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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Reports Third Quarter 2021 Results

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WYOMISSING, Pa., Oct. 28, 2021 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended September 30, 2021.

Financial Highlights

    Three Months Ended September 30,
(in millions, except per share data)   2021   2020
Total Revenue   $ 298.7      $ 307.6   
Income from Operations   $ 225.1      $ 200.7   
Net Income   $ 149.1      $ 127.1   
FFO (1)   $ 209.1      $ 182.2   
AFFO (2)   $ 207.2      $ 194.6   
Adjusted EBITDA (3)   $ 276.7      $ 265.2   
         
Net income, per diluted common share (4)   $ 0.63      $ 0.58   
FFO, per diluted common share   $ 0.89      $ 0.83   
AFFO, per diluted common share   $ 0.88      $ 0.89   

                                                                              

(1)  FFO is net income, excluding gains or losses from sales of property and real estate depreciation as defined by NAREIT.

(2)  AFFO is FFO, excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, amortization of land rights, straight-line rent adjustments, gains on sales of operations, net of tax, and losses on debt extinguishment, reduced by capital maintenance expenditures.

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(3)  Adjusted EBITDA is net income, excluding interest, income tax expense, depreciation, gains or losses from sales of property and operations net of tax, stock based compensation expense, straight-line rent adjustments, amortization of land rights, and losses on debt extinguishment.

(4)  Net income, per diluted common share for the three months ended September 30, 2021 benefited from the July 1, 2021 sale of the Hollywood Casino Perryville operations which resulted in an after-tax gain of $11.3 million and third quarter rental income on the property partially offset by the prior year earnings at the facility. The net impact of these items was a benefit of $0.04 per diluted share for the three months ended September 30, 2021.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “The strong earnings growth GLPI achieved in the first half of 2021 continued with another period of consistent earnings in the third quarter. Our third quarter net income and AFFO exceeded the comparable period in 2020 by 17.3% and 6.4%, respectively, demonstrating our ability to consistently build value by working creatively and collaboratively with existing tenants through the pandemic, while establishing new relationships with leading regional gaming operators. During the quarter, we completed the sale of the operations of Hollywood Casino Perryville, resulting in proceeds of approximately $31 million. We are delighted to further expand our relationship with Penn National Gaming through this transaction while enhancing GLPI’s forward earnings visibility by divesting and converting a TRS operating asset into a property generating recurring rental income.

“GLPI’s high quality tenant roster continues to highlight the strength and resiliency of regional gaming markets as our operators continue to enjoy strong consumer demand and elevated margins. These factors, combined with several additions to our portfolio over the past year, contributed to the strength of our third quarter AFFO along with the trigger of certain rent escalations. Furthermore, our four publicly traded tenants, which in aggregate account for 99% of our annual rent contributions, have significantly bolstered their balance sheets and enhanced their liquidity since the onset of the pandemic.

“Our record of consistent value creation also reflects our ongoing commitment to balance sheet strength which has positioned GLPI as an investment grade issuer. Looking forward, we believe GLPI is well positioned to deliver further growth as we pursue additional portfolio expansion and diversification while benefiting from the ongoing strength in regional gaming markets, with many of the operations at GLPI’s properties continuing to generate record results. Taken together, these factors support our confidence that the Company is well positioned to extend its long-term record of shareholder value creation.”

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Recent Developments

  • As of October 28, 2021, all 50 of GLPI’s properties are open to the public, (including Hollywood Casino Baton Rouge which is owned and operated by the Company’s taxable REIT subsidiary and has been contracted for sale, as described below).
  • On July 1, 2021, GLPI completed the previously announced sale of the operations of Hollywood Casino Perryville to Penn National Gaming, Inc. (NASDAQ: PENN) (“Penn”) for $31.1 million in cash. GLPI entered into a new triple net lease with Penn for an initial term of 20 years, with three 5-year renewal options, for the real estate assets associated with the property for an initial annual rent of $7.77 million, $5.83 million of which will be subject to annual escalation of 1.5% beginning in the second lease year through the fourth lease year and then increasing by 1.25% for each year of the remaining lease term to the extent CPI increases by at least 0.5% for the preceding lease year.
  • On April 13, 2021, GLPI announced an expansion of its relationship with Bally’s Corporation (NYSE: BALY) (“Bally’s”) to acquire the real estate assets of Bally’s casino properties in Rock Island, Illinois and Black Hawk, Colorado, for total consideration of $150 million. The parties expect to add the properties to the master lease created in connection with Bally’s acquisition of Tropicana Evansville and Dover Downs Hotel & Casino (the “Bally’s Master Lease”) (described more fully below). These transactions are expected to generate incremental annualized rent of $12.0 million, with a normalized rent coverage of 2.25x in the first calendar year post-acquisition. The transactions are expected to close in early 2022.
  • Bally’s also granted GLPI a right of first refusal to fund the real property acquisition or development project costs associated with all potential future transactions in Michigan, Maryland, Virginia and New York through one or more sale-leaseback or similar transactions for a term of seven years.
  • Bally’s agreed to acquire both GLPI’s non-land real estate assets and Penn’s outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. for an aggregate cash acquisition price of $150 million. GLPI will retain ownership of the land and concurrently enter into a 50-year ground lease with Bally’s for an initial annual rent of $10.5 million. The ground lease will be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally’s Master Lease. This transaction is expected to close in early 2022.
  • On December 15, 2020, the Company announced an agreement to sell the operations of Hollywood Casino Baton Rouge (“HCBR”) to Casino Queen for $28.2 million. GLPI will continue to own the real estate and will enter into an amended master lease with Casino Queen, which will include both their current DraftKings at Casino Queen property in East St. Louis and the HCBR facility, for annual cash rent of $21.4 million with a new initial term of 15 years and four 5-year extensions. This rental amount will be increased annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the Consumer Price Index (“CPI”) increases by at least 0.25% for any lease year, then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25%, then rent will remain unchanged for such lease year. GLPI will complete the previously announced landside development project at HCBR and the rent under the master lease will be adjusted upon completion to reflect a yield of 8.25% on GLPI’s project costs. GLPI also secured a right of first refusal with Casino Queen for other sale leaseback transactions for up to an incremental $50 million of rent over the next two years. Finally, upon the closing of the transaction, which is expected in the fourth quarter of 2021, subject to regulatory approvals and customary closing conditions, GLPI will receive a one-time cash payment of $4 million in satisfaction of the outstanding loan to Casino Queen.
  • In accordance with the rent deferral agreement that was signed in 2020 with Casino Queen, $2.1 million of rent was deferred due to the property’s temporary closure in the first quarter of 2021. Approximately $0.9 million was collected during the third quarter of 2021 and it is anticipated that the remainder will be collected at the closing of the HCBR transaction.
  • On October 27, 2020, the Company entered into a series of definitive agreements pursuant to which a subsidiary of Bally’s acquired 100% of the equity interests in the Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) subsidiary that operated Tropicana Evansville and the Company reacquired the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. The Company also entered into a real estate purchase agreement with Bally’s pursuant to which it acquired the real estate assets of the Dover Downs Hotel & Casino, located in Dover, Delaware, which is currently operated by Bally’s, for a cash purchase price of approximately $144.0 million. These transactions closed on June 3, 2021 and the Tropicana Evansville and Dover Downs Hotel & Casino facilities were added to the new Bally’s Master Lease. The Bally’s Master Lease has an initial term of 15 years, with no purchase option, followed by four five-year renewal options (exercisable by Bally’s) on the same terms and conditions. Rent under the Bally’s Master Lease is $40.0 million annually, subject to an annual escalator of up to 2% determined in relation to the annual increase in the CPI.
  • The Company’s leases contain variable rent that are reset on varying schedules depending on the specific lease. In the aggregate, the portion of cash rents that are variable represented approximately 15% of GLPI’s 2020 full year cash rental income. Of that 15% variable rent, approximately 29% resets every five years which is associated with the Penn Master Lease and the Casino Queen lease, 41% resets every two years and 30% resets monthly which is associated with the Penn Master Lease (of which approximately 51% is subject to a floor or $22.9 million annually for Hollywood Casino Toledo). The Company does not have any variable rent resets until 2022.
  • During the three months ended September 30, 2021, the Company raised $182.8 million through the issuance of shares of common stock under its ATM program for average net proceeds of $49.75 per share.

Dividend  

On August 27, 2021, the Company’s Board of Directors declared a third quarter cash dividend of 0.67 per share on the Company’s common stock. The dividend was paid on September 24, 2021 to shareholders of record on September 10, 2021.

Portfolio Update

GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of September 30, 2021, GLPI’s portfolio consisted of interests in 50 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas and the Company’s wholly-owned and operated Hollywood Casino Baton Rouge property, which is referred to as the “TRS Segment”, the real property associated with 34 gaming and related facilities operated by Penn (excluding the Tropicana Las Vegas), the real property associated with 7 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD), the real property associated with 2 gaming and related facilities operated by Bally’s and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 17 states and contain approximately 25.3 million square feet of improvements.

Conference Call Details

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The Company will hold a conference call on October 29, 2021 at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560

Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13724383
The playback can be accessed through Friday, November 5, 2021.

Webcast
The conference call will be available in the Investor Relations section of the Company’s website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.


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GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2021   2020   2021   2020
Revenues              
Rental income $ 283,253     $ 267,555     $ 821,197     $ 762,711  
Interest income from real estate loans     5,574         19,130  
Total income from real estate 283,253     273,129     821,197     781,841  
Gaming, food, beverage and other 15,459     34,425     96,819     71,163  
Total revenues 298,712     307,554     918,016     853,004  
               
Operating expenses              
Gaming, food, beverage and other 5,766     18,175     48,074     39,536  
Land rights and ground lease expense 9,414     8,084     24,338     21,943  
General and administrative 13,066     22,510     45,969     51,728  
(Gains) losses from dispositions (14,815 )   4     (14,722 )   (3 )
Depreciation 60,182     58,080     177,033     172,033  
Total operating expenses 73,613     106,853     280,692     285,237  
Income from operations 225,099     200,701     637,324     567,767  
               
Other income (expenses)              
Interest expense (70,432 )   (70,179 )   (211,258 )   (211,657 )
Interest income 6     22     184     491  
Losses on debt extinguishment     (779 )       (18,113 )
Total other expenses (70,426 )   (70,936 )   (211,074 )   (229,279 )
               
Income before income taxes 154,673     129,765     426,250     338,488  
Income tax provision 5,614     2,639     11,791     2,118  
Net income $ 149,059     $ 127,126     $ 414,459     $ 336,370  
               
Earnings per common share:              
Basic earnings per common share $ 0.63     $ 0.58     $ 1.77     $ 1.55  
Diluted earnings per common share $ 0.63     $ 0.58     $ 1.77     $ 1.55  
                               


GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Operations
(in thousands) (unaudited)

  TOTAL REVENUES   ADJUSTED EBITDA
  Three Months Ended September 30,   Three Months Ended September 30,
  2021 2020   2021 2020
Real estate $ 281,251    $ 273,129      $ 268,141    $ 254,410   
TRS Segment (1) 17,461    34,425      8,545    10,821   
Total $ 298,712    $ 307,554      $ 276,686    $ 265,231   
           

  TOTAL REVENUES   ADJUSTED EBITDA
  Nine Months Ended September 30,   Nine Months Ended September 30,
  2021 2020   2021 2020
Real estate 819,195   781,841     $ 783,962   $ 754,278  
TRS Segment (1) 98,821   71,163     $ 35,486   $ 16,626  
Total $ 918,016   $ 853,004     $ 819,448   $ 770,904  


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GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

General and Administrative Expense (2)
(in thousands) (unaudited)
               

  Three Months Ended
September 30,
  Nine Months Ended September 30,
  2021   2020   2021   2020
Real estate general and administrative expenses $ 9,976     $ 17,081     30,768     36,727  
TRS Segment general and administrative expenses 3,090     5,429     15,201     15,001  
Total reported general and administrative expenses $ 13,066     $ 22,510     $ 45,969     $ 51,728  

                                                                                

(1) On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville and entered into a triple net lease with Penn for the use of the real estate. As a result, the TRS segment had rental income of $2.0 million for the Perryville Lease for the three and nine month period ended September 30, 2021.

(2) General and administrative expenses include payroll related expenses, insurance, utilities, professional fees and other administrative costs.


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GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)

Three Months Ended September 30, 2021 Building
base rent
Land base rent Percentage
rent
Total cash
rental
income
Straight-line
rent
adjustments
Ground
rent in
revenue
Other
rental
revenue
Total rental
income
Penn Master Lease $ 69,852   $ 23,493   $ 24,328   $ 117,673   $ 2,232     $ 736   $   $ 120,641  
Amended Pinnacle Master Lease 57,936   17,814   6,695   82,445   (4,837 )   1,916     79,524  
Penn Meadows Lease 3,953     2,261   6,214   573       22   6,809  
Penn Morgantown Lease   750     750           750  
Penn Perryville Lease (1) 1,457   486     1,943   60         2,003  
Caesars Master Lease 15,629   5,932     21,561   2,589     403     24,553  
Lumiere Place Lease 5,701       5,701           5,701  
BYD Master Lease 19,289   2,946   2,461   24,696   574     400     25,670  
BYD Belterra Lease 682   473   454   1,609   (303 )       1,306  
Bally’s Master Lease 10,000       10,000       1,809     11,809  
Casino Queen Lease 2,811     1,676   4,487           4,487  
Total $ 187,310   $ 51,894   $ 37,875   $ 277,079   $ 888     $ 5,264   $ 22   $ 283,253  
Nine Months Ended September 30, 2021 Building
base rent
Land base
rent
Percentage
rent
Total cash
rental
income
Straight-line
rent
adjustments
Ground
rent in
revenue
Other
rental
revenue
Total rental
income
Penn Master Lease $ 209,555   $ 70,477   $ 74,282   $ 354,314   $ 6,695     $ 2,329   $ 12   $ 363,350  
Amended Pinnacle Master Lease 172,294   53,442   20,084   245,820   (14,510 )   5,353     236,663  
Penn Meadows Lease 11,858     6,784   18,642   1,717       135   20,494  
Penn Morgantown Lease   2,250     2,250           2,250  
Penn Perryville Lease (1) 1,457   486     1,943   60         2,003  
Caesars Master Lease 46,886   17,796     64,682   7,768     1,208     73,658  
Lumiere Place Lease 17,103       17,103           17,103  
BYD Master Lease 57,362   8,839   7,384   73,585   1,722     1,175     76,482  
BYD Belterra Lease 2,028   1,420   1,363   4,811   (908 )       3,903  
Bally’s Master Lease 13,111       13,111       2,569     15,680  
Casino Queen Lease 6,022     3,589   9,611           9,611  
Total $ 537,676   $ 154,710   $ 113,486   $ 805,872   $ 2,544     $ 12,634   $ 147   $ 821,197  

(1)        Rent for the Perryville Lease has been recorded in the TRS segment.

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2021   2020   2021   2020
Net income $ 149,059     $ 127,126     $ 414,459     $ 336,370  
Losses (gains) from dispositions of property 824     4     917     (3 )
Real estate depreciation 59,205     55,098     172,377     163,928  
Funds from operations $ 209,088     $ 182,228     $ 587,753     $ 500,295  
Straight-line rent adjustments (888 )   (4,928 )   (2,544 )   5,394  
Other depreciation (1) 977     2,982     4,656     8,105  
Amortization of land rights 3,322     3,021     9,171     9,061  
Amortization of debt issuance costs, bond premiums and original issuance discounts 2,470     2,669     7,410     8,032  
Stock based compensation 3,786     8,353     13,186     16,652  
Gain on sale of operations, net of tax of $4.3 million (11,290 )       (11,290 )    
Losses on debt extinguishment     779         18,113  
Capital maintenance expenditures (2) (303 )   (488 )   (1,655 )   (1,629 )
Adjusted funds from operations $ 207,162     $ 194,616     $ 606,687     $ 564,023  
Interest, net 70,426     $ 70,157     211,074     211,166  
Income tax expense 1,265     $ 2,639     7,442     2,118  
Capital maintenance expenditures (2) 303     $ 488     1,655     1,629  
Amortization of debt issuance costs, bond premiums and original issuance discounts (2,470 )   $ (2,669 )   (7,410 )   (8,032 )
Adjusted EBITDA $ 276,686     $ 265,231     $ 819,448     $ 770,904  
               
Net income, per diluted common share $ 0.63     $ 0.58     $ 1.77     $ 1.55  
FFO, per diluted common share $ 0.89     $ 0.83     $ 2.51     $ 2.31  
AFFO, per diluted common share $ 0.88     $ 0.89     $ 2.59     $ 2.60  
               
Weighted average number of common shares outstanding              
Diluted 236,152,567     218,847,139     234,585,078     216,912,254  

                                                                           

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(1) Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.

(2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, AFFO to Adjusted EBITDA and
Adjusted EBITDA to Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
REAL ESTATE and CORPORATE (REIT)
(in thousands) (unaudited)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2021   2020   2021   2020
Net income $ 135,551     $ 125,686     $ 391,440     $ 339,475  
Losses (gains) from dispositions of property 829         829      
Real estate depreciation 58,840     55,098     172,012     163,928  
Funds from operations $ 195,220     $ 180,784     $ 564,281     $ 503,403  
Straight-line rent adjustments (828 )   (4,928 )   (2,484 )   5,394  
Other depreciation (1) 471     497     1,411     1,492  
Amortization of land rights 3,322     3,021     9,171     9,061  
Amortization of debt issuance costs, bond premiums and original issuance discounts 2,470     2,669     7,410     8,032  
Stock based compensation 3,786     8,353     13,186     16,652  
Losses on debt extinguishment     779         18,113  
Capital maintenance expenditures (2)     (11 )   (65 )   (155 )
Adjusted funds from operations $ 204,441     $ 191,164     $ 592,910     $ 561,992  
Interest, net (3) 65,966     65,698     197,697     199,648  
Income tax expense 204     206     700     515  
Capital maintenance expenditures (2)     11     65     155  
Amortization of debt issuance costs, bond premiums and original issuance discounts (2,470 )   (2,669 )   (7,410 )   (8,032 )
Adjusted EBITDA $ 268,141     $ 254,410     $ 783,962     $ 754,278  
  Three Months Ended September 30,   Nine Months Ended September 30,
  2021   2020   2021   2020
Adjusted EBITDA $ 268,141     $ 254,410     $ 783,962     $ 754,278  
Real estate general and administrative expenses 9,976     17,081     30,768     36,727  
Stock based compensation (3,786 )   (8,353 )   (13,186 )   (16,652 )
REIT Cash net operating income (4) $ 274,331     $ 263,138     $ 801,544     $ 774,353  

                                                                                                                                                        

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(1)  Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.

(2)  Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

(3)  Interest, net is net of intercompany interest eliminations of $4.5 million and $13.4 million for the three and nine months ended September 30, 2021 compared to $4.5 million and $11.5 million for the corresponding periods in the prior year.

(4)  REIT cash net operating income is rental and other property income less cash property level expenses. Amounts for 2021 exclude cash rents of $1.9 million from the Perryville Lease which was recorded in the TRS segment.

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Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
TRS Segment
(in thousands) (unaudited)

  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2021   2020   2021   2020
Net income $ 13,508     $ 1,440     $ 23,019     $ (3,105 )
Losses (gains) from dispositions of property (5 )   4     88     (3 )
Real estate depreciation 365         365      
Funds from operations 13,868     1,444     $ 23,472     $ (3,108 )
Straight-line rent adjustments (60 )       (60 )    
Other depreciation (1) 506     2,485     3,245     6,613  
Gain on sale of operations, net of tax of $4.3 million (11,290 )       (11,290 )    
Capital maintenance expenditures (2) (303 )   (477 )   (1,590 )   (1,474 )
Adjusted funds from operations 2,721     3,452     $ 13,777     $ 2,031  
Interest, net 4,460     4,459     $ 13,377     $ 11,518  
Income tax expense 1,061     2,433     $ 6,742     $ 1,603  
Capital maintenance expenditures (2) 303     477     $ 1,590     $ 1,474  
Adjusted EBITDA $ 8,545     $ 10,821     $ 35,486     $ 16,626  

                                                                            

(1) Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.

(2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.


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Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)

  September 30, 2021   December 31, 2020
Assets      
Real estate investments, net $ 7,797,734     $ 7,287,158  
Property and equipment, used in operations, net 40,085     80,618  
Assets held for sale 118,118     61,448  
Real estate of Tropicana Las Vegas, net     304,831  
Right-of-use assets and land rights, net 860,538     769,197  
Cash and cash equivalents 423,224     486,451  
Prepaid expenses 809     2,098  
Deferred tax assets, net 7,774     5,690  
Other assets 36,491     36,877  
Total assets $ 9,284,773     $ 9,034,368  
       
Liabilities      
Accounts payable $ 152     $ 375  
Accrued expenses 3,030     398  
Accrued interest 81,440     72,285  
Accrued salaries and wages 5,115     5,849  
Gaming, property, and other taxes 271     146  
Income taxes 885      
Lease liabilities 186,481     152,203  
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 5,761,997     5,754,689  
Deferred rental revenue 330,517     333,061  
Deferred tax liabilities     359  
Other liabilities 37,146     39,985  
Total liabilities 6,407,034     6,359,350  
       
Shareholders’ equity      
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2021 and December 31, 2020)      
Common stock ($.01 par value, 500,000,000 shares authorized, 237,976,150 and 232,452,220 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively) 2,380     2,325  
Additional paid-in capital 4,541,158     4,284,789  
Accumulated deficit (1,665,799 )   (1,612,096 )
Total shareholders’ equity 2,877,739     2,675,018  
Total liabilities and shareholders’ equity $ 9,284,773     $ 9,034,368  


Debt Capitalization

The Company had $423.2 million of unrestricted cash and $5.76 billion in total debt at September 30, 2021.  The Company’s debt structure as of September 30, 2021 was as follows:

       
    Years to Maturity Interest Rate   Balance
          (in thousands)
Unsecured $1,175 Million Revolver Due May 2023 (1)   1.6   %    
Unsecured Term Loan A-2 Due May 2023 (1)   1.6   1.59 %   424,019  
Senior Unsecured Notes Due November 2023   2.1   5.38 %   500,000  
Senior Unsecured Notes Due September 2024   2.9   3.35 %   400,000  
Senior Unsecured Notes Due June 2025   3.7   5.25 %   850,000  
Senior Unsecured Notes Due April 2026   4.5   5.38 %   975,000  
Senior Unsecured Notes Due June 2028   6.7   5.75 %   500,000  
Senior Unsecured Notes Due January 2029   7.3   5.30 %   750,000  
Senior Unsecured Notes Due January 2030   8.3   4.00 %   700,000  
Senior Unsecured Notes Due January 2031   9.3   4.00 %   700,000  
Finance lease liability   4.9   4.78 %   759  
Total long-term debt         5,799,778  
Less: unamortized debt issuance costs, bond premiums and original issuance discounts         (37,781 )
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts         5,761,997  
Weighted average   5.4   4.63 %    

                                                                            

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(1)  The rate on the term loan facility and revolver is LIBOR plus 1.50%.


Rating Agency – Issue Rating

Rating Agency   Rating
Standard & Poor’s   BBB-
Fitch   BBB-
Moody’s   Ba1


Properties

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Description Location Date Acquired Tenant/Operator
PENN Master Lease (19 Properties)      
Hollywood Casino Lawrenceburg Lawrenceburg, IN 11/1/2013 PENN
Hollywood Casino Aurora Aurora, IL 11/1/2013 PENN
Hollywood Casino Joliet Joliet, IL 11/1/2013 PENN
Argosy Casino Alton Alton, IL 11/1/2013 PENN
Hollywood Casino Toledo Toledo, OH 11/1/2013 PENN
Hollywood Casino Columbus Columbus, OH 11/1/2013 PENN
Hollywood Casino at Charles Town Races Charles Town, WV 11/1/2013 PENN
Hollywood Casino at Penn National Race Course Grantville, PA 11/1/2013 PENN
M Resort Henderson, NV 11/1/2013 PENN
Hollywood Casino Bangor Bangor, ME 11/1/2013 PENN
Zia Park Casino Hobbs, NM 11/1/2013 PENN
Hollywood Casino Gulf Coast Bay St. Louis, MS 11/1/2013 PENN
Argosy Casino Riverside Riverside, MO 11/1/2013 PENN
Hollywood Casino Tunica Tunica, MS 11/1/2013 PENN
Boomtown Biloxi Biloxi, MS 11/1/2013 PENN
Hollywood Casino St. Louis Maryland Heights, MO 11/1/2013 PENN
Hollywood Gaming Casino at Dayton Raceway Dayton, OH 11/1/2013 PENN
Hollywood Gaming Casino at Mahoning Valley Race Track Youngstown, OH 11/1/2013 PENN
1st Jackpot Casino Tunica, MS 5/1/2017 PENN
Amended Pinnacle Master Lease (12 Properties)      
Ameristar Black Hawk Black Hawk, CO 4/28/2016 PENN
Ameristar East Chicago East Chicago, IN 4/28/2016 PENN
Ameristar Council Bluffs Council Bluffs, IA 4/28/2016 PENN
L’Auberge Baton Rouge Baton Rouge, LA 4/28/2016 PENN
Boomtown Bossier City Bossier City, LA 4/28/2016 PENN
L’Auberge Lake Charles Lake Charles, LA 4/28/2016 PENN
Boomtown New Orleans New Orleans, LA 4/28/2016 PENN
Ameristar Vicksburg Vicksburg, MS 4/28/2016 PENN
River City Casino & Hotel St. Louis, MO 4/28/2016 PENN
Jackpot Properties (Cactus Petes and Horseshu) Jackpot, NV 4/28/2016 PENN
Plainridge Park Casino Plainridge, MA 10/15/2018 PENN
CZR Master Lease (6 Properties)      
Tropicana Atlantic City Atlantic City, NJ 10/1/2018 CZR
Tropicana Laughlin Laughlin, NV 10/1/2018 CZR
Trop Casino Greenville Greenville, MS 10/1/2018 CZR
Belle of Baton Rouge Baton Rouge, LA 10/1/2018 CZR
Isle Casino Hotel Bettendorf Bettendorf, IA 12/18/2020 CZR
Isle Casino Hotel Waterloo Waterloo, IA 12/18/2020 CZR
BYD Master Lease (3 Properties)      
Belterra Casino Resort Florence, IN 4/28/2016 BYD
Ameristar Kansas City Kansas City, MO 4/28/2016 BYD
Ameristar St. Charles St. Charles, MO 4/28/2016 BYD
Bally’s Master Lease ( 2 properties)      
Tropicana Evansville Evansville, IN 06/03/2021 BALY
Dover Downs Dover, DE 06/03/2021 BALY
Single Asset Leases      
Belterra Park Gaming & Entertainment Center Cincinnati, OH 10/15/2018 BYD
Lumière Place St. Louis, MO 10/1/2018 CZR
The Meadows Racetrack and Casino Washington, PA 9/9/2016 PENN
Hollywood Casino Morgantown Morgantown, PA 10/1/2020 PENN
Casino Queen East St. Louis, IL 1/23/2014 Casino Queen
Hollywood Casino Perryville Perryville, MD 7/1/2021 PENN
TRS Segment      
Hollywood Casino Baton Rouge Baton Rouge, LA 11/1/2013 GLPI
Tropicana Las Vegas Las Vegas, NV 4/16/2020 PENN


Lease Information

  Master Leases  
  PENN Master Lease PENN Amended Pinnacle Master Lease Caesars Amended and Restated Master Lease BYD Master Lease Bally’s Master Lease
Property Count 19 12 6 3 2
Number of States Represented 10 8 5 2 2
Commencement Date 11/1/2013 4/28/2016 10/1/2018 10/15/2018 6/3/2021
Lease Expiration Date 10/31/2033 4/30/2031 9/30/2038 04/30/2026 06/02/2036
Remaining Renewal Terms 15 (3×5 years) 20 (4×5 years) 20 (4×5 years) 25 (5×5 years) 20 (4×5 years)
Corporate Guarantee Yes Yes Yes No Yes
Master Lease with Cross Collateralization Yes Yes Yes Yes Yes
Technical Default Landlord Protection Yes Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage (1) 1.1 1.2 1.2 1.4 1.35
Competitive Radius Landlord Protection Yes Yes Yes Yes Yes
Escalator Details          
Yearly Base Rent Escalator Maximum 2% 2% (3) 2% (4)
Coverage ratio at June 30, 2021 (2) 2.11 2.11 2.05 2.60 N/A
Minimum Escalator Coverage Governor 1.8 1.8 N/A 1.8 N/A
Yearly Anniversary for Realization November May October May June
Percentage Rent Reset Details          
Reset Frequency 5 years 2 years N/A 2 years N/A
Next Reset November 2023 May 2022 N/A May 2022 N/A

(1)  In support of our tenants, compliance with this ratio has been waived for all periods impacted by COVID-19. The Bally’s Master Lease ratio declines to 1.20 once annual rent reaches $60 million.

(2)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of June 30, 2021. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

(3)  In the third lease year the annual building base rent became $62.1 million and the annual land component was increased to $23.6 million. Building base rent shall be increased by 1.25% annually in the 5th and 6th lease year, 1.75% in the 7th and 8th lease year, and 2% in the 9th lease year and each year thereafter. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the “Exchange Agreement”) with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to $23.7 million.

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(4)  If the CPI increase is at least 0.5% for any lease year, then the rent under the Bally’s Master Lease shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.


Lease Information

    Single Property Leases    
  Belterra Park Lease operated by BYD PENN-Meadows Lease Lumière Place Lease operated by CZR Casino Queen Lease PENN – Morgantown Lease PENN- Perryville Lease
Commencement Date 10/15/2018 9/9/2016 9/29/2020 1/23/2014 10/1/2020 7/1/2021
Lease Expiration Date 04/30/2026 9/30/2026 10/31/2033 1/23/2029 10/31/2040 6/30/2041
Remaining Renewal Terms 25 (5×5 years) 19 (3x5years, 1×4 years) 20 (4×5 years) 20 (4×5 years) 30 (6×5 years) 15 (3×5 years)
Corporate Guarantee No Yes Yes No Yes Yes
Technical Default Landlord Protection Yes Yes Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage (1) 1.4 1.2 1.2 1.4 N/A 1.2
Competitive Radius Landlord Protection Yes Yes Yes Yes N/A Yes
Escalator Details            
Yearly Base Rent Escalator Maximum 2% 5% (2) 2% 2% 1.5% 1.5% (3)
Coverage ratio at June 30, 2021 (4) 4.17 1.40 2.74 2.01 N/A N/A
Minimum Escalator Coverage Governor 1.8 2.0 1.2 (5) 1.8 N/A N/A
Yearly Anniversary for Realization May October October February TBD July
Percentage Rent Reset Details            
Reset Frequency 2 years 2 years N/A 5 years N/A N/A
Next Reset May 2022 October 2022 N/A February 2024 N/A N/A

(1)  In support of our tenants, compliance with this ratio has been waived for all periods impacted by COVID-19.

(2)  Meadows contains an annual escalator for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of 10 years or the year in which total rent is $31 million, at which point the escalator is reduced to 2%.

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(3)  For the second through fourth lease years, after which time the annual escalation becomes 1.25% to the extent CPI for the preceding lease year is at least 0.5%.

(4)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of June 30, 2021. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

(5)  For the first five lease years after which time the ratio increases to 1.8.


Disclosure Regarding Non-GAAP Financial Measures

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FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and REIT Cash NOI, which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. The Company believes FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and REIT Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business.  This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. REIT Cash NOI is rental and other property income, inclusive of rent credits recognized in connection with the Tropicana Las Vegas transaction, less cash property level expenses. REIT Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent adjustments and non-cash ground lease income and expense. It is management’s view that REIT Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and REIT Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding gains or losses from sales of property and real estate depreciation.  We have defined AFFO as FFO excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, straight-line rent adjustments, gains on sale of operations, net of tax, and losses on debt extinguishment reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding interest, taxes on income, depreciation, gains or losses from sales of property and operations, net of tax, stock based compensation expense, straight-line rent adjustments, the amortization of land rights, and losses on debt extinguishment. For financial reporting and debt covenant purposes, the Company includes the amounts of non-cash rents earned in FFO, AFFO, and Adjusted EBITDA. Finally, we have defined REIT Cash NOI as Adjusted EBITDA for the REIT excluding real estate general and administrative expenses and including stock based compensation expense and (gains) or losses from sales of property.

FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and REIT Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share, Adjusted EBITDA and REIT Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

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Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our ability to increase AFFO through portfolio expansion and diversification and the potential impact of future transactions, if any. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the effect of pandemics, such as COVID-19, on GLPI as a result of the impact of such pandemics may have on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; GLPI’s ability to successfully consummate the announced transactions with Bally’s, and Casino Queen, including the ability of the parties to satisfy the various conditions to closing, including receipt of all required regulatory approvals, or other delays or impediments to completing the proposed transactions; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contact  
Gaming and Leisure Properties, Inc. Investor Relations  
Matthew Demchyk, Chief Investment Officer Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900 212/835-8500
[email protected] [email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Reports Record Fourth Quarter Results, Establishes 2025 Guidance and Announces 2025 First Quarter Dividend of $0.76 Per Share

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WYOMISSING, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced record results for the fourth quarter and year-ended December 31, 2024.

Financial Highlights

    Three Months Ended December 31, Year Ended December 31,
(in millions, except per share data)     2024     2023   2024     2023
Total Revenue   $ 389.6   $ 369.0 $ 1,531.5   $ 1,440.4
Income From Operations   $ 308.2   $ 295.3 $ 1,130.7   $ 1,068.7
Net income   $ 223.6   $ 217.3 $ 807.6   $ 755.4
FFO (1) (4)   $ 287.9   $ 282.2 $ 1,062.1   $ 1,015.8
AFFO (2) (4)   $ 269.7   $ 256.6 $ 1,060.9   $ 1,006.8
Adjusted EBITDA (3) (4)   $ 354.0   $ 331.4 $ 1,374.3   $ 1,307.1
Net income, per diluted common share and OP units (4)   $ 0.79   $ 0.78 $ 2.87   $ 2.77
FFO, per diluted common share and OP units (4)   $ 1.01   $ 1.02 $ 3.77   $ 3.73
AFFO, per diluted common share and OP units (4)   $ 0.95   $ 0.93 $ 3.77   $ 3.69

_____________________________
(1)  Funds from operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.

(2)  Adjusted Funds from Operations (“AFFO”) is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; capitalized interest; property transfer tax recoveries; straight-line rent and deferred rent adjustments; losses on debt extinguishment; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

(3)  Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries; losses on debt extinguishment; and provision (benefit) for credit losses, net.

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(4)  Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “We generated record fourth quarter and full year 2024 results reflecting growth across all key financial metrics for both the quarter and full year periods. On an operating basis, fourth quarter total revenue rose 5.6% year over year to $389.6 million while AFFO grew 5.1% to $269.7 million. Our record fourth quarter and full year financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive further growth in 2025 and beyond.

“Importantly, notwithstanding the still difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments.   During the fourth quarter, GLPI completed the sale-leaseback transactions for Bally’s properties in Kansas City and Shreveport, which will be accretive to our 2025 financial results. This transaction was structured at an attractive cap rate, expands our partnership with Bally’s and grew our tenant portfolio which now includes 68 high-quality regional gaming assets.  

“GLPI’s near- and long-term success and growth highlights our focus on maintaining balance sheet strength, our access to equity capital, our ability to manage leverage and a commitment to partnering with and supporting our tenants through innovative financing structures that benefit both parties.   During the fourth quarter, the Company amended its credit agreement which increased the revolver capacity to $2.09 billion from $1.75 billion and extended its maturity to December 2028. Reflecting our disciplined operating strategy, a hallmark of the Company since our formation eleven years ago, and excluding the original transaction with PENN Entertainment, we have executed over $12 billion of gaming real estate related transactions, adding over $900 million of annual rent or financing revenue to our portfolio, at attractive and accretive average multiples.   Notably, our work in 2024 also resulted a healthy pipeline of growth opportunities for 2025 and beyond based on our ability to serve as a growth financing source for current and potential new tenants.

