Gaming and Leisure Properties, Inc. Declares Fourth Quarter 2020 Dividend of $0.60 Per Share
November 06 2020 - 7:00AM
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”),
announced that yesterday, the Company’s Board of Directors declared
the fourth quarter 2020 dividend of $0.60 per share of its common
stock, consisting of a combination of cash and shares of the
Company's common stock. The dividend is payable on December 24,
2020 to shareholders of record on November 16, 2020. 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. As previously announced, the
quarterly dividend level reflects the continued impact of COVID-19
on the Company's business and the expectation that its major
tenants will continue to fulfill payment of their financial
obligations to 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.
While the Company intends to pay regular quarterly dividends for
the foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the Board of Directors at its discretion.
The Company reserves the right to pay this dividend, and any future
dividends, entirely in cash.
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.
An information letter and election form will be
mailed to shareholders of record after the record date.
Shareholders should review these documents and complete the
election form in accordance with the instructions contained
therein. Shareholders who hold their shares through a bank, broker
or nominee, and have questions regarding the dividend election
should contact such bank, broker or nominee, who will also be
responsible for distributing to them the letter and election form
and submitting the election form on their behalf.
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.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including our expectations regarding our receipt of rent payments
in future periods, the characterization of the dividend for tax
purposes, and expected future dividend payments. Forward-looking
statements can be identified by the use of forward-looking
terminology such as “expects,” “believes,” “estimates,” “intends,”
“may,” “will,” “should” or “anticipates” or the negative or other
variation of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Such forward looking
statements are inherently subject to risks, uncertainties and
assumptions about GLPI and its subsidiaries, including risks
related to the following: the effect of pandemics such as COVID-19
on GLPI as a result of the impact of such pandemics on the business
operations of GLPI’s tenants and their continued ability to pay
rent in a timely manner or at all; GLPI’s ability to successfully
consummate recently announced transactions; the ability to receive,
or delays in obtaining, the regulatory approvals required to own
and/or operate its properties, or other delays or impediments to
completing acquisitions or projects; GLPI's ability to maintain its
status as a REIT; our ability to access capital through debt and
equity markets in amounts and at rates and costs acceptable to
GLPI; the impact of our substantial indebtedness on our future
operations; 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 GLPI’s Annual
Report on Form 10-K for the year ended December 31, 2019, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, each as filed
with the Securities and Exchange Commission. All subsequent written
and oral forward-looking statements attributable to GLPI or persons
acting on GLPI’s behalf are expressly qualified in their entirety
by the cautionary statements included in this press release. GLPI
undertakes no obligation to publicly update or revise any
forward-looking statements contained or incorporated by reference
herein, whether as a result of new information, future events or
otherwise, except as required by law. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release may not occur as presented or at all.
Contact |
|
Investor Relations – Gaming and Leisure Properties,
Inc. |
|
Matthew Demchyk, SVP Investments |
Joseph Jaffoni, Richard Land, James Leahy at JCIR |
610/401-2900 |
212/835-8500 |
investorinquiries@glpropinc.com |
glpi@jcir.com |
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