Gaming and Leisure Properties
Market Cap
US$10.5b
Last Updated
2020/02/20 02:14 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
Snowflake Analysis
Fair value second-rate dividend payer.
Similar Companies
Share Price & News
How has Gaming and Leisure Properties's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: GLPI has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.06%
GLPI
-0.5%
US REITs
0.5%
US Market
1 Year Return
32.9%
GLPI
14.9%
US REITs
20.3%
US Market
Return vs Industry: GLPI exceeded the US REITs industry which returned 14.9% over the past year.
Return vs Market: GLPI exceeded the US Market which returned 20.3% over the past year.
Shareholder returns
| GLPI | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.06% | -0.5% | 0.5% |
| 30 Day | 6.7% | 2.1% | 2.0% |
| 90 Day | 16.2% | 6.5% | 9.4% |
| 1 Year | 42.5%32.9% | 19.6%14.9% | 22.8%20.3% |
| 3 Year | 89.3%52.5% | 36.4%19.3% | 50.1%40.4% |
| 5 Year | 109.2%45.7% | 58.1%25.5% | 73.1%54.1% |
Price Volatility Vs. Market
How volatile is Gaming and Leisure Properties's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
Should Gaming and Leisure Properties (NASDAQ:GLPI) Be Disappointed With Their 49% Profit?1 month ago | Simply Wall St
Is Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) A High Quality Stock To Own?2 months ago | Simply Wall St
Does Gaming and Leisure Properties, Inc.'s (NASDAQ:GLPI) CEO Pay Matter?Valuation
Is Gaming and Leisure Properties undervalued compared to its fair value and its price relative to the market?
38.3%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: GLPI ($48.92) is trading below our estimate of fair value ($79.29)
Significantly Below Fair Value: GLPI is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: GLPI is good value based on its PE Ratio (32.6x) compared to the REITs industry average (36.3x).
PE vs Market: GLPI is poor value based on its PE Ratio (32.6x) compared to the US market (18.3x).
Price to Earnings Growth Ratio
PEG Ratio: GLPI is poor value based on its PEG Ratio (2.9x)
Price to Book Ratio
PB vs Industry: GLPI is overvalued based on its PB Ratio (5x) compared to the US REITs industry average (2.1x).
Next Steps
Future Growth
How is Gaming and Leisure Properties forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?
11.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: GLPI's forecast earnings growth (11.1% per year) is above the savings rate (1.7%).
Earnings vs Market: GLPI's earnings (11.1% per year) are forecast to grow slower than the US market (14.2% per year).
High Growth Earnings: GLPI's earnings are forecast to grow, but not significantly.
Revenue vs Market: GLPI's revenue (0.8% per year) is forecast to grow slower than the US market (7.6% per year).
High Growth Revenue: GLPI's revenue (0.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: GLPI's Return on Equity is forecast to be high in 3 years time (25.9%)
Next Steps
Past Performance
How has Gaming and Leisure Properties performed over the past 5 years?
23.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GLPI has a large one-off loss of $97.1M impacting its September 30 2019 financial results.
Growing Profit Margin: GLPI's current net profit margins (27.6%) are lower than last year (38.9%).
Past Earnings Growth Analysis
Earnings Trend: GLPI's earnings have grown significantly by 23.1% per year over the past 5 years.
Accelerating Growth: GLPI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: GLPI had negative earnings growth (-16.6%) over the past year, making it difficult to compare to the REITs industry average (6.9%).
Return on Equity
High ROE: GLPI's Return on Equity (15.3%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Gaming and Leisure Properties's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: GLPI has a high level of physical assets or inventory.
Debt Coverage by Assets: GLPI's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: GLPI's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if GLPI has a sufficient allowance for bad loans.
Low Risk Liabilities: GLPI reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if GLPI has an acceptable proportion of non-loan assets held.
Low Risk Deposits: GLPI has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if GLPI has an appropriate level of bad loans.
Next Steps
Dividend
What is Gaming and Leisure Properties's current dividend yield, its reliability and sustainability?
5.72%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: GLPI's dividend (5.72%) is higher than the bottom 25% of dividend payers in the US market (1.44%).
High Dividend: GLPI's dividend (5.72%) is in the top 25% of dividend payers in the US market (3.73%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, GLPI has been paying a dividend for less than 10 years.
Growing Dividend: GLPI's dividend payments have increased, but the company has only paid a dividend for 6 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (106.2%), GLPI's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GLPI's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
5.8yrs
Average management tenure
CEO
Peter Carlino (73yo)
7yrs
Tenure
US$12,448,237
Compensation
Mr. Peter M. Carlino has been Chairman of the Board and Chief Executive Officer of Gaming and Leisure Properties, Inc. since February 2013 and serves as its President. Mr. Carlino has been the President at ...
CEO Compensation Analysis
Compensation vs Market: Peter's total compensation ($USD12.45M) is about average for companies of similar size in the US market ($USD10.78M).
Compensation vs Earnings: Peter's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 7yrs | US$12.45m | 5.28% $554.7m | |
| Senior VP & CFO | 1.8yrs | US$3.85m | 0.23% $24.3m | |
| Senior VP & Chief Accounting Officer | 5.8yrs | US$2.34m | 0.040% $4.2m | |
| Senior VP | 6.1yrs | US$2.38m | 0.063% $6.6m | |
| Senior Vice President of Investments | 1yrs | no data | 0.025% $2.7m | |
| Investor Relations | 0yrs | no data | no data | |
| Senior Vice President of Finance | 0yrs | no data | no data | |
| Senior Vice President | 0yrs | no data | no data | |
| Senior Managing Director | 0yrs | no data | no data |
5.8yrs
Average Tenure
56yo
Average Age
Experienced Management: GLPI's management team is seasoned and experienced (5.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 7yrs | US$12.45m | 5.28% $554.7m | |
| Independent Director | 2.9yrs | US$283.34k | 0.0090% $949.4k | |
| Independent Director | 2.8yrs | US$287.51k | 0.014% $1.4m | |
| Independent Director | 2.9yrs | US$287.51k | 0.025% $2.7m | |
| Lead Independent Director | 0yrs | US$312.30k | 0.021% $2.2m | |
| Independent Director | 6.3yrs | US$302.51k | 0.046% $4.8m | |
| Independent Director | 0.2yrs | no data | 0.0019% $198.5k |
2.9yrs
Average Tenure
69yo
Average Age
Experienced Board: GLPI's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Gaming and Leisure Properties, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Gaming and Leisure Properties, Inc.
- Ticker: GLPI
- Exchange: NasdaqGS
- Founded:
- Industry: Specialized REITs
- Sector: Real Estate
- Market Cap: US$10.503b
- Shares outstanding: 214.69m
- Website: https://www.glpropinc.com
Number of Employees
Location
- Gaming and Leisure Properties, Inc.
- 845 Berkshire Boulevard
- Suite 200
- Wyomissing
- Pennsylvania
- 19610
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| GLPI | NasdaqGS (Nasdaq Global Select) | Yes | Common Shares | US | USD | Oct 2013 |
| 2GL | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Oct 2013 |
Biography
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 was the first gaming-focused REIT in North America.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/20 02:14 |
| End of Day Share Price | 2020/02/19 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.