- Establishes 2017 Second Quarter and
Revises Full Year Guidance -- Declares 2017 Second
Quarter Dividend of $0.62 per Common Share -
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (the
“Company”), the first gaming-focused real estate investment trust
(“REIT”) in North America, today announced results for
the quarter ended March 31, 2017.
Financial Highlights
|
|
Three Months Ended March 31, |
(in millions, except per share data) |
|
2017Actual |
|
2017Guidance (1) |
|
2016 Actual |
Net
Revenue |
|
$ |
242.7 |
|
|
$ |
240.5 |
|
|
$ |
148.8 |
|
Net
Income |
|
$ |
94.0 |
|
|
$ |
91.6 |
|
|
$ |
32.7 |
|
Funds From
Operations (2) |
|
$ |
119.0 |
|
|
$ |
116.6 |
|
|
$ |
56.4 |
|
Adjusted Funds
From Operations (3) |
|
$ |
165.8 |
|
|
$ |
163.3 |
|
|
$ |
83.6 |
|
Adjusted EBITDA
(4) |
|
$ |
219.0 |
|
|
$ |
216.7 |
|
|
$ |
113.2 |
|
|
|
|
|
|
|
|
Net income, per
diluted common share |
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.27 |
|
(1) The guidance figures in the tables above present the
guidance provided on February 2, 2017, for the three months ended
March 31, 2017.
(2) Funds from operations (“FFO”) is net income, excluding
(gains) or losses from sales of property and real estate
depreciation as defined by NAREIT.
(3) Adjusted funds from operations (“AFFO”) is FFO,
excluding stock based compensation expense, debt issuance costs
amortization, other depreciation, amortization of land rights,
straight-line rent adjustments and direct financing lease
adjustments, reduced by capital maintenance expenditures.
(4) Adjusted EBITDA is net income excluding interest,
taxes on income, depreciation, (gains) or losses from sales of
property, stock based compensation expense, straight-line rent
adjustments, direct financing lease adjustments and the
amortization of land rights.
Chief Executive Officer, Peter M. Carlino, commented, “During
the first quarter, we announced that we reached an agreement to
acquire the real estate assets of Bally’s Casino Tunica and Resorts
Casino Tunica for $82.6 million, which we expect to be completed on
May 1, 2017. We are excited to partner with Penn National
Gaming, Inc. (NASDAQ:PENN) on this transaction as these assets will
be added to the existing PENN master lease and will produce $9.0
million of incremental annual rent. We appreciate the
expedient review completed by the Mississippi Gaming Commission,
which approved the transaction on April 20, 2017. This
acquisition demonstrates our steadfast focus on accretive growth
for our shareholders. Since the beginning of 2016, we have
acquired the real estate assets of 17 casinos across 8 states,
which generate annual cash rental income of $411.4 million.
We also recently announced an expansion of our Board of Directors
with the addition of Earl Shanks and Jim Perry, who bring a wealth
of relevant financial and operational experience.”
Mr. Carlino continued, “Our first quarter results exceeded
expectations largely as the result of out-performance at our
managed property, Hollywood Casino Baton Rouge, which grew net
revenue by 9% over the prior year, and at the PENN operated
Hollywood Casino Toledo and Hollywood Casino Columbus properties.
These property level results are indicative of the healthy regional
gaming markets in which the Company and our tenants operate. We
expect to continue to generate secure and predictable cash flow for
our investors, while we pursue strategic acquisitions that achieve
our goals of stability, diversification and accretion.”
The Company’s first quarter 2017 net income as
compared to its guidance was primarily impacted by the
following:
- Income from rental activities had a favorable variance of $0.6
million, primarily due to performance at PENN's Hollywood Casino
Columbus and Hollywood Casino Toledo;
- Results from the TRS properties were favorable to guidance by
$1.0 million primarily due to revenue improvements post-flooding at
Hollywood Casino Baton Rouge; and
- Corporate expenses were approximately $0.9 million less than
guidance primarily due to lower than anticipated legal
expenses.
In addition, AFFO was impacted by $0.2 million
of favorable capital maintenance expenditures for the quarter as
compared to guidance.
Portfolio Update
GLPI owns over 4,300 acres of land and approximately 15 million
square feet of building space, which was 100% occupied as of
March 31, 2017. At the end of the first quarter of 2017, the
Company owned the real estate associated with 36 casino facilities
and leases 18 of these facilities to PENN, 15 of these facilities
to Pinnacle Entertainment, Inc. (NASDAQ:PNK) and one to Casino
Queen in East St. Louis, Illinois. Two of the gaming
facilities, located in Baton Rouge, Louisiana and Perryville,
Maryland, are owned and operated by a subsidiary of GLPI (GLP
Holdings, Inc.) (the “TRS properties”).
Capital maintenance expenditures at the TRS properties were $0.5
million for the three months ended March 31, 2017.
Balance Sheet Update
The Company had $23.4 million of unrestricted cash and $4.6
billion in total debt, including $1.1 billion of debt outstanding
under its unsecured credit facility term loans and $70.0 million
outstanding under its unsecured credit facility revolver at
March 31, 2017. The Company’s debt structure as of
March 31, 2017 was as follows:
|
|
As of March 31, 2017 |
|
|
Interest Rate |
|
Balance |
|
|
|
|
(in thousands) |
Unsecured Term Loan A
(1) |
|
2.693 |
% |
|
$ |
300,000 |
|
Unsecured Term Loan A-1
(1) |
|
2.580 |
% |
|
825,000 |
|
Unsecured $700 Million
Revolver (1) |
|
2.733 |
% |
|
70,000 |
|
Senior Unsecured Notes
Due 2018 |
|
4.375 |
% |
|
550,000 |
|
Senior Unsecured Notes
Due 2020 |
|
4.875 |
% |
|
1,000,000 |
|
Senior Unsecured Notes
Due 2021 |
|
4.375 |
% |
|
400,000 |
|
Senior Unsecured Notes
Due 2023 |
|
5.375 |
% |
|
500,000 |
|
Senior Unsecured Notes
Due 2026 |
|
5.375 |
% |
|
975,000 |
|
Capital Lease |
|
4.780 |
% |
|
1,314 |
|
Total long-term
debt |
|
|
|
$ |
4,621,314 |
|
Less: unamortized debt
issuance costs |
|
|
|
(48,120 |
) |
Total long-term
debt, net of unamortized debt issuance costs |
|
|
|
$ |
4,573,194 |
|
(1) The rate on the term loan facilities and revolver is
Libor plus 1.75%. The Company's revolver and $300.0 million term
loan credit facility mature on October 28, 2018 and the incremental
term loan of $825.0 million matures on April 28, 2021.
As of March 31, 2017, the Company had 209,526,075 diluted
shares outstanding.
Dividends
On February 1, 2017, the Company’s Board of Directors
declared the first quarter 2017 dividend. Shareholders of
record on March 13, 2017 received $0.62 per common share,
which was paid on March 24, 2017. On April 25,
2017, the Company declared its second quarter 2017 dividend of
$0.62 per common share, payable on June 30, 2017 to
shareholders of record on June 16, 2017.
Guidance
The table below sets forth current guidance targets for
financial results for the 2017 second quarter and full year, based
on the following assumptions:
- Reflects the real estate asset acquisition of Bally's Casino
Tunica and Resorts Casino Tunica, which is expected to be completed
on May 1, 2017;
- Reported rental income of approximately $829.9 million for the
year and $207.4 million for the second quarter, consisting of:
(in millions) |
|
Second Quarter |
|
Full Year |
Cash Rental
Receipts |
|
|
|
|
PENN |
|
$ |
113.7 |
|
|
$ |
453.7 |
|
PNK |
|
101.3 |
|
|
406.3 |
|
Casino Queen |
|
3.6 |
|
|
14.4 |
|
PENN non-assigned land
lease |
|
(0.8 |
) |
|
(2.9 |
) |
Total Cash
Rental Receipts |
|
$ |
217.8 |
|
|
$ |
871.5 |
|
|
|
|
|
|
Non-Cash
Adjustments |
|
|
|
|
Straight-line rent |
|
$ |
(16.2 |
) |
|
$ |
(65.0 |
) |
PNK direct financing
lease |
|
(18.2 |
) |
|
(73.1 |
) |
Property taxes paid by
tenants |
|
21.8 |
|
|
87.6 |
|
PNK land lease paid by
tenant |
|
2.2 |
|
|
8.9 |
|
Total Rent as
Reported |
|
$ |
207.4 |
|
|
$ |
829.9 |
|
- Cash rent includes incremental escalator on the PENN building
rent component effective November 1, 2016, which increases 2017
annual rent by $3.8 million, no escalator assumed effective
November 1, 2017;
- Cash rent includes incremental escalator on the PNK building
rent component effective April 28, 2017, which increases 2017
annual rent by $3.9 million;
- TRS Adjusted EBITDA of approximately $36.8 million for the year
and $9.6 million for the second quarter with capital maintenance
expenditures of approximately $3.6 million for the year and $1.4
million for the second quarter;
- Blended income tax rate at the TRS entities of 44%;
- LIBOR is based on the forward yield curve;
- Real estate depreciation of approximately $101.4 million for
the year and $25.4 million in the second quarter;
- Non-real estate depreciation of approximately $13.0 million for
the year and $3.3 million in the second quarter;
- Expense related to acquired PNK land lease rights of
approximately $9.2 million for the year and $2.3 million in the
second quarter;
- Equity-related employee compensation that does not affect
Adjusted EBITDA includes non-cash expense of approximately $15.6
million for the year and $3.8 million for the second quarter for
restricted stock awards;
- Interest expense includes approximately $13.0 million for the
year and $3.3 million for the second quarter of debt issuance costs
amortization;
- For the purpose of the dividend calculation, AFFO is reduced by
approximately $3.1 million for the full year and $0.9 million for
the second quarter prior to calculation of the dividend to account
for dividends on shares that will be outstanding after options held
by employees are exercised;
- The basic share count is approximately 209.6 million shares for
the year and 208.9 million shares for the second quarter and the
fully diluted share count is approximately 211.2 million shares for
the year and 210.5 million shares for the second quarter; and
- Includes additional shares expected to be sold under the ATM
program in order to fund the Meadows and Tunica acquisitions, with
the proceeds to be used to pay down the existing revolver
balance.
|
|
Three Months Ending June
30, |
|
Full Year Ending December 31, |
(in millions, except per share data) |
|
2017Guidance |
|
2016Actual |
|
Revised 2017Guidance |
|
Prior 2017Guidance
(4) |
|
2016Actual |
Net
Revenue |
|
$ |
243.5 |
|
|
$ |
207.4 |
|
|
$ |
971.3 |
|
|
$ |
958.2 |
|
|
$ |
828.3 |
|
Net
Income |
|
$ |
95.7 |
|
|
$ |
73.3 |
|
|
$ |
381.1 |
|
|
$ |
371.0 |
|
|
$ |
289.3 |
|
Funds From
Operations (1) |
|
$ |
121.0 |
|
|
$ |
96.9 |
|
|
$ |
482.6 |
|
|
$ |
470.6 |
|
|
$ |
384.9 |
|
Adjusted Funds
From Operations (2) |
|
$ |
166.8 |
|
|
$ |
135.1 |
|
|
$ |
668.0 |
|
|
$ |
656.6 |
|
|
$ |
542.1 |
|
Adjusted EBITDA
(3) |
|
$ |
221.1 |
|
|
$ |
180.4 |
|
|
$ |
882.5 |
|
|
$ |
869.1 |
|
|
$ |
721.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income, per
diluted common share |
|
$ |
0.45 |
|
|
$ |
0.39 |
|
|
$ |
1.80 |
|
|
$ |
1.75 |
|
|
$ |
1.60 |
|
(1) FFO is net income, excluding (gains) or losses from
sales of property and real estate depreciation as defined by
NAREIT.
(2) AFFO is FFO, excluding stock based compensation
expense, debt issuance costs amortization, other depreciation,
amortization of land rights, straight-line rent adjustments and
direct financing lease adjustments, reduced by capital maintenance
expenditures.
