Loading...
•
Sep 30, 2024
GLPI Q3 2024 Earnings Report
Reported record third quarter financial results, driven by consistent performance of the legacy tenant portfolio and strategic acquisitions.
Key Takeaways
Gaming and Leisure Properties reported strong third-quarter results, with total revenue increasing by 7.1% year-over-year to $385.3 million and AFFO growing by 6.8%. The company's expansion and growth momentum continue, supported by the addition of new tenants and strategic transactions, including those with Bally's. GLPI remains confident in its ability to deliver strong capital returns and yields for shareholders, as reflected in the increased third-quarter dividend of $0.76 per share.
Total revenue rose 7.1% year-over-year to $385.3 million.
AFFO grew 6.8%, highlighting the growth of the property portfolio and rent escalations.
Completed the $250 million acquisition of the land for Bally’s Chicago casino with an initial cash yield of 8.0%.
Investment activity in 2024 reached nearly $2 billion at a blended yield of 8.4%.
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
The Company estimates AFFO for the year ending December 31, 2024 will be between $1.055 billion and $1.058 billion, or between $3.74 and $3.76 per diluted share and OP units.
Positive Outlook
- Guidance does not include the impact on operating results from any possible future acquisitions or dispositions.
- Guidance does not include future capital markets activity.
- Guidance does not include other future non-recurring transactions other than anticipated fundings on current development projects.
- Guidance assumes there will be no material changes in applicable legislation.
- Guidance assumes there will be no material changes in the regulatory environment.
Challenges Ahead
- Guidance assumes there will be no material changes in world events, including weather.
- Guidance assumes there will be no material changes in public health, recent consumer trends.
- Guidance assumes there will be no material changes in economic conditions.
- Guidance assumes there will be no material changes in oil prices.
- Guidance assumes there will be no material changes in the 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