GLPI Raises AFFO Forecast Floor After $435.4 Million Q3 Revenue

Gaming and Leisure Properties reported third-quarter revenue of $435.4 million on October 30, 2026, and raised the lower end of its 2026 adjusted funds from operations forecast to reflect stronger adjusted results. The company now projects annual AFFO of $1.222 billion to $1.225 billion and updated diluted AFFO guidance to $4.11 to $4.12 per diluted share and OP/LTIP unit.

Financial results and revised outlook

For the three months ended September 30, GLPI increased adjusted EBITDA by 13% to $413.9 million from $366.4 million a year earlier. AFFO rose 10.5% to $311.7 million from $282 million; on a diluted share and OP/LTIP unit basis AFFO increased 7.2% to $1.04 from $0.97. Quarterly revenue rose 9.5%.

Several unadjusted metrics fell. Net income declined to $213.8 million from $248.5 million, income from operations dropped to $309.9 million from $337.2 million, and unadjusted funds from operations decreased to $275.9 million from $315.5 million. Net income per diluted common share fell to $0.71 from $0.85.

The revised outlook reflects approximately $265 million in additional development funding, bringing planned development spending for 2026 to $800 million. GLPI previously forecast AFFO of $1.219 billion to $1.225 billion and an earlier diluted AFFO range of $4.10 to $4.12.

These projections assume no material adverse changes in regulation, legislation, economic conditions, consumer trends, oil prices or competition.

Joliet redevelopment with Prologis

Gaming and Leisure Properties signed definitive joint venture agreements with Prologis on October 27 to redevelop the former Hollywood Casino Joliet site in Illinois. Prologis plans a Class A warehouse and distribution park at the property, subject to review and approval by the City of Joliet, with development expected to take about five years. The proposed redevelopment would include five buildings covering more than 3.8 million square feet.

Prologis holds options over second and third phases, so the full project remains conditional. GLPI would contribute land in three stages and receive a $61 million capital account credit if all phases proceed. GLPI's ownership interest in the completed project would reach approximately 20%, potentially increasing to around 30% if it provides additional capital.

The agreement represents a development opportunity outside GLPI's existing casino rental operations and signals an expansion of its funding and structuring activities. Relevant coverage of GLPI's property business appears on our b2b and casino sections.

“These results demonstrate the strength of our model, which prioritizes long-term triple-net leases with built-in escalators, strong lease coverage, and the ability to structure and underwrite complex transactions and creative funding solutions for quality tenants,” said Chairman and CEO Peter Carlino.

Carlino also noted improving same-store operator performance through the first nine months of 2026 and argued the share price did not reflect the underlying business, citing a dividend yield above 8.5% based on the quarterly cash dividend at the time of the announcement.