Last fall's proposed sale of the iconic Bellagio resort in Las Vegas to more high-stakes deals in the gaming real estate arena, and confirmation of MGM Resorts is a tenant of gaming REIT MGM Growth Properties LLC (NYSE: MGP). redeploy the proceeds to fund investments in experiential real estate. MGM Growth Properties is selling 24 million shares of stock, some of the proceeds of which could ultimately fund a venture with MGM Resorts.
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As of December 31,. With Blackstone that's the, that is the chosen methodology you guys will keep with the current consolidation approach that you're taking -- that you took with first quarter earnings? The market price and trading volume of our shares may be volatile. Do they have liquidity valves in an environment like this, right? Item 9. We are not aware of any environmental issues that are expected to have a material impact on the operations of any of our properties. The Master Lease provides that, if MGM were required to cease consolidating us within its financial statements prepared in accordance with U. PR Newswire. Delaware law and provisions in our operating agreement may delay or prevent takeover attempts by third parties and therefore inhibit our shareholders from realizing a premium on their shares. Distribution Policy. In connection with this transaction, the Master Lease was amended to provide that the initial term with respect to MGM National Harbor ends on August 31, Consequently, the impairment or loss of any one or more of our properties could materially and disproportionately reduce our ability to collect rent under the Master Lease and, as a result, have a material adverse effect on our business, financial condition, results of operations and ability to make distributions to our shareholders. But I just think our position is so strong right now that we're going to come out of this very, very successfully. Government Regulation Relating to the Environment. To help investors understand the significant differences between MGP and the Operating Partnership, this report presents the combined and consolidated financial statements separately for MGP and the Operating Partnership. Sign in. We depreciate the real estate investments over their estimated useful lives applying the straight-line method and deferred revenue is amortized applying the straight-line method as additional rental revenue over the remaining term of the Master Lease once the related real estate assets are placed in service. Total assets. Moreover, due to the concentration of our major resorts that operate on the Strip, we may be disproportionately affected by general risks such as acts of terrorism, natural disasters, including major fires, floods and earthquakes, and severe or inclement weather, should such developments occur in or nearby Las Vegas. Although all of our properties are currently closed to the public, I remain confident in our ability to successfully weather this situation. Other non-operating expenses. EPR says it expects its primary casino resort and hotel investments will consist of premier assets in major gaming markets, including Las Vegas and dynamic regional markets. So we did not assign or close it in the quarter, but I can't comment on that where we are in terms of the process. In addition, we expect to incur additional indebtedness in the future to finance acquisitions or for general corporate or other purposes. Unresolved Staff Comments. Government Regulation Relating to the Environment. I'd like to welcome everyone to MGP's first quarter conference call. The acquisition of less than 9. Intellectual Property. Changes to the tax laws, with or without retroactive application, could materially and adversely affect our investors,. MGM Growth Properties Operating Partnership LP Yes No X Except for the net proceeds from the offerings of Class A shares by MGP, which The Master Lease restricts our ability to sell our properties subject thereto. Rising expenses could reduce cash flow and funds available for future acquisitions and distributions.
