Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) is one of the top undervalued REIT stocks to buy now. On April 23, it posted record first-quarter results, confirming growth in its core business.
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Total revenue in the quarter was up 6.3% year over year to $420 million, as adjusted Funds From Operations increased 9.2% to $297.1 million. Net income in the quarter increased to $239.4 million from $170.4 million in the same quarter a year ago. Gaming & Leisure Properties delivered an annualized dividend per share of $3.12, up from $3.04 a year ago.
During the first quarter, Gaming & Leisure Properties completed two key transactions worth $727 million. It acquired Bally’s Lincoln real estate assets and the land associated with The Cordish Companies Live! Casino & Hotel Virginia. With the acquisitions, the REIT has added premier assets that are accretive to AFFO per share.
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) is a real estate investment trust (REIT) that acquires, owns, and manages gaming and entertainment properties, such as casinos and racetracks. It leases these assets back to operators under long-term, triple-net leases, primarily in regional gaming markets across the U.S.
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