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Gaming and Leisure Properties Inc. (GLPI) is a real estate investment trust, or REIT, focused on acquiring, financing and owning properties that are leased to gaming operators in “triple net” lease arrangements.
The company generates revenue from GLP Capital L.P., a wholly owned subsidiary that owns substantially all of its real estate assets, and its TRS Segment that owns Hollywood Casino Perryville, Hollywood Casino Baton Rouge and Tropicana Las Vegas. In 2020, the company generated 91% of its revenue from GLP Capital and 9% from its TRS Segment.
In terms of diversification, the company’s properties are located across 16 states and are rented by multiple operators, including Penn National Gaming Inc. (PENN), Caesars Entertainment Corporation (CZR) and Boyd Gaming Corporation (BYD).
Gaming and Leisure Properties reported revenue that rose by 3.9% to $300.2 million, in line with consensus estimates, and funds from operations (FFO) of $0.85 per share, beating consensus estimates by four cents. While many casinos struggled with COVID-19, the company collected 100% of its rents thanks in part to its regional diversification.
The company raised its quarterly dividend by 8.3% to $0.65 per share, which represents a 5.88% forward yield. The dividend is payable on March 23, 2021 to shareholders on record as of March 9, 2021.
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