Gaming And Leisure Properties Reports First Quarter 2025 Results and Updates 2025 Full Year Guidance
Gaming and Leisure Properties (GLPI) reported strong Q1 2025 financial results with total revenue increasing 5.1% year-over-year to $395.2 million. The company achieved record first quarter revenue, AFFO, and Adjusted EBITDA, with AFFO growing 5.2% to $272.0 million and Adjusted EBITDA rising 8% to $360.1 million.
Key developments include Boyd Gaming's exercise of its first 5-year renewal option on both the Boyd Master Lease and Belterra Park Lease, extending terms to April 2031. GLPI also redeemed its $850 million 5.250% senior unsecured note and updated its 2025 AFFO guidance to between $1.109-$1.118 billion ($3.84-$3.87 per share).
The company's portfolio now includes interests in 68 gaming and related facilities across 20 states, with properties operated by major gaming companies including PENN, Caesars, Boyd, and Bally's.
Gaming and Leisure Properties (GLPI) ha riportato solidi risultati finanziari nel primo trimestre 2025, con un fatturato totale in crescita del 5,1% su base annua, raggiungendo 395,2 milioni di dollari. L'azienda ha registrato un primo trimestre da record in termini di ricavi, AFFO e EBITDA rettificato, con l'AFFO in aumento del 5,2% a 272,0 milioni di dollari e l'EBITDA rettificato che cresce dell'8% a 360,1 milioni di dollari.
Tra gli sviluppi principali, Boyd Gaming ha esercitato la prima opzione di rinnovo quinquennale sia sul Boyd Master Lease sia sul Belterra Park Lease, estendendo i termini fino ad aprile 2031. GLPI ha inoltre rimborsato una nota senior unsecured da 850 milioni di dollari al 5,250% e aggiornato la guidance AFFO 2025 a un intervallo compreso tra 1,109 e 1,118 miliardi di dollari (3,84-3,87 dollari per azione).
Il portafoglio della società comprende ora partecipazioni in 68 strutture di gioco e correlate distribuite in 20 stati, con proprietà gestite da importanti aziende del settore come PENN, Caesars, Boyd e Bally's.
Gaming and Leisure Properties (GLPI) reportó sólidos resultados financieros en el primer trimestre de 2025, con ingresos totales que aumentaron un 5,1% interanual hasta 395,2 millones de dólares. La compañía alcanzó ingresos récord para el primer trimestre, AFFO y EBITDA ajustado, con un crecimiento del AFFO del 5,2% hasta 272,0 millones de dólares y un aumento del EBITDA ajustado del 8% hasta 360,1 millones de dólares.
Entre los desarrollos clave, Boyd Gaming ejerció su primera opción de renovación de 5 años tanto en el Boyd Master Lease como en el Belterra Park Lease, extendiendo los términos hasta abril de 2031. GLPI también redimió su nota senior no garantizada de 850 millones de dólares al 5,250% y actualizó su guía AFFO para 2025 a un rango de 1,109 a 1,118 mil millones de dólares (3,84-3,87 dólares por acción).
La cartera de la compañía ahora incluye intereses en 68 instalaciones de juego y relacionadas en 20 estados, con propiedades operadas por importantes compañías de juegos como PENN, Caesars, Boyd y Bally's.
Gaming and Leisure Properties (GLPI)는 2025년 1분기에 전년 동기 대비 5.1% 증가한 총 매출 3억 9520만 달러를 기록하며 강력한 실적을 발표했습니다. 회사는 1분기 매출, AFFO, 조정 EBITDA에서 기록적인 실적을 달성했으며, AFFO는 5.2% 증가한 2억 7200만 달러, 조정 EBITDA는 8% 증가한 3억 6010만 달러를 기록했습니다.
주요 발전 사항으로는 Boyd Gaming이 Boyd Master Lease와 Belterra Park Lease 모두에 대해 첫 5년 갱신 옵션을 행사하여 계약 기간을 2031년 4월까지 연장한 점이 있습니다. GLPI는 또한 8억 5천만 달러 규모의 5.250% 선순위 무담보 채권을 상환했으며, 2025년 AFFO 가이던스를 11억 900만 달러에서 11억 1800만 달러(주당 3.84~3.87달러)로 업데이트했습니다.
회사의 포트폴리오는 현재 20개 주에 걸쳐 68개의 게임 및 관련 시설에 대한 지분을 보유하고 있으며, PENN, Caesars, Boyd, Bally's 등 주요 게임 회사들이 운영하는 자산들로 구성되어 있습니다.
Gaming and Leisure Properties (GLPI) a publié de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires total en hausse de 5,1 % sur un an, atteignant 395,2 millions de dollars. La société a enregistré un chiffre d'affaires record pour le premier trimestre, ainsi qu'un AFFO et un EBITDA ajusté en forte croissance, l'AFFO augmentant de 5,2 % à 272,0 millions de dollars et l'EBITDA ajusté progressant de 8 % à 360,1 millions de dollars.
Parmi les faits marquants, Boyd Gaming a exercé sa première option de renouvellement de 5 ans sur le Boyd Master Lease et le Belterra Park Lease, prolongeant les termes jusqu'en avril 2031. GLPI a également remboursé une obligation senior non garantie de 850 millions de dollars à 5,250 % et mis à jour ses prévisions AFFO 2025 entre 1,109 et 1,118 milliard de dollars (3,84-3,87 dollars par action).
