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GLPI
🇺🇸 NASDAQ:GLPI
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Sep 30, 2022

GLPI Q3 2022 Earnings Report

Reported financial results, highlighted record quarterly performance driven by disciplined expansion and diversification, and updated full year guidance.

Key Takeaways

Gaming and Leisure Properties, Inc. (GLPI) announced record operating results for Q3 2022, driven by disciplined expansion and diversification of its portfolio. The company completed the Bally's Corporation transaction, generating a pre-tax gain of $67.4 million, and announced a new master lease with PENN Entertainment. GLPI is on track to generate record results for the balance of 2022 and remains well-positioned for 2023.

GLPI reported record quarterly results, driven by expansion and diversification of its portfolio.

The company completed the Bally’s Corporation transaction, resulting in a pre-tax gain of $67.4 million and a new 50-year ground lease with an initial annual cash rent of $10.5 million.

GLPI announced a new master lease with PENN Entertainment for seven of PENN's properties, including a funding option for PENN's growth opportunities.

The company is on track to generate record results for the balance of 2022 and is well-positioned for 2023, with a focus on stable regional gaming markets.

Total Revenue
$334M
Previous year: $299M
+11.8%
EPS
$0.89
Previous year: $0.88
+1.1%
Adjusted EBITDA
$309M
Previous year: $277M
+11.6%
Funds from Operations
$233M
Previous year: $209M
+11.4%
Adjusted Funds From Ops
$235M
Previous year: $207M
+13.5%
Gross Profit
$322M
Previous year: $284M
+13.6%
Cash and Equivalents
$59M
Previous year: $423M
-86.1%
Total Assets
$10.8B
Previous year: $9.28B
+16.1%

GLPI

GLPI

GLPI Revenue by Segment

Forward Guidance

GLPI estimates AFFO for the year ending December 31, 2022 will be between $918 million and $923 million, or between $3.52 and $3.54 per diluted share and OP units.

Positive Outlook

  • The guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions
  • The guidance does not include impact from future capital markets activity
  • The guidance does not include impact from other future non-recurring transactions.
  • Company is on track to generate record results based on the ongoing initiatives
  • Company is undertaking initiatives to further expand and diversify our portfolio while benefiting from recently completed transactions and rent escalators.

Challenges Ahead

  • The guidance assumes there will be no material changes in applicable legislation
  • The guidance assumes there will be no material changes in regulatory environment
  • The guidance assumes there will be no material changes in world events, including a more severe COVID-19 or new pandemic outbreak
  • The guidance assumes there will be no material changes in weather, recent consumer trends, economic conditions, oil prices
  • The guidance assumes there will be no material changes in competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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