Gaming and Leisure Properties, Inc (NASDAQ:GLPI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 09:00 am ET

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Gaming and Leisure Properties, Inc (NASDAQ:GLPI) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Gaming and Leisure Properties Second Quarter 2020 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, Joe Jaffoni, Investor Relations. Thank you sir. You may begin.

Executive
Joseph Jaffoni

Thank you, Christine, and good morning everyone. And thank you for joining Gaming and Leisure Properties Second Quarter 2020 Earnings Call and Webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on the company's website at www.glpropinc.com.

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Forward-looking statements may include those related to revenue, operating income and financial guidance, as well as non-GAAP financial measures such as FFO and AFFO. As a reminder, forward-looking statements represent management's current estimates, and the company assumes no obligate to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to risk factors and forward-looking statements contained in the company's filings with the SEC, including its first quarter 10-Q and in the earnings release, as well as the definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release.

On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer; and Steve Snyder, Chief Financial Officer at Gaming and Leisure Properties. Also joining today's call are Desiree Burke, Senior Vice President and Chief Accounting Officer; Brandon Moore, Senior Vice President, General Counsel and Secretary; Steve Ladany, Senior Vice President - Finance; and Matthew Demchyk, Senior Vice President of Investments.

With that, it's my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

Executive
Peter M. Carlino

Thank you, Joe, and good morning everyone. And thank you for joining our second quarter earnings call. As you all know, there have been eventful and unprecedented challenges that we and our triple-net competitors have faced this quarter, but I think on balance, GLPI has weathered the crisis extremely well.

As always, our team has issued a very detailed summary of activities over the quarter. So I will limit my summary remarks, but I think the important net result is that we have received 99%, if I get that word out, of our contractual rent through July. Additionally, I think we've proved to be very flexible in helping our tenants meet liquidity or other business challenges in order to ensure their long-term viability and success. As you all recognized by now, the partial opening of all, but a few of our tenants' properties has produced stunning and unexpected results. Business volumes are surprisingly strong, but margins have proven to be even stronger. We expect to hear the same result from Penn National when it reports on August 6.

This is probably the best time for me to say what I've been saying for years, and