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Sep 30
GLPI Q3 2025 Earnings Report
Gaming and Leisure Properties reported record third quarter 2025 results, driven by diversified tenant base, recent acquisitions, and contractual escalators.
Key Takeaways
Gaming and Leisure Properties (GLPI) achieved record financial results in the third quarter of 2025, with total revenue increasing by 3.2% year-over-year to $397.6 million. Adjusted Funds From Operations (AFFO) grew 5.1% to $282.0 million, and Adjusted EBITDA increased by 5.8% to $366.4 million, reflecting strong operational performance and strategic growth initiatives.
Total revenue reached a record $397.6 million, a 3.2% increase year-over-year, driven by existing leases and recent acquisitions.
Adjusted Funds From Operations (AFFO) grew 5.1% to $282.0 million, and Adjusted EBITDA increased 5.8% to $366.4 million, both setting new records.
GLPI continued its strategic expansion with significant funding commitments for new developments and acquisitions, including $130 million for Hollywood Casino Joliet relocation and a $225 million commitment for Caesars Republic Sonoma County.
The company maintained a disciplined approach to its capital structure, executing forward sale agreements and issuing senior unsecured notes to support future growth and fortify its balance sheet.
GLPI
GLPI
GLPI Revenue by Segment
Revenue by Segment
Building Base Rent Revenue
CapyFin.comLand Base Rent Revenue
CapyFin.comPercentage Rent and Other Revenue
CapyFin.comInterest Income from Real Estate Loans Revenue
CapyFin.comInvestment in Leases, Financing Receivables Revenue
CapyFin.comInvestment in Leases, Sales Type Revenue
CapyFin.com Forward Guidance
GLPI updated its AFFO guidance for the full year 2025, expecting it to be between $1.115 billion and $1.118 billion, or $3.86 to $3.88 per diluted share. This guidance reflects current operating conditions and planned funding for development projects.
Positive Outlook
- Anticipated AFFO for the full year 2025 is projected to be between $1.115 billion and $1.118 billion, an increase from prior guidance.
- Diluted AFFO per share and OP/LTIP units are expected to be between $3.86 and $3.88, also an increase from previous estimates.
- Guidance includes $150 million funding for the M Resort hotel tower project and approximately $280 million for other development projects in Q4 2025.
- The company's pipeline of announced growth opportunities and disciplined portfolio expansion are expected to deliver strong capital returns.
- Healthy rent coverage ratios and long-term resiliency of tenant revenue streams are expected to contribute to continued strong performance.
Challenges Ahead
- Guidance does not account for potential impacts from future acquisitions or dispositions, which could alter financial outcomes.
- Future capital markets activity is not included in the guidance, introducing uncertainty regarding financing costs and availability.
- The guidance assumes no material changes in applicable legislation or regulatory environment, which could negatively affect operations.
- Unforeseen world events, including weather, economic conditions, or competitive landscape changes, are not factored into the projections.
- The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, making it difficult to fully assess potential GAAP impacts.