Gaming and Leisure Properties: 2Q Earnings Snapshot
WYOMISSING, Pa. (AP) _ Gaming and Leisure Properties Inc. (GLPI) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Wyomissing, Pennsylvania-based real estate investment trust said it had funds from operations of $185 million, or 86 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 85 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $93 million, or 43 cents per share.
The real estate investment trust posted revenue of $289 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $290 million.
For the current quarter ending in October, Gaming and Leisure Properties expects its per-share funds from operations to be 85 cents.
The company said it expects revenue in the range of $288 million for the fiscal third quarter.
Gaming and Leisure Properties expects full-year funds from operations in the range of $3.40 to $3.41 per share, with revenue expected to be $1.15 billion.
The company’s shares have risen 16% since the beginning of the year. The stock has increased 8% in the last 12 months.