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Gaming and Leisure Properties, Inc. Reports Second Quarter 2022 Results and Initiates 2022 Full Year AFFO Guidance

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Gaming and Leisure Properties, Inc.
Gaming and Leisure Properties, Inc.

WYOMISSING, Pa., July 28, 2022 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended June 30, 2022.

Financial Highlights

 

 

 

Three Months Ended June 30,

(in millions, except per share data)

 

 

2022

 

2021

Total Revenue

 

 

$

326.5

 

$

317.8

Income from Operations

 

 

$

237.1

 

$

212.1

Net Income

 

 

$

155.8

 

$

138.2

FFO (1) (4)

 

 

$

215.3

 

$

195.1

AFFO (2) (4)

 

 

$

231.6

 

$

203.8

Adjusted EBITDA (3) (4)

 

 

$

307.6

 

$

276.2

Net income, per diluted common share and OP units(4)

 

 

$

0.61

 

$

0.59

FFO, per diluted common share and OP units (4)

 

 

$

0.84

 

$

0.83

AFFO, per diluted common share and OP units (4)

 

 

$

0.91

 

$

0.87

 

 

 

 

 

 

 

 

(1)   Funds from Operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property 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; impairment charges; straight-line rent adjustments; gains on sales of operations, net of tax; losses on debt extinguishment; and provision 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 and gains on sale of operations net of tax; stock based compensation expense, straight-line rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; losses on debt extinguishment and provision 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, “GLPI’s record second quarter results and our ongoing momentum highlight the value of our strategic, accretive approach to the expansion and diversification of our portfolio of top-performing regional gaming assets managed by leading operators, while carefully managing our capital structure and cost of capital. We continue to benefit from new and innovative growth opportunities with existing and new tenants, while driving increased capital returns to shareholders in the form of growing dividends. Given the predictability of our rental revenue streams, we believe the resiliency of our portfolio will be highlighted in the current economic environment.

“Our second quarter growth initiatives include the completion of the acquisition of the land and real estate assets of Bally’s Corporation’s (‘Bally’s’) three casinos in Black Hawk, CO and Bally’s Quad Cities Casino & Hotel in Rock Island, IL for $150 million. With strong rent coverage and an accretive cap rate, the transaction meets our criteria for portfolio expansion while further diversifying our master lease.

“In late June, we again expanded our Bally’s relationship and agreed to acquire, in an accretive transaction, the real estate of Bally’s two Rhode Island casino properties – Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel – for $1.0 billion. Both properties are expected to be added to the existing Bally’s Master Lease with an additional annual rental stream of $76.3 million for GLPI. We believe this transaction is evidence of the strong, supportive, long-term relationships we build with our tenants and we are delighted to further our association with Bally’s. These assets generate excellent operating results as they are the only two gaming facilities in Rhode Island, and the transaction affords GLPI additional geographic diversity as the state would represent our 18th U.S. jurisdiction. Importantly, this transaction features a conservative rent and a master lease structure that offers us material downside protection while presenting GLPI with an opportunity for additional long-term growth. Reflecting our innovation and flexibility when transacting with our tenants, and as disclosed when the transaction was announced, if requisite third-party consents and approvals for our acquisition of Bally’s Twin River Lincoln are not received on a timely basis, GLPI plans to acquire the real property assets of the Hard Rock Hotel & Casino Biloxi in Mississippi and Bally’s Tiverton Casino & Hotel for $635 million. Under this alternative structure, we would have the option to acquire the real property assets of Bally’s Twin River Lincoln prior to December 31, 2024 for a purchase price of $771 million. In either instance, the transactions are expected to be accretive to GLPI’s AFFO.

“As we look to the second half of 2022, GLPI remains well positioned to deliver record results as we further expand and diversify our portfolio and benefit from recently completed transactions and rent escalators. We are delighted with our growth trajectory and intend to continue to prudently invest in existing and new tenant relationships by sourcing portfolio enhancing, accretive transactions. Our disciplined approach to investing capital, combined with our focus on stable regional gaming markets, supports our confidence that the Company is positioned to perform well and demonstrate the resiliency of our business model in the face of potential recession scenarios. Taken together, we believe these factors will support our ability to increase our cash dividends and drive long-term shareholder value.”

Recent Developments

  • On June 28, 2022, the Company announced that it entered into a binding term sheet with Bally’s to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort (“Lincoln”) and Bally’s Tiverton Casino & Hotel (“Tiverton”), subject to customary regulatory approvals and, with respect to Lincoln, subject to lender consent. Pursuant to the terms of the transaction, Bally’s would immediately lease back both properties and continue to own, control, and manage all the gaming operations of the facilities on an uninterrupted basis. Total consideration for the acquisition is $1.0 billion which GLPI intends to fund through a mix of debt, equity, and OP units. Both properties are expected to be added to the existing Bally’s Master Lease between GLPI and Bally’s, with incremental rent of $76.3 million.

