MGM Growth: 4Q Earnings Snapshot
LAS VEGAS (AP) _ MGM Growth Properties LLC (MGP) on Thursday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Las Vegas, said it had funds from operations of $152.4 million, or 57 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 $18.6 million, or 26 cents per share.
The real estate investment trust posted revenue of $284 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $284.5 million.
For the year, the company reported funds from operations of $593.4 million, or $2.23 per share. Revenue was reported as $1 billion.
The company’s shares have climbed 19 percent since the beginning of the year. The stock has increased 19 percent in the last 12 months.