Gaming and Leisure Properties (GLPI)
Market Price (8/10/2026): $44.25 | Market Cap: $12.6 BilSector: Real Estate | Industry: Other Specialized REITs
Gaming and Leisure Properties (GLPI)
Market Price (8/10/2026): $44.25Market Cap: $12.6 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 83% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -60% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 64% Key risksGLPI key risks include [1] competition from digital iGaming eroding demand for its physical casinos and [2] significant tenant concentration, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 83% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -60% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 64% |
| Key risksGLPI key risks include [1] competition from digital iGaming eroding demand for its physical casinos and [2] significant tenant concentration, Show more. |
Qualitative Assessment
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Gaming and Leisure Properties (GLPI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Share Dilution from Forward Sale Agreement.In June 2026, Gaming and Leisure Properties settled a forward sale agreement, issuing 7,589,487 shares of common stock that generated net proceeds of $351.0 million. This increase in the common share count likely created downward pressure on the stock due to dilution.
2. Multiple Analyst Price Target Reductions.During Q2 and July 2026, several analyst firms lowered their price targets for GLPI, signaling a more cautious outlook on the stock. Examples include Barclays cutting its price target from $53 to $50 on July 22, 2026, and Wells Fargo reducing its target from $48 to $45 on July 15, 2026.
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Gaming and Leisure Properties (GLPI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Share Dilution from Forward Sale Agreement.In June 2026, Gaming and Leisure Properties settled a forward sale agreement, issuing 7,589,487 shares of common stock that generated net proceeds of $351.0 million. This increase in the common share count likely created downward pressure on the stock due to dilution.
2. Multiple Analyst Price Target Reductions.During Q2 and July 2026, several analyst firms lowered their price targets for GLPI, signaling a more cautious outlook on the stock. Examples include Barclays cutting its price target from $53 to $50 on July 22, 2026, and Wells Fargo reducing its target from $48 to $45 on July 15, 2026.
3. Investor Concerns Regarding Dividend Payout Ratio.Despite the company announcing a 5.1% increase in its quarterly dividend to $0.82 per share in Q2 2026, the elevated dividend payout ratio of 104.13% raised questions among investors about the long-term sustainability of the dividend, contributing to a 2.8% stock decline on July 30, 2026, following the earnings report.
4. Underperformance of the Casino REIT Sub-Sector.While the broader REIT sector demonstrated strong performance in the first half of 2026, the casino REIT property type, which GLPI operates within, underperformed by struggling with a 3.93% decline in June 2026. This negative trend in the specific sub-sector likely contributed to GLPI's stock movement.
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Stock Movement Drivers
Fundamental Drivers
The -7.3% change in GLPI stock from 4/30/2026 to 8/9/2026 was primarily driven by a -13.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.63 | 44.14 | -7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,620 | 1,655 | 2.2% |
| Net Income Margin (%) | 55.1% | 58.5% | 6.3% |
| P/E Multiple | 15.1 | 13.0 | -13.9% |
| Shares Outstanding (Mil) | 283 | 286 | -0.9% |
| Cumulative Contribution | -7.3% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| GLPI | -7.3% | |
| Market (SPY) | 7.6% | -27.6% |
| Sector (XLRE) | 1.3% | 74.3% |
Fundamental Drivers
The 2.0% change in GLPI stock from 1/31/2026 to 8/9/2026 was primarily driven by a 19.1% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.27 | 44.14 | 2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,577 | 1,655 | 4.9% |
| Net Income Margin (%) | 49.1% | 58.5% | 19.1% |
| P/E Multiple | 15.8 | 13.0 | -17.6% |
| Shares Outstanding (Mil) | 283 | 286 | -1.0% |
| Cumulative Contribution | 2.0% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| GLPI | 2.0% | |
| Market (SPY) | 12.1% | -3.6% |
| Sector (XLRE) | 9.3% | 69.4% |
Fundamental Drivers
