GLPI posts revenue up 6.7% to $380M in Q2 amid property portfolio growth, new agreements

Gaming and Leisure Properties has reported its financial results for the second quarter of the year. For the period ended June 30, the real estate investment trust (REIT) reported $380 million in revenue, up 6.7% from the same quarter last year. As a result, the firm has updated its full-year guidance.  

Additionally, net income for the quarter stood at $214.4 million, or $0.77 per diluted share, showing an increase from the previous year's $160.1 million. GLPI’s adjusted EBITDA increased to $340.4 million from $325.5 million in the prior year, indicating improved operational efficiency.  

Peter Carlino, Chairman and Chief Executive Officer, said: "Second quarter total revenue rose 6.7 percent year over year to $380.6 million and AFFO grew 5.6 percent as we benefited from the growth of our property portfolio and rent escalations along with our discipline around liquidity and our capital structure." 

"Our consistent successes in building our tenant base clearly demonstrate our opportunistic approach to portfolio expansion as well as our ability to work with existing tenants to find exciting new ways to expand our close relationships. As we look to the balance of 2024, we expect to continue to deliver on our promise to shareholders to be a strong steward of their investment capital," he added.

The company has now increased its guidance for the full year, estimating it will generate between $1,054 million and $1,059 million, or between $3.74 and $3.76 per diluted share and OP units. This is up from previous guidance between $1,042 million and $1,051 million. 

During the second quarter, the business agreed to fund and oversee a landside development project and hotel renovation of the Belle of Baton Rouge for its tenant Casino Queen, which follows an earlier agreement to fund their landside move of The Queen Baton Rouge. 

Furthermore, GLPI announced a $1.585 billion transaction with Bally's during the period. The multi-faceted agreement includes the acquisition of Bally’s Kansas City and Bally’s Shreveport, as well as participation in the development of Bally’s Chicago. The company also secured favorable amendments to its option to acquire Bally’s Lincoln by the end of 2026. These transactions are expected to significantly contribute to GLPI’s growth and diversification, the company said.

"Our 2024 announced transactions bring GLPI's total year-to-date investment activity up to $1.98 billion at an attractive blended yield of 8.4%. GLPI's disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the company is well positioned to further grow our cash dividend and drive long-term shareholder value," the CEO commented. 

"We remain confident in the long-term health of the casino gaming industry and believe our unmatched gaming industry and real estate expertise and strong balance sheet position GLPI as a development funding and real estate partner of choice for operators of all sizes," he concluded.