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 results matched Wall Street expectations.
The Las Vegas-based real estate investment trust said it had funds from operations of $172.8 million, or 59 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 59 cents per share.
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 $21.9 million, or 24 cents per share.
The real estate investment trust posted revenue of $225.8 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $233 million.
The company’s shares have increased nearly 9% since the beginning of the year. The stock has dropped 2.5% in the last 12 months.