The following is a summary of the Gaming and Leisure Properties, Inc. (GLPI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Gaming and Leisure Properties reported a rise in Q1 total income exceeding the previous year by over $20 million, driven by several acquisitions and rent adjustments.

• A non-cash increase in the provision for credit losses has led to an increase in operating expenses by $30 million.

• Upcoming rent resets are expected to increase the percentage rent adjustments between $4 million and $5 million annually.

• The company's AFFO guidance is within $3.71 - $3.74 per diluted share in OP units; additionally, the company invested in a zero coupon six-month treasury bill maturing in August 2024 at an implied yield of 5.32%.

Business Progress:

• Last year's transactions set the stage for financial growth in 2024 and beyond; deals currently in progress require careful structuring and regulatory approval.

• GLPI is strategically positioned for incremental capital sourcing for transactions and continues to prioritize partnerships and reliable capital.

• The company is exploring opportunities with casinos, new assets, and development projects, particularly in Las Vegas.

• Rent coverage remains robust despite slight declines in foot traffic and GLPI is committed to avoiding deals with sub 1.8 times rent coverage.

• The team is progressing with announced projects while remaining stringent about internal underwriting standards despite the varying risk profiles of deals.

More details: Gaming and Leisure Properties Inc IR

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