Gaming And Leisure Q1 Adj. FFO Misses View, Cuts Q2, FY15 Guidance

(RTTNews) - Gaming and Leisure Properties, Inc. (GLPI), the gaming-focused REIT in North America, Monday a decline in net income per share to $.40 from $0.38 last year. FFO for the quarter increased to $71 million or $0.60 per share from $67.9 million or $0.58 per share in the prior year. Adjusted FFO, that excludes gains or losses from sales of property and real estate depreciation, also was up at $0.67, compared to $0.63 per share in the prior year.

On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.68 per share. Analysts figures usually excludes special items.

Net revenues climbed to $162.7 million from $158.3 million in the previous year. Wall Street expected $162.69 million.

For the second quarter, the company expects FFO or $72.2 million or $0.61 per share and Adjusted FFO of $81.3 million or $0.69 per share last year. Net revenue for the second quarter is expected to be $162.7 million up from $160.8 million in the prior year. Street projection for the second quarter is $0.68 per share on revenue of $163.56 million.

For the full year 2015, Gaming and Leisure revised its FFO guidance to $284.4 million or $2.39 per share, down from $286.1 million or $2.42 per share. Adjusted FFO is also revised down to $320.2 million or $2.70 per share, while the previous guidance was $321.3 million $2.72 per share. Analysts expects $2.69 per share on revenue of $645.55 million for the full year 2015.

The company confirmed its revenue guidance for the full year 2015 at $644 million.