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Mar 31, 2023
GLPI Q1 2023 Earnings Report
Reported record first quarter results driven by portfolio expansion and diversification.
Key Takeaways
Gaming and Leisure Properties (GLPI) reported a strong first quarter in 2023, with total revenue increasing by 12.8% to $355.2 million and AFFO rising by 13.7% year-over-year. The company's growth reflects its expansion and diversification into a landlord with six tenants across 59 properties in 18 states.
Total revenue rose 12.8% to $355.2 million.
AFFO increased 13.7% year-over-year.
Completed acquisition of real property assets from Bally's Corporation.
Created a new master lease with PENN Entertainment, Inc.
Revenue by Segment
Forward Guidance
GLPI estimates AFFO for the year ending December 31, 2023 will be between $984 million and $997 million, or between $3.63 and $3.67 per diluted share and OP units.
Positive Outlook
- Ongoing expansion and diversification of portfolio
- Upside from recently completed transactions
- Contractual rent escalators
- Disciplined capital investment approach
- Focus on stable regional gaming markets
Challenges Ahead
- Impact on operating results from any pending or possible future acquisitions or dispositions
- Future capital markets activity
- Future non-recurring transactions
- Material changes in applicable legislation
- Regulatory environment, world events, economic conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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