Gaming and Leisure Properties, Inc. Reports Record Third Quarter 2020 Results
WYOMISSING, Pa., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced record financial results for the third quarter ended September 30, 2020.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “Our record third quarter financial results highlight our ability to dynamically manage our leading, diversified portfolio of regional gaming assets and support our tenants throughout the pandemic to ensure the ongoing predictability of our rental cash flows. Year-to-date, we have collected over 99% of our contractual rents as our tenants have generated impressive financial results since re-opening and, in many cases, are generating higher cash flows from their properties leased from GLPI, thus increasing the longer-term visibility of our rental receipts. In addition, third quarter results benefited from the variable rent component of certain of our leases as well as strong post-reopening results at Hollywood Casino Baton Rouge and Hollywood Casino Perryville, the gaming properties we own and operate in our taxable REIT subsidiary.
“GLPI’s assets are managed by the industry’s top operators and they have taken prudent steps to fortify their liquidity positions through public market capital raises. At the same time, we also proactively enhanced our financial flexibility and liquidity thereby fortifying the sector’s only investment-grade balance sheet. During the third quarter, we issued an additional $200 million of 4.000% senior unsecured notes maturing in 2031 at an effective yield of 3.548% and applied the net proceeds to repay our Term Loan A-1 borrowings. As a result we have no debt maturities before May 2023. Today we announced a transaction with Twin River thereby adding another well-operated, publicly traded tenant relationship to our growing portfolio. In summary, we are confident that the consistent value and cash flows generated by our portfolio as well as our active management of all aspects of our operations and capital structure position us to consistently build value for shareholders.”
Recent Developments
- All of our tenants are current with respect to their rental obligations other than Casino Queen, from whom we are now collecting full rental payments and with whom we continue to work on a deferred rent agreement related to prior closed months. As such, to-date through October we have collected over 99% of our contractual rents.
- As of October 27, 2020, 45 out of our 46 properties, (including those we own and operate in our taxable REIT subsidiaries) have reopened with safety protocols and capacity constraints.
- On October 27, 2020, we entered into an Exchange Agreement with subsidiaries of Caesars Entertainment, Inc. (“Caesars”) (Nasdaq: CZR) that own, respectively, the Isle Casino & Hotel, Waterloo, Iowa (“Waterloo”) and the Isle Casino & Hotel, Bettendorf, Iowa (“Bettendorf”). Pursuant to the terms of the agreement, Caesars will transfer to us the real estate assets of the Waterloo and Bettendorf properties in exchange for the transfer by us to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.72 million. At the closing of the exchange transaction, which is expected by the end of 2020, the Waterloo and Bettendorf facilities will be added to the Caesars Amended and Restated Master Lease and the rent will increase by approximately $520,000 annually.
- On October 27, 2020, the Company entered into a series of definitive agreements pursuant to which a subsidiary of Twin River Worldwide Holdings, Inc. (“Twin River”) (NYSE: TRWH) will acquire 100% of the equity interests in the Caesars subsidiary that currently operates Tropicana Evansville and the Company will reacquire the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. In addition, the Company entered into a real estate purchase agreement with Twin River pursuant to which we will purchase the real estate assets of the Dover Downs Hotel & Casino, located in Dover, Delaware which is currently owned and operated by Twin River, for a cash purchase price of approximately $144.0 million. At the closing of the transactions which are expected in mid-2021, subject to regulatory approvals, the Tropicana Evansville and Dover Downs Hotel & Casino facilities will be added to a new master lease between us and Twin River (the “Twin River Master Lease”). The Company anticipates that the Twin River Master Lease will have an initial term of 15 years, with no purchase option, followed by four five-year renewal options (exercisable by Twin River) on the same terms and conditions. Rent under the Twin River Master Lease will be $40.0 million annually and is subject to an annual escalator of up to 2% determined in relation to the annual increase in the Consumer Price Index.
- Following regulatory approval late in the second quarter, on September 29, 2020 GLPI acquired Lumière Place Casino and Hotel and entered into a new lease (the “Lumière Place Lease”) with Caesars for this asset. The Lumière Place Lease has an initial term that expires on October 31, 2033 and has four separate renewal options of five years each, exercisable at the tenant’s option. The Lumière Place Lease rent is $22.8 million annually and is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met.
- Since re-opening in May and June, respectively, Hollywood Casino Baton Rouge and Hollywood Casino Perryville, the gaming properties we own and operate in our taxable REIT subsidiary, have generated strong financial results. Total third quarter net revenues and adjusted EBITDA from these properties exceeded prior year levels by $2.8 million and $3.3 million, respectively.
- The Company recently received approval from the Louisiana Gaming and Control Board to move the gaming operations of Hollywood Casino Baton Rouge to a landside facility. The project, expected to cost between $21 million and $25 million, will add 38,000 square feet and include a 250-seat entertainment venue and sportsbook. The expansion and land-based facility is expected to be completed in early 2022.
Recent Initiatives to Collaborate with Tenants, Address the Pandemic and Build Future Value
- On October 1, 2020, the Company completed the acquisition from Penn National Gaming, Inc. (“PENN”) (Nasdaq: PENN) of the land underlying its gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits. The Morgantown land is being leased back to PENN for $3.0 million of annual cash rent, subject to escalation provisions following the opening of the property.