Le portefeuille de la société comprend désormais des participations dans 68 établissements de jeux et connexes répartis dans 20 États, avec des propriétés exploitées par de grandes sociétés de jeux telles que PENN, Caesars, Boyd et Bally's.
Gaming and Leisure Properties (GLPI) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Gesamtumsatzanstieg von 5,1 % im Jahresvergleich auf 395,2 Millionen US-Dollar. Das Unternehmen erzielte Rekordwerte im ersten Quartal bei Umsatz, AFFO und bereinigtem EBITDA, wobei das AFFO um 5,2 % auf 272,0 Millionen US-Dollar und das bereinigte EBITDA um 8 % auf 360,1 Millionen US-Dollar stieg.
Zu den wichtigsten Entwicklungen gehört, dass Boyd Gaming seine erste fünfjährige Verlängerungsoption sowohl für den Boyd Master Lease als auch für den Belterra Park Lease ausgeübt hat, wodurch die Laufzeiten bis April 2031 verlängert wurden. GLPI hat außerdem seine ungesicherte Senior-Anleihe über 850 Millionen US-Dollar mit 5,250 % verzinst zurückgezahlt und seine AFFO-Prognose für 2025 auf 1,109 bis 1,118 Milliarden US-Dollar (3,84 bis 3,87 US-Dollar je Aktie) aktualisiert.
Das Portfolio des Unternehmens umfasst nun Beteiligungen an 68 Gaming- und verwandten Einrichtungen in 20 Bundesstaaten, mit Immobilien, die von großen Glücksspielunternehmen wie PENN, Caesars, Boyd und Bally's betrieben werden.
- Revenue increased 5.1% year-over-year to $395.2 million
- AFFO grew 5.2% to $272.0 million
- Adjusted EBITDA rose 8% to $360.1 million
- Secured 5-year lease extensions with Boyd Gaming
- Portfolio expanded to 68 gaming facilities across 20 states
- Net income decreased from $179.5M to $170.4M year-over-year
- Interest expense increased from $86.7M to $97.3M
- Operating expenses rose from $118.4M to $136.4M
Insights
GLPI delivered strong Q1 growth in key REIT metrics with 5.1% revenue increase and 8% adjusted EBITDA growth, demonstrating portfolio expansion success.
GLPI's first quarter results demonstrate the strength of their triple-net lease business model with solid growth across key REIT metrics. Revenue increased
The company's capital recycling and debt management deserves attention. GLPI proactively redeemed an
While net income decreased slightly to
GLPI's strategic tenant partnerships and development funding commitments position it for strong growth in the evolving regional gaming market.
GLPI continues to strengthen its position as the leading specialized gaming REIT through strategic tenant partnerships. The company's portfolio now spans 68 gaming facilities across 20 states with major operators including PENN, Caesars, Boyd, Bally's, and others - providing exceptional geographic and operator diversification that insulates them from localized market challenges.
The renewed Boyd Master Lease and Belterra Park Lease through 2031 demonstrates tenant satisfaction and provides increased cashflow visibility. GLPI's willingness to fund development projects, including the Ameristar Casino Council Bluffs improvements (up to
Their groundbreaking financing agreement with the Ione Band of Miwok Indians marks the first such arrangement between a federally recognized tribe and a REIT, opening potential new avenues for tribal gaming partnerships. This
GLPI's tenant-friendly approach combines capital with development expertise, as evidenced by their support for Bally's Chicago project which will feature 3,300 slots, 170+ table games, a 500-room hotel, and entertainment amenities. This strategic positioning within regional gaming markets, which have proven more resilient than destination markets during economic downturns, provides substantial long-term growth potential as these properties enhance their competitive positions.
WYOMISSING, Pa., April 24, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended March 31, 2025.
Financial Highlights
| Three Months Ended March 31, | ||||||
| (in millions, except per share data) | 2025 | 2024 | ||||
| Total Revenue | $ | 395.2 | $ | 376.0 | ||
| Income from Operations | $ | 258.8 | $ | 257.6 | ||
| Net Income | $ | 170.4 | $ | 179.5 | ||
| FFO(1) (4) | $ | 234.8 | $ | 244.4 | ||
| AFFO(2) (4) | $ | 272.0 | $ | 258.6 | ||
| Adjusted EBITDA(3) (4) | $ | 360.1 | $ | 333.4 | ||
| Net income, per diluted common share and OP/LTIP units(4) | $ | 0.60 | $ | 0.64 | ||
| FFO, per diluted common share and OP/LTIP units(4) | $ | 0.83 | $ | 0.87 | ||
| AFFO, per diluted common share and OP/LTIP units(4) | $ | 0.96 | $ | 0.92 | ||
_____________________________
(1) Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT.
(2) Adjusted Funds From Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.
(3) Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property, net of tax; stock based compensation expense, straight-line rent and deferred rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; losses on debt extinguishment; and provision (benefit) for credit losses, net.
