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EX - 99.1 2 glpi - 2021630ex991.htm EX - 99.1 GAMING & LEISURE PROPERTIES . INC GAMING AND LEISURE PROPERTIES , INC . REPORTS RECORD SECOND QUARTER 2021 RESULTS — WYOMISSING , PA — July 29 , 2021 - Gaming and Leisure Properties , Inc. ( NASDAQ : GLPI ) ( “ GLPI ” or the “ Company " ) today announced record financial results for the quarter ended June 30 , 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 June 30 , 2021 2020 $ $ $ $ 1 $ 317.8 $ 212.1 $ 138.2 $ 195.1 $ 203.8 $ 276.2 $ 0.59 $ 0.83 $ 0.87 $ 262.0 180.7 112.4 166.9 180.6 246.9 0.52 0.77 0.84 ( 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 , " GLPI's record second quarter results and our financial performance over the last year highlight the value of resilient regional gaming markets and our high quality tenant roster that has been further diversified while maintaining a close watch on our capital structure and cost of capital . As a result , we have established sustained financial stability , capitalized on new growth opportunities with existing and new tenants , and returned capital to shareholders in the form of stock and cash dividends on an uninterrupted basis , despite the challenges presented by the pandemic . " As we look to the second half of 2021 , GLPI remains well positioned to deliver record results as we further expand and diversify our portfolio and benefit from the continued strength in regional gaming markets , with many of the operations at GLPI's properties recording both record bottom line results and margins , as well as growth in topline performance compared to 2019 ( prior to the COVID - 19 outbreak ) . As a result , on May 1 , 2021 , full rent escalators were achieved with respect to the Amended Pinnacle Master Lease , the Boyd Master Lease and the Belterra Park Lease , which increased annualized rent by $ 6.1 million . Furthermore , given Penn National Gaming's strong recent performance , we expect to achieve a full rent escalation with respect to the Penn Master Lease in the fourth quarter that would increase annualized rent by $ 5.6 million . We expect to continue to invest in existing and new tenant relationships by sourcing portfolio enhancing , accretive growth opportunities . Taken together , these factors support our confidence that the Company is well positioned to extend its long track record of value creation for shareholders . ”