The Atlanta Braves reported revenues of $216 million in the April-June period and a $54 million operating profit as part of parent Liberty Media’s second quarter 2021 results.
That revenue of $216 million exceeded the reported revenue of $208 million in Q2 2019, though the $54 operating profit was less than the $62 million operating profit reported in Q2 2019. The numbers came at a time when the Braves were operating Truist Park at a reduced capacity in April.
It is interesting to see the development revenue come in at $12 million, money that’s attributable to The Battery development surrounding Truist Park. From the public filing:
There were 42 home games played in the second quarter of 2021 compared to no home games played in the comparable prior year period as the 2020 regular season was delayed until July of that year. The 2021 regular season began with fans in attendance at 33% capacity for the first home game beginning April 9th, which increased to 50% capacity beginning April 23rdand further expanded to 100% capacity beginning May 7th.
Baseball revenue is comprised of (i) ballpark operations (ticket sales, concessions, corporate sales, retail, suites, premium seat fees and postseason), (ii) local broadcast rights and (iii) national broadcast rights, licensing and other shared MLB revenue streams. Development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income.
Baseball revenue increased in the second quarter driven by the home games played in the current year and the recognition of revenue related to all primary sources of revenue, compared to no home games played in the comparable prior year period. Development revenue increased during the second quarter due to a reduction in deferred payment arrangements as well as increases in rental income from various new lease commencements.