What does TRS segment — capital project expenditures mean?

Spending on new projects or major property enhancements within the taxable subsidiary.

How do you interpret TRS segment — capital project expenditures?

High levels of capital project spending signal management's commitment to growth and asset modernization.

How does TRS segment — capital project expenditures compare across companies?

Comparable to growth-oriented capital expenditure (CapEx) metrics in real estate development.

Gaming and Leisure Properties GLPI TRS Segment — Capital project expenditures

Discontinued — last reported Q1 '21

Similar metrics at other companies

TXRHOther — Segment Expenditure Addition To Long Lived Assets

$4.05M-20.0%

TXRHBubba S33 — Segment Expenditure Addition To Long Lived Assets

$13.41M+3.5%

STWDProperty Segment — Total additions to long-lived assets

$146.11M+5,605%

TTMIOperating Segments — Capital Expenditures

$52.65M+153%

TXRHTexas Roadhouse — Segment Expenditure Addition To Long Lived Assets

$61.8M+0.7%

TXRHCorporate And Other — Segment Expenditure Addition To Long Lived Assets

$4.95M+60.5%

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:PaymentsToAcquirePropertyPlantAndEquipment.

The official record: Gaming and Leisure Properties’s 10-Q, filed April 30, 2021, on SEC EDGAR. View the filing →

Questions, answered.

What does TRS segment — capital project expenditures mean?: Spending on new projects or major property enhancements within the taxable subsidiary.
How do you interpret TRS segment — capital project expenditures?: High levels of capital project spending signal management's commitment to growth and asset modernization.
How does TRS segment — capital project expenditures compare across companies?: Comparable to growth-oriented capital expenditure (CapEx) metrics in real estate development.