Gaming and Leisure Properties (GLPI) will cut its quarterly dividend by 14.3 percent to 60 cents per share quarterly because of the COVID-19 pandemic. Last year the REIT raised its quarterly dividend by 2.9 percent to $0.70 per share. The cash component of the new dividend is 12 cents and the other 48 cents will be paid in new shares by GLPI.

The next dividend The dividend will be paid on June 26, 2020, to shareholders of record on May 13, 2020. A new annualized dividend rate of $2.40 per share yields 9.4% at a stock price of $25.60. The cash dividend of 48 cents annually yields 1.9%.

In its press release dated April 30, 2020 the company announces first quarter 2020 results and the lower dividend. The company states that the second quarter dividend of $0.60 per share consists of a combination of cash and shares of the company's common stock. From the press release: The cash component of the dividend (other than cash paid in lieu of fractional shares) will not exceed 20% in the aggregate, or $0.12 per share, with the balance, or $0.48 per share, payable in shares of the Company's common stock.  The new quarterly dividend level reflects the impact of the COVID-19 closures on the Company's business and anticipates that the Company's major tenants will continue to fulfill payment of their financial obligations to the Company.  Further, it is anticipated that the portion of dividends to be paid in shares will be limited to periods during which non-cash rents are realized by the Company. 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. The Company reserves the right to pay future dividends entirely in cash, and the decision to issue a stock dividend will be made by the Board of Directors on a quarterly basis. 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 20% of cash is elected in the aggregate, the cash portion will be prorated. Shareholders who elect to receive the dividend in cash will receive a cash payment of at least $0.12 per share. Shareholders who do not make an election will receive 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend will be calculated based on the volume weighted average trading prices of the Company's common stock on the Nasdaq Stock Market prior to the dividend payment date.

Gaming and Leisure Properties, Inc. is a Pennsylvania real estate investment trust (REIT). The company is engaged in the business of acquiring, financing and owning real estate property to be leased to gaming operators in triple net lease arrangements. GLP’s portfolio currently consists of 43 gaming and related facilities, which are geographically diversified across 15 states. Its tenants include Penn National Gaming, Inc., Casino Queen, Pinnacle Entertainment, Inc. and Eldorado Resorts, Inc. GLP also owns and operates Hollywood Casino Baton Rouge and Hollywood Casino Perryville through an indirect wholly-owned subsidiary, GLP Holdings, Inc.