Gaming & Leisure Properties, Inc. (GLPI)

Price$38.08Cached quoteAs of 2026-10-06 23:54 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced because the high income yield offsets leverage, dilution, and modest growth.

At the observed market price, GLPI is about 10.5 times management’s 2026 adjusted funds from operations midpoint of $4.11 per share; that measure adds back real-estate depreciation and strips out several noncash items. The annualized $3.28 dividend yields about 7.6% and consumes roughly 80% of that cash-like earnings figure. Year-end price-to-adjusted-funds ratios were about 11.6 times in 2024 and 11.1 times in 2025. The modest discount is real, but not enough for a large margin of safety given leverage and ongoing share issuance. Gaming and Leisure Properties, Inc.+2StockAnalysis.com+2

Big pictureCash generation has grown steadily, while dividends remain covered and growth spending has become much heavier.

Cash from operations, meaning cash produced by normal business activity, rose from $428 million in 2020 to $1.13 billion in 2025. In 2025, $872 million of dividends used about 77% of that cash, leaving coverage before large growth investments. First-half 2026 operating cash flow was about $620 million, up roughly 14% from the same 2025 quarters. Capital expenditures rose from $40 million in 2024 to $304 million in 2025; because much spending supports expansion, simple free cash flow—cash left after running and investing—can understate the economics of a property growth cycle.

Business strengthLong leases and tenant-paid property costs support steady rent, but leverage and tenant concentration reduce resilience.

Triple-net leases mean tenants pay property taxes, insurance, maintenance and utilities, making landlord cash costs steadier. The portfolio spans 71 gaming facilities in 21 states, but concentration remains meaningful: PENN operates 34 properties and Bally’s 16. Reported rent coverage was 1.82 times for the main PENN lease, 2.17 for Bally’s Master Lease II, and 1.58 for Caesars. Net debt was about $7.76 billion in June; annualizing first-half operating earnings before interest, taxes, depreciation and amortization puts leverage near 4.8 times. Weighted debt cost was 5.07%, with a 6.9-year average maturity. Gaming and Leisure Properties, Inc.+2Gaming and Leisure Properties, Inc.+2

What could change the storySuccessful development funding could lift per-share cash flow, while expensive financing or dilution could erase the discount.

GLPI had about $1.37 billion of remaining announced funding commitments in June. Recent projects offer initial returns around 7.75%-8.0%, above the roughly 5.1% weighted debt cost, so successful completions can grow per-share cash earnings. The counterweight is financing: shares outstanding reached 290.9 million, up about 2.8% from 2025 year-end and roughly 25% from 2020. June’s equity settlement alone issued 7.59 million shares for $351 million. The bull case requires project returns and rent escalators to outrun dilution; weaker tenant coverage or pricier capital could instead force more equity. SEC+2SEC+2

AI: News

Second-quarter results and guidanceRevenue and cash-based property earnings rose, while management nudged full-year guidance higher.

On July 30, the company reported second-quarter revenue of $430.5 million, up 9.0% year over year. Adjusted funds from operations, a real-estate cash-earnings measure that removes depreciation and several noncash items, rose 10.1% to $304.0 million. Full-year guidance moved to $4.10-$4.12 per share from $4.08-$4.12, while planned 2026 development spending increased to $750-$800 million. The stock was only about 0.2% higher one trading day after the report, so the immediate market response was muted rather than clearly positive. SEC+2Gaming and Leisure Properties, Inc.+2

Equity raise settledThe company issued new shares to fund growth, easing financing pressure while diluting existing owners.

On June 1, the company settled a forward equity sale, issuing 7,589,487 shares and receiving $351.0 million net. That issuance equaled about 2.7% of the shares outstanding at 2025 year-end. The proceeds help fund a heavy development pipeline and reduce the need to borrow every dollar, but existing owners now hold a smaller percentage of the company. For value creation, the assets financed with this capital must produce enough additional rent and cash earnings to offset the larger share count. SEC+1

Dividend raised five percentThe higher dividend strengthened the income case, but it also leaves less cash for growth.

