Gaming and Leisure Properties (GLPI) Q4 2025 earnings summary

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.