Financial Highlights
Three Months Ended September 30,
(in millions, except per share data)
2025
2024
Total Revenue
$
397.6
$
385.3
Income from Operations
$
337.2
$
271.4
Net Income
$
248.5
$
190.1
FFO(1) (4)
$
315.5
$
250.6
AFFO(2) (4)
$
282.0
$
268.2
Adjusted EBITDA(3) (4)
$
366.4
$
346.4
Net income, per diluted common share
$
0.85
$
0.67
FFO, per diluted common share and OP/LTIP units(4)
$
1.08
$
0.89
AFFO, per diluted common share and OP/LTIP units(4)
$
0.97
$
0.95
Annualized dividend per share
$
3.12
$
3.04
Dividend yield based on period end stock price
6.69
%
5.91
%
(1) Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property, net of tax 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, financing receivables; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment; 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, net of tax; stock based compensation expense, straight-line rent and deferred rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; losses on debt extinguishment; 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, "Our record third quarter revenue, AFFO, and Adjusted EBITDA reflect GLPI's diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators. The record results again highlight GLPI's unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth. Importantly, our lease coverages remain strong, with each of our five major tenants, which account for approximately 97% of our cash rent, exhibiting rent coverage of over 1.8x on a per tenant basis, as long term tenant stability remains a bedrock of our principles and underwriting approach. On an operating basis, third quarter total revenue rose 3.2% year over year to $397.6 million, cash revenue expanded 5.8% to $375.7 million, AFFO grew 5.1% to $282.0 million, and Adjusted EBITDA increased 5.8%.
"Our deep knowledge of the gaming sector continues to drive the expansion and diversification of GLPI's tenant roster, geographic footprint, and rental streams. At the same time, GLPI's active support of our tenants through innovative transaction structures has proven to be mutually beneficial and our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector.
"In August, our long-term relationship with PENN Entertainment resulted in $130 million of funding for the relocation of Hollywood Casino Joliet, for which GLPI earns a 7.75% cap rate. The Joliet funding is the first of the original four funding agreements with PENN, each of which are expected to be completed by mid-2026. PENN's new M Resort hotel tower, scheduled to open December 1, will be the second completed development of PENN's project pipeline. For the M Resort development, PENN anticipates accessing $150 million in funding from GLPI in the fourth quarter of 2025 at a 7.79% capitalization rate. In addition, GLPI will also provide up to $225 million, at a 7.75% cap rate, for PENN's Aurora, Illinois re-location project, and has committed to funding the new hotel in Columbus, Ohio if requested by PENN. Both of these projects are expected to open in the first half of 2026. Lastly, in April, PENN announced its intention to relocate its Ameristar Casino Hotel Council Bluffs riverboat casino, for which GLPI has committed up to $150 million or the hard costs associated with the relocation project, whichever is greater, at a 7.10% cap rate, which can be structured, at the discretion of PENN, as rent, or as a 5-year term loan.
"GLPI remains active in identifying additional opportunities in tribal gaming, where tribes can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships. Our 2024 funding agreement for the Ione Band of Miwok Indians' Acorn Ridge Casino development near Sacramento, California, marked a first-of-its-kind financing agreement between a federally recognized tribe and a real estate investment trust. During the third quarter, GLPI announced a $225 million commitment to serve as the lead real estate financing partner for Caesars Republic Sonoma County, a new, integrated resort situated in the heart of Sonoma wine country. Caesars Entertainment, Inc. and the Dry Creek Rancheria Band of Pomo Indians broke ground on the 4+ star resort in August. When completed, the resort will feature a premier gaming experience, with 1,000 slot machines and 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center. GLPI is initially serving as a lender to the project, with a term loan B commitment of $45 million, with a variable yield (SOFR +900 bps), and a delayed draw term loan of $180 million, priced at a fixed rate of 12.50%. We are delighted to establish this new relationship with Dry Creek Rancheria.
"Subsequent to quarter end, GLPI acquired the real estate assets of Sunland Park Racetrack & Casino, in Sunland Park, New Mexico, in a transaction that is immediately accretive to AFFO per share. The transaction expands GLPI's relationship with Strategic Gaming Management, LLC, an acquisitive operator of domestic, regional casino assets, and adds a fourth asset to Strategic Gaming's existing triple-net master lease agreements with GLPI. GLPI acquired the real estate assets of Sunland Park for $183.75 million, at an initial cap rate of 8.2%. With the inclusion of Sunland Park into the Strategic Gaming leases, annual rent will escalate at 2.0% per annum.
