Business
Gaming and Leisure Properties, Inc. Increases Quarterly Cash Dividend by 2.94 Percent
Declares Fourth Quarter 2019 Cash Dividend of $0.70 Per Share Increase Marks Sixth Increase in Cash Dividend Since Company’s Formation in 2013 WYOMISSING,
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"Declares Fourth Quarter 2019 Cash Dividend of $0.70 Per Share\n Increase Marks Sixth Increase in Cash Dividend Since Company’s Formation in 2013 WYOMISSING, Pa., Nov. 27, 2019 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”), announced today that its Board of Directors approved a 2.94 percent increase in the quarterly cash dividend to $0.70 per share of its common stock beginning with the dividend declared for the fourth quarter of 2019. The dividend is payable on December 27, 2019 to shareholders of record on December 13, 2019. The increase in the quarterly cash dividend represents the sixth increase in the cash dividend since Gaming and Leisure Properties was formed in late 2013. The new dividend rate represents a 34.6% increase over the Company’s first quarterly cash dividend payment which was paid in March of 2014 (excluding the special dividend paid in February 2014). On an annualized basis, the new quarterly dividend represents an annual yield of 6.6% based on the $42.27 per share closing price of the Company's stock on November 26, 2019. While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. About Gaming and Leisure PropertiesGLPI 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. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLPI also intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties. GLPI elected to be taxed as a REIT for United States federal income tax purposes commencing with the 2014 taxable year and was the first gaming-focused REIT in North America. Forward-Looking StatementsThis press rel...