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Gaming and Leisure Properties
Gaming and Leisure Properties (GLPI) investor relations material
Gaming and Leisure Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Entering 2026 with strong visibility into multi-year AFFO growth, supported by a deep pipeline, robust balance sheet, and record 2025 results driven by acquisitions and tenant growth.
Owns 69 gaming properties across 20 states with 8 unique tenants, no rent defaults since inception, and is the most geographically diversified owner of gaming assets in the U.S.
Recently completed $700M Bally's Lincoln acquisition at an 8% cap rate and closed on Cordish Live! Virginia real estate, with a $467M commitment for Live! Virginia Casino & Hotel.
Ongoing funding for Bally's Chicago ($740M left), with project on track for 1H 2027 opening and $201.6M funded in 4Q25.
Significant development activity with tribal and non-tribal partners, including Acorn Ridge Casino, Caesars Republic Sonoma, and a $2.6B pipeline of future capital outlays at a blended cap rate over 8%.
Financial highlights
Q4 2025 total income from real estate exceeded Q4 2024 by over $17M, with Q4 2025 revenue at $407.0M and net income up 23.1% year-over-year to $275.4M.
Q4 2025 AFFO was $290.0M (up 7.5% year-over-year); full year 2025 AFFO totaled $1.12B.
Adjusted EBITDA for Q4 2025 was $379.0M, up 7.1% year-over-year; annualized dividend per share was $3.12, yield 6.98%.
Operating expenses decreased by $37.8M, mainly due to a non-cash credit loss adjustment.
Quarterly dividend per share was $0.78.
Outlook and guidance
2026 AFFO guidance: $1.207B–$1.222B, or $4.06–$4.11 per diluted share/OP unit, assuming $575M–$650M in development fundings and $225M for PENN's Aurora facility.
Guidance includes completion of the $700M Lincoln acquisition and $363M forward equity settlement anticipated June 1, 2026.
Assumes no material changes in legislation, regulation, or macroeconomic conditions.
Tenant exposure limits for high-growth projects
Address stock valuation vs. growth profile
Future pipeline: development vs. acquisitions
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Next Gaming and Leisure Properties earnings date
Q1 202624 Apr, 2026
Gaming and Leisure Properties
Next Gaming and Leisure Properties earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Gaming and Leisure Properties Inc is a real estate investment trust focused on owning properties leased to gaming operators. The company’s portfolio includes regional casino properties and related real estate, which are leased under long-term, triple-net agreements to tenants in the gaming industry. It generates revenue primarily through rental income and focuses on acquisitions and structured transactions. The company is headquartered in Wyomissing, Pennsylvania, and its shares are listed on the NASDAQ.
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