Gaming and Leisure Properties (GLPI) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $435.4M, up 9.5% YoY; AFFO was a record $311.7M, up 10.5%, and Adjusted EBITDA was a record $413.9M, up 13.0%.

• Regional gaming was described as resilient, with healthy year-over-year same-store operator gains through 9M 2026 despite macro volatility.

• Portfolio comprised 71 properties across 21 states and 80 tenants; 87.6% of cash rent came from publicly reporting gaming companies.

Financial highlights

• Q3 rental income was $371.0M, up $29.2M YoY; total income from real estate rose $37.8M to $435.4M, primarily from acquisitions and lease escalations.

• Q3 net income was $213.8M versus $248.5M; diluted EPS was $0.71 versus $0.85, and FFO was $275.9M versus $315.5M.

• AFFO per diluted share and OP/LTIP unit increased to $1.04 from $0.97; Cash NOI was $422.1M versus $375.0M.

• 9M total income from real estate was $1,286.0M versus $1,188.0M; net income was $688.2M versus $575.0M and AFFO was $912.8M versus $830.1M.

• Q3 total operating expenses rose to $125.5M from $60.4M, primarily reflecting credit-loss provision changes; Q3 credit-loss provision was $36.2M versus a $37.4M benefit in 3Q25.

Outlook and guidance

• FY 2026 AFFO guidance was $1.222B-$1.225B, or $4.11-$4.12 per diluted share and OP/LTIP unit; the midpoint increased $1.5M and $0.01 per share/unit from prior guidance.

• Guidance includes ~$265M of additional development funding, bringing planned 2026 development spending to $800M; it excludes unannounced acquisitions, dispositions and future capital markets activity.

• Bally’s Chicago permanent casino opening remained targeted for H1 2027; Virginia Live! opening was anticipated in late 2027.

• Management expected leverage to remain at the low end of its 5.0x-5.5x target through development funding, with capacity for accretive transactions without exceeding 5.5x.