The 3.7% change in GLPI stock from 7/31/2025 to 8/9/2026 was primarily driven by a 27.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.58 | 44.14 | 3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,565 | 1,655 | 5.8% |
| Net Income Margin (%) | 45.9% | 58.5% | 27.5% |
| P/E Multiple | 16.4 | 13.0 | -20.8% |
| Shares Outstanding (Mil) | 277 | 286 | -2.9% |
| Cumulative Contribution | 3.7% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| GLPI | 3.7% | |
| Market (SPY) | 23.4% | -0.4% |
| Sector (XLRE) | 11.4% | 58.1% |
Fundamental Drivers
The 12.9% change in GLPI stock from 7/31/2023 to 8/9/2026 was primarily driven by a 19.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.09 | 44.14 | 12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,382 | 1,655 | 19.8% |
| Net Income Margin (%) | 54.5% | 58.5% | 7.4% |
| P/E Multiple | 13.6 | 13.0 | -4.4% |
| Shares Outstanding (Mil) | 262 | 286 | -8.1% |
| Cumulative Contribution | 12.9% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| GLPI | 12.9% | |
| Market (SPY) | 74.9% | 27.8% |
| Sector (XLRE) | 29.3% | 70.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GLPI Return | 22% | 13% | 1% | 4% | -1% | 1% | 46% |
| Peers Return | 29% | -2% | 5% | -3% | 12% | 15% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| GLPI Win Rate | 58% | 58% | 42% | 58% | 50% | 50% | |
| Peers Win Rate | 63% | 48% | 47% | 55% | 53% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GLPI Max Drawdown | -12% | -16% | -16% | -14% | -15% | -11% | |
| Peers Max Drawdown | -14% | -24% | -26% | -18% | -14% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VICI, EPR, NNN, WPC, O. See GLPI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | GLPI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.3% | -6.7% |
| % Gain to Breakeven | 12.7% | 7.1% |
| Time to Breakeven | 417 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.8% | -24.5% |
| % Gain to Breakeven | 13.3% | 32.4% |
| Time to Breakeven | 83 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.6% | -33.7% |
| % Gain to Breakeven | 218.3% | 50.9% |
| Time to Breakeven | 399 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.2% | -3.7% |
| % Gain to Breakeven | 13.9% | 3.9% |
| Time to Breakeven | 138 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.1% | -12.2% |
| % Gain to Breakeven | 30.0% | 13.9% |
| Time to Breakeven | 76 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -16.4% | -6.8% |
| % Gain to Breakeven | 19.6% | 7.3% |
| Time to Breakeven | 55 days | 15 days |
In The Past
Gaming and Leisure Properties's stock fell -4.8% during the 2025 US Tariff Shock. Such a loss loss requires a 5.0% gain to breakeven.
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| Event | GLPI | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -68.6% | -33.7% |
| % Gain to Breakeven | 218.3% | 50.9% |
| Time to Breakeven | 399 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.1% | -12.2% |
| % Gain to Breakeven | 30.0% | 13.9% |
| Time to Breakeven | 76 days | 62 days |
In The Past
Gaming and Leisure Properties's stock fell -4.8% during the 2025 US Tariff Shock. Such a loss loss requires a 5.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Gaming and Leisure Properties (GLPI)
Gaming and Leisure Properties (GLPI) operates as a specialized real estate investment trust (REIT) focused exclusively on the gaming industry. The company's primary business involves acquiring, financing, and owning the land and buildings that house various casino and gaming operations. Rather than running the casinos themselves, GLPI acts as a landlord, providing the essential physical infrastructure to major gaming companies.
GLPI's core service is offering its properties under long-term, triple-net lease arrangements. This specific type of lease is crucial to its business model: GLPI collects rent, while its tenant (the gaming operator) is responsible for virtually all property-related expenses. This includes all facility maintenance, property insurance, real estate taxes, and utilities. This structure provides GLPI with a stable and predictable revenue stream, with minimal operational responsibilities or capital expenditure requirements related to property upkeep.
The primary customers for GLPI's real estate are established gaming and casino operators seeking to unlock capital from their real estate holdings or expand their operations without direct ownership of the underlying property. GLPI serves the broader commercial gaming market, functioning as a critical real estate partner to the companies that manage and operate these entertainment venues.