    In connection with GLPI’s commitment to consummate the transaction, it also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which will be credited or repaid to GLPI at the earlier of closing or December 31, 2023, in either case along with a $9.0 million transaction fee payable at closing.

    If all third-party consents and approvals for the acquisition of Lincoln are not timely received, then GLPI would instead acquire the real property assets of the Hard Rock Hotel & Casino Biloxi (“Biloxi”) in Mississippi along with Tiverton, for $635 million, with total annual rent of $48.5 million. In that event, GLPI would also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024 for a purchase price of $771 million and additional rent of $58.8 million.

  • On July 1, 2022, the Company issued 7,935,000 shares of its common stock, generating proceeds of approximately $351.0 million. The Company intends to contribute the net proceeds to GLP Capital, L.P., the operating partnership of the Company (the “Operating Partnership”), in exchange for common units of limited partnership interests. The Operating Partnership intends to use the net proceeds to partially finance the acquisition of the real property assets of Lincoln and Tiverton as described above.

  • On May 13, 2022, the Operating Partnership terminated its credit facility that was scheduled to mature on May 21, 2023 that was guaranteed by the Company and entered into a new credit agreement that provides for a $1.75 billion revolving credit facility with a maturity of 4 years, subject to two six-month extensions at the Operating Partnership’s option, and that is guaranteed by the Company. The Company recorded a debt extinguishment charge of $2.2 million in connection with this transaction.

  • On April 1, 2022, GLPI completed its previously announced acquisition from Bally’s of the land and real estate assets of Bally’s three casinos in Black Hawk, Colorado, and Bally’s Quad Cities Casino & Hotel in Rock Island, Illinois, for total consideration of $150 million. These properties were added to the Bally’s Master Lease, with the rent for the Bally’s Master Lease increased by $12.0 million on an annual basis. The rent is subject to contractual escalations based on the Consumer Price Index (“CPI”), with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold.

  • On April 13, 2021, Bally’s agreed to acquire both GLPI’s non-land real estate assets and Penn National Gaming, Inc.’s (“Penn”) outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. (“Tropicana Las Vegas”) for an aggregate cash acquisition price of $150 million. GLPI will retain ownership of the land and concurrently enter into a 50-year ground lease with Bally’s for an initial annual rent of $10.5 million. The ground lease will be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally’s Master Lease. The transaction is expected to close in the second half of 2022.

  • On March 1, 2022, GLPI completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia (“Live! Philadelphia”) and Live! Casino Pittsburgh (“Live! Pittsburgh”) from Cordish for total consideration of approximately $689 million (inclusive of transaction costs). The Company funded the acquisition by assuming approximately $423 million in debt (which the Company repaid) and issuing approximately $137 million of operating partnership units (approximately 3.0 million total units), with the balance paid from cash on hand, which was in part generated by its December 2021 issuance of senior unsecured notes and common stock.

  • Simultaneous with the March 1, 2022 closing of the above transaction, the Company entered into a master lease with Cordish (the “Pennsylvania Live! Master Lease”), pursuant to which Cordish will continue its ownership, control and management of the operations of Live! Philadelphia and Live! Pittsburgh. The Pennsylvania Live! Master Lease has an initial annual rent of $50.0 million and an initial term of 39 years, with a maximum term of 60 years, inclusive of tenant renewal options, as well as a fixed annual lease escalation of 1.75% on the entirety of rent commencing on the lease’s second anniversary.

  • On December 29, 2021, the Company completed the acquisition of the land and real estate assets of Live! Casino & Hotel Maryland (“Live! Maryland”) from Cordish for total consideration of $1.16 billion (inclusive of transaction costs). Cordish and the Company entered into a lease with Cordish (the “Maryland Live! Lease”), pursuant to which Cordish will continue its ownership, control and management of the operations of Live! Maryland. The Maryland Live! Lease has an initial annual rent of $75 million and an initial term of 39 years, with a maximum term of 60 years, inclusive of tenant renewal options, as well as a fixed annual lease escalation of 1.75% on the entirety of rent commencing on the leases’ second anniversary. The transaction also includes a partnership on future Cordish casino developments, as well as potential financing partnerships between GLPI and Cordish in other areas of Cordish’s portfolio of real estate and operating businesses. GLPI funded the transaction by assuming $363 million in debt, which was repaid, and issuing $205 million of operating partnership units (4.35 million total units), with the balance of the consideration from cash on hand, which in part was generated by GLPI’s December 2021 issuance of senior unsecured notes and common stock.

Dividends

On May 9, 2022, the Company’s Board of Directors declared the second quarter dividend of $0.705 per common share, which was paid on June 24, 2022 to shareholders of record on June 10, 2022. The 2021 second quarter cash dividend was $0.67 per common share.

