As a company, MGP is a publicly traded real estate investment trust that engages in the acquisition, ownership and leasing of large-scale destinations. Together with its joint venture, it currently owns 13 destination resorts in Las Vegas and across the US, including MGM Northfield Park in Ohio, Empire Resort Casino in Yonkers, New York, as well as a retail and entertainment district, The Park, in Las Vegas.
Overall, the results show a net income for the quarter that’s attributable to MGP Class A shareholders of $69.4m or $0.44 per dilutive share.
For the quarter, consolidated rental revenue reached $195.1m, meaning a consolidated net income of $116.5m or $0.43 per diluted Operating Partnership unit. Consolidated adjusted EBITDA reached $253.6m; in addition, general and admin expenses totalled $3.6m and income from unconsolidated affiliates, $25.4m.
As of 31 March 2022, MGM Growth Properties had approximately 268.1 million outstanding Operating Partnership units. Of these, MGM owned around 111.4 million or 41.5% whilst MGP owned the remaining 58.5%.
Financially as of 31 March 2022, the company had $7.6m of cash and cash equivalents. It received cash from rent payments under the Master Lease of $218.2m. Additional cash received from distributions from the unconsolidated affiliate, MGP BREIT Venture totalled $24.1m.
On 14 April 2022, the Operating Partnership made a cash distribution of $142.1m which related to the first quarter, $59m of which was paid to MGM and $83.1m to MGP. At the same time, MGP paid a cash dividend of $0.5300 per share.
