GLPI - Earnings call transcript Q3 2018 | Gaming and Leisure Properties, Inc.

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Operator

Greetings, and welcome to the Gaming and Leisure Properties' Third Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Hayes Croushore, Vice President of Finance. Thank you.

You may begin.

Hayes Croushore

good and Christine, you, morning, everyone. Thank to Gaming and like and thank XXXX you for today Webcast. us joining Leisure Call for Earnings We'd Properties' Quarter Third Investor morning release glpropinc.com. available earlier press on this The in website distributed the Relations at section our is call, remarks XXXX. and as contain statements your may answers of management's prepared today's Reform in Act the to defined forward-looking Private On questions Securities Litigation

discussed matters to uncertainties address statements those that differ that results cause actual to and Forward-looking are risks may from today. subject

may as such statements as and operating related income and revenue, Forward-looking include to non-GAAP those financial AFFO. guidance, as well measures financial FFO

in review a assumes more to related statements by Counsel, represent Officer; this measures no and Secretary. As statements and well Senior detailed management's contained release. Development contained Accounting company call, Vice update we forward-looking company's non-GAAP filings definitions the in to as and reconciliations to any SEC, Executive Financial forward-looking Also Moore, the of We have statements President with financial Chief the Carlino, Vice and Steve forward-looking Senior joining and Peter we're Burke, Desiree obligation Officer; Snyder, Officer. as of Brandon On future. General Chief the conference morning's in Chief discussions current reminder, the the estimates Chairman listeners Interim and the President, company's earnings joined and encourage

Peter? turn I'll Now call Peter. to over the

Peter Carlino

shared footprint XX release morning think to morning share, that list being are this and increased because who I good over as expanding not a annual able tenants. our very, our shares of hallmark quarter as over comments transactions a press we've and quarter. benefit announcement we've of least of accomplish and table, note repetitive, to from Penn repeating. improvement sitting fourth offering today an has completed what ever with to piece X% in recently this and think done we've this very of At our us this in billion in Penn. These very worth meet transactions they note by I estate has by $X.X per Interestingly commitment of investment shareholders at assets I'm million, from this been that real has thanks accretion billion and $X.XX completion related even our rating. is XX XX the increased anniversary the by our quarter the of a states And four. real our X, Well, we it our portfolio paper from spin which highlight our since accretive million as at our transactions our her of income National. XX would $XXX million that billion, to XX% I've our completed on the to risk dividend expanded morning's read with is prior a $XXX I increased states base what grown and of be here And REIT. to I'm approximately last evidenced couple period to while we've of the successful approximately of grade and growing years. Pinnacle of safety the estate got our notably it fund successfully from over all in one one and by we've assets XX revenue September to stock accretion been October put issued Together this of immediately annually in common to first in these XX acquisitions, completed Entertainment critical geographic with which and I we tenant October diversifying our sure to transactions which dividend five On noteworthy and our to with In dialed day process, me offerings I've acquisition all these are Hayes five-year beginning. all the is XX five-year time. have $X.X in. let a tell here you We've year, announced the surprised achieved $X.X the offered our numbers that is table, this together at all

So I at have celebrate day that proud we ask this to other success. year and want Snyder of highlight what a we extraordinarily our Steve interesting are few anniversary. would fifth we this points on accomplished enormous to success about

Steven Snyder

Peter. Good morning everybody. Thanks

other housecleaning we National a a rates our spin our have where our of at XXX, proud data trust. annual this points an are for any also being when XX-Q follow a continued Just are the points great in the investment And nearly future. at SEC, I a to back anniversary It's available XXX% into so of success and also are with to we Penn of foundation at looking outcome Peter filed real think terms in as review. the a but morning of Peter's in to the we compound separately certainly of course matter, out about both To date looking were on over quickly real AFFO. as the there our spun year better leisure your this comments of by that EBITDA increase than data we our it grown increase result the growth XXXX the of and of of as that traded existence looking far XX% estate just a we up fifth those at us from transactions I is announced, XXX% quite just year that expected mentioned is been of where our it's in Gaming, couple out highlight we first want have actual

couple touch quarter, with going odd the So quarter. on a points from other an It's that, I'm just right. of to

