Gaming and Leisure Properties (NASDAQ: GLPI) reported Q3 EPS of $0.49, $0.02 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $254.1 million versus the consensus estimate of $255.98 million.

Chief Executive Officer, Peter M. Carlino, commented, “While our real estate portfolio continued to perform as expected during the quarter, we remained focused on the execution of our previously announced acquisitions. On September 26, 2018 we completed a very successful $1.1 billion note offering, with the benefit of our recently achieved investment grade credit rating. On October 1, 2018 we announced the completion of our acquisition of the real property assets of Tropicana Entertainment Inc. (“Tropicana”) and on October 15, 2018 we announced the completion of the transactions related to the acquisition of Pinnacle Entertainment, Inc. (NASDAQ: PNK) by Penn National Gaming, Inc. (NASDAQ: PENN). In aggregate these transactions increased our annual real estate income by approximately $155 million, while expanding and diversifying our geographic footprint and tenant roster. These transactions are immediately accretive as demonstrated by our announcement on October 15, 2018 of our fourth quarter dividend of $0.68 per common share, which is an 8% increase from the prior quarter.”

Mr. Carlino continued, “Today we are happy to celebrate the five year anniversary of our spin from PENN and reflect on our substantial accomplishments. We have completed transactions worth approximately $6.8 billion, growing our real estate revenue by over $580 million annually and increasing our dividend by 31% since our first quarter as a REIT. In the process our portfolio has grown from 20 assets in 12 states to 46 assets in 16 states and we have expanded from one tenant to four tenants. To fund these acquisitions, we have successfully issued approximately 90 million shares of common stock and completed $3.5 billion in note offerings. Notably, we have achieved all this with a commitment to accretion and stability. In the next five years, we anticipate building upon our success with further opportunities to grow our business and create value for shareholders.”

For earnings history and earnings-related data on Gaming and Leisure Properties (GLPI) click here.