“GLPI’s first-hand experience as an operator in the gaming industry combined with our ability to deliver innovative financing solutions to current and prospective tenants are significant differentiators that drive our access to and ability to complete transactions. Our 2024 portfolio additions and recently completed transactions combined with contractual rent escalators and a strong balance sheet, set the stage for continued financial growth in 2025. GLPI is well positioned to deliver long-term growth based on our gaming operator relationships, our rights and options to participate in select tenants’ future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates. Our tenants’ strength, combined with our balance sheet and liquidity, position the Company to grow cash flows, raise dividends and build value for shareholders in 2025 and beyond.”

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Recent Developments

  • On February 12, 2025, Boyd Gaming Corporation (NYSE: BYD) (“Boyd”) exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease. As a result, both lease terms now expire on April 30, 2031.
  • On February 7, 2025, Bally’s Corporation (NYSE: BALY) (“Bally’s”) completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment Inc (“Casino Queen”) is now a subsidiary of Bally’s.
  • On February 3, 2025, the Company agreed to fund, if requested by PENN at their sole discretion, on or before March 31, 2029, construction improvements for the benefit of Ameristar Casino Council Bluffs in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million. The financing is being offered at a 7.10% capitalization rate. PENN shall be entitled, in its sole discretion, to structure such financing as rent or as a 5 year term loan that is pre-payable at any time without penalty. GLPI will own the entire land-based development regardless of the financing option selected by PENN.
  • On December 16, 2024, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of $395 million. The two properties are in a new Bally’s Master Lease (the “Bally’s Master Lease II”) that is cross-defaulted with the existing Bally’s Master Lease with initial cash rent pursuant to the agreement for the two new properties of $32.2 million. On September 11, 2024, the Company completed the $250 million acquisition of the land on which Bally’s permanent Chicago Casino will be constructed. With the completion of the land purchase, the Company is entitled to receive annual rent of $20 million, representing an initial cash yield of 8.0%. On July 12, 2024, the Company entered into a binding term sheet with Bally’s which included the Company’s intention to acquire the real property assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel as well as the land under Bally’s planned permanent Chicago casino site, as well as the Company’s intention to fund the construction of up to $940 million of certain real property improvements of the Bally’s Chicago Casino Resort. In aggregate, the transactions represented a blended 8.3% initial cash yield on the approximately $1.585 billion of investments. Further, the Company secured adjustments to the purchase price and related cap rate related to the existing, previously announced, contingent purchase option for Bally’s Lincoln facility, as well as the addition of a right for GLPI to call the asset beginning in October 2026. The updated purchase price for Bally’s Lincoln is $735 million at an 8.0% cap rate.
  • On December 2, 2024, the Company entered into an amended credit agreement with its existing bank group to increase the revolver capacity to $2.09 billion from $1.75 billion and extend its maturity date to December 2028 from May 2026.
  • In September 2024, the Company entered into a $110 million delayed draw term loan facility with the Ione Band of Miwok Indians (“Ione”) (the “Ione Loan”) to provide the tribe funding for a new casino development near Sacramento, California. Ione has an option at the end of the Ione Loan term to satisfy the loan obligation by converting the outstanding principal into a long-term lease with an initial term of 25 years and a maximum term of 45 years. These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission approving the transaction documents, including the long-term lease. As of December 31, 2024, $15.1 million was advanced and outstanding under the Ione Loan which has a five-year term and an interest rate of 11%.
  • In late August 2024, the Company’s development project in Rockford, Illinois was completed. As of December 31, 2024, the outstanding loan balance was $150 million which accrued interest at 10%. On January 1, 2025, the Company amended the terms of the loan to reduce the interest rate to 8% with a maturity date of June 30, 2026 subject to a six month extension (“Rockford Loan”).
  • The Company has entered into forward sale agreements to sell 8,170,387 shares for a net sales price of $409.3 million subject to certain contractual adjustments. No amounts have been or will be recorded on the Company’s balance sheet with respect to these forward sale agreements until settlement.
  • On August 6, 2024, the Company issued $1.2 billion in Senior Unsecured Notes (“Notes”). The Notes were issued in two tranches; the first was a 5.625%, $800 million note that will mature on September 15, 2034 and was priced at 99.094% of par value and the second was a 6.250%, $400 million note that will mature on September 15, 2054 and was priced at 99.183% of par value.
  • On June 3, 2024, the Company announced an agreement to fund and oversee a landside move and hotel renovation of the Belle of Baton Rouge (“The Belle”) in Baton Rouge, LA for Casino Queen. The Company has committed to provide up to approximately $111 million of funding for the project ($35.1 million of which has been funded as of December 31, 2024), which is expected to be completed by September 2025. The casino will continue to operate except while gaming equipment is being moved to the new facility. The Company will own the new facility and Casino Queen will pay an incremental rental yield of 9.0% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024.
  • On May 16, 2024, the Company acquired the real estate assets of the Silverado Franklin Hotel & Gaming Complex, the Deadwood Mountain Grand casino, and Baldini’s Casino, for $105.0 million. Simultaneous with the acquisition, GLPI and affiliates of Strategic Gaming Management, LLC (“Strategic”) entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods. The Company also provided $5 million in capital improvement proceeds at the closing of the transactions for capital improvements for a total investment of $110 million. The initial aggregate annual cash rent for the new leases is $9.2 million, inclusive of capital improvement funding, and rent is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI based annual escalation beginning in year 11 of the lease, of the greater of 2.0% or CPI capped at 2.5%.
  • On February 6, 2024, the Company acquired the real estate assets of Tioga Downs Casino Resort (“Tioga Downs”) in Nichols, NY from American Racing & Entertainment, LLC (“American Racing”) for $175.0 million. Simultaneous with the acquisition, an affiliate of GLPI and American Racing entered into a triple-net lease agreement for an initial 30-year term. The initial rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.

Dividends

On February 13, 2025, the Company’s Board of Directors declared a first quarter dividend of $0.76 per share on the Company’s common stock that will be payable on March 28, 2025 to shareholders of record on March 14, 2025.

On November 25, 2024, the Company’s Board of Directors declared a fourth quarter dividend of $0.76 per share on the Company’s common stock. The dividend was paid on December 20, 2024 to shareholders of record on December 6, 2024.

2025 Guidance

Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2025 based on the following assumptions and other factors:

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  • The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions other than anticipated fundings of approximately $400 million related to current development projects and our expectation of settling the forward sale agreements in June of 2025.
  • The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company’s results of operations.

The Company estimates AFFO for the year ending December 31, 2025 will be between $1.105 billion and $1.121 billion, or between $3.83 and $3.88 per diluted share and OP units.    

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.   This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted.   For the same reasons, the Company is unable to address the probable significance of the unavailable information.   In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 – Financial Instruments – Credit Losses (“ASC 326”) in future periods.   The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company’s control and may not be reliably predicted, including the performance and future outlook of our tenant’s operations for our leases that are accounted for as investment in leases, financing receivables, as well as broader macroeconomic factors and future predictions of such factors.   As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Portfolio Update

GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December 31, 2024, GLPI’s portfolio consisted of interests in 68 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 15 gaming and related facilities operated by Bally’s (including Casino Queen) and 1 facility under development for Bally’s in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies (“Cordish”), 1 gaming and related facility operated by American Racing, 3 gaming and related facilities operated by Strategic and 1 gaming facility managed by a subsidiary of Hard Rock International (“Hard Rock”). These facilities are geographically diversified across 20 states.

Conference Call Details

The Company will hold a conference call on February 21, 2025 at 11:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

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To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560

Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13751193
The playback can be accessed through Friday, February 28, 2025.

Webcast
The conference call will be available in the Investor Relations section of the Company’s website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.

                

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
 
  Three Months Ended December 31,   Year Ended December 31,
    2024       2023       2024       2023  
Revenues              
Rental income $ 333,979     $ 327,948     $ 1,330,620     $ 1,286,358  
Income from sales type lease   3,764             5,004        
Income from investment in leases, financing receivables   47,648       40,059       185,430       152,990  
Interest income from real estate loans   4,224       1,022       10,492       1,044  
Total income from real estate   389,615       369,029       1,531,546       1,440,392  
               
Operating expenses              
Land rights and ground lease expense   12,228       11,804       47,674       48,116  
General and administrative   14,362       13,761       59,571       56,450  
Gains from dispositions of property               (3,790 )     (22 )
Property transfer tax recovery                     (2,187 )
Depreciation   64,759       65,739       260,152       262,870  
(Benefit) provision for credit losses, net   (9,940 )     (17,551 )     37,254       6,461  
Total operating expenses   81,409       73,753       400,861       371,688  
Income from operations   308,206       295,276       1,130,685       1,068,704  
               
Other income (expenses)              
Interest expense   (97,847 )     (82,869 )     (366,897 )     (323,388 )
Interest income   13,816       5,806       45,989       12,607  
Losses on debt extinguishment                     (556 )
Total other expenses   (84,031 )     (77,063 )     (320,908 )     (311,337 )
               
Income before income taxes   224,175       218,213       809,777       757,367  
Income tax expense   565       957       2,129       1,997  
Net income $ 223,610     $ 217,256     $ 807,648     $ 755,370  
Net income attributable to non-controlling interest in the Operating Partnership   (6,398 )     (5,964 )     (23,028 )     (21,087 )
Net income attributable to common shareholders $ 217,212     $ 211,292     $ 784,620     $ 734,283  
               
