GLPI - Earnings call transcript Q4 2018 | Gaming and Leisure Properties, Inc.

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Operator

Greetings, and welcome to the Gaming and Leisure Properties, Fourth Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Joe Jaffoni, Investor Relations. Thank you. Please go ahead.

Joe Jaffoni

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

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

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

reminder, detailed in this the to the current Steven Chief over VP, today’s in General Steve estimates are Chairman of update Development discussions turn and Senior related a are measures Executive joining call Counsel my to VP Moore, to Chief financial President future. Properties'. Senior Matthew and obligation well statements Peter statements Peter Officer; Snyder, company's forward-looking and Ladany, call Senior and it’s Officer; and to SEC, listeners no of pleasure the Vice to Accounting Gaming Interim and and in at Secretary, Also Chief Vice and Carlino. On Demchyk, contained forward-looking President contained assumes joined Burke, definitions As represent Financial Peter Carlino, Desiree Brandon Officer Finance Leisure the with of any release. Investments. as We morning's that, call forward-looking reconciliations more the earnings the management's filings the encourage as non-GAAP company by we the review company's statements With

Peter Carlino

morning and everyone. Joe you thank good Well,

another at to of conclusion the and Properties. outstanding course very Leisure report on We are year Gaming pleased of

Resorts note $XXX new of and Matt questioned by competitors that at a As highlighted to We've Eldorado heavily we the yet managed sometimes tenant increased rely indicated the revenue that eight the had have added we some I'll base million. new release, with make thought. earnings observation we $X.X a same and properties addition investment, completed of our terrific never Boyd process in that we and pipeline and Gaming. are as real-estate “pipeline” diversifying of time the our our about few In billion person do our Demchyk job our upon will as your the as to introduce as quickly we our make years, last and But in the outstanding to best Steve usual industry. most then I'm himself we’ll us, five can. we turn to a will, as moment. who over to today of you. have the we last management building senior here to think what program this move our introduce answer here over just questions them the is join with a going in He'll team comments team to company and

that, with Steve. So

Steve Snyder

Peter, you, and good Thank morning everyone.

couple the Before form highlights filed Exchange our Securities I also just we on house and Commission. matter, cleaning in report annual to get morning XX-K the a this with of

the Press as So you Release. well to you, available have information as that

with fourth few the on Press we’re as that a that out the release. relates issued Just guidance it earnings I on we EBITDA share, right AFFO our of quarter highlights in point per would third and Release: to conjunction quarter XXXX results our

highlights. of couple a just Additionally

those highlights. see you year-over-year basis on can You a of some

on at year-over-year share a looking per and are year-over-year increase basis. on of at AFFO at the quarter adjusted XX.X% EBITDA X.X% a increase basis You was for an

the the with performance pleased very were of during quarter. we mentioned, the business Peter as So

giving you a Just that moving to things to on release update. aren't that I want in some the press portfolio highlight,

Master trailing of reset a couple basis Eldorado XXXX. Lease and not in lease of amended calendar rent the month Boyd see basis variable next balance coverage at the [ph] will a Pinnacle any the reset and amended and do factors X.XX at Highlighting was Lease the Penn and third Meadows until lease for lease on reset The the X.XX reset lease, the lease until coverage at be last year covering every got which have of the Pinnacle a the trailing year-end was calendar Lease, did aware to X.XX lease at XXXX. XXXX. are covering and Penn XX.XX have Master and we've portfolio – leases was year our lease, the will other or XX two trailing Master no XX on XXXX, not buy its effected The end you variable here we As XX times times. in that as at Penn year again

from As approach But hear in their for to you'll third them did heard hear their two third call coverage expected X you Boyd into quarter rent you'll Eldorado, their that indicated Master And nearly was Tropicana they at the times. whom week. earnings times. X from balance in close finally and on to quarter of the Lease, earnings lease Boyd acquisition call call in that the fourth weeks, from next they quarter coverage XXXX

on balance process. million restated strategic of monitoring are options process company top have They some back accrued it banking the to investment in to Casino we’ve we Casino loan reversed previously and that and original seized hired on we’ve on which seized that balance the has relates real-estate portfolio, and income, interest its as are quarter, on income we interest both balance Queen Finally, portfolio the evaluating the lease actively Queen in firm. the the The to accruing $XX staying the the we accruing had loan sheet. of of

focus expect which to bring there, will we So see the activity hopefully do stronger asset. a to performance operating the of some

into see has impairment portfolio, it underlying suffered goodwill as Rouge the an impairment an Parish in the Baton you obviously standpoint, market REIT reflected East Lastly did accelerated deterioration charge ban with thought Rouge the the effect see taxable relates and release. the really quarter it in press Baton The accounting to which which property. we from subsidiary, from Baton it Rouge testing appropriate impairment was the in to charge after last we June smoking of was related associated take the went Xwhen an the

