GLPI - Gaming And Leisure Properties: Get Paid A 6% Yield For Discounted Equity

• GLPI's strong 3Q20 EBITDA performance sustains >20% ROEs despite the COVID-impacted backdrop.
• Headwinds remain, but with no variable rent resets until FY22 and key tenants financially sound, the worst is likely behind GLPI.
• A move toward normalized payout levels should unlock additional cash dividends.
• The current discount relative to peers seems unwarranted and should eventually close. In the meantime, investors get paid to sit and wait.

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