Mgm growth properties llc (MGP)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16
Cash flows from operating activities
Net income (loss)

83,879

275,565

271,237

272,607

252,897

244,702

207,874

181,651

177,467

165,990

185,267

184,238

150,008

35,346

0

0

0

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Income from discontinued operations, net

0

16,216

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation, Depletion and Amortization

285,190

294,705

289,751

281,262

269,193

266,622

269,815

275,009

267,762

260,455

252,380

237,978

230,875

220,667

0

0

0

Property Transactions Net

204,787

10,844

12,812

3,230

17,346

20,319

33,769

35,092

31,253

34,022

21,137

20,917

10,665

4,684

0

0

0

Amortization of deferred financing costs and debt discount

12,098

12,733

12,242

12,348

12,201

12,031

12,308

11,793

11,528

11,360

11,246

11,104

10,001

7,195

0

0

0

Loss on retirement of debt

-24,290

-6,161

0

0

-1,718

-2,736

-2,736

-2,736

-1,816

-798

0

0

0

-

-

-

-

Non-cash ground lease, net

1,038

1,038

950

862

775

686

0

0

0

-

-

-

-

-

-

-

-

Amortization of above and below Market Leases

-

-

-

-

-

-

-

-

-

-

687

629

457

286

0

0

0

Deemed contributions - tax sharing agreement

6,797

7,008

6,432

6,871

5,858

5,745

0

0

0

-

-

-

-

-

-

-

-

Provision for income taxes

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Straight-line rental revenues, excluding amortization of lease incentive asset

-45,773

-41,447

-35,806

-30,164

-24,523

-20,680

-17,251

-13,478

-9,703

-6,414

-3,143

-252

2,416

1,739

0

0

0

Amortization of lease incentive asset

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Amortization of deferred revenue on non-normal tenant improvements

1,511

2,013

2,585

3,007

3,675

3,711

3,604

3,316

3,033

2,352

1,590

952

315

80

0

0

0

Derivative, Gain (Loss) on Derivative, Net

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation

2,466

2,277

2,185

2,242

2,274

2,093

1,909

1,726

1,532

1,336

1,127

918

698

510

0

0

0

Deferred income taxes

-5,042

-3,725

-1,671

1,177

6,407

5,090

0

0

0

-

-

-

-

-

-

-

-

Amortization of lease incentive asset

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Income (Loss) from Equity Method Investments

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from unconsolidated affiliate

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Park MGM Transaction

0

605,625

605,625

605,625

605,625

0

0

0

0

-

-

-

-

-

-

-

-

Distributions received from discontinued operations and other

37,900

40,165

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Change in operating assets and liabilities:
Tenant and other receivables, net

-

-

-

-

-

1,283

-269

31

-2,275

-3,118

450

-107

4,612

9,503

0

0

0

Prepaid expenses and other assets

419

-903

-295

-203

-398

-654

-2,814

-3,609

426

1,537

2,205

2,946

-6,043

-6,747

0

0

0

Due to MGM Resorts International and affiliates

1,025

547

-31

-73

33

-735

-195

-86

-514

796

313

-232

816

166

0

0

0

Accounts payable, accrued expenses and other liabilities

480

-1,616

1,504

8,075

9,576

5,403

-1,975

1,322

166

158

4,433

3,004

-148

5,101

0

0

0

Accrued interest

-1,318

16,808

5,012

19,156

8,253

3,531

5,002

7,539

3,497

-3,572

-2,323

5,692

27,018

26,137

0

0

0

Net cash provided by (used in) operating activities - continuing operations

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Provided by (Used in) Operating Activities

-

-

-

-

-

-

-

-

508,611

482,578

479,215

466,186

432,592

297,781

0

0

0

Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures for property and equipment

-

-

-

-

-

192

679

678

665

488

0

0

27,746

138,987

0

0

0

Net cash provided by (used in) investing activities - continuing operations

-

-

-

-

-

-

-

-

-463,165

-462,988

0

0

-27,746

-138,987

0

0

0

Net cash provided by investing activities - continuing operations

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows from financing activities
Net repayments under bank credit facility

