Gaming and Leisure Properties Inc (GLPI) Announces Q3 2023 Earnings and Updates Full Year Guidance
GLPI reports a 7.7% YoY increase in total revenue for Q3 2023, reaching $359.6 million.
Net income for Q3 2023 stands at $189.3 million, compared to $226.2 million in Q3 2022.
Adjusted EBITDA for Q3 2023 is $327.1 million, up from $308.8 million in Q3 2022.
GLPI's portfolio now consists of interests in 61 gaming and related facilities across 18 states.
On October 27, 2023, Gaming and Leisure Properties Inc (NASDAQ:GLPI) announced its financial results for the third quarter ended September 30, 2023. The company reported record results for the quarter, with total revenue rising 7.7% year over year to $359.6 million. Net income for the quarter was $189.3 million, down from $226.2 million in the same period last year. Adjusted EBITDA, however, increased to $327.1 million from $308.8 million in Q3 2022.
Financial Highlights
The company's financial highlights for the third quarter of 2023 include a rise in total revenue to $359.6 million, up from $333.8 million in Q3 2022. Income from operations stood at $268.3 million, down from $317.6 million in the same period last year. Net income was $189.3 million, a decrease from $226.2 million in Q3 2022. The company also reported Funds from Operations (FFO) of $254.4 million and Adjusted Funds From Operations (AFFO) of $251.2 million, up from $232.8 million and $235.0 million respectively in Q3 2022.
CEO Commentary
Peter Carlino, Chairman and CEO of GLPI, commented on the company's performance. He said,
The merits of our strategy to work with the industrys leading operators and support their current and future initiatives, while expanding and diversifying our tenant roster in an accretive manner, was evident again in our record third quarter results."
He also highlighted the company's growth opportunities and recent portfolio additions, expressing confidence in the company's ability to deliver strong capital returns and yields for shareholders.
2023 Guidance
GLPI updated its AFFO guidance for the full year 2023, estimating it to be between $1,003 million and $1,006 million, or between $3.68 and $3.69 per diluted share and OP units. This is an increase from the previous guidance of between $994 million and $999 million, or between $3.66 and $3.68 per diluted share and OP units.
Portfolio Update
As of September 30, 2023, GLPI's portfolio consisted of interests in 61 gaming and related facilities across 18 states. These facilities are geographically diversified and contain approximately 28.7 million square feet of improvements.
Recent Developments
GLPI has been actively expanding its portfolio, with recent acquisitions including the land associated with the Hard Rock Casino development project in Rockford, IL for $100 million and the land and certain improvements at Casino Queen Marquette for $32.72 million. The company also sold 4.4 million shares through a sales agent in at the market offerings, raising net proceeds of $210.8 million.
Explore the complete 8-K earnings release (here) from Gaming and Leisure Properties Inc for further details.
This article first appeared on GuruFocus.
