Gaming and Leisure Properties, Inc. Declares a Special Dividend of $11.85 Per Share

Written by:
Press Release
Published on:
Jan/04/2014
Gaming and Leisure Properties, Inc. Declares a Special Dividend of $11.85 Per Sh

$1.05 Billion Represents Accumulated Earnings and Profits Allocated to GLPI In Connection With Spin-Off From Penn National Gaming, Inc.

WYOMISSING, Pa., - Gaming and Leisure Properties, Inc. (Nasdaq:GLPI) (GLPI or the Company) today announced that its Board of Directors declared a special dividend to shareholder in connection with its previously announced intention to qualify as a real estate investment trust (REIT) in 2014 following its separation from Penn National Gaming, Inc. (Nasdaq:PENN) on November 1, 2013.

The special dividend of $1.05 billion, or approximately $11.85 per share, will be paid on February 18, 2014 to shareholders of record on January 13, 2014. The amount of cash to be distributed will be $210 million, or 20% of the total distribution, with the remainder to be paid in shares of GLPI common stock. Although the Company does not anticipate the need for a further dividend to complete the purge of its historical earnings and profits, if the Company later determines that a subsequent dividend is necessary to qualify as a REIT in 2014, it would expect to declare and pay an additional dividend of earnings and
profits no later than December 31, 2014.

Each GLPI shareholder will be permitted to elect to receive the shareholder's entire entitlement in either cash or GLPI common stock, subject to the 20% aggregate cash requirement. Shareholders of record on the Record Date will receive an election form providing for a choice of all cash or all shares, which must be completed and returned by the close of business on February 10, 2014. Shareholders electing cash will receive all cash unless the aggregate amount elected by all shareholders is in excess of the 20% cash requirement, in which case, cash will be allocated on a pro rata basis to such shareholders with the balance in shares. Shareholders electing all shares or failing to make an election will receive all shares unless the 20% cash requirement has not been met, in which case those not making an election will receive cash on a pro rata basis until the 20% cash requirement has been met. If the 20% cash requirement has not then been met, cash will be allocated on a pro rata basis to those electing shares. The Company currently estimates the share component of the dividend to be approximately 0.25 additional shares per current GLPI share; however, the actual number of shares to be distributed will be determined based upon shareholder elections and market factors.

Broadridge Corporate Issuer Solutions, Inc. will serve as the Company's Election Agent and Disbursing Agent.

About Gaming and Leisure Properties

GLPI is a real estate investment trust ("REIT") for United States federal income tax purposes, whose primary business consists 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. GLPI is the first gaming-focused REIT, and expects to grow its portfolio by aggressively pursuing opportunities to acquire additional gaming facilities to lease to gaming operators, which may
include Penn. GLPI intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties.

Business/Financial News

Live In-Play Betting Best Interfaces

You will be reading a lot about Fluid Live Wagering here on Gambling911.com, which is simply another term used to describe LIVE IN-PLAY betting interfaces for the Pay Per Head community. 

Syndicate