$GLPI
Gaming & Leisure Properties, Inc. Stock $glpi

$glpi Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000157596516000110 Filed on April 26, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$148.8M	$148.7M
YoY Change	0.08%	0.26%
Cost Of Revenue	$33.20M	$35.00M
YoY Change	-5.14%	-4.11%
Gross Profit	$115.6M	$113.8M
YoY Change	1.58%	1.79%
Gross Profit Margin	77.68%	76.53%
Selling, General & Admin	$20.90M	$21.50M
YoY Change	-2.79%	2.87%
% of Gross Profit	18.08%	18.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$27.08M	$27.41M
YoY Change	-1.2%	3.35%
% of Gross Profit	23.43%	24.09%
Operating Expenses	$81.18M	$83.91M
YoY Change	-3.24%	-0.11%
Operating Profit	$67.64M	$64.80M
YoY Change	4.38%	0.75%
Interest Expense	$33.40M	$29.56M
YoY Change	12.99%	2.03%
% of Operating Profit	49.38%	45.62%
Other Income/Expense, Net	-$32.88M	-$28.97M
YoY Change	13.52%	1.9%
Pretax Income	$34.75M	$35.83M
YoY Change	-3.01%	-21.94%
Income Tax	$2.004M	$2.702M
% Of Pretax Income	5.77%	7.54%
Net Earnings	$32.75M	$33.13M
YoY Change	-1.15%	-3.4%
Net Earnings / Revenue	22.01%	22.28%
Basic Earnings Per Share	$0.28	$0.29
Diluted Earnings Per Share	$0.27	$0.28
COMMON SHARES
Basic Shares Outstanding	116.7M shares	113.7M shares
Diluted Shares Outstanding	118.8M shares	118.5M shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$61.60M	$45.40M
YoY Change	35.68%	-6.0%
Cash & Equivalents	$61.56M	$45.37M
Short-Term Investments
Other Short-Term Assets	$58.38M	$47.64M
YoY Change	22.53%	96.55%
Inventory
Prepaid Expenses	$7.362M	$7.468M
Receivables
Other Receivables
Total Short-Term Assets	$61.60M	$45.40M
YoY Change	35.68%	-6.0%
LONG-TERM ASSETS
Property, Plant & Equipment	$126.8M	$136.5M
YoY Change	-7.16%	-3.77%
Goodwill	$75.52M	$75.52M
YoY Change	0.0%	0.0%
Intangibles	$9.577M	$9.577M
YoY Change	0.0%	0.0%
Long-Term Investments
YoY Change
Other Assets	$9.900M	$47.00M
YoY Change	-78.94%	-13.76%
Total Long-Term Assets	$2.375B	$2.507B
YoY Change	-5.28%	-0.26%
TOTAL ASSETS
Total Short-Term Assets	$61.60M	$45.40M
Total Long-Term Assets	$2.375B	$2.507B
Total Assets	$2.436B	$2.552B
YoY Change	-4.55%	-0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$500.0K	$3.300M
YoY Change	-84.85%	-86.59%
Accrued Expenses	$60.30M	$54.60M
YoY Change	10.44%	-5.86%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$104.0K	$99.00K
YoY Change	5.05%
Total Short-Term Liabilities	$60.90M	$59.60M
YoY Change	2.18%	-32.66%
LONG-TERM LIABILITIES
Long-Term Debt	$2.469B	$2.576B
YoY Change	-4.17%	3.05%
Other Long-Term Liabilities	$165.1M	$106.9M
YoY Change	54.44%	179.11%
Total Long-Term Liabilities	$2.469B	$2.576B
YoY Change	-4.17%	1.5%
TOTAL LIABILITIES
Total Short-Term Liabilities	$60.90M	$59.60M
Total Long-Term Liabilities	$2.469B	$2.576B
Total Liabilities	$2.695B	$2.678B
YoY Change	0.64%	1.83%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.223B	-$1.030B
YoY Change	18.69%	10.58%
Common Stock	$964.0M	$904.8M
YoY Change	6.55%	4.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$258.8M	-$125.5M
YoY Change
Total Liabilities & Shareholders Equity	$2.436B	$2.552B
YoY Change	-4.55%	-0.37%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	$32.75M	$33.13M
YoY Change	-1.15%	-3.4%
Depreciation, Depletion And Amortization	$27.08M	$27.41M
YoY Change	-1.2%	3.35%
Cash From Operating Activities	$103.9M	$100.8M
YoY Change	3.08%	26.47%
INVESTING ACTIVITIES
Capital Expenditures	$265.0K	$5.640M
YoY Change	-95.3%	-76.5%
Acquisitions
YoY Change
Other Investing Activities	$0.00	$36.00K
YoY Change	-100.0%
Cash From Investing Activities	$1.100M	-$6.100M
YoY Change	-118.03%	-97.1%
FINANCING ACTIVITIES
Cash Dividend Paid	$65.67M	$62.65M
YoY Change	4.82%	-76.8%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net	$42.03M	$33.02M
YoY Change	27.26%	3.2%
Cash From Financing Activities	-85.30M	-85.30M
YoY Change	0.0%	-20.06%
NET CHANGE
Cash From Operating Activities	103.9M	100.8M
Cash From Investing Activities	1.100M	-6.100M
Cash From Financing Activities	-85.30M	-85.30M
Net Change In Cash	19.70M	9.400M
YoY Change	109.57%	-103.97%
FREE CASH FLOW
Cash From Operating Activities	$103.9M	$100.8M
Capital Expenditures	$265.0K	$5.640M
Free Cash Flow	$103.6M	$95.16M
YoY Change	8.91%	70.85%

