Every material Form 8-K Gaming and Leisure Properties has filed with the SEC since September 30, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Gaming & Leisure Properties, Inc. announced its financial results for the third quarter ended September 30, 2026, reporting total revenue of $435.4 million and net income of $213.8 million. The company also updated its full-year 2026 adjusted funds from operations (AFFO) guidance to a range between $1.222 billion and $1.225 billion. Shareholders may view these results as stable against macro volatility, supported by triple-net leases and consistent regional gaming demand.
Total revenue for the third quarter of 2026 rose 9.5% year-over-year to $435.4 million.
Adjusted funds from operations (AFFO) for the third quarter of 2026 grew 10.5% to $311.7 million, or $1.04 per diluted common share and OP/LTIP units.
Updated full-year 2026 AFFO guidance is estimated between $1.222 billion and $1.225 billion, or $4.11 to $4.12 per diluted share.
On October 27, 2026, GLPI entered agreements to form a joint venture with Prologis, Inc. to develop the former Hollywood Casino Joliet site.
Gaming and Leisure Properties reported second-quarter 2026 total revenue of $430.5 million, up from $394.9 million a year earlier, and net income of $234.9 million, or $0.80 per diluted share, versus $156.2 million and $0.54. The company raised the midpoint of its 2026 AFFO per share guidance to $4.10 to $4.12 and raised its quarterly dividend to $0.82 from $0.78, which matters to shareholders because it reflects higher reported earnings and cash flow measures.
Q2 2026 total revenue $430.5 million vs. $394.9 million in Q2 2025
Q2 2026 net income $234.9 million; diluted EPS $0.80 vs. $0.54
2026 AFFO per diluted share guidance now $4.10 to $4.12, vs. prior $4.08 to $4.12
Quarterly dividend raised to $0.82 per share from $0.78
Gaming and Leisure Properties reported first-quarter 2026 total revenue of $420.0 million, up 6.3% from a year earlier, and net income of $239.4 million, or $0.82 per diluted share, compared with $0.60 a year earlier. The company raised its 2026 AFFO per share guidance to $4.08 to $4.12 from $4.06 to $4.11, which points to higher expected cash earnings for shareholders.
Total revenue was $420.0 million for the three months ended March 31, 2026, versus $395.2 million a year earlier.
Net income was $239.4 million, or $0.82 per diluted share, versus $170.4 million, or $0.60 per diluted share, a year earlier.
2026 AFFO guidance is now $1.212 billion to $1.223 billion, or $4.08 to $4.12 per diluted share and OP/LTIP units, up from $4.06 to $4.11.
Financial leverage was 5.0x net debt to adjusted EBITDA as of March 31, 2026, the low end of the company's 5.0x to 5.5x target range.
GLP Capital, the operating partnership of Gaming and Leisure Properties, entered a $679 million term loan on March 4, 2026, using the proceeds to repay the same amount of bridge revolving loans without reducing revolving commitments. On the same date it repaid in full its 2022 term loan, with no early termination penalties, and related guarantees by GLPI were released.
New $679,000,000 term loan matures December 2, 2028, with two six-month extensions at GLP's option.
Proceeds repaid $679,000,000 of outstanding bridge revolving loans; revolving commitments were not reduced.
The 2022 Term Loan Agreement, dated September 2, 2022, was repaid in full on March 4, 2026, with no early termination penalties.
Term Loan is guaranteed by GLPI and carries a conditional secondary guarantee from Bally's Corporation.
Gaming and Leisure Properties reported fourth-quarter 2025 revenue of $407.0 million, up from $389.6 million a year earlier, and net income of $275.4 million, up from $223.6 million. The company also set 2026 AFFO guidance of $1.207 billion to $1.222 billion, or $4.06 to $4.11 per diluted share, and declared a first-quarter dividend of $0.78 per share, which shareholders can use to judge the company's cash flow outlook.
Q4 2025 revenue was $407.0 million versus $389.6 million in Q4 2024; diluted EPS was $0.94 versus $0.79.
Q4 2025 AFFO was $290.0 million versus $269.7 million, and full-year 2025 AFFO was $1.120 billion.
2026 AFFO guidance is $1.207 billion to $1.222 billion, or $4.06 to $4.11 per diluted share and OP/LTIP unit.
Board declared a first-quarter 2026 dividend of $0.78 per share, payable March 27, 2026 to holders of record on March 13, 2026.
