MGM Growth Properties Increases Quarterly Dividend To An Annualized Rate Of $2.06 Per Share

Rhea-AI Summary

MGM Growth Properties LLC (NYSE:MGP) declared a quarterly cash dividend of $0.515 per Class A common share for Q2 2021, reflecting an increase of $0.08 per share from the previous dividend, now annualized at $2.06. This marks the 13th dividend increase since its IPO in April 2016. The dividend will be paid on July 15, 2021, to shareholders of record as of June 30, 2021. MGP currently owns a diverse portfolio of 12 properties, mainly in Las Vegas, offering considerable hotel and casino facilities.

Positive

• Quarterly dividend increased to $0.515 per share.
• 13th consecutive dividend increase since IPO.
• Annualized dividend now $2.06 per share.

Negative

• None.

LAS VEGAS, June 15, 2021 /PRNewswire/ -- MGM Growth Properties LLC ("MGP") (NYSE:MGP) today announced that its board of directors declared a quarterly cash dividend of $0.515 per Class A common share for the second quarter.  On an annualized basis, the dividend of $2.06 represents an increase of $0.08 per share.  This is the 13th dividend increase since MGP's initial public offering in April 2016.  The dividend will be payable on July 15, 2021 to shareholders of record as of the close of business on June 30, 2021.  

About MGM Growth Properties LLC 

MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts 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 premier destination resorts in Las Vegas and elsewhere across the United States, MGM Northfield Park in Northfield, OH, 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. As a growth-oriented public real estate entity, MGP 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. For more information about MGP, visit the Company's website at http://www.mgmgrowthproperties.com.

Forward-Looking Statements

This press release includes "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in MGP's public filings with the Securities and Exchange Commission. MGP has based forward-looking statements on management's current expectations and assumptions and not on historical facts. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to MGP's ability to receive, or delays in obtaining, any regulatory approvals required to own its properties, or other delays or impediments to completing MGP's planned acquisitions or projects, including any acquisitions of properties from MGM; the ultimate timing and outcome of any planned acquisitions or projects; MGP's ability to maintain its status as a REIT; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; MGP's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to MGP; 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 MGP's periodic reports filed with the Securities and Exchange Commission. In providing forward-looking statements, MGP is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGP updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

 

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SOURCE MGM Growth Properties LLC

FAQ

When will MGM Growth Properties pay its next dividend?

MGM Growth Properties will pay its next dividend on July 15, 2021.

What is the new annualized dividend for MGP?

The new annualized dividend for MGP is $2.06 per share.

How much has MGP's dividend increased?

MGP's dividend has increased by $0.08 per share for this quarter.

What is the record date for MGP's dividend?

The record date for MGP's dividend is June 30, 2021.

How many properties does MGM Growth Properties own?

MGM Growth Properties owns a portfolio of 12 properties, primarily in Las Vegas.