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Here are a few brief analogies for Gaming and Leisure Properties (GLPI):
- Like Realty Income, but for casinos.
- Prologis for gaming properties.
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- Triple-Net Real Estate Leases: GLPI provides long-term leases of real estate properties to gaming operators, where the tenant is responsible for all property maintenance, insurance, taxes, and utilities.
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Gaming and Leisure Properties (GLPI) sells primarily to other companies. Its major customers, which are gaming operators, include:
- Penn Entertainment, Inc. (NASDAQ: PENN)
- Bally's Corporation (NYSE: BALY)
- Boyd Gaming Corporation (NYSE: BYD)
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Peter M. Carlino, Chairman and Chief Executive Officer
Peter M. Carlino founded PENN Entertainment (formerly Penn National Gaming) and served as its CEO from 1994 to 2013 and Chairman until 2019. He was the architect of the spin-off that created Gaming and Leisure Properties (GLPI) in 2013, transferring leadership to the REIT. Since 1976, he has also led Carlino Capital Management Corp., which owns and operates various Carlino family businesses.
Desiree A. Burke, Chief Financial Officer and Treasurer
Desiree A. Burke was promoted to Chief Financial Officer in October 2022. She joined GLPI in April 2014 as Senior Vice President and Chief Accounting Officer. Before GLPI, she served as Vice President and Chief Accounting Officer at Penn National Gaming (now PENN Entertainment) from 2009, and as Vice President and Corporate Controller from 2005 to 2009. Prior to Penn National, she was Executive Vice President/Director of Financial Reporting and Control for MBNA America Bank, N.A. She is a CPA and was part of the team that structured the tax-free spin which created GLPI.
Brandon J. Moore, President, Chief Operating Officer and Secretary
Brandon J. Moore assumed the role of Chief Operating Officer in October 2022, while retaining his responsibilities as General Counsel and Secretary. He joined GLPI in 2014 as Senior Vice President and General Counsel. Prior to GLPI, he served as Vice President, Senior Corporate Counsel at Penn National Gaming, Inc. He was also part of the team at Penn that structured and completed the tax-free spin-off to create GLPI.
Steven L. Ladany, Senior Vice President, Chief Development Officer
Steven L. Ladany serves as the Senior Vice President and Chief Development Officer for GLPI.
Carlo Santarelli, Senior Vice President, Corporate Strategy and Investor Relations
Carlo Santarelli is the Senior Vice President of Corporate Strategy and Investor Relations for Gaming and Leisure Properties.
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The key risks for Gaming and Leisure Properties (GLPI) stem primarily from its specialized focus as a real estate investment trust (REIT) within the highly regulated gaming industry and its reliance on the financial health of its casino operator tenants.
- Dependence on the Gaming Industry and Economic Downturns: GLPI's business performance is intrinsically linked to the overall health and consumer demand within the gaming industry. Economic downturns, a decrease in discretionary consumer spending, or a decline in the popularity of gaming activities could reduce the revenues of its casino tenants. This, in turn, could adversely affect the tenants' ability to meet their lease obligations, thereby impacting GLPI's rental income and financial results.
- Regulatory and Legal Risks Specific to the Gaming Industry: The ownership, operation, and management of gaming and racing facilities are subject to extensive and pervasive state-level regulation. Changes in these regulations, such as new licensing requirements, increased competition from additional gaming licenses, or higher gaming taxes, could negatively affect the operations and profitability of GLPI's tenants. Such regulatory shifts could ultimately impair the tenants' capacity to pay rent, and required regulatory approvals can also delay or prohibit property transfers.
- Tenant Financial Health and Concentration Risk: Despite utilizing triple-net lease arrangements designed to mitigate some operational risks, GLPI remains exposed to the financial stability of its gaming operator tenants. The bankruptcy or insolvency of a significant tenant could lead to lease terminations and substantial financial losses for GLPI. While GLPI has diversified its tenant base, a material portion of its revenues has historically been dependent on specific operators, such as PENN Entertainment and its subsidiaries, highlighting an ongoing concentration risk related to the financial health of its major tenants.
