Gaming and Leisure Properties, Inc. Declares Fourth Quarter 2020 Dividend of $0.60 Per Share

WYOMISSING, Pa., Nov. 06, 2020 (GLOBE NEWSWIRE) -- 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.