Gaming and Leisure Properties Inc. (GLPI) posted record results for the third quarter of 2026, with revenue reaching $435.4 million—a 9.5% increase from the same period last year. The company also reported its highest-ever adjusted funds from operations (AFFO) and adjusted EBITDA for the quarter ending September 30, 2026.
Strong Operational Performance Amid Lower Net Income
GLPI’s AFFO rose 10.5% year-on-year to $311.7 million, while adjusted EBITDA increased by 13% to $413.9 million. AFFO per diluted share and OP/LTIP units climbed 7.2% to $1.04. However, net income for the quarter declined to $213.8 million from $248.5 million, and funds from operations (FFO) decreased to $275.9 million. Net income per diluted common share also fell to $0.71.
Revised Full-Year Guidance and Continued Investment
GLPI updated its full-year 2026 AFFO guidance to a range between $1.222 billion and $1.225 billion, equivalent to $4.11 to $4.12 per diluted share and OP/LTIP units. This revision incorporates approximately $265 million in additional development funding, bringing the company’s total development spending for the year to $800 million. The company’s projections are based on the assumption that there will be no major adverse changes in legislation, regulation, or economic conditions.
New Joint Venture for Illinois Development
GLPI announced a definitive agreement with Prologis, Inc. to develop the former Hollywood Casino Joliet site in Illinois. The plan is to transform the land into a Class A warehouse and distribution park, pending city approval. The project is expected to span five buildings totaling over 3.8 million square feet, developed in phases over approximately five years. GLPI will contribute its land in three phases and is set to receive a $61 million capital account credit if all phases are completed. The company will initially hold a 20% ownership stake in the project, with the possibility of increasing to 30% through additional capital contributions.
Why This Matters for Industry Stakeholders
GLPI’s performance and ongoing investments highlight the resilience of the regional gaming sector and the importance of stable, long-term lease structures. For operators and affiliates, the company’s steady growth and development initiatives may signal continued opportunities in regional markets. The joint venture with Prologis also demonstrates how gaming real estate assets can be repurposed for broader commercial use, potentially influencing future strategies for both property owners and developers in the sector.
Key takeaways
- GLPI reported record Q3 2026 revenue and raised its full-year AFFO guidance.
- Net income and FFO declined despite growth in AFFO and adjusted EBITDA.
- The company is investing heavily in development, including a new Illinois joint venture.
- Results underscore the resilience of regional gaming and the value of diversified real estate strategies.