2022 Guidance

Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2022 based on the following assumptions and other factors:

  • The guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions (other than Tropicana Las Vegas which is scheduled to close in the second half of 2022), future capital markets activity, or other future non-recurring transactions.

  • The weighted average shares for the guidance reflects the issuance of 7,935,000 shares of common stock that was issued on July 1, 2022.

  • The guidance takes into consideration the current interest rate environment and an anticipated rise in the Company’s weighted average cost of capital.

  • The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, 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, 2022 will be between $908 million and $920 million, or between $3.50 and $3.54 per diluted share and OP units.

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, acquisition costs 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 June 30, 2022, GLPI’s portfolio consisted of interests in 57 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas, the real property associated with 34 gaming and related facilities operated by Penn (excluding the Tropicana Las Vegas), the real property associated with 7 gaming and related facilities operated by Caesars Entertainment, Inc. (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (“Boyd”), the real property associated with 6 gaming and related facilities operated by Bally’s, the real property associated with 3 gaming and related facilities operated by Cordish and the real property associated with 2 gaming and related facilities operated by Casino Queen. These facilities are geographically diversified across 17 states and contain approximately 29.0 million square feet of improvements.

Conference Call Details

The Company will hold a conference call on July 29, 2022, at 10:00 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: 13731677
The playback can be accessed through Friday, August 5, 2022.

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 June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues

 

 

 

 

 

 

 

Rental income

$

289,574

 

 

$

274,102

 

 

$

577,351

 

 

$

537,944

 

Interest income from investment in leases, financing receivables

 

36,939

 

 

 

 

 

 

64,128

 

 

 

 

Total income from real estate

 

326,513

 

 

 

274,102

 

 

 

641,479

 

 

 

537,944

 

Gaming, food, beverage and other

 

 

 

 

43,659

 

 

 

 

 

 

81,360

 

Total revenues

 

326,513

 

 

 

317,761

 

 

 

641,479

 

 

 

619,304

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Gaming, food, beverage and other

 

 

 

 

22,382

 

 

 

 

 

 

42,308

 

Land rights and ground lease expense

 

11,720

 

 

 

8,191

 

 

 

25,424

 

 

 

14,924

 

General and administrative

 

12,212

 

 

 

16,821

 

 

 

27,944

 

 

 

32,903

 

(Gains) or losses from dispositions of property

 

 

 

 

93

 

 

 

(51

)

 

 

93

 

Impairment charge on land

 

3,298

 

 

 

 

 

 

3,298

 

 

 

 

Depreciation

 

59,964

 

 

 

58,150

 

 

 

119,093

 

 

 

116,851

 

Provision for credit losses, net

 

2,222

 

 

 

 

 

 

28,878

 

 

 

 

Total operating expenses

 

89,416

 

 

 

105,637

 

 

 

204,586

 

 

 

207,079

 

Income from operations

 

237,097

 

 

 

212,124

 

 

 

436,893

 

 

 

412,225

 

 

 

 

 

 

 

 

 

Other income (expenses)

 

 

 

 

 

 

 

Interest expense

 

(78,257

)

 

 

(70,413

)

 

 

(156,179

)

 

 

(140,826

)

Interest income

 

102

 

 

 

54

 

 

 

124

 

 

 

178

 

Losses on debt extinguishment

 

(2,189

)

 

 

 

 

 

(2,189

)

 

 

 

Total other expenses

 

(80,344

)

 

 

(70,359

)

 

 

(158,244

)

 

 

(140,648

)

 

 

 

 

 

 

 

 

Income before income taxes

 

156,753

 

 

 

141,765

 

 

 

278,649

 

 

 

271,577

 

Income tax expense

 

966

 

 

 

3,549

 

 

 

1,170

 

 

 

6,177

 

Net income

$

155,787

 

 

$

138,216

 

 

$

277,479

 

 

$

265,400

 

Less: Net income attributable to noncontrolling interest in Operating Partnership

 

(4,473

)

 

 

 

 

$

(6,897

)

 

 

 

Net income attributable to common shareholders

$

151,314

 

 

$

138,216

 

 

$

270,582

 

 

$

265,400

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic earnings attributable to common shareholders

$

0.61

 

 

$

0.59

 

 

$

1.09

 

 

$

1.14

 

Diluted earnings attributable to common shareholders

$

0.61

 

 

$

0.59

 

 

$

1.09

 

 

$

1.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)

Three Months Ended June 30, 2022

Building
base rent

Land base
rent

Percentage
rent

Total cash
income

Straight-line
rent
adjustments

Ground
rent in
revenue

Accretion
on
financing
leases

Other
rental
revenue

Total
income
from real
estate

Penn Master Lease

$

71,248

$

23,492

$

25,102

$

119,842

$

(7,144

)

