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9/19/18 2:47PM
Why is this so cheap?
Anyone following GLPI? Company has said to expect an 8-10% dividend increase in 2019 (due to the PENN/PNK merger and the TPCA deal). That's an 8% forward cash yield. Dividend is covered (1.1-1.2x); rents are... login to read the rest
First we see nice insider buying a few days ago with stock at its highs. Now its hitting new highs again on 4x the volume...something is going on...any thoughts?
cnm3d, I have my doubts.
As you mentioned - they arent interested in leaseback deals.
One impediment is that the CZR properties are only as good as the customer database they are linked to. The same day... login to read the rest
Anyone have any views here now that we're at $31 again? This is looking like a perfect entry point with the REIT selloff, lack of newsflow on Meadows, lack of deals, etc.
Traditional REIT investors are still largely not buying the strategy, they seem to be playing a more "wait and see" approach. This latest deal doesn't clearly solve the issue of single-tenant risk as PENN is... login to read the rest
I think we are probably all kind of surprised the stock is down after doing an accretive deal, even if it isn't the sexiest deal or a really cheap deal. I thought the bear case... login to read the rest
Mojoris - thanks for your response. I understand the math and I understand the qualitative and proof of concept motivations to acquire a trophy asset. My problem is that the assumption of 10x price paid... login to read the rest
You're base case estimate for AFFO is on the agressive side, I assume you are including some assumption for additional income from acquisitions (as those at the high end of the street consensus are doing).... login to read the rest
Interesting point about what REIT investors want. I do know that on office and mall REIT calls, they love to talk about their trophies. Luckily, I trust Carlino enough to not worry about him doing
Yes but we may be past mid-cycle in Vegas now. And more competition is coming. And these properties require a lot of capex. Say you could cut 60% of O/H and it's really at $136... login to read the rest
Sorry - totally correct - I stand corrected. But you get my point. $1.5 bn would probably be fair value on a 160-170 mm EBITDA rate, almost 2x where they are now. We are probably... login to read the rest
If Carlino passed on an 80% built casino for <$200 mm (Fountainbleau), I doubt any part of $1.5 bn on a property with negative EBITDA is in the cards for them. And that's just as... login to read the rest
In your model, what is the breakdown of debt/equity utilized by GLPI is prespective M&A transactions? They are already north of 6x in terms of their leverage ratio, which implies that each incremental deal will... login to read the rest
The downside here seems predicated on regional gaming revenues.
It sounds like you think we are at a trough. Why?
(This is not an attempt to undermine your thesis, but its something I've been grappling with in... login to read the rest
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