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UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to           
Commission File No. 001-37733 (MGM Growth Properties LLC)
Commission File No. 333-215571 (MGM Growth Properties Operating Properties LP)

MGM Growth Properties LLC
MGM Growth Properties Operating Partnership LP
(Exact name of registrant as specified in its charter)

Delaware
(MGM Growth Properties LLC)
47-5513237
Delaware
(MGM Growth Properties Operating Partnership LP)
81-1162318
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
1980 Festival Plaza Drive, Suite #750, Las Vegas, NV 89135
(Address of principal executive offices)
(702) 669-1480
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Shares, no par value
MGP
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

MGM Growth Properties LLC     Yes    X      No         
MGM Growth Properties Operating Partnership LP     Yes     X       No     
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    

MGM Growth Properties LLC     Yes    X      No          
MGM Growth Properties Operating Partnership LP     Yes    X      No          
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

MGM Growth Properties LLC

Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

MGM Growth Properties Operating Partnership LP
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
 
MGM Growth Properties LLC     Yes No  
MGM Growth Properties Operating Partnership LP      Yes No  

As of November 1, 201995,806,597 shares of MGM Growth Properties LLC Class A shares, no par value, and 1 share of MGM Growth Properties LLC Class B share, no par value, were outstanding.




EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019, of MGM Growth Properties LLC, a Delaware limited liability corporation, and MGM Growth Properties Operating Partnership LP, a Delaware limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “MGP” or “the Company” refer to MGM Growth Properties LLC together with its consolidated subsidiaries, including MGM Growth Properties Operating Partnership LP. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to MGM Growth Properties Operating Partnership LP together with its consolidated subsidiaries.
MGP is a real estate investment trust (“REIT”), and the owner of the sole general partner of the Operating Partnership. As of September 30, 2019, MGP owned approximately 32.3% of the Operating Partnership units, each such unit representing limited partnership interests in the Operating Partnership (“Operating Partnership units”). The remaining approximately 67.7% of the Operating Partnership’s units are owned by subsidiaries of our parent, MGM Resorts International (“MGM”). As the owner of the sole general partner of the Operating Partnership, MGP has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control.
We believe combining the quarterly reports on Form 10-Q of MGP and the Operating Partnership into this single report results in the following benefits:
enhances investors’ understanding of MGP and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both MGP and the Operating Partnership, which we believe will assist investors in getting all relevant information on their investment in one place rather than having to access and review largely duplicative reports; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are a few differences between MGP and the Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between MGP and the Operating Partnership in the context of how we operate as an interrelated consolidated company. MGP is a REIT, whose only material assets consist of Operating Partnership units and sole beneficial ownership of the general partner of the Operating Partnership. As a result, MGP does not conduct business itself, other than acting as the owner of the sole general partner of the Operating Partnership, but it may from time to time issue additional public equity in the form of Class A shares. The Operating Partnership holds all the assets of the Company. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from certain offerings of Class A shares by MGP, which were contributed to the Operating Partnership in exchange for Operating Partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s issuance of indebtedness or through the issuance of Operating Partnership units.
The presentation of noncontrolling interest, shareholders’ equity and partners’ capital are the main areas of difference between the condensed consolidated financial statements of MGP and those of the Operating Partnership. The Operating Partnership units held by subsidiaries of MGM are accounted for as partners’ capital in the Operating Partnership’s condensed consolidated financial statements and as noncontrolling interest within equity in MGP’s condensed consolidated financial statements. The Operating Partnership units held by MGP in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s condensed consolidated financial statements and within Class A shareholders’ equity in MGP’s condensed consolidated financial statements. These differences in the presentations between shareholders’ equity in MGP’s condensed consolidated financial statements and partners’ capital in the Operating Partnership’s condensed consolidated financial statements therefore result from the differences in the equity and limited partnership interests issued at the MGP and Operating Partnership levels, respectively.
To help investors understand the significant differences between MGP and the Operating Partnership, this report presents the condensed consolidated financial statements separately for MGP and the Operating Partnership.
As the sole beneficial owner of MGM Growth Properties OP GP LLC, which is the sole general partner with control of the Operating Partnership, MGP consolidates the Operating Partnership for financial reporting purposes, and it does not have any assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of MGP and the Operating




Partnership are the same on their respective condensed consolidated financial statements. The separate discussions of MGP and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a condensed consolidated basis and how management operates the Company.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and 18 U.S.C. §1350, this report also includes separate “Item 4. Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership.
All other sections of this report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk, are presented together for MGP and the Operating Partnership.





