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]

WYOMISSING, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced record results for the fourth quarter and year-ended December 31, 2024. Financial Highlights Three Months Ended December 31,Year Ended December 31,(in millions, except per share data) 2024 2023 2024 2023 Total Revenue <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align ...

WYOMISSING, Pa., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (the "Company") announced the income tax allocation for federal income tax purposes of its aggregate distributions in 2024 of $3.04 per share of common stock (CUSIP: 36467J108). Gaming and Leisure Properties' tax return for the year ended December 31, 2024, has not yet been filed.  As a result, the income tax allocation for the distributions noted below have been calculated using the best available informati ...

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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36124 Gaming and Leisure Properties, Inc. (Exact name of registrant as specified in its charter) Pennsylv ...

Dollars wave isolated on white getty Right now, there's $6.5 trillion in cash sitting on the sidelines—and a big slice of it is about to drop straight into a select group of dividend stocks. We're going to "front run" that cash wave today—and set ourselves up for income (I'm talking 6%+ yields here) and gains as this cash wave starts to build. In a sec, I'll name two dividend-payers sitting right in the path of this freed-up cash. One is a true "dividend unicorn," shelling out an outsized 6% payout that gro ...