(3) Adjusted EBITDA is net income excluding interest,
taxes on income, depreciation, (gains) or losses from sales of
property, stock based compensation expense, straight-line rent
adjustments, direct financing lease adjustments and the
amortization of land rights.
(4) The guidance figures in the tables above present the
guidance provided on February 2, 2017, for the year ended
December 31, 2017.
Conference Call Details
The Company will hold a conference call on April 27, 2017
at 3:00 p.m. (Eastern Time) to discuss its financial results,
current business trends and market conditions.
Webcast
The conference call will be available in the Investor Relations
section of the Company's website at www.glpropinc.com. To listen to
a live broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download and install any
necessary audio software. A replay of the call will also be
available for 90 days on the Company’s website.
To Participate in the Telephone
Conference Call:Dial in at least five minutes prior to
start time.Domestic: 1-877-407-0784International:
1-201-689-8560
Conference Call
Playback:Domestic: 1-844-512-2921International:
1-412-317-6671Passcode: 13659774The playback can be accessed
through May 4, 2017.
Disclosure Regarding Non-GAAP Financial
Measures
Funds From Operations (“FFO”), Adjusted Funds From Operations
(“AFFO”) and Adjusted EBITDA, which are detailed in the
reconciliation tables that accompany this release, are used by the
Company as performance measures for benchmarking against the
Company’s peers and as internal measures of business operating
performance, which is used for a bonus metric. The Company
believes FFO, AFFO, and Adjusted EBITDA provide a meaningful
perspective of the underlying operating performance of the
Company’s current business. This is especially true since
these measures exclude real estate depreciation, and we believe
that real estate values fluctuate based on market conditions rather
than depreciating in value ratably on a straight-line basis over
time. In addition, in order for the Company to qualify as a REIT,
it must distribute 90% of its REIT taxable income annually.
The Company adjusts AFFO accordingly to provide our investors an
estimate of taxable income for this distribution requirement.
Direct financing lease adjustments represent the portion of cash
rent we receive from tenants that is applied against our lease
receivable and thus not recorded as revenue and the amortization of
land rights represents the non-cash amortization of the value
assigned to the Company's assumed ground leases.
FFO, AFFO and Adjusted EBITDA are non-GAAP financial measures,
that are considered a supplemental measure for the real estate
industry and a supplement to GAAP measures. NAREIT defines FFO
as net income (computed in accordance with generally accepted
accounting principles), excluding (gains) or losses from sales of
property and real estate depreciation. We have defined AFFO
as FFO excluding stock based compensation expense, debt issuance
costs amortization, other depreciation, amortization of land
rights, straight-line rent adjustments and direct financing lease
adjustments, reduced by capital maintenance
expenditures. Finally, we have defined Adjusted EBITDA as net
income excluding interest, taxes on income, depreciation, (gains)
or losses from sales of property, stock based compensation expense,
straight-line rent adjustments, direct financing lease adjustments
and the amortization of land rights.
FFO, AFFO and Adjusted EBITDA are not recognized terms under
GAAP. Because certain companies do not calculate FFO, AFFO,
and Adjusted EBITDA in the same way and certain other companies may
not perform such calculation, those measures as used by other
companies may not be consistent with the way the Company calculates
such measures and should not be considered as alternative measures
of operating profit or net income. The Company’s presentation
of these measures does not replace the presentation of the
Company’s financial results in accordance with GAAP.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and
owning real estate property to be leased to gaming operators in
triple-net lease arrangements, pursuant to which the tenant is
responsible for all facility maintenance, insurance required in
connection with the leased properties and the business conducted on
the leased properties, taxes levied on or with respect to the
leased properties and all utilities and other services necessary or
appropriate for the leased properties and the business conducted on
the leased properties. GLPI expects to grow its portfolio by
pursuing opportunities to acquire additional gaming facilities to
lease to gaming operators. GLPI also intends to diversify its
portfolio over time, including by acquiring properties outside the
gaming industry to lease to third parties. GLPI elected to be taxed
as a REIT for United States federal income tax purposes commencing
with the 2014 taxable year and is the first gaming-focused REIT in
North America.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding our financial outlook for
the second quarter of 2017 and the full 2017 fiscal year and our
expectations regarding future acquisitions, the issuance of shares
under our ATM program and dividend payments. Forward looking
statements can be identified by the use of forward looking
terminology such as “expects,” “believes,” “estimates,” “intends,”
“may,” “will,” “should” or “anticipates” or the negative or other
variation of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Such forward
looking statements are inherently subject to risks, uncertainties
and assumptions about GLPI and its subsidiaries, including risks
related to the following: the ability to receive, or delays in
obtaining, the regulatory approvals required to own and/or operate
its properties, or other delays or impediments to completing GLPI’s
planned acquisitions or projects; GLPI's ability to maintain its
status as a REIT; the availability of and the ability to identify
suitable and attractive acquisition and development opportunities
and the ability to acquire and lease those properties on favorable
terms; our ability to access capital through debt and equity
markets in amounts and at rates and costs acceptable to GLPI,
including through GLPI's existing ATM program; changes in the U.S.
tax law and other state, federal or local laws, whether or not
specific to REITs or to the gaming or lodging industries; and other
factors described in GLPI’s Annual Report on Form 10-K for the
year ended December 31, 2016, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K, each as filed with the
Securities and Exchange Commission. All subsequent written and oral
forward looking statements attributable to GLPI or persons acting
on GLPI’s behalf are expressly qualified in their entirety by the
cautionary statements included in this press release. GLPI
undertakes no obligation to publicly update or revise any forward
looking statements contained or incorporated by reference herein,
whether as a result of new information, future events or otherwise,
except as required by law. In light of these risks, uncertainties
and assumptions, the forward looking events discussed in this press
release may not occur.
Additional Information
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended. In connection with the
establishment of its ATM Program, the Company filed with the SEC a
prospectus supplement dated August 9, 2016 to the prospectus
contained in its effective Registration Statement on Form S-3 (No.
333-210423), filed with the SEC on March 28, 2016. This
communication is not a substitute for the filed Registration
Statement/prospectus or any other document that the Company may
file with the SEC or send to its shareholders in connection with
the proposed transactions. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE REGISTRATION STATEMENT AND PROSPECTUS THAT HAVE BEEN
FILED WITH THE SEC AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED
WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY
CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION. You may obtain
free copies of the registration statement/prospectus and other
relevant documents filed by the Company with the SEC at the SEC’s
website at www.sec.gov. Copies of the documents filed with the SEC
by the Company are available free of charge on the Company’s
investor relations website at investors.glpropinc.com or by
contacting the Company’s investor relations representative at (203)
682-8211.
Contact
Investor Relations – Gaming and Leisure
Properties, Inc.
Bill CliffordT: 610-401-2900Email: Bclifford@glpropinc.com
Hayes CroushoreT: 610-378-8396Email:
Hcroushore@glpropinc.com
GAMING AND LEISURE PROPERTIES, INC. AND
SUBSIDIARIESConsolidated Statements of
Operations(in thousands, except per share data)
(unaudited) |
|
|
|
Three Months Ended March
31, |
|
2017 |
|
2016 |
Revenues |
|
|
|
Rental
income |
$ |
165,161 |
|
|
$ |
100,215 |
|
Income
from direct financing lease |
17,824 |
|
|
— |
|
Real
estate taxes paid by tenants |
21,720 |
|
|
11,827 |
|
Total rental revenue
and income from direct financing lease |
204,705 |
|
|
112,042 |
|
Gaming,
food, beverage and other |
39,260 |
|
|
38,159 |
|
Total revenues |
243,965 |
|
|
150,201 |
|
Less
promotional allowances |
(1,252 |
) |
|
(1,381 |
) |
Net revenues |
242,713 |
|
|
148,820 |
|
Operating
expenses |
|
|
|
Gaming,
food, beverage and other |
21,076 |
|
|
20,987 |
|
Real
estate taxes |
