MGM Growth Properties ups quarterly dividend to $1.98 per share
Company also closes public offering that brought in $676.1m
MGM Growth Properties LLC on Monday said its board of directors declared a quarterly cash dividend of $0.495 per Class A common share for the first quarter.
The dividend is $1.98 per share on an annualized basis, which the company noted represents an increase of $0.03 per share.
This is the 12th dividend increase since MGP’s initial public offering in April 2016.
The dividend will be payable on April 15 to shareholders of record as of the close of business on 31 March.
Separately, MGM Growth Properties closed its previously announced underwritten follow-on public offering of 21,850,000 Class A shares.
The offering included more than 2.8m shares sold by underwriters using their over-allotment option, at a public offering price of $32.15 per share.
Net of the underwriters’ discount, the company reported it received proceeds from the offering of approximately $676.1m.
BofA Securities, JP Morgan, Barclays and Scotiabank acted as joint lead book-running managers for the offering.
“The successful completion of our follow-on offering and the redemption of 37.1 million operating partnership units from MGM Resorts marks another milestone for MGP,” James Stewart, CEO of MGM Growth Properties, said in a statement. “This redemption further bolstered the liquidity of our tenant, MGM Resorts.”
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. Its holdings 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 resorts in Las Vegas and elsewhere across the US, including MGM Northfield Park in Northfield, Ohio, Empire Resort Casino in Yonkers, NY, and The Park in Las Vegas.
As of 31 December, 2020, the company’s resorts collectively comprise approximately 32,400 hotel rooms, 1.5m casino square footage, and 3.6m convention square footage.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
