MGM Growth Properties again increases its dividend
Company has increased its quarterly payout 14 times since 2016.
MGM Growth Properties LLC on Wednesday said its board of directors declared a quarterly cash dividend of $0.520 per Class A common share for the third quarter.
The dividend will be payable on October 15 to shareholders of record as of the close of business on September 30.
According to the company, on an annualized basis, the dividend of $2.08 represents an increase of $0.02 per share.
This is the 14th dividend increase since MGP’s initial public offering in April 2016.
On August 4, MGM Growth Properties and its operating partnership entered into an agreement with VICI Properties, Inc., and MGM Resorts International, whereby VICI will acquire MGP in a stock-for-stock transaction.
The parties expect the transaction to close in the first half of 2022, subject to customary closing conditions, regulatory approvals and approval by VICI stockholders.
MGM Growth Properties is a publicly traded real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP, together with its joint venture, currently owns a portfolio of properties, consisting of 12 destination resorts in Las Vegas and elsewhere across the United States, MGM Northfield Park in Northfield, Ohio, Empire Resort Casino in Yonkers, NY, as well as a retail and entertainment district, The Park in Las Vegas.
As of December 31, 2020, MGP’s portfolio of destination resorts, the Park, Empire Resort Casino, and MGM Northfield Park, collectively comprised approximately 32,400 hotel rooms, 1.5 million casino square footage, and 3.6 million convention square footage.
MGP said in a statement it expects its relationship with MGM Resorts and other entertainment providers to attractively position MGP for the acquisition of additional properties across the entertainment, hospitality and leisure industries.
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