Reasons to Sell Gaming and Leisure Properties (GLPI)
Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 7.07% (Institutional Shares) compared to a 2.39% return for the MSCI US REIT Index (the “REIT Index”) and a 4.73% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). The firm is optimistic about the prospects for the stock market, public real estate securities, and the fund. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Real Estate Fund highlighted stocks like Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) in the first quarter 2023 investor letter. Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) acquires, owns, and finances real estate properties to be leased to gaming operators in triple-net lease arrangements. On June 27, 2023, Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) stock closed at $47.71 per share. One-month return of Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) was -0.89%, and its shares gained 3.45% of their value over the last 52 weeks. Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) has a market capitalization of $12.517 billion.
Baron Real Estate Fund made the following comment about Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) in its first quarter 2023 investor letter:
"In the most recent quarter, we significantly reduced our investments in the following companies due to expectations of near-term business headwinds and modest growth prospects, elevated valuations, and our view of superior investment opportunities for other real estate-related companies:
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) is a triple net REIT that owns a portfolio of 59 geographically diversified casino gaming and related facilities in the U.S."
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) at the end of first quarter 2023 which was 24 in the previous quarter.
We discussed Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) in another article and shared Baron Real Estate Income Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