(4) Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our record first quarter revenue, AFFO and Adjusted EBITDA highlight our long-term focus on aligning with the industry’s top regional gaming operators, expanding and diversifying our portfolio of gaming assets, and supporting tenants with creative, comprehensive financing solutions, resulting in consistent predictability and growth of our rental cash flows and dividends. On an operating basis, first quarter total revenue rose
“Our solid first quarter financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive growth throughout 2025. Importantly, notwithstanding the difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments. Our activity continued in the first quarter of 2025 including GLPI’s continued funding of the landside conversion of Bally’s Belle of Baton Rouge Casino. This project is expected to be completed in the fourth quarter, providing the asset with an attractive runway for growth on par with similar recent conversions across the industry. During the first quarter, we also extended for five years, the Master Lease and the Belterra Park Lease with Boyd Gaming and agreed to fund, at PENN Entertainment’s discretion, construction improvements at Ameristar Casino Council Bluffs where GLPI will continue to own the Ameristar Casino Council Bluffs land and -- should PENN access the financing -- the entire land-based development.
"These fundings and lease extensions reflect our commitment to delivering creative financing solutions and supporting our tenant partners. In addition, we have funded
“In Chicago, Bally’s has begun construction, with GLPI’s backing, of its permanent Chicago gaming and entertainment destination in one of the country’s largest cities. This permanent resort will feature approximately 3,300 slots, 170-plus table games, a 500-room hotel tower, 3,000 seat theater, six restaurants, cafes, a food hall and a two-acre river-side public park. Our commitment to support our tenants’ growth objectives is reflected in GLPI also providing Bally’s our decades of casino construction and development expertise in addition to our project financing commitment.
“With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants’ revenue streams, and comfortable rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders.”
Recent Developments
- On March 3, 2025, the Company redeemed its
$850 million 5.250% senior unsecured note that was due in June 2025.
- On February 12, 2025, Boyd Gaming Corporation (NYSE: BYD) ("Boyd") exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease. As a result, both lease terms now expire on April 30, 2031.
- On February 7, 2025, Bally's Corporation (NYSE: BALY) ("Bally's") completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment Inc ("Casino Queen") is now a subsidiary of Bally's.
- On February 3, 2025, the Company agreed to fund, if requested by PENN Entertainment, Inc. (Nasdaq: PENN) ("PENN") at their sole discretion, on or before March 31, 2029, construction improvements for the benefit of Ameristar Casino Council Bluffs in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii)
$150.0 million . The financing is being offered at a7.10% capitalization rate. PENN is entitled, in its sole discretion, to structure such financing as rent or as a 5-year term loan that is pre-payable at any time without penalty. GLPI will continue to own the Ameristar Casino Council Bluffs land and -- should PENN access the financing -- the entire land-based development.
Dividends
On February 13, 2025, the Company's Board of Directors declared a first quarter dividend of
2025 Guidance
Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2025 based on the following assumptions and other factors:
- The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions other than anticipated fundings of approximately
$375 million related to current development projects and our expectation of settling the forward sale agreement of 8,170,387 shares of our common stock in June 2025 for a net sales price of$409.3 million subject to certain contractual adjustments.
- The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.
The Company estimates AFFO for the year ending December 31, 2025 will be between
The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, financing receivables, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Portfolio Update
GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2025, GLPI's portfolio consisted of interests in 68 gaming and related facilities, including, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 15 gaming and related facilities operated by Bally's, 1 facility under development with Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies ("Cordish"), 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 3 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 20 states.
Conference Call Details
The Company will hold a conference call on April 25, 2025, at 9:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.
To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560
Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13752918
The playback can be accessed through Friday, May 2, 2025.
Webcast
The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.
| GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Operations | ||||||||
| (in thousands, except per share data) (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Rental income | $ | 340,252 | $ | 330,582 | ||||
| Income from investment in leases, financing receivables | 47,764 | 44,305 | ||||||
| Income from investment in leases, sales type | 3,760 | — | ||||||
| Interest income from real estate loans | 3,459 | 1,077 | ||||||
| Total income from real estate | 395,235 | 375,964 | ||||||
| Operating expenses | ||||||||
| Land rights and ground lease expense | 13,555 | 11,818 | ||||||
