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GLPI
🇺🇸 NASDAQ:GLPI
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•
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%.

Total Revenue
$385M
Previous year: $360M
+7.2%
EPS
$0.95
Previous year: $0.92
+3.3%
Adjusted EBITDA
$346M
Previous year: $327M
+5.9%
Funds from Operations
$251M
Previous year: $254M
-1.5%
Adjusted Funds From Ops
$268M
Previous year: $251M
+6.8%
Gross Profit
$374M
Previous year: $311M
+20.1%
Cash and Equivalents
$1.05B
Previous year: $81.1M
+1191.7%
Free Cash Flow
$262M
Previous year: $241M
+8.9%
Total Assets
$12.7B
Previous year: $11.2B
+12.9%

GLPI

GLPI

GLPI Revenue by Segment

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

Company Overview

Full financial data and analysis

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