Business
Gaming and Leisure Properties, Inc. Reports Third Quarter 2021 Results
WYOMISSING, Pa., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"WYOMISSING, Pa., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended September 30, 2021. Financial Highlights Three Months Ended September 30,(in millions, except per share data) 2021 2020 Total Revenue $298.7 $307.6 Income from Operations $225.1 $200.7 Net Income $149.1 $127.1 FFO (1) $209.1 $182.2 AFFO (2) $207.2 $194.6 Adjusted EBITDA (3) $276.7 $265.2 Net income, per diluted common share (4) $0.63 $0.58 FFO, per diluted common share $0.89 $0.83 AFFO, per diluted common share $0.88 $0.89 (1) FFO is net income, excluding gains or losses from sales of property and real estate depreciation as defined by NAREIT. (2) AFFO is FFO, excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, amortization of land rights, straight-line rent adjustments, gains on sales of operations, net of tax, and losses on debt extinguishment, reduced by capital maintenance expenditures. (3) Adjusted EBITDA is net income, excluding interest, income tax expense, depreciation, gains or losses from sales of property and operations net of tax, stock based compensation expense, straight-line rent adjustments, amortization of land rights, and losses on debt extinguishment. (4) Net income, per diluted common share for the three months ended September 30, 2021 benefited from the July 1, 2021 sale of the Hollywood Casino Perryville operations which resulted in an after-tax gain of $11.3 million and third quarter rental income on the property partially offset by the prior year earnings at the facility. The net impact of these items was a benefit of $0.04 per diluted share for the three months ended September 30, 2021. Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, \"The strong earnings growth GLPI achieved in the first half of 2021 continued with another period of consistent earnings in the third quarter. Our third quarter net income and AFFO exceeded the comparable period in 2020 by 17.3% and 6.4%, respectively, demonstrating our ability to consistently build value by working creatively and collaboratively with existing tenants through the pandemic, while establishing new relationships with leading regional gaming operators. During...