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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 June 30, 2021
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 classTrading Symbol(s)Name of each exchange on which registered
Class A Shares, no par valueMGPNew 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      No  
MGM Growth Properties Operating Partnership LP    Yes     No  
*As a voluntary filer not subject to reporting requirements, MGM Growth Properties Operating Partnership LP has filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months that would have been required had it been subject to such requirements.
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     No  
MGM Growth Properties Operating Partnership LP     Yes     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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 August 4, 2021, 156,653,604 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 June 30, 2021, 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 June 30, 2021, MGP owned approximately 58.4% of the Operating Partnership units, each such unit representing limited partnership interests in the Operating Partnership (“Operating Partnership units”). The remaining approximately 41.6% of the Operating Partnership’s units are owned by our parent, MGM Resorts International (“MGM”) and certain of its subsidiaries. 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)
June 30, 2021December 31, 2020
ASSETS
Real estate investments, net$8,194,148 $8,310,737 
Lease incentive asset497,151 507,161 
Investment in unconsolidated affiliate813,850 810,066 
Cash and cash equivalents298,175 626,385 
Prepaid expenses and other assets24,227 25,525 
Above market lease, asset39,080 39,867 
Operating lease right-of-use assets280,855 280,565 
Total assets$10,147,486 $10,600,306 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Debt, net$4,162,918 $4,168,959 
Due to MGM Resorts International and affiliates245 316 
Accounts payable, accrued expenses and other liabilities75,640 124,109 
Accrued interest62,577 48,505 
Dividend and distribution payable138,029 136,484 
Deferred revenue187,019 156,760 
Deferred income taxes, net33,298 33,298 
Operating lease liabilities341,643 341,133 
Total liabilities5,001,369 5,009,564 
Commitments and contingencies (Note 11)
Shareholders' equity
Class A shares: no par value, 1,000,000,000 shares authorized, 156,645,628 and 131,459,651 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
  
Additional paid-in capital3,554,821 3,114,331 
Accumulated deficit(475,978)(422,897)
Accumulated other comprehensive loss(52,385)(51,197)
Total Class A shareholders' equity3,026,458 2,640,237 
Noncontrolling interest2,119,659 2,950,505 
Total shareholders' equity5,146,117 5,590,742 
Total liabilities and shareholders' equity$10,147,486 $10,600,306 
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 per share amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues
Rental revenue$188,304 $188,304 $376,607 $391,835 
Ground lease6,038 6,038 12,077 12,077 
Total Revenues194,342 194,342 388,684 403,912 
Expenses
Depreciation57,772 58,405 115,709 120,452 
Property transactions, net38 (66)881 194,990 
Ground lease expense5,920 5,920 11,840 11,840 
Acquisition-related expenses278 358 278 980 
General and administrative4,306 3,731 7,965 8,613 
Total Expenses68,314 68,348 136,673 336,875 
Other income (expense)
Income from unconsolidated affiliate25,273 25,453 50,758 38,816 
Interest income81 2,279 398 3,370 
Interest expense(68,741)(55,377)(137,187)(104,575)
Gain (loss) on unhedged interest rate swaps, net(6,455)1,588 28,604 (10,532)
Other(725)(413)(922)(18,781)
(50,567)(26,470)(58,349)(91,702)
Income (loss) before income taxes75,461 99,524 193,662 (24,665)
Provision for income taxes(1,764)(2,499)(4,556)(3,632)