$

647

$

$

$

113,345

Amended Pinnacle Master Lease

 

58,709

 

17,814

 

7,007

 

83,530

 

(373

)

 

2,012

 

 

 

85,169

Penn Meadows Lease

 

3,952

 

 

2,262

 

6,214

 

572

 

 

 

 

110

 

6,896

Penn Morgantown Lease

 

 

762

 

 

762

 

 

 

 

 

 

762

Penn Perryville Lease

 

1,457

 

485

 

 

1,942

 

60

 

 

 

 

 

2,002

Caesars Master Lease

 

15,628

 

5,932

 

 

21,560

 

2,590

 

 

378

 

 

 

24,528

Lumiere Place Lease

 

5,773

 

 

 

5,773

 

544

 

 

 

 

 

6,317

BYD Master Lease

 

19,546

 

2,947

 

2,531

 

25,024

 

574

 

 

433

 

 

 

26,031

BYD Belterra Lease

 

691

 

474

 

467

 

1,632

 

 

 

 

 

 

1,632

Bally's Master Lease

 

13,000

 

 

 

13,000

 

 

 

2,343

 

 

 

15,343

Maryland Live! Lease

 

18,750

 

 

 

18,750

 

 

 

2,162

 

3,114

 

 

24,026

Pennsylvania Live! Master Lease

 

12,500

 

 

 

12,500

 

 

 

295

 

2,026

 

 

14,821

Casino Queen Master Lease

 

5,530

 

 

 

5,530

 

111

 

 

 

 

 

5,641

Total

$

226,784

$

51,906

$

37,369

$

316,059

$

(3,066

)

$

8,270

$

5,140

$

110

$

326,513


Six Months Ended June 30, 2022

Building
base rent

Land base
rent

Percentage
rent

Total cash
income

Straight-line
rent
adjustments

Ground
rent in
revenue

Accretion
on
financing
leases

Other
rental
revenue

Total
income
from real
estate

Penn Master Lease

$

142,497

$

46,984

$

48,739

$

238,220

$

(4,912

)

$

1,325

$

$

$

234,633

Amended Pinnacle Master Lease

 

116,645

 

35,628

 

13,702

 

165,975

 

(5,210

)

 

3,884

 

 

 

164,649

Penn Meadows Lease

 

7,905

 

 

4,523

 

12,428

 

1,144

 

 

 

 

244

 

13,816

Penn Morgantown Lease

 

 

1,524

 

 

1,524

 

 

 

 

 

 

1,524

Penn Perryville Lease

 

2,914

 

971

 

 

3,885

 

120

 

 

 

 

 

4,005

Caesars Master Lease

 

31,257

 

11,864

 

 

43,121

 

5,179

 

 

756

 

 

 

49,056

Lumiere Place Lease

 

11,545

 

 

 

11,545

 

1,088

 

 

 

 

 

12,633

BYD Master Lease

 

38,835

 

5,893

 

4,992

 

49,720

 

1,148

 

 

865

 

 

 

51,733

BYD Belterra Lease

 

1,373

 

947

 

921

 

3,241

 

(303

)

 

 

 

 

2,938

Bally's Master Lease

 

23,000

 

 

 

23,000

 

 

 

4,521

 

 

 

27,521

Maryland Live! Lease

 

37,500

 

 

 

37,500

 

 

 

4,256

 

6,173

 

 

47,929

Pennsylvania Live! Master Lease

 

16,667

 

 

 

16,667

 

 

 

401

 

2,692

 

 

19,760

Casino Queen Master Lease

 

11,059

 

 

 

11,059

 

223

 

 

 

 

 

11,282

Total

$

441,197

$

103,811

$

72,877

$

617,885

$

(1,523

)

$

16,008

$

8,865

$

244

$

641,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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 June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net income

$

155,787

 

 

$

138,216

 

 

$

277,479

 

 

$

265,400

 

(Gains) or losses from dispositions of property

 

 

 

 

93

 

 

 

(51

)

 

 

93

 

Real estate depreciation

 

59,494

 

 

 

56,783

 

 

 

118,153

 

 

 

113,172

 

Funds from operations

$

215,281

 

 

$

195,092

 

 

$

395,581

 

 

$

378,665

 

Straight-line rent adjustments

 

3,066

 

 

 

(828

)

 

 

1,523

 

 

 

(1,656

)

Other depreciation (1)

 

470

 

 

 

1,367

 

 

 

940

 

 

 

3,679

 

Provision for credit losses, net

 

2,222

 

 

 

 

 

 

28,878

 

 

 

 

Amortization of land rights

 

3,290

 

 

 

3,006

 

 

 

9,280

 

 

 

5,849

 

Amortization of debt issuance costs, bond premiums and original issuance discounts

 

2,479

 

 

