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Jun 30, 2024
GLPI Q2 2024 Earnings Report
GLPI delivered record financial results driven by consistent cash flow and strategic portfolio growth.
Key Takeaways
Gaming and Leisure Properties reported a strong second quarter in 2024, with total revenue increasing by 6.7% year-over-year to $380.6 million and AFFO growing by 5.6%. The company benefited from property portfolio growth, rent escalations, and strategic capital investments, including a $1.585 billion transaction with Bally’s.
Total revenue increased by 6.7% year-over-year to $380.6 million.
AFFO grew by 5.6% year-over-year, driven by property portfolio growth and rent escalations.
Agreed to fund and oversee a landside development project and hotel renovation of the Belle of Baton Rouge.
Announced a $1.585 billion transaction with Bally’s, expected to deliver an 8.3% blended initial cash yield.
GLPI
GLPI
GLPI Revenue by Segment
GLPI Revenue by Geographic Location
Revenue by Segment
Building Base Rent Revenue
CapyFin.comLand Base Rent Revenue
CapyFin.comPercentage Rent & Other Revenue
CapyFin.comInterest Income RE Loans Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
The Company estimates AFFO for the year ending December 31, 2024 will be between $1.054 billion and $1.059 billion, or between $3.74 and $3.76 per diluted share and OP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2024 of between $1.042 billion and $1.051 billion, or between $3.71 and $3.74 per diluted share and OP units.
Positive Outlook
- Increased AFFO guidance for the full year 2024.
- Expectation of benefiting from recently announced transactions.
- Disciplined capital investment approach.
- Focus on stable and resilient regional gaming markets.
- Well positioned to further grow the cash dividend.
Challenges Ahead
- Guidance does not include the impact from possible future acquisitions or dispositions.
- Guidance assumes no material changes in applicable legislation or regulatory environment.
- Guidance assumes no material changes in world events or economic conditions.
- Inability to provide a reconciliation for non-GAAP estimates on a forward-looking basis.
- Uncertainty in predicting the amount of change in the provision for credit losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income