- The Company granted PENN the exclusive right until December 31, 2020 to purchase the operations of Hollywood Casino Perryville, in Perryville, Maryland, for $31.1 million. The closing of such purchase, provided PENN exercises its option, is subject to regulatory approval and is expected to occur during calendar year 2021 on a date selected by PENN with reasonable prior notice to the Company, unless otherwise agreed upon by both parties. Upon closing, the Company is expected to lease the real estate of the Perryville facility to PENN pursuant to a lease providing for initial annual rent of $7.77 million, subject to escalation provisions.
- On October 1, 2020, PENN exercised the next scheduled five-year renewal option under each of its two master leases with the Company. The terms of the master lease covering PENN’s Hollywood Casino at Penn National Racecourse, located in Grantville, Pennsylvania (the “PENN Master Lease”), are expected to be amended to provide the Company with protection from any adverse impact on the lease escalation provisions resulting from decreased net revenues from such facility as a result of the openings of PENN's facilities currently in development in Pennsylvania. The Company also granted PENN the option to exercise an additional five-year renewal term at the end of the lease term for each of the two master leases, subject to certain regulatory approvals.
- In light of the nationwide casino closures earlier this year, the Company does not expect any rent escalators for 2020. The Company's leases contain variable rent which is reset on varying schedules depending on the lease. In the aggregate, the portion of cash rents that are variable represented approximately 16% of GLPI's 2019 full year cash rental income. Of that 16% variable rent, approximately 27% resets every five years which is associated with the PENN Master Lease and the Casino Queen Master Lease, 42% resets every two years and 31% resets monthly which is associated with the PENN Master Lease (of which approximately 47% is subject to a floor or $22.9 million annually for Hollywood Casino Toledo). For the three-month period ended September 30, 2020, the percentage rent from the PENN Master Lease increased by $4.7 million compared to the same period last year due to strong reopening demand at Hollywood Casino Columbus and Hollywood Casino Toledo as well as the benefits experienced at Hollywood Casino Toledo as a result of the extended closures of competing casinos in Detroit, Michigan through August 5, 2020.
- The variable rent resets in the Boyd Gaming Corporation (NYSE: BYD) Master Lease and the Amended Pinnacle Master Lease reset for the two-year period ended April 30, 2020. As a result, reductions of $1.5 million and $5.0 million, respectively, will be incurred in annual variable rent on these respective leases through April 30, 2022. The Meadows Lease variable rent reset occurred in October 2020 and will result in a $2.1 million annual decline. As detailed later in this release, the Company's next variable rent reset on its portfolio of leases does not occur until May 2022.
Balance Sheet Update
- On June 25, 2020, the Company completed an amendment to its credit agreement, which: (i) extended the maturity date of $224.0 million of principal amount of the outstanding Term Loan A-1s from April 28, 2021 to May 21, 2023, which term loans would thereafter be classified as Term Loan A-2s and (ii) increased the principal of the Term Loan A-2s by $200.0 million in the form of incremental term loans.
- On August 18, 2020, GLPI issued an additional $200 million of 4.000% senior unsecured notes maturing on January 15, 2031 at a premium to par. The net proceeds of the borrowings were utilized to repay our Term Loan A-1 borrowings thereby increasing the duration of the Company's debt.
- The aggregate dividends paid on September 25, 2020 was comprised of $26.2 million in cash and $104.7 million in common stock (2,773,450 shares at $37.7635 per share).
Financial Highlights
| Three Months Ended September 30, | ||||||||
| (in millions, except per share data) | 2020 Actual | 2019 Actual | ||||||
| Total Revenue | $ | 307.6 | $ | 287.6 | ||||
| Income From Operations | $ | 200.7 | 187.6 | |||||
| Net Income | $ | 127.1 | 90.5 | |||||
| FFO (1) | $ | 182.2 | 145.6 | |||||
| AFFO (2) | $ | 194.6 | 186.5 | |||||
| Adjusted EBITDA (3) | $ | 265.2 | 260.5 | |||||
| Net income, per diluted common share | $ | 0.58 | $ | 0.42 | ||||
| FFO, per diluted common share | $ | 0.83 | $ | 0.68 | ||||
| AFFO, per diluted common share | $ | 0.89 | $ | 0.87 | ||||
(1) FFO is net income, excluding (gains) or losses from sales of property and real estate depreciation as defined by NAREIT.
(2) AFFO is FFO, excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, amortization of land rights, straight-line rent adjustments, losses on debt extinguishment, and loan impairment charges, reduced by capital maintenance expenditures.
(3) Adjusted EBITDA is net income, excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, amortization of land rights, losses on debt extinguishment and loan impairment charges.
Dividend
On August 6, 2020, the Company’s Board of Directors declared a third quarter dividend of $0.60 per share on the Company’s common stock, consisting of a combination of cash and shares of the Company’s common stock. The dividend was paid on September 25, 2020, to shareholders of record on August 17, 2020. It is anticipated that the portion of dividends to be paid in shares in the future will be limited to periods during which non-cash rents are realized by the Company.