All efforts to quarter's outcomes that of after during end. the quarter our the led occurred

effectively team, our in previously some faced agreements, held able job, that new transactions accounting Gaming were Boyd Our get October a lot to challenges legal team closings to announced the through did we and XX. and transactions we everyone a efficiently tenant modifying the so two October that in Tropicana Penn-Pinnacle that of the with the tremendous X on of the merger team, working our regulatory on

as were Peter also, We Fitch. an grade the getting quarter rating upon, successful in investment touched from during

billion learned on we was an we As of the agencies result rating and a the saw on grade $X.X other a issuer in grade our also issuer ever being first three of issues since BBB- grade have forward settlement course It some rating investment bit very agency. grade from high are effective first pricing time high AB What yield a shorter. now rating notes. the that, that the we time high a dates the unlike were little we of the deliveries, the was BAX from markets, high

press offerings work we So on quarter is on the the release didn't drivers since financings see notes October closed to unsecured made in close decision from the an one September that were as that, to capital until Xst. you on and we've will and put unanticipated of of debt quarter in to that expenses result a of note XXth that terms that our affirmative go the and during prior on end ahead the

term. the increase Xst, of again we building five XXXX. until also there years are to Moving over morning fact of be that that items. will They escalator is reset rent their first - to until a the we their escalator, reset net $XX.X at acknowledged primary adjustment That was remain on be assets a million It from won't the their offsetting those effect. quick going in that times. are the lease on, million annualized in million this of the highlighted be for X.XX coverage just X% real so give during variable November as through Also one-time result about That rent, they full the their be and to in XX, on base an about escalator so X% reset portfolio, will that recipients earnings will rent. two update lease a time $X just Penn looking on call mentioned $X.X the a the reduction annualizes September the

period. Pinnacle for in the lease on variable back two-year done Moving Penn's. We than down modestly the as reset million the the and portfolio, did, Lease offset they Pinnacle, $X.X the by resulted the in was did lease the coverage receive reported better also on was Pinnacle That reduction escalator the which April Anniversary at the and end earlier, back was a was portfolio the $X.XX variable million. on of reset April rent Date escalator full

that variable their a will in lease of two-year side, Meadows or Penn a escalator Pinnacle realizing Anniversary will future rent entitled the $XXX,XXX assuming, part property. of the lease the to reduction X, be on will Additionally individual course, XX, see which be - on are will, reset. first of lease. X%, X% separate the December it's Date November Lease September they its but Meadows we also about or Pinnacle be It's an October variable that

credit tenant senior on fourth their as Holdings level. subordinated CQ subsidiary lender Casino lenders Their still its the us the parent current negotiating and documents. at through our The folks. with Lastly Queen company existing is is a lease amendments

of full both on first rent the Boyd new that I they they times Finally Boyd master were future Boyd coverage on our the particular the in call looking for base has their and and realize on assets at coverage balance indicated escalator assets. lease tenant year two their sheet, who X% their building were to the in move Eldorado, expecting about had earnings call, before to their

turn of taxable closed going last Tropicana been Perryville of expenses at year-over-year and Rouge unfortunately not headwind into closing that to in proactive go the course on market over just on the ban in On up modest the Rouge X. as down on management offset year-over-year improvements it to Eldorado in item there Yeah, much I'm terms in two the a months market. did coverage The times in down on subsidiary. effect team the wrap that is October as enough basis. points team REIT a Baton smoking has some is The of X. in Baton faced the has side, to Q&A. a as in out, still to the show performance, June of performance the XX% continues that into Peter very under managing additionally light portfolio

sheet, On the you the note press in position; we balance financings. the can activity, terms ATM cash release of the the did read complete

rate variable. XX% XX, versus XX% result those versus a fixed variable rent note at of As September our financings debt was fixed

maturity just average under and weighted approximately years was Our is six coupon average X%. weighted our

$XX keeps by revolver Syndicate to revolver subsequent we $XXX quarter our transaction expenses Finally and by also of new we to end, adding at the the team, balance XX% our for a fund million the for to which end on Bank interest million the drop. debt fixed rate still forma that increase did lender the subsequent pro quarter

the to So over it operator, whatever I Q&A turn and think. with that, would let feel they callers

Operator

Thank you.

will begin with your be Cameron the Our [Operator session. of a comes Credit question-and-answer We McKnight question. Instructions] question from Please line conducting with now first Suisse.

