Gaming and Leisure Properties, Inc. Declares Fourth Quarter 2020 Dividend of $0.60 Per Share
Gaming and Leisure Properties (NASDAQ: GLPI) declared a fourth-quarter 2020 dividend of $0.60 per share, payable on December 24, 2020, to shareholders of record by November 16, 2020. The dividend consists of $0.12 in cash and $0.48 in common stock. The decision reflects COVID-19's ongoing impact on the company, though it anticipates tenants will continue fulfilling their financial obligations. Future dividends will be reviewed quarterly, with possibilities for cash-only distributions. Shareholders can choose between cash and stock for their dividends.
- Declared Q4 2020 dividend of $0.60 per share.
- Dividend reflects strong cash flow despite COVID-19 impact.
- Shareholders can elect between cash or stock, increasing engagement.
- Dividend structure indicates potential cash flow constraints due to COVID-19.
- Company's reliance on tenants meeting financial obligations may pose risks.
WYOMISSING, Pa., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”), announced that yesterday, the Company’s Board of Directors declared the fourth quarter 2020 dividend of
The Company expects the dividend to be a taxable dividend to shareholders, regardless of whether a particular shareholder receives the dividend in the form of cash or shares. While the Company intends to pay regular quarterly dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. The Company reserves the right to pay this dividend, and any future dividends, entirely in cash.
Shareholders will be asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than
An information letter and election form will be mailed to shareholders of record after the record date. Shareholders should review these documents and complete the election form in accordance with the instructions contained therein. Shareholders who hold their shares through a bank, broker or nominee, and have questions regarding the dividend election should contact such bank, broker or nominee, who will also be responsible for distributing to them the letter and election form and submitting the election form on their behalf.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our receipt of rent payments in future periods, the characterization of the dividend for tax purposes, and expected future dividend payments. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the effect of pandemics such as COVID-19 on GLPI as a result of the impact of such pandemics on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; GLPI’s ability to successfully consummate recently announced transactions; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.
| Contact | |
| Investor Relations – Gaming and Leisure Properties, Inc. | |
| Matthew Demchyk, SVP Investments | Joseph Jaffoni, Richard Land, James Leahy at JCIR |
| 610/401-2900 | 212/835-8500 |
| investorinquiries@glpropinc.com | glpi@jcir.com |
FAQ
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