The Board of Directors at Gaming and Leisure Properties Inc (GLPI) has approved a 2.94% increase in its quarterly cash dividend to $0.70 per share of its common stock beginning with the dividend declared for the fourth quarter of 2019.
The dividend is payable on December 27, 2019 to shareholders of record on December 13, 2019.
The increase in the quarterly cash dividend represents the sixth increase in the cash dividend since the gaming real estate firm was formed in late 2013. The new dividend rate represents a 34.6% increase over the company’s first quarterly cash dividend payment which was paid in March of 2014 (excluding the special dividend paid in February 2014).
On an annualized basis, the new quarterly dividend represents an annual yield of 6.6% based on the $42.27 per share closing price of the company’s stock on November 26, 2019.
While the company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.