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| == <u>About GLPI</u> == | | == <u>About GLPI</u> == |
| Gaming & Leisure Properties, Inc (GLPI) operates as a real estate investment trust (REIT) with a primary focus on obtaining real estate assets that are leased to gaming operators. Established in November 2013, GLPI emerged as a result of a corporate separation from Penn National Gaming, a prominent casino operator. Although headquartered in Pennsylvania, GLPI's expansive portfolio encompasses 59 gaming properties situated across 18 states. The predominant leasing structure employed is a triple-net lease, encompassing fundamental rent along with real property taxes, building insurance, and maintenance expenditures.<ref>Gaming & Leisure Properties, Inc. (2023) Investor site. Retrieved from: https://investors.glpropinc.com/#ir-section</ref> | | Gaming & Leisure Properties, Inc (GLPI) operates as a real estate investment trust (REIT) with a primary focus on obtaining real estate assets that are leased to gaming operators. Established in November 2013, GLPI emerged as a result of a corporate separation from Penn National Gaming, a prominent casino operator. Although headquartered in Pennsylvania, GLPI's expansive portfolio encompasses 59 gaming properties situated across 18 states. The predominant leasing structure employed is a triple-net lease, encompassing fundamental rent along with real property taxes, building insurance, and maintenance expenditures. |
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| Considering that the majority, if not all, tenants are gaming operators, this study delves extensively into the gambling market, while also dedicating attention to real estate assets. | | Considering that the majority, if not all, tenants are gaming operators, this study delves extensively into the gambling market, while also dedicating attention to real estate assets. |
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| == Latest Updates == | | == Executive Summary == |
| | * There are two gaming REITs, GLPI and VICI properties, both of whom had a good year in 2022, with returns of 13.49% and 14.26% respectively - in the top 5 for performance of all REITs. |
| | * Despite challenging economic conditions due to COVID-19 lockdowns and an impending recession, the gambling market is experiencing growth. |
| | * The US holds a leading position in the land-based casino segment in terms of revenue, and many of the largest global casino operators are based in the US. |
| | * Online gambling growth is a primary driver of the industry's expansion. Europe currently holds the largest market share, but the US exhibits the highest growth rates in revenue and user numbers. It is anticipated that the US will surpass Europe's total user count and align its user base with the rest of the world (excluding Europe). |
| | * The growth of online gambling, including Live Casino, is not expected to negatively impact the land-based casino market. Instead, it serves as a catalyst. Online platforms attract casual and non-gamblers who might find traditional casinos intimidating. The availability of free demo versions online, where individuals can engage with simulated money, is a draw for early-stage gamblers. |
| | * Casinos are transitioning into comprehensive entertainment centers, offering diverse amenities and services. This appeals to non-gamblers who may not be interested in gambling itself but are enticed by the immersive gambling environment. (See 'Reasons for visiting a casino') |
| | * GLPI owns properties leased by gaming operators, exposing them to the gambling industry's performance. However, due to the adaptability of real estate to market shifts, potential downsides resulting from significant changes in the gambling sector could be mitigated. If necessary, GLPI's properties could be repurposed to target alternative markets, such as the industrial sector. |
| | |
| | == GLPI's market == |
|
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|
| ==== Current REIT performance: via NAREIT ==== | | ==== <u>The Gambling market</u> ==== |
| ''(As of '''25/08/2023''' - 4:09PM or 09:09PM EST)'' <blockquote>The REIT-focused FTSE Nareit U.S. Real Estate Index Series tracks the performance of the U.S. REIT industry at both an industry-wide level and on a sector-by-sector basis. The FTSE EPRA/Nareit Global Real Estate Index represents the performance of real estate equities worldwide. The performance of both indexes are reported on a real-time basis<ref>NAREIT, Real-Time Index Returns. Retrieved via: https://www.reit.com/data-research/reit-indexes/real-time-index-returns</ref></blockquote>''Please note that the referenced data will updated daily on the NAREIT site, these figures are accurate at the time of the report. For up-to-date figures, please visit:'' [https://www.reit.com/data-research/reit-indexes/real-time-index-returns NAREIT Real-Time Index Returns (REIT)]
| | As the REIT focuses on gaming properties (which are mostly casinos), we must address the gambling market. |
| {| class="wikitable"
| | |
| |+
| | The gambling industry can be categorized into verticals: |
| !'''FTSE NAREIT U.S. REAL ESTATE INDEX'''
| | |
| !% Change
| | * Sports |
| !Value
| | * Racing |
| !Time (EST)
| | * Casino (which would include live casino: poker, roulette, blackjack) |
| |-
| | * Slots |
| |All REITs
| | * Lottery |
| |0.19
| | * Bingo |
| |$200.26
| | * Others (such as E-Sports and Virtual Sports) |
| |04:09 PM
| | |
| |-
| | It can be further classified by Channel-type: |
| |Composite
| |
| |0.18
| |
| |$196.03
| |
| |04:09 PM
| |
| |-
| |
| |All Equity REITs
| |
| |0.17
| |
| |$693.27
| |
| |04:09 PM
| |
| |-
| |
| |Industrial
| |
| |0.67
| |
| |$519.58
| |
| |04:09 PM
| |
| |-
| |
| |Office
| |
| | -0.80
| |
| |$179.25
| |
| |04:09 PM
| |
| |-
| |
| |Retail
| |
| | -0.20
| |
| |$219.94
| |
| |04:09 PM
| |
| |-
| |
| |Shopping Centers
| |
| | -0.07
| |
| |$175.80
| |
| |04:09 PM
| |
| |-
| |
| |Regional Malls
| |
| |0.01
| |
| |$233.25
| |
| |04:09 PM
| |
| |-
| |
| |Free Standing
| |
| | -0.44
| |
| |$359.73
| |
| |04:09 PM
| |
| |-
| |
| |Residential
| |
| |0.33
| |
| |$483.44
| |
| |04:09 PM
| |
| |-
| |
| |Apartments
| |
| |0.50
| |
| |$431.48
| |
| |04:09 PM
| |
| |-
| |
| |Manufactured Homes
| |
| | -0.29
| |
| |$583.35
| |
| |04:09 PM
| |
| |-
| |
| |Diversified
| |
| | -0.34
| |
| |$97.21
| |
| |04:09 PM
| |
| |-
| |
| |Lodging/Resorts
| |
| | -1.26
| |
| |$67.69
| |
| |04:09 PM
| |
| |-
| |
| |Health Care
| |
| |0.14
| |
| |$218.54
| |
| |04:09 PM
| |
| |-
| |
| |Self Storage
| |
| |0.69
| |
| |$1658.69
| |
| |04:09 PM
| |
| |-
| |
| |Timber
| |
| | -0.31
| |
| |$166.23
| |
| |04:09 PM
| |
| |-
| |
| |Infrastructure
| |
| |0.34
| |
| |$244.83
| |
| |04:09 PM
| |
| |-
| |
| |Equity REITs
| |
| |0.16
| |
| |$656.59
| |
| |09:03 PM
| |
| |-
| |
| |Real Estate 50
| |
| |0.23
| |
| |$316.55
| |
| |04:09 PM
| |
| |-
| |
| |Mortgage REITs
| |
| |0.37
| |
| |$2.71
| |
| |04:09 PM
| |
| |-
| |
| |Home Financing
| |
| |0.52
| |
| |$23.13
| |
| |04:09 PM
| |
| |-
| |
| |Commercial Financing
| |
| |0.25
| |
| |$16.00
| |
| |04:09 PM
| |
| |-
| |
| |FTSE RAFI US 100 Real Estate Index
| |
| | -0.09
| |
| |$4395.60
| |
| |09:09 PM
| |
| |-
| |
| |Data Centers
| |
| |0.09
| |
| |$1387.43
| |
| |04:09 PM
| |
| |-
| |
| |Specialty
| |
| |0.64
| |
| |$872.23
| |
| |04:09 PM
| |
| |-
| |
| |'''Gaming & Leisure'''
| |
| |'''0.43'''
| |
| |'''$671.03'''
| |
| |'''04:09 PM'''
| |
| |}
| |
|
| |
|
| ==== Other changes to portfolios, leases or deals: ====
| | * Land-Based |
| | * Online (also referred to as ‘iGaming’). |
| | * Omni-channel (both online and land-based. For example a jackpot slot game, where players are competiting for the same jackpot whether they play in-person or online) |
|
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| * None as of yet (EOD, 25/08/2023)
| | ==== <u>A breakdown of GLPI's market & industry position</u> ==== |
| | A gambling-focused REIT like GLPI is engaged in both the gambling and real estate markets. |
|
| |
|
| | <u>Gambling market</u> |
|
| |
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| == Executive Summary ==
| | * Channel: GLPI predominantly operates in the Land-based segment. While omni-channel products connecting online and land-based casinos are emerging, the evaluation of properties should primarily emphasize the 'offline' component. |
| * There are two gaming REITs, GLPI and VICI properties, both of whom had a good year in 2022, with returns of 13.49% and 14.26% respectively - in the top 5 for performance of all REITs.
