Gaming and Leisure Properties posts record 2023 earnings By Investing.com

WYOMISSING, Pa. – Gaming and Leisure (NASDAQ:) Properties, Inc. (NASDAQ: GLPI), a real estate investment trust (REIT) dedicated to casino properties, reported record financial results for the fourth quarter and the full year ended December 31, 2023.

The company, which now boasts a portfolio of 61 gaming and related facilities across 18 states, announced significant year-over-year growth in total revenue, income from operations, and net income.

For the fourth quarter, total revenue increased by 9.7% to $369.0 million, compared to $336.4 million in the same period the previous year. Adjusted Funds from Operations (AFFO), a key profitability metric for REITs, rose 7.3% to $256.6 million.

The full-year results mirrored this positive trend, with total revenue climbing to $1,440.4 million from $1,311.7 million in 2022, and AFFO reaching $1,006.8 million, up from $924.4 million.

Peter Carlino, Chairman and CEO of GLPI, attributed the strong performance to the company’s stable base of tenants and strategic acquisitions, including two Bally’s casinos and a $100 million ground lease investment with Hard Rock in Illinois. He highlighted GLPI’s role as a financing partner for casino operators and expressed optimism about growth opportunities in 2024.

GLPI’s recent developments include the acquisition of Tioga Downs Casino Resort’s real estate assets for $175 million and a $400 million senior notes issuance. The company also sold shares through its ATM program, raising $179.7 million in the fourth quarter and an additional $9.0 million post-year-end.

Looking ahead, GLPI provided AFFO guidance for 2024, estimating it to be between $1,041 million and $1,050 million. The guidance assumes no material changes in legislation, regulatory environment, or economic conditions that could adversely affect operations.

The company will host a conference call on February 28, 2024, to discuss its financial results, current business trends, and market conditions.

This news article is based on a press release statement from Gaming and Leisure Properties, Inc.

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