- Establishes 2017 First Quarter and Full
Year Guidance -- Declares 2017 First Quarter
Dividend of $0.62 per Common Share -
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (the
“Company”), the first gaming-focused real estate investment trust
(“REIT”) in North America, today announced results for
the quarter and full year ended December 31, 2016.
Financial Highlights
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in millions, except per share data) |
|
2016 Actual |
|
2016 Guidance (1) |
|
2015 Actual |
|
2016 Actual |
|
2016 Guidance (1) |
|
2015 Actual |
Net
Revenue |
|
$ |
238.8 |
|
|
$ |
238.6 |
|
|
$ |
128.7 |
|
|
$ |
828.3 |
|
|
$ |
828.1 |
|
|
$ |
575.1 |
|
Net
Income |
|
$ |
93.7 |
|
|
$ |
91.2 |
|
|
$ |
29.8 |
|
|
$ |
289.3 |
|
|
$ |
286.8 |
|
|
$ |
128.1 |
|
Funds From
Operations (2) |
|
$ |
118.6 |
|
|
$ |
116.1 |
|
|
$ |
53.7 |
|
|
$ |
384.9 |
|
|
$ |
382.5 |
|
|
$ |
223.8 |
|
Adjusted Funds
From Operations (3) |
|
$ |
164.9 |
|
|
$ |
162.0 |
|
|
$ |
80.6 |
|
|
$ |
542.1 |
|
|
$ |
539.2 |
|
|
$ |
321.8 |
|
Adjusted EBITDA
(4) |
|
$ |
218.2 |
|
|
$ |
215.5 |
|
|
$ |
109.9 |
|
|
$ |
721.4 |
|
|
$ |
718.7 |
|
|
$ |
440.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, per
diluted common share |
|
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.25 |
|
|
$ |
1.60 |
|
|
$ |
1.59 |
|
|
$ |
1.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The guidance figures in the tables above present the
guidance provided on November 8, 2016, for the three months and
full year ended December 31, 2016.
(2) Funds from operations (“FFO”) is net income, excluding
(gains) or losses from sales of property and real estate
depreciation as defined by NAREIT.
(3) Adjusted funds from operations (“AFFO”) is FFO,
excluding stock based compensation expense, debt issuance costs
amortization, other depreciation, amortization of land rights,
straight-line rent adjustments and direct financing lease
adjustments, reduced by capital maintenance expenditures.
(4) 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, direct financing lease adjustments and the
amortization of land rights.
Chief Executive Officer, Peter M. Carlino, commented, “2016 was
a transformative year for Gaming and Leisure Properties highlighted
by the acquisition of 14 properties from Pinnacle Entertainment,
Inc. (NASDAQ:PNK), as well as the real property of the Meadows
Racetrack and Casino (“the Meadows”), totaling over $5 billion of
real estate. The 2016 acquisitions will result in over $400
million of cash rent on a full year basis, which provides
additional stability to our dividend while also diversifying our
tenant base and geographic market exposure.”
Mr. Carlino continued, “Our fourth quarter and full year 2016
results are representative of the stable, predictable cash flows
our assets produce. Furthermore, our continued efforts to
strengthen and enhance our geographically diverse, robust platform
of regional gaming properties continues to contribute to our
enhanced results. Moving into 2017 and beyond, we remain
focused on growth and will continue evaluating strategic
opportunities in accordance with our disciplined approach to
acquisitions. We believe our deep industry knowledge,
favorable gaming fundamentals, strong and diversified portfolio of
best-in-class assets and leverage profile, position us well to
provide a stable dividend and increase long-term shareholder
value.”
The Company’s fourth quarter 2016 net income as compared to its
guidance was primarily impacted by the following:
- Income from rental activities had an unfavorable variance of
$0.5 million, due to performance at Penn National Gaming, Inc.'s
(NASDAQ:PENN) Hollywood Casino Columbus and Hollywood Casino
Toledo;
- Results from the TRS properties were favorable to guidance by
$1.5 million due to revenue improvements post-flooding at Hollywood
Casino Baton Rouge; and
- Corporate expenses were approximately $1.8 million less than
guidance primarily due to lower than anticipated legal
expenses.
