Activist Urges MGM To Spin Off Real Estate - Quick Facts

(RTTNews) - Land and Buildings issued investor presentation proposing REIT conversion, which it believes offers MGM Resorts International (MGM) the opportunity to monetize real estate and reduce leverage in a cost- and tax-efficient manner.

Land and Buildings sees 70% upside to a base case net asset value of $0.33 per share, and up to 180% upside in a bull case, that can be realized through a REIT conversion, a tax free spin-off of a lodging C-corp, and a reduction of leverage through asset sales and an MGM China special dividend.

Land and Buildings nominees have the deep real estate and finance experience that Land & Buildings believes is necessary to help properly evaluate the best strategic options for MGM's real estate and capital structure.

Land and Buildings has conducted extensive due diligence to understand the potential value and feasibility of the ideas and framework it is proposing for MGM. This has included consulting with a leading legal advisor with extensive experience in the area of REIT conversions to ensure that the structure Land and Buildings is proposing would be cost and tax efficient based on publicly available information.