Gaming and Leisure Properties (GLPI) has released its financial results for the third quarter of 2026, having set a new quarterly record with $435.4m of revenue – equating to growth of 9.5% – although net income decreased 14% to $213.8m.
Despite the fall in net income year-over-year, GLPI also managed to generate new quarterly highs in adjusted EBITDA and adjusted funds from operations (AFFO), which grew 13% and 10.5%, respectively, to $413.9m and $311.7m.
Rental income drove the vast majority of GLPI’s Q3 net revenue, having increased 8.5% to nearly $371m. Income from financial receivables rose 10.3% to $53m, while GLPI’s revenue from sales-type leases totaled $3.8m and increased 2%.
Interest income from real estate loans also increased from the prior year period, rising 90.3% to $7.7m. Operating expenses grew 107.6% to $125.5m, however, leading to an 8.1% decrease in GLPI’s income from operations to $309.9m.
Chairman and CEO Peter Carlino celebrated the Q3 results on October 29, but also called attention to the investment trust’s “significantly dislocated” share price.
GLPI Net Income/Loss History - Q3
in $mil
“These results demonstrate the strength of our model which prioritizes long-term triple-net leases with built-in escalators, strong lease coverage and the ability to structure and underwrite complex transactions and creative funding solutions for quality tenants,” Carlino said.
“Despite this consistent execution, we believe GLPI’s share price remains significantly dislocated from its fundamentals, resulting in an attractive yield of over 8.5% based on the current quarterly cash dividend.”
Lease agreements with Penn Entertainment generated over $142m of total casino income for GLPI during Q3, while an amended agreement with Pinnacle was responsible for just over $86.6m.
On October 28, GLPI formed its first-ever joint venture with Prologis to develop the former Hollywood Casino Joliet site in Illinois into an industrial use complex – also representing the organization’s inaugural non-gaming investment.
Prologis confirmed the site will be transitioned into a Class A warehouse and distribution park, pending review and approval by the City of Joliet.
The project is expected to take five years to complete while construction will be carried out in three phases. Construction will include the development of five building structures totaling over 3.8 million sq ft.
GLPI provided a project update covering five major developments in December 2025, which represent approximately $1.5bn in capital commitments for the real estate investment trust
