Q2 2022 results for Gaming and Leisure Properties revealed
Total revenue for the company was $326.5m for the quarter ending on June 30, 2022.
Gaming and Leisure Properties, Inc. (GLPI) revealed the company’s financial results for the quarter ending on June 30, 2022. Total revenue was well over the amount from Q2 of 2021, coming in at $326.5m versus $317.8m last year.
The company also increased its income from operations in the second quarter to $237.1m. This amount is $25m more than the company saw in the same time frame last year.
Net income went up to $155.8m in 2022 from $138.2m in Q2 2021. Funds from Operations (FFO) came in at $215.3 while Adjusted Funds from Operations (AFFO) hit $231.6.
GLPI Chairman and Chief Executive Officer Peter Carlino commented: “GLPI’s record second quarter results and our ongoing momentum highlight the value of our strategic, accretive approach to the expansion and diversification of our portfolio of top-performing regional gaming assets managed by leading operators, while carefully managing our capital structure and cost of capital.
“We continue to benefit from new and innovative growth opportunities with existing and new tenants while driving increased capital returns to shareholders in the form of growing dividends. Given the predictability of our rental revenue streams, we believe the resiliency of our portfolio will be highlighted in the current economic environment.”
Gaming and Leisure Properties, Inc. finished the second quarter of 2022 with an adjusted EBITDA of $307.6m versus $276.2m from 2021.
Carlino added: “Our second quarter growth initiatives include the completion of the acquisition of the land and real estate assets of Bally’s Corporation’s (‘Bally’s) three casinos in Black Hawk, CO and Bally’s Quad Cities Casino & Hotel in Rock Island, IL for $150m.”
On July 1, 2022, GLPI issued 7,935,000 shares of its common stock, generating proceeds of approximately $351m.
Other highlights for the company include the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia for approximately $689m.
GLPI estimates AFFO for the year ending December 31, 2022 will be between $908m and $920m.
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