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WYOMISSING, Pa. - Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) reported record adjusted funds from operations (AFFO) in the second quarter despite missing revenue expectations, causing shares to dip 1% following the announcement.
The real estate investment trust posted Q2 revenue of $394.9 million, up 3.8% YoY but below the analyst consensus of $396.97 million. Earnings per share came in at $0.79, exceeding analyst expectations of $0.75. AFFO, a key metric for REITs, grew 4.4% to $276.1 million, while Adjusted EBITDA increased 6.2% to $361.5 million.
"The second quarter marked another quarter of record revenue, AFFO and Adjusted EBITDA," said Peter Carlino, Chairman and CEO of GLPI. "Our solid second quarter results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and percentage rent adjustments, and our growing base of leading regional gaming operator tenants."
The company is benefiting from several recent transactions, including funding the landside conversion of Bally’s Belle of Baton Rouge Casino (EPA:CASP) and a $130 million commitment to fund the relocation of Hollywood Casino Joliet, which is scheduled to open on August 11, 2025.
GLPI also announced that effective July 1, 2025, the DraftKings (NASDAQ:DKNG) at Casino Queen and The Queen Baton Rouge properties were transferred to Bally’s Master Lease II, with the associated annual rental income of $28.9 million reallocated from the Casino Queen Master Lease.
The company updated its full-year 2025 AFFO guidance to between $1.112 billion and $1.118 billion, or $3.85 to $3.87 per diluted share, slightly raising the lower end from its previous guidance of $3.84.
GLPI declared a quarterly dividend of $0.78 per share, representing an annualized yield of 6.68% based on the period-end stock price.
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