| |
| * Both GLPI and VICI lease their property to gaming operators (casinos) and so they are tied with the gambling industry.
| |
| * Despite challenging economic conditions due to COVID-19 lockdowns and an impending recession, the gambling market is experiencing growth.
| |
| * GLPIs properties are all based within the US. The US holds a leading position in the land-based casino segment in terms of revenue, and many of the largest global casino operators are based in the US.
| |
| * Online gambling growth is a primary driver of the industry's expansion. Europe currently holds the largest market share, but the US exhibits the highest growth rates in revenue and user numbers. It is anticipated that the US will surpass Europe's total user count and align its user base with the rest of the world (excluding Europe).
| |
| * The growth of online gambling, including Live Casino, is not expected to negatively impact the land-based casino market. Instead, it serves as a catalyst. Online platforms attract casual and non-gamblers who might find traditional casinos intimidating. The availability of free demo versions online, where individuals can engage with simulated money, is a draw for early-stage gamblers.
| |
| * Casinos are transitioning into comprehensive entertainment centers, offering diverse amenities and services. This appeals to non-gamblers who may not be interested in gambling itself but are enticed by the immersive gambling environment. (See 'Reasons for visiting a casino')
| |
| * GLPI owns properties leased by gaming operators, exposing them to the gambling industry's performance. However, due to the adaptability of real estate to market shifts, potential downsides resulting from significant changes in the gambling sector could be mitigated. If necessary, GLPI's properties could be repurposed to target alternative markets, such as the industrial sector.
| |
| * GLPI is looking to diversify their risk by acquiring real property assets outside the gaming industry.
| |
| * In a comparison with its competitor, GLPI stands out with higher dividends, though there was a reduction in dividends during 2020. Additionally, GLPI offers a higher yield to its investors. However, it's worth noting that GLPI carries a higher Debt to Equity ratio compared to its competitor. Moreover, GLPI's revenue is more concentrated, with a significant 65% of its rent attributed to the top tenant, whereas VICI's top two tenants contribute 40% and 36% respectively.
| |
| * Ultimately, the decision between the two investments hinges on the investor's risk tolerance - is GLPI's extra yield worth the extra risk?
| |
| | |
| == GLPI's market ==
| |
| | |
| ==== <u>The Gambling market</u> ====
| |
| As the REIT focuses on gaming properties (which are mostly casinos), we must address the gambling market.
| |
| | |
| The gambling industry can be categorized into verticals:
| |
| | |
| * Sports
| |
| * Racing
| |
| * Casino (which would include live casino: poker, roulette, blackjack)
| |
| * Slots
| |
| * Lottery
| |
| * Bingo
| |
| * Others (such as E-Sports and Virtual Sports)
| |
| | |
| It can be further classified by Channel-type:
| |
| | |
| * Land-Based
| |
| * Online (also referred to as ‘iGaming’).
| |
| * Omni-channel (both online and land-based. For example a jackpot slot game, where players are competiting for the same jackpot whether they play in-person or online)
| |
| | |
| ==== <u>A breakdown of GLPI's market & industry position</u> ====
| |
| A gambling-focused REIT like GLPI is engaged in both the gambling and real estate markets.
| |
| | |
| <u>Gambling market</u>
| |
| | |
| * Channel: GLPI predominantly operates in the Land-based segment. While omni-channel products connecting online and land-based casinos are emerging, the evaluation of properties should primarily emphasize the 'offline' component. | |
| * Verticals: REITs own 'gaming properties' - most of which are 'Land-based' casinos. Whilst there is a range of different segments in the gambling industry, typically in a casino you will find ''Slot machines, Casino tables (Poker, Roulette, Blackjack, etc), Sports betting and Bingo/Lottery/Scratch''. | | * Verticals: REITs own 'gaming properties' - most of which are 'Land-based' casinos. Whilst there is a range of different segments in the gambling industry, typically in a casino you will find ''Slot machines, Casino tables (Poker, Roulette, Blackjack, etc), Sports betting and Bingo/Lottery/Scratch''. |
| * The allure of Land-based casinos, particularly in Casino tables, Slot machines, and Bingo halls, stems from the sensory experiences these physical settings offer, which online counterparts cannot fully replicate. ''However, the emergence of Live Casino and the potential of Virtual Reality are also noteworthy, and will be explored in the Risks & Catalysts section.'' | | * The allure of Land-based casinos, particularly in Casino tables, Slot machines, and Bingo halls, stems from the sensory experiences these physical settings offer, which online counterparts cannot fully replicate. ''However, the emergence of Live Casino and the potential of Virtual Reality are also noteworthy, and will be explored in the Risks & Catalysts section.'' |
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| Over time, Vici expanded its portfolio and pursued various acquisitions. It acquired properties such as Harrah's Las Vegas, engaging in sale and leaseback arrangements. MGM Growth Properties expressed interest in acquiring Vici in 2018, though Vici opted for an initial public offering (IPO) instead. Vici successfully completed its IPO on the New York Stock Exchange, raising $1.2 billion. | | Over time, Vici expanded its portfolio and pursued various acquisitions. It acquired properties such as Harrah's Las Vegas, engaging in sale and leaseback arrangements. MGM Growth Properties expressed interest in acquiring Vici in 2018, though Vici opted for an initial public offering (IPO) instead. Vici successfully completed its IPO on the New York Stock Exchange, raising $1.2 billion. |
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| The company continued its growth trajectory by engaging in acquisitions, transactions with Caesars, and strategic expansion into Canada in 2023. Vici acquired a range of properties, including casinos and resorts, adding to its diverse portfolio and expanding its influence within the gaming and hospitality sectors.<ref>VICI Properties (2023) Investor site. Retrieved from: https://investors.viciproperties.com/home/default.aspx</ref> | | The company continued its growth trajectory by engaging in acquisitions, transactions with Caesars, and strategic expansion into Canada in 2023. Vici acquired a range of properties, including casinos and resorts, adding to its diverse portfolio and expanding its influence within the gaming and hospitality sectors. |
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| == Portfolio<ref name=":2">Gaming and Leisure Properties (July, 2023) ''Gaming and Leisure Properties Reports Record Second Quarter 2023 Results and Updates 2023 Full Year Guidance. Retrieved from:'' https://investors.glpropinc.com/node/12386/pdf</ref> == | | == Portfolio == |
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| ==== <u>Regional</u> ==== | | ==== <u>Regional</u> ==== |
| The record year for land-based casino gaming was fueled by the introduction of markets in Nebraska and Virginia, alongside a nationwide rebound in visitation after a two-year pandemic-related decline. In 2022, approximately 84 million American adults, accounting for 34 percent of the adult population, visited a casino, indicating a 6% rise compared to 2020 and 2021. However, this figure remained 10% lower than the peak observed in 2019. Mississippi, South Dakota, Michigan, and Kansas saw a negative YOY change in traditional casino gaming revenue when compared to 2021. New Mexico (+22%), Rhode Island (+15%) and Illinois (+13%) were the top 3 states in % change.<ref name=":0" /> | | The record year for land-based casino gaming was fueled by the introduction of markets in Nebraska and Virginia, alongside a nationwide rebound in visitation after a two-year pandemic-related decline. In 2022, approximately 84 million American adults, accounting for 34 percent of the adult population, visited a casino, indicating a 6% rise compared to 2020 and 2021. However, this figure remained 10% lower than the peak observed in 2019. Mississippi, South Dakota, Michigan, and Kansas saw a negative YOY change in traditional casino gaming revenue when compared to 2021. New Mexico (+22%), Rhode Island (+15%) and Illinois (+13%) were the top 3 states in % change. |
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| The following table shows the Top 20 revenue generating markets in the US<ref name=":1">American Gaming Association (May 2023) ''State of the States 2023.'' Retrieved from https://www.americangaming.org/wp-content/uploads/2023/05/AGA-State-of-the-States-2023.pdf</ref> - GLPI has 23 properties across these markets, as mentioned earlier, they wish to acquire more gaming properties as part of their M&A strategy, and perhaps they are considering entering markets where they currently do not hold any properties - this would of course depends on valuation and availability.
