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Dec 31, 2019
GLPI Q4 2019 Earnings Report
GLPI's Q4 2019 results were announced, showcasing year-over-year growth in income from operations, net income, Adjusted EBITDA, and funds from operations.
Key Takeaways
GLPI reported strong Q4 2019 results, with significant growth in income from operations, net income, Adjusted EBITDA, and funds from operations. The company's portfolio of regional gaming assets generated durable income, strengthening its financial position and increasing returns to shareholders.
Income from operations increased by 52.0% year-over-year.
Net income rose by 148.8% compared to the previous year.
Adjusted EBITDA saw a 1.0% increase year-over-year.
Funds from operations (FFO) and adjusted funds from operations (AFFO) increased by 73.3% and 3.9%, respectively.
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 provided financial guidance for the first quarter and full year of 2020, based on a range of assumptions including revenue from real estate, Adjusted EBITDA from TRS Properties, income tax rate, LIBOR, and share count.
Positive Outlook
- Revenue from real estate is expected to be approximately $259.4 million for the first quarter of 2020.
- Adjusted EBITDA from the TRS Properties is projected to be approximately $8.0 million for the first quarter of 2020.
- The blended income tax rate at the TRS Properties is estimated at 26%.
- LIBOR is based on the forward yield curve.
- The basic share count is approximately 215.1 million shares for the first quarter of 2020.
Challenges Ahead
- Guidance assumes free cash flow after dividends and borrowings on the revolver are used to pay the $215.2 million balance of the Senior Unsecured Notes Due November 2020 and no other refinancing transactions.
- High range includes 2020 escalators for PENN, Meadows, ERI and BYD whereas low range includes only ERI.
- The guidance is subject to various assumptions and risks, including those related to acquisitions, regulatory approvals, and changes in tax law.
- The company's ability to access capital through debt and equity markets could impact future operations.
- Substantial indebtedness could affect future operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income