Key Highlights

  • Total revenues rose 9.5% to $435.4 million from $397.6 million.
  • Net income was $213.8 million, or $0.71 per diluted share, against $248.5 million, or $0.85.
  • Adjusted funds from operations were $311.7 million, up from $282.0 million.
  • Adjusted EBITDA reached $413.9 million, versus $366.4 million.
  • The company declared a third quarter Dividend of $0.82 per share, up from $0.78.

Acquisitions lift Revenue 9.5% to $435.4 million

Gaming and Leisure Properties (NASDAQ:GLPI) is a real estate Investment trust headquartered in Wyomissing, Pennsylvania, that acquires and owns gaming facilities leased to casino operators under triple-net leases. It reported results for the quarter ended September 30, 2026. Total revenues were $435.4 million, up $37.8 million from $397.6 million.

Recent acquisitions added $43.2 million of cash rental income, and Lease escalations contributed $4.6 million. Unfavorable straight-line rent adjustments of $9.7 million and lower percentage rents of $0.8 million partly offset these gains.

Rental income rose 8.5% to $371.0 million, and interest income from real estate loans rose 90.3% to $7.7 million.

A $36.2 million Credit loss provision explains the profit decline

Income from operations fell to $309.9 million from $337.2 million. Total operating expenses were $125.5 million versus $60.4 million, mainly because the provision for credit losses swung by $73.6 million. The company attributed the provision to lower projected Commercial Real Estate price growth, reflecting a sharp rise in long-term interest rates during the quarter; the prior year period carried a benefit.

Net income was $213.8 million, down about 13.9% on a calculated basis, and diluted EPS was $0.71 against $0.85. Interest expense was $4.8 million higher on borrowings used to fund acquisitions, and interest income was $6.4 million lower.

A $6.8 million gain on dispositions partly offset these items.

AFFO grows 10.5% even as FFO declines

Funds from operations were $275.9 million, down from $315.5 million, a decline of about 12.5% on a calculated basis, because the credit loss provision is not added back in that measure. Adjusted funds from operations, which adds it back, rose to $311.7 million from $282.0 million, up about 10.5% on a calculated basis.

Adjusted EBITDA was $413.9 million, up from $366.4 million. For the nine months, total revenues were $1,286.0 million versus $1,187.7 million, Net Income was $688.2 million versus $575.0 million, and AFFO was $912.8 million versus $830.1 million.

Funding growth: a Lincoln purchase, new notes and a larger revolver

In February 2026, the company bought the real property of a Lincoln casino for $703.4 million, paying $688.0 million in cash and issuing OP units valued at $15.4 million.

On March 4, 2026, it issued $800 million of 5.625% senior notes due March 1, 2036 and used the proceeds to repay a term loan. At September 30, 2026, senior notes totaled $7,150.0 million, long-term Debt was $8.08 billion and cash was $165.8 million.

The company had $1,760.5 million of available revolver capacity and said it was in compliance with its financial covenants.

Dividends, a Joliet joint venture and what comes next

The board declared a quarterly dividend of $0.82 per share on September 1, 2026, paid on September 25, 2026, compared with $0.78 a year earlier. Several wholly-owned subsidiaries of PENN Entertainment (NASDAQ:PENN) lease a substantial number of the company's properties and account for a significant portion of revenue.

On October 27, 2026, the company agreed to form a joint venture with Prologis (NYSE:PLD) to develop the former Hollywood Casino Joliet site into a Warehouse and distribution park over about five years. GLPI will receive a $61 million Capital Account credit and hold roughly 20% of it.

Readers will likely follow how credit loss provisioning behaves if long-term rates stay high and how Acquisition funding costs compare with new rent.