WYOMISSING, PA — Gaming and Leisure Properties Inc. (NASDAQ: GLPI) on Wednesday reported record financial results for the fourth quarter and year ended December 31, 2025, reflecting higher rental income and recent acquisitions, and issued adjusted funds from operations guidance for 2026.
For the fourth quarter, total revenue rose to $407.0 million from $389.6 million a year earlier, while net income increased to $275.4 million, or $0.94 per diluted share, compared with $223.6 million, or $0.79 per diluted share, in the same period of 2024.
Funds from operations totaled $339.0 million, up from $287.9 million a year earlier. Adjusted funds from operations, a key metric for real estate investment trusts, increased to $290.0 million from $269.7 million. Adjusted EBITDA rose to $379.0 million from $354.0 million.
For the full year, total revenue increased to $1.5948 billion from $1.5315 billion in 2024. Net income rose to $850.4 million, or $2.95 per diluted share, compared with $807.6 million, or $2.87 per diluted share, in the prior year.
Full-year FFO totaled $1.1142 billion, up from $1.0621 billion, while AFFO increased to $1.1201 billion from $1.0609 billion. Adjusted EBITDA rose to $1.4669 billion from $1.3743 billion.
Chairman and Chief Executive Officer Peter Carlino said the results reflected acquisitions, financing arrangements and growth from the company’s tenant base. “Our record fourth quarter and full year 2025 results reflect recent acquisitions and financing arrangements and growth from our expanding base of leading regional gaming operator tenants and tribal relationships,” Carlino said.
During 2025, the company completed three new transactions totaling approximately $876 million in capital deployment at a blended capitalization rate of more than 9%, and deployed additional capital for previously announced transactions. As of December 31, 2025, its development and acquisition pipeline represented approximately $2.6 billion of future capital outlays at a blended cap rate above 8%.
In early 2026, GLPI exercised its option to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort for $700 million and additional rent of $56.0 million. It also entered into a development agreement with The Cordish Companies to fund up to $440 million of construction costs for the Live! Virginia Casino & Hotel and acquired the project land for $27 million, representing a total commitment of $467 million at an 8.0% cap rate.
During the fourth quarter, the company provided $201.6 million in development funding for Bally’s Chicago, leaving $738.4 million remaining on its $940 million commitment as of year-end. It also funded $150 million for PENN Entertainment Inc.’s M Resort hotel tower and conference space expansion and acquired the real estate assets of Sunland Park Racetrack and Casino for $183.75 million at an initial 8.2% cap rate.
As of December 31, 2025, GLPI owned interests in 69 gaming and related facilities across 20 states and reported net financial leverage of 4.6 times adjusted EBITDA, below its target range of 5.0 to 5.5 times.
The board on February 18 declared a first-quarter dividend of $0.78 per share, payable March 27 to shareholders of record March 13. The annualized dividend totaled $3.12 per share for 2025, compared with $3.04 in 2024.
For 2026, the company projected AFFO of between $1.207 billion and $1.222 billion, or $4.06 to $4.11 per diluted share and OP/LTIP units. The guidance reflects anticipated development funding of approximately $575 million to $650 million during the year, $225 million of funding for PENN’s Aurora facility in the second quarter, completion of the Lincoln acquisition in February, and settlement of $363.3 million of forward equity on June 1.
The company said its guidance excludes potential future acquisitions or dispositions and assumes no material changes in legislation, regulation or broader economic conditions.
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