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Dec 31, 2020
GLPI Q4 2020 Earnings Report
Reported strong fourth quarter results driven by proactive measures and tenant collaborations, successfully collecting all rents due in 2020 and executing on long-term growth strategy.
Key Takeaways
Gaming and Leisure Properties, Inc. (GLPI) announced strong fourth quarter 2020 results, highlighting proactive measures to collaborate with tenants and grow rental cash flows. The company collected all rents due in 2020 and completed strategic acquisitions and agreements, including the acquisition of land in Morgantown, PA, and agreements with Bally's Corporation for Tropicana Evansville and Dover Downs Hotel & Casino.
Collected all rents due in 2020, including deferred rent from Casino Queen.
Completed the acquisition of land underlying the gaming facility in Morgantown, Pennsylvania.
Entered into agreements with Bally's Corporation to acquire real property assets of Tropicana Evansville and Dover Downs Hotel & Casino.
Completed an Exchange Agreement with Caesars, transferring real estate assets of Isle Casino Hotel, Waterloo and Isle Casino Hotel Bettendorf to GLPI.
GLPI
GLPI
GLPI Revenue by Segment
Revenue by Segment
Building Base Rent Revenue
CapyFin.comLand Base Rent Revenue
CapyFin.comPercentage Rent & Other Revenue
CapyFin.com Forward Guidance
GLPI expects to return to all cash dividends in 2021 and anticipates consistent growth in cash flows and shareholder value, supported by tenants' strength and the company's investment-grade balance sheet.
Positive Outlook
- Return to all cash dividends in 2021.
- Tenants have fortified their balance sheets with capital.
- Tenants enhanced operating models through cost and other efficiencies.
- GLPI has the sector's only investment-grade balance sheet.
- GLPI is positioned to consistently grow cash flows and build value for shareholders in 2021 and beyond.
Challenges Ahead
- Nationwide casino closures in 2020 impacted rent escalators.
- Reductions in annual variable rent on certain leases through April 30, 2022.
- Variable rent reset in October 2020 resulted in an annual decline.
- Impact of COVID-19 on tenants' business operations and ability to pay rent.
- Potential delays or impediments in completing proposed transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income