GLPI lifts Q3 revenue 9.5% to $435.4m

Gaming and Leisure Properties (GLPI) reported third-quarter 2026 revenue of $435.4m, up 9.5% year on year for the three months ended 30 September 2026, the company said. Adjusted funds from operations rose 10.5% to $311.7m from $282m a year earlier, and adjusted EBITDA increased 13% to $413.9m from $366.4m.

Per diluted share and OP/LTIP unit, AFFO climbed 7.2% to $1.04, up from $0.97. On the downside, net income came in at $213.8m versus $248.5m a year earlier, and income from operations slipped to $309.9m from $337.2m. FFO was $275.9m, down from $315.5m, and diluted net income per common share was $0.71 against $0.85 previously.

For the full year 2026, GLPI now expects AFFO of $1.222 billion to $1.225 billion, equal to $4.11 to $4.12 per diluted share and OP/LTIP units; the earlier outlook was $1.219 billion to $1.225 billion, or $4.10 to $4.12. Roughly $265 million of extra development funding is folded into the new range, lifting 2026 development outlays to $800 million. The company's assumptions, it said, include "no material adverse changes in legislation, regulation, economic conditions, consumer trends, oil prices, or the competitive environment."

Peter Carlino, Chairman and Chief Executive Officer, credited the quarter to the company's approach, describing a model built around long-term triple-net leases with escalators, solid lease coverage, and the capacity to underwrite complicated deals and devise funding for quality tenants. In his view, the share price is well out of step with fundamentals, which produces a yield above 8.5% on the present quarterly cash dividend. He added that regional gaming has shown resilience for decades and is repeating that pattern, with same-store operators posting healthy year-over-year gains in the first nine months of 2026.

In a separate announcement, GLPI disclosed that on Tuesday it signed definitive agreements with Prologis, Inc. for a joint venture to develop the former Hollywood Casino Joliet site in Illinois. Prologis plans a Class A warehouse and distribution park on the land, pending review and approval by the City of Joliet. More than 3.8 million square feet across five buildings is envisaged, built over roughly five years, and Prologis holds options on the second and third phases. GLPI's land goes in across three phases, earning it a $61m capital account credit provided all three are developed. Once complete, GLPI would own about 20% of the project, a stake that could reach around 30% with further capital contributions.