WYOMISSING, PA — Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) recently reported financial results for the quarter ended March 31, 2026, showing increases in revenue, net income, and funds from operations compared to the prior year.
Total revenue rose to $420.0 million from $395.2 million a year earlier, while net income increased to $239.4 million, or $0.82 per diluted share, compared with $170.4 million, or $0.60 per share.
Funds from operations totaled $304.0 million, or $1.04 per diluted share, up from $234.8 million, or $0.83 per share, in the first quarter of 2025. Adjusted funds from operations were $297.1 million, or $1.02 per diluted share, compared with $272.0 million, or $0.96 per share, a year earlier.
Adjusted EBITDA increased to $393.0 million from $360.1 million in the prior-year period.
Chairman and Chief Executive Officer Peter Carlino said the company raised its 2026 adjusted funds from operations guidance, citing growth in revenue and development activity.
The company completed two transactions during the quarter totaling approximately $727 million, including the acquisition of Bally’s Lincoln real estate assets for $700 million and the purchase of land tied to a Virginia casino development for $27 million.
Gaming and Leisure Properties also funded about $159 million toward development projects during the quarter and reported financial leverage of 5.0 times net debt to adjusted EBITDA as of March 31.
On March 4, the company issued $800 million of senior notes due in 2036 with a 5.625% coupon, using proceeds to repay borrowings and for general corporate purposes.
The company declared a quarterly dividend of $0.78 per share, paid March 27 to shareholders of record on March 13.
For full-year 2026, Gaming and Leisure Properties expects adjusted funds from operations between $1.212 billion and $1.223 billion, or $4.08 to $4.12 per diluted share, an increase from prior guidance.
As of March 31, the company’s portfolio included interests in 71 gaming and related facilities across 21 states, operated by tenants including PENN Entertainment, Caesars Entertainment, Boyd Gaming, and Bally’s.
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