 

2,470

 

 

 

5,250

 

 

 

4,940

 

Stock based compensation

 

4,308

 

 

 

3,612

 

 

 

11,908

 

 

 

9,400

 

Impairment charge on land

 

3,298

 

 

 

 

 

 

3,298

 

 

 

 

Losses on debt extinguishment

 

2,189

 

 

 

 

 

 

2,189

 

 

 

 

Accretion on investment in leases, financing receivables

 

(5,140

)

 

 

 

 

 

(8,865

)

 

 

 

Non-cash adjustment to financing lease liabilities

 

115

 

 

 

 

 

 

239

 

 

 

 

Capital maintenance expenditures (2)

 

(21

)

 

 

(914

)

 

 

(36

)

 

 

(1,352

)

Adjusted funds from operations

$

231,557

 

 

$

203,805

 

 

$

450,185

 

 

$

399,525

 

Interest, net (3)

 

77,490

 

 

$

70,359

 

 

 

154,720

 

 

 

140,648

 

Income tax expense

 

966

 

 

$

3,549

 

 

 

1,170

 

 

 

6,177

 

Capital maintenance expenditures (2)

 

21

 

 

$

914

 

 

 

36

 

 

 

1,352

 

Amortization of debt issuance costs, bond premiums and original issuance discounts

 

(2,479

)

 

$

(2,470

)

 

 

(5,250

)

 

 

(4,940

)

Adjusted EBITDA

$

307,555

 

 

$

276,157

 

 

$

600,861

 

 

$

542,762

 

 

 

 

 

 

 

 

 

Net income, per diluted common share and OP units

$

0.61

 

 

$

0.59

 

 

$

1.09

 

 

$

1.14

 

FFO, per diluted common share and OP units

$

0.84

 

 

$

0.83

 

 

$

1.55

 

 

$

1.62

 

AFFO, per diluted common share and OP units

$

0.91

 

 

$

0.87

 

 

$

1.77

 

 

$

1.71

 

 

 

 

 

 

 

 

 

Weighted average number of common shares OP units outstanding

 

 

 

 

 

 

 

Diluted common shares

 

248,361,281

 

 

 

234,050,329

 

 

 

248,321,517

 

 

 

233,768,296

 

OP units

 

7,366,683

 

 

 

 

 

 

6,382,945

 

 

 

 

Diluted common shares and OP units

 

255,727,964

 

 

 

234,050,329

 

 

 

254,704,462

 

 

 

233,768,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)   Other depreciation includes both real estate and equipment depreciation from the Company’s operations at Hollywood Casino Perryville and Hollywood Casino Baton Rouge which were sold in 2021, as well as equipment depreciation from the real estate investment trust (“REIT”) subsidiaries.

(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)   Current year amount excludes non-cash interest expense gross up related to the ground lease for the Live! Maryland property.


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
June 30, 2022

 

Six Months Ended
June 30, 2022

Adjusted EBITDA

 

$

307,555

 

 

$

600,861

 

General and administrative expenses

 

 

12,212

 

 

 

27,944

 

Stock based compensation

 

 

(4,308

)

 

 

(11,908

)

Cash net operating income (1)

 

$

315,459

 

 

$

616,897

 

 

 

 

 

 

 

 

 

 

(1)   Cash net operating income is rental and other property income less cash property level expenses.


Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)

 

June 30, 2022

 

December 31, 2021

Assets

 

 

 

Real estate investments, net

$

7,812,645

 

 

$

7,777,551

 

Investment in leases, financing receivables, net

 

1,870,639

 

 

 

1,201,670

 

Assets held for sale

 

81,228

 

 

 

77,728

 

Right-of-use assets and land rights, net

 

841,537

 

 

 

851,819

 

Cash and cash equivalents

 

6,286

 

 

 

724,595

 

Other assets

 

45,399

 

 

 

57,086

 

Total assets

$

10,657,734

 

 

$

10,690,449

 

 

 

 

 

Liabilities

 

 

 

Accounts payable, dividend payable and accrued expenses

$

6,495

 

 

$

63,543

 

Accrued interest

 

85,060

 

 

 

71,810

 

Accrued salaries and wages

 

3,567

 

 

 

6,798

 

Operating lease liabilities

 

182,900

 

 

 

183,945

 

Financing lease liabilities

 

53,548

 

 

 

53,309

 

Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts

 

6,522,306

 

 

 

6,552,372

 

Deferred rental revenue

 

330,591

 

 

 

329,068

 

Other liabilities

 

24,605

 

 

 

39,464

 

Total liabilities

 

7,209,072

 

 

 

7,300,309

 

 

 

 

 

Equity

 

 

 

Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2022 and December 31, 2021)

 

 

 

 

 

Common stock ($.01 par value, 500,000,000 shares authorized, 247,544,343 and 247,206,937 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively)