The Company expects the dividends to be taxable to shareholders, regardless of whether a particular shareholder received a dividend in the form of cash or shares. The Company reserves the right to pay future dividends entirely in cash, and the composition of future dividends with respect to cash and stock will be made by the Board of Directors on a quarterly basis.
Portfolio Update
GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of September 30, 2020, GLPI’s portfolio consisted of interests in 46 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas and the Company's wholly-owned and operated Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the “TRS Properties”, the real property associated with 32 gaming and related facilities operated by PENN (excluding the Tropicana Las Vegas), the real property associated with 6 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation, and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states and contain approximately 24.1 million square feet of improvements.
Conference Call Details
The Company will hold a conference call on October 28, 2020 at 9:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.
To Participate in the Telephone Conference Call:Dial in at least five minutes prior to start time.Domestic: 1-877/407-0784International: 1-201/689-8560
Conference Call Playback:Domestic: 1-844/512-2921International: 1-412/317-6671Passcode: 13710499The playback can be accessed through Wednesday November 4, 2020.
WebcastThe conference call will be available in the Investor Relations section of the Company’s website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESConsolidated Statements of Operations(in thousands, except per share data) (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||
| Revenues | ||||||||||||||
| Rental income | $ | 267,555 | $ | 248,789 | $ | 762,711 | $ | 745,030 | ||||||
| Interest income from real estate loans | 5,574 | 7,206 | 19,130 | 21,600 | ||||||||||
| Total income from real estate | 273,129 | 255,995 | 781,841 | 766,630 | ||||||||||
| Gaming, food, beverage and other | 34,425 | 31,617 | 71,163 | 97,859 | ||||||||||
| Total revenues | 307,554 | 287,612 | 853,004 | 864,489 | ||||||||||
| Operating expenses | ||||||||||||||
| Gaming, food, beverage and other | 18,175 | 18,549 | 39,536 | 56,739 | ||||||||||
| Land rights and ground lease expense | 8,084 | 9,094 | 21,943 | 33,572 | ||||||||||
| General and administrative | 22,514 | 15,042 | 51,725 | 48,266 | ||||||||||
| Depreciation (1) | 58,080 | 57,302 | 172,033 | 183,745 | ||||||||||
| Loan impairment charges | — | — | — | 13,000 | ||||||||||
| Total operating expenses | 106,853 | 99,987 | 285,237 | 335,322 | ||||||||||
| Income from operations | 200,701 | 187,625 | 567,767 | 529,167 | ||||||||||
| Other income (expenses) | ||||||||||||||
| Interest expense | (70,179 | ) | (75,111 | ) | (211,657 | ) | (228,362 | ) | ||||||
| Interest income | 22 | 235 | 491 | 572 | ||||||||||
| Losses on debt extinguishment | (779 | ) | (21,014 | ) | (18,113 | ) | (21,014 | ) | ||||||
| Total other expenses | (70,936 | ) | (95,890 | ) | (229,279 | ) | (248,804 | ) | ||||||
| Income before income taxes | 129,765 | 91,735 | 338,488 | 280,363 | ||||||||||
| Income tax provision | 2,639 | 1,188 | 2,118 | 3,773 | ||||||||||
| Net income | $ | 127,126 | $ | 90,547 | $ | 336,370 | $ | 276,590 | ||||||
| Earnings per common share: | ||||||||||||||
| Basic earnings per common share | $ | 0.58 | $ | 0.42 | $ | 1.55 | $ | 1.29 | ||||||
| Diluted earnings per common share | $ | 0.58 | $ | 0.42 | $ | 1.55 | $ | 1.29 | ||||||
(1) Results for the nine month period ended September 30, 2019 included the acceleration of $10.3 million of depreciation expense due to the closure of the Resorts Casino Tunica property.
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESOperations(in thousands) (unaudited)
| TOTAL REVENUES | ADJUSTED EBITDA | ||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Real estate | $ | 273,129 | $ | 255,995 | $ | 254,410 | $ | 252,999 | |||||||
| GLP Holdings, LLC (TRS) | 34,425 | 31,617 | $ | 10,821 | 7,473 | ||||||||||
| Total | $ | 307,554 | $ | 287,612 | $ | 265,231 | $ | 260,472 | |||||||
| TOTAL REVENUES | ADJUSTED EBITDA | ||||||||||||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Real estate | $ | 781,841 | $ | 766,630 | $ | 754,278 | $ | 755,477 | |||||||
| GLP Holdings, LLC (TRS) | 71,163 | 97,859 | $ | 16,626 | 24,284 | ||||||||||
| Total | $ | 853,004 | $ | 864,489 | $ | 770,904 | $ | 779,761 | |||||||
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESGeneral and Administrative Expense(in thousands) (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||
| Real estate general and administrative expenses | 17,081 | $ | 9,410 | 36,727 | $ | 31,388 | |||||||
| GLP Holdings, LLC (TRS) general and administrative expenses | 5,433 | 5,632 | 14,998 | 16,878 | |||||||||
| Total reported general and administrative expenses (1) | 22,514 | 15,042 | 51,725 | 48,266 | |||||||||
(1) General and administrative expenses include payroll related expenses, insurance, utilities, professional fees and other administrative costs.
