Financial Highlights
Three Months Ended March 31,
(in millions, except per share data)
2026
2025
Total Revenue
$
420.0
$
395.2
Income from Operations
$
333.3
$
258.8
Net Income
$
239.4
$
170.4
FFO(1) (4)
$
304.0
$
234.8
AFFO(2) (4)
$
297.1
$
272.0
Adjusted EBITDA(3) (4)
$
393.0
$
360.1
Net income, per diluted common share and OP/LTIP units(4)
$
0.82
$
0.60
FFO, per diluted common share and OP/LTIP units(4)
$
1.04
$
0.83
AFFO, per diluted common share and OP/LTIP units(4)
$
1.02
$
0.96
Annualized dividend per share
$
3.12
$
3.04
Dividend yield based on period end stock price
7.03
%
5.97
%
_______________(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 costs, 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 and other financing costs; 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 and other financing costs; 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, "GLPI's consistent growth and momentum is evident in our record first quarter results, as we continue to prudently expand our portfolio and explore avenues for future growth. On an operating basis, first quarter total revenue rose 6.3% year over year to $420.0 million, while AFFO increased 9.2% to $297.1 million. Long term tenant stability and lease coverage remain the foundation of our underwriting criteria, with the vast majority of our leases' rent coverage in excess of 1.8x, despite a challenging environment for our tenants for much of 2025. Reflecting our momentum, most notably on the development front, we are raising our AFFO per share guidance for 2026 to a range of $4.08 to $4.12."
"During the first quarter we completed two accretive transactions for $727 million, acquiring Bally's Lincoln real estate assets and the land associated with The Cordish Companies Live! Casino & Hotel Virginia. In January, GLPI acquired the land associated with The Cordish Companies Live! Casino & Hotel Virginia for $27 million. The purchase marked the first step in the $467 million development commitment to the Live! Casino & Hotel Virginia project, with draws on the remaining $440 million commitment expected to commence in the second half of 2026, with a late 2027 targeted project opening. The transaction represents an expansion of GLPI's relationship with Cordish, as the development marks the fourth property with this tenant. The cap rate on both the land purchase and hard cost funding is 8.0%. This unique opportunity marks our entrance into Virginia, which represents the 21st state in the GLPI portfolio."
"We then completed the acquisition of the real property assets of Bally's Lincoln in February for $700 million, at an 8.0% cap rate. The acquisition is immediately accretive to AFFO per share and adds another premier asset, in the healthy Rhode Island gaming market, to the GLPI portfolio. The transaction further expands our relationship with Bally's, adding a fifth asset to our Bally's Master Lease II, which boasts proforma rent coverage of 2.20x. Bally's Lincoln is one of the top performing regional casino properties in the U.S., having generated over $490.0 million in gross gaming revenue in 2025."
"During the quarter, we funded approximately $159 million toward our development projects, inclusive of the land associated with the Cordish Companies Live! Casino & Hotel Virginia discussed above; two of these projects are now open, with Bally's Chicago remaining on schedule for a 2027 opening. Our balance sheet remains the bedrock of our business, and despite primarily debt financing the Bally's Lincoln transaction, current financial leverage stood at 5.0x as of March 31, the low end of our target range of 5.0x to 5.5x net debt to adjusted EBITDA. Looking ahead, the pipeline remains robust, with nearly $1.8 billion of commitments left to fund, and we expect to remain at or near the low end of the target leverage range, as we execute on our pipeline, while also contemplating the delivery of the proceeds from our previously completed ATM transactions later this year. Our balance sheet strength allows us financial flexibility when evaluating transactions, and, moreover, allows us to drive accretive and accelerating AFFO growth through our announced pipeline, without the need for additional equity."
"As we sit today, GLPI remains well positioned for near- and long-term growth, supported by our strong operator relationships, our rights and options to participate in select tenants' future growth and expansion, a healthy in-place deal pipeline, a healthy broader transaction market, and our ability to competitively structure and fund innovative transactions. In addition, 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 March 4, 2026, the Company issued $800 million of senior notes due on March 1, 2036. The notes were priced at 99.857% of par value, with a coupon of 5.625%. The Company used the net proceeds to repay borrowings outstanding under the Company's term loan credit facility as well as for working capital and general corporate purposes.
On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") for a purchase price of $700 million and additional rent of $56.0 million (8.0% cap rate). The Company issued 332,890 LTIP Units in connection with the transaction, with the balance of the consideration payable in cash.
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.
As of March 31, 2026, GLPI has provided $299.6 million of development funding for Bally's Chicago under its $940 million development commitment, including $98 million funded during the first quarter (8.5% cap rate).
