Gaming and Leisure Properties, Inc. (GLPI) 10-Year Financial Performance & Capital Metrics

GLPI • • REIT / Real Estate

Real EstateSpecialty REITsExperiential & Gaming PropertiesGaming Property Lessors

AboutGaming & Leisure Properties, Inc. engages in the provision of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company was founded on February 13, 2013 and is headquartered in Wyomissing, PA.Show more

Revenue $1.53B +6.3%
FFO $1.06B +4.7%
FFO/Share 3.87 +1.4%
FFO Payout 78.51% -4.8%
FFO per Share 3.87 +1.4%
NOI Margin 96.89%
FFO Margin 69.08% -1.5%
ROE 17.14% +0.7%
ROA 6.24% -3.3%
Debt/Assets 60.32% +3.5%
Net Debt/EBITDA 5.40 +17.2%
Book Value/Share 16.98 -0.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 78.5%
✓High NOI margin of 96.9%
✓Good 3Y average ROE of 17.5%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.19%

5Y5.83%

3Y7.98%

TTM4.39%

Profit (Net Income) CAGR

10Y15.52%

5Y14.95%

3Y13.68%

TTM-0.47%

EPS CAGR

10Y6.15%

5Y9.66%

3Y8.29%

TTM-102.45%

ROCE

10Y Avg9.41%

5Y Avg9.52%

3Y Avg9.65%

Latest9.26%

Peer Comparison

Gaming Property Lessors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLPIGaming and Leisure Properties, Inc.	12.74B	45.02	15.69	6.33%	49.14%	15.64%	8.11%	1.73

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	575.05M	828.25M	971.31M	1.06B	1.15B	1.15B	1.22B	1.31B	1.44B	1.53B
Revenue Growth %	-0.1%	0.44%	0.17%	0.09%	0.09%	-0%	0.05%	0.08%	0.1%	0.06%
Property Operating Expenses	122.19M	151.91M	189.16M	194.24M	117.14M	85.74M	90.43M	52.35M	45.93M	47.67M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	195.45M	195.72M	176.63M	208.22M	318.91M	258.15M	284.15M	229.42M	325.76M	353.19M
G&A Expenses	85.67M	86.17M	63.15M	71.13M	65.39M	68.57M	61.24M	51.32M	56.45M	59.57M
EBITDA+	367.2M	828.25M	971.31M	996.27M	976.39M	1.05B	1.09B	1.28B	1.35B	1.4B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	109.78M	347.63M	365.79M	402.46M	258.97M	243M	252.05M	254.55M	276.42M	273.42M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	257.42M	480.62M	605.52M	593.81M	717.42M	809.27M	841.77M	1.03B	1.07B	1.13B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	124.18M	185.9M	217.07M	247.68M	301.52M	282.14M	283.04M	309.29M	323.39M	366.9M
Interest Coverage	2.07x	2.59x	2.79x	2.40x	2.38x	2.87x	2.97x	3.33x	3.30x	3.08x
Non-Operating Income	-2.33M	-2.12M	-1.94M	1.65M	20.26M	17.54M	-3.7M	284K	-12.05M	-45.99M
Pretax Income+	135.56M	296.85M	390.38M	344.48M	395.64M	509.59M	562.43M	720.34M	757.37M	809.78M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	7.44M	7.54M	9.79M	4.96M	4.76M	3.88M	28.34M	17.05M	2M	2.13M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	128.12M	289.31M	380.6M	339.52M	390.88M	505.71M	534.05M	684.65M	734.28M	784.62M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.31%	1.26%	0.32%	-0.11%	0.15%	0.29%	0.06%	0.28%	0.07%	0.07%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.19%	1.68%	0.17%	-0.01%	-0.12%	0.15%	0.05%	0.19%	0.08%	0.05%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.08	1.60	1.79	1.58	1.81	2.30	2.26	2.70	2.77	2.87
EPS Growth %	-0.32%	0.48%	0.12%	-0.12%	0.15%	0.27%	-0.02%	0.19%	0.03%	0.04%
EPS (Basic)	1.12	1.62	1.80	1.59	1.82	2.31	2.27	2.71	2.78	2.87
Diluted Shares Outstanding	118.63M	180.82M	212.75M	214.78M	215.79M	219.77M	236.23M	253.85M	264.99M	273.53M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.45B	7.37B	7.25B	8.58B	8.43B	9.03B	10.69B	10.93B	11.81B	13.33B
Asset Growth %	-0.05%	2.01%	-0.02%	0.18%	-0.02%	0.07%	0.18%	0.02%	0.08%	0.13%
Real Estate & Other Assets+	2.15B	3.79B	3.72B	7.4B	7.14B	7.63B	7.83B	7.95B	8.22B	8.21B
PP&E (Net)	129.75M	119.43M	108.29M	100.88M	278.14M	231.96M	183.14M	181.24M	196.25M	244.59M
Investment Securities	0	0	0	0	0	0	0	0	0	1000K
Total Current Assets+	79.13M	2.78B	2.69B	373.43M	334.74M	547.9M	2B	2.14B	2.75B	3.77B
Cash & Equivalents	41.88M	36.56M	29.05M	25.78M	26.82M	486.45M	724.6M	239.08M	683.98M	462.63M
Receivables	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	59.35M	77.73M	0	39.04M	0
Intangible Assets	9.58M	600.34M	649.73M	682.78M	9.58M	617.86M	668.68M	652.82M	639.27M	847.19M
Total Liabilities	2.7B	4.94B	4.79B	6.31B	6.36B	6.36B	7.3B	6.81B	7.3B	8.69B
Total Debt+	2.51B	4.83B	4.44B	6.26B	5.97B	5.91B	6.79B	6.36B	6.88B	8.04B
Net Debt	2.47B	4.79B	4.41B	6.23B	5.94B	5.42B	6.07B	6.13B	6.19B	7.58B
Long-Term Debt	2.51B	4.66B	4.44B	5.85B	5.52B	5.75B	6.55B	6.13B	6.63B	7.74B
Short-Term Borrowings	102K	1000K	0	1000K	1000K	0	0	0	0	0
Capital Lease Obligations	2.57M	1.34M	1.23M	1.11M	184.96M	153.06M	237.25M	235.76M	251.11M	305.76M
Total Current Liabilities+	173.51M	250.67M	320.1M	431.87M	411.19M	412.11M	471.22M	420.37M	382.47M	347.22M
Accounts Payable	406K	1.08M	715K	2.51M	1.01M	375K	63.54M	6.56M	7.01M	5.8M
Deferred Revenue	107.38M	166.05M	232.02M	293.91M	328.49M	333.06M	329.07M	324.77M	284.89M	228.51M
Other Liabilities	-89.69M	-146.49M	-206.61M	-267.85M	-301.83M	39.98M	39.46M	27.69M	36.57M	296.39M
Total Equity+	-253.51M	2.43B	2.46B	2.27B	2.07B	2.68B	3.39B	4.12B	4.51B	4.65B
Equity Growth %	-0.44%	10.6%	0.01%	-0.08%	-0.08%	0.29%	0.27%	0.21%	0.09%	0.03%
Shareholders Equity	-253.51M	2.43B	2.46B	2.27B	2.07B	2.68B	3.19B	3.78B	4.16B	4.27B
Minority Interest	0	0	0	0	0	0	205.13M	340.14M	352.05M	376.96M
Common Stock	1.16M	2.08M	2.13M	2.14M	2.15M	2.33M	2.47M	2.61M	2.71M	2.74M
Additional Paid-in Capital	935.22M	3.76B	3.93B	3.95B	3.96B	4.28B	4.95B	5.57B	6.05B	6.21B
Retained Earnings	-1.19B	-1.33B	-1.48B	-1.69B	-1.89B	-1.61B	-1.77B	-1.8B	-1.9B	-1.94B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.05%	0.06%	0.05%	0.04%	0.05%	0.06%	0.05%	0.06%	0.06%	0.06%
Return on Equity (ROE)	-	0.27%	0.16%	0.14%	0.18%	0.21%	0.18%	0.18%	0.17%	0.17%
Debt / Assets	1.03%	0.66%	0.61%	0.73%	0.71%	0.65%	0.64%	0.58%	0.58%	0.6%
Debt / Equity	-	1.98x	1.81x	2.76x	2.88x	2.21x	2.00x	1.55x	1.53x	1.73x
Net Debt / EBITDA	6.72x	5.79x	4.54x	6.25x	6.08x	5.15x	5.54x	4.77x	4.61x	5.40x
Book Value per Share	-2.14	13.46	11.55	10.55	9.61	12.17	14.35	16.22	17.02	16.98