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The clear emerging threat to Gaming and Leisure Properties is the continued and accelerating shift of consumer engagement towards online gaming, including iGaming and online sports betting. As more individuals choose to gamble and engage with gaming experiences through digital platforms from their homes or mobile devices, there is a potential for reduced foot traffic, lower revenue, and decreased profitability for the brick-and-mortar casinos that are GLPI's tenants. This trend could diminish the long-term value and demand for physical casino real estate, potentially impacting GLPI's ability to secure favorable lease terms or maintain current rental rates with its gaming operator tenants.
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Addressable Market Size for Gaming and Leisure Properties (GLPI)
Gaming and Leisure Properties (GLPI) is a real estate investment trust (REIT) focused on acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease arrangements in the United States.
The estimated addressable market for gaming real estate in the U.S. is approximately $0.3 trillion (USD 300 billion). This market size is calculated by applying a 7.0% capitalization rate to the estimated net operating income (NOI) of the gaming industry's properties, excluding tribal gaming and REIT-owned properties as of 2022. The calculation also considers a 50% gross gaming revenue contribution to total property revenue and 35% property EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) margins based on industry averages, along with a 1.5x EBITDAR-to-rent coverage.
GLPI operates across 20 states and holds a significant share of the regional gaming real estate market in the U.S., positioning itself as the second-largest gaming REIT by market capitalization and property count as of early 2026.
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Gaming and Leisure Properties (GLPI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Strategic Acquisitions and Development Funding: GLPI consistently focuses on acquiring new real estate properties and funding development projects for its gaming operator tenants. Recent examples include the acquisition of Bally's Lincoln for $700 million and ongoing commitments to projects like Bally's Chicago and the Live! Casino & Hotel Virginia, which are anticipated to immediately contribute to increased rental income upon completion. The company has a substantial capital deployment pipeline, with approximately $2.6 billion committed for 2026, including $575 million to $650 million planned for the upcoming quarters, indicating continued growth through new assets.
- Contractual Rent Escalators and Percentage Rent: The triple-net lease agreements GLPI has in place with its tenants often include built-in contractual rent escalators and provisions for percentage rent adjustments. These mechanisms are a consistent source of cash rent increases and contribute to the overall growth in revenue without requiring new acquisitions.
- Expansion into New Markets and Diversification: GLPI is actively pursuing opportunities to expand its portfolio into new geographic markets and diversify its real estate holdings. This includes targeting newly legalized and expanding gaming jurisdictions and increasing exposure to high-trophy destination assets and non-gaming leisure properties to broaden its tenant base and mitigate operator concentration risk.
- Growth with Existing Tenants: The company supports the growth initiatives of its current tenants by providing funding for expansions and redevelopments of existing properties. Examples include funding for the M Resort hotel tower expansion for Penn Entertainment and various projects with Bally's Corporation, which enhance the value and revenue-generating potential of the leased assets.
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Share Issuance
- In June 2022, Gaming and Leisure Properties (GLPI) announced an underwritten public offering to sell 6,900,000 shares of common stock, with an option for underwriters to purchase an additional 1,035,000 shares, intended to partially finance previously announced acquisitions.
- The company initiated a new continuous equity offering program in May 2025, authorizing the sale of up to $1.25 billion in common stock through "at the market" offerings.
- In June 2025, GLPI settled a forward sale agreement for 8,170,387 shares of common stock, generating $404.0 million.
Outbound Investments
- In March 2022, GLPI completed the acquisition of three casino properties from The Cordish Companies (Live Casino Philadelphia, Live Casino Maryland, and Live Casino Pittsburgh) for a total of $1.8 billion.
- Between 2023 and early 2026, GLPI acquired several properties from Bally's Corporation, including Bally's Tiverton, Hard Rock Hotel & Casino Biloxi ($635 million in 2023), Bally's Kansas City, Bally's Shreveport ($395 million in 2024), and Bally's Twin River Lincoln Casino Resort ($700 million in February 2026).
- Significant investments in 2025 included the acquisition of Sunland Park Racetrack and Casino for $183.75 million and a commitment to acquire land for $27 million and fund $440 million in hard costs for the Live! Casino & Hotel Virginia development.
