MGM Growth: 2Q Earnings Snapshot
LAS VEGAS (AP) _ MGM Growth Properties LLC (MGP) on Tuesday reported a key measure of profitability in its second quarter.
The Las Vegas-based real estate investment trust said it had funds from operations of $145.6 million, or 55 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $13.1 million, or 18 cents per share.
The real estate investment trust posted revenue of $220.4 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $217.7 million.
The company’s shares have declined slightly since the beginning of the year. The stock has declined 1 percent in the last 12 months.