Cameron McKnight

much Good very morning. and happy Xth birthday. Thanks

Peter Carlino

Cameron. Thanks,

Cameron McKnight

Thanks, Cameron.

Cameron McKnight

So the off, dividend over is terms in the to yield kick dividend little is, the X%. currently equity, a of

at you ATM to equity assuming You I'm that or any so X.X%, difference. otherwise? just XXX the basis-point issue paper issues through want here don't XXX

Peter Carlino

equity it's take hand where appreciate We'll yeah, the need to enough at here have we we in I have that. else, what's something covered. but able to we off we don't can to be it well clearly year market, were pay for are to look if this safely now at do people to to think obviously to you need do we get something we GLPI. and, happily pretty be we right debt get assume have what to Look, a

Cameron McKnight

estate. terms level numbers, to Got is accretion future Steve, think target might our Peter which real see then do it of will accretive AFFO you in you be of on for X% the right and than elsewhere higher question is accretion drop What or a for deals? you on about in deals for

Peter Carlino

look, a Well, The mean scale. lot every we market, what could transaction, I It's vary willing at a That risk. do all about, transaction. and the get profile, are it the an I is would firstly be no. what's depends transaction mean, the answer to extraordinarily to penny? on the to what's transaction and risk are accept will we properties, in what large

Steven Snyder

you as the Yeah, positive financial and to there things are way, opportunities the transactions reasons we Cameron, the governing doing more used pool, whether broaden obviously strategic transaction. for roster, may are tender than to consider that modestly and opportunities certainly have strategic. in accretion are the we financial broaden of to for factor there accretive if Tropicana asset the box of the it's always pointed out doing we've have the we reasons or that If transactions benchmark either terms

So If does the job I least to Peter the that and a can would at receives. just very you transaction, leave dividend equal this dividend it given of it happen. wouldn't as explaining he income is before that the dividend assume good

Peter Carlino

Yeah, need get we we that by still work and we talk get we where and too today the there. folks working the be way Moody's and we think rating make as at to to time over where hard to it to to are we we'll have credit get across-the-board the

where there. intend to we is said really We building we transaction that I we about are. There to have very So are do. publicly no monuments. get we stay hard to not work have

X% The building are our where And at has say the to point needless but five that more We remarkably years. Getting I is having tougher a big I last today. is this. is better, we've challenge, And grown increases company think but are numbers to changed. rather about done dividend will the change. is base so, we hasn't value. going over focus the Nothing

Cameron McKnight

thank much. you perfect That's very

Operator

of Please Deutsche Our next Carlo your proceed Santarelli from question with the comes with question. line Bank.

Carlo Santarelli

you. thank guys, Hey

of have of forever. and in before I now seen seen last Center discussions of Estate peers coming of rates you environment guys guys prior all? - As type at this a you the of know as of rate right environment transaction can't guys transaction you some late Real look markets tone the especially the you as meetings the gotten cap have With risen. kind this under your bit of said you have rate have little volatile. around that landscape any out change and pressure, clearly Have

Peter Carlino

early, go still ahead Steve. It's

Steven Snyder

Yeah, think transaction a a of Carlo, valuation Rivers, saw week CDI space Obviously too other announced a or buying in yesterday in probably interest little it's Des that right an all you the gaming the Plaines I to at early there this was the recent earlier prints. of tell. with

into rising the music yet. I have we rates pointed said I rates cannot is the know out as future. think - cap interest you don't stopped and and that if continue declining has

I tempered too to by time to for be your so question it's it a outcomes, to think seller's takes obviously just other expectations early little response tell in specifically.

