Gaming and Leisure Properties, Inc. (GLPI, Financial), a gaming REIT that owns the realestate of many casino operators, contributed to performance on the strength of its well-covered dividend yield and prospects for growth even in a recessionary economy. Its tenants remain solvent and flush with cash, which suggests that rent payments should remain steady regardless of the economic environment. A strong balance sheet allows for additional acquisitions, which should be accretive to the dividend and enhance shareholder returns.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund second-quarter 2022 letter.