| General and administrative | 18,713 | 17,886 | ||||||
| Gains from dispositions of property | (125 | ) | — | |||||
| Depreciation | 65,012 | 65,360 | ||||||
| Provision (benefit) for credit losses, net | 39,246 | 23,294 | ||||||
| Total operating expenses | 136,401 | 118,358 | ||||||
| Income from operations | 258,834 | 257,606 | ||||||
| Other income (expenses) | ||||||||
| Interest expense | (97,272 | ) | (86,675 | ) | ||||
| Interest income | 9,356 | 9,232 | ||||||
| Total other expenses | (87,916 | ) | (77,443 | ) | ||||
| Income before income taxes | 170,918 | 180,163 | ||||||
| Income tax expense | 564 | 637 | ||||||
| Net income | $ | 170,354 | $ | 179,526 | ||||
| Net income attributable to non-controlling interest in the Operating Partnership | (5,170 | ) | (5,062 | ) | ||||
| Net income attributable to common shareholders | $ | 165,184 | $ | 174,464 | ||||
| Earnings per common share: | ||||||||
| Basic earnings attributable to common shareholders | $ | 0.60 | $ | 0.64 | ||||
| Diluted earnings attributable to common shareholders | $ | 0.60 | $ | 0.64 | ||||
| GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Current Year Revenue Detail | |||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||
| Three Months Ended March 31, 2025 | Building base rent | Land base rent | Percentage rent and other rental revenue | Interest income on real estate loans | Total cash income | Straight-line rent and deferred rent adjustments (1) | Ground rent in revenue | Accretion on financing leases | Total income from real estate | ||||||||||||
| Amended PENN Master Lease | $ | 54,152 | $ | 10,759 | $ | 6,561 | $ | — | $ | 71,472 | $ | 4,952 | $ | 473 | $ | — | $ | 76,897 | |||
| PENN 2023 Master Lease | 59,797 | — | (121 | ) | — | 59,676 | 4,738 | — | — | 64,414 | |||||||||||
| Amended Pinnacle Master Lease | 61,482 | 17,814 | 8,122 | — | 87,418 | 1,858 | 2,061 | — | 91,337 | ||||||||||||
| PENN Morgantown Lease | — | 796 | — | — | 796 | — | — | — | 796 | ||||||||||||
| Caesars Master Lease | 16,302 | 5,932 | — | — | 22,234 | 1,916 | 330 | — | 24,480 | ||||||||||||
| Horseshoe St. Louis Lease | 5,991 | — | — | — | 5,991 | 324 | — | — | 6,315 | ||||||||||||
| Boyd Master Lease | 20,470 | 2,946 | 3,047 | — | 26,463 | (350 | ) | 432 | — | 26,545 | |||||||||||
| Boyd Belterra Lease | 724 | 473 | 500 | — | 1,697 | (25 | ) | — | — | 1,672 | |||||||||||
| Bally's Master Lease | 26,411 | — | — | — | 26,411 | — | 2,555 | — | 28,966 | ||||||||||||
| Bally's Master Lease II | 8,048 | — | — | 8,048 | — | 954 | — | 9,002 | |||||||||||||
| Maryland Live! Lease | 19,412 | — | — | — | 19,412 | — | 2,108 | 3,288 | 24,808 | ||||||||||||
| Pennsylvania Live! Master Lease | 12,793 | — | — | — | 12,793 | — | 308 | 2,238 | 15,339 | ||||||||||||
| Casino Queen Master Lease | 7,974 | — | — | — | 7,974 | (1 | ) | — | — | 7,973 | |||||||||||
| Tropicana Las Vegas Lease | — | 3,763 | — | — | 3,763 | — | — | (3 | ) | 3,760 | |||||||||||
| Rockford Lease | — | 2,040 | — | — | 2,040 | — | — | 507 | 2,547 | ||||||||||||
| Rockford Loan | — | — | — | 3,000 | 3,000 | — | — | — | 3,000 | ||||||||||||
| Tioga Downs Lease | 3,652 | — | — | — | 3,652 | — | 2 | 572 | 4,226 | ||||||||||||
| Strategic Gaming Leases | 2,299 | — | — | 2,299 | — | 106 | 294 | 2,699 | |||||||||||||
| Ione Loan | — | — | — | 459 | 459 | — | — | — | 459 | ||||||||||||
| Bally's Chicago Lease | — | 5,000 | — | — | 5,000 | (5,000 | ) | — | — | — | |||||||||||
| Total | $ | 299,507 | $ | 49,523 | $ | 18,109 | $ | 3,459 | $ | 370,598 | $ | 8,412 | $ | 9,329 | $ | 6,896 | $ | 395,235 | |||
(1) Includes
| Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA | |||||||
| Gaming and Leisure Properties, Inc. and Subsidiaries | |||||||
| CONSOLIDATED | |||||||
| (in thousands, except per share and share data) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net income | $ | 170,354 | $ | 179,526 | |||
| Gains from dispositions of property, net of tax | (125 | ) | — | ||||
| Real estate depreciation | 64,529 | 64,877 | |||||
| Funds from operations | $ | 234,758 | $ | 244,403 | |||
| Straight-line rent and deferred rent adjustments(1) | (8,412 | ) | (15,790 | ) | |||
| Other depreciation | 483 | 483 | |||||
| Provision (benefit) for credit losses, net | 39,246 | 23,294 | |||||
| Amortization of land rights | 4,270 | 3,276 | |||||
| Amortization of debt issuance costs, bond premiums and original issuance discounts | 3,232 | 2,684 | |||||
| Capitalized interest | (3,605 | ) | — | ||||
| Stock based compensation | 8,858 | 8,122 | |||||
| Accretion on investment in leases, financing receivables | (6,896 | ) | (7,884 | ) | |||
| Non-cash adjustment to financing lease liabilities | 98 | 117 | |||||
| Capital maintenance expenditures(2) | (36 | ) | (90 | ) | |||
| Adjusted funds from operations | $ | 271,996 | $ | 258,615 | |||
| Interest, net(3) | 87,149 | 76,768 | |||||
| Income tax expense | 564 | 637 | |||||
| Capital maintenance expenditures(2) | 36 | 90 | |||||
| Amortization of debt issuance costs, bond premiums and original issuance discounts | (3,232 | ) | (2,684 | ) | |||
| Capitalized interest | 3,605 | — | |||||
| Adjusted EBITDA | $ | 360,118 | $ | 333,426 | |||
| Net income, per diluted common share and OP/LTIP units | $ | 0.60 | $ | 0.64 | |||
| FFO, per diluted common share and OP/LTIP units | $ | 0.83 | $ | 0.87 | |||
| AFFO, per diluted common share and OP/LTIP units | $ | 0.96 | $ | 0.92 | |||
| Weighted average number of common shares and OP/LTIP units outstanding | |||||||
| Diluted common shares | 275,403,292 | 272,026,480 | |||||
| Diluted OP/LTIP units | 8,352,978 | 7,915,817 | |||||
| Diluted common shares and diluted OP/ LTIP units | 283,756,270 | 279,942,297 | |||||
_____________________________
(1) The three month period ended March 31, 2025 and March 31, 2024 both include
(2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.
