Gaming and Leisure Properties (NASDAQ: GLPI) reported Q2 EPS of $0.43, $0.06 worse than the analyst estimate of $0.49. Revenue for the quarter came in at $254.22 million versus the consensus estimate of $254.24 million.

Chief Executive Officer, Peter M. Carlino, commented “The second quarter was a period of significant progress for the Company. We have addressed all 2018 debt maturities through our new debt financing transactions. We successfully refinanced the 2018 notes and repaid our Term Loan A as well as a portion of our Term Loan A-1 with a new $1.0 billion issuance of 7 year and 10 year notes at an attractive blended interest rate of 5.5%. We now have a well-laddered maturity schedule with no more than $1.0 billion of debt maturing in any calendar year with no maturities until November 2020. In addition, we amended our revolving credit facility to both extend the maturity to 2023 and increase the capacity to $1.1 billion. The new revolver will afford us substantial flexibility for financing future acquisitions while also significantly reducing our refinancing risk. We believe these transactions position the Company with a stable capital structure and the flexibility to grow.”

“Additionally, during the quarter, the Company continued to work towards closing our previously announced transactions. We expect the combination of Penn National Gaming, Inc. (PENN) and Pinnacle Entertainment, Inc. (PNK) to be completed in the fourth quarter and the acquisition of the Tropicana Entertainment Inc. (“Tropicana”) assets to be completed by the end of the year. The transactions will add eight new properties to our portfolio with annual rent of approximately $156 million at a very attractive blended cap rate of 10.2%. Notably, the transactions will add two highly respected gaming operators, Eldorado Resorts, Inc. (ERI) and Boyd Gaming Corporation (BYD), as meaningful tenants and valued partners. We continue to expect these transactions to increase our dividend by approximately 8% to 10%.”

“Finally, our business continues to operate with significant stability and predictability. Cash rent earned in the quarter was in line with our expectations and EBITDA modestly exceeded guidance. While the focus in the second quarter was largely on the balance sheet transactions and pending acquisitions, we are pleased to recognize that the underlying business of our tenants is healthy and our portfolio of existing assets is performing well.”

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