The Gaming and Leisure Properties Inc (GLPI) Board of Directors has approved a 2.94 percent increase in its quarterly cash dividend to $0.70 per share of its common stock beginning with the dividend announced for the fourth quarter of 2019.
On December 27, 2019, the dividend is payable to investors of record on December 13, 2019.
The raise in the quarterly cash dividend is the sixth rise in the cash dividend since the gaming real estate business was established at the end of 2013. The current dividend rate represents an increase of 34.6 percent over the first annual cash dividend paid by the company in March 2014 (excluding the special dividend paid in February 2014).
Based on the $42.27 per share closing price of the company’s stock on November 26, 2019, the latest quarterly dividend reflects an annual yield of 6.6 percent.
While the company plans to pay regular quarterly cash dividends in the foreseeable future, the Board of Directors must review all subsequent dividends on a quarterly basis and declare them at its discretion.