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UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to           
Commission File No. 001-37733 (MGM Growth Properties LLC)
Commission File No. 333-215571 (MGM Growth Properties Operating Properties LP)

MGM Growth Properties LLC
MGM Growth Properties Operating Partnership LP
(Exact name of registrant as specified in its charter)
Delaware(MGM Growth Properties LLC)47-5513237
Delaware(MGM Growth Properties Operating Partnership LP)81-1162318
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1980 Festival Plaza Drive, Suite #750, Las Vegas, NV 89135
(Address of principal executive offices)
(702) 669-1480
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Shares, no par valueMGPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

MGM Growth Properties LLC     Yes    X      No         
MGM Growth Properties Operating Partnership LP     Yes     X       No     
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    

MGM Growth Properties LLC     Yes    X      No          
MGM Growth Properties Operating Partnership LP     Yes    X      No          
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

MGM Growth Properties LLC
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

MGM Growth Properties Operating Partnership LP
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
 
MGM Growth Properties LLC     Yes No  
MGM Growth Properties Operating Partnership LP      Yes No  

As of October 29, 2020, 131,455,410 shares of MGM Growth Properties LLC Class A shares, no par value, and 1 share of MGM Growth Properties LLC Class B share, no par value, were outstanding.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2020, of MGM Growth Properties LLC, a Delaware limited liability corporation, and MGM Growth Properties Operating Partnership LP, a Delaware limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “MGP” or “the Company” refer to MGM Growth Properties LLC together with its consolidated subsidiaries, including MGM Growth Properties Operating Partnership LP. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to MGM Growth Properties Operating Partnership LP together with its consolidated subsidiaries.
MGP is a real estate investment trust (“REIT”), and the owner of the sole general partner of the Operating Partnership. As of September 30, 2020, MGP owned approximately 43.3% of the Operating Partnership units, each such unit representing limited partnership interests in the Operating Partnership (“Operating Partnership units”). The remaining approximately 56.7% of the Operating Partnership’s units are owned by subsidiaries of our parent, MGM Resorts International (“MGM”). As the owner of the sole general partner of the Operating Partnership, MGP has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control.
We believe combining the quarterly reports on Form 10-Q of MGP and the Operating Partnership into this single report results in the following benefits:
enhances investors’ understanding of MGP and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both MGP and the Operating Partnership, which we believe will assist investors in getting all relevant information on their investment in one place rather than having to access and review largely duplicative reports; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are a few differences between MGP and the Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand the differences between MGP and the Operating Partnership in the context of how we operate as an interrelated consolidated company. MGP is a REIT, whose only material assets consist of Operating Partnership units and sole beneficial ownership of the general partner of the Operating Partnership. 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 in the form of Class A shares. The Operating Partnership holds all the assets of the Company. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from certain offerings of Class A shares by MGP, which were contributed to the Operating Partnership in exchange for Operating Partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s issuance of indebtedness or through the issuance of Operating Partnership units.
The presentation of noncontrolling interest, shareholders’ equity and partners’ capital are the main areas of difference between the condensed consolidated financial statements of MGP and those of the Operating Partnership. The Operating Partnership units held by subsidiaries of MGM are accounted for as partners’ capital in the Operating Partnership’s condensed consolidated financial statements and as noncontrolling interest within equity in MGP’s condensed consolidated financial statements. The Operating Partnership units held by MGP in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s condensed consolidated financial statements and within Class A shareholders’ equity in MGP’s condensed consolidated financial statements. These differences in the presentations between shareholders’ equity in MGP’s condensed consolidated financial statements and partners’ capital in the Operating Partnership’s condensed consolidated financial statements therefore result from the differences in the equity and limited partnership interests issued at the MGP and Operating Partnership levels, respectively.
To help investors understand the significant differences between MGP and the Operating Partnership, this report presents the condensed consolidated financial statements separately for MGP and the Operating Partnership.
As the sole beneficial owner of MGM Growth Properties OP GP LLC, which is the sole general partner with control of the Operating Partnership, MGP consolidates the Operating Partnership for financial reporting purposes, and it does not have



any assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of MGP and the Operating Partnership are the same on their respective condensed consolidated financial statements. The separate discussions of MGP and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a condensed consolidated basis and how management operates the Company.
In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and 18 U.S.C. §1350, this report also includes separate “Item 4. Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership.
All other sections of this report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk, are presented together for MGP and the Operating Partnership.