MGM GROWTH PROPERTIES LLC
FORM 10-Q
I N D E X

 
 
Page
PART I.
 
 
 
 
Item 1.
 
 
 
 
MGM Growth Properties LLC:
 
 
 
 
 
 
 
MGM Growth Properties Operating Partnership LP:
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.




Part I.    FINANCIAL INFORMATION
Item 1.    Financial Statements
MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
 
September 30, 2019
 
December 31, 2018
ASSETS
Real estate investments, net
$
10,894,121

 
$
10,506,129

Lease incentive asset
532,186

 

Cash and cash equivalents
153,526

 
3,995

Tenant and other receivables, net
463

 
7,668

Prepaid expenses and other assets
27,413

 
34,813

Above market lease, asset
41,834

 
43,014

Operating lease right-of-use assets
280,020

 

Assets held for sale

 
355,688

Total assets
$
11,929,563

 
$
10,951,307

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
 
 
 
Debt, net
$
4,847,408

 
$
4,666,949

Due to MGM Resorts International and affiliates
298

 
227

Accounts payable, accrued expenses and other liabilities
59,937

 
20,796

Above market lease, liability

 
46,181

Accrued interest
37,407

 
26,096

Dividend and distribution payable
138,730

 
119,055

Deferred revenue
95,306

 
163,926

Deferred income taxes, net
29,721

 
33,634

Operating lease liabilities
336,452

 

Liabilities related to assets held for sale

 
28,937

Total liabilities
5,545,259

 
5,105,801

Commitments and contingencies (Note 11)

 

Shareholders’ equity
 
 
 
Class A shares: no par value, 1,000,000,000 shares authorized, 95,468,067 and 70,911,166 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

Additional paid-in capital
2,307,463

 
1,712,671

Accumulated deficit
(216,824
)
 
(150,908
)
Accumulated other comprehensive income (loss)
(16,129
)
 
4,208

Total Class A shareholders’ equity
2,074,510

 
1,565,971

Noncontrolling interest
4,309,794

 
4,279,535

Total shareholders’ equity
6,384,304

 
5,845,506

Total liabilities and shareholders’ equity
$
11,929,563

 
$
10,951,307

The accompanying notes are an integral part of these condensed consolidated financial statements.


1




MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Rental revenue
$
219,847

 
$
186,564

 
$
636,575

 
$
559,690

Tenant reimbursements and other
6,164

 
30,095

 
18,618

 
93,198

Total revenues
226,011

 
216,659

 
655,193

 
652,888

 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Depreciation
71,957

 
63,468

 
223,062

 
199,933

Property transactions, net
9,921

 
339

 
11,344

 
18,851

Ground lease and other reimbursable expenses
5,920

 
29,168

 
17,760

 
90,435

Amortization of above market lease, net

 
171

 

 
514

Acquisition-related expenses
92

 
1,931

 
8,891

 
4,603

General and administrative
4,476

 
3,358

 
12,305

 
10,021

Total expenses
92,366

 
98,435

 
273,362

 
324,357

 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
Interest income
241

 
163

 
2,189

 
2,473

Interest expense
(63,048
)
 
(58,743
)
 
(190,973
)
 
(157,249
)
Other
(306
)
 
(1,020
)
 
(806
)
 
(6,409
)
 
(63,113
)
 
(59,600
)
 
(189,590
)
 
(161,185
)
Income from continuing operations before income taxes
70,532

 
58,624

 
192,241

 
167,346

Provision for income taxes
(1,979
)
 
(2,650
)
 
(5,771
)
 
(5,144
)
Income from continuing operations, net of tax
68,553

 
55,974

 
186,470

 
162,202

Income from discontinued operations, net of tax (Note 3)

 
13,949

 
16,216

 
13,949

Net income
68,553

 
69,923

 
202,686

 
176,151

Less: Net income attributable to noncontrolling interest
(46,038
)
 