In addition, AFFO was impacted by $0.6 million
of favorable capital maintenance expenditures for the quarter as
compared to guidance.
Portfolio Update
GLPI owns over 4,300 acres of land and approximately 15 million
square feet of building space, which was 100% occupied as of
December 31, 2016. At the end of the fourth quarter of 2016,
the Company owned the real estate associated with 36 casino
facilities and leases 18 of these facilities to PENN, 15 of these
facilities to PNK and one to Casino Queen in East St.
Louis, Illinois. Two of the gaming facilities, located in
Baton Rouge, Louisiana and Perryville, Maryland, are owned and
operated by a subsidiary of GLPI (GLP Holdings, Inc.) (the “TRS
properties”).
Capital maintenance expenditures at the TRS properties were $1.4
million for the three months ended December 31, 2016.
Balance Sheet Update
The Company had $36.6 million of unrestricted cash and $4.7
billion in total debt, including $1.1 billion of debt outstanding
under its unsecured credit facility term loans and $165.0 million
outstanding under its unsecured credit facility revolver at
December 31, 2016. The Company’s debt structure as of
December 31, 2016 was as follows:
|
|
As of December 31, 2016 |
|
|
Interest Rate |
|
Balance |
|
|
|
|
(in thousands) |
Unsecured Term Loan A
(1) |
|
2.445 |
% |
|
$ |
300,000 |
|
Unsecured Term Loan A-1
(1) |
|
2.385 |
% |
|
825,000 |
|
Unsecured $700 Million
Revolver (1) |
|
2.482 |
% |
|
165,000 |
|
Senior Unsecured Notes
Due 2018 |
|
4.375 |
% |
|
550,000 |
|
Senior Unsecured Notes
Due 2020 |
|
4.875 |
% |
|
1,000,000 |
|
Senior Unsecured Notes
Due 2021 |
|
4.375 |
% |
|
400,000 |
|
Senior Unsecured Notes
Due 2023 |
|
5.375 |
% |
|
500,000 |
|
Senior Unsecured Notes
Due 2026 |
|
5.375 |
% |
|
975,000 |
|
Capital Lease |
|
4.780 |
% |
|
1,341 |
|
Total long-term
debt |
|
|
|
$ |
4,716,341 |
|
Less: unamortized debt
issuance costs |
|
|
|
(51,376 |
) |
Total long-term
debt, net of unamortized debt issuance costs |
|
|
|
$ |
4,664,965 |
|
|
|
|
|
|
|
|
(1) The rate on the term loan facilities and revolver is
Libor plus 1.75%. The Company's revolver and $300.0 million term
loan credit facility mature on October 28, 2018 and the incremental
term loan of $825.0 million matures on April 28, 2021.
Financing
Through December 31, 2016, GLPI sold approximately 1.3
million shares of its common stock at an average price of
$35.00 per share under its at the market ("ATM") program, which
generated gross proceeds of approximately $46.3 million (net
proceeds of approximately $45.6 million). The Company used the net
proceeds from the ATM Program to partially fund its acquisition of
the Meadow's real estate assets and did not issue any shares during
the fourth quarter.
Dividends
On November 4, 2016, the Company’s Board of Directors
declared the fourth quarter dividend. Shareholders of record
on December 5, 2016 received $0.60 per common share, which was
paid on December 16, 2016. On February 1, 2017, the
Company declared its first quarter 2017 dividend of $0.62 per
common share, payable on March 24, 2017 to shareholders of
record on March 13, 2017.