(3) Amounts exclude the non-cash interest expense gross up related to certain ground leases.
| Reconciliation of Cash Net Operating Income | |||
| Gaming and Leisure Properties, Inc. and Subsidiaries | |||
| CONSOLIDATED | |||
| (in thousands, except per share and share data) (unaudited) | |||
| Three Months Ended March 31, 2025 | |||
| Adjusted EBITDA | $ | 360,118 | |
| General and administrative expenses | 18,713 | ||
| Stock based compensation | (8,858 | ) | |
| Cash net operating income(1) | $ | 369,973 | |
_____________________________
(1) Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.
| Gaming and Leisure Properties, Inc. and Subsidiaries | |||||||
| Consolidated Balance Sheets | |||||||
| (in thousands, except share and per share data) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Real estate investments, net | $ | 8,097,069 | $ | 8,148,719 | |||
| Investment in leases, financing receivables, net | 2,313,156 | 2,333,114 | |||||
| Investment in leases, sales-type, net | 245,661 | 254,821 | |||||
| Real estate loans, net | 160,793 | 160,590 | |||||
| Right-of-use assets and land rights, net | 1,086,839 | 1,091,783 | |||||
| Cash and cash equivalents | 168,875 | 462,632 | |||||
| Held to maturity investment securities | — | 560,832 | |||||
| Other assets | 60,128 | 63,458 | |||||
| Total assets | $ | 12,132,521 | $ | 13,075,949 | |||
| Liabilities | |||||||
| Accounts payable and accrued expenses | $ | 4,596 | $ | 5,802 | |||
| Accrued interest | 73,153 | 105,752 | |||||
| Accrued salaries and wages | 2,229 | 7,154 | |||||
| Operating lease liabilities | 244,314 | 244,973 | |||||
| Financing lease liabilities | 60,886 | 60,788 | |||||
| Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 6,889,064 | 7,735,877 | |||||
| Deferred rental revenue | 220,025 | 228,508 | |||||
| Other liabilities | 43,726 | 41,571 | |||||
| Total liabilities | 7,537,993 | 8,430,425 | |||||
| Equity | |||||||
| Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2025 and December 31, 2024) | — | — | |||||
| Common stock ($.01 par value, 500,000,000 shares authorized, 274,832,999 and 274,422,549 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively) | 2,748 | 2,744 | |||||
| Additional paid-in capital | 6,200,349 | 6,209,827 | |||||
| Accumulated deficit | (1,987,886 | ) | (1,944,009 | ) | |||
| Total equity attributable to Gaming and Leisure Properties | 4,215,211 | 4,268,562 | |||||
| Noncontrolling interests in GLPI's Operating Partnership (8,224,939 units outstanding at March 31, 2025 and December 31, 2024, respectively) | 379,317 | 376,962 | |||||
| Total equity | 4,594,528 | 4,645,524 | |||||
| Total liabilities and equity | $ | 12,132,521 | $ | 13,075,949 | |||
Debt Capitalization
The Company’s debt structure as of March 31, 2025 was as follows:
| Years to Maturity | Interest Rate | Balance | ||||
| (in thousands) | ||||||
| Unsecured | 3.7 | 5.622 | % | 332,455 | ||
| Term Loan Credit Facility due September 2027 | 2.4 | 5.622 | % | 600,000 | ||
| Senior Unsecured Notes Due April 2026 | 1.0 | 5.375 | % | 975,000 | ||
| Senior Unsecured Notes Due June 2028 | 3.2 | 5.750 | % | 500,000 | ||
| Senior Unsecured Notes Due January 2029 | 3.8 | 5.300 | % | 750,000 | ||
| Senior Unsecured Notes Due January 2030 | 4.8 | 4.000 | % | 700,000 | ||
| Senior Unsecured Notes Due January 2031 | 5.8 | 4.000 | % | 700,000 | ||
| Senior Unsecured Notes Due January 2032 | 6.8 | 3.250 | % | 800,000 | ||
| Senior Unsecured Notes Due December 2033 | 8.7 | 6.750 | % | 400,000 | ||
| Senior Unsecured Notes Due September 2034 | 9.5 | 5.625 | % | 800,000 | ||
| Senior Unsecured Notes Due September 2054 | 29.5 | 6.250 | % | 400,000 | ||
| Other | 1.4 | 4.780 | % | 224 | ||
| Total long-term debt | 6,957,679 | |||||
| Less: unamortized debt issuance costs, bond premiums and original issuance discounts | (68,615 | ) | ||||
| Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 6,889,064 | |||||
| Weighted average | 6.3 | 5.064 | % | |||
_____________________________
Rating Agency - Issue Rating
| Rating Agency | Rating | |
| Standard & Poor's | BBB- | |
| Fitch | BBB- | |
| Moody's | Ba1 | |
We seek to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stability and cash flow opportunities of a REIT. Our primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
Property and lease information
The Company has disclosed the following key terms of its Master Leases and Single Property Leases in the tables below, along with the properties within each lease at March 31, 2025. We believe the following key terms are important for users of our financial statements to understand.
