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Mar 31, 2025
GLPI Q1 2025 Earnings Report
GLPI reported record first quarter revenue, AFFO, and Adjusted EBITDA.
Key Takeaways
Gaming and Leisure Properties delivered strong financial results in Q1 2025, with record-high revenue, Adjusted Funds From Operations, and Adjusted EBITDA, reflecting successful expansion efforts and lease agreements.
Record revenue of $395.2M driven by lease expansions and tenant partnerships.
AFFO rose to $272.0M, showcasing strong cash flow generation capacity.
Adjusted EBITDA increased 8% YoY to $360.1M, reflecting improved operational efficiency.
EPS held at $0.60 despite a dip in net income YoY, signaling operational stability.
Revenue by Segment
Forward Guidance
GLPI expects AFFO for FY2025 between $1.109B and $1.118B, supported by lease escalations and strategic financing commitments.
Positive Outlook
- Anticipated fundings of ~$375M for ongoing development projects.
- Forward sale of 8.17M shares projected to raise $409.3M in June.
- Strong lease extensions with Boyd and new project commitments with PENN and Bally’s.
- Ongoing construction funding support for Bally’s Chicago destination.
- Continued portfolio expansion including unique tribal financing arrangements.
Challenges Ahead
- Excludes impact of any future acquisitions, capital market activities, or non-recurring events.
- AFFO guidance reflects a narrow range, indicating cautious outlook.
- Macroeconomic uncertainties could impact tenants’ performance.
- Forward guidance does not account for unforeseen regulatory or legislative changes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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