Capital Expenditures
- As a real estate investment trust operating under triple-net lease arrangements, tenants are generally responsible for facility maintenance, insurance, taxes, and utilities, which typically includes most capital expenditures on the leased properties.
- GLPI has a committed funding pipeline of approximately $2.6 billion as of December 31, 2025, for development projects and future acquisitions, expected to be deployed over the subsequent 24 months.
- This pipeline includes substantial capital outlays for projects such as the Bally's Chicago permanent casino site, where GLPI's investment totaled $1.19 billion (including the 2024 site acquisition), with approximately $200-$300 million of capital expenditures absorbed by GLPI to date as of late 2025.
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 54.52 |
| Mkt Cap | 14.4 |
| Rev LTM | 1,723 |
| Op Inc LTM | 1,160 |
| FCF LTM | 947 |
| FCF 3Y Avg | 1,157 |
| CFO LTM | 1,212 |
| CFO 3Y Avg | 1,269 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.5% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 11.9% |
| Op Inc Chg 3Y Avg | 7.9% |
| Op Mgn LTM | 59.2% |
| Op Mgn 3Y Avg | 59.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 69.0% |
| CFO/Rev 3Y Avg | 69.9% |
| FCF/Rev LTM | 66.3% |
| FCF/Rev 3Y Avg | 65.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.4 |
| P/S | 8.3 |
| P/Op Inc | 13.5 |
| P/EBIT | 13.4 |
| P/E | 20.6 |
| P/CFO | 12.1 |
| Total Yield | 10.6% |
| Dividend Yield | 5.7% |
| FCF Yield 3Y Avg | 7.9% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investments in real estate | 1,595 | 1,532 | 1,440 | 1,312 | |
| Single Segment | 1,216 | ||||
| Total | 1,595 | 1,532 | 1,440 | 1,312 | 1,216 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Gaming and Leisure Properties (GLP) Capital | 781 | 792 | 694 | 630 | 579 |
| Taxable REIT subsidiary (TRS) Properties | 61 | 17 | 23 | -36 | 27 |
| Total | 842 | 809 | 717 | 594 | 606 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Gaming and Leisure Properties (GLP) Capital | 515 | 508 | 382 | 390 | 373 |
| Taxable REIT subsidiary (TRS) Properties | 19 | -2 | 9 | -51 | 8 |
| Total | 534 | 506 | 391 | 340 | 381 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Gaming and Leisure Properties (GLP) Capital | 10,387 | 8,590 | 8,299 | 8,441 | 7,046 |
| Taxable REIT subsidiary (TRS) Properties | 304 | 444 | 135 | 136 | 201 |
| Total | 10,690 | 9,034 | 8,434 | 8,577 | 7,247 |
Price Behavior
| Market Price | $44.14 | |
| Market Cap ($ Bil) | 12.6 | |
| First Trading Date | 10/14/2013 | |
| Distance from 52W High | -8.4% | |
| 50 Days | 200 Days | |
| DMA Price | $45.05 | $44.53 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -2.0% | -0.9% |
| 3M | 1YR | |
| Volatility | 20.8% | 18.5% |
| Downside Capture | -30.41 | -8.02 |
| Upside Capture | -54.46 | -2.82 |
| Correlation (SPY) | -32.3% | -0.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.55 | -0.58 | -0.44 | -0.04 | 0.00 | 0.34 |
| Up Beta | -2.10 | -0.99 | -0.67 | -0.27 | -0.05 | 0.25 |
| Down Beta | -0.59 | -0.41 | -0.32 | 0.18 | 0.21 | 0.45 |
| Up Capture | -3% | -57% | -44% | 0% | -2% | 10% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 29 | 62 | 123 | 376 |
| Down Capture | -12% | -45% | -34% | -6% | -14% | 59% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 22 | 34 | 63 | 127 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLPI | |
|---|---|---|---|---|
| GLPI | 3.2% | 18.4% | 0.03 | - |