Net income (loss)73,697 97,025 189,106 (28,297)
Less: Net (income) loss attributable to noncontrolling interest(29,808)(56,009)(85,619)19,565 
Net income (loss) attributable to Class A shareholders$43,889 $41,016 $103,487 $(8,732)
Weighted average Class A shares outstanding
Basic154,367 131,527 145,085 127,381 
Diluted154,547 131,637 145,289 127,381 
Earnings per Class A share
Basic$0.28 $0.30 $0.71 $(0.08)
Diluted$0.28 $0.30 $0.71 $(0.08)
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income (loss)$73,697 $97,025 $189,106 $(28,297)
Unrealized gain (loss) on cash flow hedges2,824 (7,391)19,403 (102,711)
Comprehensive income (loss)76,521 89,634 208,509 (131,008)
Less: Comprehensive (income) loss attributable to noncontrolling interests(30,974)(51,629)(95,165)81,734 
Comprehensive income (loss) attributable to Class A shareholders$45,547 $38,005 $113,344 $(49,274)
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)
Six Months Ended June 30,
20212020
Cash flows from operating activities
Net income (loss)$189,106 $(28,297)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation115,709 120,452 
Property transactions, net881 194,990 
Amortization of financing costs5,725 4,703 
Loss on retirement of debt 18,129 
Non-cash ground lease, net518 519 
Deemed contributions - tax sharing agreement4,556 3,632 
Straight-line rental revenues, excluding amortization of lease incentive asset31,014 24,414 
Amortization of lease incentive asset10,010 10,010 
Amortization of deferred revenue on non-normal tenant improvements(756)(756)
Amortization of cash flow hedges11,382 2,391 
(Gain) loss on unhedged interest rate swaps, net(28,604)10,532 
Share-based compensation1,610 1,357 
Income from unconsolidated affiliate(50,758)(38,816)
Distributions from unconsolidated affiliate46,974 35,233 
Change in operating assets and liabilities:
Prepaid expenses and other assets(644)(2,477)
Due to MGM Resorts International and affiliates(71)(450)
Accounts payable, accrued expenses and other liabilities(12,717)(927)
Accrued interest14,072 3,317 
Net cash provided by operating activities338,007 357,956 
Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net 58,615 
Net cash provided by investing activities 58,615 
Cash flows from financing activities
Net repayments under bank credit facility(10,000)(1,503,750)
Proceeds from issuance of bridge loan facility 1,304,625 
Proceeds from issuance of debt 800,000 
Deferred financing costs (11,307)
Proceeds from issuance of Class A shares, net792,569 524,616 
Redemption of Operating Partnership units(1,181,276)(700,000)
Dividends and distributions paid(267,510)(305,837)
Other (1,130)
Net cash provided by (used in) financing activities(666,217)107,217 
Cash and cash equivalents
Net increase (decrease) for the period(328,210)523,788 
Balance, beginning of period626,385 202,101 
Balance, end of period$298,175 $725,889 
Supplemental cash flow disclosures
Interest paid$106,008 $94,165 
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders$138,029 $147,941 
Investment in MGP BREIT Venture$ $802,000 
MGP BREIT Venture assumption of bridge loan facility$ $1,304,625 
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
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at March 31, 2021153,324 $ $3,459,599 $(439,194)$(53,553)$2,966,852 $2,122,979 $5,089,831 
Net income— — — 43,889 — 43,889 29,808 73,697 
Issuance of Class A shares3,244 — 94,865 — (478)94,387 22,148 116,535 
Cash flow hedges— — — — 1,658 1,658 1,166 2,824 
Share-based compensation— — 441 — — 441 317 758 
Deemed contribution - tax sharing agreement— — — — — — 1,764 1,764 
Dividends and distributions declared ($0.5150 per Class A share)
— — — (80,673)— (80,673)(57,357)(138,030)
Other78 — (84)— (12)(96)(1,166)(1,262)
Balance at June 30, 2021156,646 $ $3,554,821 $(475,978)$(52,385)$3,026,458 $2,119,659 $5,146,117 


