Gaming and Leisure Properties (GLPI) - Get Gaming and Leisure Properties, Inc. Report shares were up 0.54% to $52.79 in afternoon trading on Thursday following the release of the gaming real estate investment trust's fourth quarter results before the opening bell.
The Pennsylvania-based company reported fourth quarter funds from operations, a closely watched REIT industry metric, of $164.9 million, or 79 cents on revenue of $238.8 million. Analysts at Zacks were expecting the company to report funds from operations of 77 cents per share on revenue of $238.1 million.
For the current quarter, the company expects revenue of $249.5 million, and for the year the company expects revenue of $958.2 million.
Spinning off an REIT is an easy way for gaming companies to provide immediate returns for investors, and multiple companies have followed Penn National's lead.
MGM Resorts Int'l (MGM) - Get MGM Resorts International Report spun off MGM Growth Properties (MGP) - Get MGM Growth Properties LLC Class A Report in 2015 and Caesars Entertainment (CZR) - Get Caesars Entertainment Inc Report is proposing to spin off an REIT in order to appease creditors in its bankruptcy proceedings.