 

2,475

 

 

 

2,472

 

Additional paid-in capital

 

4,953,946

 

 

 

4,953,943

 

Accumulated deficit

 

(1,846,549

)

 

 

(1,771,402

)

Total equity attributable to Gaming and Leisure Properties

 

3,109,872

 

 

 

3,185,013

 

Noncontrolling interests in GLPI's Operating Partnership (7,366,683 units and 4,348,774 units outstanding at June 30, 2022 and December 31, 2021, respectively)

 

338,790

 

 

 

205,127

 

Total equity

 

3,448,662

 

 

 

3,390,140

 

Total liabilities and equity

$

10,657,734

 

 

$

10,690,449

 

 

 

 

 

 

 

 

 


Debt Capitalization

The Company’s debt structure as of June 30, 2022 was as follows:

 

 

 

 

 

 

 

 

Years to
Maturity

Interest Rate

 

Balance

 

 

 

 

 

 

(in thousands)

Unsecured $1,750 Million Revolver Due May 2026

 

 

3.9

2.64% (1)

 

394,000

 

Senior Unsecured Notes Due November 2023

 

 

1.3

5.38

%

 

500,000

 

Senior Unsecured Notes Due September 2024

 

 

2.2

3.35

%

 

400,000

 

Senior Unsecured Notes Due June 2025

 

 

2.9

5.25

%

 

850,000

 

Senior Unsecured Notes Due April 2026

 

 

3.8

5.38

%

 

975,000

 

Senior Unsecured Notes Due June 2028

 

 

5.9

5.75

%

 

500,000

 

Senior Unsecured Notes Due January 2029

 

 

6.6

5.30

%

 

750,000

 

Senior Unsecured Notes Due January 2030

 

 

7.6

4.00

%

 

700,000

 

Senior Unsecured Notes Due January 2031

 

 

8.6

4.00

%

 

700,000

 

Senior Unsecured Notes Due January 2032

 

 

9.6

3.25

%

 

800,000

 

Other

 

 

4.2

4.78

%

 

655

 

Total long-term debt

 

 

 

 

 

6,569,655

 

Less: unamortized debt issuance costs, bond premiums and original issuance discounts

 

 

 

 

 

(47,349

)

Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts

 

 

 

 

 

6,522,306

 

Weighted average

 

 

5.5

4.54

%

 

 

 

 

 

 

 

 

 

(1)   Rate above includes the facility fee on the commitments under the Credit Agreement, which is due regardless of usage, at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit rating assigned to the Credit Agreement from time to time. The current facility fee rate is 0.25%.


Rating Agency - Issue Rating

 

Rating Agency

 

Rating

 

 

Standard & Poor's

 

BBB-

 

 

Fitch

 

BBB-

 

 

Moody's

 

Ba1

 

 

 

 

 

 


Properties

Description

Location

Date Acquired

Tenant/Operator

PENN Master Lease (19 Properties)

 

 

 

Hollywood Casino Lawrenceburg

Lawrenceburg, IN

11/1/2013

PENN

Hollywood Casino Aurora

Aurora, IL

11/1/2013

PENN

Hollywood Casino Joliet

Joliet, IL

11/1/2013

PENN

Argosy Casino Alton

Alton, IL

11/1/2013

PENN

Hollywood Casino Toledo

Toledo, OH

11/1/2013

PENN

Hollywood Casino Columbus

Columbus, OH

11/1/2013

PENN

Hollywood Casino at Charles Town Races

Charles Town, WV

11/1/2013

PENN

Hollywood Casino at Penn National Race Course

Grantville, PA

11/1/2013

PENN

M Resort

Henderson, NV

11/1/2013

PENN

Hollywood Casino Bangor

Bangor, ME

11/1/2013

PENN

Zia Park Casino

Hobbs, NM

11/1/2013

PENN

Hollywood Casino Gulf Coast

Bay St. Louis, MS

11/1/2013

PENN

Argosy Casino Riverside

Riverside, MO

11/1/2013

PENN

Hollywood Casino Tunica

Tunica, MS

11/1/2013

PENN

Boomtown Biloxi

Biloxi, MS

11/1/2013

PENN

Hollywood Casino St. Louis

Maryland Heights, MO

11/1/2013

PENN

Hollywood Gaming Casino at Dayton Raceway

Dayton, OH

11/1/2013

PENN

Hollywood Gaming Casino at Mahoning Valley Race Track

Youngstown, OH

11/1/2013

PENN

1st Jackpot Casino

Tunica, MS

5/1/2017

PENN

Amended Pinnacle Master Lease (12 Properties)

 

 

 