Finally, All to that I our of balance is but sheet. the that want information XX% are the little is the rate. on fixed bit sheet included a touch highlights on balance data

just XX% under debt of Just X%. of rate average expense variable our an at is interest over

have We XXXX. for maturities debt no calendar

out is November need XXXX. liquidity of next Our in

we clearly So great ample flexibility and sheet manage business the our balance runway proactively. we on to to continue have think

the on touch release. see you the included back I’ll which guidance Lastly, of at the press

to by share and increase in year-over-year see first we've also and per revenue calendar which you’ll provided guidance, XXXX press range the low AFFO for guiding high an which are in quarter the assumptions driven the a X% is of for We a release.

all XXXX on the X% So by kicking high those obviously in, escalators share increase on in side side. low an no increase a in X.X% side the high and are the low the possible escalator, on and the on side bound per AFFO

turn of we’ll will we further year it the be to the leases. I want So to from the and course do in those of likelihood as refining escalator over. hear in the implementation as goes tenants our that on,

You saw earlier, ago. release weeks a press two

join here management Matt the broadened us. and company are the excited to we and at very team senior We expanded Demchyk have have

Joe also the welcome over Before and Matt for brief forward comments, just Joe Relations on also highlight you want of to Investor to those team and do new and heard I I call, for some to contribution. call, at the from firm their want his to beginning turning JCIR, look representative it our Jaffoni the to the

to going briefly folks Matt I’m that, ask background, and to touch give on his with So an just you introduction.

Matt. ahead go So

Matt Demchyk

differentiated table. goal Steve team exclusively transaction. the developed is still Peter motivated ensure on and respect to welcoming the here of help risk Thank here excited closely very a that adjusted capital highly investing I'm to that you, over viewpoint work I’m and my the we and making returns Steve. extent of deploy towards perspective at number opportunity I company's decision capital an into at having to the one portfolio accretive that enhancing appreciative maximize people their with I've to continue additional career My utilize and

our meeting a turn triple coming of forward flow over to net to Given and many that, to durable the the you is with as help a focused that class, informed and of with to ensure about on to business And know for build end engaging pro-actively the leased objective investors yet equity those seeing be the the the serve who to friendly also well REIT going of are and back. day, importance months. sector. of feedback, and personally they our our I'm I'll stream business call I cash don't merits cost At conduit the looking our of I'm most

Peter Carlino

Thank for mind Matt. opening if that Brenda, the wouldn’t line With you questions.

Operator

Certainly Instructions]. [Operator

line the J.P. of from Greff Morgan. is question Joe with first Our

Unidentified Analyst

Good for Joe this Hey is guys, Greff. question. morning for actually and [inaudible] Dan taking thanks my on

just months discussions the So characterize there's here? any real changes property financial recent sellers with you the say would you ago? in from or given their Did market, volatility say and expectations how six the nine

Peter Carlino

there’s huge where around are lot mean in to so. there’s I sell with of think been. don’t I a today. activity things of not I pretty this mean think but and I a space, look, Steve? line they've looking people consistent

Steve Snyder

I'm seller's calendar to quarter expectations based throughout obviously sure your question, that the year volatility. end adjusted was know Dan, there on You tremendous that volatility four not

the in here expectations XXXX, us calendar the the don't certainly tell. starting environment. sellers to we are have feels again are I innings in of It general that reset time we been that economic As on will based know late cycle; economic generally

owners certainly of monetize the for before of year. property or what it assets, right gaming QX you'll now real activity looking opportunistic level always interest would the to that assets last suggest I was So other in see is but not chance their

Peter Carlino

it, sellers’ different to are The Yeah, all talking They mean idiosyncratic. are all for look high to that kinds debate and those think sell now time pricing much are so that ongoing prospects, I but don't do want that's occasionally side. where reasons different. of but got we think are to quickly you wants interest over people people good on to I something – place really are takes I do somebody sometimes situations reasons. the changed and an –

well indicated. think pretty I Steve

Unidentified Analyst

level thanks at nearly should one; months. then quick your one highest more in we willingness to the is XX for from How and the close significantly your actually ATM use think the rebound that. just pretty And here? given Alright, about stats

