MGM Growth Properties LLC (MGP), the MGM Resorts International-created real estate investment trust (REIT), is going to have to sell some shares if it wants to enter into a joint venture with MGM Resorts. This is according to a statement by the REIT, which indicates that it will offer 24 million shares in order to pick up funds that will be used, in part, to help finance the unidentified joint venture.

MGP was spun out from under MGM’s umbrella about three and a half years ago, working as a separate entity ever since. It is going to unload 12 million shares to BofA Securities (a division of Bank of America), Morgan Stanley Co., LLC and J.P. Morgan Securities, LLC, all three of which are underwriters of the company. Through forward sale agreements, they will also be eligible to purchase another 12 million shares from different entities or “affiliates” of those entities.

The value of the sale depends on when it’s consummated. When the markets closed on November 19, the 12 million shares were worth around $390 million; however, this is around 1% lower than mid-day prices. When MGP announced the sale, its stock went from $32.85 in the afternoon to $31.32 in after-hours trading.

MGP explains in its statement: