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GAMING & LEISURE PROPERTIES , INC Gaming and Leisure Properties , Inc. Reports Third Quarter 2021 Results October 28 , 2021 WYOMISSING , Pa . , Oct. 28 , 2021 ( GLOBE NEWSWIRE ) -- Gaming and Leisure Properties , Inc. ( NASDAQ : GLPI ) ( " GLPI " or the " Company " ) today announced financial results for the quarter ended September 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 ( 4 ) FFO , per diluted common share AFFO , per diluted common share LA LA LA LA LA LA $ $ $ $ $ $ $ $ $ Three Months Ended September 30 , 2021 2020 298.7 225.1 149.1 209.1 207.2 276.7 0.63 0.89 0.88 $ ᎾᎯ ᏌᏊ Ꭿ $ $ LA LA LA $ $ $ LA LA LA $ $ $ 307.6 200.7 127.1 182.2 194.6 265.2 0.58 0.83 0.89 ( 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 , gains on sales of operations , net of tax , and losses on debt extinguishment , reduced by capital maintenance expenditures . ( 3 ) Adjusted EBITDA is net income , excluding interest , income tax expense , depreciation , gains or losses from sales of property and operations net of tax , stock based compensation expense , straight - line rent adjustments , amortization of land rights , and losses on debt extinguishment . ( 4 ) Net income , per diluted common share for the three months ended September 30 , 2021 benefited from the July 1 , 2021 sale of the Hollywood Casino Perryville operations which resulted in an after - tax gain of $ 11.3 million and third quarter rental income on the property partially offset by the prior year earnings at the facility . The net impact of these items was a benefit of $ 0.04 per diluted share for the three months ended September 30 , 2021 . Peter Carlino , Chairman and Chief Executive Officer of GLPI , commented , " The strong earnings growth GLPI achieved in the first half of 2021 continued with another period of consistent earnings in the third quarter . Our third quarter net income and AFFO exceeded the comparable period in 2020 by 17.3 % and 6.4 % , respectively , demonstrating our ability to consistently build value by working creatively and collaboratively with existing tenants through the pandemic , while establishing new relationships with leading regional gaming operators . During the quarter , we completed the sale of the operations of Hollywood Casino Perryville , resulting in proceeds of approximately $ 31 million . We are delighted to further expand our relationship with Penn National Gaming through this transaction while enhancing GLPI's forward earnings visibility by divesting and converting a TRS operating asset into a property generating recurring rental income . " GLPI's high quality tenant roster continues to highlight the strength and resiliency of regional gaming markets as our operators continue to enjoy strong consumer demand and elevated margins . These factors , combined with several additions to our portfolio over the past year , contributed to the strength of our third quarter AFFO along with the trigger of certain rent escalations . Furthermore , our four publicly traded tenants , which in aggregate account for 99 % of our annual rent contributions , have significantly bolstered their balance sheets and enhanced their liquidity since the onset of the pandemic . " Our record of consistent value creation also reflects our ongoing commitment to balance sheet strength which has positioned GLPI as an investment grade issuer . Looking forward , we believe GLPI is well positioned to deliver further growth as we pursue additional portfolio expansion and diversification while benefiting from the ongoing strength in regional gaming markets , with many of the operations at GLPI's properties continuing to generate record results . Taken together , these factors support our confidence that the Company is well positioned to extend its long - term record of shareholder value creation . " Recent Developments • As of October 28 , 2021 , all 50 of GLPI's properties are open to the public , ( including Hollywood Casino Baton Rouge which is owned and operated by the Company's taxable REIT subsidiary and has been contracted for sale , as described below ) .