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESCurrent Year Revenue Detail(in thousands) (unaudited)
| Three Months Ended September 30, 2020 | PENN Master Lease | PENN Amended Pinnacle Master Lease | CZR Master Lease | Lumiere Place Lease and Loan | BYD Master Lease | BYD Belterra Lease | PENN - Meadows Lease | Casino Queen Lease | Total | ||||||||||||||||||||||||||
| Building base rent | $ | 69,851 | $ | 56,801 | $ | 15,534 | $ | 127 | $ | 18,911 | $ | 668 | $ | 3,953 | $ | 1,517 | $ | 167,362 | |||||||||||||||||
| Land base rent | 23,492 | 17,814 | 3,340 | — | 2,946 | 473 | — | — | 48,065 | ||||||||||||||||||||||||||
| Percentage rent | 26,044 | 6,694 | 3,340 | — | 2,462 | 454 | 2,792 | 904 | 42,690 | ||||||||||||||||||||||||||
| Total cash rental income (1) | $ | 119,387 | $ | 81,309 | $ | 22,214 | $ | 127 | $ | 24,319 | $ | 1,595 | $ | 6,745 | $ | 2,421 | $ | 258,117 | |||||||||||||||||
| Straight-line rent adjustments | 2,231 | 1,623 | 229 | — | 574 | (301 | ) | 572 | — | 4,928 | |||||||||||||||||||||||||
| Ground rent in revenue | 618 | 1,424 | 2,117 | — | 317 | — | — | — | 4,476 | ||||||||||||||||||||||||||
| Other rental revenue | — | — | — | — | — | — | 34 | — | 34 | ||||||||||||||||||||||||||
| Total rental income | $ | 122,236 | $ | 84,356 | $ | 24,560 | $ | 127 | $ | 25,210 | $ | 1,294 | $ | 7,351 | $ | 2,421 | $ | 267,555 | |||||||||||||||||
| Interest income from real estate loans | — | — | — | 5,574 | — | — | — | — | 5,574 | ||||||||||||||||||||||||||
| Total income from real estate | $ | 122,236 | $ | 84,356 | $ | 24,560 | $ | 5,701 | $ | 25,210 | $ | 1,294 | $ | 7,351 | $ | 2,421 | $ | 273,129 | |||||||||||||||||
| Nine Months Ended September 30, 2020 | PENN Master Lease | PENN Amended Pinnacle Master Lease | CZR Master Lease | Lumiere Place Lease and Loan | BYD Master Lease | BYD Belterra Lease | PENN - Meadows Lease | Casino Queen Lease | Total | ||||||||||||||||||||||||||
| Building base rent | $ | 209,555 | $ | 170,401 | $ | 46,602 | $ | 127 | $ | 56,732 | $ | 1,114 | $ | 11,858 | $ | 4,042 | $ | 500,431 | |||||||||||||||||
| Land base rent | 70,476 | 53,442 | 10,020 | — | 8,839 | 789 | — | — | 143,566 | ||||||||||||||||||||||||||
| Percentage rent | 61,691 | 21,757 | 10,020 | — | 7,847 | 757 | 8,376 | 2,260 | 112,708 | ||||||||||||||||||||||||||
| Total cash rental income (1) | $ | 341,722 | $ | 245,600 | $ | 66,642 | $ | 127 | $ | 73,418 | $ | 2,660 | $ | 20,234 | $ | 6,302 | $ | 756,705 | |||||||||||||||||
| Straight-line rent adjustments | 6,694 | (5,719 | ) | (5,560 | ) | — | (2,022 | ) | (504 | ) | 1,717 | (5,394 | ) | ||||||||||||||||||||||
| Ground rent in revenue | 1,785 | 4,349 | 3,987 | — | 1,118 | — | — | — | 11,239 | ||||||||||||||||||||||||||
| Other rental revenue | — | — | — | — | — | — | 161 | — | 161 | ||||||||||||||||||||||||||
| Total rental income | $ | 350,201 | $ | 244,230 | $ | 65,069 | $ | 127 | $ | 72,514 | $ | 2,156 | $ | 22,112 | $ | 6,302 | $ | 762,711 | |||||||||||||||||
| Interest income from real estate loans | — | — | 16,976 | — | 2,154 | — | — | 19,130 | |||||||||||||||||||||||||||
| Total income from real estate | $ | 350,201 | $ | 244,230 | $ | 65,069 | $ | 17,103 | $ | 72,514 | $ | 4,310 | $ | 22,112 | $ | 6,302 | $ | 781,841 | |||||||||||||||||
(1) Cash rental income for the PENN leases is inclusive of rent credits recognized in connection with the Tropicana Las Vegas transaction which closed on April 16, 2020.
Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDAGaming and Leisure Properties, Inc. and SubsidiariesCONSOLIDATED(in thousands, except per share and share data) (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||
| Net income | $ | 127,126 | $ | 90,547 | $ | 336,370 | $ | 276,590 | ||||||
| Losses (gains) from dispositions of property | 4 | 37 | (3 | ) | 50 | |||||||||
| Real estate depreciation (1) | 55,098 | 55,047 | 163,928 | 176,290 | ||||||||||
| Funds from operations | $ | 182,228 | $ | 145,631 | $ | 500,295 | $ | 452,930 | ||||||
| Straight-line rent adjustments | (4,928 | ) | 8,643 | 5,394 | 25,930 | |||||||||
| Other depreciation (2) | 2,982 | 2,255 | 8,105 | 7,455 | ||||||||||
| Amortization of land rights | 3,021 | 3,020 | 9,061 | 15,516 | ||||||||||
| Amortization of debt issuance costs, bond premiums and original issuance discounts | 2,669 | 2,807 | 8,032 | 8,597 | ||||||||||
| Stock based compensation | 8,353 | 3,845 | 16,652 | 12,353 | ||||||||||
| Losses on debt extinguishment | 779 | 21,014 | 18,113 | 21,014 | ||||||||||
| Loan impairment charges | — | — | — | 13,000 | ||||||||||
| Capital maintenance expenditures (3) | (488 | ) | (709 | (1,629 | ) | (2,256 | ) | |||||||
| Adjusted funds from operations | $ | 194,616 | $ | 186,506 | $ | 564,023 | $ | 554,539 | ||||||
| Interest, net | 70,157 | 74,876 | 211,166 | 227,790 | ||||||||||
| Income tax expense | 2,639 | 1,188 | 2,118 | 3,773 | ||||||||||
| Capital maintenance expenditures (3) | 488 | 709 | 1,629 | 2,256 | ||||||||||
| Amortization of debt issuance costs, bond premiums and original issuance discounts | (2,669 | ) | (2,807 | (8,032 | ) | (8,597 | ) | |||||||
| Adjusted EBITDA | $ | 265,231 | $ | 260,472 | $ | 770,904 | $ | 779,761 | ||||||
| Net income, per diluted common share | $ | 0.58 | $ | 0.42 | $ | 1.55 | $ | 1.29 | ||||||
| FFO, per diluted common share | $ | 0.83 | $ | 0.68 | $ | 2.31 | $ | 2.10 | ||||||
| AFFO, per diluted common share | $ | 0.89 | $ | 0.87 | $ | 2.60 | $ | 2.58 | ||||||
| Weighted average number of common shares outstanding | ||||||||||||||
| Diluted | 218,847,139 | 215,325,154 | 216,912,254 | 215,217,574 | ||||||||||
(1) Real estate depreciation expense for the nine month period ended September 30, 2019 included the acceleration of $10.3 million of depreciation expense due to the closure of the Resorts Casino Tunica property.
(2) Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.
(3) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.
Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, AFFO to Adjusted EBITDA and Adjusted EBITDA to Cash Net Operating Income Gaming and Leisure Properties, Inc. and SubsidiariesREAL ESTATE and CORPORATE (REIT)(in thousands) (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||
| Net income | $ | 125,686 | $ | 88,461 | $ | 339,475 | $ | 269,421 | ||||||
| Losses from dispositions of property | — | — | — | 8 | ||||||||||
| Real estate depreciation | 55,098 | 55,047 | 163,928 | 176,290 | ||||||||||
| Funds from operations | $ | 180,784 | $ | 143,508 | $ | 503,403 | $ | 445,719 | ||||||
| Straight-line rent adjustments | (4,928 | ) | 8,643 | 5,394 | 25,930 | |||||||||
| Other depreciation (1) | 497 | 497 | 1,492 | 1,496 | ||||||||||
| Amortization of land rights | 3,021 | 3,020 | 9,061 | 15,516 | ||||||||||
| Amortization of debt issuance costs, bond premiums and original issuance discounts | 2,669 | 2,807 | 8,032 | 8,597 | ||||||||||
| Stock based compensation | 8,353 | 3,845 | 16,652 | 12,353 | ||||||||||
| Losses on debt extinguishment | 779 | 21,014 | 18,113 | 21,014 | ||||||||||
| Loan impairment charges | — | — | — | 13,000 | ||||||||||
| Capital maintenance expenditures (2) | (11 | ) | — | (155 | ) | (4 | ) | |||||||
| Adjusted funds from operations | $ | 191,164 | $ | 183,334 | $ | 561,992 | $ | 543,621 | ||||||
| Interest, net (3) | 65,698 | 72,276 | 199,648 | 219,988 | ||||||||||
| Income tax expense | 206 | 196 | 515 | 461 | ||||||||||
| Capital maintenance expenditures (2) | 11 | — | 155 | 4 | ||||||||||
| Amortization of debt issuance costs, bond premiums and original issuance discounts | (2,669 | ) | (2,807 | ) | (8,032 | ) | (8,597 | ) | ||||||
| Adjusted EBITDA | 254,410 | 252,999 | $ | 754,278 | $ | 755,477 | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||
| Adjusted EBITDA | $ | 254,410 | $ | 252,999 | $ | 754,278 | $ | 755,477 | ||||||
| Real estate general and administrative expenses | 17,081 | 9,410 | 36,727 | 31,388 | ||||||||||
| Stock based compensation | (8,353 | ) | (3,845 | ) | (16,652 | ) | (12,353 | ) | ||||||
| Losses from dispositions of property | — | — | — | (8 | ) | |||||||||
| Cash net operating income (4) | $ | 263,138 | $ | 258,564 | $ | 774,353 | $ | 774,504 | ||||||
(1) Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.