"Construction of Bally's permanent gaming and entertainment destination resort in downtown Chicago has reached several significant milestones. The project will bring an iconic, world-class entertainment destination to the nation's third-largest metropolitan area. GLPI's $1.19 billion investment, inclusive of the $250 million acquisition of the site in 2024, again demonstrates our commitment to supporting our tenants' growth through innovative projects that deliver long-term shareholder value.
"In addition, earlier this week, GLPI furthered its partnership with The Cordish Companies through an agreement with a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise. GLPI will acquire land, valued at $27 million, and fund $440 million of hard costs associated with the development of Live! Casino & Hotel Virginia. The cap rate, of the land and hard cost funding transactions, is 8.0% and is accretive to our operating results. The transaction also includes a 1.75% rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027. Through the construction of this large-scale development, GLPI will be compensated for the funding on an as drawn basis.
"Finally, reflecting on our disciplined approach to our capital structure, cost of capital, and leverage, during the quarter GLPI executed forward sale agreements and issued senior unsecured notes, further fortifying our balance sheet with capital for continued growth. With our pipeline of announced growth opportunities, disciplined approach to portfolio expansion, proven long-term resiliency of our tenants' revenue streams, and healthy rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders. Reflecting these factors, our third quarter 2025 dividend per share was $0.78, compared to $0.76 per share in the year-ago period."
Recent Developments
Effective October 2025, the Company's option, subject to receipt by Bally's of required consents, and call right, subject only to regulatory approval, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") for a purchase price of $735 million and additional rent of $58.8 million were amended to extend the applicable dates by two years, to December 31, 2028 and October 1, 2028, respectively.
On October 27, 2025, the Company announced that it intends to acquire the real estate of the future site for Live! Virginia Casino & Hotel, a Cordish Company / Bruce Smith Enterprise casino and hotel development in Petersburg, Virginia. In addition, GLPI has committed to fund the hard costs associated with the development of the project. The cap rate on both the land acquisition of $27 million and the hard cost development funding of $440 million will be at 8.0%.
In October 2025, the Company funded $125.4 million at an 8.5% cap rate for Bally's Corporation ("Bally's") gaming and entertainment destination resort in downtown Chicago. Additionally, a corporate guarantee was added to the Chicago Lease.
On October 15, 2025, the Company closed on the acquisition of the real estate assets of Sunland Park Racetrack and Casino in Sunland Park, New Mexico for $183.75 million with Strategic Gaming Management, LLC ("Strategic"). The property was added to the Strategic Gaming leases and annual rent was increased by $15 million.
During the third quarter of 2025, the Company sold 7.59 million shares under forward sale agreements to raise gross proceeds of $363.3 million, subject to certain contractual adjustments. No amounts have been or will be recorded on the Company's balance sheet with respect to these forward sale agreements until settlement (which contractually mature in the third quarter of 2026 but may be settled prior to this time period at the Company's election).
On September 2, 2025, the Company announced, subject to all necessary permits and approvals, a $225 million commitment to serve as the lead real estate financing partner for a new, integrated resort, Caesars Republic Sonoma County, that will be developed on the site of the current River Rock Casino. Pursuant to its agreements with the Dry Creek Rancheria Band of Pomo Indians ("Dry Creek"), GLPI will initially provide project financing consisting of (i) a $180 million delayed draw term loan bearing interest at a fixed rate of 12.50%, and (ii) a $45 million term loan B, issued at an original issue discount of 3%, bearing interest at SOFR plus 900 basis points, with a SOFR floor of 1%. Upon or prior to the maturity of the six-year term loans, Dry Creek will lease the property to an affiliate of GLPI for a 45-year term for no less than $112.5 million, and GLPI will sublease the property back to an affiliate of Dry Creek. Annual rent on the sublease will be based on a 9.75% capitalization rate.
In August 2025, the Company issued $600 million aggregate principal amount of 5.25% senior unsecured notes due February 15, 2033, at a price of 99.642% of the principal amount, and $700 million aggregate principal amount of 5.75% senior unsecured notes due November 1, 2037, at a price of 99.187% of the principal amount (the "November 2037 Notes"). In connection with the issuances, the Company terminated certain forward starting interest rate swap agreements and will recognize a benefit of approximately $1 million, amortized over ten years as a reduction of interest expense, with respect to the November 2037 Notes. The Company used the net proceeds from the offering to redeem in full its outstanding $975 million aggregate principal amount of 5.375% Senior Notes due April 2026.
On August 1, 2025, the Company funded $130 million at a 7.75% cap rate for the relocation of Hollywood Casino Joliet operated by PENN Entertainment, Inc. ("PENN").
Effective July 1, 2025, the DraftKings at Casino Queen and The Queen Baton Rouge properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II.
Dividends
On August 28, 2025, the Company's Board of Directors declared a third quarter dividend of $0.78 per share on the Company's common stock that was paid on September 26, 2025 to shareholders of record on September 12, 2025.