| | === <u>Lease agreements, length</u> === |
|
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| '''<u>Top 20 revenue generating markets in the US</u>'''<ref name=":1" />
| | === <u>Economic Conditions & Investor Sentiment</u> === |
| | |
| | === <u>Credit</u> === |
| | |
| | == Financials == |
| | |
| | ==== Balance Sheet ==== |
| | ''This table compares the balance statement at end of Q2 2023 to end of Q4 2022/end of year 2022.'' |
| {| class="wikitable" | | {| class="wikitable" |
| |+ | | |+ |
| !Rank | | ! |
| !Market | | !June 30, 2023 |
| !Casino Locations
| | !December 31, 2022 |
| !2022 GGR (US$m) | |
| !GLPI Properties in Market
| |
| |- | | |- |
| |1 | | |Assets |
| |Las Vegas Strip | | | |
| |Nevada | | | |
| |$8,240
| |
| |1
| |
| |- | | |- |
| |2 | | |Real estate investments, net |
| |Atlantic City | | |$8,238,398 |
| |New Jersey
| | |$7,707,935 |
| |$2,790 | |
| |1
| |
| |- | | |- |
| |3 | | |Investment in leases, financing receivables, net |
| |Baltimore-Washington DC
| | |$1,891,789 |
| |Maryland/West Virginia
| | |$1,903,195 |
| |$2,170 | |
| |1 | |
| |- | | |- |
| |4 | | |Right-of-use assets and land rights, net |
| |Chicagoland | | |$844,627 |
| |Illinois/Indiana
| | |$834,067 |
| |$2,120 | |
| |3
| |
| |- | | |- |
| |5 | | |Cash and cash equivalents |
| |Gulf Coast | | |$9,450 |
| |Mississippi
| | |$239,083 |
| |$1,558 | |
| |3
| |
| |- | | |- |
| |6 | | |Other assets |
| |Queens/Yonkers | | |$47,673 |
| |New York
| | |$246,106 |
| |$1,497 | |
| |0
| |
| |- | | |- |
| |7 | | |Total assets |
| |Philadelphia | | |$11,031,937 |
| |Pennsylvania
| | |$10,930,386 |
| |$1,374 | |
| |1
| |
| |- | | |- |
| |8 | | |Liabilities |
| |Detroit | | | |
| |Michigan | | | |
| |$1,276
| |
| |0
| |
| |- | | |- |
| |9 | | |Accounts payable and accrued expenses |
| |St. Louis | | |$5,084 |
| |Missouri/Illinois
| | |$6,561 |
| |$1,066 | |
| |4
| |
| |- | | |- |
| |10 | | |Accrued interest |
| |Boulder Strip | | |$80,651 |
| |Nevada
| | |$82,297 |
| |$967 | |
| |0
| |
| |- | | |- |
| |11 | | |Accrued salaries and wages |
| |The Poconos | | |$3,795 |
| |Pennsylvania
| | |$6,742 |
| |$920 | |
| |0
| |
| |- | | |- |
| |12 | | |Operating lease liabilities |
| |Reno/Sparks | | |$199,060 |
| |Nevada
| | |$181,965 |
| |$911 | |
| |0
| |
| |- | | |- |
| |13 | | |Financing lease liabilities |
| |Black Hawk/Central City | | |$54,017 |
| |Colorado
| | |$53,792 |
| |$899 | |
| |2
| |
| |- | | |- |
| |14 | | |Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts |
| |Memphis | | |$6,248,838 |
| |Mississippi/Arkansas
| | |$6,128,468 |
| |$886 | |
| |1
| |
| |- | | |- |
| |15 | | |Deferred rental revenue |
| |Lake Charles | | |$307,271 |
| |Louisiana
| | |$324,774 |
| |$867 | |
| |1
| |
| |- | | |- |
| |16 | | |Other liabilities |
| |Kansas City | | |$30,347 |
| |Missouri
| | |$27,691 |
| |$824 | |
| |2
| |
| |- | | |- |
| |17 | | |Total liabilities |
| |Downtown Las Vegas | | |$6,929,063 |
| |Nevada
| | |$6,812,290 |
| |$787 | |
| |0
| |
| |- | | |- |
| |18 | | |Equity |
| |Miami | | | |
| |Florida | | | |
| |$694
| |
| |0
| |
| |- | | |- |
| |19 | | |Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2023 and December 31, 2022) |
| |Pittsburgh/Meadowlands
| | |— |
| |Pennsylvania
| | |— |
| |$665 | |
| |2 | |
| |- | | |- |
| |20 | | |Common stock ($.01 par value, 500,000,000 shares authorized, 262,640,178 and 260,727,030 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) |
| |Cincinnati Area | | |$2,626 |
| |Ohio/Indiana
| | |$2,607 |
| |$661 | |
| |1
| |
| |- | | |- |
| | | | |Additional paid-in capital |
| | | | |$5,651,612 |
| |'''<u>Total</u>''' | | |$5,573,567 |
| |'''<u>$31,172</u>'''
| | |- |
| |'''<u>23</u>''' | | |Accumulated deficit |
| |} | | |($1,903,326) |
| | | |($1,798,216) |
| | |
| '''<u>Legality of gambling types by state</u>'''<ref name=":1" />
| |
| | |
| X - determines legality and presence of mentioned gambling type, 'O' - is where the gambling type is permitted but none are active yet.
| |
| | |
| ''Most states that do not permit commercial casinos have tribal casinos. The distinctions between Indian and commercial casinos are primarily evident in their operational aspects. The National Indian Gaming Regulatory Act (NIGRA) provides guidance to Indian casinos regarding the utilization of their earnings. These funds are required to be reinvested in tribal communities, fostering economic growth and enhancing the self-reliance of tribal administrations. In a broader context, Indian casinos are fewer in number compared to their commercial counterparts. While they may not yield as much revenue nationwide as commercial casinos, they have emerged as significant players in the sector, generating billions in annual income. Regulatory changes in these states will be rare, and often viewed as controversial. Instead, it's better to direct attention towards states that exhibit less openness to gambling, where neither commercial nor tribal casinos are present. Attitudes towards gambling might evolve as additional data becomes available and new officials take office. Notably, regulatory adjustments are occurring in response to the increasing trend of states legalising online gambling.''
| |
| {| class="wikitable"
| |
| |+
| |
| !State
| |
| !Commercial Casino
| |
| !Tribal Casinos
| |
| !Card Rooms
| |
| !Electronic Gaming Devices
| |
| !iGaming
| |
| !Brick & Mortar Sports Betting
| |
| !Mobile sports betting
| |
| !Lottery
| |
| !iLottery
| |
| !Casino Activities
| |
| |- | | |- |
| |<u>Alabama</u> | | |Total equity attributable to Gaming and Leisure Properties |
| !O
| | |$3,750,912 |
| !X
| | |$3,777,958 |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| |''Tribal casinos offer only Class II games'' | |
| |- | | |- |
| |<u>Alaska</u> | | |Noncontrolling interests in GLPI's Operating Partnership (7,653,326 units and 7,366,683 units outstanding at June 30, 2023 and December 31, 2022, respectively) |
| !
| | |$351,962 |
| !X
| | |$340,138 |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| |''Tribal casinos offer only Class II games'' | |
| |- | | |- |
| |<u>Arizona</u> | | |Total equity |
| !
| | |$4,102,874 |
| !X
| | |$4,118,096 |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| | | |
| |- | | |- |
| |<u>Arkansas</u> | | |Total liabilities and equity |
| !X
| | |$11,031,937 |
| | |$10,930,386 |
| | |} |
| | |
| | ==== <u>Income Statement</u> ==== |
| | Income Statement from 2023 Q2 report. |
| | |
| | ''This table compares:'' |
| | |
| | * ''Q2 2023 vs Q2 2022 (Three Months Ended)'' |
| | * ''Half-year (HY) 2023 VS HY 2022 (Six Months Ended)'' |
| | |
| | {| class="wikitable" |
| | |+Consolidated Statement of Operations |
| ! | | ! |
| ! | | ! colspan="2" |Three Months Ended June 30 (Q2) |
| ! | | ! colspan="2" |Six Months Ended June 30 (HY) |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| | | |
| |- | | |- |
| |<u>California</u> | | !'''Revenues''' |
| !
| | |<u>'''2023'''</u> |
| !X
| | |<u>'''2022'''</u> |
| !X
| | |<u>'''2023'''</u> |
| !
| | |<u>'''2022'''</u> |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| | | |
| |- | | |- |
| |<u>Colorado</u> | | |Rental income |
| !X
| | |$319,236 |
| !X
| | |$289,574 |
| !
| | |$637,204 |
| !
| | |$577,351 |
| !
| | |- |
| !X
| | |Interest income |
| !X
| | |$37,353 |
| !X
| | |$36,939 |
| !
| | |$74,599 |
| | | | |$64,128 |
| |- | | |- |
| |<u>Connecticut</u> | | |'''<u>Total income from real estate</u>''' |
| !
| | |'''<u>$356,589</u>''' |
| !X
| | |'''<u>$326,513</u>''' |
| !
| | |'''<u>$711,803</u>''' |
| !
