- **Record Transaction Activity**: $875 million in accretive deals with 9.3% cap rate, driving 5% annualized cash rent growth.
- **Chicago Progress**: Vertical construction underway, with $280 million funded in Q4 2025.
- **Financial Strength**: $53.5 million expense reduction, AFFO guidance raised to $3.86-$3.88, and 4.4x leverage.
- **Strategic Expansion**: Growing tribal gaming pipeline and cautious optimism on New York casino opportunities.
- **Capital Discipline**: Preference for debt financing at 5.1x leverage, avoiding equity issuance at current share price.

**【CEO Opening Remarks】**
- Announced $875 million in accretive transactions with a blended cap rate of 9.3%, driving a 5% annualized cash rent increase.
- Highlighted progress on Bally's Chicago development, which has gone vertical, and New York casino licensing opportunities.
- Emphasized funding flexibility, with $3 billion of announced transactions funded entirely through debt, maintaining leverage at 5.1x (within 5-5.5x target range).

**【CFO Financial Commentary】**
- Q3 2025 total income from real estate increased by $12 million YoY, driven by acquisitions (e.g., Bally's Kansas City, Shreveport) and developments (e.g., Chicago land lease, M Resort tower).
- Operating expenses decreased by $53.5 million due to noncash adjustments and reduced credit loss provisions.
- Raised full-year AFFO guidance to $3.86-$3.88 per share, reflecting strong cash flow from development projects.
- Completed $1.3 billion in bond issuance and $363 million in share sales, maintaining leverage at 4.4x.

**【Q&A Highlights】**
- **Regional Gaming Trends**: Management noted steady foot traffic and strong EBITDAR across regional markets, with no material impact from macroeconomic headwinds.
- **Chicago Development**: Adjusted funding timeline for Chicago to $280 million in Q4 2025 (from $338 million), but emphasized construction momentum and expected ROI.
- **Tribal Deals Pipeline**: Increased inbound inquiries for tribal gaming partnerships, with focus on diversifying beyond greenfield projects.
- **New York Casinos**: 3 remaining bidders for 3 licenses; GLPI holds a ROFR on Bally's project but cautious on 15-year license term.
- **Cost of Capital**: 10-year Treasury at 4.1%, with debt spreads stable at 5.6-5.8%; preference for debt over equity at current share price.

Gaming and Leisure Properties, Inc. (GLPI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GLPI

GLPI fundamentals

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