Peter Carlino

mean to take tool XXXX. available folks company and that it’s expect take leverage we of the a to company to us. the We it's calendar to Dan, have during guided where hoped leverage we unlikely. I to the the

it the band back The certainly on treasury. we of still XXX basis yield without current the We a the thinks leverage there of from agency to rating any a think wide way equity that where XX are that year the company. the get of in We the it’s equity within board guided going is about value ATM. right still points is perspective the on the have activity dislocation

Unidentified Analyst

Alright, thanks so me. it That’s much. from

Peter Carlino

you. Thank

Operator

from The next actually of question with the Carlo is Santarelli Deutsche line Bank.

Carlo Santarelli

past that not Peter in the close guys spectrum have relative investors as and net trading and relative peers, thanks. I effort in Steve, and a talked front broader making an know the about spoken and lot know you the to to you everybody, about you triple equity well Hey trying be we’ve what as multiple and to of gap. XXXX, to know

question is my of kind two-fold. So

an though feel multiple do trading their in you kind as multiple you multiple with recognizing feel who and are a net be are about industry out and to distinct think triple debt, is is that go there and more competitive at you others and looking time the space. though you opportunity it at acquisitions advantage of space be this that given might gap worth where it in your such As of XXXX spending is do it’s equity looking the there this cost the secondly, as know premium

Peter Carlino

We waste very year that one demonstrate a transactions couple totally way thinking I I others it of of – accretive It’s stopped made a what off – where get from mean doing time came we to sort to very of guess don't are look, us hasn't a self-focus. we've about are about lot upgrading round-about to just done doing. some we a business. multiple, thinks a whatever

us building income do of I year-in focus given. to that AFFO shareholders? I want dividend here. take what mean this is Absolutely! and don't I carefully, and and moving So build that am to look, job But rationally that care. and year-out. focused frankly we a kind do drives a that's as better shareholder we’re on. I our safely, building a company, primarily mean ahead monuments, of We I don't manically large as

year from difference don't see any I next. So this

We do them. that. do what and I what out and we They'll have do there, they in do absolute bless competitors confidence God have we'll

Steve Snyder

questions. touch let just Carl, Yeah me on both your

Just to close obviously a have to from should a standpoint, XXXX that relationship hard we we but based that will you that we cost in you do the to assume will been going are opportunities developed capital that competitive disadvantage work that relationships. be that in unique those on the business, we’ve to have decade the that gaming given over us continue to gap, we've

work us continue smart. to expect and So work to hard

when regional As of generates cash and or what tuned tell and it they it years a of into the gaming from obviously to might nets will that those XX that's now. be what is portfolio I from me be their relates to our markets, today gaming or our resiliency people go XXX%, other occupancy see it at for. triple regional view but Peter and laughed meetings from is might perspective the something flow stay

are This So market do spread to guarantors between will as leases look of people equity billion the guys is and smart $X on I have that of valuation this morning’s for if net focus that people will at tenant caps alerted we underlying my single tenant, lease fact over triple call. people and on us the plus, close. gap, master time our it in it, speculation to other net the got cases think most start that stability

Peter Carlino

to to pay I like We looking only revenue business. business. the gaming finish I the our would It's best here. like dividend this earnings the I generate I’m more profile. in own reason we Yeah, frankly the need as understand things. an with us in beef our up of side to that why work part we to and that and individual, and team get here, folks period, Matt that's

Carlo Santarelli

very much guys. Thank you

Peter Carlino

Carlo. Thanks

Operator

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

Barry Jonas

clarify are Penn I on did what wanted guys. your started based to be on that the Eldorado. variance you and with guess Hi guidance or escalates range and just is rent That’s the just I the leases assuming guide hit – whether Boyd will it you hits.

being don't potentially you hit a there you conservative. risk is So or real that just it are

Peter Carlino

Only to performance operators we're had conservative. We've and where experiences assumed did happen their five or we clear into Barry, what six were have being last the some years over things of not. going some operating is our visibility portfolio. the

to an variable relates Ohio that the So associated rent the the as and conservative. casinos overly relates it approach will with as to it escalators, taken call we've some

think prudent wait they hit I actually until start to banking. it's to

Steve Snyder

a Yeah, reminder, no information. we non-public get

So with same know. a doing, so an advantage are our In in at we what sense, essence have time here. don't tenants you what the know we

