Financial Highlights
Three Months Ended December 31,
Year Ended December 31,
(in millions, except per share data)
2025
2024
2025
2024
Total Revenue
$
407.0
$
389.6
$
1,594.8
$
1,531.5
Income From Operations
$
363.4
$
308.2
$
1,201.5
$
1,130.7
Net income
$
275.4
$
223.6
$
850.4
$
807.6
FFO (1) (4)
$
339.0
$
287.9
$
1,114.2
$
1,062.1
AFFO (2) (4)
$
290.0
$
269.7
$
1,120.1
$
1,060.9
Adjusted EBITDA (3) (4)
$
379.0
$
354.0
$
1,466.9
$
1,374.3
Net income, per diluted common share and OP units (4)
$
0.94
$
0.79
$
2.95
$
2.87
FFO, per diluted common share and OP units (4)
$
1.16
$
1.01
$
3.86
$
3.77
AFFO, per diluted common share and OP units (4)
$
0.99
$
0.95
$
3.88
$
3.77
Annualized dividend per share
$
3.12
$
3.04
Dividend yield based on period end stock price
6.98
%
6.31
%
___________________________________________(1) Funds from operations ("FFO") is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.
(2) Adjusted Funds from Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.
(3) Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; losses on debt extinguishment; severance charges; and provision (benefit) for credit losses, net.
(4) Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our record fourth quarter and full year 2025 results reflect recent acquisitions and financing arrangements and growth from our expanding base of leading regional gaming operator tenants and tribal relationships. Together, these factors are expected to drive accelerating growth in 2026. Long term tenant stability remains the bedrock of our approach to underwriting. To this end, lease coverage across each of our five largest tenants remains strong. On an operating basis, fourth quarter total revenue rose 4.5% year over year to $407.0 million, while AFFO grew 7.5% to $290.0 million. Our record results and the strength of our leases continue to highlight the diligence of our underwriting and our ability to deliver relationship-driven innovative financing solutions to current and prospective tenants.
"Despite the difficult transaction and financing environment in 2025, we executed three new transactions, totaling approximately $876 million of capital deployment, at a blended cap rate of over 9% while also deploying incremental capital for previously announced transactions, such as those with PENN Entertainment and Bally's. Our current pipeline, which includes the ongoing development funding for Bally's Chicago, Live! Virginia, and our tribal partnerships, as well as several projects with PENN Entertainment, amounted to approximately $2.6 billion of future capital outlays, as of December 31, 2025, at a blended cap rate over 8%. We kicked off 2026 with the $27 million land acquisition for the Live! Virginia Casino & Hotel development, the first stage of the $467 million total commitment to The Cordish Companies, and completed the acquisition of the real property assets of Bally's Twin River Lincoln Casino Resort for $700 million, at an 8% cap rate. Post these transactions, our net debt to adjusted EBITDA ratio remains below the low end of our target range.
"During the fourth quarter, we provided $201.6 million in funding for Bally's Chicago, leaving $738.4 million of investment remaining on our $940 million commitment as of December 31, 2025. The project continues to advance consistent with our expectations and timeline toward its 2027 opening. In addition, the land-based conversion of Bally's Baton Rouge concluded with a successful grand opening in early December, as we capped off our $111 million investment in the period.
"As we look over the medium-term, with a strong in place pipeline, our balance sheet remains well prepared to accommodate the aforementioned $2.6 billion of committed financing. At period end, our net financial leverage stood at 4.6x, well below our target range of 5.0x to 5.5x. This balance sheet positioning allows us to fulfill our financial commitments, without equity, and remain at the low end of our target range, while driving accretive and accelerating AFFO growth. As such, we believe GLPI is well positioned for long-term growth, driven by our strong gaming operator relationships, our rights and options to participate in select tenants' future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates. We further believe that our tenants' strength, combined with our balance sheet and liquidity, positions the Company to grow cash flows, support dividend growth, and build value for shareholders in 2026 and beyond."
