MGM Growth Properties LLC (MGP) will raise its quarterly dividend by another 1.0 percent to 52 cents quarterly. This follows a dividend hike of 4 percent to $0.515 per share in Q2 of 2021. This is the 3rd dividend hike by the casino REIT in 2021 for a total increase of 5.6 percent YTD.
The next MGP dividend will be payable on October 15, 2021 to shareholders of record as of the close of business on September 30, 2021. A new annual rate of $2.08 per share yields 5.1% at a stock price of $40.69 for MGM Growth Properties. This is the 14th dividend increase since MGP's initial public offering in April 2016.
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. The company owns Las Vegas Strip properties including Mandalay Bay, The Mirage, Monte Carlo, New York-New York, Luxor and Excalibur.