GLPI · Gaming and Leisure Properties, Inc.

Gaming and Leisure Properties, Inc. delivered record first quarter 2026 results, with total revenue reaching $420.0 million, a 6.3% increase from $395.2 million in the prior year, driven by rental income growth to $356.5 million and higher income from investments in leases and real estate loans. Income from operations surged to $333.3 million from $258.8 million, reflecting a favorable $10.1 million credit loss benefit versus a $39.2 million provision last year, alongside stable operating expenses. Net income rose to $239.4 million or $0.82 per diluted share, while non-GAAP AFFO climbed 9.2% to $297.1 million or $1.02 per share, underscoring operational resilience amid tenant challenges in 2025. Adjusted EBITDA hit $393.0 million, supported by strong rent coverage exceeding 1.8x for most leases. CEO Peter Carlino highlighted portfolio expansion, including the $700 million Bally’s Lincoln acquisition at 8.0% cap rate, adding a top-performing Rhode Island asset to Bally’s Master Lease II with 2.20x proforma coverage, and the $467 million Live! Virginia commitment, marking entry into the 21st state. Development funding totaled $159 million, with $1.8 billion pipeline remaining. Balance sheet strength persisted at 5.0x net leverage, low-end of 5.0x-5.5x target, bolstered by $800 million senior notes issuance. The Company raised full-year 2026 AFFO guidance to $4.08-$4.12 per share from $4.06-$4.11, incorporating $590-$640 million additional development fundings and $225 million PENN Aurora funding, excluding further M&A. A $0.78 quarterly dividend yields 7.03% annualized, affirming shareholder returns amid accretive growth.