(2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.
(3) Interest, net is net of intercompany interest eliminations of $4.5 million and $11.5 million for the three months and nine months ended September 30, 2020 compared to $2.6 million and $7.8 million for the corresponding periods in the prior year.
(4) Cash net operating income is rental and other property income, inclusive of rent credits recognized in connection with the Tropicana Las Vegas transaction less cash property level expenses.
Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDAGaming and Leisure Properties, Inc. and SubsidiariesGLP HOLDINGS, LLC (TRS)(in thousands) (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||
| Net income | $ | 1,440 | $ | 2,086 | $ | (3,105 | ) | $ | 7,169 | |||||
| Losses (gains) from dispositions of property | 4 | 37 | (3 | ) | 42 | |||||||||
| Funds from operations | $ | 1,444 | $ | 2,123 | $ | (3,108 | ) | $ | 7,211 | |||||
| Other depreciation (1) | 2,485 | 1,758 | 6,613 | 5,959 | ||||||||||
| Capital maintenance expenditures (2) | (477 | ) | (709 | ) | (1,474 | ) | (2,252 | ) | ||||||
| Adjusted funds from operations | $ | 3,452 | $ | 3,172 | $ | 2,031 | $ | 10,918 | ||||||
| Interest, net | 4,459 | 2,600 | 11,518 | 7,802 | ||||||||||
| Income tax expense | 2,433 | 992 | 1,603 | 3,312 | ||||||||||
| Capital maintenance expenditures (2) | 477 | 709 | 1,474 | 2,252 | ||||||||||
| Adjusted EBITDA | $ | 10,821 | $ | 7,473 | $ | 16,626 | $ | 24,284 | ||||||
(1) Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.
(2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.
Gaming and Leisure Properties, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands, except share and per share data)
| September 30, 2020 | December 31, 2019 | ||||||
| Assets | |||||||
| Real estate investments, net | $ | 7,240,311 | $ | 7,100,555 | |||
| Property and equipment, used in operations, net | 89,319 | 94,080 | |||||
| Tropicana, Las Vegas Investment | 305,773 | — | |||||
| Real estate loans | — | 303,684 | |||||
| Right-of-use assets and land rights | 828,130 | 838,734 | |||||
| Cash and cash equivalents | 105,894 | 26,823 | |||||
| Prepaid expenses | 2,195 | 4,228 | |||||
| Goodwill | 16,067 | 16,067 | |||||
| Other intangible assets | 9,577 | 9,577 | |||||
| Deferred tax assets | 5,654 | 6,056 | |||||
| Other assets | 34,063 | 34,494 | |||||
| Total assets | $ | 8,636,983 | $ | 8,434,298 | |||
| Liabilities | |||||||
| Accounts payable | $ | 842 | $ | 1,006 | |||
| Accrued expenses | 4,643 | 6,239 | |||||
| Accrued interest | 83,165 | 60,695 | |||||
| Accrued salaries and wages | 4,417 | 13,821 | |||||
| Gaming, property, and other taxes | 769 | 944 | |||||
| Income taxes payable | 26 | — | |||||
| Lease liabilities | 182,466 | 183,971 | |||||
| Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,752,252 | 5,737,962 | |||||
| Deferred rental revenue | 368,850 | 328,485 | |||||
| Deferred tax liabilities | 334 | 279 | |||||
| Other liabilities | 29,943 | 26,651 | |||||
| Total liabilities | 6,427,707 | 6,360,053 | |||||
| Shareholders’ equity | |||||||
| 00 | |||||||
| Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2020 and December 31, 2019) | — | — | |||||
| Common stock ($.01 par value, 500,000,000 shares authorized, 220,697,128 and 214,694,165 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 2,207 | 2,147 | |||||
| Additional paid-in capital | 3,960,861 | 3,959,383 | |||||
| Retained deficit | (1,753,792 | ) | (1,887,285 | ) | |||
| Total shareholders’ equity | 2,209,276 | 2,074,245 | |||||
| Total liabilities and shareholders’ equity | $ | 8,636,983 | $ | 8,434,298 | |||
Debt Capitalization
The Company had $105.9 million of unrestricted cash and $5.75 billion in total debt at September 30, 2020. The Company’s debt structure as of September 30, 2020 was as follows:
| Years to Maturity | Interest Rate | Balance | ||||||
| (in thousands) | ||||||||
| Unsecured $1,175 Million Revolver Due May 2023 (1) | 2.6 | —% | — | |||||
| Unsecured Term Loan A-2 Due May 2023 (1) | 2.6 | 1.66% | 424,019 | |||||
| Senior Unsecured Notes Due November 2023 | 3.1 | 5.38% | 500,000 | |||||
| Senior Unsecured Notes Due September 2024 | 3.9 | 3.35% | 400,000 | |||||
| Senior Unsecured Notes Due June 2025 | 4.7 | 5.25% | 850,000 | |||||
| Senior Unsecured Notes Due April 2026 | 5.5 | 5.38% | 975,000 | |||||
| Senior Unsecured Notes Due June 2028 | 7.7 | 5.75% | 500,000 | |||||
| Senior Unsecured Notes Due January 2029 | 8.3 | 5.30% | 750,000 | |||||
| Senior Unsecured Notes Due January 2030 | 9.3 | 4.00% | 700,000 | |||||
| Senior Unsecured Notes Due January 2031 | 10.3 | 4.00% | 700,000 | |||||
| Finance lease liability | 5.9 | 4.78% | 893 | |||||
| Total long-term debt | 5,799,912 | |||||||
| Less: unamortized debt issuance costs, bond premiums and original issuance discounts | (47,660 | ) | ||||||
| Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,752,252 | |||||||
| Weighted average | 6.4 | 4.64% | ||||||
(1) The rate on the term loan facility and revolver is LIBOR plus 1.50%.