Guidance
The table below sets forth current guidance targets for
financial results for the 2017 first quarter and full year, based
on the following assumptions:
- Reported rental income of approximately $818.2 million for the
year and $204.1 million for the first quarter, consisting of:
(in millions) |
|
First Quarter |
|
Full Year |
Cash Rental
Receipts |
|
|
|
|
PENN |
|
$ |
111.9 |
|
|
$ |
446.9 |
|
PNK |
|
99.3 |
|
|
402.4 |
|
Casino Queen |
|
3.6 |
|
|
14.2 |
|
PENN non-assigned land
lease |
|
(0.7 |
) |
|
(2.9 |
) |
Total Cash
Rental Receipts |
|
$ |
214.1 |
|
|
$ |
860.6 |
|
|
|
|
|
|
Non-Cash
Adjustments |
|
|
|
|
Straight-line rent |
|
$ |
(16.2 |
) |
|
$ |
(65.0 |
) |
PNK direct financing
lease |
|
(17.6 |
) |
|
(73.1 |
) |
Property taxes paid by
tenants |
|
21.6 |
|
|
86.9 |
|
PNK land lease paid by
tenant |
|
2.2 |
|
|
8.8 |
|
Total Rent as
Reported |
|
$ |
204.1 |
|
|
$ |
818.2 |
|
|
- Cash rent includes incremental escalator on the PENN building
rent component effective November 1, 2016, which increases 2017
annual rent by $3.8 million;
- TRS Adjusted EBITDA of approximately $35.8 million for the year
and $9.9 million for the first quarter with capital maintenance
expenditures of approximately $3.6 million for the year and $0.7
million for the first quarter;
- Blended income tax rate at the TRS entities of 44%;
- LIBOR is based on the forward yield curve;
- Real estate depreciation of approximately $99.6 million for the
year and $24.9 million in the first quarter;
- Non-real estate depreciation of approximately $13.2 million for
the year and $3.4 million in the first quarter;
- Expense related to acquired PNK land lease rights of
approximately $9.2 million for the year and $2.3 million in the
first quarter;
- Equity-related employee compensation that does not affect
Adjusted EBITDA includes non-cash expense of approximately $16.1
million for the year and $4.7 million for the first quarter for
restricted stock awards;
- Interest expense includes approximately $13.0 million for the
year and $3.3 million for the first quarter of debt issuance costs
amortization;
- For the purpose of the dividend calculation, AFFO is reduced by
approximately $1.8 million for the full year and $0.9 million for
the first quarter prior to calculation of the dividend to account
for dividends on shares that will be outstanding after options held
by employees are exercised;
- The basic share count is approximately 211.5 million shares for
the year and 209.9 million shares for the first quarter and the
fully diluted share count is approximately 212.5 million shares for
the year and 211.1 million shares for the first quarter; and
- Includes additional shares expected to be sold under the ATM
program in order to fund the Meadows acquisition, with the proceeds
to be used to pay down the existing revolver balance.
|
|
Three Months Ending March
31, |
|
Full Year Ending December 31, |
(in millions, except per share data) |
|
2017Guidance |
|
2016Actual |
|
2017 Guidance |
|
2016Actual |
Net
Revenue |
|
$ |
240.5 |
|
|
$ |
148.8 |
|
|
$ |
958.2 |
|
|
$ |
828.3 |
|
Net
Income |
|
$ |
91.6 |
|
|
$ |
32.7 |
|
|
$ |
371.0 |
|
|
$ |
289.3 |
|
Funds From
Operations (1) |
|
$ |
116.6 |
|
|
$ |
56.4 |
|
|
$ |
470.6 |
|
|
$ |
384.9 |
|
Adjusted Funds
From Operations (2) |
|
$ |
163.3 |
|
|
$ |
83.6 |
|
|
$ |
656.6 |
|
|
$ |
542.1 |
|
Adjusted EBITDA
(3) |
|
$ |
216.7 |
|
|
$ |
113.2 |
|
|
$ |
869.1 |
|
|
$ |
721.4 |
|
|
|
|
|
|
|
|
|
|
Net income, per
diluted common share |
|
$ |
0.44 |
|
|
$ |
0.27 |
|
|
$ |
1.75 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, debt issuance costs amortization, other depreciation,
amortization of land rights, straight-line rent adjustments and
direct financing lease adjustments, 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, direct financing lease adjustments and the
amortization of land rights.
Conference Call Details
The Company will hold a conference call on February 2, 2017
at 10:00 a.m. (Eastern Time) to discuss its financial results,
current business trends and market conditions.
