Gaming and Leisure Properties Inc (GLPI), the NASDAQ-listed company that acquires, finances, and owns real estate property leased to operators as part of triple-net lease arrangements has published its results for Q4 and year-ended December 31, 2022. The company’s board also established its first-quarter dividend for 2023 while introducing its guidance for the new year in a complex report.
Q4 Results “Highlight the Durability” of GLPI’s Rental Streams
As stated by the company’s chief executive officer and chairman Peter Carlino, GLPI finished 2022 with record results for Q4 as well as increased dividends thanks to their “deep, long-term knowledge of the gaming sector” and the durability of their rental streams. Together, these allowed the company to keep expanding and diversifying its database of tenants, reach new markets, and constantly grow its rental streams.
Carlino also emphasized the important role of their sealed agreements with Bally’s Corporation and The Cordish Companies announced at the end of 2021 and in 2022 in the record numbers presented in their new report.
Accordingly, in its new report, GLPI recorded total revenue of $336.4 million in the three months that ended December 31, 2022, compared to $298.3 million in the same quarter that ended December 31, 2021, marking a 12.7% growth. The company also reported $1.3 billion in total revenue for 2022 compared to $1.2 billion in the previous year.
The income from operations recorded for the whole year in 2022 reached the $1.02 billion mark, signaling a 22% growth on a YoY basis from $841.8. The Q4 numbers for the same income from operations recorded a rise of close to 35% from $204.4 million to $275.5 million. The net income for the year ended December 31, 2022, was $703.3 million compared to $534.1 million at the end of 2021. Adjusted EBITDA in 2022 reached $1.22 billion from $1.09 billion in 2021.
Growth Expected to Continue in 2023
The company predicted that its continued efforts to grow will carry on in 2023 while expressing its trust in the capacities of its relationships with important gaming operators, expansion initiatives, and power to structure and support innovative transactions at highly competitive rates.
By harnessing the strength of its tenants aligned with its liquidity and balance sheet, GLPI hopes to keep growing its cash flows while building more value for its shareholders in the current year and beyond.
The company has already announced a value of $0.72 per share on the common stock earlier in the week while setting the special earnings and profit dividend at $0.25 per share in relation to the sale of the Tropicana Las Vegas venue.
According to its 2023 Guidance, GLPI estimates its adjusted funds from operations for the year ending December 31, 2023, will range between $980 million and $997 million. The company also gave an estimate for diluted share or units of limited partnership interest in the operating partnership of between $3.61 and $3.67.