Gaming and Leisure Properties (GLPI) reported record third-quarter revenue, adjusted funds from operations (AFFO), and adjusted EBITDA, with revenue rising 9.5% year-on-year to $435.4 million for the three months ended September 30, 2026.
AFFO increased 10.5% to $311.7 million from $282 million in the prior-year period, while adjusted EBITDA rose 13% to $413.9 million from $366.4 million. AFFO per diluted share and OP/LTIP units increased 7.2% to $1.04 from $0.97.
However, net income declined to $213.8 million from $248.5 million, while income from operations fell to $309.9 million from $337.2 million. Funds from operations (FFO) decreased to $275.9 million from $315.5 million, and net income per diluted common share dropped to $0.71 from $0.85.
Peter Carlino, Chairman and Chief Executive Officer of Gaming and Leisure Properties, highlighted that the company had achieved another record quarter for revenue, AFFO and adjusted EBITDA.
“These results demonstrate the strength of our model, which prioritizes long-term triple-net leases with built-in escalators, strong lease coverage, and the ability to structure and underwrite complex transactions and creative funding solutions for quality tenants,” Carlino said.
“Despite this consistent execution, we believe GLPI’s share price remains significantly dislocated from its fundamentals, resulting in an attractive yield of over 8.5% based on the current quarterly cash dividend,” Carlino said.
He also highlighted the resilience of regional gaming and the performance of operators during the first nine months of the year.
“Regional gaming has proven its resilience for decades, and it is doing so again. Same-store operator results delivered healthy year-over-year gains through the first nine months of 2026, and the durability of our rents and strong coverage stand out against the currently volatile macro backdrop,” Carlino said.
GLPI updated its full-year 2026 AFFO guidance to a range of $1.222 billion to $1.225 billion, equivalent to $4.11 to $4.12 per diluted share and OP/LTIP units. Its previous forecast ranged from $1.219 billion to $1.225 billion, or $4.10 to $4.12 per diluted share and OP/LTIP units.
The updated guidance incorporates approximately $265 million in additional development funding, bringing total development spending for 2026 to $800 million. According to the company, its projections assume no material adverse changes in legislation, regulation, economic conditions, consumer trends, oil prices, or the competitive environment.
In a separate development, GLPI entered into definitive agreements on Tuesday to form a joint venture with Prologis, Inc. to develop the former Hollywood Casino Joliet site in Illinois.
Prologis intends to develop the land into a Class A warehouse and distribution park, subject to review and approval by the City of Joliet. The project is expected to comprise five buildings totaling more than 3.8 million square feet and be developed over approximately five years, with Prologis holding options over the second and third phases.
GLPI will contribute its land in three phases and receive a $61 million capital account credit, assuming all three phases are developed. The company will hold an approximately 20% ownership interest in the completed project, which could increase to around 30% if it contributes additional capital.