Gaming & Leisure Properties, Inc. Q3 FY25 Results

Our record third quarter revenue, AFFO, and Adjusted EBITDA reflect GLPI’s diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators. The record results again highlight GLPI’s unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth. Importantly, our lease coverages remain strong, with each of our five major tenants, which account for approximately 97% of our cash rent, exhibiting rent coverage of over 1.8x on a per tenant basis, as long term tenant stability 1 remains a bedrock of our principles and underwriting approach. On an operating basis, third quarter total revenue rose 3.2% year over year to $397.6 million, cash revenue expanded 5.8% to $375.7 million, AFFO grew 5.1% to $282.0 million, and Adjusted EBITDA increased 5.8%. “Our deep knowledge of the gaming sector continues to drive the expansion and diversification of GLPI’s tenant roster, geographic footprint, and rental streams. At the same time, GLPI's active support of our tenants through innovative transaction structures has proven to be mutually beneficial and our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector.