Financial Performance - Total revenue for Q4 2024 reached $389.6 million, a 5.6% increase from $369.0 million in Q4 2023[2] - Net income for the year ended December 31, 2024, was $807.6 million, up from $755.4 million in 2023, reflecting a year-over-year growth of 6.9%[2] - Adjusted Funds from Operations (AFFO) for Q4 2024 was $269.7 million, a 5.1% increase compared to $256.6 million in Q4 2023[2] - Total rental income for Q4 2024 was $333,979,000, a 1% increase from $327,948,000 in Q4 2023[18] - Total income from real estate for the year ended December 31, 2024, was $1,531,546,000, up from $1,440,392,000 in 2023, representing a 6.3% increase[18] - Net income for Q4 2024 was $223,610,000, compared to $217,256,000 in Q4 2023, reflecting a 2% increase[18] - Basic earnings per share for the year ended December 31, 2024, were $2.87, up from $2.78 in 2023, indicating a 3.2% growth[18] - Funds from operations (FFO) for the year ended December 31, 2024, reached $1.06 billion, up from $1.02 billion in 2023, reflecting a 4.6% increase[24] - Adjusted EBITDA for the year ended December 31, 2024, was $1.37 billion, compared to $1.31 billion in 2023, indicating a growth of 5.1%[26] - Cash net operating income for the year ended December 31, 2024, was $1.41 billion, compared to $1.36 billion in 2023, reflecting a 3.7% increase[26] - The company reported a diluted net income per share of $2.87 for the year ended December 31, 2024, compared to $2.77 in 2023, a 3.6% increase[24] Acquisitions and Investments - The company completed the acquisition of Bally's Kansas City and Bally's Shreveport for $395 million, with an initial cash rent of $32.2 million[7] - The company completed a $250 million acquisition of land for Bally's permanent Chicago Casino, with an initial cash yield of 8.0%[7] - The company has executed over $12 billion in gaming real estate transactions, adding over $900 million in annual rent or financing revenue[4] Debt and Financial Position - The company increased its revolver capacity to $2.09 billion from $1.75 billion and extended the maturity to December 2028[4] - Total assets as of December 31, 2024, amounted to $13.08 billion, an increase from $11.81 billion in 2023, representing a 10.7% growth[29] - The company's total long-term debt as of December 31, 2024, was $7.74 billion, up from $6.63 billion in 2023, marking a 16.7% increase[30] - The weighted average interest rate on the company's debt was 5.09% as of December 31, 2024[30] - The total equity attributable to Gaming and Leisure Properties as of December 31, 2024, was $4.27 billion, up from $4.16 billion in 2023, indicating a 2.7% increase[29] Dividends and Shareholder Returns - The company declared a first quarter dividend of $0.76 per share, payable on March 28, 2025[10] Market Position and Growth Outlook - The company is well-positioned for growth in 2025, supported by strong tenant relationships and a healthy pipeline of new agreements[5] - The company anticipates benefiting from 2024 portfolio additions and recently completed transactions, with a focus on future growth and cash flows in 2025 and beyond[48] Lease Agreements and Tenant Information - The company has a total of 14 properties under the amended PENN Master Lease, with a commencement date of November 1, 2013[33] - The PENN 2023 Master Lease includes 7 properties, with a lease expiration date of October 31, 2033[36] - The average rent coverage ratio for the tenants as of September 30, 2024, is 1.91 for PENN, 2.16 for Caesars, and 1.79 for Boyd[36] - The company has a yearly base rent escalator of 1.5% for the PENN Master Lease, with a one-time annualized increase of $1.4 million occurring on November 1, 2027[36] - The remaining renewal terms for the Caesars Master Lease properties total 15 years, with a corporate guarantee in place[36] - The Bally's Master Lease II includes 2 properties with a lease expiration date of December 15, 2039[38] - The company operates properties across 6 states under the Bally's Master Lease, with a commencement date of June 3, 2021[38] - The Strategic Gaming Leases consist of 3 properties, with a commencement date of May 16, 2024[34] - The company has a competitive radius landlord protection in place for all master leases[36] - The next rent reset for the Pennsylvania Live! Master Lease is scheduled for June 2026[38] - The company reported a coverage ratio of 3.35 for Horseshoe St. and 2.05 for Morgantown as of September 30, 2024[40] - The annual base rent escalator maximum for Belterra Park is set at 1.25% for the first three lease years, increasing to 1.75% for the 6th and 7th years, and then 2% for the remaining term[41] Risks and Challenges - The company faces risks related to inflation, interest rates, and the ability of tenants to maintain financial strength, which could impact future performance[48] - The company has not independently verified the accuracy of tenants' rent coverage information, which is provided by tenants as of September 30, 2024[41] Upcoming Events - GLPI plans to hold a conference call on February 21, 2025, to discuss financial results and market conditions[14]