Earnings per common share:              
Basic earnings attributable to common shareholders $ 0.79     $ 0.79     $ 2.87     $ 2.78  
Diluted earnings attributable to common shareholders $ 0.79     $ 0.78     $ 2.87     $ 2.77  

  

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GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)

Three Months Ended December 31, 2024 Building
base
rent
Land
base
rent
Percentage
rent and
other rental
revenue
Interest
income on
real estate
loans
Total
cash
income
Straight-
line rent
and
deferred
rent
adjustments
(1)
Ground
rent in
revenue
Accretion
on
financing
leases
Total
income
from
real
estate
Amended PENN Master Lease $ 53,798 $ 10,759 $ 6,548   $ $ 71,105 $ 4,951   $ 601 $ $ 76,657
PENN 2023 Master Lease   59,503     (128 )     59,375   5,033         64,408
Amended Pinnacle Master Lease   61,482   17,814   8,121       87,417   1,858     2,118     91,393
PENN Morgantown     785         785           785
Caesars Master Lease   16,302   5,933         22,235   1,916     330     24,481
Horseshoe St Louis Lease   5,991           5,991   324         6,315
Boyd Master Lease   20,470   2,946   3,047       26,463   574     432     27,469
Boyd Belterra Lease   723   473   500       1,696   152         1,848
Bally’s Master Lease   26,411           26,411       2,692     29,103
Bally’s Master Lease II   1,431           1,431       211     1,642
Maryland Live! Lease   19,079           19,079       2,158   3,546   24,783
Pennsylvania Live! Master Lease   12,719           12,719       308   2,267   15,294
Casino Queen Master Lease   7,941           7,941   32         7,973
Tropicana Las Vegas Lease     3,763         3,763         2   3,765
Rockford Lease     2,040         2,040         496   2,536
Rockford Loan           3,833   3,833           3,833
Tioga Downs Lease   3,631           3,631       1   602   4,234
Strategic Gaming Leases   2,299           2,299       106   300   2,705
Ione Loan           391   391           391
Bally’s Chicago Lease     5,000         5,000   (5,000 )      
Total $ 291,780 $ 49,513 $ 18,088   $ 4,224 $ 363,605 $ 9,840   $ 8,957 $ 7,213 $ 389,615

(1) Includes $0.1 million of tenant improvement allowance amortization for the three months ended December 31, 2024

Year Ended December 31, 2024 Building
base
rent
Land
base
rent
Percentage
rent and
other rental
revenue
Interest
income on
real estate
loans
Total
cash
income
Straight-
line rent
and
deferred
rent
adjustments
(2)
Ground
rent in
revenue
Accretion
on
financing
leases
Total
income
from
real
estate
Amended PENN Master Lease $ 213,067 $ 43,035 $ 26,110   $ $ 282,212 $ 19,807   $ 2,281 $ $ 304,300
PENN 2023 Master Lease   236,242     (482 )     235,760   21,897         257,657
Amended Pinnacle Master Lease   244,322   71,256   31,209       346,787   7,432     8,281     362,500
PENN Morgantown     3,138         3,138           3,138
Caesars Master Lease   64,367   23,729         88,096   8,505     1,320     97,921
Horseshoe St Louis Lease   23,744           23,744   1,520         25,264
Boyd Master Lease   81,343   11,785   11,546       104,674   2,296     1,729     108,699
Boyd Belterra Lease   2,875   1,894   1,963       6,732   606         7,338
Bally’s Master Lease   104,768           104,768       10,690     115,458
Bally’s Master Lease II   1,431           1,431       211     1,642
Maryland Live! Lease   76,313           76,313       8,703   14,979   99,995
Pennsylvania Live! Master Lease   50,729           50,729       1,241   8,935   60,905
Casino Queen Master Lease   31,662           31,662   150         31,812
Tropicana Las Vegas Lease     12,188         12,188         2   12,190
Rockford Lease     8,053         8,053         2,014   10,067
Rockford Loan           10,055   10,055           10,055
Tioga Downs Lease   13,106           13,106       5   2,346   15,457
Strategic Gaming Leases   5,774           5,774       247   690   6,711
Ione Loan           437   437           437
Bally’s Chicago Lease     6,111         6,111   (6,111 )      
Total $ 1,149,743 $ 181,189 $ 70,346   $ 10,492 $ 1,411,770 $ 56,102   $ 34,708 $ 28,966 $ 1,531,546

(2) Includes $0.3 million of tenant improvement allowance amortization for the year ended December 31, 2024

                 

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
 
  Three Months Ended December 31,   Year Ended December 31,
    2024       2023       2024       2023  
Net income $ 223,610     $ 217,256     $ 807,648     $ 755,370  
Gains from dispositions of property, net of tax               (3,790 )     (22 )
Real estate depreciation   64,276       64,946       258,219       260,440  
Funds from operations $ 287,886     $ 282,202     $ 1,062,077     $ 1,015,788  
Straight-line rent and deferred rent adjustments (1)   (9,840 )     (13,436 )     (56,102 )     (39,881 )
Other depreciation   483       793       1,933       2,430  
Amortization of land rights   3,442       3,276       13,270       13,554  
Amortization of debt issuance costs, bond premiums and original issuance discounts   3,057       2,545       11,229       9,857  
Accretion on investment in leases, financing receivables   (7,213 )     (6,250 )     (28,966 )     (23,056 )
Non-cash adjustment to financing lease liabilities   115       122       473       469  
Stock based compensation   5,252       4,914       24,262       22,873  
Capitalized interest   (3,538 )           (4,395 )      
Losses on debt extinguishment                     556  
Property transfer tax recovery                     (2,187 )
(Benefit)/provision for credit losses, net   (9,940 )     (17,551 )     37,254       6,461  
Capital maintenance expenditures (2)   (35 )     (42 )     (134 )     (67 )
Adjusted funds from operations $ 269,669     $ 256,573     $ 1,060,901     $ 1,006,797  
Interest, net (3)   83,248       76,383       317,945       308,090  
Income tax expense   565       957       2,129       1,997  
Capital maintenance expenditures (2)   35       42       134       67  
Amortization of debt issuance costs, bond premiums and original issuance discounts   (3,057 )     (2,545 )     (11,229 )     (9,857 )
Capitalized interest   3,538             4,395        
Adjusted EBITDA $ 353,998     $ 331,410     $ 1,374,275     $ 1,307,094  
               
Net income, per diluted common shares and OP units $ 0.79     $ 0.78     $ 2.87     $ 2.77  
FFO, per diluted common share and OP units $ 1.01     $ 1.02     $ 3.77     $ 3.73  
AFFO, per diluted common share and OP units $ 0.95     $ 0.93     $ 3.77     $ 3.69  
               
Weighted average number of common shares and OP units outstanding              
Diluted common shares   275,634,352       269,652,162       273,534,076       264,992,926  
OP units   8,111,510       7,653,326       8,050,914       7,651,755  
Diluted common shares and OP units   283,745,862       277,305,488       281,584,990       272,644,681  

(1) The three months and year ended December 31, 2024 amounts include $0.1 million and $0.3 million of tenant improvement allowance amortization.

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(2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

(3) Excludes a non-cash interest expense gross up related to certain ground leases.

                

Reconciliation of Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
 
  Three Months Ended
December 31, 2024
  Year Ended
December 31, 2024
Adjusted EBITDA $ 353,998     $ 1,374,275  
General and administrative expenses   14,362       59,571  
Stock based compensation   (5,252 )     (24,262 )
Cash net operating income (1)   363,108       1,409,584  

_____________________________
(1) Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.

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Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
 
  December 31, 2024   December 31, 2023
       
Assets      
Real estate investments, net $ 8,148,719     $ 8,168,792  
Investment in leases, financing receivables, net   2,333,114       2,023,606  
Investment in leases, sales-type, net   254,821        
Real estate loans, net   160,590       39,036  
Right-of-use assets and land rights, net   1,091,783       835,524  
Cash and cash equivalents   462,632       683,983  
Held to maturity investment securities   560,832        
Other assets   63,458       55,717  
Total assets $ 13,075,949     $ 11,806,658  
       
Liabilities      
Accounts payable and accrued expenses $ 5,802     $ 7,011  
Accrued interest   105,752       83,112  
Accrued salaries and wages   7,154       7,452  
Operating lease liabilities   244,973       196,853  
Financing lease liabilities   60,788       54,261  
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts   7,735,877       6,627,550  
Deferred rental revenue   228,508       284,893  
Other liabilities   41,571       36,572  
Total liabilities   8,430,425       7,297,704  
       
Equity      
    00      
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2024 and December 31, 2023)          
Common stock ($.01 par value, 500,000,000 shares authorized, 274,422,549 shares and 270,922,719 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively)   2,744       2,709  
Additional paid-in capital   6,209,827       6,052,109  
Retained deficit   (1,944,009 )     (1,897,913 )
Total equity attributable to Gaming and Leisure Properties   4,268,562       4,156,905  
Noncontrolling interests in GLPI’s Operating Partnership (8,224,939 units and 7,653,326 units outstanding at December 31, 2024 and December 31, 2023, respectively)   376,962       352,049  
Total equity   4,645,524       4,508,954  
Total liabilities and equity $ 13,075,949     $ 11,806,658  


