The following is a summary of the Gaming and Leisure Properties, Inc. (GLPI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gaming and Leisure Properties reported a rise in Q1 total income exceeding the previous year by over $20 million, driven by several acquisitions and rent adjustments.
A non-cash increase in the provision for credit losses has led to an increase in operating expenses by $30 million.
Upcoming rent resets are expected to increase the percentage rent adjustments between $4 million and $5 million annually.
The company's AFFO guidance is within $3.71 - $3.74 per diluted share in OP units; additionally, the company invested in a zero coupon six-month treasury bill maturing in August 2024 at an implied yield of 5.32%.
Business Progress:
Last year's transactions set the stage for financial growth in 2024 and beyond; deals currently in progress require careful structuring and regulatory approval.
GLPI is strategically positioned for incremental capital sourcing for transactions and continues to prioritize partnerships and reliable capital.
The company is exploring opportunities with casinos, new assets, and development projects, particularly in Las Vegas.
Rent coverage remains robust despite slight declines in foot traffic and GLPI is committed to avoiding deals with sub 1.8 times rent coverage.
The team is progressing with announced projects while remaining stringent about internal underwriting standards despite the varying risk profiles of deals.
More details: Gaming and Leisure Properties Inc IR
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