Barry Jonas

assets. about asking Got know you then been you it. And you guys years non-gaming, look, for purchasing just going know non-gaming we’ve into

a Just to outside a question, potentially seeing could like? you that look deal closer we're gaming know do any of and what you think

Peter Carlino

anybody else think it include be Look, opportunity that. in at shot but or know three gaming runway at large not or something is that a five possible. I years, whether who else, it's quite someday I week that's probably now don't because of going will take so is be to me is way, years material Let or forever any something inevitable that

of And yet. the and we're seen We but we solid revenue, sector, top. in think all exactly looked rock can despite continue in buying revenue we've particular it it's – sure the the has persuaded kinds years and and revenue seen be in I in verticals we would of from as if in it mean look one that we risen REIT, sense, leap perverse adjacencies as any a be haven't the at as plus that correct. to have story tell and five one our I world, gaming the the yet we take and fact day here hopefully But have we’d the business anything not to

but and again, his well and we'll Matt growth about look to in safe. not I know all continue not, all – we’ll you rational summary, it it's about said know you see, So think it's safe

I as of just grow through emphasize or that particular monuments; business any want pressure a not We enough. don't this can't and a not year one this rate somewhat building penny feel is this more as I sure less is or to shareholder are in my at make particular next hopefully than We it to that dividend forward. move year year the that. we

our So total that remains focus.

Barry Jonas

Great! Thank so you much.

Peter Carlino

Barry. Thanks

Operator

of is Farley next Robin the Our line UBS. question from with

Wes Tate

in Hollywood Wes Farley maybe just you to XXXX. scheduled if would is GLPI’s those on how two open is who today. are the in you I for Tate coming wanted Rob and think new fit talk can this to They into properties hey, about comment portfolio. Yes

Peter Carlino

Penn talking tied know how On I that’s an that's so our you assume in us that’s I about the we they not. the would to shape Morgantown because lease available I Will our its its and have not I to Master think guess expecting. if going the that of it to up – implication. you they the and and They York, grow and discussion into don't don't Penn, really just Lease, do financing with since they are need know part so I'm will, forth. I think think cash prefer, ongoing

question existing what on bigger might Penn impact have it the think is I our National.

Steve Snyder

us address and would that. there Yeah Wes, so there. no is facilities a leasehold of let York, in Obviously for developing they me that one the be try improvement are opportunity

that the themselves. mentioning, seem the to there, be developed facility is client there they as Given opportunity Morgantown Peter fact no that’s

XX the non-compete lease. inside or rents will that Inside at facility no be miles pursuant with leases floor in they non-compete variable do be see the a that reset as or in will we on zone, into variable non-compete place from the they if lease lease. that do that when longer a master in a will open future. the GLPI have to Penn extends master of provision National In competing the Penn other will facilities downward. periods that owned for that rent do our provision words, all You That there competing facility result facility be put a master

is that remedy us facility. has lieu of exists owning competing and the the for that’s of acknowledged that So Penn in aware

Wes Tate

Okay, thank. great,

Operator

comes from Jefferies. next Katz of line question of Our David the

David Katz

everyone. morning good Hi,

Peter Carlino

Good morning.

David Katz

you market Vegas frequently, other not know your properties notions one Vegas regular and basis that And those a question up just of real you regional hypothetically, know translate know I at wanted a stability that acquisitions you or on discuss some so know we to Las say know the that for you and into value know it the inherent an and end to and get again while valuation or that do. and to estate of where know scale would you it's the day. you of pose it the to is just multiples the and your Las perceived back wanted is, discussion – strip question or use about is the you larger much what appetite go it comes is the property there why I your may that just about for that change. has pose say your sort make let's been returns Is generate drives valuation of you higher know views. properties which

Peter Carlino

answer are. earnings beach it that’s a an but mean serious. who is, observation. on of how some reliable cares quick it I'm jokingly I the our actually the I could flip, my I and it be at the maybe and interesting to say mean is, where meetings ought that's shack Yeah,

investment, flow the half beach Shore about can the the want absolutely! parked care I in it reliable Vegas and Would I shack Jersey a was a on me solid. producing on You and in rock had cash we that? flow Las knew of New somewhere, given middle Absolutely, find a cash monument Do the the that's no.