Ameristar Black Hawk

Black Hawk, CO

4/28/2016

PENN

Ameristar East Chicago

East Chicago, IN

4/28/2016

PENN

Ameristar Council Bluffs

Council Bluffs, IA

4/28/2016

PENN

L'Auberge Baton Rouge

Baton Rouge, LA

4/28/2016

PENN

Boomtown Bossier City

Bossier City, LA

4/28/2016

PENN

L'Auberge Lake Charles

Lake Charles, LA

4/28/2016

PENN

Boomtown New Orleans

New Orleans, LA

4/28/2016

PENN

Ameristar Vicksburg

Vicksburg, MS

4/28/2016

PENN

River City Casino & Hotel

St. Louis, MO

4/28/2016

PENN

Jackpot Properties (Cactus Petes and Horseshu)

Jackpot, NV

4/28/2016

PENN

Plainridge Park Casino

Plainridge, MA

10/15/2018

PENN

CZR Master Lease (6 Properties)

 

 

 

Tropicana Atlantic City

Atlantic City, NJ

10/1/2018

CZR

Tropicana Laughlin

Laughlin, NV

10/1/2018

CZR

Trop Casino Greenville

Greenville, MS

10/1/2018

CZR

Belle of Baton Rouge

Baton Rouge, LA

10/1/2018

CZR

Isle Casino Hotel Bettendorf

Bettendorf, IA

12/18/2020

CZR

Isle Casino Hotel Waterloo

Waterloo, IA

12/18/2020

CZR

BYD Master Lease (3 Properties)

 

 

 

Belterra Casino Resort

Florence, IN

4/28/2016

BYD

Ameristar Kansas City

Kansas City, MO

4/28/2016

BYD

Ameristar St. Charles

St. Charles, MO

4/28/2016

BYD

Bally's Master Lease (6 Properties)

 

 

 

Tropicana Evansville

Evansville, IN

06/03/2021

BALY

Dover Downs

Dover, DE

06/03/2021

BALY

Black Hawk (Black Hawk North, West and East casinos)

Black Hawk, CO

04/01/2022

BALY

Quad Cities Casino & Hotel

Rock Island, IL

04/01/2022

BALY

Casino Queen Master Lease (2 Properties)

 

 

 

Casino Queen

East St. Louis

1/23/2014

Casino Queen

Hollywood Casino Baton Rouge

Baton Rouge, LA

12/17/2021

Casino Queen

Pennsylvania Live! Master Lease (2 Properties)

 

 

 

Live! Casino & Hotel Philadelphia

Philadelphia, PA

3/1/2022

Cordish

Live! Casino Pittsburgh

Greensburg, PA

3/1/2022

Cordish

 

 

 

 

 

 

 

 

Single Asset Leases

 

 

 

Belterra Park Gaming & Entertainment Center

Cincinnati, OH

10/15/2018

BYD

Lumière Place

St. Louis, MO

10/1/2018

CZR

The Meadows Racetrack and Casino

Washington, PA

9/9/2016

PENN

Hollywood Casino Morgantown

Morgantown, PA

10/1/2020

PENN

Hollywood Casino Perryville

Perryville, MD

7/1/2021

PENN

Live! Casino Maryland

Hanover, MD

12/29/2021

Cordish

 

 

 

 

TRS Segment

 

 

 

Tropicana Las Vegas

Las Vegas, NV

4/16/2020

PENN

 

 

 

 


Lease Information

 

Master Leases

 

 

 

 

PENN Master Lease

PENN
Amended
Pinnacle
Master Lease

Caesars
Amended and
Restated
Master Lease

BYD Master
Lease

Bally's Master
Lease

Casino Queen
Master Lease

Pennsylvania
Live! Master
Lease operated
by Cordish

Property Count

19

12

6

3

6

2

2

Number of States Represented

10

8

5

2

4

2

1

Commencement Date

11/1/2013

4/28/2016

10/1/2018

10/15/2018

6/3/2021

12/17/2021

3/1/2022

Lease Expiration Date

10/31/2033

4/30/2031

9/30/2038

04/30/2026

06/02/2036

12/17/2036

3/31/2061

Remaining Renewal Terms

15 (3x5 years)

20 (4x5 years)

20 (4x5 years)

25 (5x5 years)

20 (4x5 years)

20 (4X5 years)

21 (1 x 11 years, 1 x 10 years)

Corporate Guarantee

Yes

Yes

Yes

No

Yes

Yes

No

Master Lease with Cross Collateralization

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Technical Default Landlord Protection

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Default Adjusted Revenue to Rent Coverage

1.1

1.2

1.2

1.4

1.35 (1)

1.4

1.4

Competitive Radius Landlord Protection

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Escalator Details

 

 

 

 

 

 

 

Yearly Base Rent Escalator Maximum

2%

2%

(3)

2%

(4)

(5)

1.75% (6)

Coverage ratio at March 31, 2022 (2)

2.29

2.34

2.66

2.89

N/A

3.12

N/A

Minimum Escalator Coverage Governor

1.8

1.8

N/A

1.8

N/A

N/A

N/A

Yearly Anniversary for Realization

November

May

October

May

June

December

March 2024

Percentage Rent Reset Details

 

 

 

 

 

 

 

Reset Frequency

5 years

2 years

N/A

2 years

N/A

N/A

N/A

Next Reset

November 2023

May 2024

N/A

May 2024

N/A

N/A

N/A

(1)   The Bally’s Master Lease ratio declines to 1.20 once annual rent reaches $60 million.

