Gaming And Leisure Properties Reports First Quarter 2025 Results and Updates 2025 Full Year Guidance

Core Insights - Gaming and Leisure Properties, Inc. (GLPI) reported strong financial results for Q1 2025, with total revenue increasing by 5.1% year-over-year to $395.2 million, Adjusted Funds From Operations (AFFO) growing by 5.2% to $272.0 million, and Adjusted EBITDA rising by 8% [6][8]. Financial Highlights - Total revenue for Q1 2025 was $395.2 million compared to $376.0 million in Q1 2024 [8]. - Income from operations was $258.8 million, slightly up from $257.6 million year-over-year [8]. - Net income decreased to $170.4 million from $179.5 million in the previous year [8]. - Funds from Operations (FFO) was $234.8 million, down from $244.4 million [8]. - AFFO increased to $272.0 million from $258.6 million [8]. - Adjusted EBITDA rose to $360.1 million from $333.4 million [8]. Recent Developments - GLPI's recent acquisitions and financing arrangements, along with contractual escalators and a growing base of tenants, are expected to drive growth throughout 2025 [7]. - The company successfully partnered with tenants for four sale-leaseback transactions in 2024 and continued funding projects in Q1 2025, including the landside conversion of Bally's Belle of Baton Rouge Casino [7][10]. - GLPI extended the Master Lease and Belterra Park Lease with Boyd Gaming for five years [7]. - The company funded $18.4 million for the Ione Band of Miwok Indians' Acorn Ridge Casino development, marking a unique financing agreement [10]. Portfolio Update - As of March 31, 2025, GLPI's portfolio included interests in 68 gaming and related facilities across 20 states, with properties operated by major gaming operators such as PENN, Caesars, Boyd, and Bally's [18]. 2025 Guidance - The company updated its AFFO guidance for the full year 2025, estimating it will be between $1.109 billion and $1.118 billion, or between $3.84 and $3.87 per diluted share [16].