Critically, this was a small $0.02 beat on consensus estimates and meant a 76.6% payout ratio against the company's current quarterly dividend. This meant an FFO of $253.8 million, around $0.94 per share. Gaming and Leisure Properties Fiscal 2023 First Quarter Form 10-Q Further, whilst interest expenses on a $6.56 billion total debt position grew to a record $81.36 million, the REIT was still able to grow first-quarter net income by $66.98 million to $188.67 million. Rental income at $317.97 million was ahead by $30.2 million over its year-ago comp with interest income from lease investments seeing a 37% year-over-year growth. GLPI realized first-quarter revenue of $355.2 million, up 12.8% over its year-ago quarter and a beat by $8.23 million on consensus estimates. Critically, these properties are all leased under triple-net lease arrangements which places its tenants on the hook for the property's operating expenses including property taxes and insurance. GLPI's largest tenant PENN Entertainment ( PENN ) operates out of 34 of these properties with Caesars Entertainment ( CZR ) operating out of seven of these to form its second most important tenant.

These properties were spread across 18 states. The internally managed REIT owned interests in 59 gaming and related properties as of the end of its fiscal 2023 first quarter. The REIT sometimes pays out supplemental dividends which distorts its dividend trend line, but it's kept its regular payout stable. Further, the protection of book value against one of the most disruptive macroeconomic environments also forms a core need for bulls as the REIT ramps up its investments and moves to manage quarterly interest expenses that have increased to their highest level ever. The prize here is of course the dividend, its growth, and safety. Both equity REITs are swapping hands at a roughly similar price to forward FFO multiples with GLPI at 12.89x and VICI at 12.86x. The casino REIT is the lesser-known peer to standout VICI Properties ( VICI ) but has a dividend yield that's currently 100 basis points ahead. Gaming And Leisure Properties ( NASDAQ: GLPI) last declared a quarterly cash dividend payout of $0.72 per share, in line with its prior payout and for a 6% annualized forward yield. DenisTangneyJr/iStock Unreleased via Getty Images

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