Gaming and Leisure Properties reported $435.4 million in third-quarter revenue, an increase of 9.5% from the same period last year. The casino real-estate investment trust said the result was a quarterly record.
Adjusted funds from operations rose 10.5% to $311.7 million, while adjusted EBITDA advanced 13% to $413.9 million, according to the company's results release. AFFO per diluted share and partnership unit increased by 7.2% to $1.04.
The growth matters because GLPI owns gaming properties and leases them to operators under long-term arrangements rather than running the casinos itself. Its revenue is therefore tied mainly to rent and financing income from a geographically spread portfolio.
G3 Newswire also highlighted records for revenue, AFFO and adjusted EBITDA. AFFO and adjusted EBITDA are non-GAAP measures defined by the company, so they should be read alongside net income and cash-flow figures rather than treated as direct substitutes.
