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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.
GLPI
GLPI
GLPI Revenue by Segment
Revenue by Segment
Building Base Rent Revenue
CapyFin.comLand Base Rent Revenue
CapyFin.comPercentage Rent & Other Revenue
CapyFin.comInterest Income RE Loans Revenue
CapyFin.com 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