Gaming and Leisure Properties Inc (GLPI)

[MCArmel1]

Gaming and Leisure Properties misses by $0.03, beats on revenue

Jul 30 2015, 07:42 ET | About: Gaming and Leisure Prope... (GLPI) | By: Gaurav Batavia, SA News Editor

Gaming and Leisure Properties (NASDAQ:GLPI): Q2 FFO of $0.66 misses by $0.03.
Revenue of $163.8M (+1.9% Y/Y) beats by $0.38M.
Press Release


http://seekingalpha.com/news/2674315-gaming-and-leisure-properties-misses-by-0_03-beats-on-revenue?uprof=45#email_link


Gaming and Leisure Properties, Inc. Announces Second Quarter 2015 Results
Thu July 30, 2015 7:01 AM|GlobeNewswire | About: GLPI

- Establishes 2015 Third Quarter Guidance and Updates Full Year Guidance -

- Declares 2015 Third Quarter Dividend -

WYOMISSING, Pa., July 30, 2015 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (the "Company"), the first gaming-focused REIT in North America, today announced results for the quarter ended June 30, 2015.

Financial Highlights

Three Months Ended
June 30,
(in millions, except per share data) 2015 Actual 2015 Guidance (1) 2014 Actual
Net Revenue $ 163.8 $ 162.7 $ 160.8
Adjusted EBITDA (2) $ 108.6 $ 110.6 $ 106.9
Net Income $ 45.9 $ 48.3 $ 47.0
Funds From Operations (3) $ 69.9 $ 72.2 $ 70.3
Adjusted Funds From Operations (4) $ 79.0 $ 81.3 $ 77.9

Net income, per diluted common share $ 0.38 $ 0.41 $ 0.40
FFO, per diluted common share $ 0.59 $ 0.61 $ 0.60
AFFO, per diluted common share $ 0.66 $ 0.69 $ 0.66

(1) The guidance figures in the tables above present the guidance provided on May 4, 2015, for the three months ended June 30, 2015.

(2) Adjusted EBITDA is net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, and stock based compensation expense.

(3) Funds from operations (FFO) is net income, excluding (gains) or losses from sales of property and real estate depreciation as defined by NAREIT.

(4) Adjusted funds from operations (AFFO) is FFO, excluding stock based compensation expense, debt issuance costs amortization and other depreciation reduced by capital maintenance expenditures.

Gaming and Leisure Properties, Inc. Chief Executive Officer, Peter M. Carlino commented, "Regional gaming trends across the United States are encouraging as reflected in the PENN rent coverage ratio increase from 1.785:1 for the five months ended March, 31, 2015, to 1.85:1 for the eight months ended June 30, 2015. Our second quarter results from rental activities were favorable to guidance by $0.8 million. Property results in the TRS were approximately $0.6 million better than guidance. Property results compared with prior year reflect the impact of the Baltimore Horseshoe on Perryville. Corporate expenses were approximately $3.3 million higher than guidance reflecting the professional fees associated with Pinnacle Entertainment, Inc. ("Pinnacle") efforts and The Meadows Racetrack and Casino litigation.

As previously announced, we have reached an agreement with Pinnacle Entertainment, Inc. to acquire their real estate assets. We believe this transformational transaction, which adds 14 properties in 7 states to our portfolio, will provide significant immediate and long term benefits to all stakeholders. At the close of this transaction, which is expected in the first quarter of 2016, Gaming and Leisure Properties (GLPI) will be the third largest triple-net REIT based on market capitalization, with the associated advantages of enhanced scale, stable cash flows, tenant and geographic diversity, and balance sheet strength. As a management team, we have been focused on driving outsized shareholder value by engaging in complex transactions and believe this transaction positions us very well for sustained growth."

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http://seekingalpha.com/pr/14250095-gaming-and-leisure-properties-inc-announces-second-quarter-2015-results