| | |'''<u>$641,479</u>''' |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !O
| |
| |''iLottery legal, but not live'' | |
| |- | | |- |
| |<u>Delaware</u>
| | !Operating expenses |
| !X | | | |
| !
| | | |
| !
| | | |
| !
| |
| !X
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| | | | | |
| |- | | |- |
| |<u>D.C.</u> | | |Land rights and ground lease expense |
| !
| | |$11,892 |
| !
| | |$11,720 |
| !
| | |$23,906 |
| !
| | |$25,424 |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| | | |
| |- | | |- |
| |<u>Florida</u> | | |General and administrative |
| !X
| | |$12,639 |
| !X
| | |$12,212 |
| !X
| | |$29,089 |
| !
| | |$27,944 |
| !
| |
| !O
| |
| !O
| |
| !X
| |
| !
| |
| |''Sports betting legal but not active and Subject to legal challenges'' | |
| |- | | |- |
| |<u>Georgia</u> | | |Gains from dispositions |
| !
| | |$— |
| !
| | |$— |
| !
| | |$— |
| !
| | |($51) |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| | | |
| |- | | |- |
| |<u>Hawaii</u> | | |Impairment charge on land |
| !
| | |$— |
| !
| | |$3,298 |
| !
| | |$— |
| !
| | |$3,298 |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| | | |
| |- | | |- |
| |<u>Idaho</u> | | |Depreciation |
| !
| | |$65,731 |
| !X
| | |$59,964 |
| !
| | |$131,285 |
| !
| | |$119,093 |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| | | |
| |- | | |- |
| |<u>Illinois</u> | | |Provision for credit losses, net |
| !X
| | |$28,052 |
| !
| | |$2,222 |
| !
| | |$22,399 |
| !X
| | |$28,878 |
| !
| | |- |
| !X
| | |'''<u>Total operating expenses</u>''' |
| !X
| | |'''<u>$118,314</u>''' |
| !X
| | |'''<u>$89,416</u>''' |
| !X | | |'''<u>$206,679</u>''' |
| | |'''<u>$204,586</u>''' |
| | |- |
| | |'''<u>Income from operations</u>''' |
| | |'''<u>$238,275</u>''' |
| | |'''<u>$237,097</u>''' |
| | |'''<u>$505,124</u>''' |
| | |'''<u>$436,893</u>''' |
| | |- |
| | !Other income (expenses) |
| | | | | |
| |-
| |
| |<u>Indiana</u>
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| | | | | |
| |-
| |
| |<u>Iowa</u>
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| | | | | |
| |-
| |
| |<u>Kansas</u>
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| | | | | |
| |- | | |- |
| |<u>Kentucky</u> | | |Interest expense |
| !
| | |($79,371) |
| !
| | |($78,257) |
| !
| | |($160,731) |
| !X
| | |($156,179) |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| |''Instant racing terminals at racetracks'' | |
| |- | | |- |
| |<u>Louisiana</u> | | |Interest income |
| !X
| | |$1,273 |
| !X
| | |$102 |
| !
| | |$5,528 |
| !X
| | |$124 |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| |''Sports betting legal in most parishes'' | |
| |- | | |- |
| |<u>Maine</u> | | |Losses on debt extinguishment |
| !X
| | |$— |
| !
| | |($2,189) |
| !
| | |($556) |
| !
| | |($2,189) |
| !
| |
| !O
| |
| !O
| |
| !X
| |
| !X
| |
| |''iLottery includes only subscription services; sports betting legal, but not active'' | |
| |- | | |- |
| |<u>Maryland</u> | | |Total other expenses |
| !X
| | |($78,098) |
| !
| | |($80,344) |
| !
| | |($155,759) |
| !
| | |($158,244) |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| | | |
| |- | | |- |
| |<u>Massachusetts</u> | | |<u>'''Income before income taxes'''</u> |
| !X
| | |<u>'''$160,177'''</u> |
| !
| | |<u>'''$156,753'''</u> |
| !
| | |<u>'''$349,365'''</u> |
| !
| | |<u>'''$278,649'''</u> |
| !
| |
| !O
| |
| !O
| |
| !X
| |
| !
| |
| |''Sports betting legal, but not active'' | |
| |- | | |- |
| |<u>Michigan</u> | | |Income tax expense |
| !X
| | |$40 |
| !X
| | |$966 |
| !
| | |$558 |
| !
| | |$1,170 |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| | | |
| |- | | |- |
| |<u>Minnesota</u> | | |'''<u>Net income</u>''' |
| !
| | |'''<u>$160,137</u>''' |
| !X
| | |'''<u>$155,787</u>''' |
| !X
| | |'''<u>$348,807</u>''' |
| !
| | |'''<u>$277,479</u>''' |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| | | |
| |- | | |- |
| |<u>Mississippi</u> | | |Net income attributable to non-controlling interest in the Operating Partnership |
| !X
| | |($4,507) |
| !X
| | |($4,473) |
| !
| | |($9,826) |
| !
| | |($6,897) |
| !
| | |- |
| !X
| | |'''<u>Net income attributable to common shareholders</u>''' |
| !
| | |'''<u>$155,630</u>''' |
| !X
| | |'''<u>$151,314</u>''' |
| !
| | |'''<u>$338,981</u>''' |
| |''Mobile sports betting only available at casino properties'' | | |'''<u>$270,582</u>''' |
| |- | | |- |
| |<u>Missouri</u>
| | !Earnings per common share: |
| !X | | | |
| !
| | | |
| !
| | | |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| | | | | |
| |- | | |- |
| |<u>Montana</u> | | |Basic earnings attributable to common shareholders |
| !
| | |$0.59 |
| !X
| | |$0.61 |
| !X
| | |$1.29 |
| !X
| | |$1.09 |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| |''Mobile sports betting only available within licensed properties'' | |
| |- | | |- |
| |<u>Nebraska</u>
| | |Diluted earnings attributable to common shareholders |
| !X
| | |$0.59 |
| !X
| | |$0.61 |
| !
| | |$1.29 |
| !
| | |$1.09 |
| !
| | |} |
| !O
| | |
| !
| | ==== Statement of Cash flows ==== |
| !X
| |
| !
| |
| |''Sports betting legal, but not active''
| |
| |-
| |
| |<u>Nevada</u>
| |
| !X
| |
| !X
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| |
| |
| |-
| |
| |<u>New Hampshire</u>
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| |''Brick and mortar sports betting available at lottery retailers''
| |
| |-
| |
| |<u>New Jersey</u>
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| |
| |
| |-
| |
| |<u>New Mexico</u>
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| |''Sports betting limited to tribal properties''
| |
| |-
| |
| |<u>New York</u>
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| |''iLottery includes only subscription services''
| |
| |-
| |
| |<u>North Carolina</u>
| |
| !
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !X
| |
| |''Sports betting limited to tribal properties; iLottery includes only subscription services''
| |
| |-
| |
| |<u>North Dakota</u>
| |
| !
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !X
| |
| |''Sports betting limited to tribal properties; iLottery includes only subscription services''
| |
| |-
| |
| |<u>Ohio</u>
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !O
| |
| !O
| |
| !X
| |
| !
| |
| |''Racetracks only permitted to have VLTs; sports betting legal but not active''
| |
| |-
| |
| |<u>Oklahoma</u>
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| |
| |
| |-
| |
| |<u>Oregon</u>
| |
| !X
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| |''Limited EGDs and instant racing terminals at racetracks''
| |
| |-
| |
| |<u>Pennsylvania</u>
| |
| !X
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| |
| |
| |-
| |
| |<u>Rhode Island</u>
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| |''iLottery includes Keno and some instant games''
| |
| |-
| |
| |<u>South Carolina</u>
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| |
| |
| |-
| |
| |<u>South Dakota</u>
| |
| !X
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| |''Only limited-stakes gaming at commercial casinos; mobile sports betting only legal at a casino property''
| |
| |-
| |
| |<u>Tennessee</u>
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !
| |
| |
| |
| |-
| |
| |<u>Texas</u>
| |
| !
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| |''Tribal casinos offer only Class II games''
| |
| |-
| |
| |<u>Utah</u>
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| |
| |
| |-
| |
| |<u>Vermont</u>
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| |
| |
| |-
| |
| |<u>Virginia</u>
| |
| !X
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| |''Instant racing terminals at racetracks; iLottery includes only subscription services''
| |
| |-
| |
| |<u>Washington</u>
| |
| !
| |
| !X
| |
| !X
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| |''Mobile sports betting only legal within tribal properties''
| |
| |-
| |
| |<u>West Virginia</u>
| |
| !X
| |
| !
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| |
| |
| |-
| |
| |<u>Wisconsin</u>
| |
| !
| |
| !X
| |
| !
| |
| !
