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Gaming and Leisure Properties, Inc. Reports Record Fourth Quarter Results, Establishes 2025 Guidance and Announces 2025 First Quarter Dividend of $0.76 Per Share
GLPIGaming & Leisure Properties(GLPI) GlobeNewswire·2025-02-20 21:15

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 389.6million,a5.6389.6 million, a 5.6% increase from 369.0 million in Q4 2023 [2]. - Income from operations for Q4 2024 was 308.2million,upfrom308.2 million, up from 295.3 million in Q4 2023 [2]. - Net income for Q4 2024 reached 223.6million,comparedto223.6 million, compared to 217.3 million in Q4 2023 [2]. - Funds from operations (FFO) for Q4 2024 were 287.9million,aslightincreasefrom287.9 million, a slight increase from 282.2 million in Q4 2023 [2]. - Adjusted funds from operations (AFFO) for Q4 2024 were 269.7million,upfrom269.7 million, up from 256.6 million in Q4 2023 [2]. - Adjusted EBITDA for Q4 2024 was 354.0million,comparedto354.0 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 2.09billionandextendingmaturitytoDecember2028[9].PortfolioandGrowthOutlook−AsofDecember31,2024,GLPI′sportfolioconsistedofinterestsin68gamingandrelatedfacilitiesacross20states[18].−Thecompanyanticipatescontinuedfinancialgrowthin2025,supportedbyitsstrongbalancesheetandinnovativefinancingsolutionsfortenants[10].−GLPIestimatesAFFOfortheyearendingDecember31,2025,willbebetween2.09 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 1.121billion,orbetween1.121 billion, or between 3.83 and 3.88perdilutedshare[16].RecentDevelopments−OnFebruary12,2025,BoydGamingCorporationreneweditsleaseswithGLPI,extendingtermstoApril30,2031[11].−Bally′sCorporationcompleteditsmergerwithStandardGeneralL.P.,impactingGLPI′stenantrelationships[11].−GLPIagreedtofundconstructionimprovementsforAmeristarCasinoCouncilBluffs,withfinancingnotexceeding3.88 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].