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Total revenue rose 9.5 per cent to $435.4m
Gaming and Leisure Properties reported another record third quarter for revenue, AFFO, and Adjusted EBITDA. Total revenue rose 9.5 per cent to $435.4m, AFFO grew 10.5 per cent to $311.7m and Adjusted EBITDA increased 13 per cent to $413.9m, while AFFO per share rose 7.2 per cent to $1.04.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented: “These results demonstrate the strength of our model, which prioritises 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. 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 per cent based on the current quarterly cash dividend.
“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.”
In October, the company entered into definitive agreements to form a joint venture with Prologis to develop the former Hollywood Casino Joliet site in Illinois. GLPI will contribute its owned land to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site. Prologis intends to develop the site, subject to the review and approval by the City of Joliet, into a Class A warehouse and distribution park, which, when completed, is currently anticipated to consist of five building structures totalling more than 3.8 million square feet. The project is expected to be developed over approximately five years, with Prologis holding options over the development of phases two and three.
GLPI will receive a capital account credit of $61m, assuming all three phases are developed, for its contribution of the land to the joint venture, and GLPI will hold an ownership interest in the completed project of approximately 20 per cent, which could be increased to approximately 30 per cent, should GLPI elect to contribute additional capital.
