0001575965-26-000048
SEC filingStrong quarter driven by acquisition and development activity, with revenue up 6.3% and net income surging 40.3% on a large credit loss benefit.
Revenue for the first quarter of 2026 was $420.0 million, a 6.3% increase from $395.2 million in the prior-year period. This growth was primarily driven by increased cash rental income from recent acquisition and development activities, as well as contractual lease escalations. The company continues to benefit from its strategy of acquiring gaming and other properties to lease to third parties.
Operating income surged 28.8% to $333.3 million, compared to $258.8 million in the prior year. The improvement was largely attributable to a favorable swing in the provision for credit losses, which shifted from a charge in the prior year to a benefit in the current period. This resulted in an operating margin of 79.4%, reflecting the high-margin nature of the triple-net lease model.
Net income rose 40.3% to $231.8 million, or $0.82 per diluted share, compared to $165.2 million, or $0.60 per diluted share, in the prior year. The growth in net income outpaced operating income due to lower interest expense and other income items. The company's focus on accretive acquisitions and efficient capital management continues to drive shareholder value.