Facts In Submission

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CY2016Q1	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-85315000	USD
CY2015Q1	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-6084000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	1143000	USD
CY2015Q1	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	100759000	USD
CY2016Q1	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	103858000	USD
CY2015Q1	us-gaap	Net Income Loss NetIncomeLoss	33131000	USD
CY2016Q1	us-gaap	Net Income Loss NetIncomeLoss	32749000	USD
CY2015Q1	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	32980000	USD
CY2016Q1	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	32614000	USD
CY2015Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-28967000	USD
CY2016Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-32884000	USD
CY2016Q1	us-gaap	Number Of Real Estate Properties NumberOfRealEstateProperties	19	property
CY2016Q1	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	2	segment
CY2016Q1	us-gaap	Number Of States In Which Entity Operates NumberOfStatesInWhichEntityOperates	12	state
CY2015Q1	us-gaap	Operating Expenses OperatingExpenses	83905000	USD
CY2016Q1	us-gaap	Operating Expenses OperatingExpenses	81183000	USD
CY2015Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	64800000	USD
CY2016Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	67637000	USD
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CY2016Q1	us-gaap	Operating Leases Income Statement Lease Revenue OperatingLeasesIncomeStatementLeaseRevenue	112042000	USD
CY2015Q4	us-gaap	Other Assets Current OtherAssetsCurrent	57721000	USD
CY2016Q1	us-gaap	Other Assets Current OtherAssetsCurrent	58376000	USD
CY2015Q4	us-gaap	Other Assets Miscellaneous Noncurrent OtherAssetsMiscellaneousNoncurrent	387000	USD
CY2016Q1	us-gaap	Other Assets Miscellaneous Noncurrent OtherAssetsMiscellaneousNoncurrent	388000	USD
CY2015Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	17687000	USD
CY2016Q1	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	18390000	USD
CY2015Q1	us-gaap	Other Nonoperating Income OtherNonoperatingIncome	595000	USD
CY2016Q1	us-gaap	Other Nonoperating Income OtherNonoperatingIncome	517000	USD
CY2015Q1	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	151000	USD
CY2016Q1	us-gaap	Participating Securities Distributed And Undistributed Earnings Loss Basic ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic	135000	USD
CY2015Q1	us-gaap	Payments For Capital Improvements PaymentsForCapitalImprovements	951000	USD
CY2016Q1	us-gaap	Payments For Capital Improvements PaymentsForCapitalImprovements	362000	USD
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CY2016Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	0	USD
CY2015Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	62651000	USD
CY2016Q1	us-gaap	Payments Of Dividends PaymentsOfDividends	65670000	USD
CY2015Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	62072000	USD
CY2016Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	65345000	USD
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CY2016Q1	us-gaap	Payments Of Financing Costs PaymentsOfFinancingCosts	709000	USD
CY2015Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	5640000	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	265000	USD
CY2015Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2015Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2016Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2015Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2016Q1	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2015Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	7908000	USD
CY2016Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2015Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	50000000	shares
CY2016Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	50000000	shares
CY2015Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2016Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2016Q1	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	7362000	USD
CY2015Q1	us-gaap	Proceeds From Collection Of Loans Receivable ProceedsFromCollectionOfLoansReceivable	538000	USD
CY2016Q1	us-gaap	Proceeds From Collection Of Loans Receivable ProceedsFromCollectionOfLoansReceivable	1537000	USD
CY2015Q1	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	5000	USD
CY2016Q1	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	233000	USD
CY2015Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	10394000	USD
CY2016Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	23089000	USD
CY2015Q1	us-gaap	Promotional Allowances PromotionalAllowances	1387000	USD
CY2016Q1	us-gaap	Promotional Allowances PromotionalAllowances	1381000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	261082000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	261338000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	129747000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	126755000	USD
CY2015Q4	us-gaap	Real Estate Investment Property Accumulated Depreciation RealEstateInvestmentPropertyAccumulatedDepreciation	660808000	USD
