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Mar 31, 2021
GLPI Q1 2021 Earnings Report
GLPI's financial performance was highlighted by record first-quarter results, driven by strategic alignment with top regional gaming operators and portfolio diversification.
Key Takeaways
Gaming and Leisure Properties, Inc. reported strong first-quarter results for 2021, with total revenue of $301.5 million and net income of $127.2 million. The company's performance was driven by its focus on aligning with top regional gaming operators and expanding its portfolio of regional gaming assets.
Total revenue increased to $301.5 million compared to $283.5 million in the same quarter of the previous year.
Net income rose to $127.2 million, up from $96.9 million year-over-year.
Adjusted EBITDA reached $266.6 million, compared to $258.8 million in the prior year.
GLPI expanded its relationship with Bally's Corporation through strategic acquisitions.
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GLPI Revenue by Segment
Revenue by Segment
Building Base Rent Revenue
CapyFin.comLand Base Rent Revenue
CapyFin.comPercentage Rent & Other Revenue
CapyFin.com Forward Guidance
GLPI anticipates consistent growth in cash flows and shareholder value in 2021 and beyond, driven by tenant strength and its investment-grade balance sheet. The company expects to close on several transactions in the coming months, further diversifying its portfolio and increasing rental income.
Positive Outlook
- Expansion in relationship with Bally's Corporation to acquire real estate assets.
- Expected incremental rent of $12.0 million from Bally's acquisitions.
- Potential acquisition of additional assets in sale-leaseback transactions with Bally's.
- Completion of landside development project at HCBR.
- Penn exercised its option to acquire the operations of Hollywood Casino Perryville.
Challenges Ahead
- Potential delays in obtaining regulatory approvals for transactions.
- Impact of COVID-19 on tenants' business operations.
- Changes in U.S. tax law affecting REITs.
- Impact of substantial indebtedness on future operations.
- Uncertainties related to future rent payments from tenants.
Revenue & Expenses
Visualization of income flow from segment revenue to net income