Debt Capitalization

The Company’s debt structure as of December 31, 2024 was as follows:

     
  Years to
Maturity
Interest
Rate
  Balance
        (in thousands)
Unsecured $2,090 Million Revolver Due December 2028 3.9 5.666%     332,455  
Term Loan Credit Facility Due September 2027 2.7 5.675%     600,000  
Senior Unsecured Notes Due June 2025 0.4 5.250%     850,000  
Senior Unsecured Notes Due April 2026 1.3 5.375%     975,000  
Senior Unsecured Notes Due June 2028 3.4 5.750%     500,000  
Senior Unsecured Notes Due January 2029 4.0 5.300%     750,000  
Senior Unsecured Notes Due January 2030 5.0 4.000%     700,000  
Senior Unsecured Notes Due January 2031 6.0 4.000%     700,000  
Senior Unsecured Notes Due January 2032 7.0 3.250%     800,000  
Senior Unsecured Notes Due December 2033 8.9 6.750%     400,000  
Senior Unsecured Notes Due September 2034 9.7 5.625%     800,000  
Senior Unsecured Notes Due September 2054 29.7 6.250%     400,000  
Other 1.7 4.780%     277  
Total long-term debt         7,807,732  
Less: unamortized debt issuance costs, bond premiums and original issuance discounts         (71,855 )
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts       $ 7,735,877  
Weighted average 5.9 5.090%    
         

_____________________________


Rating Agency – Issue Rating

  Rating Agency   Rating  
  Standard & Poor’s   BBB-  
  Fitch   BBB-  
  Moody’s   Ba1  


Properties

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Description Location Date Acquired Tenant/Operator
Amended PENN Master Lease (14 Properties)      
Hollywood Casino Lawrenceburg Lawrenceburg, IN 11/1/2013 PENN
Argosy Casino Alton Alton, IL 11/1/2013 PENN
Hollywood Casino at Charles Town Races Charles Town, WV 11/1/2013 PENN
Hollywood Casino at Penn National Race Course Grantville, PA 11/1/2013 PENN
Hollywood Casino Bangor Bangor, ME 11/1/2013 PENN
Zia Park Casino Hobbs, NM 11/1/2013 PENN
Hollywood Casino Gulf Coast Bay St. Louis, MS 11/1/2013 PENN
Argosy Casino Riverside Riverside, MO 11/1/2013 PENN
Hollywood Casino Tunica Tunica, MS 11/1/2013 PENN
Boomtown Biloxi Biloxi, MS 11/1/2013 PENN
Hollywood Casino St. Louis Maryland Heights, MO 11/1/2013 PENN
Hollywood Gaming Casino at Dayton Raceway Dayton, OH 11/1/2013 PENN
Hollywood Gaming Casino at Mahoning Valley Race Track Youngstown, OH 11/1/2013 PENN
1st Jackpot Casino Tunica, MS 5/1/2017 PENN
PENN 2023 Master Lease (7 Properties)      
Hollywood Casino Aurora Aurora, IL 11/1/2013 PENN
Hollywood Casino Joliet Joliet, IL 11/1/2013 PENN
Hollywood Casino Toledo Toledo, OH 11/1/2013 PENN
Hollywood Casino Columbus Columbus, OH 11/1/2013 PENN
M Resort Henderson, NV 11/1/2013 PENN
Hollywood Casino at the Meadows Washington, PA 9/9/2016 PENN
Hollywood Casino Perryville Perryville, MD 7/1/2021 PENN
Amended Pinnacle Master Lease (12 Properties)      
Ameristar Black Hawk Black Hawk, CO 4/28/2016 PENN
Ameristar East Chicago East Chicago, IN 4/28/2016 PENN
Ameristar Council Bluffs Council Bluffs, IA 4/28/2016 PENN
L’Auberge Baton Rouge Baton Rouge, LA 4/28/2016 PENN
Boomtown Bossier City Bossier City, LA 4/28/2016 PENN
L’Auberge Lake Charles Lake Charles, LA 4/28/2016 PENN
Boomtown New Orleans New Orleans, LA 4/28/2016 PENN
Ameristar Vicksburg Vicksburg, MS 4/28/2016 PENN
River City Casino & Hotel St. Louis, MO 4/28/2016 PENN
Jackpot Properties (Cactus Petes and Horseshu) Jackpot, NV 4/28/2016 PENN
Plainridge Park Casino Plainridge, MA 10/15/2018 PENN
Caesars Master Lease (5 Properties)      
Tropicana Atlantic City Atlantic City, NJ 10/1/2018 CZR
Tropicana Laughlin Laughlin, NV 10/1/2018 CZR
Trop Casino Greenville Greenville, MS 10/1/2018 CZR
Isle Casino Hotel Bettendorf Bettendorf, IA 12/18/2020 CZR
Isle Casino Hotel Waterloo Waterloo, IA 12/18/2020 CZR
Boyd Master Lease (3 Properties)      
Belterra Casino Resort Florence, IN 4/28/2016 BYD
Ameristar Kansas City Kansas City, MO 4/28/2016 BYD
Ameristar St. Charles St. Charles, MO 4/28/2016 BYD
Bally’s Master Lease (8 Properties)      
Bally’s Evansville Evansville, IN 6/3/2021 BALY
Bally’s Dover Casino Resort Dover, DE 6/3/2021 BALY
Black Hawk (Black Hawk North, West and East casinos) Black Hawk, CO 4/1/2022 BALY
Quad Cities Casino & Hotel Rock Island, IL 4/1/2022 BALY
Bally’s Tiverton Hotel & Casino Tiverton, RI 1/3/2023 BALY
Hard Rock Casino and Hotel Biloxi Biloxi, MS 1/3/2023 BALY
Bally’s Master Lease II (2 Properties)      
Bally’s Kansas City Kansas City, MO 12/16/2024 BALY
Bally’s Shreveport Shreveport, LA 12/16/2024 BALY
Casino Queen Master Lease (4 Properties)      
DraftKings at Casino Queen East St. Louis, IL 1/23/2014 BALY
The Queen Baton Rouge Baton Rouge, LA 12/17/2021 BALY
Casino Queen Marquette Marquette, IA 9/6/2023 BALY
Belle of Baton Rouge Baton Rouge, LA 10/1/2018 BALY
Pennsylvania Live! Master Lease (2 Properties)      
Live! Casino & Hotel Philadelphia Philadelphia, PA 3/1/2022 Cordish
Live! Casino Pittsburgh Greensburg, PA 3/1/2022 Cordish
Strategic Gaming Leases (3 Properties) (1)      
Silverado Franklin Hotel & Gaming Complex Deadwood, SD 5/16/2024 Strategic
Deadwood Mountain Grand Casino Deadwood, SD 5/16/2024 Strategic
Baldini’s Casino Sparks, NV 5/16/2024 Strategic
Single Asset Leases      
Belterra Park Gaming & Entertainment Center Cincinnati, OH 10/15/2018 BYD
Horseshoe St. Louis St. Louis, MO 10/1/2018 CZR
Hollywood Casino Morgantown Morgantown, PA 10/1/2020 PENN
Live! Casino & Hotel Maryland Hanover, MD 12/29/2021 Cordish
Tropicana Las Vegas Las Vegas, NV 4/16/2020 BALY
Tioga Downs Nicholas, NY 2/6.2024 American Racing
Hard Rock Casino Rockford Rockford, IL 8/29/2023 815 ENT Lease (2)
Bally’s Chicago Development Chicago, IL 9/11/2024 BALY
       
(1) Represents two cross-defaulted, co-terminus leases
(2) Managed by a subsidiary of Hard Rock


Lease Information

    Master Leases
  PENN 2023
Master
Lease
Amended
PENN
Master
Lease
PENN
Amended
Pinnacle
Master
Lease
Caesars
Amended
and Restated
Master
Lease
Boyd Master
Lease
Property Count 7 14 12 5 3
Number of States Represented 5 9 8 4 2
Commencement Date 1/1/2023 11/1/2013 4/28/2016 10/1/2018 10/15/2018
Lease Expiration Date 10/31/2033 10/31/2033 4/30/2031 9/30/2038 04/30/2031
Remaining Renewal Terms 15 (3×5 years) 15 (3×5 years) 20 (4×5 years) 20 (4×5 years) 20 (4×5 years)
Corporate Guarantee Yes Yes Yes Yes No
Master Lease with Cross Collateralization Yes Yes Yes Yes Yes
Technical Default Landlord Protection Yes Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage 1.1 1.1 1.2 1.2 1.4
Competitive Radius Landlord Protection Yes Yes Yes Yes Yes
Escalator Details          
Yearly Base Rent Escalator Maximum 1.5% (1) 2% 2% 1.75 % (2) 2%
Coverage ratio at September 30, 2024 (3) 1.91 2.16 1.79 (4) 1.88 2.55
Minimum Escalator Coverage Governor N/A 1.8 1.8 N/A 1.8
Yearly Anniversary for Realization November November May October May
Percentage Rent Reset Details          
Reset Frequency N/A 5 years 2 years N/A 2 years
Next Reset N/A November 2028 May 2026 N/A May 2026

(1)  In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.