Webcast
The conference call will be available in the Investor Relations
section of the Company's website at www.glpropinc.com. To listen to
a live broadcast, go to the site at least 15 minutes prior to the
scheduled start time in order to register, download and install any
necessary audio software. A replay of the call will also be
available for 90 days on the Company’s website.
To Participate in the Telephone Conference
Call:
Dial in at least five minutes prior to start time.Domestic:
1-877-407-0784International: 1-201-689-8560
Conference Call Playback:
Domestic: 1-844-512-2921International:
1-412-317-6671Passcode: 13652557The playback can be accessed
through February 9, 2017.
Disclosure Regarding Non-GAAP Financial
Measures
Funds From Operations (“FFO”), Adjusted Funds From Operations
(“AFFO”) and Adjusted EBITDA, which are detailed in the
reconciliation tables that accompany this release, are used by the
Company as performance measures for benchmarking against the
Company’s peers and as internal measures of business operating
performance, which is used for a bonus metric. The Company
believes FFO, AFFO, and Adjusted EBITDA provide a meaningful
perspective of the underlying operating performance of the
Company’s current business. This is especially true since
these measures exclude real estate depreciation, and we believe
that real estate values fluctuate based on market conditions rather
than depreciating in value ratably on a straight-line basis over
time. In addition, in order for the Company to qualify as a REIT,
it must distribute 90% of its REIT taxable income annually.
The Company adjusts AFFO accordingly to provide our investors an
estimate of taxable income for this distribution requirement.
Direct financing lease adjustments represent the portion of cash
rent we receive from tenants that is applied against our lease
receivable and thus not recorded as revenue and the amortization of
land rights represents the non-cash amortization of the value
assigned to the Company's assumed ground leases.
FFO, AFFO and Adjusted EBITDA are non-GAAP financial measures,
that are considered a supplemental measure for the real estate
industry and a supplement to GAAP measures. NAREIT defines FFO
as net income (computed in accordance with generally accepted
accounting principles), excluding (gains) or losses from sales of
property and real estate depreciation. We have defined AFFO
as FFO excluding stock based compensation expense, debt issuance
costs amortization, other depreciation, amortization of land
rights, straight-line rent adjustments and direct financing lease
adjustments, reduced by capital maintenance
expenditures. Finally, we have defined Adjusted EBITDA as net
income excluding interest, taxes on income, depreciation, (gains)
or losses from sales of property, stock based compensation expense,
straight-line rent adjustments, direct financing lease adjustments
and the amortization of land rights.
FFO, AFFO and Adjusted EBITDA are not recognized terms under
GAAP. Because certain companies do not calculate FFO, AFFO,
and Adjusted EBITDA in the same way and certain other companies may
not perform such calculation, those measures as used by other
companies may not be consistent with the way the Company calculates
such measures and should not be considered as alternative measures
of operating profit or net income. The Company’s presentation
of these measures does not replace the presentation of the
Company’s financial results in accordance with GAAP.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and
owning real estate property to be leased to gaming operators in
triple-net lease arrangements, pursuant to which the tenant is
responsible for all facility maintenance, insurance required in
connection with the leased properties and the business conducted on
the leased properties, taxes levied on or with respect to the
leased properties and all utilities and other services necessary or
appropriate for the leased properties and the business conducted on
the leased properties. GLPI expects to grow its portfolio by
pursuing opportunities to acquire additional gaming facilities to
lease to gaming operators. GLPI also intends to diversify its
portfolio over time, including by acquiring properties outside the
gaming industry to lease to third parties. GLPI elected to be taxed
as a REIT for United States federal income tax purposes commencing
with the 2014 taxable year and is the first gaming-focused REIT in
North America.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding our financial outlook for
the first quarter of 2017 and the full 2017 fiscal year and our
expectations regarding future acquisitions and dividend payments.