22,143 |
|
|
12,207 |
|
General
and administrative |
21,231 |
|
|
20,906 |
|
Depreciation |
28,257 |
|
|
27,083 |
|
Total operating
expenses |
92,707 |
|
|
81,183 |
|
Income from
operations |
150,006 |
|
|
67,637 |
|
|
|
|
|
Other income
(expenses) |
|
|
|
Interest
expense |
(53,949 |
) |
|
(33,401 |
) |
Interest
income |
464 |
|
|
517 |
|
Total other
expenses |
(53,485 |
) |
|
(32,884 |
) |
|
|
|
|
Income from
operations before income taxes |
96,521 |
|
|
34,753 |
|
Income tax
expense |
2,530 |
|
|
2,004 |
|
Net
income |
$ |
93,991 |
|
|
$ |
32,749 |
|
|
|
|
|
Earnings per
common share: |
|
|
|
Basic earnings per
common share |
$ |
0.45 |
|
|
$ |
0.28 |
|
Diluted earnings per
common share |
$ |
0.45 |
|
|
$ |
0.27 |
|
GAMING AND LEISURE PROPERTIES, INC. AND
SUBSIDIARIESOperations(in thousands)
(unaudited) |
|
|
|
|
|
NET REVENUES |
|
ADJUSTED EBITDA |
|
Three Months Ended March
31, |
|
Three Months Ended March
31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Real estate |
$ |
204,705 |
|
|
$ |
112,042 |
|
|
$ |
208,110 |
|
|
$ |
103,510 |
|
GLP Holdings, LLC.
(TRS)
|
38,008 |
|
|
36,778 |
|
|
10,910 |
|
|
9,723 |
|
Total |
$ |
242,713 |
|
|
$ |
148,820 |
|
|
$ |
219,020 |
|
|
$ |
113,233 |
|
GAMING AND LEISURE PROPERTIES, INC. AND
SUBSIDIARIESGeneral and Administrative
Expenses(in thousands) (unaudited) |
|
|
|
Three Months Ended March
31, |
|
2017 |
|
2016 |
Real estate general and
administrative expenses (1) (2) |
$ |
15,501 |
|
|
$ |
15,228 |
|
GLP Holdings, LLC.
(TRS) general and administrative expenses (2) |
5,730 |
|
|
5,678 |
|
Total |
$ |
21,231 |
|
|
$ |
20,906 |
|
|
(1)
Includes stock based compensation of $4.6 million and $7.3 million
for the three months ended March 31, 2017 and 2016,
respectively. |
|
(2)
General and administrative expenses include payroll related
expenses, insurance, utilities, professional fees and other
administrative costs. |
Reconciliation of Net income (GAAP) to FFO, FFO to
AFFO, and AFFO to Adjusted EBITDAGaming and Leisure Properties,
Inc. and SubsidiariesCONSOLIDATED(in thousands)
(unaudited) |
|
|
|
Three Months Ended March
31, |
|
2017 |
|
2016 |
Net
income |
$ |
93,991 |
|
|
$ |
32,749 |
|
Losses or (gains) from
dispositions of property |
105 |
|
|
(15 |
) |
Real estate
depreciation |
24,903 |
|
|
23,691 |
|
Funds from
operations |
$ |
118,999 |
|
|
$ |
56,425 |
|
Straight-line rent
adjustments |
16,245 |
|
|
13,956 |
|
Direct financing lease
adjustments |
17,613 |
|
|
— |
|
Other depreciation
(1) |
3,354 |
|
|
3,392 |
|
Amortization of land
rights |
2,311 |
|
|
— |
|
Debt issuance costs
amortization |
3,257 |
|
|
5,582 |
|
Stock based
compensation |
4,483 |
|
|
4,572 |
|
Maintenance CAPEX
(2) |
(482 |
) |
|
(362 |
) |
Adjusted funds
from operations |
$ |
165,780 |
|
|
$ |
83,565 |
|
Interest, net |
53,485 |
|
|
32,884 |
|
Income tax expense |
2,530 |
|
|
2,004 |
|
Maintenance CAPEX
(2) |
482 |
|
|
362 |
|
Debt issuance costs
amortization |
(3,257 |
) |
|
(5,582 |
) |
Adjusted
EBITDA |
$ |
219,020 |
|
|
$ |
113,233 |
|
|
(1)
Other depreciation includes both real estate and equipment
depreciation from the Company's taxable REIT subsidiaries as well
