LAS VEGAS – LAS VEGAS (AP) _ MGM Growth Properties LLC (MGP) on Thursday reported a key measure of profitability in its first quarter.
The Las Vegas-based real estate investment trust said it had funds from operations of $140.6 million, or 53 cents per share, in the period.
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 $15.8 million, or 22 cents per share.
The real estate investment trust posted revenue of $215.8 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $213 million.
The company's shares have dropped almost 5 percent since the beginning of the year. The stock has fallen roughly 1 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MGP at https://www.zacks.com/ap/MGP
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