-999,500

-1,115,375

-586,438

181,500

266,500

727,750

0

0

0

-

-

-

-

-

-

-

-

Proceeds from issuance of bridge loan facility

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of debt

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Deferred financing costs

1,335

9,983

9,983

9,983

22,929

17,490

17,707

22,064

9,616

5,598

6,424

9,980

77,689

77,163

0

0

0

Repayment of assumed debt and bridge facilities

0

245,950

245,950

245,950

245,950

0

0

0

0

-

-

-

-

-

-

-

-

Repayment of debt principal

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Proceeds from issuance of Class A shares, net

1,226,231

1,250,006

699,362

613,299

548,391

0

0

0

0

-

-

-

-

-

-

-

-

Class A share issuance costs

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Dividends and distributions paid

562,029

533,735

511,400

489,128

461,582

454,260

439,087

420,682

403,059

385,435

378,322

339,048

244,938

150,829

0

0

0

Other

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash transfers from Parent

-

-

-

-

-

-

-

-

-

-

-

-

-

158,822

0

0

0

Net cash provided by (used in) financing activities - continuing operations

-

-

-

-

-

-

-

-

-133,627

-120,360

319,302

-427,378

-36,548

201,698

0

0

0

Net cash provided by financing activities - continuing operations

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows from discontinued operations, net
Cash flows provided by operating activities, net

0

15,591

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows used in investing activities, net

0

-12

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows used in financing activities, net

-37,900

-37,900

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by discontinued operations

-37,900

-22,321

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash and cash equivalents classified as assets held for sale

-37,900

-22,321

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash and cash equivalents
Net (decrease) increase for the period

1,759,967

198,106

145,475

-236,343

-277,468

-255,727

-1,130,750

-86,933

-88,181

-100,770

798,517

38,808

368,298

360,492

0

0

0

Supplemental cash flow disclosures
Interest paid

224,009

220,616

231,452

212,900

209,253

199,429

188,579

173,359

173,255

176,033

169,751

159,308

123,829

82,880

0

0

0

Non-cash investing and financing activities
Non-Normal Tenant Improvements by tenant

-

-

-

-

-

19,316

28,864

49,205

44,887

52,995

63,613

68,810

80,882

72,402

0

0

0

Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders

166,558

147,349

141,390

141,327

146,601

119,055

126,906

130,137

129,357

111,733

101,222

133,384

188,218

94,109

0

0

0

Allocation of tax attributes (to) from Parent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Investment in MGP BREIT Venture

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

MGP BREIT Venture assumption of bridge loan facility

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

MGP Operating Partnership
Net income (loss)

83,879

275,565

271,237

272,607

252,897

244,702

0

181,651

177,467

165,990

0

0

0

-

-

-

-

Income from discontinued operations, net

0

16,216

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation, Depletion and Amortization

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Depreciation

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Property Transactions Net

204,787

10,844

12,812

3,230

17,346

20,319

0

35,092

31,253

34,022

0

0

0

-

-

-

-

Amortization of deferred financing costs and debt discount

12,098

12,733

12,242

12,348

12,201

12,031

0

11,793

11,528

11,360

0

0

0

-

-

-

-

Loss on retirement of debt

-24,261

-6,161

0

0

-1,718

-2,736

0

-2,736

-1,816

-798

0

0

0

-

-

-

-

Non-cash ground lease, net

1,038

1,038

950

862

775

686

0

0

0

-

-

-

-

-

-

-

-

Amortization of above and below Market Leases

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Deemed contributions - tax sharing agreement

6,797

7,008

6,432

6,871

5,858

5,745

0

0

0

-

-

-

-

-

-

-

-

Straight-line rental revenues, excluding amortization of lease incentive asset

-45,773

-41,447

-35,806

-30,164

-24,523

-20,680

0

-13,478

-9,703

-6,414

0

0

0

-

-

-

-

Income Tax Expense (Benefit)

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Amortization of deferred revenue on non-normal tenant improvements

