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Gaming and Leisure Properties Reports Record Second Quarter 2023 Results and Updates 2023 Full Year Guidance
WYOMISSING, Pa., July 27, 2023 (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., July 27, 2023 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended June 30, 2023. Financial Highlights Three Months Ended June 30,(in millions, except per share data) 2023 2022 Total Revenue $356.6 $326.5 Income from Operations $238.3 $237.1 Net Income $160.1 $155.8 FFO (1) (4) $225.4 $215.3 AFFO (2) (4) $250.4 $231.6 Adjusted EBITDA (3) (4) $325.5 $307.6 Net income, per diluted common share and OP units (4) $0.59 $0.61 FFO, per diluted common share and OP units (4) $0.83 $0.84 AFFO, per diluted common share and OP units (4) $0.92 $0.91 _________________________________________(1) Funds from Operations (\"FFO\") is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT.(2) Adjusted Funds From Operations (\"AFFO\") is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; straight-line rent adjustments; losses on debt extinguishment; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.(3) Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property, net of tax; stock based compensation expense, straight-line rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; losses on debt extinguishment and provision (benefit) for credit losses, net.(4) Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, \"Our strong tenant relationships with the industry’s top regional gaming operators and the general resiliency of gaming revenue drove another period of reco...