A premier triple net lease REIT with iconic, award-winning assets of diversified leisure, entertainment and hospitality across the United States
- Visible growth opportunities
- Master lease provides contractual rent growth through 2022
- Pursuit of attractive third party net lease acquisitions in leisure, entertainment, hospitality and related sectors
- Right of first offer to MGM Springfield
Strong tenant in MGM Resorts International
- We have a clear financial portfolio given the transparency in our tenant, MGM Resorts International
- Well known, publicly traded S&P 500 company
- Leading globally integrated resort operator with highly recognized brands in the industry
- Experienced management team with considerable operations background
- Established track record of reinvesting in its assets
- Corporate guarantee of the tenant’s performance and payments under the master lease provides market leading rent coverage
1. As of 12/31/2016, post-acquisition numbers include MGP's properties and MGM National Harbor. As of 12/31/2016, MGM National Harbor had 308 hotel rooms, 23 acres of land (subject to a ground lease), 50,000 square feetof convention space, and approximately 125,000 square feet of casino space.
2. As of 6/30/2017, post-acquisition numbers include MGM National Harbor. As of 6/30/2017, the Company estimates the net carrying value of the MGM National Harbor assets was $1.14 billion, solely comprising the estimated net carrying value of the buildings and improvements at MGM National Harbor, including accumulated depreciation of $22.0 million. The land at MGM National Harbor is subject to a ground lease and not included in the estimate of the net carrying value of the MGM National Harbor assets.