Gaming & Leisure Properties, Inc. 8K

Gaming and Leisure Properties, Inc. reported record Q1 2026 results, completed $727 million of accretive gaming real estate transactions, issued $800 million of 2036 senior notes, and raised its 2026 AFFO guidance while outlining substantial development and funding commitments supported by a leverage level at the low end of its target range.

Gaming and Leisure Properties, Inc. reported record first quarter 2026 results with total revenue up 6.3% year over year to $420.0 million and AFFO up 9.2% to $297.1 million, driven by strong tenant performance and portfolio growth, and raised its 2026 full-year AFFO guidance to $1.212–$1.223 billion ($4.08–$4.12 per diluted share and OP/LTIP unit). During the quarter the company completed two accretive real estate transactions totaling $727 million, acquiring the Bally’s Twin River Lincoln Casino Resort real property for $700 million at an 8.0% cap rate and issuing 332,890 LTIP units as partial consideration, and acquiring land and entering into a $467 million development agreement at an 8.0% cap rate for The Cordish Companies’ Live! Casino & Hotel Virginia project, marking GLPI’s entry into Virginia. GLPI also funded approximately $159 million toward development projects, including Bally’s Chicago, Live! Virginia, the Ione Band of Miwok Indians’ Acorn Ridge casino (via an 11% term loan), and Bally’s Marquette, and ended the quarter with leverage of 5.0x net debt to adjusted EBITDA, at the low end of its 5.0x–5.5x target range. In addition, on March 4, 2026 the company issued $800 million of senior unsecured notes due 2036 at a 5.625% coupon to refinance term loan borrowings and for general corporate purposes, the board declared and paid a $0.78 first quarter dividend (annualized $3.12 per share), and management outlined a robust 2026 capital plan including $590–$640 million of additional development fundings, a planned $225 million funding for PENN’s Aurora relocation on or about June 24, 2026, and the anticipated June 1, 2026 settlement of $363.3 million of forward equity sale proceeds, all expected to support continued AFFO and dividend growth.

Filing Facts

CIK

1575965

Ticker

-

Form

8K

Source Type

sec

Accession

0001575965-26-000050

Alert Tier

7