- The Coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA plus rent expense paid to GLPI.
- Certain leases have a Minimum Escalator Coverage Ratio Governor as disclosed below. Before a rent escalation of up to
2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.
- The reported Coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases and development projects nor on leases that have been in effect for less than twelve months.
| Master Leases | |||||
| Penn 2023 Master Lease | Amended Penn Master Lease | ||||
| Operator | PENN | PENN | |||
| Properties | Hollywood Casino Aurora | Aurora, IL | Hollywood Casino Lawrenceburg | Lawrenceburg, IN | |
| Hollywood Casino Joliet | Joliet, IL | Argosy Casino Alton | Alton, IL | ||
| Hollywood Casino Toledo | Toledo, OH | Hollywood Casino at Charles Town Races | Charles Town, WV | ||
| Hollywood Casino Columbus | Columbus, OH | Hollywood Casino at Penn National Race Course | Grantville, PA | ||
| M Resort | Henderson, NV | Hollywood Casino Bangor | Bangor, ME | ||
| Hollywood Casino at the Meadows | Washington, PA | Zia Park Casino | Hobbs, NM | ||
| Hollywood Casino Perryville | Perryville, MD | Hollywood Casino Gulf Coast | Bay St. Louis, MS | ||
| Argosy Casino Riverside | Riverside, MO | ||||
| Hollywood Casino Tunica | Tunica, MS | ||||
| Boomtown Biloxi | Biloxi, MS | ||||
| Hollywood Casino St. Louis | Maryland Heights, MO | ||||
| Hollywood Gaming Casino at Dayton Raceway | Dayton, OH | ||||
| Hollywood Gaming Casino at Mahoning Valley Race Track | Youngstown, OH | ||||
| 1st Jackpot Casino | Tunica, MS | ||||
| Commencement Date | 1/1/2023 | 11/1/2013 | |||
| Lease Expiration Date | 10/31/2033 | 10/31/2033 | |||
| Remaining Renewal Terms | 15 (3x5 years) | 15 (3x5 years) | |||
| Corporate Guarantee | Yes | Yes | |||
| Master Lease with Cross Collateralization | Yes | Yes | |||
| Technical Default Landlord Protection | Yes | Yes | |||
| Default Adjusted Revenue to Rent Coverage | 1.1 | 1.1 | |||
| Competitive Radius Landlord Protection | Yes | Yes | |||
| Escalator Details | |||||
| Yearly Base Rent Escalator Maximum | |||||
| Coverage ratio at December 31, 2024 | 1.91 | 2.17 | |||
| Minimum Escalator Coverage Governor | N/A | 1.8 | |||
| Yearly Anniversary for Realization | November | November | |||
| Percentage Rent Reset Details | |||||
| Reset Frequency | N/A | 5 years | |||
| Next Reset | N/A | Nov-28 | |||
(1) In addition to the annual escalation, a one-time annualized increase of
| Master Leases | ||||||
| Amended Pinnacle Master Lease | Bally's Master Lease | |||||
| Operator | PENN | Bally's | ||||
| Properties | Ameristar Black Hawk | Black Hawk, CO | Bally's Evansville | Evansville, IN | ||
| Ameristar East Chicago | East Chicago, IN | Bally's Dover Casino Resort | Dover, DE | |||
| Ameristar Council Bluffs | Council Bluffs, IA | Black Hawk (Black Hawk North, West and East casinos) | Black Hawk, CO | |||
| L'Auberge Baton Rouge | Baton Rouge, LA | Quad Cities Casino & Hotel | Rock Island, IL | |||
| Boomtown Bossier City | Bossier City, LA | Bally's Tiverton Hotel & Casino | Tiverton, RI | |||
| L'Auberge Lake Charles | Lake Charles, LA | Hard Rock Casino and Hotel Biloxi | Biloxi, MS | |||
| Boomtown New Orleans | New Orleans, LA | |||||
| Ameristar Vicksburg | Vicksburg, MS | |||||
| River City Casino & Hotel | St. Louis, MO | |||||
| Jackpot Properties (Cactus Petes and Horseshu) | Jackpot, NV | |||||
| Plainridge Park Casino | Plainridge, MA | |||||
| Commencement Date | 4/28/2016 | 6/3/2021 | ||||
| Lease Expiration Date | 4/30/2031 | 6/2/2036 | ||||
| Remaining Renewal Terms | 20 (4x5 years) | 20 (4x5 years) | ||||
| Corporate Guarantee | Yes | Yes | ||||
| Master Lease with Cross Collateralization | Yes | Yes | ||||
| Technical Default Landlord Protection | Yes | Yes | ||||
| Default Adjusted Revenue to Rent Coverage | 1.2 | 1.2 | ||||
| Competitive Radius Landlord Protection | Yes | Yes | ||||
| Escalator Details | ||||||
| Yearly Base Rent Escalator Maximum | (1) | |||||
| Coverage ratio at December 31, 2024 | 1.73 (2) | 2.01 | ||||
| Minimum Escalator Coverage Governor | 1.8 | N/A | ||||
| Yearly Anniversary for Realization | May | June | ||||
| Percentage Rent Reset Details | ||||||
| Reset Frequency | 2 years | N/A | ||||
| Next Reset | May-26 | N/A | ||||
(1) If the CPI increase is at least
(2) Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.
