MGM Growth Properties continues to increase quarterly dividend
Annualized rate now up to $2.06 per share.
MGM Growth Properties LLC on Tuesday said its board of directors declared a quarterly cash dividend of $0.515 per Class A common share for the second quarter.
Company officials noted on an annualized basis, the dividend of $2.06 represents an increase of $0.08 per share.
MGM Growth Properties said this is the 13th dividend increase since its IPO in April 2016.
The dividend will be payable on July 15 to shareholders of record as of the close of business on June 30.
Earlier this year, when the company reported its financial results for the quarter ending March 31, MGM Growth Properties said its consolidated net income for Q1 2021 was $115.4m, compared to a net loss of $125.3m in Q1 2020, which saw the first effects of the pandemic shutdowns. Q2 results are expected to be released soon.
In March, the company’s board declared a quarterly cash dividend of $0.495 per Class A common share for the first quarter. The Q1 dividend was $1.98 per share on an annualized basis, which was an increase of $0.03 per share from the previous quarter.
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 United States, including MGM Northfield Park in Northfield, Ohio, Empire Resort Casino in Yonkers, NY, and The Park in Las Vegas (pictured).
As of December 31, 2020, the company’s resorts collectively comprise approximately 32,400 hotel rooms, 1.5m casino square footage, and 3.6m convention square footage.
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