Fourth Quarter Performance
Funds From Operations (FFO) totaled $339.0 million, while Adjusted Funds From Operations (AFFO) increased to $290.0 million from $269.7 million last year. Adjusted EBITDA reached $379.0 million, reflecting continued earnings momentum.
Revenue remained primarily driven by long-term triple-net leases. Of the $407.0 million in quarterly real estate income:
- Rental income contributed $346.4 million
- Financing receivables generated $51.9 million
- Real estate loan interest and sales-type leases made up the remainder
Full-Year 2025 Results
For the full year, GLPI reported:
- Revenue: $1.5948 billion
- Net income: $850.4 million ($2.95 per diluted share)
- AFFO: $1.120 billion ($3.88 per diluted share)
- Adjusted EBITDA: $1.467 billion
The company continued to benefit from recent acquisitions and structured financing arrangements across its gaming property portfolio.
Balance Sheet and Capital Position
As of year-end 2025, total assets stood at $12.91 billion and total liabilities at $7.90 billion. Long-term debt totaled $7.20 billion, with net financial leverage at 4.6x, below management’s target range.
Development and Strategic Activity
During the quarter, GLPI funded $201.6 million for the Bally’s Chicago project and completed its $111 million investment in Bally’s Baton Rouge. The company also funded $56.6 million of a $110 million loan tied to the Acorn Ridge casino development scheduled to open in early 2026.
In February 2026, GLPI completed the acquisition of Bally’s Twin River Lincoln Casino Resort real estate for $700 million. It also committed up to $440 million in development funding for Live! Virginia Casino & Hotel, alongside a $27 million land acquisition.
2026 Outlook and Dividend
GLPI expects 2026 AFFO to range between $1.207 billion and $1.222 billion, or $4.06 to $4.11 per diluted share, reflecting ongoing development funding and recently completed transactions.
The Board declared a first-quarter 2026 dividend of $0.78 per share, bringing the annualized dividend to $3.12 per share.