GLPI posts AFFO growth 5.7%

Gaming and Leisure Properties posted record first-quarter results on April 23 and raised its 2026 outlook after closing $727 million of acquisitions. (markets.businessinsider.com) Adjusted funds from operations, a cash-flow measure real estate investors use in place of net income, rose 9.2% to $297.1 million, or $1.02 per share. Total revenue increased 6.3% to $420.0 million. (markets.businessinsider.com) Net income climbed to $239.4 million from $170.4 million a year earlier, while funds from operations rose to $304.0 million from $234.8 million. GLPI said the quarter included two accretive transactions totaling $727 million. (markets.businessinsider.com) (stocktitan.net) The largest deal was Bally’s Lincoln in Rhode Island. GLPI bought the real estate for $700 million on February 11, and the initial annual cash rent of $56.0 million implied an 8.0% capitalization rate. (stocktitan.net) (docs.publicnow.com) The other piece was land tied to The Cordish Companies’ Live! Casino & Hotel Virginia project in Petersburg. Together, those deals added rent and extended GLPI’s reach beyond its core regional casino base. (stocktitan.net) (quartr.com) Management raised 2026 adjusted funds from operations guidance to $4.08 to $4.12 per share and said total development spending this year should reach $750 million to $800 million. The company said about $1.8 billion of development commitments remained at March 31. (stocktitan.net) (seekingalpha.com) GLPI ended the quarter with net debt to adjusted EBITDA of 5.0 times, which management described as its target leverage area. It also issued $800 million of senior notes with a 5.625% coupon during the period. (stocktitan.net) The stock closed at $47.31 on April 24, up 1.44% for the day after the earnings release and conference call. That move followed a quarter in which GLPI said rent growth came from acquisitions and contractual escalators. (finance.yahoo.com) (markets.businessinsider.com) For casino landlords, the report showed that buyers are still getting roughly 8% yields on sale-leaseback style deals even as GLPI commits more capital to ground-up projects. GLPI’s next test is execution: funding the remaining pipeline while keeping leverage near target. (docs.publicnow.com) (stocktitan.net)