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EX - 99.1 2 glpi - 2021331ex991.htm EX - 99.1 GAMING & LEISURE PROPERTIES . INC GAMING AND LEISURE PROPERTIES , INC . REPORTS FIRST QUARTER 2021 RESULTS WYOMISSING , PA — April 29 , 2021 — Gaming and Leisure Properties , Inc. ( NASDAQ : GLPI ) ( “ GLPI " or the " Company " ) today announced financial results for the quarter ended March 31 , 2021 . Financial Highlights ( in millions , except per share data ) Total Revenue Income from Operations Net Income FFO ( ¹ ) AFFO ( ² ) Adjusted EBITDA ( ³ ) Net income , per diluted common share FFO , per diluted common share AFFO , per diluted common share Three Months Ended March 31 , 2021 2020 LA LA LA LA LA LA $ $ $ 1 $ $ $ $ LA LA LA $ $ 301.5 $ 200.1 $ 127.2 183.6 $ 195.7 $ 266.6 $ LA LA LA LA LA LA $ 0.54 $ 0.79 $ 0.84 $ 283.5 186.4 96.9 151.2 188.8 258.8 0.45 0.70 0.88 ( 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 , the amortization of debt issuance costs , bond premiums and original issuance discounts , other depreciation , amortization of land rights , straight - line rent adjustments and losses on debt extinguishment , 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 , amortization of land rights , and losses on debt extinguishment . Peter Carlino , Chairman and Chief Executive Officer of GLPI , commented , " Our record first quarter financial results highlight our long - term focus on aligning with the industry's top regional gaming operators , expanding and diversifying our portfolio of regional gaming assets , and supporting our tenants , resulting in the predictability and growth of our rental cash flows and dividends . Our tenant roster features management teams with proven track records in highly - competitive markets which has enabled our tenants to successfully reopen their properties thereby increasing the longer - term visibility of our rental receipts . " Our long - term strategy includes tenant diversification beyond the proven management teams with whom we currently work . In this regard , earlier this month we expanded our relationship with Bally's Corporation in a series of transactions whereby we will acquire the real estate assets of its casino properties in Rock Island , Illinois and Black Hawk , Colorado . We expect the acquisition of the Rock Island and Black Hawk real estate to close early next year and generate incremental annual rent of $ 12 million . These assets are expected to be added to our previously announced Bally's master lease for their Tropicana Evansville and Dover Downs Hotel & Casino properties , which is expected to be completed mid - 2021 . " We are delighted to expand and diversify our relationship with Bally's through transactions that deliver strong rent coverage and an accretive cap rate . By adding to the planned master lease with Bally's , securing rights of first refusal on potential future assets and converting the Tropicana Las Vegas into an income producing ground lease , we expect to drive incremental cash flows while maintaining a strong balance sheet . We expect our tenants ' strength , combined with our standing as the sector's only