1,511

2,013

2,585

3,007

3,675

3,711

0

0

0

-

-

-

-

-

-

-

-

Derivative, Gain (Loss) on Derivative, Net

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation

2,466

2,277

2,185

2,242

2,274

2,093

0

1,726

1,532

1,336

0

0

0

-

-

-

-

Amortization of deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Deferred income taxes

-5,042

-3,725

-1,671

1,177

6,407

5,090

0

0

0

-

-

-

-

-

-

-

-

Amortization of lease incentive asset

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Income (Loss) from Equity Method Investments

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from unconsolidated affiliate

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Park MGM Transaction

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions received from discontinued operations and other

37,900

40,165

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Tenant and other receivables, net

-

-

-

-

-

1,283

0

31

-2,275

-3,118

0

0

0

-

-

-

-

Prepaid expenses and other assets

419

-903

-295

-203

-398

-654

0

-3,609

426

1,537

0

0

0

-

-

-

-

Due to MGM Resorts International and affiliates

1,025

547

-31

-73

33

-735

0

-86

-514

796

0

0

0

-

-

-

-

Accounts payable, accrued expenses and other liabilities

480

-1,616

1,504

8,075

9,576

5,403

0

1,322

166

158

0

0

0

-

-

-

-

Accrued interest

-1,318

16,808

5,012

19,156

8,253

3,531

0

7,539

3,497

-3,572

0

0

0

-

-

-

-

Net cash provided by (used in) operating activities - continuing operations

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Provided by (Used in) Operating Activities

-

-

-

-

-

-

-

-

508,611

482,578

0

0

0

-

-

-

-

Proceeds from sale of Mandalay Bay real estate assets, net

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures for property and equipment

-

-

-

-

-

192

0

678

665

488

0

0

0

-

-

-

-

Net cash provided by (used in) investing activities - continuing operations

-

-

-

-

-

-

-

-463,178

-463,165

-462,988

0

0

0

-

-

-

-

Net cash provided by investing activities - continuing operations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Net repayments under bank credit facility

-999,500

-1,115,375

-586,438

181,500

266,500

727,750

0

0

0

-

-

-

-

-

-

-

-

Proceeds from issuance of bridge loan facility

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of debt

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Deferred financing costs

1,335

9,983

9,983

9,983

22,929

17,490

0

22,064

9,616

5,598

0

0

0

-

-

-

-

Repayment of assumed debt and bridge facilities

0

245,950

245,950

245,950

245,950

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from issuance of Class A shares, net

1,226,231

1,250,006

699,362

613,299

548,391

0

0

0

0

-

-

-

-

-

-

-

-

Repayment of debt principal

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Dividends and distributions paid

562,029

533,735

511,400

489,128

461,582

454,260

0

420,682

403,059

385,435

0

0

0

-

-

-

-

Other

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities - continuing operations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities - continuing operations

-

-

-

-

-

-

-

-159,948

-133,627

-120,360

0

0

0

-

-

-

-

Cash flows provided by operating activities, net

0

15,591

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows used in investing activities, net

0

-12

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows used in financing activities, net

-37,900

-37,900

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by discontinued operations

-37,900

-22,321

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash and cash equivalents classified as assets held for sale

-37,900

-22,321

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net (decrease) increase for the period

1,759,967

198,106

145,475

-236,343

-277,468

-255,727

0

-86,933

-88,181

-100,770

0

0

0

-

-

-

-

Interest paid

224,009

220,616

231,452

212,900

209,253

199,429

188,579

173,359

173,255

176,033

0

0

0

-

-

-

-

Non-Normal Tenant Improvements by tenant

-

-

-

-

-

19,316

0

49,205

44,887

52,995

0

0

0

-

-

-

-

Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders

166,558

147,349

141,390

141,327

146,601

119,055

0

130,137

129,357

111,733

0

0

0

-

-

-

-

Investment in MGP BREIT Venture

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

MGP BREIT Venture assumption of bridge loan facility

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Park MGM Lease Transaction
Park MGM Transaction

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Empire City
Empire City Transaction assets acquired

0

625,000

625,000

625,000

625,000

0

0

0

0

-

-

-

-

-

-

-

-