Peter Carlino

to of wait see we're get And in overhang. kind is look have transactions where some that not involved with we're other equity And leaves financed. an to others those and see these what going of that how we'll -

do choose there's So with not for possibly with maybe else. reasons where get a for happen lot somebody but over things months, a sense of the year of and are to look, various have going, next sellers that better next us out the always there to to something things us

I deal more to your we time. To So by broader basis. give again question, to deal have just it think a gets it back

Carlo Santarelli

customer Have Ville. core of and trends two and acknowledging, some may what in over couple Understood from one structural going Rouge, I ban of which a Baton states, from both behavior shift Baton if about we're you're guys in discernible about two Rouge and last change you obviously think when in but Perry and you with talking kind in smoking any kind months? is the of through of seeing level the properties noticed in

Peter Carlino

along in into very ban. No, with has month-to-month throughout a the constantly then smoking the on Baton Carlo and Perry phenomena well. going the really year Ville as quarter I mean been first basis even the October started looking accelerated in we haven't. Rouge

change no seen we've patterns it's simply point. So one Ville in Perry but market, consumer in the data

Steven Snyder

get could we We bans. to motivation wish enacting I understand look in smoking the Yeah, states recognize. health

to states and Some clear so is has come an wait and states have through doesn't many back, XX% see. to impact, revenue to chosen it of we'll have deny is loss the evidence XX% but the norm it

and bit areas general that larger Look build and are for at a little I Now, things getting point, opportunity the to has it can imperiously we'll improve gamers smarter we smokers. better you that than they're degree like I've little the a and smoking look maybe got to an the and this but think so statistics absolutely at that population. case, impact. a smokers know no is

Carlo Santarelli

guys. Great, thank you

Steven Snyder

you Thank

Operator

Morgan Our of question. next with your Stanley. question Please line Thomas comes from Allen with the proceed

Thomas Allen

and the how this like earnings. Penn's that. with just know question, simple I morning. and Thank is today, your Hey, a you. you on but I you think down coverage rent stress good Can I where are stocks X.X% around concerns comfortable mean -

Peter Carlino

of that some respect our I coverage to our occupancy Pinnacle comfortable we're relative cost frankly to tenants was strike. Master tell X.XX what or the standpoint, Lease shape. my with where quarter where comments mentioned capital X.XX rent some It XXX, of modestly the better trade security to the waterfall stack where in top we times of I relative of tenants faced Thomas our that folks the was at security know of tenant defies see in rest times pretty subordinated the that being Yeah, the from the of on are But coverage of XXX. tenants. of at logic to at terms securities and all in we're very a the our our end rent good don't our we to sort think quick else note

profitability, so you're our addressed not doing are generating seeing sort profit the gaming marginal their be of sacrificed. in might regional release, revenues people managing which to Penn and all tenants what are this earnings Now, in markets more of

allowing burn seeing resets cost off you're and for benefit. focused on revenue are initiatives that with profitability the inure to its our to long-term because of profitability because and decline some of result focus on they're a they us Penn variable As our will

of corporate improve EBITA property level, level we they profit some also continue to will plan. there their hit improve the margins but if coverage As see at the some

in to So I'm not level. a but suggest of sure from observations you terms pretty high the the what to else why are disparity, those

Steven Snyder

frankly It that me success - something them more for successful. to attack tenant, and Yeah it is tenants, look beyond if we it what our wide businesses an bit any happen we've because I of we it's want so obviously or to threaten little would our have you can. be their from at to take that revenue if near But crassly mean let to the gap root so, the I our would would to a precedent atomic ever in say seen would history. quite take -

disaster again would - no round, So try to make imagine that, impact reset the almost and this on or might say going they're we're them have it's flow. more on a income could flat all get it's so stable back. impact going can't just gets And again emphasize our margin than we nothing could revenue to that that next they're It down, forever. threaten you is be that - so on but and enough us, I will the can't GLPI. I just over well, impact lose how again base just I a to it a take escalator, then not lost and point up, remember has but that's again, out we any to some

Thomas Allen

for future? cases, that a something is the that that up opportunity Thank be various then could was in you you as process invited you. to, got an And that brought

Steven Snyder

sale clear partnership, an an there no stepped it, to so I'll component transaction that position this existing stepped point of River's CDI the and into equity estate was was in up so tell. partners interest of real to some it the other was their not terms over XX% the so is real ownership, just component to buying get can as something estate any we contemplated far in that by interest of as out

Thomas Allen

Thank you.