2025 Guidance
Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2025 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 the $150 million funding related to the construction for the M Resort hotel tower project and approximately $280 million related to current development projects to be funded during the fourth quarter of 2025.
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, 2025 will be between $1.115 billion and $1.118 billion, or between $3.86 and $3.88 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2025 of between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 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, financing receivables, 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. As of September 30, 2025, GLPI's portfolio consisted of interests in 68 gaming and related facilities, including, the real property associated with 34 gaming and related facilities operated by 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, the real property associated with 15 gaming and related facilities operated by Bally's, 1 facility under development with Bally's in downtown Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies ("Cordish"), 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 3 gaming and related facilities operated by Strategic and 1 facility managed by a subsidiary of Hard Rock International. These facilities are geographically diversified across 20 states.
Conference Call Details
The Company will hold a conference call on October 31, 2025, at 9:00 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: 13756338The playback can be accessed through Friday, November 7, 2025.
Webcast
The 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 September 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
Revenues
Rental income
$
341,755
$
333,244
$
1,021,534
$
996,641
Income from investment in leases, financing receivables
48,066
47,503
143,756
137,782
Income from investment in leases, sales type
3,767
1,240
11,289
1,240
Interest income from real estate loans
4,022
3,354
11,142
6,268
Total income from real estate
397,610
385,341
1,187,721
1,141,931
Operating expenses
Land rights and ground lease expense
13,785
11,758
41,282
35,446
General and administrative
16,552
13,472
51,172
45,209
Gains from dispositions of property
—
(3,790
)
(125
)
(3,790
)
Depreciation
67,473
64,771
201,720
195,393
Provision (benefit) for credit losses, net
(37,363
)
27,686
55,611
47,194
Total operating expenses
60,447
113,897
349,660
319,452
Income from operations
337,163
271,444
838,061
822,479
Other income (expenses)
Interest expense
(94,059
)
(95,705
)
(281,265
)
(269,050
)
Interest income
9,720
14,876
23,656
32,173
Loss on debt extinguishment
(3,783
)
—
(3,783
)
—
Total other expenses
(88,122
)
(80,829
)
(261,392
)
(236,877
)
Income before income taxes
249,041
190,615
576,669
585,602
Income tax expense
560
515
1,669
1,564
Net income
$
248,481
$
190,100
$
575,000
$
584,038
Net income attributable to non-controlling interest in the Operating Partnership
(7,290
)
(5,406
)
$
(17,186
)
(16,630
)
Net income attributable to common shareholders
$
241,191
$
184,694
$
557,814
$
567,408
Earnings per common share:
Basic earnings attributable to common shareholders
$
0.85
$
0.67
$
2.00
$
2.08
Diluted earnings attributable to common shareholders
$
0.85
$
0.67
$
2.00
$
2.08
Other comprehensive income
Net income
248,481
190,100
575,000
584,038
Reclassification of derivative gain to interest expense
(9
)
—
(9
)
—
Gain on cash flow hedges
103
—
967
—
Comprehensive income
248,575
190,100
575,958
584,038
Comprehensive income attributable to non-controlling interest in the Operating Partnership
(7,293
)
(5,406
)
(17,216
)
(16,630
)
Comprehensive income attributable to common shareholders
241,282
184,694
558,742
567,408
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIESCurrent Year Revenue Detail(in thousands) (unaudited)
Three Months Ended September 30, 2025
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 financing leases
Total income from real estate
Amended PENN Master Lease
$
54,152
$
10,758
$
6,502
$
—
$
71,412
$
4,952
$
595
$
—
$
76,959
PENN 2023 Master Lease
61,476
—
70
—
61,546
4,852
—
—
66,398
Amended Pinnacle Master Lease
61,482
17,814
8,122
—
87,418
1,858
2,218
—
91,494
PENN Morgantown Lease
—
796
—
—
796
—
—
—
796
Caesars Master Lease
16,302
5,932
—
—
22,234
1,916
330
—
24,480
Horseshoe St. Louis Lease
5,991
—
—
—
5,991
325
—
—
6,316
Boyd Master Lease
20,879
2,946
3,047
—
26,872
(2,364
)
432
—
24,940
Boyd Belterra Lease
738
473
500
—
1,711
(377
)
—
—
1,334
Bally's Master Lease
26,939
—
—
—
26,939
—
2,541
—
29,480
Bally's Master Lease II
15,265
—
—
—
15,265
(67
)
891
—
16,089
Maryland Live! Lease
19,412
—
—
—
19,412
—
2,129
3,395
24,936
Pennsylvania Live! Master Lease
12,942
—
—
