How do you interpret intersegment elimination — payments for capital improvements?

Changes indicate shifts in how the company manages internal capital allocation and project accounting.

How does intersegment elimination — payments for capital improvements compare across companies?

Common in REITs with complex internal property management structures.

Gaming and Leisure Properties GLPI Intersegment Elimination — Payments For Capital Improvements

Discontinued — last reported Q2 '18

Similar metrics at other companies

PHMIntersegment Elimination — CapEx

$0—

HIntersegment Elimination — CapEx

$0—

CRSIntersegment Elimination — Payments To Acquire Productive Assets

-$400K-300%

ESIntersegment Elimination — CapEx

$0—

MGMIntersegment Elimination — CapEx

-$3.73M-12.4%

RRXIntersegment Elimination — CapEx

$0—

Other financials

Income statement

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Revenue$420.0M+6.3%

Gross profit$360.1M+7.0%

Operating income$333.3M+28.8%

Net income$231.8M+40.3%

EPS (diluted)$0.82+36.7%

Balance sheet

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Cash & equivalents$274.5M+62.6%

Total debt$8.4B+2.6%

Total equity$4.6B+10.0%

Total assets$13.8B+13.5%

Cash flow

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Operating cash flow$270.2M+7.0%

CapEx$111.5M+764%

Free cash flow$158.8M-33.7%

Valuation

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Market cap$12.63B-10.2%

Enterprise value$20.74B-6.0%

P/E14.2×-4.0×

P/S7.8×-1.3×

Profitability

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Gross margin100%0.0pp

Operating margin78.8%+5.8pp

Net margin55.1%+5.1pp

FCF margin45.9%-22.0pp

Returns & leverage

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Return on equity20.2%+1.6pp

Debt / equity1.8×-0.1×

Where this comes from

Reported directly by Gaming and Leisure Properties in its filing.

Tagged under the XBRL concept us-gaap:PaymentsForCapitalImprovements.

The official record: Gaming and Leisure Properties’s 10-Q, filed August 1, 2018, on SEC EDGAR. View the filing →

Questions, answered.

What does intersegment elimination — payments for capital improvements mean?: The removal of internal capital improvement payments during consolidation.
How do you interpret intersegment elimination — payments for capital improvements?: Changes indicate shifts in how the company manages internal capital allocation and project accounting.
How does intersegment elimination — payments for capital improvements compare across companies?: Common in REITs with complex internal property management structures.