Gaming and Leisure Properties (GLPI) appointed Michael Borofsky to its Board of Directors as a new independent director, effective immediately and subject to customary regulatory approvals. The appointment expands the Board to eight members, seven of whom are independent, and the company has not yet set his committee assignments.
Board appointment made December 4, 2025, announced in a press release dated December 8, 2025
Board expands to eight directors, seven of whom are independent under Nasdaq listing standards
Committee assignments not yet determined as of the filing date
Borofsky will receive a pro-rated share of the cash portion of the non-employee director compensation program
Gaming and Leisure Properties reported third-quarter 2025 revenue of $397.6 million, up from $385.3 million a year earlier, and net income of $248.5 million, up from $190.1 million. The company also narrowed its full-year 2025 AFFO guidance to $1.115 billion to $1.118 billion from $1.112 billion to $1.118 billion, raising the low end of the range.
Q3 2025 AFFO was $282.0 million, or $0.97 per diluted share and OP/LTIP unit, versus $268.2 million, or $0.95, in Q3 2024.
Q3 2025 net income per diluted common share was $0.85, compared with $0.67 a year earlier.
Full-year 2025 AFFO guidance is $1.115 billion to $1.118 billion, or $3.86 to $3.88 per diluted share and OP/LTIP unit.
Subsequent to quarter end, the company closed on the $183.75 million acquisition of Sunland Park Racetrack and Casino on October 15, 2025.
Gaming and Leisure Properties reported second quarter 2025 revenue of $394.9 million, up from $380.6 million a year earlier, while net income fell to $156.2 million from $214.4 million and diluted EPS fell to $0.54 from $0.77. The REIT also raised the low end of its full-year 2025 AFFO guidance to $1.112 billion to $1.118 billion, or $3.85 to $3.87 per diluted share, from $1.109 billion to $1.118 billion, or $3.84 to $3.87.
Q2 2025 total revenue $394.9 million vs $380.6 million in Q2 2024; AFFO $276.1 million vs $264.4 million
Net income $156.2 million vs $214.4 million; provision for credit losses was $53.7 million vs a $3.8 million benefit a year earlier
FFO per diluted share $0.79 vs $1.00; AFFO per diluted share $0.96 vs $0.94
2025 AFFO guidance now $1.112 billion to $1.118 billion, or $3.85 to $3.87 per diluted share and OP/LTIP unit
Gaming and Leisure Properties said it is eliminating the Senior Vice President and Chief Investment Officer position and has signed a separation agreement with Matthew J. Demchyk, who holds that role. His last day is set for August 1, 2025, and he will receive $6,250,000 in cash severance paid in installments through August 1, 2026, plus medical coverage for up to 24 months.
Position eliminated; Matthew J. Demchyk's last day of employment is August 1, 2025
Cash severance totals $6,250,000: $3,250,000 after a general release takes effect, $2,300,000 on March 15, 2026, and $700,000 on August 1, 2026
Equity awards settled in cash rather than shares; no further equity or change-in-control severance payments after separation
Full agreement to be filed with the Form 10-Q for the quarter ending September 30, 2025
At its June 12, 2025 annual meeting, shareholders approved an amended 2013 Long-Term Incentive Compensation Plan that adds 4,500,000 shares to the pool reserved for issuance, and re-elected all seven director nominees. Shareholders also ratified Deloitte & Touche LLP as the independent auditor for 2025 and approved the non-binding advisory vote on executive compensation, so the larger share reserve for equity awards now has shareholder approval.
The 2013 Plan amendment adds 4,500,000 shares to the reserve, changes rules on reusing unissued shares, and removes provisions tied to prior plans.
All seven director nominees were elected to one-year terms ending at the 2026 annual meeting; James B. Perry drew the most votes against (10,622,436).
Deloitte & Touche LLP was ratified for fiscal 2025 with 258,401,808 votes for and 1,014,895 against.
Executive compensation advisory vote: 237,794,484 for and 9,822,889 against.
Gaming and Leisure Properties reported first-quarter 2025 revenue of $395.2 million, up from $376.0 million a year earlier, and AFFO of $272.0 million, up from $258.6 million. Net income fell to $170.4 million from $179.5 million, and diluted net income per share was $0.60 versus $0.64, so shareholders see higher cash-flow measures alongside lower reported profit. The company also updated its full-year 2025 AFFO guidance to $1.109 billion to $1.118 billion, or $3.84 to $3.87 per diluted share and OP/LTIP unit, from a prior range of $1.105 billion to $1.121 billion, or $3.83 to $3.88.
