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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 ==
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| ==== Current REIT performance: via NAREIT ====
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| ''(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)]
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| {| class="wikitable"
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| !'''FTSE NAREIT U.S. REAL ESTATE INDEX'''
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| !% Change
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| !Value
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| !Time (EST)
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| |-
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| |All REITs
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| |0.19
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| |$200.26
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| |04:09 PM
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| |-
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| |Composite
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| |0.18
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| |$196.03
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| |04:09 PM
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| |-
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| |All Equity REITs
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| |0.17
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| |$693.27
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| |04:09 PM
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| |-
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| |Industrial
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| |0.67
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| |$519.58
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| |04:09 PM
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| |-
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| |Office
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| | -0.80
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| |$179.25
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| |04:09 PM
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| |-
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| |Retail
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| | -0.20
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| |$219.94
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| |04:09 PM
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| |-
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| |Shopping Centers
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| | -0.07
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| |$175.80
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| |04:09 PM
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| |-
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| |Regional Malls
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| |0.01
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| |$233.25
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| |04:09 PM
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| |-
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| |Free Standing
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| | -0.44
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| |$359.73
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| |04:09 PM
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| |-
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| |Residential
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| |0.33
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| |$483.44
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| |04:09 PM
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| |-
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| |Apartments
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| |0.50
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| |$431.48
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| |04:09 PM
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| |-
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| |Manufactured Homes
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| | -0.29
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| |$583.35
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| |04:09 PM
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| |-
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| |Diversified
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| | -0.34
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| |$97.21
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| |04:09 PM
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| |-
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| |Lodging/Resorts
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| | -1.26
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| |$67.69
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| |04:09 PM
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| |-
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| |Health Care
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| |0.14
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| |$218.54
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| |04:09 PM
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| |-
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| |Self Storage
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| |0.69
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| |$1658.69
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| |04:09 PM
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| |-
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| |Timber
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| | -0.31
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| |$166.23
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| |04:09 PM
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| |-
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| |Infrastructure
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| |0.34
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| |$244.83
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| |04:09 PM
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| |-
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| |Equity REITs
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| |0.16
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| |$656.59
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| |09:03 PM
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| |-
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| |Real Estate 50
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| |0.23
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| |$316.55
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| |04:09 PM
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| |-
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| |Mortgage REITs
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| |0.37
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| |$2.71
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| |04:09 PM
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| |-
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| |Home Financing
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| |0.52
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| |$23.13
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| |04:09 PM
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| |-
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| |Commercial Financing
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| |0.25
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| |$16.00
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| |04:09 PM
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| |-
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| |FTSE RAFI US 100 Real Estate Index
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| | -0.09
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| |$4395.60
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| |09:09 PM
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| |-
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| |Data Centers
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| |0.09
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| |$1387.43
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| |04:09 PM
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| |-
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| |Specialty
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| |0.64
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| |$872.23
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| |04:09 PM
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| |-
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| |'''Gaming & Leisure'''
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| |'''0.43'''
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| |'''$671.03'''
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| |'''04:09 PM'''
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| |}
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| ==== Other changes to portfolios, leases or deals: ====
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| * None as of yet (EOD, 25/08/2023)
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| == Executive Summary == | | == Executive Summary == |
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| |21 (1 x 11 years, 1 x 10 years) | | |21 (1 x 11 years, 1 x 10 years) |
| |} | | |} |
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| | === <u>Economic Conditions & Investor Sentiment</u> === |
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| == Financials == | | == Financials == |
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| |} | | |} |
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| ==== <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" |
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| |} | | |} |
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| ==== <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" |
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| == Competitor Analysis (VICI) == | | == Competitor Analysis (VICI) == |
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| Analysis of GLPI and VICI's Financials, both from Q2 2023 results:
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| (in $, and 000s - unless per share or ratio)
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| {| class="wikitable"
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| !Item
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| !GLPI
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| !VICI
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| |-
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| |Total Revenue
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| |356,600
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| |898,158
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| |-
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| |Income from Operations
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| |238,300
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| |897,814
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| |-
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| |Net Income
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| |160,100
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| |690,702
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| |-
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| |FFO
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| |225,400
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| |690,702
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| |-
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| |AFFO
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| |250,400
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| |540,407
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| |-
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| |Adjusted EBITDA
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| |324,500
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| |723,414
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| |-
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| |Net income, per diluted common share
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| |$0.59
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| |$0.69
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| |-
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| |FFO per diluted share
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| |$0.83
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| |$0.69
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| |-
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| |AFFO per diluted share
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| |$0.92
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| |$0.54
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| |-
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| |<u>''Ratios''</u>
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| |-
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| |Current Ratio
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| |0.03
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| |1.14
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| |-
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| |EV to Assets Ratio
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| |1.66
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| |1.12
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| |-
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| |Interest Coverage Ratio
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| |3.36
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| |4.23
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| |-
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| |Price to FCF Ratio
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| |40.94
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| |20.21
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| |-
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| |Debt to Equity Ratio
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| |1.68
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| |0.73
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| |-
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| |EV to sales Ratio
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| |13.26
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| |14.38
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| |-
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| |PB Value
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| |3.21
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| |1.3
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| |-
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| |PS Ratio
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| |8.71
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| |9.33
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| |-
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| |Earnings Yield
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| |6.25%
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| |6.97%
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| |-
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| |PE Ratio
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| |15.86
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| |14.06
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| |-
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| |EV to EBIT Ratio
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| |17.78
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| |16.53
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| |-
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| |EV to EBITDA Ratio
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| |14.3
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| |16.51
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| |-
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| |FCF Yield
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| |2.45%
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| |4.95%
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| |-
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| |PEG Ratio
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| |1.92
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| |0.12
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| |-
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| |Dividend Yield (As of 25/08/2023)
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| |6.28%
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| |5.11%
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| |}
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| 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>
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| == References == | | == References == |
| __INDEX__ | | __INDEX__ |