Forward looking statements can be identified by the use of forward
looking terminology such as “expects,” “believes,” “estimates,”
“intends,” “may,” “will,” “should” or “anticipates” or the negative
or other variation of these or similar words, or by discussions of
future events, strategies or risks and uncertainties. Such
forward looking statements are inherently subject to risks,
uncertainties and assumptions about GLPI and its subsidiaries,
including risks related to the following: the ability to receive,
or delays in obtaining, the regulatory approvals required to own
and/or operate its properties, or other delays or impediments to
completing GLPI’s planned acquisitions or projects; GLPI's ability
to maintain its status as a REIT; the availability of and the
ability to identify suitable and attractive acquisition and
development opportunities and the ability to acquire and lease
those properties on favorable terms; our ability to access capital
through debt and equity markets in amounts and at rates and costs
acceptable to GLPI; changes in the U.S. tax law and other state,
federal or local laws, whether or not specific to REITs or to the
gaming or lodging industries; and other factors described in GLPI’s
Annual Report on Form 10-K for the year ended
December 31, 2015, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, each as filed with the Securities and
Exchange Commission. All subsequent written and oral forward
looking statements attributable to GLPI or persons acting on GLPI’s
behalf are expressly qualified in their entirety by the cautionary
statements included in this press release. GLPI undertakes no
obligation to publicly update or revise any forward looking
statements contained or incorporated by reference herein, whether
as a result of new information, future events or otherwise, except
as required by law. In light of these risks, uncertainties and
assumptions, the forward looking events discussed in this press
release may not occur.
Additional Information
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended. In connection with the
establishment of its ATM Program, the Company filed with the SEC a
prospectus supplement dated August 9, 2016 to the prospectus
contained in its effective Registration Statement on Form S-3 (No.
333-210423), filed with the SEC on March 28, 2016. This
communication is not a substitute for the filed Registration
Statement/prospectus or any other document that the Company may
file with the SEC or send to its shareholders in connection with
the proposed transactions. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE REGISTRATION STATEMENT AND PROSPECTUS THAT HAVE BEEN
FILED WITH THE SEC AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED
WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY
CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION. You may obtain
free copies of the registration statement/prospectus and other
relevant documents filed by the Company with the SEC at the SEC’s
website at www.sec.gov. Copies of the documents filed with the SEC
by the Company are available free of charge on the Company’s
investor relations website at investors.glpropinc.com or by
contacting the Company’s investor relations representative at (203)
682-8211.
Contact
Investor Relations – Gaming and Leisure
Properties, Inc.
Kara SmithT: 646-277-1211Email: Kara.Smith@icrinc.com
Bill CliffordT: 610-401-2900Email: Bclifford@glpropinc.com
|
GAMING AND LEISURE PROPERTIES, INC. AND
SUBSIDIARIES |
Consolidated Statements of
Operations |
(in thousands, except per share data) (unaudited) |
|
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues |
|
|
|
|
|
|