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	319.69M	514.37M	598.71M	654.43M	750.3M	428.08M	803.78M	920.13M	1.01B	1.07B
Operating CF Growth %	0.17%	0.61%	0.16%	0.09%	0.15%	-0.43%	0.88%	0.14%	0.1%	0.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	128.12M	289.31M	380.6M	339.52M	390.88M	505.71M	534.09M	703.28M	755.37M	784.16M
Depreciation & Amortization	109.78M	115.72M	123.83M	148.37M	258.97M	243M	252.05M	254.55M	276.42M	273.42M
Stock-Based Compensation	16.81M	18.31M	15.64M	11.15M	16.2M	20M	16.83M	20.43M	22.87M	0
Other Non-Cash Items	70.03M	73.36M	79.53M	137.29M	80.14M	-345.7M	-7.59M	-68.37M	-45.62M	-2.99M
Working Capital Changes	-4.24M	19.21M	-324K	18.63M	4.87M	4.62M	3.08M	10.24M	321K	18.18M
Cash from Investing+	-14.14M	-3.22B	698K	-1.51B	-2.82M	-9.49M	-1.03B	-354.49M	-650.83M	-1.61B
Acquisitions (Net)	0	0	0	0	0	5.88M	58.99M	-148.71M	0	0
Purchase of Investments	0	-3.27B	-83.25M	-1.55B	0	-5.9M	-592.24M	-129.05M	-463.19M	-1.09B
Sale of Investments	1000K	1000K	1000K	1000K	0	15K	1000K	1000K	0	1000K
Other Investing	4.96M	-3.22B	3.95M	-1.51B	200K	-5.88M	-497.58M	-201.42M	-140.2M	-852.46M
Cash from Financing+	-299.64M	2.7B	-606.91M	852.08M	-746.45M	63.17M	443.07M	-1.05B	86.35M	311.82M
Dividends Paid	-251.73M	-428.35M	-529.37M	-550.43M	-589.13M	-230.52M	-633.9M	-770.86M	-833.98M	-830.72M
Common Dividends	-251.73M	-428.35M	-529.37M	-550.43M	-589.13M	-230.52M	-633.9M	-770.86M	-833.98M	-830.72M
Debt Issuance (Net)	-1000K	1000K	-1000K	1000K	-1000K	-248K	1000K	-1000K	1000K	1000K
Share Repurchases	0	0	0	0	-255K	0	0	0	0	0
Other Financing	20.19M	81.57M	18.16M	-26.77M	-19.09M	-26.93M	-16.98M	-32.59M	-41.52M	-64M
Net Change in Cash+	5.9M	-5.32M	-7.5M	-3.27M	1.04M	459.63M	238.14M	-485.51M	444.9M	-221.35M
Exchange Rate Effect	0	0	0	0	0	-1000K	1000K	0	0	0
Cash at Beginning	35.97M	41.88M	36.56M	29.05M	25.78M	26.82M	486.45M	724.6M	239.08M	683.98M
Cash at End	41.88M	36.56M	29.05M	25.78M	26.82M	486.45M	724.6M	239.08M	683.98M	462.63M
Free Cash Flow+	300.59M	510.93M	595.46M	650.13M	747.28M	424.47M	787.58M	896.1M	961.93M	1.03B
FCF Growth %	1.3%	0.7%	0.17%	0.09%	0.15%	-0.43%	0.86%	0.14%	0.07%	0.07%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.01	3.52	3.51	3.45	3.01	3.41	3.33	3.7	3.81	3.87
FFO Payout Ratio	105.81%	67.25%	70.92%	74.18%	90.66%	30.79%	80.64%	82.08%	82.51%	78.51%
NOI Margin	78.75%	81.66%	80.53%	81.6%	89.84%	92.56%	92.57%	96.01%	96.81%	96.89%
Net Debt / EBITDA	6.72x	5.79x	4.54x	6.25x	6.08x	5.15x	5.54x	4.77x	4.61x	5.40x
