MGM Growth Properties LLC said Friday it will raise its quarterly cash dividend on Class A shares to 42 cents a share, up 6.3% from 39.5 cents a share. The new dividend will be payable Jan. 16 to shareholders of record on Dec. 29. Based on the real estate investment trust’s Thursday stock closing price of $29.10, the new annual dividend rate of $1.68 would imply a dividend yield of 5.77%, compared with the SPDR Real Estate Select Sector ETF’s implied yield of 3.80%. MGM Growth’s stock, which was still inactive in premarket trad, has rallied 15.0% year to date, while the REIT ETF has gained 7.6% and the S&P 500 has climbed 18.5%.
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