(50,439
)
 
(138,358
)
 
(127,691
)
Net income attributable to Class A shareholders
$
22,515

 
$
19,484

 
$
64,328

 
$
48,460

 
 
 
 
 
 
 
 
Weighted average Class A shares outstanding:
 
 
 
 
 
 
 
Basic
93,165,443

 
71,005,052

 
89,440,552

 
70,991,129

Diluted
93,322,940

 
71,201,791

 
89,645,109

 
71,174,270

 
 
 
 
 
 
 
 
Income from continuing operations per Class A share (basic)
$
0.24

 
$
0.22

 
$
0.67

 
$
0.63

Income from discontinued operations per Class A share (basic)

 
0.05

 
0.05

 
0.05

Net income per Class A share (basic)
$
0.24

 
$
0.27

 
$
0.72

 
$
0.68

 
 
 
 
 
 
 
 
Income from continuing operations per Class A share (diluted)
$
0.24

 
$
0.22

 
$
0.67

 
$
0.63

Income from discontinued operations per Class A share (diluted)

 
0.05

 
0.05

 
0.05

Net income per Class A share (diluted)
$
0.24

 
$
0.27

 
$
0.72

 
$
0.68

The accompanying notes are an integral part of these condensed consolidated financial statements.

2



MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
68,553

 
$
69,923

 
$
202,686

 
$
176,151

Other comprehensive income (loss)
 
 
 
 
 
 
 
Unrealized gain (loss) on cash flow hedges
(19,270
)
 
4,736

 
(65,657
)
 
27,372

Other comprehensive income (loss)
(19,270
)
 
4,736

 
(65,657
)
 
27,372

Comprehensive income
49,283

 
74,659

 
137,029

 
203,523

Less: Comprehensive income attributable to noncontrolling interests
(33,001
)
 
(53,912
)
 
(93,298
)
 
(147,767
)
Comprehensive income attributable to Class A shareholders
$
16,282

 
$
20,747

 
$
43,731

 
$
55,756


The accompanying notes are an integral part of these condensed consolidated financial statements.

3



MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities
 
 
 
Net income
$
202,686

 
$
176,151

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Income from discontinued operations, net
(16,216
)
 
(13,949
)
Depreciation
223,062

 
199,933

Property transactions, net
11,344

 
18,851

Amortization of deferred financing costs and debt discount
9,602

 
9,391

Loss on retirement of debt

 
2,736

Non-cash ground lease, net
778

 
514

Deemed contributions - tax sharing agreement
5,599

 
4,912

Straight-line rental revenues, excluding amortization of lease incentive asset
29,783

 
14,657

Amortization of lease incentive asset
11,355

 

Amortization of deferred revenue on non-normal tenant improvements
(1,636
)
 
(2,762
)
Share-based compensation
1,608

 
1,516

Deferred income taxes
(3,913
)
 
2,848

Park MGM Transaction
(605,625
)
 

Distributions received from discontinued operations and other
40,165

 
88

Changes in operating assets and liabilities:
 
 
 
Tenant and other receivables, net
(437
)
 
550

Prepaid expenses and other assets
(222
)
 
137

Due to MGM Resorts International and affiliates
71

 
(633
)
Accounts payable, accrued expenses and other liabilities
(3,832
)
 
67

Accrued interest
11,311

 
9,830

Net cash provided by (used in) operating activities - continuing operations
(84,517
)
 
424,837

Cash flows from investing activities
 
 
 
Capital expenditures for property and equipment

 
(191
)
Acquisition of Northfield

 
(1,068,337
)
Proceeds from Northfield OpCo Transaction
3,779

 

Net cash provided by (used in) investing activities - continuing operations
3,779

 
(1,068,528
)
Cash flows from financing activities
 
 
 
Net borrowings (repayments) under bank credit facility
(566,813
)
 
747,375

Proceeds from issuance of debt
750,000

 

Deferred financing costs
(9,983
)
 
(17,490
)
Repayment of assumed bridge facility
(245,950
)
 

Proceeds from issuance of Class A shares, net
699,362

 

Dividends and distributions paid
(395,005
)
 