MGM GROWTH PROPERTIES LLC
FORM 10-Q
I N D E X
Page
PART I.
Item 1.
MGM Growth Properties LLC:
MGM Growth Properties Operating Partnership LP:
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.



Part I.    FINANCIAL INFORMATION
Item 1.    Financial Statements
MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
September 30, 2020December 31, 2019
ASSETS
Real estate investments, net$8,369,090 $10,827,972 
Lease incentive asset512,166 527,181 
Investment in unconsolidated affiliate807,936  
Cash and cash equivalents655,169 202,101 
Prepaid expenses and other assets26,537 31,485 
Above market lease, asset40,260 41,440 
Operating lease right-of-use assets280,430 280,093 
Total assets$10,691,588 $11,910,272 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY
Liabilities
Debt, net$3,516,477 $4,307,354 
Due to MGM Resorts International and affiliates275 774 
Accounts payable, accrued expenses and other liabilities139,606 37,421 
Accrued interest50,753 42,904 
Dividend and distribution payable147,941 147,349 
Deferred revenue143,505 108,593 
Deferred income taxes, net29,909 29,909 
Operating lease liabilities340,106 337,956 
Total liabilities4,368,572 5,012,260 
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest700,000  
Shareholders' equity
Class A shares*: no par value, 1,000,000,000 shares authorized, 131,455,410 and 113,806,820 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
  
Additional paid-in capital2,970,905 2,766,325 
Accumulated deficit(400,294)(244,381)
Accumulated other comprehensive loss(52,583)(7,045)
Total Class A shareholders' equity2,518,028 2,514,899 
Noncontrolling interest3,104,988 4,383,113 
Total shareholders' equity5,623,016 6,898,012 
Total liabilities, redeemable noncontrolling interest, and shareholders' equity$10,691,588 $11,910,272 
(*) Reflects all Class A shares outstanding. See Note 2 for discussion of redeemable noncontrolling interest.