Recent Developments
On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally's Twin River Lincoln Casino Resort for a purchase price of $700 million and additional rent of $56.0 million.
On January 15, 2026, GLPI entered into a development agreement with The Cordish Companies ("Cordish") to fund up to $440 million of real estate construction costs for the Live! Virginia Casino & Hotel, and acquired the project land for $27 million—representing a total commitment of $467 million at an 8.0% cap rate.
During the fourth quarter, provided development funding for Bally's Chicago of $201.6 million as part of the $940 million development commitment (8.5% cap rate).
On December 4, 2025, following the receipt of the National Indian Gaming Commission declination letter, GLPI funded its $45.3 million share of the $200 million Term B loan tranche for the Caesars Republic Sonoma County resort. The Term B loan was issued at an original issue discount of 3% and yields SOFR plus 9%, with a SOFR floor of 1%. The remaining $180 million commitment, priced at a 12.50% fixed rate was undrawn at year-end. Upon or prior to maturity of the 6-year loans, the Dry Creek Rancheria Bank of Pomo Indians ("Dry Creek") will lease back the property to an affiliate of GLPI, and GLPI will sublease the property back to an affiliate of Dry Creek for no less than $112.5 million for 45 years. Annual rent on the sublease will be based on a 9.75% capitalization rate.
The Bally's Baton Rouge grand opening occurred in December. The Company funded $111 million for the project at an incremental rental yield on the development funding, and subsequent rent post opening at 9%.
On November 3, 2025, the Company funded $150 million at a 7.79% cap rate for PENN Entertainment, Inc. (NASDAQ:PENN) ("PENN") M Resort hotel tower and conference space expansion.
On October 15, 2025, GLPI acquired the real estate assets of Sunland Park Racetrack and Casino for $183.75 million, at an initial 8.2% cap rate, which was placed into the Strategic Gaming Leases.
As of December 31, 2025, GLPI has funded $56.6 million of the $110 million Ione Loan for the tribe's Acorn Ridge casino development that is scheduled to open in February 2026.
Dividends
On February 18, 2026, the Company's Board of Directors declared a first quarter dividend of $0.78 per share on the Company's common stock that will be payable on March 27, 2026 to shareholders of record on March 13, 2026.
On December 19, 2025, the Company paid its fourth quarter dividend of $0.78 per share to shareholders of record on December 5, 2025.
2026 Guidance
Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2026 based on the following assumptions and other factors:
The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions other than: anticipated fundings of approximately $575 million to $650 million related to current development projects which will be funded relatively evenly by quarter throughout 2026; $225 million of funding for PENN's Aurora facility late in second quarter of 2026; the completion of the Lincoln acquisition for $700 million in February of 2026; and, the anticipated settlement of $363.3 million of our forward equity on June 1, 2026.
The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.
The Company estimates AFFO for the year ending December 31, 2026 will be between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share and OP/LTIP units.
The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Portfolio Update
GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December 31, 2025, GLPI's portfolio consisted of interests in 69 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ:CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE:BYD) ("Boyd"), the real property associated with 15 gaming and related facilities operated by Bally's Corporation (NYSE:BALY) and 1 facility under development for Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming and related facility operated by American Racing & Entertainment, LLC ("American Racing"), 4 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 gaming facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 20 states. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.
Conference Call Details
The Company will hold a conference call on February 20, 2026 at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.
To Participate in the Telephone Conference Call:Dial in at least five minutes prior to start time.Domestic: 1-877/407-0784International: 1-201/689-8560
Conference Call Playback:Domestic: 1-844/512-2921International: 1-412/317-6671Passcode: 13758037The playback can be accessed through Friday, February 27, 2026.
WebcastThe conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company's website.