Debt / Assets	102.54%	65.54%	61.31%	72.93%	70.76%	65.38%	63.51%	58.23%	58.26%	60.32%
Interest Coverage	2.07x	2.59x	2.79x	2.40x	2.38x	2.87x	2.97x	3.33x	3.30x	3.08x
Book Value / Share	-2.14	13.46	11.55	10.55	9.61	12.17	14.35	16.22	17.02	16.98
Revenue Growth	-9.57%	44.03%	17.27%	8.69%	9.26%	-0.03%	5.48%	7.84%	9.81%	6.33%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Real Estate	-	-	-	-	1.03B	1.05B	-	138.31M	152.99M	185.43M
Real Estate Growth	-	-	-	-	-	2.45%	-	-	10.61%	21.20%
Gaming, food, beverage and other	-	-	-	132.54M	128.39M	103M	109.7M	-	-	-
Gaming, food, beverage and other Growth	-	-	-	-	-3.13%	-19.78%	6.51%	-	-	-
Slot machines	-	-	-	111.31M	-	-	-	-	-	-
Slot machines Growth	-	-	-	-	-	-	-	-	-	-
Table Games	-	-	-	15.53M	-	-	-	-	-	-
Table Games Growth	-	-	-	-	-	-	-	-	-	-
Food and Beverage	-	-	-	8.76M	-	-	-	-	-	-
Food and Beverage Growth	-	-	-	-	-	-	-	-	-	-
Poker	1.22M	1.14M	1.18M	1.11M	-	-	-	-	-	-
Poker Growth	-	-6.89%	4.14%	-5.75%	-	-	-	-	-	-
Promotional allowances	-	-	-	-4.17M	-	-	-	-	-	-
Promotional allowances Growth	-	-	-	-	-	-	-	-	-	-
Video Lottery	122.29M	119.39M	119M	-	-	-	-	-	-	-
Video Lottery Growth	-	-2.37%	-0.33%	-	-	-	-	-	-	-
Table Game	18.8M	18.07M	17.22M	-	-	-	-	-	-	-
Table Game Growth	-	-3.88%	-4.71%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Gaming and Leisure Properties, Inc. (GLPI) has a price-to-earnings (P/E) ratio of 15.7x. This is roughly in line with market averages.

Growth & Financials

Gaming and Leisure Properties, Inc. (GLPI) reported $1.58B in revenue for fiscal year 2024. This represents a 649% increase from $210.6M in 2012.

Gaming and Leisure Properties, Inc. (GLPI) grew revenue by 6.3% over the past year. This is steady growth.

Yes, Gaming and Leisure Properties, Inc. (GLPI) is profitable, generating $775.0M in net income for fiscal year 2024 (51.2% net margin).

Dividend & Returns

Yes, Gaming and Leisure Properties, Inc. (GLPI) pays a dividend with a yield of 6.75%. This makes it attractive for income-focused investors.

Gaming and Leisure Properties, Inc. (GLPI) has a return on equity (ROE) of 17.1%. This is reasonable for most industries.

Industry Metrics

Gaming and Leisure Properties, Inc. (GLPI) generated Funds From Operations (FFO) of $1.06B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gaming and Leisure Properties, Inc. (GLPI) offers a 6.75% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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