MGP - VICI Properties closes on MGM Growth Properties acquisition

VICI Properties (NYSE:VICI) closed on its previously announced acquisition of MGM Growth Properties (MGP) on Friday, making it the largest owner of hotel and conference real estate in America, the company said. Upon the closing, VICI will have an estimated enterprise value of ~$44B. Simultaneous with the deal closing, VICI (VICI) entered into an amended and restated triple-net master lease with MGM Resort International (MGM). The MGM master lease, which commences on Friday, has an initial total annual rent of $860.0M. Rent under the master lease escalates at a rate of 2.0% per year for the first 10 years and thereafter at 2.0% per year or the annual increase in the consumer price index, subject to a 3.0% cap, whichever is greater. In addition, VICI (VICI) retains MGP's 50.1% ownership ion the joint venture between MGP and Blackstone (BX) Real Estate Income Trust, which owns the real estate assets of

For further details see:

VICI Properties closes on MGM Growth Properties acquisition