|
Rental
income |
$ |
164,464 |
|
|
$ |
98,478 |
|
|
$ |
567,444 |
|
|
$ |
392,075 |
|
Income
from direct financing lease |
18,131 |
|
|
— |
|
|
48,917 |
|
|
— |
|
Real
estate taxes paid by tenants |
19,905 |
|
|
(5,021 |
) |
|
67,843 |
|
|
35,050 |
|
Total rental revenue
and income from direct financing lease |
202,500 |
|
|
93,457 |
|
|
684,204 |
|
|
427,125 |
|
Gaming |
34,902 |
|
|
33,885 |
|
|
138,594 |
|
|
142,310 |
|
Food,
beverage and other |
2,846 |
|
|
2,749 |
|
|
11,067 |
|
|
11,213 |
|
Total revenues |
240,248 |
|
|
130,091 |
|
|
833,865 |
|
|
580,648 |
|
Less
promotional allowances |
(1,449 |
) |
|
(1,402 |
) |
|
(5,610 |
) |
|
(5,595 |
) |
Net revenues |
238,799 |
|
|
128,689 |
|
|
828,255 |
|
|
575,053 |
|
Operating
expenses |
|
|
|
|
|
|
|
Gaming |
18,114 |
|
|
18,544 |
|
|
74,233 |
|
|
77,188 |
|
Food,
beverage and other |
2,056 |
|
|
2,097 |
|
|
8,230 |
|
|
8,586 |
|
Real
estate taxes |
20,300 |
|
|
(4,726 |
) |
|
69,448 |
|
|
36,412 |
|
General
and administrative |
21,179 |
|
|
21,123 |
|
|
86,167 |
|
|
85,669 |
|
Depreciation |
28,287 |
|
|
27,198 |
|
|
109,554 |
|
|
109,783 |
|
Total operating
expenses |
89,936 |
|
|
64,236 |
|
|
347,632 |
|
|
317,638 |
|
Income from
operations |
148,863 |
|
|
64,453 |
|
|
480,623 |
|
|
257,415 |
|
|
|
|
|
|
|
|
|
Other income
(expenses) |
|
|
|
|
|
|
|
Interest
expense |
(53,679 |
) |
|
(33,810 |
) |
|
(185,896 |
) |
|
(124,183 |
) |
Interest
income |
471 |
|
|
571 |
|
|
2,123 |
|
|
2,332 |
|
Total other
expenses |
(53,208 |
) |
|
(33,239 |
) |
|
(183,773 |
) |
|
(121,851 |
) |
|
|
|
|
|
|
|
|
Income from
operations before income taxes |
95,655 |
|
|
31,214 |
|
|
296,850 |
|
|
135,564 |
|
Income tax
expense |
1,963 |
|
|
1,441 |
|
|
7,545 |
|
|
7,442 |
|
Net
income |
$ |
93,692 |
|
|
$ |
29,773 |
|
|
$ |
289,305 |
|
|
$ |
128,122 |
|
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
Basic earnings per
common share |
$ |
0.45 |
|
|
$ |
0.26 |
|
|
$ |
1.62 |
|
|
$ |
1.12 |
|
Diluted earnings per
common share |
$ |
0.45 |
|
|
$ |
0.25 |
|
|
$ |
1.60 |
|
|
$ |
1.08 |
|
GAMING AND LEISURE PROPERTIES, INC. AND
SUBSIDIARIES |
Operations |
(in thousands) (unaudited) |
|
|
NET REVENUES |
|
ADJUSTED EBITDA |
|
Three Months Ended December
31, |
|
Three Months Ended December
31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Real estate |
$ |
202,500 |
|
|
$ |
93,457 |
|
|
$ |
208,597 |
|
|
$ |
101,398 |
|
GLP Holdings, LLC.
(TRS) |
36,299 |
|
|
35,232 |
|
|
9,625 |
|
|
8,458 |
|
Total |
$ |
238,799 |
|
|
$ |
128,689 |
|
|
$ |
218,222 |
|
|
$ |
109,856 |
|
|
|
|
|
|
|
|
|
|
NET REVENUES |
|
ADJUSTED EBITDA |
|
Year Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Real estate |
$ |
684,204 |
|
|
$ |
427,125 |
|
|
$ |
684,063 |
|
|
$ |
402,913 |
|
GLP Holdings, LLC.
(TRS) |
144,051 |
|
|
147,928 |
|
|
37,340 |
|
|
37,106 |
|
Total |
$ |
828,255 |
|
|
$ |
575,053 |
|
|
$ |
721,403 |
|
|
$ |
440,019 |
|
GAMING AND LEISURE PROPERTIES, INC. AND
SUBSIDIARIES |
General and Administrative
Expenses |
(in thousands) (unaudited) |
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Real estate general and
administrative expenses (1) (2) |
$ |
15,046 |
|
|
$ |
15,285 |
|
|
$ |
63,439 |
|
|
$ |
61,950 |
|
GLP Holdings, LLC.
(TRS) general and administrative expenses (2) |
6,133 |
|
|
5,838 |
|
|
22,728 |
|
|
23,719 |
|
Total |
$ |
21,179 |
|
|
$ |
21,123 |
|
|
$ |
86,167 |
|
|
$ |
85,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock based compensation of $4.7 million
and $24.3 million for the three months and year ended
December 31, 2016, respectively, and $7.4 million and $32.0
million for the three months and year ended December 31, 2015,
respectively.
