MGM Growth Properties announced a proposed offering of $500 million in senior notes due 2029. Proceeds are intended for general corporate purposes, potentially including the redemption of up to $700 million of Operating Partnership units held by MGM Resorts International. The offering is targeted at qualified institutional buyers and will not be registered under the Securities Act, limiting its accessibility.
No assurance is provided regarding the completion of the offering and future performance remains uncertain due to various risks.
MGM Growth Properties LLC (MGP) reported Q3 2020 financial results, highlighting earnings of $43.4 million or $0.34 per share. Key metrics include rental revenue of $188.3 million, consolidated net income of $97.4 million, and FFO of $166.1 million. MGP maintained a strong balance sheet with $655.2 million in cash and no debt maturities until 2023. The company has successfully collected 100% of rents through October, reinforcing its liquidity despite ongoing economic challenges. A $0.4875 per share cash dividend was also declared for the third quarter.
MGM Growth Properties (NYSE: MGP) will announce its Q3 2020 financial results on November 2, 2020, before market opening. A conference call is scheduled for 12:30 p.m. ET that day, featuring a discussion of results and a Q&A session. Supplemental slides will be available on MGP's website prior to the call. The replay of the call can be accessed until November 9, 2020. MGP is a major real estate investment trust focusing on destination resorts, with a portfolio of properties in Las Vegas and the U.S., comprising approximately 27,400 hotel rooms and extensive casino and convention space.
MGM Growth Properties LLC (NYSE:MGP) declared a quarterly cash dividend of $0.4875 per Class A common share for Q3, equating to an annualized dividend of $1.95. This dividend will be payable on October 15, 2020, to shareholders of record as of September 30, 2020. MGP manages a diverse portfolio of 12 premier destination resorts across the U.S., including Las Vegas, and focuses on growth through strategic property acquisitions.
MGM Growth Properties LLC (MGP) reported Q2 2020 financial results, showing resilience amid COVID-19. The company achieved rental revenue of $188.3 million and net income of $97.0 million.
Funds From Operations (FFO) stood at $165.9 million, while Adjusted Funds From Operations (AFFO) reached $177.7 million. MGP redeemed 30.3 million Operating Partnership units for $700 million to return value to shareholders. The company has $725.9 million in cash and completed a successful senior notes offering, enhancing its liquidity.
MGM Growth Properties (NYSE: MGP) will announce its second-quarter financial results on August 4, 2020, before the market opens. A conference call will take place at 12:30 p.m. ET the same day, featuring a presentation followed by a Q&A session. Supplemental slides will be available on MGP's website prior to the call. Investors can access the call via webcast or by phone. A replay will be available until August 11, 2020. As of December 31, 2019, MGP's portfolio included 12 destination resorts, offering approximately 27,400 hotel rooms and extensive gaming and convention space.