Gaming and Leisure Properties Boosts Dividend, Unveils Special Payout

Gaming and Leisure Properties (NASDAQ:GLPI) today proclaimed that it is increasing its quarterly dividend spell unveiling a special payout.

The casino landlord raised its every quarter payout to 72 cents a deal from 70 cents and said will drive home a special dividend of 25 cents per share, the latter of which is attributable to cut-rate sale of the dimension assets of the Tropicana on the Las Vegas Strip. The dividends will live paid on March 24 to shareholders of enter on March 10.

Our tenants’ strength, combined with GLPI’s equilibrium weather sheet and liquidity, view the fellowship to consistently develop its hard currency flows and build time value for shareholders inwards 2023 and beyond,” said GLPI CEO St. Peter Carlino inward a statement.

The gaming tangible acres investment funds swear (REIT) reported fourth-quarter earnings today, noting it generated monetary resource from trading operations (FFO) of 89 cents a divvy up inwards the net deuce-ace months of 2022 on revenue of $336.4 million. Analysts expected FFO of 87 cents on revenue of $335.17 million.

Gaming and Leisure Has Resources for Dividend Growth

Like competitor VICI Properties (NYSE: VICI), Gaming and Leisure has an established track tape of dividend growth. The REIT also has a history of distributing special payouts, having done just that in Jan 2022 to the melodic line of 24 cents a share.

Pennsylvania-based GLPI has $6.12 1000000000000 in long-term debt of which simply $900 million is coming due in either 2023 or 2024. However, the REIT had $10.93 one thousand million in assets, including cash in and hard currency equivalents magnetic north of $239 million, at the oddment of 2022. That strong asset immoral and nice immediate payment view are signs the accompany has the resources to maintain and potentially get dividends.

That’s important because inwards ordering for a corp to gain ground the preferential task intervention afforded by the REIT designation, it must dispense at to the lowest degree 90% of its yearly nonexempt income in the shape of dividends.

“A dividend is any distribution of cash or dimension made past a corp to its shareholders out of its earnings and profits from the current nonexempt yr and and then from accumulated earnings and profits from prior years. If in that respect are no earnings and profits usable for a distribution, the distribution is considered a takings of majuscule for the shareholder and is hence exempt to the extent the shareholder has basis inward the REIT shares,” according to RSM.

Why GLPI Dividend Hike Matters

When accounting for the quarterly dividend increase, GLPI’s yearbook payout will come up to $2.88 a share. Based on the Feb 23 closure toll of $52.50, the unexampled dividend boosts the relent on the stock up to 5.48%.

That’s more than image the trailing 12-month dividend pay found on the Dow John Paul Jones U.S. Real Estate Capped Index and easily above the bear offered by 10-year Treasuries.

Penn Entertainment is GLPI’s largest tenant and other clients include Bally’s, Boyd Gaming, Caesars Entertainment and Cordish Cos.

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