Core Viewpoint - Gaming and Leisure Properties (GLPI) reported quarterly funds from operations (FFO) of $0.95 per share, exceeding the Zacks Consensus Estimate of $0.94 per share, and showing an increase from $0.93 per share a year ago [1][2] Financial Performance - The company posted revenues of $389.62 million for the quarter ended December 2024, which was 0.38% below the Zacks Consensus Estimate, compared to $369.03 million in the same quarter last year [2] - Over the last four quarters, GLPI has surpassed consensus FFO estimates two times and topped consensus revenue estimates three times [2] Stock Performance and Outlook - Since the beginning of the year, GLPI shares have increased by approximately 1.7%, while the S&P 500 has gained 4.5% [3] - The future stock price movement will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] Estimate Revisions - The current consensus FFO estimate for the upcoming quarter is $0.96, with expected revenues of $397.78 million, and for the current fiscal year, the estimate is $3.89 on $1.61 billion in revenues [7] - The estimate revisions trend for GLPI is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Other industry, to which GLPI belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]

Financial Performance - Total revenues for 2024 reached $1,531,546, an increase of 6.3% from $1,440,392 in 2023[456] - Net income attributable to common shareholders for 2024 was $784,620, up 6.8% from $734,283 in 2023[456] - Basic earnings per common share increased to $2.87 in 2024, compared to $2.78 in 2023, reflecting a growth of 3.2%[456] - Total operating expenses rose to $400,861 in 2024, a 7.8% increase from $371,688 in 2023[456] - Net cash provided by operating activities for 2024 was $1,072,770, up from $1,009,372 in 2023, indicating a growth of 6.3%[462] Assets and Liabilities - GLPI's total assets increased to $13,075.9 million as of December 31, 2024, compared to $11,806.7 million in 2023, reflecting a growth of approximately 10.7%[452] - GLPI's total liabilities increased to $8,430.4 million in 2024 from $7,297.7 million in 2023, reflecting a growth of approximately 15.5%[452] - The company's long-term debt stood at $7,735.9 million as of December 31, 2024, up from $6,627.6 million in 2023, indicating an increase of about 16.7%[452] - Cash and cash equivalents decreased to $462.6 million in 2024 from $684.0 million in 2023, a decline of approximately 32.3%[452] Real Estate Investments - Real estate investments, net, decreased slightly to $8,148.7 million in 2024 from $8,168.8 million in 2023, a decline of approximately 0.2%[452] - The company recorded a total of $10,585,461,000 in real estate investments as of December 31, 2024, compared to $10,347,315,000 in 2023, reflecting growth in land and building improvements[555] - Approximately 61% of the company's collective income from real estate in 2024 was derived from tenant leases with PENN, while other significant contributions came from Cordish, Bally's, Caesars, and Boyd[550] Debt and Financing - The average interest rate for fixed-rate long-term debt is 5.25% for the fiscal year ending December 31, 2025[438] - The average interest rate for variable-rate debt obligations is estimated at 5.25%[438] - The company has $332.5 million outstanding under the Second Amended Credit Agreement, with an available borrowing capacity of $1,757.2 million as of December 31, 2024[610] - The company issued $800 million of 5.625% Senior Notes maturing in September 2034 and $400 million of 6.250% Senior Notes maturing in September 2054 in August 2024[621] Acquisitions and Investments - The Company acquired real estate assets from Tropicana for $964 million, leasing them back to Caesars under a new master lease with an initial term of 15 years[478] - The company completed acquisitions of Bally's Casino Black Hawk and Bally's Quad Cities on April 1, 2022, and Bally's Biloxi and Bally's Tiverton on January 3, 2023, with annual rent increases subject to CPI escalations[485] - The Company has committed to providing up to $150 million in development funding via the Rockford Loan, with an interest rate of 10%, later reduced to 8%[503] Credit Losses and Provisions - The provision for credit losses on real estate loans was $3.6 million for 2024, compared to $1.0 million for 2023, indicating a significant increase in credit risk[557] - The Company recorded a net provision for credit losses of $37.3 million for the year ended December 31, 2024, primarily due to the Tropicana Las Vegas Lease[577] Lease Agreements - The Amended and Restated Caesars Master Lease was extended to 20 years with fixed escalation percentages, and the variable rent component was removed starting from the third lease year[479] - The Company entered into a new lease agreement for Horseshoe St. Louis with an initial term expiring on October 31, 2033, with annual escalators adjusted to fixed rates[483] - The weighted average remaining lease term for operating leases was 53.14 years, with a weighted average discount rate of 6.26% as of December 31, 2024[589] Special Dividends and Earnings - The Company sold the operations of Hollywood Casino Perryville and Baton Rouge, leasing the real estate to PENN and Casino Queen, respectively, and declared a special dividend of accumulated earnings related to these sales[467] - In Q1 2023, paid a special earnings and profit dividend of $0.25 per share related to the sale of Tropicana Las Vegas building assets[468] Compliance and Regulations - As of December 31, 2024, the Company was in compliance with all required financial covenants under its Senior Notes[628] - The Senior Notes are subject to mandatory redemption requirements imposed by gaming laws and regulations[625]