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| |''Sports betting limited to tribal properties''
| |
| |-
| |
| |<u>Wyoming</u>
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !
| |
| !X
| |
| !X
| |
| !X
| |
| !
| |
| |
| |
| |}
| |
| '''<u>Tax rate across states, renewal fees and availability of licenses (for operator)</u>'''<ref name=":1" />
| |
| | |
| ''This table shows the tax rates for each state. Renewal fee is approximated (if there is a range) and annualised where possible - to allow comparison. 'Commercial Casinos allowed' shows the maximum number of licenses permitted in the state, where 'Existing Commercial Casinos' shows the existing licenses granted. % Occupied licenses is a calculated field to show the availability of licenses, if a new operator were to enter the state.''
| |
| {| class="wikitable"
| |
| |+
| |
| !State
| |
| !Tax rate
| |
| !Renewal fee (annualised, approximate)
| |
| !Commercial Casino licenses allowed
| |
| !Existing Commercial Casinos licenses
| |
| !% occupied licenses
| |
| !GLPI properties
| |
| |-
| |
| |Arkansas
| |
| |''13% on the first $150 million in casino gaming revenue, 20% thereafter''
| |
| |''$1,000''
| |
| !4
| |
| !3
| |
| !'''0.75'''
| |
| !0
| |
| |-
| |
| |Colorado
| |
| |''Graduated rate ranging from 0.25% on gaming revenue up to $2m to 20% on gaming revenue of more than 13 million.''
| |
| |''$1,850''
| |
| !Unlimited
| |
| !33
| |
| !'''0.00'''
| |
| !2
| |
| |-
| |
| |Delaware
| |
| |''57% effective rate on electronic gaming device revenue; 20% effective rate on table games revenue. Internet casino versions of games are taxed at the same rates after paying the first $3.75 million in revenues and costs for lottery administration''
| |
| |''$3,000,000''
| |
| !3
| |
| !3
| |
| !1.00
| |
| !1
| |
| |-
| |
| |Florida
| |
| |''35% electronic gaming device revenue''
| |
| |''$2,250,000''
| |
| !8
| |
| !8
| |
| !1.00
| |
| !0
| |
| |-
| |
| |Illinois
| |
| |''Electronic gaming devices: Graduated rate ranging from 15% on revenue up to $25 million to 50% on revenue of more than $200 million. Table games: Graduated rate randing from 15% of revenue up to $25m to 20% on revenue above that amoun''
| |
| |''$250,000+''
| |
| !20
| |
| !11
| |
| !'''0.55'''
| |
| !5
| |
| |-
| |
| |Indiana
| |
| |''Riverboat: Graduated rate ranging from 15% on gaming revenue of up to $25 million to 40% on gaming revenue of more than $600 million. Casinos, with one exception, also pay a supplemental wagering tax of 3.5%. Racino: 25% of revenue up to $100 million to 35% on revenue exceeding $200 million''
| |
| |''Riverboat: $5,000 annually; Racinos: $100 per electronic gaming device annually''
| |
| !13
| |
| !13
| |
| !1.00
| |
| !4
| |
| |-
| |
| |Iowa
| |
| |''Riverboat/Land-based: Graduated rate ranging from 5% on gaming revenue up to $1 million to 22% on revenue of more than $3 million. Racino: 22% or 24% depending on various conditions''
| |
| |''Riverboat/Land-based: $5 per person per facility capacity (min.$1,250); Racino: $1,000 annually''
| |
| !Unlimited
| |
| !19
| |
| !'''0.00'''
| |
| !3
| |
| |-
| |
| |Kansas
| |
| |''Minimum 27% on casino gaming revenue''
| |
| |''$0''
| |
| !4
| |
| !4
| |
| !1.00
| |
| !0
| |
| |-
| |
| |Louisiana
| |
| |''Riverboat: 21.5% of gaming revenue, with additional taxes and fees applied by local governments. Racino: effective rate of around 36% of gaming revenue. LandBased: either 21.5% on gaming revenue or an annual fee of $60 million, whichever is greater, plus rent and various other payments to local authorities''
| |
| |''$100,000''
| |
| !20
| |
| !19
| |
| !0.95
| |
| !6
| |
| |-
| |
| |Maine
| |
| |''Racino: 39% on electronic gaming device revenue and 1% on handle; 16% on table game revenue Land-Based: 46% on electronic gaming device revenue; 16% on table game revenue''
| |
| |''$80,000''
| |
| !2
| |
| !2
| |
| !1.00
| |
| !1
| |
| |-
| |
| |Maryland
| |
| |''40-61% on electronic gaming device revenue; 20% on table game revenue''
| |
| |''$3 million for every 500 electronic gaming devices following 15-year initial license term''
| |
| !6
| |
| !6
| |
| !1.00
| |
| !2
| |
| |-
| |
| |Massachusetts
| |
| |''Casino-Resort: 25% on casino gaming revenue; Slot Parlor: 49% on electronic gaming device revenue''
| |
| |''$600 per electronic gaming device''
| |
| !4
| |
| !3
| |
| !'''0.75'''
| |
| !1
| |
| |-
| |
| |Michigan
| |
| |''Casino gaming: 19% on casino gaming revenue Internet gaming: Graduated tax ranging from 20% on iGaming revenue up to $4 million to 28% on revenue of more than $12 million''
| |
| |''Casino gaming: $25,000, Internet gaming: $50,000''
| |
| !3
| |
| !3
| |
| !1.00
| |
| !0
| |
| |-
| |
| |Mississippi
| |
| |''Graduated rate ranging from 4% on gaming revenue up to $50,000 per month to 8% on gaming revenue of more than $134,000 per month, plus additional host municipality license fee at an average rate of 3–4% on gaming revenue annually''
| |
| |''$5,000+''
| |
| !Unlimited
| |
| !26
| |
| !'''0.00'''
| |
| !7
| |
| |-
| |
| |Missouri
| |
| |''21% on gaming revenue''
| |
| |''$25,000''
| |
| !13
| |
| !13
| |
| !1.00
| |
| !6
| |
| |-
| |
| |Nebraska
| |
| |''20% on casino gaming revenue''
| |
| |''Authorized gaming operator fee valid for 20 years and subject to minimum fee of $1 million''
| |
| !6
| |
| !2
| |
| !'''0.33'''
| |
| !0
| |
| |-
| |
| |Nevada
| |
| |''Graduated rate ranging from 3.5% on gaming revenue up to $50,000 per month to 6.75% on gaming revenue of more than $134,000 per month''
| |
| |''$250 per electronic gaming device as excise tax, plus additional $80 per device annually. Table games fees are dependent on the amount of games in operation''
| |
| !Unlimited
| |
| !216
| |
| !'''0.00'''
| |
| !4
| |
| |-
| |
| |New Jersey
| |
| |''9.25% on land-based gaming revenue; 17.5% on iGaming revenue.''
