GLPI Shatters Records: From One Tenant to Seven Premier Tenants Across 61 Properties in Ten Years

Gaming and Leisure Properties

WYOMISSING, PA — In the game of real estate acquisitions, Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) recently proved to be a high roller. GLPI recently posted record results for the fourth quarter and full year of 2023. Fourth-quarter total revenue rose 9.7% year over year to $369.0 million, while AFFO grew 7.3% to $256.6 million.

GLPI’s performance is as much about the numbers as it is about the narrative. Behind these record results is a story of strategic growth and diversification – a story of transforming from a company with a single tenant to one with seven premier tenants across 61 properties, spread over 18 states, in just ten years.

In 2023, GLPI completed over $1.1 billion of transactions. This includes over $760.0 million of traditional real estate acquisitions and $337.5 million of loan funding commitments. But GLPI didn’t just invest money; it invested knowledge. The company’s long-term experience in the gaming sector enabled it to expand and diversify its tenant base, rental streams, and geographic footprint.

GLPI’s approach of actively supporting its tenants through innovative transaction structures has proven to be mutually beneficial. Additionally, the company’s focused operating strategy and historically low leverage, coupled with significant capital availability, have elevated GLPI’s role as a leading financing partner for growth funding for casino operators.

Recent developments include GLPI’s acquisition of the real estate assets of Tioga Downs Casino Resort in Nichols, NY, from American Racing & Entertainment, LLC (“American Racing”) for $175.0 million. As part of the deal, GLPI and American Racing entered into a triple-net master lease agreement for an initial 30-year term.

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GLPI has also been keeping busy with its ATM (At-The-Market) program. In the fourth quarter of 2023, the Company sold 3.88 million shares through this program, raising net proceeds of $179.7 million.

Looking ahead, GLPI’s strong relationships with gaming operators, ability to structure and fund innovative transactions, and solid balance sheet and liquidity put the company in a promising position. The company is well prepared for future growth based on operator relationships, an environment conducive to supporting a healthy pipeline of new deals, and its ability to complete transactions at competitive rates.

For 2024, GLPI estimates its AFFO will be between $1,041 million and $1,050 million, or between $3.70 and $3.74 per diluted share and OP units. These projections are emblematic of a company poised for continued success – a company that’s ready to roll the dice on the next big opportunity in the dynamic landscape of gaming and leisure properties.

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