$GLPI · Gaming & Leisure Properties, Inc.
Gaming & Leisure Properties reported Q3 2026 results with record total revenue of $435.4M (+9.5% YoY), record AFFO of $311.7M (+10.5% YoY), and record Adjusted EBITDA of $413.9M (+13.0% YoY). GAAP net income declined to $213.8M ($0.71 per diluted share) from $248.5M ($0.85) a year ago, driven by a $36.2M provision for credit losses versus a $37.4M benefit in the prior-year quarter. FY2026 AFFO guidance was tightened to $4.11–$4.12 per share, raising the low end from $4.10.
- Q3 total revenue rose 9.5% YoY to $435.4M, a record.
- AFFO per share grew 7.2% YoY to $1.04; Adjusted EBITDA up 13.0% to $413.9M.
- Net income fell 13.9% YoY to $213.8M, with diluted EPS declining to $0.71 from $0.85.
- FY2026 AFFO guidance raised to $4.11–$4.12 per share (prior: $4.10–$4.12), implying ~$1.222B–$1.225B.
- Provision for credit losses swung to a $36.2M expense vs. a $37.4M benefit in Q3 2025, pressuring GAAP net income.
GLPI shares are down 1.25% to $38.99 in regular trading despite record revenue and AFFO, likely reflecting the GAAP EPS miss ($0.71 vs. $0.85 prior year) and the $36.2M credit-loss provision swing that weighed on net income.
The divergence between record AFFO/Adjusted EBITDA and declining GAAP EPS highlights growing tenant credit risk in GLPI's gaming REIT portfolio, even as the company expands into industrial real estate via the Prologis JV.
GLPI's triple-net gaming REIT model continues to deliver AFFO growth (+10.5% YoY) despite GAAP earnings pressure from credit provisions. The Prologis JV for the former Joliet casino site diversifies beyond pure gaming real estate into industrial/logistics.
The $36.2M provision for credit losses (vs. a $37.4M benefit in Q3 2025) signals tenant credit deterioration risk. The company notes it cannot predict future ASC 326 provisions, which depend on tenant performance and macro conditions.