MGM Growth Properties (MGP) will raise its quarterly dividend to $0.3875 per share.

MGP completed its initial public offering on April 25, 2016 and on June 16, 2016, the Company's Board of Directors declared a pro-rated quarterly dividend of $0.2632 per Class A share (based on a $1.43 annualized basis), which was paid on July 15, 2016 to holders of record on June 30, 2016.

The increased dividend, when declared, will be paid on a quarterly basis of $0.3875 per Class A share (which represents $1.55 on an annualized basis) beginning in the third quarter of 2016. The new dividend rate represents an increase of $0.12 over the annual rate paid thus far since the Company's IPO.

MGM Growth Properties LLC 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.