(337,865
)
Other
(1,342
)
 

Net cash provided by financing activities - continuing operations
230,269

 
392,020

 
 
 
 
Cash flows from discontinued operations, net
 
 
 
Cash flows provided by operating activities, net
15,591

 
8,250

Cash flows provided by (used in) investing activities, net
(12
)
 
33,199

Cash flows used in financing activities, net
(37,900
)
 

Net cash provided by (used in) discontinued operations
(22,321
)
 
41,449

 
 
 
 
Change in cash and cash equivalents classified as assets held for sale
(22,321
)
 
41,449

 
 
 
 
Cash and cash equivalents
 
 
 
Net increase (decrease) for the period
149,531

 
(251,671
)
Balance, beginning of period
3,995

 
259,722

Balance, end of period
$
153,526

 
$
8,051

Supplemental cash flow disclosures
 
 
 
Interest paid
$
169,646

 
$
137,623

Non-cash investing and financing activities
 
 
 
Non-Normal Tenant Improvements by Tenant
$

 
$
18,172

Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders
$
138,730

 
$
116,395

Empire City Transaction assets acquired
$
625,000

 
$

Redemption of Operating Partnership units relating to Northfield OpCo Transaction
$
301,373

 
$

The accompanying notes are an integral part of these condensed consolidated financial statements.

4



MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
(unaudited)
 
 
Class A Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Par Value
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Total Class A Shareholders' Equity
 
Noncontrolling Interest
 
Total Shareholders' Equity
Balance at January 1, 2019
 
70,911

 
$

 
$
1,712,671

 
$
(150,908
)
 
$
4,208

 
$
1,565,971

 
$
4,279,535

 
$
5,845,506

Net income
 

 

 

 
19,955

 

 
19,955

 
46,409

 
66,364

Deemed contribution - tax sharing agreement
 

 

 

 

 

 

 
1,345

 
1,345

Dividends and distributions declared ($0.4650 per Class A share)
 

 

 

 
(42,064
)
 

 
(42,064
)
 
(97,215
)
 
(139,279
)
Issuance of Class A shares
 
19,550

 

 
471,647

 

 
774

 
472,421

 
75,970

 
548,391

Empire City Transaction
 

 

 
23,940

 

 
(195
)
 
23,745

 
355,305

 
379,050

Park MGM Transaction
 

 

 
2,512

 

 
(16
)
 
2,496

 
29,379

 
31,875

Share-based compensation
 

 

 
164

 

 

 
164

 
401

 
565

Other comprehensive income - cash flow hedges
 

 

 

 

 
(4,717
)
 
(4,717
)
 
(10,895
)
 
(15,612
)
Other
 

 

 
(389
)
 

 

 
(389
)
 
(899
)
 
(1,288
)
Balance at March 31, 2019
 
90,461

 
$

 
$
2,210,545

 
$
(173,017
)
 
$
54

 
$
2,037,582

 
$
4,679,335

 
$
6,716,917

Net income
 

 

 

 
21,858

 

 
21,858

 
45,911

 
67,769

Deemed contribution - tax sharing agreement
 

 

 

 

 

 

 
2,275

 
2,275

Dividends and distributions declared ($0.4675 per Class A share)
 

 

 

 
(43,310
)
 

 
(43,310
)
 
(93,361
)
 
(136,671
)
Issuance of Class A shares
 
2,101

 

 
52,294

 

 
(105
)
 
52,189

 
12,719

 
64,908

Northfield OpCo Transaction
 

 

 
(27,441
)
 

 
2

 
(27,439
)
 
(271,518
)
 
(298,957
)
Share-based compensation
 
77

 

 
164

 

 

 
164

 
360

 
524

Other comprehensive income - cash flow hedges
 

 

 

 

 
(9,647
)
 
(9,647
)
 
(21,128
)
 
(30,775
)
Other
 

 

 
1,823

 

 

 
1,823

 
(1,281
)
 
542

Balance at June 30, 2019
 
92,639

 
$

 
$
2,237,385

 
$
(194,469
)
 
$
(9,696
)
 
$
2,033,220

 
$
4,353,312

 
$
6,386,532

Net income
 

 

 

 
22,515

 

