MGM Growth Properties reported fourth-quarter reductions in a key cash-flow indicator and sales as it waits to merge with VICI Properties, although both figures are above Wall Street expectations.
MGM Growth announced in August that it would be sold to VICI Properties for $17.4 billion. The merger of two Las Vegas-based real estate investment trusts is set to finalize this summer, making it the Strip’s largest landowner.
MGM Resorts International and Caesars Entertainment Corp. will merge their landholdings, but all MGM resort identities will remain. A total of $5.7 billion in debt is included in the agreement.
MGM Growth said in a statement on Wednesday said its funds from operations for the three months ended Dec. 31 were $160.2 million, or 60 cents per diluted share, down from $169.6 million, or 57 cents per diluted share, a year earlier.