| Sector ETF (XLRE) | 11.4% | 14.0% | 0.53 | 58.3% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | -0.6% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -3.6% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -6.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 59.5% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 1.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLPI | |
|---|---|---|---|---|
| GLPI | 5.1% | 20.0% | 0.16 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | 71.7% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 45.7% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 9.3% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 12.1% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 73.7% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 21.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GLPI | |
|---|---|---|---|---|
| GLPI | 9.0% | 28.9% | 0.36 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 66.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 53.0% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 9.0% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 22.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 71.6% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 15.4% |
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Returns Analyses
Earnings Returns History
Updated 6/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/24/2026 | -0.1% | 1.0% | 1.2% |
| 2/20/2026 | 1.3% | 3.5% | -0.6% |
| 10/31/2025 | 4.5% | 3.4% | 1.2% |
| 7/25/2025 | -2.1% | -1.1% | 2.5% |
| 4/25/2025 | 0.0% | -1.1% | -2.7% |
| 2/21/2025 | -0.5% | 2.1% | 5.7% |
| 7/26/2024 | 0.9% | 0.1% | 3.2% |
| 4/26/2024 | 1.7% | 1.7% | 3.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 7 | 6 | 5 |
| Median Positive | 0.7% | 1.3% | 3.0% |
| Median Negative | -0.8% | -1.1% | -3.0% |
| Max Positive | 4.5% | 3.7% | 7.0% |
| Max Negative | -2.1% | -2.5% | -8.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/24/2026 | -0.1% | 1.0% | 1.2% |
| 2/20/2026 | 1.3% | 3.5% | -0.6% |
| 10/31/2025 | 4.5% | 3.4% | 1.2% |
| 7/25/2025 | -2.1% | -1.1% | 2.5% |
| 4/25/2025 | 0.0% | -1.1% | -2.7% |
| 2/21/2025 | -0.5% | 2.1% | 5.7% |
| 7/26/2024 | 0.9% | 0.1% | 3.2% |
| 4/26/2024 | 1.7% | 1.7% | 3.9% |
| 2/28/2024 | -0.1% | -0.1% | 2.9% |
| 10/27/2023 | -0.9% | 3.7% | 1.7% |
| 7/28/2023 | 0.0% | 0.3% | -3.0% |
| 4/28/2023 | 0.1% | -1.8% | -8.6% |
| 10/28/2022 | 0.3% | 0.1% | 3.2% |
| 8/1/2022 | -0.8% | -2.5% | -3.5% |
| 5/2/2022 | -1.8% | 0.0% | 5.5% |
| 3/2/2022 | 2.9% | -0.8% | 7.0% |
| 4/30/2021 | 0.4% | 1.3% | 1.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 7 | 6 | 5 |
| Median Positive | 0.7% | 1.3% | 3.0% |
| Median Negative | -0.8% | -1.1% | -3.0% |
| Max Positive | 4.5% | 3.7% | 7.0% |
| Max Negative | -2.1% | -2.5% | -8.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 4/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO | 1.21 Bil | 1.22 Bil | 1.22 Bil | 0.2% | Raised | Guidance: 1.21 Bil for 2026 | |
| 2026 AFFO per share | 4.08 | 4.1 | 4.12 | 0.4% | Raised | Guidance: 4.08 for 2026 | |
| 2026 Development Spend | 750.00 Mil | 775.00 Mil | 800.00 Mil | ||||
Prior: Q4 2025 Earnings Reported 2/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO | 1.21 Bil | 1.21 Bil | 1.22 Bil | 8.8% | Higher New | Guidance: 1.12 Bil for 2025 | |
| 2026 AFFO per diluted share and OP/LTIP units | 4.06 | 4.08 | 4.11 | 5.6% | Higher New | Guidance: 3.87 for 2025 | |
Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO | 1.11 Bil | 1.12 Bil | 1.12 Bil | 0.1% | Raised | Guidance: 1.11 Bil for 2025 | |
