GLPI raises the floor of its AFFO guidance after $435.4M Q3 revenue

Gaming and Leisure Properties (GLPI) raised the lower end of its adjusted funds from operations (AFFO) guidance for 2026 after reporting record third-quarter revenue of $435.4 million for the period ended 30 September 2026. The company now projects annual AFFO of $1.222 billion to $1.225 billion and adjusted its diluted funds-per-share guidance.

Third-quarter results

GLPI’s quarterly revenue rose by 9.5%, reaching $435.4 million. The company recorded a 13% increase in adjusted EBITDA to $413.9 million, up from $366.4 million a year earlier. AFFO grew 10.5% to $311.7 million from $282 million.

On a per-share basis, AFFO per diluted share and OP/LTIP units rose 7.2% to $1.04 from $0.97. However, other metrics fell: net income decreased to $213.8 million from $248.5 million; operating income declined to $309.9 million from $337.2 million; and unadjusted funds from operations dropped to $275.9 million from $315.5 million. Net income per diluted share fell to $0.71 from $0.85.

AFFO guidance revision and development spend

GLPI raised the floor of its annual AFFO guidance for 2026 to $1.222 billion–$1.225 billion, up from the prior range of $1.219 billion–$1.225 billion. The company now expects $4.11–$4.12 per diluted share and OP/LTIP units, compared with the prior $4.10–$4.12 range.

The revised guidance incorporates approximately $265 million of additional development financing, bringing planned development spend for 2026 to $800 million in total. GLPI said these projections assume no material adverse changes in regulation, legislation, economic conditions, consumer trends, oil prices or competition.

Deal with Prologis for the former Hollywood Casino Joliet

GLPI signed definitive joint-venture agreements with [Prologis](/b2b) on 27 October 2026 to convert the site of the former [Hollywood Casino Joliet](/casino) in Illinois. Prologis plans to develop a Class A warehouse and distribution park that would include five buildings totaling more than 3.8 million square feet. The project is subject to review and approval by the [City of Joliet](/regulation).

The development would take about five years and Prologis holds options on phases two and three, so the full project remains conditional. GLPI would contribute the land in three stages and would receive a $61 million capital account credit if all phases proceed. GLPI’s stake in the completed project would be approximately 20%, with the potential to rise to about 30% if it contributes additional capital.

Management comments

Chairman and CEO Peter Carlino attributed the record adjusted results to long-term triple-net contracts, built-in rent escalators and lease coverage.

“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 Peter Carlino.

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