(2)   Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of March 31, 2022. Casino Queen Master Lease is calculated on a proforma basis for the addition of Hollywood Casino Baton Rouge. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

(3)   Building base rent will be increased by 1.25% annually in the 5th and 6th lease year, 1.75% in the 7th and 8th lease year, and 2% in the 9th lease year and each year thereafter.

(4)   If the CPI increase is at least 0.5% for any lease year, then the rent under the Bally’s Master Lease shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

(5)   Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

(6)   Effective on the second anniversary of the commencement date of the lease.


Lease Information

 

 

Single Property Leases

 

 

 

 

Belterra Park
Lease operated
by BYD

Meadows
Lease operated
by PENN

Lumière Place
Lease operated
by CZR

Morgantown
Lease operated
by PENN

Perryville
Lease operated
by PENN

Live! Casino &
Hotel
Maryland
operated by
Cordish

Commencement Date

10/15/2018

9/9/2016

9/29/2020

10/1/2020

7/1/2021

12/29/2021

Lease Expiration Date

04/30/2026

9/30/2026

10/31/2033

10/31/2040

6/30/2041

12/31/2060

Remaining Renewal Terms

25 (5x5 years)

19 (3x5years, 1x4 years)

20 (4x5 years)

30 (6x5 years)

15 (3x5 years)

21 (1 x 11 years, 1 x 10 years)

Corporate Guarantee

No

Yes

Yes

Yes

Yes

No

Technical Default Landlord Protection

Yes

Yes

Yes

Yes

Yes

Yes

Default Adjusted Revenue to Rent Coverage

1.4

1.2

1.2

N/A

1.2

1.4

Competitive Radius Landlord Protection

Yes

Yes

Yes

N/A

Yes

Yes

Escalator Details

 

 

 

 

 

 

Yearly Base Rent Escalator Maximum

2%

5% (1)

1.25% (2)

1.5% (3)

1.5% (4)

1.75% (5)

Coverage ratio at March 31, 2022 (6)

4.76

1.90

2.59

N/A

N/A

N/A

Minimum Escalator Coverage Governor

1.8

2.0

N/A

N/A

N/A

N/A

Yearly Anniversary for Realization

May

October

October

December

July

January 2024

Percentage Rent Reset Details

 

 

 

 

 

 

Reset Frequency

2 years

2 years

N/A

N/A

N/A

N/A

Next Reset

May 2024

October 2022

N/A

N/A

N/A

N/A

(1)   Meadows contains an annual escalator for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of 10 years or the year in which total rent is $31 million, at which point the escalator is reduced to 2%.

(2)   For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.

(3)   Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

(4)   Building base rent increases for the second through fourth lease years, after which time the annual escalation becomes 1.25% to the extent CPI for the preceding lease year is at least 0.5%.

(5)   Effective on the second anniversary of the commencement date of the lease.

(6)   Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of March 31, 2022. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.


Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and 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 units, AFFO, AFFO per diluted common share and OP 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 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 units, AFFO, AFFO per diluted common share and OP 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 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, impairment losses, straight-line rent adjustments, (gains) or losses on sale of operations, net of tax, losses on debt extinguishment, and provision 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, income tax expense, real estate depreciation, other depreciation, gains or losses from dispositions of property and gains or losses on sales of operations, net of tax, stock based compensation expense, straight-line rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, impairment losses, losses on debt extinguishment, and provision for credit losses, net. For financial reporting and debt covenant purposes, the Company includes the amounts of non-cash rents earned in FFO, AFFO, and Adjusted EBITDA. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including, as applicable to the particular period, stock based compensation expense and (gains) or losses from dispositions of property.

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP 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 units, AFFO, AFFO per diluted common share and OP 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 ability to increase AFFO and dividends through portfolio expansion and diversification and the potential impact of future transactions, if any. 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: GLPI’s ability to successfully consummate the announced transactions with Bally’s, including the ability of the parties to satisfy the various conditions to closing, including receipt of all required regulatory approvals (on the terms agreed upon between the parties) and the receipt of required consents, or other delays or impediments to completing the proposed transaction; the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; the potential negative impact of recent high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine) on our tenants’ operations, the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; 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 acquisitions or projects; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2021, 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

investorinquiries@glpropinc.com

glpi@jcir.com