| |
| |''License renewal every 5 years; fee of $500 per electronic gaming device annually''
| |
| !Unlimited
| |
| !9
| |
| !'''0.00'''
| |
| !1
| |
| |-
| |
| |New Mexico
| |
| |''46.25% effective rate on electronic gaming device revenue''
| |
| |''$4,000 and $25 per electronic gaming device annually''
| |
| !6
| |
| !5
| |
| !0.83
| |
| !1
| |
| |-
| |
| |New York
| |
| |''Land-Based: 30%–45% on electronic gaming device revenue; 10% on table game revenue. Racino: average effective rate of 55% on electronic gaming device revenue''
| |
| |''Land-Based: $500 per electronic gaming device and table game annually. Racinos: N/A''
| |
| !16
| |
| !13
| |
| !'''0.81'''
| |
| !0
| |
| |-
| |
| |Ohio
| |
| |''Land-Based: 33% on casino gaming revenue Racinos: 33.5% on electronic gaming device revenue''
| |
| |''Land-Based: $1.5m license fee every three years; Racinos: $10,000 every three years''
| |
| !11
| |
| !11
| |
| !1.00
| |
| !5
| |
| |-
| |
| |Oklahoma
| |
| |''Graduated rate ranging from 35% on casino gaming revenue up to $10 million to 50% on gaming revenue of more than $70 million''
| |
| |''$50,000''
| |
| !2
| |
| !2
| |
| !1.00
| |
| !0
| |
| |-
| |
| |Pennsylvania
| |
| |''Land-Based/Racino: 55% on electronic gaming device revenue; 16% table game revenue. Internet gaming: 54% on virtual electronic gaming device-type games; 16% on virtual table games/ poker revenue''
| |
| |''Casino/Racino: $1.5 million every five years; CasinoResort: $150,000 every five years. Interactive gaming certificate: $250,000 every five years''
| |
| !23
| |
| !16
| |
| !'''0.70'''
| |
| !5
| |
| |-
| |
| |Rhode Island
| |
| |''68.85–74% on electronic gaming device revenue; 17%–19% on table game revenue''
| |
| |''N/A''
| |
| !2
| |
| !2
| |
| !1.00
| |
| !1
| |
| |-
| |
| |South Dakota
| |
| |''9% on casino gaming revenue''
| |
| |''$200 and $2,000 per device annually''
| |
| !Unlimited
| |
| !21
| |
| !'''0.00'''
| |
| !0
| |
| |-
| |
| |Virginia
| |
| |''Graduated rate ranging from 18% on casino gaming revenue up to $200 million to 30% on gaming revenue of more than $400 million''
| |
| |''Initial license valid subject to $15 million fee and valid for 10-year period''
| |
| !5
| |
| !1
| |
| !'''0.20'''
| |
| !0
| |
| |-
| |
| |West Virginia
| |
| |''53.5% on electronic gaming device revenue; 35% on table game revenue; 15% on iGaming revenue''
| |
| |''Casino gaming: $500,000- $2.5 million annually Internet gaming: $100,000 every five years''
| |
| !5
| |
| !5
| |
| !1.00
| |
| !1
| |
| |}
| |
| | |
| === <u>Lease agreements, length</u><ref name=":2" /> ===
| |
| {| class="wikitable"
| |
| |+
| |
| !Lease Name
| |
| !Property Count
| |
| !Number of States Represented
| |
| !Commencement Date
| |
| !Lease Expiration Date
| |
| !Remaining Renewal Terms
| |
| |-
| |
| |PENN 2023 Master Lease
| |
| |7
| |
| |5
| |
| |1/1/2023
| |
| |10/31/2033
| |
| |15 (3x5 years)
| |
| |-
| |
| |Amended PENN Master Lease
| |
| |14
| |
| |10
| |
| |11/1/2013
| |
| |10/31/2033
| |
| |15 (3x5 years)
| |
| |-
| |
| |PENN Amended Pinnacle Master Lease
| |
| |12
| |
| |8
| |
| |4/28/2016
| |
| |4/30/2031
| |
| |20 (4x5 years)
| |
| |-
| |
| |Caesars Amended and Restated Master Lease
| |
| |6
| |
| |5
| |
| |10/1/2018
| |
| |9/30/2038
| |
| |20 (4x5 years)
| |
| |-
| |
| |BYD Master Lease
| |
| |3
| |
| |2
| |
| |10/15/2018
| |
| |04/30/2026
| |
| |25 (5x5 years)
| |
| |-
| |
| |Bally's Master Lease
| |
| |8
| |
| |4
| |
| |6/3/2021
| |
| |06/02/2036
| |
| |20 (4x5 years)
| |
| |-
| |
| |Casino Queen Master Lease
| |
| |2
| |
| |2
| |
| |12/17/2021
| |
| |12/17/2036
| |
| |20 (4x5 years)
| |
| |-
| |
| |Pennsylvania Live! Master Lease
| |
| |2
| |
| |1
| |
| |3/1/2022
| |
| |2/28/2061
| |
| |21 (1 x 11 years, 1 x 10 years)
| |
| |}
| |
| | |
| == Financials ==
| |
| | |
| ==== Balance Sheet ====
| |
| ''This table compares the balance statement at end of Q2 2023 to end of Q4 2022/end of year 2022.''
| |
| {| class="wikitable"
| |
| |+
| |
| !
| |
| !June 30, 2023
| |
| !December 31, 2022
| |
| |-
| |
| !Assets
| |
| |
| |
| |
| |
| |-
| |
| |Real estate investments, net
| |
| |$8,238,398
| |
| |$7,707,935
| |
| |-
| |
| |Investment in leases, financing receivables, net
| |
| |$1,891,789
| |
| |$1,903,195
| |
| |-
| |
| |Right-of-use assets and land rights, net
| |
| |$844,627
| |
| |$834,067
| |
| |-
| |
| |Cash and cash equivalents
| |
| |$9,450
| |
| |$239,083
| |
| |-
| |
| |Other assets
| |
| |$47,673
| |
| |$246,106
| |
| |-
| |
| |'''<u>Total assets</u>'''
| |
| |'''<u>$11,031,937</u>'''
| |
| |'''<u>$10,930,386</u>'''
| |
| |-
| |
| !Liabilities
| |
| |
| |
| |
| |
| |-
| |
| |Accounts payable and accrued expenses
| |
| |$5,084
| |
| |$6,561
| |
| |-
| |
| |Accrued interest
| |
| |$80,651
| |
| |$82,297
| |
| |-
| |
| |Accrued salaries and wages
| |
| |$3,795
| |
| |$6,742
| |
| |-
| |
| |Operating lease liabilities
| |
| |$199,060
| |
| |$181,965
| |
| |-
| |
| |Financing lease liabilities
| |
| |$54,017
| |
| |$53,792
| |
| |-
| |
| |Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
| |
| |$6,248,838
| |
| |$6,128,468
| |
| |-
| |
| |Deferred rental revenue
| |
| |$307,271
| |
| |$324,774
| |
| |-
| |
| |Other liabilities
| |
| |$30,347
| |
| |$27,691
| |
| |-
| |
| |'''Total liabilities'''
| |
| |'''$6,929,063'''
| |
| |'''$6,812,290'''
| |
| |-
| |
| !Equity
| |
| |
| |
| |
| |
| |-
| |
| |Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2023 and December 31, 2022)
| |
| |—
| |
| |—
| |
| |-
| |
| |Common stock ($.01 par value, 500,000,000 shares authorized, 262,640,178 and 260,727,030 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively)
| |
| |$2,626
| |
| |$2,607
| |
| |-
| |
| |Additional paid-in capital
| |
| |$5,651,612
| |
| |$5,573,567
| |
| |-
| |
| |Accumulated deficit
| |
| |($1,903,326)
| |
| |($1,798,216)
| |
| |-
| |
| |Total equity attributable to Gaming and Leisure Properties
| |
| |$3,750,912
| |
| |$3,777,958
| |
| |-
| |
| |Noncontrolling interests in GLPI's Operating Partnership (7,653,326 units and 7,366,683 units outstanding at June 30, 2023 and December 31, 2022, respectively)
| |
| |$351,962
| |
| |$340,138
| |
| |-
| |
| |'''Total equity'''
| |
| |'''$4,102,874'''
| |
| |'''$4,118,096'''
| |
| |-
| |
| |'''<u>Total liabilities and equity</u>'''
| |
| |'''<u>$11,031,937</u>'''
| |
| |'''<u>$10,930,386</u>'''
| |
| |}
| |
| | |
| ==== <u>Income Statement/Consolidated Statement of Operations</u> ====
| |
| Income Statement from 2023 Q2 report.
| |
| | |
| ''This table compares:''
| |
| | |
| * ''Q2 2023 vs Q2 2022 (Three Months Ended)''
| |
| * ''Half-year (HY) 2023 VS HY 2022 (Six Months Ended)''
| |
| | |
| {| class="wikitable"
| |
| |+Consolidated Statement of Operations
| |
| !
