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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. 

Gaming and Leisure Properties was spun off from Penn National Gaming  (PENN) - Get Penn National Gaming, Inc. Report in 2013.

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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.