(2) General and administrative expenses include payroll
related expenses, insurance, utilities, professional fees and other
administrative costs.
|
Reconciliation of Net income (GAAP) to FFO, FFO to
AFFO, and AFFO to Adjusted EBITDA |
Gaming and Leisure Properties, Inc. and
Subsidiaries |
CONSOLIDATED |
(in thousands) (unaudited) |
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net
income |
|
$ |
93,692 |
|
|
$ |
29,773 |
|
|
$ |
289,305 |
|
|
$ |
128,122 |
|
(Gains) or losses from
dispositions of property |
|
5 |
|
|
96 |
|
|
(455 |
) |
|
185 |
|
Real estate
depreciation |
|
24,910 |
|
|
23,793 |
|
|
96,074 |
|
|
95,511 |
|
Funds from
operations |
|
$ |
118,607 |
|
|
$ |
53,662 |
|
|
$ |
384,924 |
|
|
$ |
223,818 |
|
Straight-line rent
adjustments |
|
16,244 |
|
|
13,956 |
|
|
58,673 |
|
|
55,825 |
|
Direct financing lease
adjustments |
|
18,004 |
|
|
— |
|
|
48,533 |
|
|
— |
|
Other depreciation
(1) |
|
3,377 |
|
|
3,405 |
|
|
13,480 |
|
|
14,272 |
|
Amortization of land
rights |
|
2,311 |
|
|
— |
|
|
6,163 |
|
|
— |
|
Debt issuance costs
amortization |
|
3,257 |
|
|
6,286 |
|
|
15,146 |
|
|
14,016 |
|
Stock based
compensation |
|
4,508 |
|
|
4,153 |
|
|
18,312 |
|
|
16,811 |
|
Maintenance CAPEX
(2) |
|
(1,418 |
) |
|
(845 |
) |
|
(3,111 |
) |
|
(2,953 |
) |
Adjusted funds
from operations |
|
$ |
164,890 |
|
|
$ |
80,617 |
|
|
$ |
542,120 |
|
|
$ |
321,789 |
|
Interest, net |
|
53,208 |
|
|
33,239 |
|
|
183,773 |
|
|
121,851 |
|
Income tax expense |
|
1,963 |
|
|
1,441 |
|
|
7,545 |
|
|
7,442 |
|
Maintenance CAPEX
(2) |
|
1,418 |
|
|
845 |
|
|
3,111 |
|
|
2,953 |
|
Debt issuance costs
amortization |
|
(3,257 |
) |
|
(6,286 |
) |
|
(15,146 |
) |
|
(14,016 |
) |
Adjusted
EBITDA |
|
$ |
218,222 |
|
|
$ |
109,856 |
|
|
$ |
721,403 |
|
|
$ |
440,019 |
|
|
|
|
(1) Other depreciation includes both real estate and equipment
depreciation from the Company's taxable REIT subsidiaries as well
as equipment depreciation from the REIT subsidiaries.
(2) Capital maintenance expenditures are expenditures to replace
existing fixed assets with a useful life greater than one year that
are obsolete, worn out or no longer cost effective to repair.
