Gaming and Leisure Properties Inc (GLPI) Q3 2024 Earnings Call Highlights: Strong Real Estate ...

GuruFocus.com10-26

Total Income from Real Estate: Increased by $25.8 million compared to Q3 2023. Tioga Acquisition Income: Increased by $3.6 million. Rockford Acquisition Income: Increased by $4.6 million. Casino Queen...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2478469849?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/uXeS978JaasWQMjkgLIjdw--~B/aD01NDt3PTIyMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/us.finance.gurufocus/727134e7bd604d2d5da88de4ec86a304","is_english":true,"pubTime":"2024-10-26 15:07","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2478469849","market":"us","top_or_hot":-1,"title":"Gaming and Leisure Properties Inc (GLPI) Q3 2024 Earnings Call Highlights: Strong Real Estate ...","media":"GuruFocus.com","content":"<div>\n<p>Total Income from Real Estate: Increased by $25.8 million compared to Q3 2023.\nTioga Acquisition Income: Increased by $3.6 million.\nRockford Acquisition Income: Increased by $4.6 million.\nCasino Queen...</p>\n\n<a href=\"https://finance.yahoo.com/news/gaming-leisure-properties-inc-glpi-070733572.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gaming and Leisure Properties Inc (GLPI) Q3 2024 Earnings Call Highlights: Strong Real Estate ...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGaming and Leisure Properties Inc (GLPI) Q3 2024 Earnings Call Highlights: Strong Real Estate ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-26 15:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/gaming-leisure-properties-inc-glpi-070733572.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Total Income from Real Estate: Increased by $25.8 million compared to Q3 2023.\nTioga Acquisition Income: Increased by $3.6 million.\nRockford Acquisition Income: Increased by $4.6 million.\nCasino Queen...</p>\n\n<a href=\"https://finance.yahoo.com/news/gaming-leisure-properties-inc-glpi-070733572.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GLPI","symbol_name":"Gaming and Leisure Properties I","start_time":0,"source_url":"https://finance.yahoo.com/news/gaming-leisure-properties-inc-glpi-070733572.html","article_id":"2478469849","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/uXeS978JaasWQMjkgLIjdw--~B/aD01NDt3PTIyMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/us.finance.gurufocus/727134e7bd604d2d5da88de4ec86a304"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2478469849","pubTimestamp":1729926453,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Total Income from Real Estate: Increased by $25.8 million compared to Q3 2023.Casino Queen Marquette and Baton Rouge Development Income: Increased by $1.5 million.Bally's Chicago Land Acquisition Income: Increased by $1.1 million.Bally's Traffic Funding Income: Increased by $0.4 million.Lease Escalators and Percentage Rent Adjustments: Added $5.3 million in cash income.Non-Cash Revenue Adjustments: Contributed approximately $7 million year-over-year increase.Operating Expenses: Increased by $22.6 million, primarily due to non-cash credit loss provisions.Rent Coverage Ratios: Ranged from 1.9 to 2.59 on master leases.Zero Coupon Treasury Bill Yield: 4.9%, maturing in 2025.Forward Sale Agreements: 8.2 million shares for net sales of $409.3 million.GuruFocus has detected 4 Warning Sign with GLPI.Gaming and Leisure Properties Inc  reported a significant increase in total income from real estate, exceeding the previous year's third quarter by $25.8 million.GLPI's innovative first-to-market s","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"GLPI":"Gaming and Leisure Properties I"},"translate_title":"博彩和休闲地产公司(GLPI)2024年第三季度收益看涨期权亮点：强劲的房地产...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GLPI":1},"content_text":"Total Income from Real Estate: Increased by $25.8 million compared to Q3 2023.\nTioga Acquisition Income: Increased by $3.6 million.\nRockford Acquisition Income: Increased by $4.6 million.\nCasino Queen Marquette and Baton Rouge Development Income: Increased by $1.5 million.\nStrategic Acquisition Income: Increased by $2.3 million.\nBally's Chicago Land Acquisition Income: Increased by $1.1 million.\nBally's Traffic Funding Income: Increased by $0.4 million.\nLease Escalators and Percentage Rent Adjustments: Added $5.3 million in cash income.\nNon-Cash Revenue Adjustments: Contributed approximately $7 million year-over-year increase.\nOperating Expenses: Increased by $22.6 million, primarily due to non-cash credit loss provisions.\nFull-Year 2024 AFFO Guidance: Ranges from $3.74 to $3.76 per diluted share and OP units.\nRent Coverage Ratios: Ranged from 1.9 to 2.59 on master leases.\nZero Coupon Treasury Bill Yield: 4.9%, maturing in 2025.\nForward Sale Agreements: 8.2 million shares for net sales of $409.3 million.\n\n\nWarning! GuruFocus has detected 4 Warning Sign with GLPI.\n\nRelease Date: October 25, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nGaming and Leisure Properties Inc (NASDAQ:GLPI) reported a significant increase in total income from real estate, exceeding the previous year's third quarter by $25.8 million.\nThe company successfully completed its inaugural 30-year bond issuance, extending the weighted average maturity of its liabilities.\nGLPI's strategic acquisitions, including Tioga, Rockford, and Casino Queen Marquette, contributed to increased cash income.\nThe company has a strong balance sheet and robust leverage ratios, positioning it well for future opportunities.\nGLPI's innovative first-to-market structure for a tribal investment with the Ione loan showcases its ability to create tailored solutions that benefit all stakeholders.\n\n Negative Points \n\nOperating expenses increased by $22.6 million, primarily due to a non-cash increase in the provision for credit losses.\nThe company faces potential risks associated with development projects, as opposed to acquiring in-place cash-flowing casinos.\nThere is uncertainty regarding the repeatability and acceptance of the new tribal investment structure in the market.\nThe amended PENN Master lease is subject to contingent escalation, which could impact future rent income.\nGLPI's guidance does not include the impact of future transactions, creating uncertainty about future financial performance.\n\n Q & A Highlights \nQ: The Ione loan is notable, as I believe it's the first gaming REIT deal with tribal gaming. How do you get comfort with the structure and how confident are you that this could convert to sale leaseback? A: Brandon Moore, Chief Operating Officer, explained that the Ione transaction is a culmination of a multi-year process to create a structure for tribal land held in trust. The deal includes a five-year loan for a greenfield development with an option to convert into a long-term lease. The company is cautiously optimistic about this structure being a repeatable funding option for tribes.\nQ: What's the incentive for tribes to extend the lease beyond the initial 25 years, and will the lease have escalators? A: Brandon Moore confirmed that the lease will include escalators, but specific incentives for extending the lease are confidential. The 45-year maximum period is related to ensuring good REIT income.\nQ: How are you viewing the risk of development-heavy transactions versus cash-flowing operations? A: Peter Carlino, CEO, stated that while they are open to buying existing assets, development opportunities have emerged, such as the successful Baton Rouge landside move. The company has a track record of delivering projects on time and budget, and they are willing to pursue both development and acquisition opportunities.\nQ: Can you provide an update on the Tropicana site in Las Vegas and your role in its redevelopment? A: Brandon Moore noted that the focus is on preserving the value of the remaining parcel. The site is being cleared for the A's stadium, and Bally's is working on the integrated resort design. GLPI's involvement will depend on the outcome of these designs.\nQ: With the use of the ATM program and rate volatility, has anything changed in terms of leverage targets? A: Matthew Demchyk, Chief Investment Officer, stated that the company remains conservative with leverage, aiming to maintain flexibility for future opportunities. Desiree Burke, CFO, added that the Lincoln option will be funded with debt, and they are keeping leverage low to accommodate this.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478469849"}