The Company's initial public offering priced at the top of its filing range at $21 per share and generated a 4.8% gain on its first day of trading on April 20, 2016.
Stewart continued, "MGP is recognized as a leading triple net lease REIT with a premier portfolio of assets as evidenced by the receipt of IFR's U.S. IPO of the Year award and its inclusion in the MSCI U.S. REIT Index (RMZ) in November. The Company accomplished a series of major milestones within its first year including the acquisition of the real estate assets associated with the Borgata Hotel Casino & Spa, which resulted in an 8.4% increase to our annual dividend. We remain committed in the execution of our strategy of increasing shareholder value and we believe the Company is well positioned for continued financial success in 2017."
About MGM Growth Properties LLC
MGM Growth Properties LLC (NYSE: MGP) 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. MGP currently owns a portfolio of properties acquired from MGM Resorts, consisting of ten premier destination resorts in Las Vegas and elsewhere across the United States and one dining and entertainment complex which opened in April 2016. As of December 31, 2015, these properties collectively comprise 27,233 hotel rooms, approximately 2.6 million convention square footage, over 100 retail outlets, over 200 food and beverage outlets and over 20 entertainment venues. As a growth-oriented public real estate entity, MGP expects its relationship with MGM Resorts to attractively position MGP for the acquisition of additional properties across the entertainment, hospitality and leisure industries that MGM Resorts may develop in the future. For more information about MGM Growth Properties, visit the Company's website at www.mgmgrowthproperties.com.
This press release includes "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's ability to continue to execute its strategy. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company's ability to receive, or delays in obtaining, any regulatory approvals required to own its properties, or other delays or impediments to completing the Company's planned acquisitions or projects, including any acquisitions of properties from MGM Resorts International; the ultimate timing and outcome of any planned acquisitions or projects; the Company's ability to maintain its status as a REIT; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the Company's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to the Company; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in the Company's periodic reports filed with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgm-growth-properties-awarded-2016-us-ipo-of-the-year-by-thomson-reuters-international-financing-review-magazine-300383337.html
SOURCE MGM Growth Properties LLC