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Gaming and Leisure Properties (GLPI) has hailed the company’s record second-quarter earnings, saying it is “well positioned” to build on them in the future.
The REIT claims that its financial performance over the past year demonstrates the benefits of strong regional gaming markets and a “high quality tenant roster” that has been further diversified, all while keeping a tight eye on its capital structure and cost of capital.
Sustained financial stability
GLPI’s chairman and CEO, Peter Carlino, said: “As a result, we have established sustained financial stability, capitalised on new growth opportunities with existing and new tenants, and returned capital to shareholders in the form of stock and cash dividends on an uninterrupted basis, despite the challenges presented by the pandemic.
“As we look to the second half of 2021, GLPI remains well positioned to deliver record results as we further expand and diversify our portfolio and benefit from the continued strength in regional gaming markets, with many of the operations at GLPI’s properties recording both record bottom line results and margins, as well as growth in topline performance compared to 2019 (prior to the COVID-19 outbreak).”
Revenue increase of 21.3 percent
This comes as the real estate investment trust reports second-quarter results for the period ending June 30, 2021, which indicate a revenue increase of 21.3 percent from $262 million to $317.8 million.
Income from operations up 17.3 percent from $180.7 million to $212.2 million, with net income up 22.9 percent to $138.2 million from $112.4 million, and adjusted EBITDA up 11.8 percent to $276.2 million from $246.9 million.
“We expect to continue to invest in existing and new tenant relationships by sourcing portfolio enhancing, accretive growth opportunities,” Carlino added.
“Taken together, these factors support our confidence that the company is well positioned to extend its long track record of value creation for shareholders.”