As of March 31, 2026, GLPI has funded $83.6 million of the $110 million delayed draw term loan facility with the Ione Band of Miwok Indians ("Ione") (the "Ione Loan") for the tribe's Acorn Ridge casino development that opened in February 2026, including $27 million funded during the first quarter (11% interest rate).
As of March 31, 2026, GLPI completed the $16.5 million landside development funding for Bally's Marquette, including $6.9 million funded during the first quarter (8.25% cap rate).
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 was paid on March 27, 2026 to shareholders of record on March 13, 2026.
2026 Guidance
Reflecting the current operating and competitive environment, the Company is updating its 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 additional development fundings of approximately $590 million to $640 million, which will be funded relatively evenly by quarter throughout the remainder of 2026, bringing total development spend to $750 million to $800 million for 2026; $225 million of funding for PENN's Aurora facility on or about June 24, 2026; and, the anticipated settlement of $363.3 million of our forward equity sale agreement on June 1, 2026 subject to certain contractual adjustments.
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 $1.212 billion and $1.223 billion, or between $4.08 and $4.12 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2026 of 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. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. As of March 31, 2026, GLPI's portfolio consisted of interests in 71 gaming and related facilities, including, the real property associated with 34 gaming and related facilities operated by PENN Entertainment, Inc. ("PENN"), the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation ("Boyd"), the real property associated with 16 gaming and related facilities operated by Bally's Corporation ("Bally's"), 2 facilities under development, namely for Bally's in Chicago, Illinois and for Cordish and Bruce Smith Enterprise in Petersburg, Virginia, 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 facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 21 states.
Conference Call Details
The Company will hold a conference call on April 24, 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: 13759777The playback can be accessed through Friday, May 1, 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 March 31,
2026
2025
Revenues
Rental income
$
356,522
$
340,252
Income from investment in leases, financing receivables
52,702
47,764
Income from investment in leases, sales type
3,838
3,760
Interest income from real estate loans
6,923
3,459
Total income from real estate
419,985
395,235
Operating expenses
Land rights and ground lease expense
13,798
13,555
General and administrative
17,938
18,713
Gains from dispositions of property
—
(125
)
Depreciation
65,037
65,012
Provision (benefit) for credit losses, net
(10,137
)
39,246
Total operating expenses
86,636
136,401
Income from operations
333,349
258,834
Other income (expenses)
Interest expense
(95,856
)
(97,272
)
Interest income
2,737
9,356
Losses on debt extinguishment and other financing costs
(268
)
—
Total other expenses
(93,387
)
(87,916
)
Income before income taxes
239,962
170,918
Income tax expense
560
564
Net income
$
239,402
$
170,354
Net income attributable to non-controlling interest in the Operating Partnership
(7,573
)
(5,170
)
Net income attributable to common shareholders
$
231,829
$
165,184
Earnings per common share:
Basic earnings attributable to common shareholders
$
0.82
$
0.60
Diluted earnings attributable to common shareholders
$
0.82
$
0.60
Other comprehensive income
Net income
$
239,402
$
170,354
Reclassification of derivative gain to interest expense
(24
)
—
Comprehensive income
239,378
170,354
Comprehensive income attributable to non-controlling interest in the Operating Partnership
(7,572
)
(5,170
)
Comprehensive income attributable to common shareholders
$
231,806
$
165,184
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESCurrent Year Revenue Detail(in thousands) (unaudited)
Three Months Ended March 31, 2026
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
$
55,235
$
10,759
$
6,514
$
—
$
72,508
$
4,952
$
573
$
—
$
78,033
PENN 2023 Master Lease
66,142
—
85
—
66,227
4,128
—
70,355
Amended Pinnacle Master Lease
61,482
17,814
8,122
—
87,418
1,858
2,208
—
91,484
PENN Morgantown Lease
—
806
—
—
806
—
—
—
806
Caesars Master Lease
16,587
5,932
—
—
22,519
1,631
330
—
24,480
Horseshoe St. Louis Lease
6,096
—
—
—
6,096
219
—
—
6,315
Boyd Master Lease
20,879
2,946
3,046
26,871
(2,364
)
526
—
25,033
Boyd Belterra Lease
738
474
500
—
1,712
(377
)
—
—
1,335
Bally's Master Lease
26,939
—
—
—
26,939
—
2,599
—
29,538
Bally's Master Lease II
23,037
—
—
—
23,037
(66
)
969
—
23,940
Maryland Live! Lease
19,752
—
—
—
19,752
—
2,039
3,181
24,972
Pennsylvania Live! Master Lease
13,017
—
—
—
13,017
—
301
2,202
15,520
Casino Queen Master Lease
3,375
—
—
—
3,375