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESConsolidated Statements of Operations and Comprehensive Income(in thousands, except per share data) (unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues
Rental income
$
346,409
$
333,979
$
1,367,943
$
1,330,620
Income from investment in leases, sales type
3,837
3,764
15,126
5,004
Income from investment in leases, financing receivables
51,893
47,648
195,649
185,430
Interest income from real estate loans
4,892
4,224
16,034
10,492
Total income from real estate
407,031
389,615
1,594,752
1,531,546
Operating expenses
Land rights and ground lease expense
14,126
12,228
55,408
47,674
General and administrative
12,316
14,362
63,488
59,571
Gains from dispositions of property
—
—
(125
)
(3,790
)
Depreciation
64,144
64,759
265,864
260,152
(Benefit) provision for credit losses, net
(46,947
)
(9,940
)
8,664
37,254
Total operating expenses
43,639
81,409
393,299
400,861
Income from operations
363,392
308,206
1,201,453
1,130,685
Other income (expenses)
Interest expense
(92,616
)
(97,847
)
(373,881
)
(366,897
)
Interest income
5,140
13,816
28,796
45,989
Losses on debt extinguishment
—
—
(3,783
)
—
Total other expenses
(87,476
)
(84,031
)
(348,868
)
(320,908
)
Income before income taxes
275,916
224,175
852,585
809,777
Income tax expense
560
565
2,229
2,129
Net income
$
275,356
$
223,610
$
850,356
$
807,648
Net income attributable to non-controlling interest in the Operating Partnership
(8,059
)
(6,398
)
(25,245
)
(23,028
)
Net income attributable to common shareholders
$
267,297
$
217,212
$
825,111
$
784,620
Earnings per common share:
Basic earnings attributable to common shareholders
$
0.94
$
0.79
$
2.95
$
2.87
Diluted earnings attributable to common shareholders
$
0.94
$
0.79
$
2.95
$
2.87
Other comprehensive income
Net income
$
275,356
$
223,610
$
850,356
$
807,648
Reclassification of derivative gain to interest expense
(24
)
—
(33
)
—
Gain on cash flow hedges
—
—
967
—
Comprehensive income
275,332
223,610
851,290
807,648
Comprehensive income attributable to non-controlling interest in the Operating Partnership
(8,059
)
(6,398
)
(25,275
)
(23,028
)
Comprehensive income attributable to common shareholders
$
267,273
$
217,212
$
826,015
$
784,620
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESCurrent Year Revenue Detail(in thousands) (unaudited)
Three Months Ended December 31, 2025
Building base rent
Land base rent
Percentage rent and other rental revenue
Interest income on real estate loans
Total cash income
Straight-line rent and deferred rent adjustments (1)
Ground rent in revenue
Accretion on leases
Total income from real estate
Amended PENN Master Lease
$
54,874
$
10,759
$
6,471
$
—
$
72,104
$
4,951
$
980
$
—
$
78,035
PENN 2023 Master Lease
64,801
—
55
—
64,856
4,453
—
—
69,309
Amended Pinnacle Master Lease
61,483
17,814
8,121
—
87,418
1,858
2,279
—
91,555
PENN Morgantown
—
797
—
—
797
—
—
—
797
Caesars Master Lease
16,587
5,933
—
—
22,520
1,630
330
—
24,480
Horseshoe St Louis Lease
6,097
—
—
—
6,097
220
—
—
6,317
Boyd Master Lease
20,879
2,946
3,047
—
26,872
(2,364)
495
—
25,003
Boyd Belterra Lease
738
474
501
—
1,713
(376)
—
—
1,337
Bally's Master Lease
26,939
—
—
—
26,939
—
2,431
—
29,370
Bally's Master Lease II
15,319
—
—
—
15,319
(66)
882
—
16,135
Maryland Live! Lease
19,412
—
—
—
19,412
—
2,165
3,458
25,035
Pennsylvania Live! Master Lease
12,941
—
—
—
12,941
—
308
2,230
15,479
Casino Queen Master Lease
2,677
—
—
—
2,677
(508)
—
—
2,169
Tropicana Las Vegas Lease