| 2025 AFFO per diluted share and OP/LTIP units | 3.86 | 3.87 | 3.88 | 0.3% | Raised | Guidance: 3.86 for 2025 | |
Insider Activity
Updated 6/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Urdang, E Scott | Direct | Sell | 6112026 | 48.32 | 3,000 | 144,960 | 6,157,369 | Form | |
| 2 | Burke, Desiree A | CFO and Treasurer | Direct | Sell | 2272026 | 49.02 | 9,804 | 480,592 | 6,291,815 | Form |
| 3 | Moore, Brandon John | President, COO, and Secretary | Direct | Sell | 2242026 | 48.05 | 16,884 | 811,276 | 12,390,846 | Form |
| 4 | Moore, Brandon John | President, COO, and Secretary | Direct | Sell | 2242026 | 48.01 | 114 | 5,473 | 13,189,758 | Form |
| 5 | Urdang, E Scott | Direct | Sell | 2242026 | 47.37 | 4,000 | 189,480 | 6,178,422 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Urdang, E Scott | Direct | Sell | 6112026 | 48.32 | 3,000 | 144,960 | 6,157,369 | Form | |
| 2 | Burke, Desiree A | CFO and Treasurer | Direct | Sell | 2272026 | 49.02 | 9,804 | 480,592 | 6,291,815 | Form |
| 3 | Moore, Brandon John | President, COO, and Secretary | Direct | Sell | 2242026 | 48.05 | 16,884 | 811,276 | 12,390,846 | Form |
| 4 | Moore, Brandon John | President, COO, and Secretary | Direct | Sell | 2242026 | 48.01 | 114 | 5,473 | 13,189,758 | Form |
| 5 | Urdang, E Scott | Direct | Sell | 2242026 | 47.37 | 4,000 | 189,480 | 6,178,422 | Form | |
| 6 | Moore, Brandon John | President, COO, and Secretary | Direct | Sell | 2242026 | 48.05 | 1,376 | 66,110 | 13,206,308 | Form |
| 7 | Ladany, Steven | SVP Chief Development Officer | Direct | Sell | 1052026 | 44.30 | 2,825 | 125,147 | 3,158,368 | Form |
| 8 | Ladany, Steven | SVP Chief Development Officer | Direct | Sell | 1052026 | 44.09 | 2,630 | 115,957 | 2,754,258 | Form |
| 9 | Ladany, Steven | SVP Chief Development Officer | Direct | Sell | 1052026 | 44.77 | 18,000 | 805,860 | 2,914,482 | Form |
| 10 | Urdang, E Scott | Direct | Sell | 11052025 | 45.49 | 4,000 | 181,960 | 5,911,562 | Form | |
| 11 | Urdang, E Scott | Direct | Sell | 8062025 | 46.54 | 3,000 | 139,620 | 6,234,173 | Form | |
| 12 | Urdang, E Scott | Direct | Sell | 6162025 | 46.58 | 4,000 | 186,320 | 6,379,271 | Form |
Investor Activity (13F)
Updated Aug 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| 140 Summer Partners LP | $82.7 Mil | 7.3% | 20 | Hold | 13F |
| Sophron Capital Management L.P. | $12.7 Mil | 3.7% | 41 | ADD +53.7% | 13F |
| Lasalle Investment Management Securities LLC | $87.6 Mil | 3.5% | 48 | Hold | 13F |
| Land & Buildings Investment Management, LLC | $19.7 Mil | 3.3% | 20 | TRIM -22.0% | 13F |
| Gates Capital Management, Inc. | $91.3 Mil | 3.2% | 31 | Hold | 13F |
| Hazelview Securities Inc. | $14.4 Mil | 2.7% | 45 | ADD +5028.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Gates Capital Management, Inc. | $91.3 Mil | 3.2% | 31 | Hold | 13F |
| Lasalle Investment Management Securities LLC | $87.6 Mil | 3.5% | 48 | Hold | 13F |
| 140 Summer Partners LP | $82.7 Mil | 7.3% | 20 | Hold | 13F |
| Land & Buildings Investment Management, LLC | $19.7 Mil | 3.3% | 20 | TRIM -22.0% | 13F |
| Hazelview Securities Inc. | $14.4 Mil | 2.7% | 45 | ADD +5028.4% | 13F |
| Sophron Capital Management L.P. | $12.7 Mil | 3.7% | 41 | ADD +53.7% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Other Specialized REITs Resources |
| Nareit - Specialty |
| Green Street |
| REITNotes |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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