What does real estate — real estate taxes paid by tenants mean?

Revenue recognized from property tax reimbursements paid by tenants.

How do you interpret real estate — real estate taxes paid by tenants?

Changes generally track fluctuations in property tax assessments rather than operational performance, though higher amounts may indicate a larger tax-burdened portfolio.

How does real estate — real estate taxes paid by tenants compare across companies?

Comparable to 'recoveries' or 'reimbursable expenses' reported by commercial REITs under triple-net lease arrangements.

Gaming and Leisure Properties GLPI Real estate — Real estate taxes paid by tenants

Discontinued — last reported Q4 '20

Similar metrics at other companies

CTREReportable Legal Entities — Tenant Reimbursements

$1.79M+45.6%

NREFRental Income — Revenue (Gross)

$2.14M-10.1%

CTREOperating expense reimbursements — Operating Lease, Lease Income, Adjustments For Collectibility

$700K—

CTREProperty taxes

$2.45M+18.8%

ARE

ARETenantrecoveries — Revenue (Gross)

$77.68M+10.5%

PEA

PEAKTenant Reimbursements — Operating Leases Income Statement Lease Revenue

——

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 glpi:OperatingLeasesRealEstateTaxesPaidByTenants.

The official record: Gaming and Leisure Properties’s 10-K, filed February 19, 2021, on SEC EDGAR. View the filing →

Questions, answered.

What does real estate — real estate taxes paid by tenants mean?: Revenue recognized from property tax reimbursements paid by tenants.
How do you interpret real estate — real estate taxes paid by tenants?: Changes generally track fluctuations in property tax assessments rather than operational performance, though higher amounts may indicate a larger tax-burdened portfolio.
How does real estate — real estate taxes paid by tenants compare across companies?: Comparable to 'recoveries' or 'reimbursable expenses' reported by commercial REITs under triple-net lease arrangements.