MGM Growth: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
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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