MGP - MGM Growth Properties Q4 FFO rises even as revenue drops

MGM Growth Properties ([[MGP]] -0.2%) posts Q4 funds from operations in line with the consensus estimate even as revenue dropped 14% Y/Y amid the pandemic."The strength of our business model was again demonstrated through our 100% rent collection record and 3.7% annualized dividend increase over the year," said CEO James Stewart.Q4 FFO of 54 cents per operating partnership unit, matches the average analyst estimate, and increased from 47 cents in the year-ago quarter; compares with 55 cents in Q3 2020.Q4 total revenue of $194.3M, trails the average analyst estimate of $194.5M and falls from $225.9M a year earlier; rental revenue declines to $188.3M from $219.9M.Total revenue was unchanged from Q3.Q4 total expenses of $68.3M fell from $82.5M a year ago.Q4 consolidated adjusted EBITDA of $240.2M vs. $233.0M  a year ago.Conference call at 12:30 PM ET.Previously (Feb. 16): MGM Growth Properties FFO and revenue in-line

For further details see:

MGM Growth Properties Q4 FFO rises even as revenue drops