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MGM Growth: 1Q Earnings Snapshot

LAS VEGAS (AP) _ MGM Growth Properties LLC (MGP) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The Las Vegas-based real estate investment trust said it had funds from operations of $163.8 million, or 57 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.

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 $20 million, or 24 cents per share.

The real estate investment trust posted revenue of $271.3 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $288.8 million.

The company's shares have increased 23% since the beginning of the year. The stock has risen 17% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGP at https://www.zacks.com/ap/MGP