Class A
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at January 1, 2021131,460 $ $3,114,331 $(422,897)$(51,197)$2,640,237 $2,950,505 $5,590,742 
Net income— — — 103,487 — 103,487 85,619 189,106 
Issuance of Class A shares25,094 — 660,302 — (4,171)656,131 136,438 792,569 
Redemption of Operating Partnership units— — (220,627)— (6,860)(227,487)(953,789)(1,181,276)
Cash flow hedges— — — — 9,857 9,857 9,546 19,403 
Share-based compensation— — 872 — — 872 738 1,610 
Deemed contribution - tax sharing agreement— — — — — — 4,556 4,556 
Dividends and distributions declared ($1.0100 per Class A share)
— — — (156,568)— (156,568)(112,487)(269,055)
Other92 — (57)— (14)(71)(1,467)(1,538)
Balance at June 30, 2021156,646 $ $3,554,821 $(475,978)$(52,385)$3,026,458 $2,119,659 $5,146,117 

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
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at March 31, 2020131,347 $ $3,218,414 $(356,518)$(45,163)$2,816,733 $2,725,128 $5,541,861 
Net income*— — — 41,016 — 41,016 41,032 82,048 
Partial redemption of temporary equity*— — (15,260)— (4,772)(20,032)12,500 (7,532)
Reclassification and remeasurements of temporary equity*— — (216,858)— — (216,858)408,127 191,269 
Cash flow hedges*— — — — (3,011)(3,011)(3,118)(6,129)
Share-based compensation*— — 250 — — 250 265 515 
Deemed contribution - tax sharing agreement*— — — — — — 2,100 2,100 
Dividends and distributions declared ($0.4875 per Class A share)*
— — — (64,085)— (64,085)(70,454)(134,539)
Other*108 — 1,136 — 47 1,183 (1,330)(147)
Balance at June 30, 2020131,455 $ $2,987,682 $(379,587)$(52,899)$2,555,196 $3,114,250 $5,669,446 
(*) Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Class A
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at January 1, 2020113,807 $ $2,766,325 $(244,381)$(7,045)$2,514,899 $4,383,113 $6,898,012 
Net loss*— — — (8,732)— (8,732)(18,006)(26,738)
Issuance of Class A shares*17,524 — 443,363 — (646)442,717 63,481 506,198 
MGP BREIT Venture Transaction*— — 8,228 — 59 8,287 55,617 63,904 
Partial redemption of temporary equity*— — (15,260)— (4,772)(20,032)12,500 (7,532)
Reclassification and remeasurements of temporary equity*— — (216,858)— — (216,858)(1,191,192)(1,408,050)
Cash flow hedges*— — — — (40,542)(40,542)(48,107)(88,649)
Share-based compensation*— — 539 — — 539 625 1,164 
Deemed contribution - tax sharing agreement*— — — — — — 2,982 2,982 
Dividends and distributions declared ($0.9625 per Class A share)*
— — — (126,474)— (126,474)(145,264)(271,738)
Other*124 — 1,345 — 47 1,392 (1,499)(107)
Balance at June 30, 2020131,455 $ $2,987,682 $(379,587)$(52,899)$2,555,196 $3,114,250 $5,669,446 
(*) Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

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)
June 30, 2021December 31, 2020
ASSETS
Real estate investments, net$8,194,148 $8,310,737 
Lease incentive asset497,151 507,161 
Investment in unconsolidated affiliate813,850 810,066 
Cash and cash equivalents298,175 626,385 
Prepaid expenses and other assets24,227 25,525 
Above market lease, asset39,080 39,867 
Operating lease right-of-use assets280,855 280,565 
Total assets$10,147,486 $10,600,306 
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Debt, net$4,162,918 $4,168,959 
Due to MGM Resorts International and affiliates245 316 
Accounts payable, accrued expenses and other liabilities75,640 124,109 
Accrued interest62,577 48,505 
Distribution payable138,029 136,484 
Deferred revenue187,019 156,760 
Deferred income taxes, net33,298 33,298 
Operating lease liabilities341,643 341,133 
Total liabilities5,001,369 5,009,564 
Commitments and contingencies (Note 11)
Partners’ capital
General partner  
Limited partners: 268,018,385 and 279,966,531 Operating Partnership units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.
5,146,117 5,590,742 
Total partners’ capital5,146,117 5,590,742 
Total liabilities and partners’ capital$10,147,486 $10,600,306 
The accompanying notes are an integral part of these condensed consolidated financial statements.

7


MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues
Rental revenue$188,304 $188,304 $376,607 $391,835 
Ground lease6,038 6,038 12,077 12,077 
Total Revenues194,342 194,342 388,684 403,912 
Expenses
Depreciation57,772 58,405 115,709 120,452 
Property transactions, net38 (66)881 194,990 
Ground lease expense5,920 5,920 11,840 11,840 
Acquisition-related expenses278 358 278 980 
General and administrative4,306 3,731 7,965 8,613 
Total Expenses68,314 68,348 136,673 336,875 
Other income (expense)
Income from unconsolidated affiliate25,273 25,453 50,758 38,816 
Interest income81 2,279 398 3,370 
Interest expense(68,741)(55,377)(137,187)(104,575)
Gain (loss) on unhedged interest rate swaps, net(6,455)1,588 28,604 (10,532)
Other(725)(413)(922)(18,781)
(50,567)(26,470)(58,349)(91,702)
Income (loss) before income taxes75,461 99,524 193,662 (24,665)
Provision for income taxes(1,764)(2,499)(4,556)(3,632)
Net income (loss)$73,697 $97,025 $189,106 $(28,297)
Weighted average units outstanding
Basic265,740319,189271,181321,737
Diluted265,920319,299271,385321,737
Earnings per unit
Basic$0.28 $0.30 $0.70 $(0.09)
Diluted$0.28 $0.30 $0.70 $(0.09)
The accompanying notes are an integral part of these condensed consolidated financial statements.

8


MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income (loss)$73,697 $97,025 $189,106 $(28,297)
Unrealized gain (loss) on cash flow hedges2,824 (7,391)19,403 (102,711)
Comprehensive income (loss)$76,521 $89,634 $208,509 $(131,008)
The accompanying notes are an integral part of these condensed consolidated financial statements.

9


MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
20212020
Cash flows from operating activities
Net income (loss)$189,106 $(28,297)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation115,709 120,452 
Property transactions, net881 194,990 
Amortization of financing costs5,725 4,703 
Loss on retirement of debt 18,129 
Non-cash ground lease, net518 519 
Deemed contributions - tax sharing agreement4,556