| Master Leases | ||||||
| Bally's Master Lease II | Casino Queen Master Lease | |||||
| Operator | Bally's | Bally's | ||||
| Properties | Bally's Kansas City | Kansas City, MO | DraftKings at Casino Queen | East St. Louis, IL | ||
| Bally's Shreveport | Shreveport, LA | The Queen Baton Rouge | Baton Rouge, LA | |||
| Casino Queen Marquette | Marquette, IA | |||||
| Belle of Baton Rouge | Baton Rouge, LA | |||||
| Commencement Date | 12/16/2024 | 12/17/2021 | ||||
| Lease Expiration Date | 12/15/2039 | 12/31/2036 | ||||
| Remaining Renewal Terms | 20 (4x5 years) | 20 (4x5 years) | ||||
| Corporate Guarantee | Yes | Yes | ||||
| Master Lease with Cross Collateralization | Yes | Yes | ||||
| Technical Default Landlord Protection | Yes | Yes | ||||
| Default Adjusted Revenue to Rent Coverage | 1.35 (1) | 1.4 | ||||
| Competitive Radius Landlord Protection | Yes | Yes | ||||
| Escalator Details | ||||||
| Yearly Base Rent Escalator Maximum | (2) | (3) | ||||
| Coverage ratio at December 31, 2024 | N/A | 2.34 | ||||
| Minimum Escalator Coverage Governor | N/A | N/A | ||||
| Yearly Anniversary for Realization | December | December | ||||
| Percentage Rent Reset Details | ||||||
| Reset Frequency | N/A | N/A | ||||
| Next Reset | N/A | N/A | ||||
(1) The default adjusted revenue to rent coverage declines to 1.2 if the annual rent equals or exceeds
(2) If the CPI increase is at least
(3) Rent increases by
| Master Leases | |||||
| Boyd Master Lease | Caesars Amended and Restated Master Lease | ||||
| Operator | Boyd | Caesars | |||
| Properties | Belterra Casino Resort | Florence, IN | Tropicana Atlantic City | Atlantic City, NJ | |
| Ameristar Kansas City | Kansas City, MO | Tropicana Laughlin | Laughlin, NV | ||
| Ameristar St. Charles | St. Charles, MO | Trop Casino Greenville | Greenville, MS | ||
| Isle Casino Hotel Bettendorf | Bettendorf, IA | ||||
| Isle Casino Hotel Waterloo | Waterloo, IA | ||||
| Commencement Date | 10/15/2018 | 10/1/2018 | |||
| Lease Expiration Date | 4/30/2031 | 9/30/2038 | |||
| Remaining Renewal Terms | 20 (4x5 years) | 20 (4x5 years) | |||
| Corporate Guarantee | No | Yes | |||
| Master Lease with Cross Collateralization | Yes | Yes | |||
| Technical Default Landlord Protection | Yes | Yes | |||
| Default Adjusted Revenue to Rent Coverage | 1.4 | 1.2 | |||
| Competitive Radius Landlord Protection | Yes | Yes | |||
| Escalator Details | |||||
| Yearly Base Rent Escalator Maximum | 1.75 % (1) | ||||
| Coverage ratio at December 31, 2024 | 2.51 | 1.87 | |||
| Minimum Escalator Coverage Governor | 1.8 | N/A | |||
| Yearly Anniversary for Realization | May | October | |||
| Percentage Rent Reset Details | |||||
| Reset Frequency | 2 years | N/A | |||
| Next Reset | May-26 | N/A | |||
(1) Building base rent will be increased by
| Master Leases | |||||
| Pennsylvania Live! Master Lease | Strategic Gaming Leases (1) | ||||
| Cordish | Strategic | ||||
| Properties | Live! Casino & Hotel Philadelphia | Philadelphia, PA | Silverado Franklin Hotel & Gaming Complex | Deadwood, SD | |
| Live! Casino Pittsburgh | Greensburg, PA | Deadwood Mountain Grand Casino | Deadwood, SD | ||
| Baldini's Casino | Sparks, NV | ||||
| Commencement Date | 3/1/2022 | 5/16/2024 | |||
| Lease Expiration Date | 2/28/2061 | 5/31/2049 | |||
| Remaining Renewal Terms | 21 (1x11 years, 1x10 years) | 20 (2x10 years) | |||
| Corporate Guarantee | No | Yes | |||
| Master Lease with Cross Collateralization | Yes | Yes | |||
| Technical Default Landlord Protection | Yes | Yes | |||
| Default Adjusted Revenue to Rent Coverage | 1.4 | 1.4 (2) | |||
| Competitive Radius Landlord Protection | Yes | Yes | |||
| Escalator Details | |||||
| Yearly Base Rent Escalator Maximum | |||||
| Coverage ratio at December 31, 2024 | 2.39 | N/A | |||
| Minimum Escalator Coverage Governor | N/A | N/A | |||
| Yearly Anniversary for Realization | March | Jun-26 | |||
| Percentage Rent Reset Details | |||||
| Reset Frequency | N/A | N/A | |||
| Next Reset | N/A | N/A | |||
(1) Consists of two leases that are cross collateralized and co-terminus with each other.
