MGP - MGP STOCK NEWS

MGM Growth Properties LLC (MGP) has declared a quarterly cash dividend of $0.520 per Class A common share for Q3 2021, marking its 14th dividend increase since its IPO in April 2016. The annualized dividend now stands at $2.08, an increase of $0.02 per share. Shareholders of record by September 30, 2021 will receive the payment on October 15, 2021. MGP continues to focus on acquiring and leasing large-scale entertainment and leisure properties, ensuring growth potential in the hospitality sector.

MGM Growth Properties LLC (MGP) reported Q2 2021 financial results with a net income of $43.9 million or $0.28 per share. Consolidated rental revenue reached $188.3 million, while Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) were $142.0 million and $171.8 million respectively. The company announced its agreement to acquire MGM Springfield for $400 million, increasing annual rent payments by $30 million. MGP plans to merge with VICI Properties, exchanging shares at a fixed ratio, closing expected in H1 2022.

MGM Resorts International has struck a definitive deal with VICI Properties and MGM Growth Properties to redeem MGP operating partnership units at $43 each, totaling approximately $4.4 billion. This simplifies MGM's structure and provides over $11.6 billion in liquidity, enhancing shareholder value. The agreement values MGP at $17.2 billion, including $5.7 billion in assumed debt. The lease terms include an initial 25-year term with $860 million annual rent. MGM will retain a 1% stake in VICI, valued at $370 million. The transaction is anticipated to close in H1 2022.

VICI Properties will acquire MGM Growth Properties (MGP) for $17.2 billion, including $5.7 billion in debt, reinforcing VICI's position as the largest experiential net lease REIT. MGP Class A shareholders will receive 1.366 shares of VICI stock per share of MGP, translating to $43.00 per share, a 15.9% premium. The merger enhances VICI's portfolio with 15 Class A properties, increasing portfolio quality and tenant diversity while retaining significant annual cash flow. The transaction is set to close in H1 2022, pending regulatory approvals.

MGM Growth Properties LLC (NYSE: MGP) will release its second quarter 2021 financial results before the market opens on August 6, 2021. A conference call will follow at 12:30 p.m. Eastern Time, featuring a discussion and Q&A session. Supplemental slides will be available on MGP's website prior to the call. The earnings call can be accessed via webcast or by phone. A replay will be available until August 13, 2021. MGP, a leading real estate investment trust, owns a portfolio of 12 premier destination resorts, totaling approximately 32,400 hotel rooms and significant casino and convention space.

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.

MGM Resorts and MGM Growth Properties have finalized an agreement for MGP to acquire the real estate assets of MGM Springfield in Western Massachusetts for approximately $400 million in cash. Following the transaction, MGM Resorts will continue operating the property under a master lease with an increased annual rent of $30 million. The sale is expected to close in Q4 2021, pending regulatory approvals. Both companies view this deal as beneficial for shareholders, with MGM Springfield showing strong financial performance, delivering record Adjusted Property EBITDAR in Q1 2021.

MGM Growth Properties (MGP) reported a strong financial performance for Q1 2021, with net income of $59.6 million, translating to $0.44 per diluted share. Highlights include consolidated rental revenue of $188.3 million and Funds From Operations (FFO) of $184.7 million, or $0.67 per diluted unit. The company successfully redeemed 37.1 million Operating Partnership units, bringing MGM's ownership down to 42.1%. MGP also raised its annual dividend to $1.98 per share, and favorable rent escalators went into effect, reinforcing its long-term strategy.

MGM Growth Properties LLC (MGP) will announce its Q1 2021 financial results on April 30, 2021, before market opening. A conference call is scheduled for 12:30 p.m. ET that same day, featuring a discussion of results followed by a Q&A session. Supplemental slides will be available on MGP's website prior to the call. The call can be accessed via webcast or phone, with a replay available until May 7, 2021. MGP is a leading REIT focused on acquiring and leasing large-scale entertainment and leisure properties, including 12 destination resorts in the U.S.