|
Reconciliation of Net income (GAAP) to FFO, FFO to
AFFO, and AFFO to Adjusted EBITDA |
Gaming and Leisure Properties, Inc. and
Subsidiaries |
REAL ESTATE and CORPORATE (REIT) |
(in thousands) (unaudited) |
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net
income |
$ |
91,279 |
|
|
$ |
28,137 |
|
|
$ |
280,295 |
|
|
$ |
119,914 |
|
(Gains) or losses from
dispositions of property |
— |
|
|
96 |
|
|
(471 |
) |
|
152 |
|
Real estate
depreciation |
24,910 |
|
|
23,793 |
|
|
96,074 |
|
|
95,511 |
|
Funds from
operations |
$ |
116,189 |
|
|
$ |
52,026 |
|
|
$ |
375,898 |
|
|
$ |
215,577 |
|
Straight-line rent
adjustments |
16,244 |
|
|
13,956 |
|
|
58,673 |
|
|
55,825 |
|
Direct financing lease
adjustments |
18,004 |
|
|
— |
|
|
48,533 |
|
|
— |
|
Other depreciation
(1) |
524 |
|
|
508 |
|
|
2,097 |
|
|
1,913 |
|
Amortization of land
rights |
2,311 |
|
|
— |
|
|
6,163 |
|
|
— |
|
Debt issuance costs
amortization |
3,257 |
|
|
6,286 |
|
|
15,146 |
|
|
14,016 |
|
Stock based
compensation |
4,508 |
|
|
4,153 |
|
|
18,312 |
|
|
16,811 |
|
Maintenance CAPEX |
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted funds
from operations |
$ |
161,037 |
|
|
$ |
76,929 |
|
|
$ |
524,822 |
|
|
$ |
304,142 |
|
Interest, net (2) |
50,607 |
|
|
30,638 |
|
|
173,371 |
|
|
111,449 |
|
Income tax expense |
210 |
|
|
117 |
|
|
1,016 |
|
|
1,338 |
|
Maintenance CAPEX |
— |
|
|
— |
|
|
— |
|
|
— |
|
Debt issuance costs
amortization |
(3,257 |
) |
|
(6,286 |
) |
|
(15,146 |
) |
|
(14,016 |
) |
Adjusted
EBITDA |
$ |
208,597 |
|
|
$ |
101,398 |
|
|
$ |
684,063 |
|
|
$ |
402,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other depreciation includes equipment depreciation
from the Company's REIT subsidiaries as well as equipment
depreciation from the REIT subsidiaries.
(2) Interest expense, net is net of intercompany interest
eliminations of $2.6 million and $10.4 million for both the three
months and years ended December 31, 2016 and 2015,
respectively.
|
Reconciliation of Net income (GAAP) to FFO, FFO to
AFFO, and AFFO to Adjusted EBITDA |
Gaming and Leisure Properties, Inc. and
Subsidiaries |
GLP HOLDINGS, LLC (TRS) |
(in thousands) (unaudited) |
|
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net
income |
$ |
2,413 |
|
|
$ |
1,636 |
|
|
$ |
9,010 |
|
|
$ |
8,208 |
|
Losses from
dispositions of property |
5 |
|
|
— |
|
|
16 |
|
|
33 |
|
Real estate
depreciation |
— |
|
|
— |
|
|
— |
|
|
— |
|
Funds from
operations |
$ |
2,418 |
|
|
$ |
1,636 |
|
|
$ |
9,026 |
|
|
$ |
8,241 |
|
Straight-line rent
adjustments |
— |
|
|
— |
|
|
— |
|
|
— |
|
Direct financing lease
adjustments |
— |
|
|
— |
|
|
— |
|
|
— |
|
Other depreciation
(1) |
2,853 |
|
|
2,897 |
|
|
11,383 |
|
|
12,359 |
|
Amortization of land
rights |
— |
|
|
— |
|
|
— |
|
|
— |
|
Debt issuance costs
amortization |
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based
compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
Maintenance CAPEX
(2) |
(1,418 |
) |
|
(845 |
) |
|
(3,111 |
) |
|
(2,953 |
) |
Adjusted funds
from operations |
$ |
3,853 |
|
|
$ |
3,688 |
|
|
$ |
17,298 |
|
|
$ |
17,647 |
|
Interest, net |
2,601 |
|
|
2,601 |
|
|
10,402 |
|
|
10,402 |
|
Income tax expense |
1,753 |
|
|
1,324 |
|
|
6,529 |
|
|
6,104 |
|
Maintenance CAPEX
(2) |
1,418 |
|
|
845 |
|
|
3,111 |
|
|
2,953 |
|
Debt issuance costs
amortization |
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted
EBITDA |
$ |
9,625 |
|
|
$ |
8,458 |
|
|
$ |
37,340 |
|
|
$ |
37,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other depreciation includes both real estate and
equipment depreciation from the Company's taxable REIT subsidiaries
as well as equipment depreciation from the REIT subsidiaries.
(2) Capital maintenance expenditures are expenditures to
replace existing fixed assets with a useful life greater than one
year that are obsolete, worn out or no longer cost effective to
repair.
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