September 5, 2017 / 8:27 PM / a year ago

BRIEF-MGM Resorts and MGM Growth Properties announce transaction on MGM National Harbor casino resort

Sept 6 (Reuters) - MGM Growth Properties LLC

* MGM Resorts International and MGM Growth Properties LLC announce transaction on MGM National Harbor casino resort

* MGM Growth Properties - ‍subsidiary of MGP will purchase long-term leasehold interest, real property improvements associated with MGM National Harbor casino resort​

* MGM Growth Properties LLC - ‍MGM Resorts will lease property from MGP and continue to operate property following consummation of transaction​

* MGM Growth Properties LLC - ‍MGP will pay total consideration of approximately $1.1875 billion​

* MGM Growth Properties LLC - ‍as a result of transaction, expect to achieve mid-single digit percentage accretion to affo per share​

* MGM Growth Properties LLC - ‍consistent with master lease terms, 90 percent of rent will be fixed and contractually grow at 2 percent per year until 2022​

* MGM Growth Properties - ‍MGM National Harbor will be added to existing master lease between MGM Resorts and MGP, rent payment to MGP to increase by $95 million​ Source text for Eikon: Further company coverage:

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