Gaming and Leisure Properties, Inc. Q4 FY2025 earnings call

Peter is unavailable due to back issues but prepared remarks were shared. Entering 2026, the company is in a strong position with a deep pipeline of $2,600,000,000 future capital commitments. Recently completed acquisition of Bally’s Lincoln, closed on Cordish Live! Virginia project, funding ongoing in Bally’s Chicago. Anticipate grand opening of Ione Band Acorn Ridge, ongoing development at Caesars Republic Sonoma. Balance sheet is strong with lever ratio 4.6x, tenants have healthy rent coverage.

The 2025 total income from real estate exceeded 2024 by over $17,000,000. Growth was driven by cash rent increases of over $23,000,000 from acquisitions and escalations. For Bally’s, acquisitions and lease changes contributed to cash rent increases. For Penn, similar factors added to cash income. Non-cash revenue items partially offset these increases. Operating expenses decreased by $37,800,000 mainly due to a non-cash adjustment in the provision for credit loss.

2026 AFFO guidance between $1.207 billion and $1.222 billion, or $4.06 to $4.11 per diluted share. Includes anticipated development fundings of $575,000,000 to $650,000,000, acquisition of Penn’s Aurora facility ($225,000,000) late in 2026, completion of Lincoln acquisition, and settlement of $363,000,000 forward equity on 06/01/2026.

Competitive pressures affecting purchase prices, legislative changes in Virginia impacting Cordish project underwriting, equity trading of tenants affecting stock valuation, uncertainty around predictive markets impacting tribal project underwriting.

Q: Update on Bally’s Chicago project?

A: Project is over 20% complete, hotel on level 21, curtain wall glass started, casino podium nearing completion, expected to open in first half 2027.

Q: Pipeline comments?

A: Tribal side has productive conversations, pipeline has $2,000,000,000 with $700,000,000 completed, development fundings in 2026 include various projects.

Q: Vegas and New York projects?

A: Vegas stadium progressing, Bally’s to finalize plans for integrated resort, New York project is attractive but likely no majority capital from GLPI.

Q: Lincoln purchase price change?

A: Changed due to adjusting rent for proper coverage, lowering purchase price while keeping cap rate.

Q: Virginia iGaming impact?

A: iGaming reconciliation ongoing, underwriting strong with good coverage, not expected to impact current projects.