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Gaming and Leisure Properties (GLPI) investor relations material
Gaming and Leisure Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 revenue of $394.9M, up 3.7%–3.8% year-over-year, driven by acquisitions and lease escalations.
AFFO and Adjusted EBITDA for Q2 2025 were $276.1M and $361.5M, respectively, both up year-over-year.
Net income for Q2 2025 was $151.4M–$156.2M, down from Q2 2024 due to higher credit loss provisions.
Portfolio expanded to 68 gaming and related facilities as of June 30, 2025.
Management remains confident in delivering strong full-year 2025 results despite timing mismatches and increased expenses.
Financial highlights
Q2 2025 rental income rose to $339.5M, a 2.0% increase year-over-year.
Operating expenses rose by $65.6M–$75%, mainly due to a $53.7M non-cash provision for credit losses.
Interest expense for Q2 2025 was $89.9M, up 3.8% year-over-year.
Dividends paid in Q2 2025 totaled $220.7M, or $0.78 per share.
Cash provided by operating activities for H1 2025 was $545.9M, up from $510.0M in the prior year.
Outlook and guidance
Full-year 2025 AFFO guidance is $1.112B–$1.118B, or $3.85–$3.87 per diluted share/OP unit, excluding future transactions.
Guidance includes $130M for Joliet relocation and $375M for development projects, with $338M remaining to fund in H2 2025.
Management expects liquidity to be sufficient for debt service, funding commitments, capital expenditures, and dividends.
Growth expected from tenant funding commitments and new property acquisitions.
Guidance assumes no material changes in legislation, regulation, or macroeconomic conditions.
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