as equipment depreciation from the REIT subsidiaries. |
|
(2)
Capital maintenance expenditures are expenditures to replace
existing fixed assets with a useful life greater than one year that
are obsolete, worn out or no longer cost effective to repair. |
Reconciliation of Net income (GAAP) to FFO, FFO to
AFFO, and AFFO to Adjusted EBITDAGaming and Leisure Properties,
Inc. and SubsidiariesREAL ESTATE and CORPORATE
(REIT)(in thousands) (unaudited) |
|
|
|
Three Months Ended March
31, |
|
2017 |
|
2016 |
Net
income |
$ |
90,779 |
|
|
$ |
30,101 |
|
Losses or (gains) from
dispositions of property |
— |
|
|
— |
|
Real estate
depreciation |
24,903 |
|
|
23,691 |
|
Funds from
operations |
$ |
115,682 |
|
|
$ |
53,792 |
|
Straight-line rent
adjustments |
16,245 |
|
|
13,956 |
|
Direct financing lease
adjustments |
17,613 |
|
|
— |
|
Other depreciation
(1) |
521 |
|
|
521 |
|
Amortization of land
rights |
2,311 |
|
|
— |
|
Debt issuance costs
amortization |
3,257 |
|
|
5,582 |
|
Stock based
compensation |
4,483 |
|
|
4,572 |
|
Maintenance CAPEX |
— |
|
|
— |
|
Adjusted funds
from operations |
$ |
160,112 |
|
|
$ |
78,423 |
|
Interest, net (2) |
50,885 |
|
|
30,283 |
|
Income tax expense |
370 |
|
|
386 |
|
Maintenance CAPEX |
— |
|
|
— |
|
Debt issuance costs
amortization |
(3,257 |
) |
|
(5,582 |
) |
Adjusted
EBITDA |
$ |
208,110 |
|
|
$ |
103,510 |
|
|
(1)
Other depreciation includes equipment depreciation from the
Company's REIT subsidiaries as well as equipment depreciation from
the REIT subsidiaries. |
|
(2)
Interest expense, net is net of intercompany interest eliminations
of $2.6 million for both the three months ended March 31, 2017
and 2016. |
Reconciliation of Net income (GAAP) to FFO, FFO to
AFFO, and AFFO to Adjusted EBITDAGaming and Leisure Properties,
Inc. and SubsidiariesGLP HOLDINGS, LLC (TRS)(in
thousands) (unaudited) |
|
|
|
Three Months Ended March
31, |
|
2017 |
|
2016 |
Net
income |
$ |
3,212 |
|
|
$ |
2,648 |
|
Losses or (gains) from
dispositions of property |
105 |
|
|
(15 |
) |
Real estate
depreciation |
— |
|
|
— |
|
Funds from
operations |
$ |
3,317 |
|
|
$ |
2,633 |
|
Straight-line rent
adjustments |
— |
|
|
— |
|
Direct financing lease
adjustments |
— |
|
|
— |
|
Other depreciation
(1) |
2,833 |
|
|
2,871 |
|
Amortization of land
rights |
— |
|
|
— |
|
Debt issuance costs
amortization |
— |
|
|
— |
|
Stock based
compensation |
— |
|
|
— |
|
Maintenance CAPEX
(2) |
(482 |
) |
|
(362 |
) |
Adjusted funds
from operations |
$ |
5,668 |
|
|
$ |
5,142 |
|
Interest, net |
2,600 |
|
|
2,601 |
|
Income tax expense |
2,160 |
|
|
1,618 |
|
Maintenance CAPEX
(2) |
482 |
|
|
362 |
|
Debt issuance costs
amortization |
— |
|
|
— |
|
Adjusted
EBITDA |
$ |
10,910 |
|
|
$ |
9,723 |
|
|
(1)
Other depreciation includes both real estate and equipment
depreciation from the Company's taxable REIT subsidiaries as well
as equipment depreciation from the REIT subsidiaries. |
|
(2)
Capital maintenance expenditures are expenditures to replace
existing fixed assets with a useful life greater than one year that
are obsolete, worn out or no longer cost effective to repair. |
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