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Gaming and Leisure Properties books 8.9% YOY rise in Q2 AFFO per share

Gaming & Leisure Properties Inc. reported second-quarter funds from operations of $158.6 million, or 74 cents per share, an increase of 37.0% on a per-share basis from $116.9 million, or 54 cents per share, in the comparable 2018 period.

Adjusted FFO for the second quarter rose 8.9% year over year on a per-share basis to $185.0 million, or 86 cents per share, from $169.2 million, or 79 cents per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the second quarter was 76 cents.

Total revenues for the second quarter came to $289.0 million, a 13.7% rise from $254.2 million in the 2018 second quarter.

The company expects 2019 FFO per share in the range of $2.93 to $2.95, compared to its prior guidance range of $2.96 to $3.00. It also expects 2019 AFFO per share in a range of $3.40 to $3.41, compared to its previous range of $3.40 to $3.43. Third-quarter FFO and AFFO per share are expected at 75 cents and 85 cents, respectively.

The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $2.99, while analysts expect third-quarter FFO at 77 cents per share.