| |
| ! colspan="2" |Three Months Ended June 30 (Q2)
| |
| ! colspan="2" |Six Months Ended June 30 (HY)
| |
| |-
| |
| !'''Revenues'''
| |
| |<u>'''2023'''</u>
| |
| |<u>'''2022'''</u>
| |
| |<u>'''2023'''</u>
| |
| |<u>'''2022'''</u>
| |
| |-
| |
| |Rental income
| |
| |$319,236
| |
| |$289,574
| |
| |$637,204
| |
| |$577,351
| |
| |-
| |
| |Interest income
| |
| |$37,353
| |
| |$36,939
| |
| |$74,599
| |
| |$64,128
| |
| |-
| |
| |'''<u>Total income from real estate</u>'''
| |
| |'''<u>$356,589</u>'''
| |
| |'''<u>$326,513</u>'''
| |
| |'''<u>$711,803</u>'''
| |
| |'''<u>$641,479</u>'''
| |
| |-
| |
| !Operating expenses
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Land rights and ground lease expense
| |
| |$11,892
| |
| |$11,720
| |
| |$23,906
| |
| |$25,424
| |
| |-
| |
| |General and administrative
| |
| |$12,639
| |
| |$12,212
| |
| |$29,089
| |
| |$27,944
| |
| |-
| |
| |Gains from dispositions
| |
| |$—
| |
| |$—
| |
| |$—
| |
| |($51)
| |
| |-
| |
| |Impairment charge on land
| |
| |$—
| |
| |$3,298
| |
| |$—
| |
| |$3,298
| |
| |-
| |
| |Depreciation
| |
| |$65,731
| |
| |$59,964
| |
| |$131,285
| |
| |$119,093
| |
| |-
| |
| |Provision for credit losses, net
| |
| |$28,052
| |
| |$2,222
| |
| |$22,399
| |
| |$28,878
| |
| |-
| |
| |'''<u>Total operating expenses</u>'''
| |
| |'''<u>$118,314</u>'''
| |
| |'''<u>$89,416</u>'''
| |
| |'''<u>$206,679</u>'''
| |
| |'''<u>$204,586</u>'''
| |
| |-
| |
| |'''<u>Income from operations</u>'''
| |
| |'''<u>$238,275</u>'''
| |
| |'''<u>$237,097</u>'''
| |
| |'''<u>$505,124</u>'''
| |
| |'''<u>$436,893</u>'''
| |
| |-
| |
| !Other income (expenses)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Interest expense
| |
| |($79,371)
| |
| |($78,257)
| |
| |($160,731)
| |
| |($156,179)
| |
| |-
| |
| |Interest income
| |
| |$1,273
| |
| |$102
| |
| |$5,528
| |
| |$124
| |
| |-
| |
| |Losses on debt extinguishment
| |
| |$—
| |
| |($2,189)
| |
| |($556)
| |
| |($2,189)
| |
| |-
| |
| |Total other expenses
| |
| |($78,098)
| |
| |($80,344)
| |
| |($155,759)
| |
| |($158,244)
| |
| |-
| |
| |<u>'''Income before income taxes'''</u>
| |
| |<u>'''$160,177'''</u>
| |
| |<u>'''$156,753'''</u>
| |
| |<u>'''$349,365'''</u>
| |
| |<u>'''$278,649'''</u>
| |
| |-
| |
| |Income tax expense
| |
| |$40
| |
| |$966
| |
| |$558
| |
| |$1,170
| |
| |-
| |
| |'''<u>Net income</u>'''
| |
| |'''<u>$160,137</u>'''
| |
| |'''<u>$155,787</u>'''
| |
| |'''<u>$348,807</u>'''
| |
| |'''<u>$277,479</u>'''
| |
| |-
| |
| |Net income attributable to non-controlling interest in the Operating Partnership
| |
| |($4,507)
| |
| |($4,473)
| |
| |($9,826)
| |
| |($6,897)
| |
| |-
| |
| |'''<u>Net income attributable to common shareholders</u>'''
| |
| |'''<u>$155,630</u>'''
| |
| |'''<u>$151,314</u>'''
| |
| |'''<u>$338,981</u>'''
| |
| |'''<u>$270,582</u>'''
| |
| |-
| |
| !Earnings per common share:
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Basic earnings attributable to common shareholders
| |
| |$0.59
| |
| |$0.61
| |
| |$1.29
| |
| |$1.09
| |
| |-
| |
| |Diluted earnings attributable to common shareholders | |
| |$0.59 | |
| |$0.61 | |
| |$1.29 | |
| |$1.09 | |
| |} | |
| | |
| ==== <u>Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA</u> ==== | |
| {| class="wikitable"
| |
| |+
| |
| !
| |
| ! colspan="2" |Three Months Ended June 30 (Q2) - $
| |
| ! colspan="2" |Six Months Ended June 30 (HY) - $
| |
| |-
| |
| |
| |
| |2023
| |
| |2022
| |
| |2023
| |
| |2022
| |
| |-
| |
| !Net income
| |
| |160,137
| |
| |155,787
| |
| |348,807
| |
| |277,479
| |
| |-
| |
| |(Gains) losses from dispositions of property, net of tax
| |
| |—
| |
| |—
| |
| |—
| |
| |(51)
| |
| |-
| |
| |Real estate depreciation
| |
| |65,255
| |
| |59,494
| |
| |130,339
| |
| |118,153
| |
| |-
| |
| !Funds from operations
| |
| |225,392
| |
| |215,281
| |
| |479,146
| |
| |395,581
| |
| |-
| |
| |Straight-line rent adjustments
| |
| |(8,751)
| |
| |3,066
| |
| |(17,503)
| |
| |1,523
| |
| |-
| |
| |Other depreciation
| |
| |476
| |
| |470
| |
| |946
| |
| |940
| |
| |-
| |
| |Provision (benefit) for credit losses, net
| |
| |28,052
| |
| |2,222
| |
| |22,399
| |
| |28,878
| |
| |-
| |
| |Amortization of land rights
| |
| |3,289
| |
| |3,290
| |
| |6,579
| |
| |9,280
| |
| |-
| |
| |Amortization of debt issuance costs, bond premiums and original issuance discounts
| |
| |2,405
| |
| |2,479
| |
| |4,906
| |
| |5,250
| |
| |-
| |
| |Stock based compensation
| |
| |5,013
| |
| |4,308
| |
| |12,820
| |
| |11,908
| |
| |-
| |
| |Impairment charge on land
| |
| |—
| |
| |3,298
| |
| |—
| |
| |3,298
| |
| |-
| |
| |Losses on debt extinguishment
| |
| |—
| |
| |2,189
| |
| |556
| |
| |2,189
| |
| |-
| |
| |Accretion on investment in leases, financing receivables
| |
| |(5,549)
| |
| |(5,140)
| |
| |(10,993)
| |
| |(8,865)
| |
| |-
| |
| |Non-cash adjustment to financing lease liabilities
| |
| |116
| |
| |115
| |
| |225
| |
| |239
| |
| |-
| |
| |Capital maintenance expenditures (1)
| |
| |—
| |
| |(21)
| |
| |(8)
| |
| |(36)
| |
| |-
| |
| |Adjusted funds from operations
| |
| |250,443
| |
| |231,557
| |
| |499,073
| |
| |450,185
| |
| |-
| |
| |Interest, net (2)
| |
| |77,428
| |
| |77,490
| |
| |153,872
| |
| |154,720
| |
| |-
| |
| |Income tax expense
| |
| |40
| |
| |966
| |
| |558
| |
| |1,170
| |
| |-
| |
| |Capital maintenance expenditures (1)
| |
| |—
| |
| |21
| |
| |8
| |
| |36
| |
| |-
| |
| |Amortization of debt issuance costs, bond premiums and original issuance discounts
| |
| |(2,405)
| |
| |(2,479)
| |
| |(4,906)
| |
| |(5,250)
| |
| |-
| |
| |Adjusted EBITDA
| |
| |325,506
| |
| |307,555
| |
| |648,605
| |
| |600,861
| |
| |-
| |
| |Net income, per diluted common share and OP units
| |
| |$0.59
| |
| |$0.61
| |
| |$1.29
| |
| |$1.09
| |
| |-
| |
| |FFO, per diluted common share and OP units
| |
| |$0.83
| |
| |$0.84
| |
| |$1.77
| |
| |$1.55
| |
| |-
| |
| |AFFO, per diluted common share and OP units
| |
| |$0.92
| |
| |$0.91
| |
| |$1.84
| |
| |$1.77
| |
| |-
| |
| |Weighted average number of common shares and OP units outstanding
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Diluted common shares
| |
| |263,400,006
| |
| |248,361,281
| |
| |263,029,150
| |
| |248,321,517
| |
| |-
| |
| |OP units
| |
| |7,653,326
| |
| |7,366,683
| |
| |7,650,159
| |
| |6,382,945
| |
| |-
| |
| |Diluted common shares and OP units
| |
| |271,053,332
| |
| |255,727,964
| |
| |270,679,309
| |
| |254,704,462
| |
| |}
| |
| '''<u>State of Cash Flows (2022 Annual report)</u>'''
| |
| {| class="wikitable"
| |
| |+
| |
| !Year ended December 31
| |
| !2022
| |
| !2021
| |
| !2020
| |
| |-
| |
| !Operating activities
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Net income
| |
| |$ 703,285
| |
| |$ 534,086
| |
| |$ 505,711
| |
| |-
| |
| |Depreciation and amortization
| |
| |254,547
| |
| |252,049
| |
| |242,995
| |
| |-
| |
| |Amortization of debt issuance costs, premiums and discounts
| |
| |9,975
| |
| |9,929
| |
| |10,503
| |