CY2016Q1	us-gaap	Real Estate Investment Property Accumulated Depreciation RealEstateInvestmentPropertyAccumulatedDepreciation	684498000	USD
CY2015Q4	us-gaap	Real Estate Investment Property At Cost RealEstateInvestmentPropertyAtCost	2750867000	USD
CY2016Q1	us-gaap	Real Estate Investment Property At Cost RealEstateInvestmentPropertyAtCost	2750874000	USD
CY2015Q4	us-gaap	Real Estate Investment Property Net RealEstateInvestmentPropertyNet	2090059000	USD
CY2016Q1	us-gaap	Real Estate Investment Property Net RealEstateInvestmentPropertyNet	2066376000	USD
CY2015Q1	us-gaap	Real Estate Tax Expense RealEstateTaxExpense	13755000	USD
CY2016Q1	us-gaap	Real Estate Tax Expense RealEstateTaxExpense	12207000	USD
CY2015Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	33024000	USD
CY2016Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	42025000	USD
CY2015Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-1189890000	USD
CY2016Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-1222811000	USD
CY2015Q1	us-gaap	Revenues Revenues	148705000	USD
CY2016Q1	us-gaap	Revenues Revenues	148820000	USD
CY2015Q1	us-gaap	Share Based Compensation ShareBasedCompensation	4394000	USD
CY2016Q1	us-gaap	Share Based Compensation ShareBasedCompensation	4572000	USD
CY2016Q1	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	3088000	USD
CY2016Q1	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	24532000	USD
CY2015Q4	us-gaap	Stockholders Equity StockholdersEquity	-253514000	USD
CY2016Q1	us-gaap	Stockholders Equity StockholdersEquity	-258815000	USD
CY2015Q1	us-gaap	Straight Line Rent Adjustments StraightLineRentAdjustments	13956000	USD
CY2016Q1	us-gaap	Straight Line Rent Adjustments StraightLineRentAdjustments	13956000	USD
CY2015Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	31048000	USD
CY2016Q1	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	30380000	USD
CY2015Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	118499000	shares
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	118817000	shares
CY2015Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	113666000	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	116671000	shares
CY2016Q1	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Business and Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties," and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a triple-net operating lease with an initial term of </font><font style="font-family:inherit;font-size:10pt;">15 years</font><font style="font-family:inherit;font-size:10pt;"> with no purchase option, followed by </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">5</font><font style="font-family:inherit;font-size:10pt;"> year renewal options (exercisable by Penn) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, GLPI’s portfolio consisted of </font><font style="font-family:inherit;font-size:10pt;">21</font><font style="font-family:inherit;font-size:10pt;"> gaming and related facilities, including the TRS Properties, the real property associated with </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> gaming and related facilities operated by Penn and the real property associated with the Casino Queen in East St. Louis, Illinois.  These facilities are geographically diversified across </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> states. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, including its July 2015 announcement of the proposed acquisition of substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") and its December 2015 announcement of the resolution of the previously disclosed litigation with The Meadows Racetrack and Casino (the "Meadows") and entry into an amended purchase agreement with Cannery Casino Resorts LLC, the owner of the Meadows. Furthermore, in March 2016, the Company announced it had entered into an agreement to sell the entities holding the Meadows gaming and racing licenses and operating assets to Pinnacle. GLPI will lease the Pinnacle and the Meadows real property assets to Pinnacle under separate triple-net leases. The Pinnacle transaction is expected to close during April 2016, while both transactions involving the Meadows are expected to close during the late third quarter of 2016. However, we cannot predict the actual dates on which the transactions will be completed because each transaction is subject to conditions beyond such parties' control.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 20, 2015, GLPI, Gold Merger Sub, LLC, a direct, wholly owned subsidiary of GLPI ("Merger Sub"), and Pinnacle entered into a merger agreement (as it may be amended from time to time, the "Merger Agreement") providing for the merger of Pinnacle with and into Merger Sub, with Merger Sub surviving the merger as a wholly owned subsidiary of GLPI (the "Merger"). Following the consummation of the Merger, GLPI will own all of Pinnacle’s real property assets, other than Pinnacle’s Belterra Park property and excess land at certain locations. In order to effect the acquisition of Pinnacle’s real property assets (other than the Belterra Park property and excess land at certain locations), prior to the Merger, Pinnacle will cause certain assets relating to its operating business to be transferred to, and liabilities