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  "documentTitle": "MGM Resorts International (MGM)",
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      "text": "Land and Buildings sees 70% upside to a base case net asset value of $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.",
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      "text": "Valuation: MGM US trades at 10x EBITDA, well below hotel and net lease REITs at ~15-16x EBITDA, lodging C-corps at ~15x EBITDA and the Cosmopolitan of Las Vegas which sold to Blackstone at 17x.",
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      "text": "Land and Buildings issues investor presentation proposing REIT conversion... Land and Buildings believes the net asset value of MGM is $33 per share... Land and Buildings nominees have the deep real estate and finance experience...",
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      "text": "Stamford, CT— (March 17, 2015) – Today Land and Buildings issued an investor presentation providing a detailed discussion of the opportunity at MGM Resorts International...",
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      "text": "Land and Buildings believes MGM's high-quality real estate portfolio is substantially undervalued in the public markets... We have been attempting to work collaboratively with MGM management...",
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      "text": "Land and Buildings believes MGM's high-quality real estate portfolio is substantially undervalued in the public markets. We have been attempting to work collaboratively with MGM management to find an optimal corporate structure for the Company and believe the proposed REIT conversion detailed in the presentation released today will maximize shareholder value while minimizing costs. We are pleased that MGM's CEO and Chairman Jim Murren has said he is open to considering a REIT conversion and has stated that his focus is rightfully on what is best for all shareholders. — Jonathan Litt",
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