| |-
| |
| |Accretion on financing receivables and adjustments to lease liabilities
| |
| |(18,959)
| |
| |—
| |
| |—
| |
| |-
| |
| |(Gains) losses on dispositions of property
| |
| |(67,481)
| |
| |(21,751)
| |
| |(41,393)
| |
| |-
| |
| |Deferred income taxes
| |
| |—
| |
| |5,326
| |
| |451
| |
| |-
| |
| |Stock-based compensation
| |
| |20,427
| |
| |16,831
| |
| |20,004
| |
| |-
| |
| |Straight-line rent adjustments
| |
| |(4,294)
| |
| |(3,993)
| |
| |4,576
| |
| |-
| |
| |Deferred rent recognized
| |
| |—
| |
| |—
| |
| |(337,500)
| |
| |-
| |
| |Impairment charges and losses on debt extinguishment
| |
| |5,487
| |
| |—
| |
| |18,113
| |
| |-
| |
| |Provision for credit losses, net
| |
| |6,898
| |
| |8,226
| |
| |—
| |
| |-
| |
| |(Increase) decrease, Other assets
| |
| |11,777
| |
| |1,903
| |
| |(6,628)
| |
| |-
| |
| |(Decrease), increase Dividend and accounts payable, accrued salaries, wages and expenses
| |
| |(251)
| |
| |(3,412)
| |
| |(7,160)
| |
| |-
| |
| |Accrued interest
| |
| |10,487
| |
| |(475)
| |
| |11,590
| |
| |-
| |
| |Other liabilities
| |
| |(11,772)
| |
| |5,059
| |
| |6,815
| |
| |-
| |
| |Net cash provided by operating activities
| |
| |<u>920,126</u>
| |
| |<u>803,778</u>
| |
| |<u>428,077</u>
| |
| |-
| |
| !Investing activities
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Capital project expenditures
| |
| |(23,865)
| |
| |(13,926)
| |
| |(474)
| |
| |-
| |
| |Capital maintenance expenditures
| |
| |(159)
| |
| |(2,270)
| |
| |(3,130)
| |
| |-
| |
| |Proceeds from assets held for sale and property and equipment, net of costs
| |
| |148,709
| |
| |2,087
| |
| |15
| |
| |-
| |
| |Proceeds from sale of operations, net of transaction costs
| |
| |—
| |
| |58,993
| |
| |—
| |
| |-
| |
| |Loan loss recovery
| |
| |—
| |
| |4,000
| |
| |—
| |
| |-
| |
| |Acquisition of real estate assets and deposit payments
| |
| |(350,126)
| |
| |(487,475)
| |
| |(5,898)
| |
| |-
| |
| |Investment in leases, financing receivables
| |
| |(129,047)
| |
| |(592,243)
| |
| |—
| |
| |-
| |
| |Net cash used in investing activities
| |
| |<u>(354,488)</u>
| |
| |<u>(1,030,834)</u>
| |
| |<u>(9,487)</u>
| |
| |-
| |
| !Financing activities
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Dividends paid
| |
| |(770,858)
| |
| |(633,901)
| |
| |(230,522)
| |
| |-
| |
| |Non-controlling interest distributions
| |
| |(20,664)
| |
| |—
| |
| |—
| |
| |-
| |
| |Taxes paid related to shares withheld for taxes on stock award vestings
| |
| |(11,924)
| |
| |(9,867)
| |
| |(15,293)
| |
| |-
| |
| |Proceeds from issuance of common stock, net
| |
| |611,256
| |
| |662,338
| |
| |320,873
| |
| |-
| |
| |Proceeds from issuance of long-term debt
| |
| |424,000
| |
| |795,008
| |
| |2,076,383
| |
| |-
| |
| |Financing costs
| |
| |(11,907)
| |
| |(7,118)
| |
| |(11,641)
| |
| |-
| |
| |Repayments of long-term debt
| |
| |(1,271,053)
| |
| |(363,391)
| |
| |(2,076,631)
| |
| |-
| |
| |Net cash (used in) provided by financing activities
| |
| |<u>(1,051,150)</u>
| |
| |<u>443,069</u>
| |
| |<u>63,169</u>
| |
| |-
| |
| !Net increase in cash and cash equivalents, including cash classified within assets held for sale
| |
| |(485,512)
| |
| |216,013
| |
| |481,759
| |
| |-
| |
| |Decrease (increase) in cash classified within assets held for sale
| |
| |<u>—</u>
| |
| |<u>22,131</u>
| |
| |<u>(22,131)</u>
| |
| |-
| |
| |Net increase in cash and cash equivalents
| |
| |'''(485,512)'''
| |
| |'''238,144'''
| |
| |'''459,628'''
| |
| |-
| |
| |Cash and cash equivalents at beginning of period
| |
| |<u>724,595</u>
| |
| |<u>486,451</u>
| |
| |<u>26,823</u>
| |
| |-
| |
| |Cash and cash equivalents at end of period
| |
| |<u>$ 239,083</u>
| |
| |<u>$ 724,595</u>
| |
| |<u>$ 486,451</u>
| |
| |}
| |
|
| |
|
| ==== <u>Stock performance history</u> ==== | | ==== '''<u>Stock performance history</u>''' ==== |
| {{NASDAQ|GLPI: https://www.nasdaq.com/market-activity/stocks/glpi}} | | {{NASDAQ|GLPI: https://www.nasdaq.com/market-activity/stocks/glpi}} |
| {| class="wikitable" | | {| class="wikitable" |
| Line 3,342: |
Line 1,737: |
| |} | | |} |
|
| |
|
| ==== <u>Dividends history</u> ==== | | ==== '''<u>Dividends history</u>''' ==== |
| GLPI's dividends history are as follows:<ref>Gaming & Leisure Properties (2023) ''Stock Information, Dividends Splits. Retrieved from:'' https://investors.glpropinc.com/stock-information/dividends-splits</ref> | | GLPI's dividends history are as follows:<ref>Gaming & Leisure Properties (2023) ''Stock Information, Dividends Splits. Retrieved from:'' https://investors.glpropinc.com/stock-information/dividends-splits</ref> |
| {| class="wikitable" | | {| class="wikitable" |
| Line 3,725: |
Line 2,120: |
| |} | | |} |
|
| |
|
| == Competitor Analysis (VICI) == | | == Competitor Financials (VICI) == |
|
| |
|
| Analysis of GLPI and VICI's Financials, both from Q2 2023 results:
| |
|
| |
| (in $, and 000s - unless per share or ratio)
| |
| {| class="wikitable"
| |
| |+
| |
| !Item
| |
| !GLPI
| |
| !VICI
| |
| |-
| |
| |Total Revenue
| |
| |356,600
| |
| |898,158
| |
| |-
| |
| |Income from Operations
| |
| |238,300
| |
| |897,814
| |
| |-
| |
| |Net Income
| |
| |160,100
| |
| |690,702
| |
| |-
| |
| |FFO
| |
| |225,400
| |
| |690,702
| |
| |-
| |
| |AFFO
| |
| |250,400
| |
| |540,407
| |
| |-
| |
| |Adjusted EBITDA
| |
| |324,500
| |
| |723,414
| |
| |-
| |
| |Net income, per diluted common share
| |
| |$0.59
| |
| |$0.69
| |
| |-
| |
| |FFO per diluted share
| |
| |$0.83
| |
| |$0.69
| |
| |-
| |
| |AFFO per diluted share
| |
| |$0.92
| |
| |$0.54
| |
| |-
| |
| |<u>''Ratios''</u>
| |
| |
| |
| |
| |
| |-
| |
| |Current Ratio
| |
| |0.03
| |
| |1.14
| |
| |-
| |
| |EV to Assets Ratio
| |
| |1.66
| |
| |1.12
| |
| |-
| |
| |Interest Coverage Ratio
| |
| |3.36
| |
| |4.23
| |
| |-
| |
| |Price to FCF Ratio
| |
| |40.94
| |
| |20.21
| |
| |-
| |
| |Debt to Equity Ratio
| |
| |1.68
| |
| |0.73
| |
| |-
| |
| |EV to sales Ratio
| |
| |13.26
| |
| |14.38
| |
| |-
| |
| |PB Value
| |
| |3.21
| |
| |1.3
| |
| |-
| |
| |PS Ratio
| |
| |8.71
| |
| |9.33
| |
| |-
| |
| |Earnings Yield
| |
| |6.25%
| |
| |6.97%
| |
| |-
| |
| |PE Ratio
| |
| |15.86
| |
| |14.06
| |
| |-
| |
| |EV to EBIT Ratio
| |
| |17.78
| |
| |16.53
| |
| |-
| |
| |EV to EBITDA Ratio
| |
| |14.3
| |
| |16.51
| |
| |-
| |
| |FCF Yield
| |
| |2.45%
| |
| |4.95%
| |
| |-
| |
| |PEG Ratio
| |
| |1.92
| |
| |0.12
| |
| |-
| |
| |Dividend Yield (As of 25/08/2023)
| |
| |6.28%
| |
| |5.11%
| |
| |}
| |
|
| |
|
| Ratios are from Finance Charts<ref>FinanceCharts. ''VICI Properties vs Gaming and Leisure Properties''. Retrieved via: https://www.financecharts.com/compare/VICI,GLPI</ref> - Income Statement and Balance sheet data are as of June 30th 2023 (Q2 2023).<ref>VICI Properties. ''Form 10-Q. Retrieved via:'' https://s1.q4cdn.com/751481880/files/doc_financials/2023/q2/VICI-Q2-2023-10-Q.pdf</ref>
| |
| == References == | | == References == |
| __INDEX__ | | __INDEX__ |
