Gaming and Leisure Properties Reports Record Q1 2023 Financial Results
LISTEN TO THIS ARTICLE:Gaming and Leisure Properties (GLPI), a real estate investment trust (REIT) based in the United States, reported record financial results for the first quarter of 2023. The firm's portfolio includes 59 regional gaming properties across 18 states, with six tenants.
GLPI's long-term strategy of portfolio expansion and diversification has resulted in predictable growth of its rental cash flows and adjusted funds from operations (AFFO). This has led to an increase in capital returns to shareholders via increased cash dividends. The company's approach involves supporting its tenants in an innovative, accretive, and prudent manner while aligning with the industry's top regional gaming operators.
GLPI's first-quarter operating revenue rose 12.8% to $355.2 million, driving a 13.7% year-over-year increase in AFFO. These figures reflect the firm's expansion into a landlord, with eight new properties added in 2022 and early 2023, including those with The Cordish Companies and Bally's Corporation, across the United States. The firm expects these new properties to benefit results for the remainder of 2023 and beyond.
GLPI's first quarter 2023 dividend of $0.72 per share, up from $0.69 per share in the year-ago period, highlights its approach to portfolio expansion and focus on strong capital returns and yields for its shareholders. Shareholders also received a special earnings and profit dividend of $0.25 per share related to the company's sale of the Tropicana Las Vegas building.
In other recent developments, GLPI redeemed all of its $500 million, 5.375% Senior Notes due in 2023, for $507.5 million, funded primarily from cash on hand and through the settlement of the firm's forward sale agreement.
GLPI completed the acquisition of Bally's Tiverton and Hard Rock Hotel & Casino Biloxi's real property assets, adding them to the company's existing Master Lease with Bally's. The initial rent for the lease was increased by $48.5 million on an annualized basis, subject to contractual escalations based on the Consumer Price Index.
GLPI's commitment to disciplined capital investment approaches combined with its focus on stable regional gaming markets underscores its confidence in being well-positioned to further grow its cash dividend and drive long-term shareholder value.
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