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GLPI
🇺🇸 NASDAQ:GLPI
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•
Sep 30, 2023

GLPI Q3 2023 Earnings Report

GLPI reported record results driven by strategic operator partnerships and accretive tenant diversification.

Key Takeaways

Gaming and Leisure Properties (GLPI) reported a 7.7% year-over-year increase in total revenue, reaching $359.6 million for the third quarter of 2023. Adjusted Funds From Operations (AFFO) also grew by 6.9% compared to the previous year. The company expanded its footprint with the acquisition of land associated with the Hard Rock Casino development project in Rockford, IL, and the land and certain improvements at Casino Queen Marquette.

Total revenue rose 7.7% year over year to $359.6 million.

AFFO grew 6.9% on a comparable basis.

Expanded footprint with acquisition of land associated with Hard Rock Casino development project in Rockford, IL.

Acquired land and certain improvements at Casino Queen Marquette.

Total Revenue
$360M
Previous year: $334M
+7.7%
EPS
$0.92
Previous year: $0.89
+3.4%
Adjusted EBITDA
$327M
Previous year: $309M
+5.9%
Funds from Operations
$254M
Previous year: $233M
+9.3%
Adjusted Funds From Ops
$251M
Previous year: $235M
+6.9%
Gross Profit
$311M
Previous year: $322M
-3.4%
Cash and Equivalents
$81.1M
Previous year: $59M
+37.5%
Free Cash Flow
$241M
Total Assets
$11.2B
Previous year: $10.8B
+4.3%

GLPI

GLPI

GLPI Revenue by Segment

Forward Guidance

GLPI updated its AFFO guidance for the full year 2023 to be between $1,003 million and $1,006 million, or between $3.68 and $3.69 per diluted share and OP units.

Positive Outlook

  • Guidance does not include impact from future acquisitions or dispositions.
  • Guidance assumes no material changes in legislation or regulatory environment.
  • Expects to benefit from recent portfolio additions and completed transactions.
  • Contractual rent escalators are expected to contribute to financial growth.
  • Disciplined capital investment approach supports confidence in growing cash dividend and long-term shareholder value.

Challenges Ahead

  • Guidance does not include impact from possible future acquisitions or dispositions.
  • Guidance assumes no material changes in world events, including a new pandemic outbreak.
  • Guidance assumes no material changes in consumer trends or economic conditions.
  • Annual percentage rent is anticipated to decline by approximately $5.0 million to $6.0 million.
  • Annual building base rent will increase by $4.2 million on the Amended Penn Master Lease effective November 1, 2023, resulting in an overall reduction to rental income.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View GLPI