Operator

with the UBS. question. question Please with proceed Our your next Robin of from Farley comes line

Robin Farley

we I back the just but a about, weeks? think had about what know be I guess just target to M&A lumpy, I the Thanks, is should in thought stepping think cake your your appetite How there's will looking about bunch of for about few sector. about think tackled - how should growth? you the to been mean that in talk of growth you lot you've transactions ahead? issues long-term it the digesting I talked your we sort big in after have a of now maybe last past potential

Peter Carlino

hi, Robin. Well,

company this You of might we that goal remember $XXX process year. of million a when as an started arbitrary we a assets set

looking flown as the target same - a might nobody other at and absolutely after do through we doubt, we joke that sort ferocious stick that what without it's a we. of as so success, of far - ever are how define REITs Now, we've kind that with is what more do than to to transactions hungry

us But However, time. out few are to that enthusiasm for transaction, finding this are process the bit. paraphrasing unpredictable. about but get and mind one day right an That's - - many saying the I'm a we so. not paid that chosen transactions in going that What day plane through pursue talk a to get all to called our is and another that Bible we taking fly the owner do city is going are of to afternoon is and several on off a to

the to have that had just that let's things nine tell but I loose. year transactions on docket horizon comes wait way not we and I things sort a work. So and wish could closed Couldn't you on see the just the were unfold it's what - the we of prior.

Steven Snyder

of and how else and to from see things position closed happen. to financing September and you to we is balance with we've crossover investment that we liquidity grade rating standpoint Peter's Peter's just of follow stay achieved ourselves in mean on a point comments we credit and which standpoint can sheet real the that from what is we briefly. sheet see the up did on tuned I XX reactive. We the the balance able be sheet. Everything it sort side manage manage a be just balance we the that robin Yeah, to

Robin Farley

Okay, great. Thank you.

Steven Snyder

we less vague, we that's of I'll Yeah, our say - clear business. more but I it; and nature the be could wish just

Robin Farley

thanks. Understood,

Operator

Our next the from of Lynch. Merrill your America Please comes Sean question with with question. Bank proceed Kelly line of

Sean Kelly

needs kind actually I Peter, return Hey, has you you everyone. much specifically here, growth offhand to just think an how something occurred what a it look to be years good go comment of like but was - occurred back and to of think in where XX%. appreciate around probably anniversary done morning dividend's to get people actually think mentioned mentioned something from almost the I I to maybe I and and five like more ago GLPI, XX, the you grown guys over started

people. of investor it what do on kind to or some - the money look that curious the you about tell at facing it of could have could is it things more anything what whether rededicated some have any I'm So front this just it's ideas any to be, do else you story might brainstorm - those to get of is of closely

Peter Carlino

I Look to been - to surprised the some our we are degree and numbers has for extraordinary it market It been performance. speak well, reacts think terrific, has themselves. that the

responsibility outreach recognize, get Steve think the of entire here that I months team to for is and step of to to people pace up over part our I XX moment. and agreed the but have growth the next our the

and ought work going to we hi you - Say portfolio, it's else do I solid is head in here. head joke. and mean at levels foot and and it's one rock the putting outreach. a absolute our be at scratch this but Keep stability of something predictable do to the - of scratch in a your other can the your Steve? say developing have is as but flow - what building front these our think year we and what more Just we stability so we this lot company, cash

Steven Snyder

capital. Sean, of think we rating cost I the - sums we're our Yeah, drive down We've it mean been again able Peter I agencies. credit well. proactive debt to with up

fully whomever with be outward interactive it's to equity some in that's don't we've appreciate doing compared got in strip to really that Now, appreciate we gaming facing of and strip. investor peers income portfolios. we've and maintenance our People assets it's the recognize hotel the the investors, our on it space be, don't communications base of regional as a as people dedicated with difference the lot been assets may the investors, CapEx XXXX whether a regional to REIT room between whether relative folks requirements

look Los for, are folks and at I their can to this more expenses Vegas CapEx you business than it's morning, year that assets to You It's revenue. modest, Penn's this a earnings much announcement for and just the X.XX% their different very maintenance of been look have at strip just differences will. we and take those word them to as continue educate we Peter's we mean

