Gaming and Leisure Properties Reports Third Quarter Results


After a decent first half of 2021, Gaming and Leisure Properties Inc. continued its momentum throughout the summer, according to its third quarter earnings report released on Thursday after markets closed.

The Wyomissing-based real estate investment trust reported adjusted operating funds of $ 207.2 million, or 88 cents per diluted share, during the period ended September 30. Operating funds are a closely watched measure in the REIT industry. It takes net income and adds items like depreciation and amortization.

It didn’t quite live up to Wall Street’s expectations. The average estimate of six analysts polled by Zacks Investment Research by The Associated Press was for funds from trading at 89 cents per share.

Still, this was a year-over-year improvement, as funds from operations during the third quarter of 2020 stood at $ 194.6 million.

“The strong earnings growth achieved by GLPI in the first half of 2021 continued with another period of consistent earnings in the third quarter,” said Peter Carlino, CEO of GLPI, in a statement. “Our third quarter net income and AFFOs topped the comparable period in 2020 by 17.3% and 6.4%, respectively, demonstrating our ability to consistently create value by working creatively and collaboratively with existing tenants during the pandemic, while establishing new relationships with major regional games. the operators.

Carlino reported that the sale of the Hollywood Casino Perryville, Maryland operations to Wyomissing-based Penn National Gaming Inc. brought in $ 31 million.

“We are delighted to further extend our relationship with Penn National Gaming through this transaction while improving the visibility of GLPI’s future earnings by ceding and converting a total return swap (TRS) operating asset into a revenue generating property. recurring rentals, ”he said.

The company said it had net earnings of $ 149.1 million, or 63 cents per share.

The real estate investment trust reported revenues of $ 298.7 million over the period, beating Street’s forecast. Seven analysts polled by Zacks for the AP expected $ 294.7 million.

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