Accretive Transactions and Pipeline Expansion
GLPI announced three accretive transactions in the last 60 days, deploying $875 million at a blended cap rate of 9.3%, which will add over 5% to annualized cash rent. The company has a pipeline with over $3 billion of announced transaction activity.
Strong Financial Performance
Total income from real estate in Q3 2025 exceeded Q3 2024 by over $12 million, driven by a $20 million increase in cash rent. Operating expenses decreased by $53.5 million. Full-year 2025 AFFO guidance increased to $3.86 to $3.88 per diluted share.
Solid Balance Sheet and Funding Strategy
GLPI sold 7.6 million shares under a forward sale agreement, raising $363.3 million, and issued $1.3 billion in new bonds. The leverage ratio stands at 4.4x, below the target and historical levels, providing funding flexibility.
Positive Developments in Partnerships
Significant progress with Bally's, including the international iGaming transaction and development in Chicago. Bally's is a remaining bidder for potential lucrative licenses in New York.