and is have a commands properties Now scene I we're been that there unaware the so fact of a to not always say, Vegas bigger to all has premium, forth. that

also rating think done that. I agencies trying to that, our we're to on would and cognizant with take stability the the I of of a we think better so them road job investors get with we've regional in understand But part, property. of

I don’t world there's people are the Las some beyond that in what these is a just of there that places So think the recognize spectacular. Vegas. of whole out really don't scale is world the of fact out

and the regional So cycles we’re… in Gap] really to no market XXXX down Las XXXX, Through comparison. [Audio up Vegas. relative in There's

the the you in partners will compared the to the allowed markets operators the of Vegas the of license folks them like underlying maintenance operators flow If where we are, these flow we really get cash our Las with buildings are when on master businesses their look limited successful. nor Vegas generation businesses. expenditures the you really really they which Las generation CapEx then we regional at these positioned the cash look the most the operators asset. beneficiary, and make And portfolio over is free top, in operators leases. states We the are at capital in free regional to the that be those like have can't, as markets in where that They a not company limiting expenditures, the finally of of

that rerated, what the going have because Vegas we understands market the to just not chase be Strip and our expectation Las asset with appreciates will at fully we're believe here multiples that we So GLPI. a don't

David Katz

it. hope answers definitely Got I the appreciate question, good you Matt, appreciate I the luck. and and hi

Matt Demchyk

Thank you.

Peter Carlino

David. Thanks

Operator

of Nomura. line with Our Adam Daniel the next is question from

Daniel Adam

Hi, good morning everyone.

Peter Carlino

morning. Good

Daniel Adam

two fourth goodwill you have took the related impairment I to the in questions charge quarter.

I when second one if Baton was pressures your smoking quarter entirely impairments you increased or Rouge wasn't third related on there in that November? October wondering asset just at charge the test were reported is out X. to The assessment there the at think for annually other factors why competitive guys I'm impact play Thanks. First, example? for given you results ban like wondering I'm called

Steve Snyder

I had flooding No go a from families wonderful many Rouge the market as question, FEMA a activity into in in in Daniel, the early unfortunately first. lot a dislocated Baton year result development fair and facts a that of activity. XXXX market. economic Baton the brought XXXX economic Rouge and the occurred me it’s That mean let but

So through XXXX XXXX off burn really to we of early in activity the started marketplace. run-off Starting or from beginning see you robust XXXX in activity, if a June at that that saw calendar we accelerated real a of that when wide. went decline effect economic in Parish ban as Rouge to activity will Baton was related X smoking that gaming as into it

with any that fundamentals testing if had for it us of we earlier to of did the underlying in ban, to we terms combination the an the once really underlying it smoking for clear impairment, got not that to In want opportunity economics year-end, to the return see was XXXX where been there wait market and the XXXX. and recovered really and to in ever was

what's really with on timing there that's and going down So associate the the evaluation.

Peter Carlino

we bought up of flow cash boy! $XX $XX million for terrific in over best which So example, is we property. again, that. the is Penn investment the an about is mean It’s It ride. on that little one Rouge Steve Never interesting Baton years It on side has been of but that the we there flow, my were let ever I is over and cash million a bad, recollection part Katrina to me add made. stunning. sedge –

related. much at history of related its been up unfortunately up and it's So Steve if you and points and bad of down event and look weather that, the down and

unwind market one So returned to of start normal. they to and it last kind as the

smoking You an we course, sure, is saw be that warned them to the a them of ban impact disaster. to it warned but down going absolutely there, look be

that these enough but look will Maybe property [inaudible] I make This of who me, people we'll from the it, anti-smoking; lets a and they has properties at wise better decision table kind I'm just biggest smoker, probably up, dramatic maybe impact. other at a evaluate The impact. the to news devastation the don't time well just looking think after owned. is, not of a is been across won��t, it's one those It’s get later. market, not are we for good in as them. I it, of it, that. states get Some take it but they Well do to the the county

Steve Snyder

Yeah spend over would other Daniel, in goodwill add back I the thing as is, the only came XXXX.

this every this in tested it was you test out time our to performance this point year and of So it we year just is in the felt K light we as something non-cash and like disclosed, take we it charge.

Daniel Adam

Great! Thanks guys. lot a

Peter Carlino

Thank you.

Operator

And Instructions] Massocca the with of [Operator is question line your from John Ladenburg Thalmann.

John Massocca

morning. Good

Peter Carlino

Good morning.

