Volatile stock to watch: Gaming and Leisure Properties Inc (NASDAQ: GLPI)

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Gaming and Leisure Properties Inc (NASDAQ: GLPI) stock lost over 0.4% on 1st November, 2019 (As of 1:25 pm GMT-4; Source: Google finance) after the company posted mixed results for the third quarter of FY 19. During the third quarter of 2019, income from operations grew 13.8%, but there is 13.6% decline in net income.

The year-over-year financial growth is mainly on the back of GLPI’s October 2018 acquisitions of real property assets operated by Boyd Gaming Corporation, Eldorado Resorts, Inc. and Penn National Gaming, Inc. The year-over-year decline in net income was mainly due to the non-recurring losses on debt extinguishment of $21.0 million related with the cash tender offer to purchase the 4.875% senior unsecured notes due 2020 during the third quarter of 2019, partially offset by the acquisitions. At the end of September, 2019, GLPI’s portfolio comprised of interests in 46 gaming and related facilities, which are diversified across 16 states and contain approximately 23.5 million square feet.

GLPI in the third quarter of FY 19 has reported the adjusted funds from operations per share of 87 cents, beating the analysts’ estimates for the adjusted funds from operations per share of 85 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 13.2 percent to $287.6 billion in the third quarter of FY 19, missing the analysts’ estimates for revenue of $288.1 million.

During the third quarter of 2019, the shareholders had received a quarterly cash dividend of $0.68 per share, marking a 7.9% increase over the comparable period in 2018. GLPI’s current $2.72 annualized dividend reflects 5% compound annual growth since the formation of the company.

For the fourth quarter ending in December, Gaming and Leisure Properties expects its per-share funds from operations to be 87 cents. The company expects revenue to be in the range of $288.2 million for the fiscal fourth quarter.

Gaming and Leisure Properties expects full-year 2019 funds from operations to be $3.44 per share, and revenue is expected to be $1.15 billion.

In addition, the company expects Adjusted EBITDA from the TRS Properties to be of approximately $30.2 million for the year and $5.9 million for the fourth quarter and blended income tax rate at the TRS Properties to be of 33%. The company expects reported revenue from real estate to be of approximately $1,025.1 million for the year and $258.5 million for the fourth quarter.

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