MGM Growth Properties (MGP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $12.39 million in the quarter, against a net loss of $141.78 million in the last year period.
Revenues for the quarter were $184.15 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 $88.39 million for the quarter, up 24.69 percent or $17.50 million from year-ago period. Operating margin for the quarter was at 52 percent.
Operating income for the quarter was $95.76 million, compared with an operating loss of $70.89 million in the previous year period.
Revenue from real estate activities during the quarter was at $184.15 million.
Income from operating leases during the quarter was at $163.18 million. Revenue from tenant reimbursements during the quarter was at $20.97 million.
"2016 was an extraordinary debut year for MGM Growth Properties and our shareholders. The Company’s $1.2 billion initial public offering was one of the largest of the year and was named International Financing Review magazine's 2016 U.S. IPO of the year. We acquired the real property of the Borgata, increased our dividend 8 percent, strengthened our balance sheet, and were added to the MSCI U.S. REIT Index," said James Stewart, chief executive officer of MGM Growth Properties. "Looking ahead into 2017, we remain focused on further driving shareholder value and strategically growing our premier asset portfolio."
Receivables remain almost stableNet receivables stood at $9.50 million as on Dec. 31, 2016. Accounts payable stood at $10.48 million as on Dec. 31, 2016. Total assets stood at $9,506.74million as on Dec. 31, 2016. On the other hand, total liabilities were at $3,898.48 million as on Dec. 31, 2016.
Return on assets was at 1 percent in the quarter. At the same time, return on equity was at 0.22 percent in the quarter.
Total debt was at $3,621.94 million as on Dec. 31, 2016. Shareholders equity was at $5,608.26 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.65 percent in the quarter.
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