(2)  Building base rent will be increased by 1.75% in the 7th and 8th lease year and 2% in the 9th lease year and each year thereafter.

(3)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

(4)  Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

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Lease Information

  Master Leases
  Bally’s
Master
Lease
Bally’s
Master
Lease II
Casino
Queen
Master Lease
Pennsylvania
Live! Master
Lease operated
by Cordish
Strategic
Gaming
Lease (1)
Property Count 8 2 4 2 3
Number of States Represented 6 2 3 1 2
Commencement Date 6/3/2021 12/16/2024 12/17/2021 3/1/2022 5/16/2024
Lease Expiration Date 06/02/2036 12/15/2039 12/31/2036 2/28/2061 5/31/2049
Remaining Renewal Terms 20 (4×5 years) 20 (4×5 years) 20 (4×5 years) 21 (1×11 years,
1×10 years)
20 (2×10 years)
Corporate Guarantee Yes Yes Yes No Yes
Master Lease with Cross Collateralization Yes Yes Yes Yes Yes
Technical Default Landlord Protection Yes Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage 1.2 1.35 (4) 1.4 1.4 1.4 (5)
Competitive Radius Landlord Protection Yes Yes Yes Yes Yes
Escalator Details          
Yearly Base Rent Escalator Maximum (2) (2) (3) 1.75% 2% (5)
Coverage ratio at September 30, 2024 (6) 2.02 N/A 2.32 2.39 N/A
Minimum Escalator Coverage Governor N/A N/A N/A N/A N/A
Yearly Anniversary for Realization June December December March June 2026
Percentage Rent Reset Details          
Reset Frequency N/A N/A N/A N/A N/A
Next Reset N/A N/A N/A N/A N/A

(1)  Consists of two leases that are cross collateralized and co-terminus with each other.

(2)  If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

(3)  Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

(4)  The default adjusted revenue to rent coverage declines to 1.2 if the annual rent equals or exceeds $60 million on an annual basis.

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(5)  The default adjusted revenue to rent coverage declines to 1.25 if the tenant’s adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.

(6)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.


Lease Information

    Single Property Leases  
  Belterra Park
Lease operated
by BYD
Horseshoe St.
Louis Lease
operated by
CZR
Morgantown
Ground Lease
operated by
PENN
Live! Casino &
Hotel Maryland
operated by
Cordish
Commencement Date 10/15/2018 9/29/2020 10/1/2020 12/29/2021
Lease Expiration Date 04/30/2031 10/31/2033 10/31/2040 12/31/2060
Remaining Renewal Terms 20 (4×5 years) 20 (4×5 years) 30 (6×5 years) 21 (1×11 years,
1×10 years)
Corporate Guarantee No Yes Yes No
Technical Default Landlord Protection Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage 1.4 1.2 N/A 1.4
Competitive Radius Landlord Protection Yes Yes N/A Yes
Escalator Details        
Yearly Base Rent Escalator Maximum 2% 1.25% (1) 1.50% (2) 1.75%
Coverage ratio at September 30, 2024 (3) 3.35 2.05 N/A 3.57
Minimum Escalator Coverage Governor 1.8 N/A N/A N/A
Yearly Anniversary for Realization May October December January
Percentage Rent Reset Details        
Reset Frequency 2 years N/A N/A N/A
Next Reset May 2026 N/A N/A N/A

(1)  For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.

(2)  Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

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(3)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.


Lease Information

         
  Tropicana Las
Vegas Ground
Lease operated
by BALY
Tioga Downs
Lease operated
by American Racing
Hard Rock
Rockford Ground
Lease managed
by Hard Rock
Chicago Ground
Lease with
BALY
Commencement Date 9/26/2022 2/6/2024 8/29/2023 9/11/2024
Lease Expiration Date 9/25/2072 2/28/2054 8/31/2122 11/30/2121 (4)
Remaining Renewal Terms 49 (1 x 24 years,
1 x 25 years)
32 years and 10 months
(2×10 years, 1×12 years
and 10 months)
None (4)
Corporate Guarantee Yes Yes No (4)
Technical Default Landlord Protection Yes Yes Yes (4)
Default Adjusted Revenue to Rent Coverage 1.4 1.4 1.4 (4)
Competitive Radius Landlord Protection Yes Yes Yes (4)
Escalator Details        
Yearly Base Rent Escalator Maximum (1) 1.75% (2) 2% (4)
Coverage ratio at September 30, 2024 (3) N/A N/A N/A N/A
Minimum Escalator Coverage Governor N/A N/A N/A N/A
Yearly Anniversary for Realization October March September (4)
Percentage Rent Reset Details        
Reset Frequency N/A N/A N/A N/A
Next Reset N/A N/A N/A N/A

(1)  If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

(2)  Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

(3)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

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(4)  The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years followed by multiple renewal extensions to be agreed upon between Bally’s and the Company. The lease is also anticipated to have lease terms generally consistent with the terms of the Bally’s Master Lease except as modified by the binding term sheet.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash Net Operating Income (“Cash NOI”), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business.  This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is rental and other property income, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management’s view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property and real estate depreciation.  We have defined AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, property transfer tax recoveries, straight-line rent and deferred rent adjustments, losses on debt extinguishment, capitalized interest, and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, stock based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, property transfer tax recoveries, losses on debt extinguishment, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including stock based compensation expense.

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

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About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our future growth and cash flows in 2025 and beyond, 2025 AFFO guidance and the Company benefiting from 2024 portfolio additions and recently completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government monetary policies and stimulus packages on inflation rates and economic growth; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI’s competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI’s planned acquisitions or projects; the potential of a new pandemic, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI’s ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; the satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; the ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for acquisitions or refinancings due to maturities; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; GLPI’s ability to attract, motivate and retain key personnel; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contact
Gaming and Leisure Properties, Inc.
Matthew Demchyk, Chief Investment Officer
610/401-2900
[email protected]
Investor Relations
Joseph Jaffoni, Richard Land, James Leahy at JCIR
212/835-8500
[email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties Inc. Announces 2024 Distribution Tax Treatment

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gaming-and-leisure-properties-inc.-announces-2024-distribution-tax-treatment

WYOMISSING, Pa., Jan. 24, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”) announced the income tax allocation for federal income tax purposes of its aggregate distributions in 2024 of $3.04 per share of common stock (CUSIP: 36467J108).

Gaming and Leisure Properties’ tax return for the year ended December 31, 2024, has not yet been filed.  As a result, the income tax allocation for the distributions noted below have been calculated using the best available information as of the date of this press release.

    Box 1a Box 1b Box 2a Box 2b Box 2f Box 3 Box 5
Record Date Payable Date Total
Distribution
Per Share
Total
Ordinary
Dividends
Qualified
Dividends (1)
Total Capital
Gain
Distribution
Unrecaptured
1250 Gain (2)
Section
897 Capital
Gain
Nondividend
Distributions (3)
Section 199A
Dividends (4)
03/15/2024 03/29/2024 $0.760000 $0.739603 $0.000000 $0.004452 $0.000000 $0.000000 $0.015945 $0.739603
06/07/2024 06/21/2024 $0.760000 $0.739603 $0.000000 $0.004452 $0.000000 $0.000000 $0.015945 $0.739603
09/13/2024 09/27/2024 $0.760000 $0.739603 $0.000000 $0.004452 $0.000000 $0.000000 $0.015945 $0.739603
12/06/2024 12/20/2024 $0.760000 $0.739603 $0.000000 $0.004452 $0.000000 $0.000000 $0.015945 $0.739603
  Totals $3.040000 $2.958412 $0.000000 $0.017808 $0.000000 $0.000000 $0.063780 $2.958412
                   
  (1 ) Amounts in Box 1b are included in Box 1a      
  (2 ) Amounts in Box 2b are included in Box 2a      
  (3 ) Amounts in Box 3 are also known as Return of Capital      
  (4 ) Amounts in Box 5 are included in Box 1a      
                 

Please note that federal tax laws affect taxpayers differently, and the information in this release is not intended as advice to shareholders on how distributions should be reported on their tax returns.  Also, note that state and local taxation of real estate investment trust distributions varies and may not be the same as the taxation under the federal rules.  Shareholders are encouraged to consult with their own tax advisors as to their specific federal, state, and local income tax treatment of the Company’s distributions.

About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

Contact:
Gaming and Leisure Properties, Inc.                
Matthew Demchyk, Chief Investment Officer
610/401-2900
[email protected]

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Investor Relations
Joseph Jaffoni, Richard Land, James Leahy at JCIR
212/835-8500
[email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Schedules Fourth Quarter 2024 Earnings Release and Conference Call

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WYOMISSING, Pa., Jan. 22, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2024 fourth quarter financial results after the market close on Thursday, February 20, 2025. The Company will host a conference call at 11:00 a.m. ET on Friday, February 21, 2025.

During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter’s results and performance, discuss recent events and conduct a question-and-answer period.

Webcast:
The conference call will be available in the Investor Relations section of the Company’s website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 90 days on the Company’s website.

To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560

Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13751193
The playback can be accessed through Friday, February 28, 2025.

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About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

Contact:  
Gaming and Leisure Properties, Inc. Investor Relations
Matthew Demchyk, Chief Investment Officer Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900 212/835-8500
[email protected] [email protected]

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