MGM Growth Properties Selling Stock to Possibly Fund Deal With MGM - MGM Growth Properties Is A Buy Because MGM Is Flush With Cash (NYSE:MGP) | Seeking Alpha
New legislation, Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect MGP's ability to qualify as a REIT or the U. The anticipated benefits of our anticipated and future acquisitions may not be realized fully and may take longer to realize than expected. Chien, our Chief Financial Officer. Published: May 5, at PM. Includes 1, rooms at the Delano and rooms at the Four Seasons Hotel, both of which are located at our Mandalay Bay property. As a result, if debt or equity financing is not available on acceptable terms, further acquisitions might be limited or curtailed. Corporate Information. 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. Net income per Class A share — basic:. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. There is currently no established public trading market for Operating Partnership units. Facebook Instagram Twitter. It may seem crazy, but this might be the right time to buy casino real estate - at least what appears to be high quality casino real estate in MGP. MGP's operating agreement also provides that shares acquired or held in excess of the ownership limit will be transferred to a trust for the benefit of one or more designated charitable beneficiaries to be subsequently sold by the trust, and that any person who acquires our shares in violation of the ownership limit will not be entitled to any distributions on the shares or be entitled to vote the shares or receive any proceeds from the subsequent sale of the shares in excess of the lesser of the market price on the day the shares were transferred to the trust or the amount realized from the sale. Therefore, the assets and liabilities of MGP and the Operating Partnership are the same on their respective combined and consolidated financial statements. And then lastly, I'd add that as we work toward recovery of this industry of our own, then the economy, all of the companies that have properties that are shut every day is a leveraging day, where they're going to have more debt at the end of this when they started, and I think a sale leaseback is a quick way to get them back where they want to be at financial perspective. Is there any flexibility if MGM came back to you and said we'd like to make this window a little bit longer? Consequently, we intend to rely on third-party capital market sources for debt or equity financing to fund our business strategy. Prior to joining MGP, Mr.
MGM Growth Properties LLC (MGP) Q1 2020 Earnings Call Transcript
Off-Balance Sheet Arrangements. Regional Properties. Further, if the Tenant has insurance but is underinsured, it may be unable to satisfy its payment obligations under its lease with us. The business interruption insurance carried by the Tenant may not fully compensate us for the loss of business due to an interruption caused by a casualty event. Rental revenue. In addition, losses in a TRS will generally not provide any tax benefit, except that such losses could theoretically be carried back or forward against past or future taxable income in the TRS. FORM K. The Operating Partnership's primary uses of cash include payment of operating expenses, debt service and distributions to MGP. Depreciation on our buildings, improvements and integral equipment is computed using the. Therefore, MGM and its affiliates may compete with us for investment opportunities and may own an interest in entities that compete with us on an operations basis. In addition, we may be limited in our ability to enforce our rights under the Master Lease because it is a unitary lease and does not provide for termination with respect to individual properties by reason of the default of the Tenant. Capacity constraints of that highway or any other traffic disruptions may also affect the number of customers who visit our facilities. Any failure to qualify to be taxed as a REIT, or failure to remain to be qualified to be taxed as a REIT, would have an adverse effect on our business, financial condition and results of operations. Payments due by Period. Although we do not operate or manage our properties, we may be held primarily or jointly and severally liable for costs relating to the investigation and clean-up of any property from which there has been a release or threatened release of a regulated material as well as other affected properties, regardless of whether we knew of or caused the release. In particular, we are prevented from selling or leasing our properties or interests in the Operating Partnership or the Landlord to competitors of MGM. Thereafter, the annual escalator of 2. We may also incur additional indebtedness in the future to refinance our existing indebtedness or to finance newly acquired properties or for general corporate or other purposes. MGP's liquidity is therefore dependent upon the Operating Partnership's ability to make sufficient distributions to it. Is that correct? Although the Tenant is required to maintain both property and business interruption insurance coverage for certain extreme weather conditions, such coverage is subject to deductibles and limits on maximum benefits, including limitation on the coverage period for business interruption, and we cannot assure you that we or the Tenant will be able to fully insure such losses or fully collect, if at all, on claims resulting from such natural disasters or extreme weather conditions. The TRS will concurrently liquidate and the. Subject to certain administrative proceeding requirements, the gaming regulators have the authority to deny any application or limit, condition, restrict, revoke or suspend any license, registration, finding of suitability or approval, or fine any person licensed, registered or found suitable or approved, for any cause deemed reasonable by the gaming authorities. Property transactions, net. After reducing its flight schedule amid the coronavirus pandemic, Southwest Airlines is adding routes to Las Vegas for the remainder of the year. If a bankruptcy court in a bankruptcy of the Tenant were to determine that the Master Lease is not a single lease but rather multiple severable leases each of which can be assumed or rejected independently, certain underperforming leases related to properties we own could be rejected by the Tenant in bankruptcy while tenant-favorable leases are allowed to remain in place, thereby adversely affecting payments to us derived from the properties. The results of operations for the twelve months ended December 31, reflect the results of operations of the Predecessor through April 24, combined with the results of operations of MGP and the Operating Partnership from the IPO Date through December 31, Eleven of the 37 acres at Borgata are subject to ground leases.
MGM Growth Properties Selling Stock to Possibly Fund Deal With MGM
Finally, please note, this presentation is being recorded. In addition, our operations could be adversely impacted by a drought or other cause of water shortage. There were no non-operating expenses for the year ended December 31, If the Tenant were unable or unwilling to meet its rent obligations and other obligations for one or more of the properties, there can be no assurances that we would be able to contract with other lessees on similar terms as the Master Lease or at all. Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Act :. While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. Government Regulation Relating to the Environment. Performance Outlook Short Term. Because MGP's interest in the Operating Partnership represents its only cash-generating asset, its cash flows and distributions depend entirely on the performance of the Operating Partnership and its ability to distribute cash to MGP. It appears that we have lost both of the speaker lines. But they're obviously probably having their own discussions that we don't need to be or not involved in at this point. Mine Safety Disclosures. Principal Accounting Fees and Services. MGM may undergo a change of control without the consent of us or of our unitholders and shareholders. Advertise With Us. The business interruption insurance carried by the Tenant may not fully compensate us for the loss of business due to an interruption caused by a casualty event. December 15, Operating Expenses. Item 1. Since our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. After reducing its flight schedule amid the coronavirus pandemic, Southwest Airlines is adding routes to Las Vegas for the remainder of the year. Net cash provided by used in operating activities. Estimated interest payments on long-term debt 1. MGP earnings call for the period ending March 31, Good afternoon, and welcome to the MGM Growth Properties' First Quarter The revolver draw, together with cash on hand puts MGP in place to fully fund the $ billion that is one benefit for us anyway and probably does make the stock go up. MGM Growth Properties Operating Partnership LP Yes No X Except for net proceeds contributed to the Operating Partnership in connection with offerings of Class A shares by MGP, the The Master Lease restricts our ability to sell our properties. Rising expenses could reduce cash flow and funds available for future.
Further, our directors, officers, key employees and investors in our shares must meet approval standards of certain gaming regulatory authorities. See Note 13 to the accompanying combined and consolidated financial statements. GAAP because of non-cash expenses included in net income. Finance Home. The counterparties of these arrangements are major financial institutions; however, we are exposed to credit risk in the event of non-performance by the counterparties. Department of the Treasury. Hope you and yours are well and healthy. In comparison with peers, MGP is a double-edged sword: on one hand, its primary tenant is one of the strongest casino credits around, but on the other hand, that tenant owns a controlling stake in MGP. The Operating Partnership is a Delaware limited partnership that was formed in January And then, if I could just one quick follow-up. Additionally, although our Master Lease provides us with a right of first offer with respect to the remaining ROFO Property, there can be no assurance that MGM's development property in Springfield, Massachusetts will be completed on schedule, or at all, or as to the timing of its commencement of operations or when operations at the ROFO Property will stabilize in order for us to consider a purchase of this asset. Weighted average Operating Partnership units outstanding. Base rent and percentage rent that are known at the lease commencement date will be recorded on a straight-line basis over 30 years, which represents the initial ten-year non-cancelable lease term and all four five-year renewal terms under the Master Lease, as we have determined such renewal terms to be reasonably assured. REIT Tax Counsel will have no obligation to advise MGM, us or the holders of our shares of any subsequent change in the matters stated, represented or assumed or of any subsequent change in applicable law. This prevents the tenant from assuming only the better performing properties and terminating the lease with respect to the poorer performing properties. So that leaves our non-joint venture, our traditional balance sheet even lower than where we started. I have reconnected the speakers lines. Name of each exchange on which registered. That said, I'm very pleased that we set up the company where we meaningfully expanded the size of the revolver and made sure that we had alternative types of capital available to us, because that planning has really borne out very well for us right now. And then just I guess more at a high level. Title of each class.
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