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues
Rental revenue$188,303 $219,847 $580,138 $636,575 
Ground lease and other6,039 6,164 18,116 18,618 
Total Revenues194,342 226,011 598,254 655,193 
Expenses
Depreciation58,240 71,957 178,692 223,062 
Property transactions, net 9,921 194,990 11,344 
Ground lease expense5,920 5,920 17,760 17,760 
Acquisition-related expenses 92 980 8,891 
General and administrative3,476 4,476 12,089 12,305 
Total Expenses67,636 92,366 404,511 273,362 
Other income (expense)
Income from unconsolidated affiliate25,210  64,026  
Interest income533 241 3,903 2,189 
Interest expense(59,974)(63,048)(164,549)(190,973)
Gain (loss) on unhedged interest rate swaps, net7,701  (2,831) 
Other(36)(306)(18,817)(806)
(26,566)(63,113)(118,268)(189,590)
Income from continuing operations before income taxes100,140 70,532 75,475 192,241 
Provision for income taxes(2,732)(1,979)(6,364)(5,771)
Income from continuing operations, net of tax97,408 68,553 69,111 186,470 
Income from discontinued operations, net of tax   16,216 
Net income97,408 68,553 69,111 202,686 
Less: Net income attributable to noncontrolling interest(54,030)(46,038)(34,465)(138,358)
Net income attributable to Class A shareholders$43,378 $22,515 $34,646 $64,328 
Weighted average Class A shares outstanding:
Basic131,567,362 93,165,443 128,788,161 89,440,552 
Diluted131,699,969 93,322,940 128,935,079 89,645,109 
Per Class A share data
Income from continuing operations per Class A share (basic)$0.34 $0.24 $0.27 $0.67 
Income from discontinued operations per Class A share (basic)   0.05 
Earnings per Class A share (basic)$0.34 $0.24 $0.27 $0.72 
Income from continuing operations per Class A share (diluted)$0.34 $0.24 $0.27 $0.67 
Income from discontinued operations per Class A share (diluted)   0.05 
Earnings per Class A share (diluted)$0.34 $0.24 $0.27 $0.72 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net income$97,408 $68,553 $69,111 $202,686 
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedges729 (19,270)(101,982)(65,657)
Other comprehensive income (loss)729 (19,270)(101,982)(65,657)
Comprehensive income (loss)98,137 49,283 (32,871)137,029 
Less: Comprehensive (income) loss attributable to noncontrolling interests(54,443)(33,001)27,291 (93,298)
Comprehensive income (loss) attributable to Class A shareholders$43,694 $16,282 $(5,580)$43,731 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
20202019
Cash flows from operating activities
Net income$69,111 $202,686 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Income from discontinued operations, net (16,216)
Depreciation178,692 223,062 
Property transactions, net194,990 11,344 
Amortization of deferred financing costs and debt discount7,314 9,602 
Loss on retirement of debt18,129  
Non-cash ground lease, net778 778 
Deemed contributions - tax sharing agreement6,364 5,599 
Straight-line rental revenues, excluding amortization of lease incentive asset38,046 29,783 
Amortization of deferred revenue on non-normal tenant improvements(1,134)(1,636)
Loss on unhedged interest rate swaps, net2,831  
Share-based compensation1,996 1,608 
Deferred income taxes (3,913)
Amortization of lease incentive asset15,015 11,355 
Income from unconsolidated affiliate(64,026) 
Distributions from unconsolidated affiliate58,090  
Park MGM transaction (605,625)
Distributions received from discontinued operations and other 40,165 
Change in operating assets and liabilities:
Prepaid expenses and other assets1,003 (659)
Due to MGM Resorts International and affiliates(499)71 
Accounts payable, accrued expenses and other liabilities628 (3,832)
Accrued interest7,849 11,311 
Net cash provided by (used in) operating activities - continuing operations535,177 (84,517)
Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net58,615  
Proceeds from Northfield OpCo transaction 3,779 
Net cash provided by investing activities - continuing operations58,615 3,779 
Cash flows from financing activities
Net repayments under bank credit facility(1,603,750)(566,813)
Proceeds from issuance of bridge loan facility1,304,625  
Proceeds from issuance of debt800,000 750,000 
Deferred financing costs(11,307)(9,983)
Repayment of assumed debt and bridge facilities (245,950)
Proceeds from issuance of Class A shares, net524,616 699,362 
Redemption of Operating Partnership units(700,000) 
Dividends and distributions paid(453,778)(395,005)
Other(1,130)(1,342)
Net cash provided by (used in) financing activities - continuing operations(140,724)230,269 
Cash flows from discontinued operations, net
Cash flows provided by operating activities, net 15,591 
Cash flows used in investing activities, net (12)
Cash flows used in financing activities, net (37,900)
Net cash used in discontinued operations (22,321)
Change in cash and cash equivalents classified as assets held for sale (22,321)
Cash and cash equivalents
Net increase for the period453,068 149,531 
Balance, beginning of period202,101 3,995 
Balance, end of period$655,169 $153,526 
Supplemental cash flow disclosures
Interest paid$143,604 $169,646 
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders$147,941 $138,730 
Empire City transaction assets acquired$ $625,000 
Redemption of Operating Partnership units relating to Northfield OpCo transaction$ $301,373 
Investment in MGP BREIT Venture$802,000 $ 
MGP BREIT Venture assumption of bridge loan facility$1,304,625 $ 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
(unaudited)
Class A
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at June 30, 2020131,455 $ $2,987,682 $(379,587)$(52,899)$2,555,196 $3,114,250 $5,669,446 
Net income*— — — 43,378 — 43,378 45,871 89,249 
Reclassification and remeasurements of temporary equity*— — (17,055)— — (17,055)13,575 (3,480)
Cash flow hedges*— — — — 316 316 308 624 
Share-based compensation*— — 277 — — 277 308 585 
Deemed contribution - tax sharing agreement*— — — — — — 2,335 2,335 
Dividends and distributions declared ($0.4875 per Class A share)*
— — — (64,085)— (64,085)(71,660)(135,745)
Other* — 1 — — 1 1 2 
Balance at September 30, 2020131,455 $ $2,970,905 $(400,294)$(52,583)$2,518,028 $3,104,988 $5,623,016 
(*) Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
Class A
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at January 1, 2020113,807 $ $2,766,325 $(244,381)$(7,045)$2,514,899 $4,383,113 $6,898,012 
Net income*— — — 34,646 — 34,646 27,865 62,511 
Issuance of Class A shares*17,524 — 443,363 — (646)442,717 63,481 506,198 
MGP BREIT Venture Transaction*— — 8,228 — 59 8,287 55,617 63,904 
Partial redemption of temporary equity*— — (15,260)— (4,772)(20,032)12,500 (7,532)
Reclassification and remeasurements of temporary equity*— — (233,913)— — (233,913)(1,177,617)(1,411,530)
Cash flow hedges*— — — — (40,226)(40,226)(47,799)(88,025)
Share-based compensation*— — 816 — — 816 933 1,749 
Deemed contribution - tax sharing agreement*— — — — — — 5,317 5,317 
Dividends and distributions declared ($1.4500 per share)*
— — — (190,559)— (190,559)(216,924)(407,483)
Other*124 — 1,346 — 47 1,393 (1,498)(105)
Balance at September 30, 2020131,455 $ $2,970,905 $(400,294)$(52,583)$2,518,028 $3,104,988 $5,623,016 
(*) Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