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) reported record financial results for the fourth quarter and full year 2024, driven by growth across key financial metrics and strategic acquisitions [1][6]. Financial Highlights - Total revenue for Q4 2024 was $389.6 million, a 5.6% increase from $369.0 million in Q4 2023 [2]. - Income from operations for Q4 2024 was $308.2 million, up from $295.3 million in Q4 2023 [2]. - Net income for Q4 2024 reached $223.6 million, compared to $217.3 million in Q4 2023 [2]. - Funds from operations (FFO) for Q4 2024 were $287.9 million, a slight increase from $282.2 million in Q4 2023 [2]. - Adjusted funds from operations (AFFO) for Q4 2024 were $269.7 million, up from $256.6 million in Q4 2023 [2]. - Adjusted EBITDA for Q4 2024 was $354.0 million, compared to $331.4 million in Q4 2023 [2]. Strategic Transactions and Partnerships - In 2024, GLPI successfully executed four sale-leaseback transactions and several financing commitments, including the acquisition of Bally's properties in Kansas City and Shreveport [7][9]. - The company expanded its tenant portfolio to include 68 high-quality regional gaming assets [7]. - GLPI amended its credit agreement, increasing revolver capacity to $2.09 billion and extending maturity to December 2028 [9]. Portfolio and Growth Outlook - As of December 31, 2024, GLPI's portfolio consisted of interests in 68 gaming and related facilities across 20 states [18]. - The company anticipates continued financial growth in 2025, supported by its strong balance sheet and innovative financing solutions for tenants [10]. - GLPI estimates AFFO for the year ending December 31, 2025, will be between $1.105 billion and $1.121 billion, or between $3.83 and $3.88 per diluted share [16]. Recent Developments - On February 12, 2025, Boyd Gaming Corporation renewed its leases with GLPI, extending terms to April 30, 2031 [11]. - Bally's Corporation completed its merger with Standard General L.P., impacting GLPI's tenant relationships [11]. - GLPI agreed to fund construction improvements for Ameristar Casino Council Bluffs, with financing not exceeding $150 million [11].

Core Viewpoint - Gaming and Leisure Properties, Inc. announced an aggregate distribution of $3.04 per share for the year 2024, with specific income tax allocations provided for federal income tax purposes [1][2]. Distribution Details - The total distribution per share for 2024 is $3.04, broken down into quarterly distributions of $0.76 each [3]. - The income tax allocation includes ordinary dividends totaling $2.958412 per share, with additional amounts categorized under capital gains and nondividend distributions [3]. Company Overview - Gaming and Leisure Properties is involved in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease agreements, where tenants are responsible for all maintenance, insurance, taxes, and utilities related to the properties [4].

WYOMISSING, Pa., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2024 fourth quarter financial results after the market close on Thursday, February 20, 2025. The Company will host a conference call at 11:00 a.m. ET on Friday, February 21, 2025. During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter’s results and performance, discuss recent events ...

WYOMISSING, Pa., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (“GLPI” or “the Company”), announced that it has completed the previously announced $395 million acquisition of the land and real estate assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel from Bally’s Corporation (NYSE: BALY) (“Bally’s”). The two properties have been put into a new Bally’s Master Lease that is cross-defaulted with the Company’s existing Bally’s Master Lease, with init ...

