, there were approximately 268.1 million Operating Partnership units outstanding in the Operating Partnership of which MGM owned approximately 111.4 million, or 41.5%, while MGP owns the remaining 58.5%.

On October 29, 2021, the Company acquired the real estate assets of MGM Springfield from MGM for $400 million of cash consideration. MGM Springfield was added to the MGM-MGP Master Lease between the Company and MGM and, as a result, the annual rent payment increased by $30 million.

In addition, on December 13, 2021, MGM entered into an agreement to sell the equity interests of The Mirage to an affiliate of Seminole Hard Rock Entertainment, Inc (“Hard Rock”). Upon closing, the master lease agreement between the Company and MGM (or MGM’s master lease with VICI, in the event that the VICI transaction is consummated prior to closing) will be amended and restated to reflect a $90 million reduction in annual cash rent and a new lease will be entered into with Hard Rock to reflect an initial $90 million annual cash rent. The transaction is expected to close during the second half of 2022, subject to certain closing conditions, including, but not limited to, the consummation or termination of the VICI transaction.

Page 1 of 7

The following information was filed by Mgm Growth Properties Operating Partnership Lp on Thursday, February 10, 2022 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1691299/000165693622000007/mgp-20211231.htm

View differences made from one year 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-K Annual 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

Mgm Growth Properties Operating Partnership Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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

Continue

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 10.33: Material Contract

Exhibit 10.48: 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: 0001656936-22-000007
Submitted to the SEC: Wed Feb 16 2022 9:04:43 AM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/1691299/0001656936-22-000007.htm

Mgm Growth Properties Operating Partnership Lp (1691299) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

1691299 Annual Reports

1691299 Quarterly Reports

1691299 Corporate News

1691299 Merger Prospectus