Steve Snyder

Hey how are doing? John you

John Massocca

Good.

on properties buy contingent and tenants improvements your put that you put existing may for in do kind but pressure to that speaking more you than an look there's do place is initially with much unreliable? to your opportunities, As too at potential coverage’s happen you investment or anything think opportunity recent, too guys make your regards rent things of the may in future rather hurdles

Peter Carlino

publicly by is What it's benefit now to fact disclosed doing legacy to ask acre if heard and interested that’s benefit tenants for obligation or Saint No for what we've for Blues our a John, be we're just have about providing financing whenever from programmed practice ice significant X. in be us they center any or leasehold that improvements are that the that will then to come the entertainment our But tenants live an not a into new off parcel cases and are tenants that’s land We of an this do that that is Louis. Live things there's in little early XX and certain the Louis been in has our un-reutilized St been unutilized north in developed and X,XXX sold for and events QX. will monetize we us they have X,XXX have tenants with our skating as actionable? facility seat for venue work anything came evaluate; that been we guys in those the to in done

more really an that's incremental adding than at do it time. capital we opportunity of our to the for of So us all any facilities, look although existing

Peter Carlino

project through Yeah, examining of are we them. lots

John Massocca

parcels land the like is seems opportunity? maybe of excess in improve. maybe big kind of the can be just how at delevering it’s And It something that margins, terms

as skating a with something it's not the at bring know in the extra really fair like Is like that ice changer but assessment? rule. game a rink, traffic You Casino,

Peter Carlino

not the that it drive is do do but it it a we by as portfolio. of No, any think game at as the margins that stretch things greater of in efficiency not continue can imagination to of changer, the overall think

Steve Snyder

company, look, the bad of lot look, today, is more is that's Yeah we will news I've this come job news. recently battlefield of our singles. this we good willing moving The funds. done and is bad scale forward good We've saying are but building things around terrific a given do business some news the challenging to always hit – the a to news. find

ball modest to content are are as moving clearly always are look, field AFFO long our it as our looking do every each away and down it’s adding transactions year, even we dividend swing to to you that's well. and for make but happy. the we enough the and run? to As perfectly home pennies see we the Absolutely, me And but got

John Massocca

if in you operating kind there more strategic in out general in transactions modest there Understood. may And know in situation? to Casino Queen it’s able a and need interested you a properties to leverage brought what I but that of is from activity. that point, any that guys be of speaking potential at some of the this came would someone was transactions, kind these mean facilitate little to of kind order of some of get I consent

Peter Carlino

any mean in possible. tenant that as highly Saint Louis, the does I building approval. landlord need substitute our That's in

John Massocca

me. Understood! That’s it you Thank very much. from

Peter Carlino

Thank you.

Steve Snyder

Thank you, John.

Operator

from Credit comes the McKnight line with Our Suisse. next question Cameron

Cameron McKnight

that next morning. of Steve, coming on you've in got question good later that very issued X billion Hi, were mid-‘XX year. notes A about are to much. you Thanks for

investment guess what's where that Given grade, now refinance are that you terms you of best your could in paper?

Steven Snyder

On XXX year XX to plus low XXX probably handle. XXX, so five Cam, a

Cameron McKnight

very it, a slightly broader thanks Got and much, then question.

growth. in now, that flashing in broader the of terms particular terms of terms of amber In red supply or a any portfolio assets potential

Steven Snyder

– the it mass areas we $XX when market. if annual addressed lot cost monarch downside. opens, is a The the because upside of set are a the it with million bought opens, their the capital there's in or that a that no rates place, on facility, Blackhawk facility Penn newer week, call None when guys occupants Boston last of playing one we investing as southeastern that ever

cautious there. to be is or no there concerned So reason

only those situation. only table, that's areas. but that my now those monitoring the us at memory, looking around potential the are any are least really the So I'm right areas have

Cameron McKnight

perfect. that's much. very Thanks Okay,

Peter Carlino

Thank you, Cam.

Operator

It management questions back like over floor seems I'd the closing no time. comments. this to to have at we for turn further

Peter Carlino

quarter I and happily out Well, quarter. for thanks you. dialing today. this happy We're thank see all you Thank pretty close to next in you operator.

Operator

This concludes teleconference. today’s

this You may disconnect at time. you participation. Thank lines your for your

Gaming and Leisure Properties (GLPI) 13 Feb 192018 Q4 Earnings call transcript