MGM GROWTH PROPERTIES LLC REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Las Vegas, Nevada, February 16, 2017 – MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2016. Net income attributable to MGP Class A shareholders for the quarter was $12.4 million, or $0.21 per dilutive share.
Financial highlights for the fourth quarter of 2016:
Rental revenue was $163.2 million;
Net income was $51.0 million;
Funds From Operations(1) (“FFO”) was $114.8 million, or $0.47 per diluted Operating Partnership unit;
Adjusted Funds From Operations(2) (“AFFO”) was $118.7 million, or $0.49 per diluted Operating Partnership unit;
Adjusted EBITDA(3) was $159.0 million; and
General and administrative expenses were $3.4 million.
“2016 was an extraordinary debut year for MGM Growth Properties and our shareholders. The Company’s $1.2 billion initial public offering was one of the largest of the year and was named International Financing Review magazine's 2016 U.S. IPO of the year. We acquired the real property of the Borgata, increased our dividend 8 percent, strengthened our balance sheet, and were added to the MSCI U.S. REIT Index,” said James Stewart, CEO of MGM Growth Properties. “Looking ahead into 2017, we remain focused on further driving shareholder value and strategically growing our premier asset portfolio.”
On December 15, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.3875 per Class A share (based on a $1.55 dividend on an annualized basis), which was paid on January 16, 2017 to holders of record on December 30, 2016.
In January 2017, the Company announced that Robert "Bob" W. Smith was elected to serve as the third independent director to the Company's Board of Directors. Mr. Smith has nearly thirty years of investment experience, serving in various roles at T. Rowe Price, including as Vice President of T. Rowe Price Group, Inc., Vice President and Portfolio Manager at T. Rowe Price Associates, Inc. and as a Lead Portfolio Manager at T. Rowe Price International, Inc. In addition, Mr. Smith served as a Vice President at T. Rowe Price Trust Company. Prior to joining T. Rowe Price, he was as an Investment Analyst at MFS Investment Management.
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The following information was filed by Mgm Growth Properties Llc (MGP) on Thursday, February 16, 2017 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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Form Type: 10-K Annual Report Accession Number: 0001628280-17-002206 Submitted to the SEC: Mon Mar 06 2017 2:08:27 PM EST Accepted by the SEC: Mon Mar 06 2017 Period: Saturday, December 31, 2016 Industry: Real Estate Investment Trusts