(2) The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total
| Single Property Leases | ||||||
| Belterra Park Lease | Horsehoe St Louis Lease | Morgantown Lease | MD Live! Lease | |||
| Operator | Boyd | Caesar | PENN | Cordish | ||
| Properties | Belterra Park Gaming & Entertainment Center | Horseshoe St. Louis | Hollywood Casino Morgantown | Live! Casino & Hotel Maryland | ||
| Cincinnati, OH | St. Louis, MO | Morgantown, PA | Hanover, MD | |||
| Commencement Date | 10/15/2018 | 9/29/2020 | 10/1/2020 | 12/29/2021 | ||
| Lease Expiration Date | 04/30/2031 | 10/31/2033 | 10/31/2040 | 12/31/2060 | ||
| Remaining Renewal Terms | 20 (4x5 years) | 20 (4x5 years) | 30 (6x5 years) | 21 (1x11 years, 1x10 years) | ||
| Corporate Guarantee | No | Yes | Yes | No | ||
| Technical Default Landlord Protection | Yes | Yes | Yes | Yes | ||
| Default Adjusted Revenue to Rent Coverage | 1.4 | 1.2 | N/A | 1.4 | ||
| Competitive Radius Landlord Protection | Yes | Yes | N/A | Yes | ||
| Escalator Details | ||||||
| Yearly Base Rent Escalator Maximum | ||||||
| Coverage ratio at December 31, 2024 | 3.36 | 1.97 | N/A | 3.56 | ||
| Minimum Escalator Coverage Governor | 1.8 | N/A | N/A | N/A | ||
| Yearly Anniversary for Realization | May | October | December | January | ||
| Percentage Rent Reset Details | ||||||
| Reset Frequency | 2 years | N/A | N/A | N/A | ||
| Next Reset | May 2026 | N/A | N/A | N/A | ||
(1) For the second through fifth lease years, after which time the annual escalation becomes
(2) Increases by
| Single Property Leases | |||||||
| Tropicana Lease | Tioga Downs Lease | Rockford Lease | Chicago Lease | ||||
| Operator | Bally's | American Racing and Entertainment | (managed by Hard Rock) | Bally's | |||
| Properties | Tropicana Las Vegas | Tioga Downs | Hard Rock Casino Rockford | Bally's Chicago Development | |||
| Las Vegas, NV | Nicholas, NY | Rockford, IL | Chicago, IL | ||||
| Commencement Date | 9/26/2022 | 2/6/2024 | 8/29/2023 | 9/11/2024 | |||
| Lease Expiration Date | 9/25/2072 | 2/28/2054 | 8/31/2122 | 11/30/2121 (3) | |||
| Remaining Renewal Terms | 49 (1 x 24 years, 1 x 25 years) | 32 years and 10 months (2x10 years, 1x12 years and 10 months) | None | (3) | |||
| Corporate Guarantee | Yes | Yes | No | (3) | |||
| Technical Default Landlord Protection | Yes | Yes | Yes | (3) | |||
| Default Adjusted Revenue to Rent Coverage | 1.4 | 1.4 | 1.4 | (3) | |||
| Competitive Radius Landlord Protection | Yes | Yes | Yes | (3) | |||
| Escalator Details | |||||||
| Yearly Base Rent Escalator Maximum | (1) | (3) | |||||
| Coverage ratio at December 31, 2024 | N/A | N/A | N/A | N/A | |||
| Minimum Escalator Coverage Governor | N/A | N/A | N/A | N/A | |||
| Yearly Anniversary for Realization | October | March | September | (3) | |||
| Percentage Rent Reset Details | |||||||
| Reset Frequency | N/A | N/A | N/A | N/A | |||
| Next Reset | N/A | N/A | N/A | N/A | |||
(1) If the CPI increase is at least
(2) Increases by
(3) The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years followed by multiple renewal extensions to be agreed upon between Bally's and the Company. The lease is also anticipated to have lease terms generally consistent with the terms of the Bally's Master Lease except as modified by the binding term sheet.
Disclosure Regarding Non-GAAP Financial Measures
FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is rental and other property income, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.
FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment, capitalized interest and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, net of tax, stock based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, losses on debt extinguishment, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and stock based compensation expense.
FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our future growth and cash flows in 2025 and beyond, 2025 AFFO guidance and the Company benefiting from 2024 portfolio additions and recently completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI's competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects; the potential of a new pandemic, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI's ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; the satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; the ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for acquisitions or refinancings due to maturities; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; GLPI’s ability to attract, motivate and retain key personnel; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.
| Contact | ||
| Gaming and Leisure Properties, Inc. | Investor Relations | |
| Matthew Demchyk, Chief Investment Officer | Joseph Jaffoni, Richard Land, James Leahy at JCIR | |
| 610/401-2900 | 212/835-8500 | |
| nvestorinquiries@glpropinc.com | glpi@jcir.com |
FAQ
What were GLPI's key financial metrics for Q1 2025?
How many gaming facilities does GLPI own as of March 2025?
What is GLPI's updated AFFO guidance for 2025?
What major lease renewals did GLPI secure in Q1 2025?
What significant debt action did GLPI take in Q1 2025?
