Gaming & Leisure Properties, Inc. GLPI
GLPI is a self-administered and self-managed Pennsylvania REIT. GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to the Company, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN's real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.59B | $1.53B | $0 | $0 | $109.7M | $103.0M | $128.4M | $1.06B | $971.3M | $828.3M |
| Cost of revenue | — | — | $0 | $0 | $53.0M | $56.7M | $74.7M | — | — | — |
| Gross profit | — | — | $0 | $0 | $56.7M | $46.3M | $53.7M | — | — | — |
| SG&A | $63.5M | $59.6M | $56.5M | $51.3M | $61.2M | $68.6M | $65.4M | $70.8M | $63.2M | $71.4M |
| Total operating expenses | $393.3M | $400.9M | $371.7M | $281.8M | $374.6M | $343.9M | $436.1M | $461.9M | $365.8M | $347.6M |
| Operating income | $1.20B | $1.13B | $1.07B | $1.03B | $841.8M | $809.3M | $717.4M | $593.8M | $605.5M | $480.6M |
| Interest expense | $373.9M | $366.9M | $323.4M | $309.3M | $283.0M | $282.1M | $301.5M | $247.7M | $217.1M | $185.9M |
| Pre-tax income | $852.6M | $809.8M | $757.4M | $720.3M | $562.4M | $509.6M | $395.6M | $344.5M | $390.4M | $296.9M |
| Income tax | $2.2M | $2.1M | $2.0M | $17.1M | $28.3M | $3.9M | $4.8M | $5.0M | $9.8M | $7.5M |
| Net income | $825 | $785 | $734 | $685 | $534 | $505.7M | $390.9M | $339.5M | $380.6M | $289.3M |
| EPS, basic | 2.95 | 2.87 | 2.78 | 2.71 | 2.27 | 2.31 | 1.82 | 1.59 | 1.80 | 1.62 |
| EPS, diluted | 2.95 | 2.87 | 2.77 | 2.70 | 2.26 | 2.30 | 1.81 | 1.58 | 1.79 | 1.60 |
| Shares, diluted (wtd. avg.) | $280.0M | $273.5M | $265.0M | $253.8M | $236.2M | $219.8M | $215.8M | $214.8M | $212.8M | $180.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $224.3M | $462.6M | $684.0M | $239.1M | $724.6M | $486.5M | $26.8M | $25.8M | $29.1M | $36.6M |
| Short-term investments | $0 | $560.8M | $0 | — | — | — | — | — | — | — |
| Property, plant and equipment | — | — | — | — | $13.0M | $80.6M | $94.1M | $100.9M | $108.3M | $119.4M |
| Goodwill | — | — | — | — | — | $0 | $16.1M | $16.1M | $75.5M | $75.5M |
| Other intangibles | — | — | — | — | — | $0 | $9.6M | $9.6M | $9.6M | $9.6M |
| Total assets | $12.91B | $13.08B | $11.81B | $10.93B | $10.69B | $9.03B | $8.43B | $8.58B | $7.25B | $7.37B |
| Short-term debt | — | — | — | — | — | — | — | — | — | $112.0K |
| Long-term debt | $7.20B | $7.74B | $6.63B | $6.13B | $6.55B | $5.75B | — | $5.85B | $4.44B | $4.66B |
| Total liabilities | $7.90B | $8.43B | $7.30B | $6.81B | $7.30B | $6.36B | $6.36B | $6.31B | $4.79B | $4.94B |
| Retained earnings | -$1.99B | -$1.94B | -$1.90B | -$1.80B | -$1.77B | -$1.61B | -$1.89B | -$1.69B | -$1.48B | -$1.33B |
| Total equity | $4.63B | $4.27B | $4.51B | $4.12B | $3.39B | $2.68B | $2.07B | $2.27B | $2.46B | $2.43B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.13B | $1.07B | $1.01B | $920.1M | $803.8M | $428.1M | $750.3M | $654.4M | $598.7M | $514.4M |
| Depreciation and amortisation | $282.9M | $273.4M | $276.4M | $254.5M | $252.0M | $243.0M | $259.0M | $148.4M | $123.8M | $115.7M |
| Stock-based compensation | $21.2M | $24.3M | $22.9M | $20.4M | $16.8M | $20.0M | $16.2M | $11.2M | $15.6M | $18.3M |
| Capital expenditure | — | $134.0K | $67.0K | $159.0K | $2.3M | $3.1M | $0 | $20.0K | $78.0K | $330.0K |
| Investing cash flow | -$308.8M | -$1.61B | -$650.8M | -$354.5M | -$1.03B | -$9.5M | -$2.8M | -$1.51B | $698.0K | -$3.22B |
| Financing cash flow | -$1.06B | $311.8M | $86.4M | -$1.05B | $443.1M | $63.2M | -$746.4M | $852.1M | -$606.9M | $2.70B |
| Dividends paid | $871.9M | $830.7M | $834.0M | $770.9M | $156.9M | $151.3M | $150.6M | $146.0M | $134.6M | $134.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177324.
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