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Jun 30, 2025
GLPI Q2 2025 Earnings Report
GLPI Q2 2025 Earnings Report showed record revenue and AFFO despite lower net income.
Key Takeaways
Gaming and Leisure Properties posted record Q2 revenue of $394.9M and AFFO of $276.1M, driven by acquisitions and lease escalations. However, net income declined to $156.2M due to higher credit loss provisions.
Record quarterly revenue of $394.9M driven by acquisitions and percentage rent adjustments
AFFO grew to $276.1M, supported by strong tenant performance and lease escalators
Net income declined to $156.2M due to higher credit loss provisions
Continued portfolio expansion with new lease modifications and financing agreements
Revenue by Segment
Forward Guidance
GLPI updated its 2025 AFFO guidance to $1.112B–$1.118B, supported by lease extensions and financing commitments.
Positive Outlook
- Expected $130M funding for Hollywood Casino Joliet relocation with 7.75% cap rate
- Bally’s Belle of Baton Rouge landside conversion nearing completion in Q4 2025
- Strong Bally’s portfolio performance driving rent coverage
- Lease extension with Boyd Gaming through 2031
- Tribal gaming financing agreement with Ione Band of Miwok Indians at 11% interest rate
Challenges Ahead
- Higher credit loss provisions impacting net income
- Guidance excludes impact from potential future acquisitions
- Macroeconomic conditions such as oil prices and consumer trends may affect operations
- Reliance on tenants’ financial health to maintain lease obligations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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