(2) Total debt net of cash totaled $5.65 billion at September 30, 2020.
Rating Agency Update - Issue Rating
| Rating Agency | Rating | |
| Standard & Poor’s | BBB- | |
| Fitch | BBB- | |
| Moody’s | Ba1 |
Properties
| Description | Location | Date Acquired | Tenant/Operator |
| PENN Master Lease (19 Properties) | |||
| Hollywood Casino Lawrenceburg | Lawrenceburg, IN | 11/1/2013 | PENN |
| Hollywood Casino Aurora | Aurora, IL | 11/1/2013 | PENN |
| Hollywood Casino Joliet | Joliet, IL | 11/1/2013 | PENN |
| Argosy Casino Alton | Alton, IL | 11/1/2013 | PENN |
| Hollywood Casino Toledo | Toledo, OH | 11/1/2013 | PENN |
| Hollywood Casino Columbus | Columbus, OH | 11/1/2013 | PENN |
| Hollywood Casino at Charles Town Races | Charles Town, WV | 11/1/2013 | PENN |
| Hollywood Casino at Penn National Race Course | Grantville, PA | 11/1/2013 | PENN |
| M Resort | Henderson, NV | 11/1/2013 | PENN |
| Hollywood Casino Bangor | Bangor, ME | 11/1/2013 | PENN |
| Zia Park Casino | Hobbs, NM | 11/1/2013 | PENN |
| Hollywood Casino Gulf Coast | Bay St. Louis, MS | 11/1/2013 | PENN |
| Argosy Casino Riverside | Riverside, MO | 11/1/2013 | PENN |
| Hollywood Casino Tunica | Tunica, MS | 11/1/2013 | PENN |
| Boomtown Biloxi | Biloxi, MS | 11/1/2013 | PENN |
| Hollywood Casino St. Louis | Maryland Heights, MO | 11/1/2013 | PENN |
| Hollywood Gaming Casino at Dayton Raceway | Dayton, OH | 11/1/2013 | PENN |
| Hollywood Gaming Casino at Mahoning Valley Race Track | Youngstown, OH | 11/1/2013 | PENN |
| 1st Jackpot Casino | Tunica, MS | 5/1/2017 | PENN |
| Amended Pinnacle Master Lease (12 Properties) | |||
| Ameristar Black Hawk | Black Hawk, CO | 4/28/2016 | PENN |
| Ameristar East Chicago | East Chicago, IN | 4/28/2016 | PENN |
| Ameristar Council Bluffs | Council Bluffs, IA | 4/28/2016 | PENN |
| L’Auberge Baton Rouge | Baton Rouge, LA | 4/28/2016 | PENN |
| Boomtown Bossier City | Bossier City, LA | 4/28/2016 | PENN |
| L’Auberge Lake Charles | Lake Charles, LA | 4/28/2016 | PENN |
| Boomtown New Orleans | New Orleans, LA | 4/28/2016 | PENN |
| Ameristar Vicksburg | Vicksburg, MS | 4/28/2016 | PENN |
| River City Casino & Hotel | St. Louis, MO | 4/28/2016 | PENN |
| Jackpot Properties (Cactus Petes and Horseshu) | Jackpot, NV | 4/28/2016 | PENN |
| Plainridge Park Casino | Plainridge, MA | 10/15/2018 | PENN |
| CZR Master Lease (5 Properties) | |||
| Tropicana Atlantic City | Atlantic City, NJ | 10/1/2018 | CZR |
| Tropicana Evansville | Evansville, IN | 10/1/2018 | CZR |
| Tropicana Laughlin | Laughlin, NV | 10/1/2018 | CZR |
| Trop Casino Greenville | Greenville, MS | 10/1/2018 | CZR |
| Belle of Baton Rouge | Baton Rouge, LA | 10/1/2018 | CZR |
| BYD Master Lease (3 Properties) | |||
| Belterra Casino Resort | Florence, IN | 4/28/2016 | BYD |
| Ameristar Kansas City | Kansas City, MO | 4/28/2016 | BYD |
| Ameristar St. Charles | St. Charles, MO | 4/28/2016 | BYD |
| Single Asset Leases | |||
| Belterra Park Gaming & Entertainment Center | Cincinnati, OH | 10/15/2018 | BYD |
| Lumière Place | St. Louis, MO | 10/1/2018 | CZR |
| The Meadows Racetrack and Casino | Washington, PA | 9/9/2016 | PENN |
| Casino Queen | East St. Louis, IL | 1/23/2014 | Casino Queen |
| TRS Properties | |||
| Hollywood Casino Baton Rouge | Baton Rouge, LA | 11/1/2013 | GLPI |
| Hollywood Casino Perryville | Perryville, MD | 11/1/2013 | GLPI |
| Tropicana Las Vegas | Las Vegas, NV | 4/16/2020 | PENN |
Lease Information
| Master Leases | Single Asset Leases | ||||||||
| PENN Master Lease | PENN Amended Pinnacle Master Lease | Caesars Amended and Restated Master Lease | BYD Master Lease | Belterra Park Lease operated by BYD | PENN-Meadows Lease | Lumière Place Lease operated by CZR | Casino Queen Lease | ||
| Property Count | 19 | 12 | 5 | 3 | 1 | 1 | 1 | 1 | |
| Number of States Represented | 10 | 8 | 5 | 2 | 1 | 1 | 1 | 1 | |
| Commencement Date | 11/1/2013 | 4/28/2016 | 10/1/2018 | 10/15/2018 | 10/15/2018 | 9/9/2016 | 9/29/2020 | 1/23/2014 | |
| Initial Term | 15 | 10 | 20 | 10 (1) | 7.5 (1) | 10 | 13 | 15 | |
| Renewal Terms | 20 (4x5 years) | 25 (5x5 years) | 20 (4x5 years) | 25 (5x5 years) | 25 (5x5 years) | 19 (3x5years, 1x4 years) | 20 (4x5 years) | 20 (4x5 years) | |
| Corporate Guarantee | Yes | Yes | Yes | No | No | Yes | Yes | No | |
