Gaming and Leisure Properties (GLPI)
Real Estate · Gaming and Entertainment REIT
A diversified gaming REIT that owns and leases 69 properties across 20 states to leading gaming operators under long-term triple-net leases, generating stable cash flow backed by established, publicly-traded tenants.
What Gaming and Leisure Properties does
GLPI is a self-administered, self-managed REIT that acquires, finances, and owns real estate properties leased to gaming operators under long-term triple-net lease arrangements. As of December 31, 2025, the company owns interests in 69 gaming and related facilities across 20 states, with properties primarily operated by PENN, Caesars, Boyd, Bally's, Cordish, Hard Rock, Strategic Gaming Management, and American Racing. The company also extends loans on gaming real estate that may convert into leased rent upon project completion or stabilization.
Themes: ["Gaming real estate / REIT","Regional gaming markets","Triple-net leasing","Gaming property financing"]
Fundamentals
- Price$43.04 as of 2026-07-09 close
- Market cap$12.2B as of 2026-07-10
- 1-year return-9.6% as of 2026-07-09 close
- P/E13.63 as of 2026-07-10
- Net margin+55.1% as of 2026-07-10
- Gross margin+96.6% as of 2026-07-10
- ROE+19.4% as of 2026-07-10
- Debt / equity1.76 as of 2026-07-10
- Revenue growth (YoY)+4.4% as of 2026-07-10
- Revenue CAGR (3y)+6.7% SEC XBRL
- Beta0.70 as of 2026-07-10
Dividend: yield +7.6%; 2-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Concentration of cash rent on five major tenants (PENN, Caesars, Boyd, Cordish, Bally's) representing approximately 97% of annual rental income, creating tenant credit and operational dependency risk","Exposure to regional gaming market performance across 20 states; decline in any major regional market could materially impact portfolio occupancy and rental income","High debt leverage with $8.1 billion in long-term debt as of March 31, 2026; refinancing and interest rate risk in a rising rate environment"]
Competitors & peers
- Innovative Industrial Properties (IIPR)
- Agree Realty Corporation (ADC)
- Lexington Realty Trust (LXP)
- STORE Capital Corporation (STOR)
- Four Corners Property Trust (FCPT)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.