 
22,515

 
46,038

 
68,553

Deemed contribution - tax sharing agreement
 

 

 

 

 

 

 
1,979

 
1,979

Dividends and distributions declared ($0.4700 per Class A share)
 

 

 

 
(44,870
)
 

 
(44,870
)
 
(93,860
)
 
(138,730
)
Issuance of Class A shares
 
2,829

 

 
70,338

 

 
(200
)
 
70,138

 
15,925

 
86,063

Share-based compensation
 

 

 
166

 

 

 
166

 
353

 
519

Other comprehensive income - cash flow hedges
 

 

 

 

 
(6,233
)
 
(6,233
)
 
(13,037
)
 
(19,270
)
Other
 

 

 
(426
)
 

 

 
(426
)
 
(916
)
 
(1,342
)
Balance at September 30, 2019
 
95,468

 
$

 
$
2,307,463

 
$
(216,824
)
 
$
(16,129
)
 
$
2,074,510

 
$
4,309,794

 
$
6,384,304


The accompanying notes are an integral part of these condensed consolidated financial statements.



5



MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
(unaudited)
 
 
Class A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
Par Value
 
Additional Paid-in Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income
 
Total Class A Shareholders' Equity
 
Noncontrolling Interest
 
Total Shareholders' Equity
Balance at January 1, 2018
 
70,897

 
$

 
$
1,716,490

 
$
(94,948
)
 
$
3,108

 
$
1,624,650

 
$
4,443,089

 
$
6,067,739

Net income
 

 

 

 
15,830

 

 
15,830

 
42,339

 
58,169

Deemed contribution - tax sharing agreement
 

 

 

 

 

 

 
1,231

 
1,231

Dividends and distributions declared ($0.4200 per Class A share)
 

 

 

 
(29,777
)
 

 
(29,777
)
 
(81,956
)
 
(111,733
)
Share-based compensation
 

 

 
102

 

 

 
102

 
282

 
384

Other comprehensive income - cash flow hedges
 

 

 

 

 
4,358

 
4,358

 
11,997

 
16,355

Other
 

 

 
108

 

 

 
108

 
293

 
401

Balance at March 31, 2018
 
70,897

 
$

 
$
1,716,700

 
$
(108,895
)
 
$
7,466

 
$
1,615,271

 
$
4,417,275

 
$
6,032,546

Net income
 

 

 

 
13,146

 

 
13,146

 
34,913

 
48,059

Deemed contribution - tax sharing agreement
 

 

 

 

 

 

 
1,263

 
1,263

Dividends and distributions declared ($0.4300 per Class A share)
 

 

 

 
(30,492
)
 

 
(30,492
)
 
(83,907
)
 
(114,399
)
Share-based compensation
 

 

 
149

 

 

 
149

 
407

 
556

Other comprehensive income - cash flow hedges
 

 

 

 

 
1,675

 
1,675

 
4,606

 
6,281

Other
 
14

 

 
237

 

 

 
237

 
(240
)
 
(3
)
Balance at June 30, 2018
 
70,911

 
$

 
$
1,717,086

 
$
(126,241
)
 
$
9,141

 
$
1,599,986

 
$
4,374,317

 
$
5,974,303

Net income
 

 

 

 
19,484

 

 
19,484

 
50,439

 
69,923

Deemed contribution - tax sharing agreement
 

 

 

 

 

 

 
2,418

 
2,418

Dividends and distributions declared ($0.4375 per Class A share)
 

 

 

 
(31,024
)
 

 
(31,024
)
 
(85,371
)
 
(116,395
)
Share-based compensation
 

 

 
153

 

 

 
153

 
423

 
576

Other comprehensive income - cash flow hedges
 

 

 

 

 
1,263

 
1,263

 
3,473

 
4,736

Other
 

 

 
(5,426
)
 

 

 
(5,426
)
 
(14,932
)
 
(20,358
)
Balance at September 30, 2018
 
70,911

 
$

 
$
1,711,813

 
$
(137,781
)
 
$
10,404

 
$
1,584,436

 
$
4,330,767

 
$
5,915,203


The accompanying notes are an integral part of these condensed consolidated financial statements.


6



MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except unit amounts)
(unaudited)