| Master Lease with Cross Collateralization | Yes | Yes | Yes | Yes | No | No | No | No | |
| Technical Default Landlord Protection | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Default Adjusted Revenue to Rent Coverage | 1.1 | 1.2 | 1.2 | 1.4 | 1.4 | 1.2 | 1.2 | 1.4 | |
| Competitive Radius Landlord Protection | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Escalator Details | |||||||||
| Yearly Base Rent Escalator Maximum | 2% | 2% | N/A | 2% | 2% | 5% (2) | 2% | 2% | |
| Coverage as of Tenants’ latest Earnings Report (3) | 1.33 | 1.23 | 1.15 | 1.41 | 1.41 | 1.02 | N/A | 0.70 | |
| Minimum Escalator Coverage Governor | 1.8 | 1.8 | N/A (4) | 1.8 | 1.8 | 2.0 | 1.2 (5) | 1.8 | |
| Yearly Anniversary for Realization | November 2020 | May 2021 | October 2020 | May 2021 | May 2021 | October 2020 | October 2021 | February 2021 | |
| Percentage Rent Reset Details | |||||||||
| Reset Frequency | 5 years | 2 years | N/A | 2 years | 2 years | 2 years | N/A | 5 years | |
| Next Reset | November 2023 | May 2022 | N/A | May 2022 | May 2022 | October 2020 | N/A | February 2024 | |
(1) The initial term of these leases ends on April 30, 2026.
(2) Meadows yearly escalator is 5% until a breakpoint when it resets to 2%.
(3) Information with respect to our tenants’ rent coverage was provided by our tenants as of June 30, 2020. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.
(4) In the third quarter of 2020, an amendment to this Master Lease became effective which extended the initial lease term to 20 years, eliminated the variable rent component in its entirety, and established land base and building base rent at approximately $23.6 million and $62.1 million, respectively, upon the commencement of the third lease year. Upon the commencement of the fifth lease year, fixed escalations will occur on the building base rent that will total 1.25% in the fifth and sixth lease year, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter.
(5) For the first five lease years after which time the ratio increases to 1.8.
Disclosure Regarding Non-GAAP Financial Measures
FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI, which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. The Company believes FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is rental and other property income, inclusive of rent credits recognized in connection with the Tropicana Las Vegas transaction, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.
FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from sales of property and real estate depreciation. We have defined AFFO as FFO excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, straight-line rent adjustments, losses on debt extinguishment, and loan impairment charges reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, the amortization of land rights, losses on debt extinguishment and loan impairment charges. For financial reporting and debt covenant purposes, the Company includes the amounts of non-cash rents earned in FFO, AFFO, and Adjusted EBITDA. Finally, we have defined Cash NOI as Adjusted EBITDA for the REIT excluding real estate general and administrative expenses and including stock based compensation expense and (gains) or losses from sales of property.
FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our receipt of rent payments in future periods, the impact of future transactions and expected future dividend payments. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the effect of pandemics such as COVID-19 on GLPI as a result of the impact of such pandemics on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; GLPI’s ability to successfully consummate the announced transactions with PENN, including the ability of the parties to satisfy the various conditions to closing, including receipt of all required regulatory approvals, or other delays or impediments to completing the proposed transactions; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.
Contact
| Investor Relations – Gaming and Leisure Properties, Inc. | ||
| Matthew Demchyk | Joseph Jaffoni, Richard Land, James Leahy at JCIR | |
| T: 610/401-2900 | T: 212/835-8500 | |
| Email: [email protected] | Email: [email protected] | |
