MGP: POST-IPO UPSIDE

摘要

MGM Resorts International (MGM) recently decided to spin off part of its real estate portfolio into a REIT known as MGM Growth Properties LLC (MGP). On April 20, MCM Growth Properties' IPO priced at $21 and closed the day at $22.01. The IPO raised about $1 billion while MGM shareholders retain 76% of MGP and its portfolio. MGM's Board says that MGM's properties are undervalued and the formation of the REIT is aimed at eliminating this valuation disparity that exists in the market.