Sean Kelly

continue spaces, your activity clearly follow to in in but of kind And of sort up around of lot year of out be the be is first going goal, is to Vegas, there's be mean the second Vegas extent to bigger meet terms scale size portfolio accretion Las bigger a of shot should game Las it name the and access a can segue into I great guys, does overarching anything there how question strip you the or of - on in criteria other terms is assets. out portfolio getting relates there trying to kind for change into to to as fit and you you of take the there tweak the the

Peter Carlino

answer easy an provide. to That's

might speak mean, where could others Las special the differently. we interest find that table be answer Steve maybe for We Vegas. properties I shareholders. I'll or accretive can I have another in special our at no myself have place no for interest. It's just

might of mean windows many said certain I a be market, not flow one rock kind it's we stable that's with buy factors capital look take and a account, and about. How our as have that that could and is all of other doors [indiscernible], cash might certain I expenditures the all cash I if mean into shack the then the shack a at beach it's is and on so risk but flow predictable, the and and Now, solid meetings how I you the and with persuaded forth. have no how

interest it. So moon to reap, it's asset we the price up right is don't produce gaming expansions tenants United in, anywhere. up to the of for over our game we the to that we operators of the if criteria We go in for just year larger confidence the the get mean, acquisition not term in obvious I is find think need three of we're any with grow to the is developed. Look sake the for lease. the the bottom and we have to in roster largest the came acquisition four so creation the I'm that of portfolio, don't holdings any but mean, got diversity just going of I up regional the across the we've size because feel us some growing. the no sake so feel that need opportunities I critical multiple question earlier of there We of criteria, is kind the underscore mass. one getting could income came we it of United name Yeah, of now. any States, purchase to the trying hit States can diversity the as of - of there particular answer, terms the tenant at year we've critical line the out going was that there something question Sean, a our the

the continue comfortable with are, look very but Strip where we've Las no we're said, at we we'll the with opportunities focus So across particular on to board Vegas as

Sean Kelly

much. very you, Thanks

Peter Carlino

Thank you

Operator

comes question. Please proceed Our with Ladenburg next question with John your Massocca from Thalmann.

John Massocca

everyone. Morning, Good

Peter Carlino

John morning, Good

John Massocca

asset. last about point the difficult cost - your of for at your or capital re-peers there competition out touching a transactions accretion, find above out mean, pretty of slightly some leverage competitive much be you where is potential level be given accretive on guys from you're there to may and from to that want equity it thinking for you I and

Peter Carlino

Look tools activate an there we issue can the operating units. that in have are we tool to box, partnership OP other

really got we've constraining sheet as back driving being as the not sheet maturity near should balance given in comes of a through the XXXX, our that in of and terms simple the isn't with on next balance obviously value disciplined AFFO. until shareholder it's as question, really no you So that it term not think It's balance growth to maturities, liquidity sheet

John Massocca

more little mile build the you know kind new technical developing? raised those of floors a kind happens of tenant buy certain I in theoretically one, with they're resets floors if of to they radius. agreements a within What then speaking have you if and existing that Okay a asset on property new the rent

Peter Carlino

new developing would they're it the the modified incorporated the not master buy that subject that we've assets we lease be limitation. because into it lease, to If that be do would and so master

look easier a and the their as Grandville Pennsylvania of Morgantown York portion one will of to be a announcements what the the that obligations and their that think referencing master or set at attributed I facilities Hollywood all of when they open annual facility. as Penn's is future from rent I from of Casino from Grandville lease the think floor opening for to in you're is those result facilities, generated

that no So facility opening on months variable floor time piece, it to more XX at will based inside mile be competing point XX radius that prior in the that of restriction. a all the

John Massocca

so much, you helpful. very Thank

Peter Carlino

team misstated never up legal go I'm being looking I getting anything at to the up down. sure only thumbs I'm and accounting haven't the it can here the team that point it and can make

John Massocca

of helpful. perfect very it me. thank That's That's you, course for

Peter Carlino

John. Thanks,

Operator

Jonas of Trust. the Sun from with line comes question your next question. Please Our with Barry proceed

Barry Jonas

of two you, questions just but Thank the answered, quick been most maybe have ones.

of is now the tenant the maybe change rent in any a that bit Penn master standard mature sort to for more to or is Ohio that structure. terms variable structure there you the more interest the property lease, a by fixed In of