Total revenue rose to $395.2 million from $376.0 million; AFFO per diluted share rose to $0.96 from $0.92.
Net income fell to $170.4 million from $179.5 million; the provision for credit losses was $39.2 million versus $23.3 million.
2025 AFFO guidance is $1.109 billion to $1.118 billion, or $3.84 to $3.87 per share, compared with the prior $1.105 billion to $1.121 billion, or $3.83 to $3.88 per share.
Gaming and Leisure Properties said director Barry Schwartz notified the company on March 13, 2025, that he will retire from the board effective at the 2025 annual shareholder meeting. The company said his decision was not due to any disagreement on operations, policies or practices. The board will be reduced to seven members nominated for election at that meeting.
Barry Schwartz notified the company on March 13, 2025 of his decision to retire as a director.
Retirement takes effect at the Company's 2025 annual meeting of shareholders.
The company said the decision was not due to any disagreement with the company.
Board size will be reduced to seven members nominated for the 2025 annual meeting.
Gaming and Leisure Properties reported fourth quarter 2024 total revenue of $389.6 million, up from $369.0 million a year earlier, and net income of $223.6 million, compared with $217.3 million. It also issued 2025 AFFO guidance of $1.105 billion to $1.121 billion, or $3.83 to $3.88 per diluted share and OP unit, against $3.77 reported for 2024, which gives shareholders a forward range to compare with the 2024 results.
Q4 2024 total revenue was $389.6 million, versus $369.0 million in Q4 2023; net income was $223.6 million, versus $217.3 million.
Q4 2024 diluted net income per share was $0.79, versus $0.78; AFFO was $269.7 million, versus $256.6 million.
2025 AFFO guidance is $1.105 billion to $1.121 billion, or $3.83 to $3.88 per diluted share and OP unit; full-year 2024 AFFO per share was $3.77.
Board declared a first quarter 2025 dividend of $0.76 per share, payable March 28, 2025, to holders of record on March 14, 2025.
GLP Capital, the operating partnership of Gaming and Leisure Properties, amended its credit agreement on December 2, 2024, increasing revolving commitments from $1.75 billion to $2.09 billion and extending the maturity date to December 2, 2028. The amendment also lets GLP re-allocate up to $1.04 billion of existing commitments into Bridge Revolving Facilities, which are intended solely to fund cash distributions to third-party property contributors.
Revolving commitments increased from $1,750,000,000 to $2,090,000,000
Maturity of revolving loans and commitments extended to December 2, 2028
Up to $1,040,000,000 in existing commitments may be re-allocated to Bridge Revolving Facilities, subject to conditions including pro forma covenant compliance and a satisfactory conditional guarantee
Wells Fargo Bank, National Association serves as administrative agent
Gaming and Leisure Properties reported third-quarter 2024 results, with total revenue up 7.1% year over year to $385.3 million and net income of $190.1 million, versus $189.3 million a year earlier. Diluted earnings per share fell to $0.67 from $0.70, while AFFO per share rose to $0.95 from $0.92, and the company set full-year 2024 AFFO guidance of $1.055 billion to $1.058 billion, or $3.74 to $3.76 per diluted share and OP unit.
Total revenue of $385.3 million for the quarter, up from $359.6 million in the year-ago quarter
Net income of $190.1 million; diluted EPS of $0.67 versus $0.70 a year earlier
AFFO per diluted share and OP unit of $0.95 versus $0.92; FFO per share of $0.89 versus $0.94
2024 AFFO guidance of $1.055 billion to $1.058 billion, or $3.74 to $3.76 per diluted share and OP unit
Gaming and Leisure Properties named Chief Operating Officer Brandon Moore to the additional role of President effective immediately, with his base salary raised to $650,000. Moore will continue to report to Chairman and CEO Peter Carlino, so the change adds a title rather than a new reporting line.
Board promoted Brandon Moore, COO, Chief Legal Counsel and Secretary, to also serve as President on September 27, 2024
Annual base salary increased to $650,000; target and maximum annual cash bonus opportunities set at 100% and 200% of base salary
Moore joined the company in January 2014 as Senior Vice President and General Counsel and became COO in October 2022
Press release dated September 30, 2024 announced the appointment (Exhibit 99.1)
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