MGM GROWTH PROPERTIES LLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
(unaudited)
Class A Shares
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at June 30, 201992,639 $ $2,237,385 $(194,469)$(9,696)$2,033,220 $4,353,312 $6,386,532 
Net income— — — 22,515 — 22,515 46,038 68,553 
Deemed contribution - tax sharing agreement— — — — — — 1,979 1,979 
Dividends and distributions declared $0.4700 per Class A share)
— — — (44,870)— (44,870)(93,860)(138,730)
Issuance of Class A shares2,829 — 70,338 — (200)70,138 15,925 86,063 
Share-based compensation— — 166 — — 166 353 519 
Cash flow hedges— — — — (6,233)(6,233)(13,037)(19,270)
Other— — (426)— — (426)(916)(1,342)
Balance at September 30, 201995,468 $ $2,307,463 $(216,824)$(16,129)$2,074,510 $4,309,794 $6,384,304 

Class A Shares
SharesPar ValueAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Class A Shareholders' EquityNoncontrolling InterestTotal Shareholders' Equity
Balance at January 1, 201970,911 $ $1,712,671 $(150,908)$4,208 $1,565,971 $4,279,535 $5,845,506 
Net income— — — 64,328 — 64,328 138,358 202,686 
Deemed contribution - tax sharing agreement— — — — — — 5,599 5,599 
Dividends and distributions declared ($1.4025 per share)
— — — (130,244)— (130,244)(284,436)(414,680)
Issuance of Class A shares24,480 — 594,279 — 469 594,748 104,614 699,362 
Northfield OpCo transaction— — (27,441)— 2 (27,439)(271,518)(298,957)
Empire City transaction— — 23,940 — (195)23,745 355,305 379,050 
Park MGM transaction— — 2,512 — (16)2,496 29,379 31,875 
Share-based compensation— — 494 — — 494 1,114 1,608 
Cash flow hedges— — — — (20,597)(20,597)(45,060)(65,657)
Other77 — 1,008 — — 1,008 (3,096)(2,088)
Balance at September 30, 201995,468 $ $2,307,463 $(216,824)$(16,129)$2,074,510 $4,309,794 $6,384,304 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except unit amounts)
(unaudited)
September 30, 2020December 31, 2019
ASSETS
Real estate investments, net$8,369,090 $10,827,972 
Lease incentive asset512,166 527,181 
Investment in unconsolidated affiliate807,936  
Cash and cash equivalents655,169 202,101 
Prepaid expenses and other assets26,537 31,485 
Above market lease, asset40,260 41,440 
Operating lease right-of-use assets280,430 280,093 
Total assets$10,691,588 $11,910,272 
LIABILITIES, REDEEMABLE CAPITAL, AND PARTNERS' CAPITAL
Liabilities
Debt, net$3,516,477 $4,307,354 
Due to MGM Resorts International and affiliates275 774 
Accounts payable, accrued expenses and other liabilities139,606 37,421 
Accrued interest50,753 42,904 
Distribution payable147,941 147,349 
Deferred revenue143,505 108,593 
Deferred income taxes, net29,909 29,909 
Operating lease liabilities340,106 337,956 
Total liabilities4,368,572 5,012,260 
Commitments and contingencies (Note 11)
Redeemable capital700,000  
Partners’ capital
General partner  
Limited partners*: 303,467,998 and 313,509,363 Operating Partnership units issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.
5,623,016 6,898,012 
Total partners’ capital5,623,016 6,898,012 
Total liabilities, redeemable capital, and partners’ capital$10,691,588 $11,910,272 
(*) Reflects all Operating Partnership units outstanding. See Note 2 for discussion of redeemable capital.
The accompanying notes are an integral part of these condensed consolidated financial statements.

7


MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except unit and per unit amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues
Rental revenue$188,303 $219,847 $580,138 $636,575 
Ground lease and other6,039 6,164 18,116 18,618 
Total Revenues194,342 226,011 598,254 655,193 
Expenses
Depreciation58,240 71,957 178,692 223,062 
Property transactions, net 9,921 194,990 11,344 
Ground lease expense5,920 5,920 17,760 17,760 
Acquisition-related expenses