Gaming and Leisure Properties Earnings Call Transcripts
Fiscal Year 2026
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AFFO and AFFO per share grew mid- to high-single digits year-over-year, driven by acquisitions and development, with strong rent coverage and a robust balance sheet. 2026 AFFO guidance is $1.212–$1.223 billion, with $750–$800 million in development spend planned.
Fiscal Year 2025
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Q4 2025 saw strong income growth and lower expenses, with a robust pipeline and healthy balance sheet supporting multi-year AFFO growth. Major projects like Bally's Chicago and Cordish Live! Virginia are progressing, and 2026 AFFO is guided at $1.207B–$1.222B.
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Third quarter saw strong income growth, accretive transactions, and robust development progress. Leverage remains below target, with ample liquidity and a preference for debt financing. Regional gaming and development pipelines are healthy, with increased AFFO guidance for 2025.
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Q2 2025 saw record revenue, AFFO, and adjusted EBITDA, with strong rent collection and robust development progress, especially at Bally’s Chicago and Belle. AFFO guidance for 2025 is $3.85–$3.87 per share, with $338 million in capital deployment planned for H2, mainly for Bally’s projects.
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Real estate income rose over $19M year-over-year, driven by acquisitions and escalations, with strong rent coverage and a healthy balance sheet. Chicago development is progressing, and 2025 AFFO guidance is $3.84–$3.87 per share, reflecting project timing and market conditions.
Fiscal Year 2024
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Fourth quarter saw income from real estate rise over $20 million year-over-year, driven by acquisitions and rent escalations. 2025 AFFO guidance is $3.83–$3.88 per share, with $400 million in development funding planned and strong rent coverage ratios maintained.
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Investment activity reached nearly $2B in 2024 with an 8.4% yield, driving strong income growth and positioning the company for future development. AFFO guidance for 2024 is $3.74–$3.76 per share, with robust liquidity and a pioneering tribal gaming financing structure underway.
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Q2 2024 saw robust income growth from acquisitions and lease escalations, with AFFO guidance raised to $3.74–$3.76 per share. Major transactions, including a $1.6B deal with Bally's, and a strong balance sheet position the company for continued expansion and risk-managed capital deployment.