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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.
Revenue by Segment
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.
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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