MGM Growth: 3Q Earnings Snapshot

LAS VEGAS (AP) _ MGM Growth Properties LLC (MGP) on Thursday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Las Vegas, said it had funds from operations of $154.8 million, or 58 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 58 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 $19.5 million, or 27 cents per share.

The real estate investment trust posted revenue of $282.2 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $269 million.

The company's shares have declined 1 percent since the beginning of the year. The stock has fallen slightly more than 2 percent in the last 12 months.


This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MGP at