MGM Growth Properties LLC (MGP) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $11.35 million in the quarter, against a net loss of $135.94 million in the last year period. Revenues for the quarter were $183.90 million. The company has not recorded any revenues for the previous year period.
Gross margin for the quarter stood at 100 percent.
Total expenses were $91.88 million for the quarter, up 35.17 percent or $23.91 million from year-ago period. Operating margin for the quarter was at 50.04 percent.
Operating income for the quarter was $92.02 million, compared with an operating loss of $67.97 million in the previous year period. Adjusted EBITDA for the quarter stood at $159.87 million.
Revenue from real estate activities during the quarter was at $183.90 million.
Income from operating leases during the quarter was at $163.18 million. Revenue from tenant reimbursements during the quarter was at $20.72 million.
“We are pleased with our first quarter results, which further demonstrate our continued commitment to strengthening our balance sheet and improving our cost of capital,” said James Stewart, chief executive officer of MGM Growth Properties. “The first base rent escalator under our Master Lease of 2% went into effect on April 1, 2017, resulting in almost $12 million of additional rent to a new total annual rent amount of $662 million for our second lease year. This represents an increase of almost 5 cents a share to our AFFO per share, further demonstrating the built in growth of our business model. With this escalator, our Right of First Offer opportunities and other potential acquisitions, we continue to work towards sustainably growing our dividend to drive shareholder value.”
Receivables remain almost stable
Net receivables stood at $4.61 million as on Mar. 31, 2017. Accounts payable stood at $5.64 million as on Mar. 31, 2017. Total assets stood at $9,449.45million as on Mar. 31, 2017. On the other hand, total liabilities were at $3,887.42 million as on Mar. 31, 2017.
Return on assets was at 0.97 percent in the quarter. At the same time, return on equity was at 0.20 percent in the quarter.
Total debt was at $3,606.97 million as on Mar. 31, 2017. Shareholders equity was at $5,562.04 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.65 percent in the quarter.
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