GLPI Posts Record Third-Quarter Revenue and AFFO Once Again

Gaming and Leisure Properties released its third-quarter results, and revenue, AFFO and adjusted EBITDA again reached record levels. Total revenue rose 9.5% to $435.4 million. AFFO increased 10.5% to $311.7 million, while adjusted EBITDA grew 13% to $413.9 million. AFFO per share also rose 7.2% to $1.04.

Chairman and CEO Peter Carlino said the results were driven by long-term net lease agreements, built-in rent escalators and strong rent coverage ratios. Carlino said the share price trades well below its intrinsic value and offers a yield of more than 8.5% based on the current quarterly dividend.

Carlino said regional casinos have remained resilient for decades and that this has been proven once again. He added that same-store operator results grew healthily in the first nine months of 2026, and that rent continuity and strong rent coverage ratios stood out in a volatile macroeconomic environment.

In October, GLPI signed definitive agreements with Prologis to form a joint venture for the former Hollywood Casino Joliet site in Illinois. GLPI will contribute the land to the joint venture in three phases, while Prologis will serve as the project's manager and developer. Subject to approval from the City of Joliet, the plan calls for a Class A warehouse and distribution park with five buildings totaling more than 3.8 million square feet. The project is expected to be completed in about five years. If all three phases are developed, GLPI will receive a $61 million capital account credit and hold about 20% of the project. With additional capital contributions, that stake could rise to about 30%.