relating thereto to be assumed by a newly formed wholly owned subsidiary of Pinnacle ("OpCo"). Immediately following the separation, Pinnacle will distribute to Pinnacle’s stockholders all of the issued and outstanding shares of common stock of OpCo owning Pinnacle’s operating assets and certain other specified assets. Then, upon satisfaction or waiver of the conditions to closing in the Merger Agreement on the closing date, Pinnacle will merge with and into Merger Sub, as described in more detail in the joint proxy statement/prospectus filed with a Registration Statement on Form S-4 (No. 333-206649) initially filed by GLPI with the Securities and Exchange Commission on December 23, 2015 and declared effective on February 16, 2016 (the "Joint Proxy Statement/Prospectus"). Merger Sub, as the surviving company in the Merger, will then own substantially all of Pinnacle’s real estate assets that were retained or transferred to Pinnacle in the separation and will lease those assets back to OpCo pursuant to a triple-net </font><font style="font-family:inherit;font-size:10pt;">35</font><font style="font-family:inherit;font-size:10pt;"> year (including extension renewals) master lease agreement (the "Pinnacle Master Lease Agreement) substantially in the form attached as Exhibit B to the Merger Agreement. A wholly-owned subsidiary of OpCo would operate the leased gaming facilities as a tenant under the Pinnacle Master Lease Agreement. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At the effective time of the Merger, each share of Pinnacle common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into </font><font style="font-family:inherit;font-size:10pt;">0.85</font><font style="font-family:inherit;font-size:10pt;"> shares of a share of GLPI common stock, with cash paid in lieu of the issuance of fractional shares of GLPI common stock. The exchange ratio will not be adjusted to reflect changes in the price of GLPI common stock or the price of Pinnacle common stock occurring prior to the completion of the Merger. The obligations of GLPI and Pinnacle to effect the Merger are subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement. Substantially all of the conditions to closing the Merger, including each company's stockholders' approval and gaming regulatory approvals have been satisfied and the Company expects the Merger to close at the end of April 2016. Upon completion of the Merger, the current directors and officers of GLPI are expected to continue in their current positions, other than as may be publicly announced by GLPI in the normal course of business.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Approval by GLPI shareholders and Pinnacle stockholders was obtained at separate special meetings held on March 15, 2016. At the GLPI special meeting, GLPI shareholders voted on (i) a proposal to approve the issuance of GLPI common stock to Pinnacle stockholders in the Merger and (ii) a proposal to approve one or more adjournments of the meeting to another date, time or place, if necessary or appropriate, to solicit additional proxies in favor of the proposal to approve the issuance of shares of GLPI common stock to Pinnacle stockholders in the Merger. At the Pinnacle special meeting, Pinnacle stockholders voted on (i) a proposal to adopt the Merger Agreement, (ii) an advisory (non-binding) proposal to approve certain compensation that may be paid or become payable to the named executive officers of Pinnacle in connection with the Merger, and (iii) a proposal to approve one or more adjournments of the meeting to another date, time or place, if necessary or appropriate, to solicit additional proxies in favor of the proposal to approve the Merger and the other transactions contemplated by the Merger Agreement. The Joint Proxy Statement/Prospectus describes the foregoing proposals in more detail, as well as other matters contemplated in connection with the proposed Merger. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 25, 2016, the Company and Pinnacle entered into the First Amendment to the Merger Agreement which extended the closing date of the Merger to April 30, 2016. The Merger Agreement may be terminated, subject to certain exceptions, prior to the effective time of the Merger by either GLPI or Pinnacle under certain conditions, including if the Merger has not been consummated on or before April 30, 2016, subject to </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;">-month extension by GLPI, at the election of GLPI, if the only conditions not satisfied at such time related to regulatory and other government approvals.</font></div></div>

Files In Submission

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$GLPI
Gaming & Leisure Properties, Inc. Stock $glpi

2016 Q1 Form 10-Q Financial Statement

#000157596516000110 Filed on April 26, 2016

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$GLPI Gaming & Leisure Properties, Inc. Stock $glpi

2016 Q1 Form 10-Q Financial Statement

#000157596516000110 Filed on April 26, 2016

Income Statement

Balance Sheet

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Files In Submission

$GLPI
Gaming & Leisure Properties, Inc. Stock $glpi