On May 20, the board raised the quarterly dividend to $0.82 from $0.78, a 5% increase, bringing the annualized rate to $3.28 per share. At the midpoint of 2026 adjusted funds from operations guidance, that is an approximately 80% payout. The increase supports the income case and signals confidence in rent collections, but it leaves only about one-fifth of that cash-like earnings measure retained for growth before other financing needs, making access to debt and equity markets important. Gaming and Leisure Properties, Inc.+1

Loading local price history

Revenue

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$1.59B	$1.53B	$0	$0	$109.7M	$103.0M	$128.4M	$1.06B	$971.3M	$828.3M	$575.1M	$591.1M	$235.5M	$210.6M	$231.9M
Gross profit	$1.54B	$1.48B	$0	$0	$56.7M	$46.3M	$53.7M	—	—	—	—	—	—	—	—
Gross margin	96.53%	96.89%	—	—	51.65%	44.95%	41.82%	—	—	—	—	—	—	—	—
Operating expenses	$393.3M	$400.9M	$325.8M	$296.9M	—	$343.9M	$436.1M	$461.9M	$365.8M	$347.6M	$317.6M	$332.6M	$181.5M	$167.0M	$179.4M
Operating income	$1.20B	$1.13B	$1.07B	$1.03B	$841.8M	$809.3M	$717.4M	$593.8M	$605.5M	$480.6M	$257.4M	$258.5M	$53.9M	$43.7M	$52.5M
Operating margin	75.34%	73.83%	—	—	767.39%	785.71%	558.78%	56.25%	62.34%	58.03%	44.76%	43.74%	22.89%	20.73%	22.65%
EBITDA	$1.48B	$1.40B	$1.35B	$1.28B	$1.09B	$1.05B	$976.4M	$742.2M	$729.4M	$596.3M	$367.2M	$365.3M	$82.8M	$57.8M	$67.1M
EBITDA margin	93.08%	91.68%	—	—	997.16%	1,021.63%	760.48%	70.30%	75.09%	72.00%	63.85%	61.81%	35.18%	27.42%	28.93%
Net income	$825.1M	$784.6M	$734.3M	$684.7M	$534.0M	$505.7M	$390.9M	$339.5M	$380.6M	$289.3M	$128.1M	$138.8M	$14.9M	$22.9M	$26.7M
Net profit margin	51.74%	51.23%	—	—	486.86%	490.99%	304.45%	32.16%	39.18%	34.93%	22.28%	23.48%	6.31%	10.88%	11.51%
Basic EPSper basic share	$2.95	$2.87	$2.78	$2.71	$2.27	$2.31	$1.82	$1.59	$1.80	$1.62	$1.12	$1.23	$0.13	$0.21	$0.24
Diluted EPSper diluted share	$2.95	$2.87	$2.77	$2.70	$2.26	$2.30	$1.81	$1.58	$1.79	$1.60	$1.08	$1.18	$0.13	$0.20	$0.23

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.33%of listed shares

BlackRock, Inc.35.86M shares · Jun 30, 2026

View holders

Top 20 reported holders of GLPI
Holder	% owned
BlackRock, Inc.	12.33%35.86M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	8.14%23.69M shares
Dodge & Cox	4.73%13.77M shares
STATE STREET CORP	4.63%13.48M shares
WELLINGTON MANAGEMENT GROUP LLP	4.29%12.48M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.23%12.3M shares
CARLINO PETER M	≈3.71%10.79M shares
GEODE CAPITAL MANAGEMENT, LLC	2.89%8.4M shares
PRINCIPAL FINANCIAL GROUP INC	2.30%6.68M shares
CITADEL ADVISORS LLC	2.10%6.12M shares
COHEN & STEERS, INC.	1.93%5.62M shares
MORGAN STANLEY	1.57%4.55M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.45%4.23M shares
JENNISON ASSOCIATES LLC	1.42%4.12M shares
DIMENSIONAL FUND ADVISORS LP	1.42%4.12M shares
NORGES BANK	1.33%3.87M shares
NORTHERN TRUST CORP	1.21%3.51M shares
JPMORGAN CHASE & CO	1.19%3.46M shares
DEUTSCHE BANK AG\	1.17%3.4M shares
Nuveen, LLC	1.00%2.9M shares

Percentages use 290.92M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)36$14.77M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 10, 2026Form 4	Urdang E ScottDirector	SellCommon Stock	3.0K	$48.32	$145.0K	127.4K
Feb 27, 2026Form 4 · 10b5-1	Burke Desiree A.CFO and Treasurer	SellCommon Stock	9.8K	$49.02	$480.6K	128.4K
Feb 24, 2026Form 4 · 10b5-1	Moore Brandon JohnPresident, COO, and Secretary	SellCommon Stock	16.9K	$48.05	$811.3K	257.9K
Feb 23, 2026Form 4 · 10b5-1	Moore Brandon JohnPresident, COO, and Secretary	SellCommon Stock	114	$48.01	$5.5K	274.8K
Feb 23, 2026Form 4	Urdang E ScottDirector	SellCommon Stock	4.0K	$47.37	$189.5K	130.4K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about GLPI yet. Start the conversation.

Write the first post

Gaming & Leisure Properties, Inc. (GLPI)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.