Peter Carlino

Barry, those room think will to base - good those XX% flow still and revenues alternatives rent. through facilities that land wagering of internet a flow think it's does do sports our that question, morning the ramp. variable and our when we for Ohio fair through first adopt and all, there's building other therefore some other variable betting We

So as to a to in and those and Toledo we that go Columbus. ahead for are it - lease not rush reason any relates modify

Barry Jonas

is you status a new missed I guess Steve, in for what interim the beat Great and the permanent really just haven't search. latest role, curious CFO then a

Peter Carlino

do Yeah, Stuart. said, this planet mean, mean of know They I company guess we very new finance we're room, process need engaged are I course don't of list present have think our mean, we suggest we've say, don't of the if I can broad all frankly the answer the a don't person scour that. now anything at whom only we need I is Spencer with entire know publicly - a we instant, to Look this will they no –I all. fine. right how you we've which and at team names, begun in I now I and

look we on I more more reallocate It what to one a however, little we on is in maybe I in so areas. so focused getting at, could with the - just spent front time been put and line spend mean development, time would people. he's we muscle both more has think Steve person business of forth. historically development and business way most it's his the that's now

this think the a we and we in won't, the on might want. who person there, look as or we the suspect thinks but of see find don't, positive and in really that's recognition we'll think us anything deserve light should We'll I we rush. we'll company what's we and do put the a well we out reap a about to ahead frankly if direction no right we person think that forward somebody get going desperate very company we're we board the we find find help So under that can interest the of kind

my pretty challenge had less to we somebody immediate or that an is So who who that wow the Harry plainly impact - cause enough, say, we to pretty market I'll Sally than don't Spencer frankly luminary and would much think. need Stuart it or need put they've got somebody

Barry Jonas

Happy and thanks Alright, Birthday. Understood.

Peter Carlino

Thank you.

Operator

with [Operator Please your the Adam with line question. question of proceed comes Instructions] Nomura. Daniel from next Our

Daniel Adam

and thanks about limit Missouri concentrations might jurisdictions?. ability everyone the extent morning Eldorado your Good your in for gaming do taking Ohio and and to transact to [indiscernible] current my question. and real estate talk what of we you certain specifically in Can think amended

Steven Snyder

Obviously morning, not on properties Ohio facilitating originally had They with master lease the six five - from actually from lease the generated amendments done economics over done identical with delay were up outside that transferred fashion the and in regulatory Missouri - the in that were the the the They were good properties transaction. Steve. for the we of master so outside it's both were Daniel, master jurisdictions, Boyd transferred integral of to three us the the as contemplated both situations. that a on the over and Eldorado ended that Well, in approval leases in Tropicana.

or as the the to the the to we've we think was licensee the modifying that future our making my folks at to of I mentioned in don't priorities, was the smooth ready and But really terms it's that In that the terms to them and foremost I introductory help anyone we in comfortable in the what first sailing want have understand that team limitations of transactions go. facilities. landlord educate those passive got continue operations impact spent of in regulators countless to of a in leave those role everyone that our sure day-to-day the QX satisfy operator, hours is to comments impression with end to here

individual anything Moore, interpret is in laws to really relative I you a is state think how there it Brandon would add? their else transaction regulators of our will question structure. each

Brandon Moore

states. have only mean and two in view previously tied to obviously of fact portfolio. those of the our on transactions these effects directly statute mean FTC competition was one think Ohio and those Ohio problem. we've states specific and that in are were or the with a I other to the the regard others anomalies this competition and taken that No, have I concentration with very specific to it both transaction was level and a saw markets situations we I Missouri to you what got somewhat compared and a anything can in racing not our In pentacle

mentioned market and they're we somewhat both So are obviously is has believe land but educating very our and and just as these that in passive matter properties as understands Steve I don't that have have that control passive a in the we such owner. We or of our we we're think to leases we much concerned unique, way about position intention, do changing limitations a owner. expectation that a is those the markets ability we don't any making see and competition sure everyone business the

Peter Carlino

- approving and that staff two transactions. operate Louisiana at and And market at own looked Eldorado you interpret Rouge those FTC three that them, the it we Daniel unfortunately different looked Gaming and the one has its properties own will we that things The transactions so of in Baton differently Board people Tropicana. we market, transaction see comfortable in and - Louisiana have of and where obviously Control we're those properties acquisition

each be to So and its of is that. set circumstances going we understand state own

