GLPI Posts Record Q2 Revenue of $430.5m, H1 Net Income Surges 45.4%

Gaming and Leisure Properties (GLPI) delivered a record quarterly net revenue of $430.5m for the second quarter of 2026, a 9% year-on-year increase. The real estate investment trust also posted substantial gains in profitability, with net income climbing 50.8% to $228.4m and adjusted EBITDA rising 12.2% to $405.5m.

The bulk of GLPI’s Q2 revenue came from rental income, which grew 7.9% to $366.2m. Income from investment in leases and financing receivable added $52.9m, up 10.3%, while interest income from real estate loans surged 108.2% to $7.6m. The company’s adjusted funds from operations (AFFO) reached nearly $304m, a 10.1% improvement, supported by a 35.8% drop in operating expenses to $98.1m. Operating income accordingly jumped 37.3% to $332.4m.

For the first half of 2026, GLPI reported net revenue of $850.5m, up 7.6% from the prior-year period. Rental income led at $722.7m (growth of 6.3%), and income from investment in leases and financing receivable rose 10.3% to $105.6m. Operating expenses fell 36.1% to $184.8m, propelling operating income 32.9% higher to just over $665.7m. H1 AFFO increased 9.7% to $601.1m.

The REIT’s half-year net income advanced 45.4% to $460.2m, while adjusted EBITDA for the period grew 10.7% to $798.5m. GLPI maintains lease agreements with major operators including Caesars Entertainment, Boyd Gaming, Bally’s Corporation, and Penn Entertainment.

In a separate project update issued in December, GLPI outlined roughly $1.5bn in capital commitments across five major developments with its retail partners. The update covered new funding activity, construction progress, and adjusted timelines, with Tribal organizations such as the Ione Band of Miwok Indians also included among the partners.