Financial Data and Key Metrics - Total income from real estate increased by $25.8 million in Q3 2024 compared to Q3 2023, driven by acquisitions and lease adjustments [6] - Operating expenses increased by $22.6 million, primarily due to a non-cash increase in the provision for credit losses related to the Tropicana lease reclassification [7] - Full-year 2024 AFFO guidance is $3.74 to $3.76 per diluted share and OP units, excluding future transactions [8] - Rent coverage ratios remain strong, ranging from 1.9 to 2.59 on master leases as of the prior quarter [8] Business Line Data and Key Metrics - The Tioga acquisition contributed $3.6 million in income, Rockford added $4.6 million, and Casino Queen Marquette and Baton Rouge land side development added $1.5 million [6] - Strategic acquisition increased cash income by $2.3 million, while Bally Chicago land acquisition added $1.1 million [6] - Bally's Tropicana funding increased by $0.4 million, and escalators and percentage rent adjustments added $5.3 million in cash income [6] Market Data and Key Metrics - The company completed its inaugural 30-year bond issuance, extending the weighted average maturity of liabilities and institutionalizing its asset class [10] - The Ione Loan transaction with a tribal partner includes a 5-year loan with an option to convert into a long-term lease, marking a first-of-its-kind structure in tribal gaming [14][15] Company Strategy and Industry Competition - The company's disciplined capital investment approach has resulted in $2 billion in development investment activity in 2024 with an 8.4% blended yield [4] - GLPI is positioned as a preferred development funding and real estate partner for operators of all sizes, leveraging its gaming and real estate expertise [4] - The company is exploring new revenue streams through innovative structures like the Ione Loan, which could be replicated with other tribes [15][16] Management Commentary on Operating Environment and Future Outlook - Management is cautiously optimistic about the potential for the Ione Loan structure to become a repeatable funding model for tribal gaming [15] - The company is focused on maintaining a strong balance sheet and liquidity to support future growth opportunities [9][10] - GLPI is actively engaging with tribes and other stakeholders to expand its pipeline of development projects [11] Other Important Information - The company entered into forward sale agreements to sell 8.2 million shares for net sales of $409.3 million [8] - The zero-coupon treasury bill matures in 2025 with an applied yield of 4.9% [8] - The Chicago development project funding is expected to commence in Q1 2025, with further details to be provided in 2025 guidance [55][86] Q&A Session Summary Question: Ione Loan Structure and Tribal Gaming - The Ione Loan structure is unique, offering a 5-year loan with an option to convert into a long-term lease, providing tribes with an alternative funding model [14][15] - The company is cautiously optimistic about the repeatability of this structure and is engaging with other tribes to explore similar opportunities [15][16] Question: Development vs. Cash-Flowing Assets - The company is open to both development projects and acquiring cash-flowing assets, leveraging its expertise in property development to create value [21][23] - Management emphasized the importance of maintaining a disciplined approach to capital deployment, balancing risk and reward [23] Question: Las Vegas Tropicana Site Redevelopment - The company's primary focus is on preserving the value of the remaining parcel in Las Vegas, with Bally's continuing to refine plans for the integrated resort [31][32] - The A's stadium project is being financed independently, and GLPI will not be involved in its development [32] Question: Tribal Gaming Opportunity and Risk - The company sees significant potential in tribal gaming but acknowledges the need to better understand the risk profile before allocating more capital [61][62] - The Ione Loan structure could be applied to various tribal funding needs, including expansions and refinancing [51][52] Question: Equity Funding and Leverage - The company maintains a conservative approach to leverage, with a target range of 5 to 5.5x EBITDA, and has intentionally kept leverage low to accommodate future transactions [41][42] - GLPI is focused on ensuring existing shareholders benefit from new announcements and is measured in its use of the ATM program [69][70] Question: Transaction Pricing and Market Dynamics - Management noted that the current rate environment has led to increased discussions around potential transactions, but bid-ask spreads remain a challenge [79] - The company remains disciplined in its underwriting, ensuring transactions are accretive and aligned with its cost of capital [66]

GAMING AND LEISURE PROPERTIES REPORTS RECORD THIRD QUARTER 2024 RESULTS WYOMISSING, PA — October 24, 2024 — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended September 30, 2024. Financial Highlights Three Months Ended September 30, | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|----------------|-------|--------------| | (in millions, except per share data) \nTo ...

Gaming and Leisure Properties (GLPI) came out with quarterly funds from operations (FFO) of $0.95 per share, beating the Zacks Consensus Estimate of $0.94 per share. This compares to FFO of $0.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 1.06%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.94 per share when it actually produced FFO of $0.94, delivering no surprise. Over the last f ...