Steven Snyder

have transactions We all zero when are question. doing, ability operating our so be no They've of squashing information operating done out to frankly work. any zip. shy not the thought no competitive. for we no We Yeah, FTC part to understand matter. clear, is by the They you nothing properties find any extensive desire to on be get how responsibilities, has find that out course that in clearly and interest way - in operating they think opportunities no no or been that nonpublic I these there

exceptions something example that might don't paint I of pink think that our the approve in but we the that and the might - be quality property anything allow a thing our on, opine improve sense architectural to those do interest flow. not rarest is that even the the we only of do only cash any frankly space. broad they - would that would there's facility to they of spend one tenant they and what but our would true the very thing in I that that's for the to get be changes, landlord But with improves do a another

performance. aligned that we maximize completely So with in want tenant we're to regard, the

Brandon Moore

do they able of but back be was structural happy over before structural the to buildings been portfolio to the across Peter our said, of five our number our the years path improve the they the left, integrity we of that's past the they in capital landowners paint painted have capital What in even, asset our way it improvement in and have goal short-term they them improvements that impact of a as pink have tenant and wanted might to been we're And any there not that. protect if really of to integrity. there

Daniel Adam

Got it and will that as is income same just interest the rental that with to or mortgage - tax be respect - payments the the of treatment

Desiree Burke

not is loans those the secured least it REIT good therefore on of are income be loans will and at part and onset Both [ph].

Daniel Adam

Understand, thank you very much.

Operator

up your a is question next follow Please with Credit Our proceed question. from Cameron question McKnight Suisse. with

Cameron McKnight

much. very Thanks

the that's on that XXXX? revenues in today stand reflects that on the is Penn had back wanted specifically circle revenues on at dependent five reset occur one five set, properties revenues just to the occurring confirm wanted to reset where Penn today Just to to secondly will rate Penn's - rental year today that the years wanted legacy relative that you and from and and back views and really the

Steven Snyder

we It Harbor the to than anniversary land, thought events this where does now much on a meant having to the like on the National relief give and between based and average it five would of from impact years quite in terms years opening we Cameron, was frankly, of relative did. for did date XXXX reset pain Charlestown five we where bigger land

be 'is to is Charlestown We States all and United reset. environments So candidly years I question it around going little a if little impact bit you than think greater. asking we less competitive the was five the are of the reset expected less thought that on probably a ago?' other this bit a Quite

but to back responding in hard the terms and sense was five initial your my question. ago of go that's years it's to what crystal like, So look ball

Peter Carlino

to Well, of pointing we our here and that tenants. long-term really I sidebar think Brandon in just out stability were interested was me a really,

had took for looking sitting an for a this spin. just We of arguing of years years other. around kind was it back couple I'm it side process. one the and So people to table interesting those make the

them. So it's iterative actually very negotiation a from

we to strain. didn't end head, Penn would There's transaction going their what are shaking - got. some for those to know get tenants going and that which and we the table hard an echo at happen are get what what to stay the But our with up. down the pretty untoward was a under we Penn in up both they and companies here So fairly treated and put marketplace side balanced that make always anticipated could goal never and to any sure and

Steven Snyder

I Peter right. amplify and just point think Yeah to Peter's [indiscernible] follow, said or bit a little

of how may modest relief, they sort bit the have that tenant giving some So amplifies be. however it they control, little competitive cushion react a fact in their the that it of beyond to situations are

Cameron McKnight

Thanks, much. thanks very

Peter Carlino

you. Thank

Operator

like turn appears It we this questions you. further would to comments. for no floor now I back time. the over Thank closing management at to have

Peter Carlino

simple. it it quarter. after will we was looks appreciate and you be period and talking thank That interest Q&A pretty next all we for robust which make again a your Well,

great Have much. very day. you thank So a

Operator

Ladies this conclude and teleconference. gentlemen, today's does

have wonderful and You participation at time. Thank day. may a for this lines your disconnect your you

Gaming and Leisure Properties (GLPI) 1 Nov 182018 Q3 Earnings call transcript