Gaming And Leisure Properties, Inc. · NASDAQ:GLPI
Gaming And Leisure Properties — Investor Presentation (February 2018)
20 slides from Gaming And Leisure Properties's investor presentation, February 2018
Slide 1: Investor Presentation February 2018
Investor Presentation February 2018
Slide 2: Forward Looking Statements
Company Forward Overview Looking Statements This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our financial outlook for the 2018 fiscal ye
Slide 3: Company Overview
Company Overview (2) Geographically diversified Fast Facts real estate company focused on ownership of gaming facilities 38 14 Stable and predictable cash Properties States flow from long-term triple- net master leases with (3) significant fixed components 15.4M 5,272 7,467 Acres Owned or Hotel
Slide 4: Investment Highlights
Investment Highlights Investment Highlights High Quality Geographically Diversified Portfolio National portfolio of high quality casino properties across 14 states Strong Operating Company Tenants Deep regional operating expertise and market leading brands Multiple Growth Drivers Sale leaseback, ren
Slide 5: Highly Diversified Portfolio
Highly Diversified Portfolio ▪ Multi-jurisdictional portfolio with 38 assets in over 20 markets ▪ No property generated greater than 6.5% of 2017 gaming revenues Current Jurisdictions PENN Operated Casino Casino Queen Pinnacle Operated Casino Casinos Owned & Operated 5
Slide 6: High Quality Real Estate Portfolio
High Quality Real Estate Portfolio ▪ GLPI owns twelve of the top revenue-producing properties in leading regional gaming markets ▪ Of these twelve, five properties have no competitor within 60 minutes ▪ An additional six properties are second in their respective markets ▪ Aggregate gaming revenue of
Slide 7: Strong Operating Company Tenants
Strong Operating Company Tenants Penn National Gaming, Pinnacle Entertainment and Casino Queen are highly respected, experienced operators in regional gaming Tenants are expected to maintain sufficient rent coverage and reasonable leverage ratios PENN Adjusted EBITDA / rent coverage ratio of 1
Slide 8: Growth Drivers
Growth Drivers Multiple Avenues for Growth and Expansion Sale Leasebacks With Gaming Potential to Expand Outside of Acquisitions of Gaming Assets Operators Gaming • Target assets in domestic • Potential to partner with current • Triple-net lease structure regional and destination gaming tenants or e
Slide 9: Penn National Gaming to Acquire Pinnacle Entertainment
Penn National Gaming to Acquire Pinnacle Entertainment Combination of GLPI’s two largest tenants results in $46 million incremental annual rent On December 18, 2017 Penn National Gaming announced that they entered into an agreement to acquire Pinnacle Entertainment Concurrently, GLPI announced a
Slide 10: Enhanced Geographic Diversification Post-Transaction
Enhanced Geographic Diversification Post-Transaction Cash Rent Impact Other Metrics Current Jurisdictions PENN Operated Casino 2018 Transaction Pro 2018 Transaction Pro Casino Queen Forecast Impact Forma Forecast (1) Impact Forma BYD Operated Casino PENN 457.5 347.2 804.7 EBITDA 887.1 46.1 933.2 PNK
Slide 11: Cash Flow Strength with Disciplined Financial Approach
Cash Flow Strength with Disciplined Financial Approach Strong financial performance since spin-off from PENN in 2013 Increased dividend each year since inception, with consistent AFFO payout ratio First quarter dividend of $0.63 represents an annualized dividend yield of 7.5% (1) Steady, in-
Slide 12: Demonstrated Durability of Regional Gaming Markets
Demonstrated Durability of Regional Gaming Markets GLPI’s Regional Markets Have Proven More Profitable And Stable During a Major Downturn Than The Las Vegas Market Gaming Adj. EBITDA Growth (%) Rent Coverage PENN PNK (1) Vegas (2) Vegas Adj. (3) 0.0% 2.0x 1.9x (5.0%) (1.3%) 1.8x (10.0%) (15.0%) (17.
Slide 13: Solid Balance Sheet and Substantial Free Cash Flow
Solid Balance Sheet and Substantial Free Cash Flow Debt as of December 31, 2017 (1) Ample liquidity to fund stable Unsecured $700M Revolver $0 dividend and growth Unsecured Term Loan A 230 Unsecured Term Loan A-1 825 opportunities 4.375% Senior Unsecured Notes Due 2018 550 $700MM available under
Slide 14: Investment Highlights
Investment Highlights Investment Highlights High Quality Geographically Diversified Portfolio National portfolio of high quality casino properties across 14 states Strong Operating Company Tenants Deep regional operating expertise and market leading brands Multiple Growth Drivers Sale leaseback, ren
Slide 15: PENN & PNK Master Lease Summary
PENN & PNK Master Lease Summary PENN PNK Triple-Net Master Lease: Operator is responsible for maintenance capital expenditures, property taxes, insurance and other expenses Lease Structure: All properties subject to the lease are cross-defaulted / guaranteed Operator is responsible for acquisi
Slide 16: PENN & PNK Master Lease Summary
PENN & PNK Master Lease Summary PENN PNK Operator required to maintain properties and spend a minimum of 1% of net revenues on maintenance capital (including FF&E and capitalized personal property required for ✓ ✓ Capital operations) annually Expenditures: Structural projects generally require G
Slide 17: Properties Operated by Penn
Properties Operated by Penn Approx. Property Owned Leased Hotel Location (1) (2) Sq. Footage Acreage Acreage Rooms Hollywood Casino Lawrenceburg Lawrenceburg, IN 634,000 73.1 32.1 295 Hollywood Casino Aurora Aurora, IL 222,189 0.4 1.7 Hollywood Casino Joliet Joliet, IL 322,446 276.4 100 Argosy Casin
Slide 18: Properties Operated by Pinnacle & Other
Properties Operated by Pinnacle & Other Approx. Property Owned Leased Hotel Location (1) (2) Sq. Footage Acreage Acreage Rooms Ameristar Black Hawk Black Hawk, CO 775,744 104.1 535 Ameristar East Chicago East Chicago, IN 509,867 21.6 288 (3) Belterra Casino Resort Florence, IN 733,751 167.1 148.5 60
Slide 19: Definitions of Non-GAAP Financial Measures
Definitions of Non-GAAP Financial Measures Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”) and Adjusted EBITDA, which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s p
Slide 20: Investor Presentation February 2018
Investor Presentation February 2018
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