MGM-Growth-Properties-report-rent-income-from-US-195-mi-in-the-first-quarter-2022.jpg

MGM Growth Properties (MGP) has published its financial results for the quarter ending March 31, 2022.

As a company, MGP is a publicly traded real estate investment fund dedicated to the acquisition, ownership and leasing of large-scale destinations.

Along with its joint venture, it currently owns 13 resorts in Las Vegas and across the United States, including MGM Northfield Park in Ohio, Empire Resort Casino in Yonkers, New York, as well as the retail and entertainment district, The Park, in Las Vegas.

Overall, the results show net income for the quarter attributable to MGP Class A shareholders of $69.4 million or $0.44 per share.

For the quarter, consolidated rental revenue reached US$195.1 million, meaning consolidated net revenue of US$116.5 million or US$0.43 per diluted Operating Partnership unit. Consolidated adjusted EBITDA reached US$ 253.6 million; in addition, general and administrative expenses totaled US$3.6 million and income from unconsolidated affiliates totaled US$25.4 million.

As of March 31, 2022, MGM Growth Properties had approximately 268.1 million units of Operating Partnerships outstanding. Of these, MGM had about 111.4 million or 41.5%, while MGP had the remaining 58.5%.

Financially, as of March 31, 2022, the company had $7.6 million in cash. It received cash from rent payments under the main lease of $218.2 million. In additional cash received from distributions from the unconsolidated affiliate, MGP BREIT Venture totaled $24.1 million.

On April 14, 2022, the Operating Partnership made a cash distribution of $142.1 million referring to the first quarter, of which $59 million was paid to MGM and $83.1 million to MGP. At the same time, MGP paid a cash dividend of $0.5300 per share.