Gaming and Leisure Properties Inc
GLPI—
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Gaming and Leisure Properties Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 72.7% vs industry median 17.8% - triple-net lease model generates 4x peer profitability with minimal operating costs[Operating Margin TTM]
- FCF TTM 997M (63% of revenue) funds 3.08 dividend (7.1% yield) while debt/equity 1.64x remains manageable for REIT[Free Cash Flow TTM]
- Receivables 2.3B (147% of revenue) signals deferred rent structure - concentration risk if tenant defaults[Accounts Receivable]
Watch Triggers
- Accounts Receivable: Increases >20% YoY without revenue growth — Signals tenant payment stress; receivables already 147% of revenue indicates deferred rent
- Interest Expense TTM: Exceeds 30% of EBITDA (currently 26%) — Debt refinancing at higher rates compresses dividend coverage
- Dividends Paid Per Share TTM: Cut or freeze vs current 3.08 — REIT investors own for yield; dividend cut triggers forced selling
Bull Case
Triple-net lease structure yields 72.7% operating margin with capex under 5% of revenue - pure rent collection model with minimal reinvestment needs
Operating Margin TTMCapital Expenditure TTMFree Cash Flow TTM
P/E 15.5x vs industry median 30.8x despite superior margins - valuation discount for REIT structure may be overdone
P/E RatioROE TTMDividend Yield
Bear Case
7.5B total debt (1.64x equity) with 379M annual interest - rising rates compress spread between borrowing cost and cap rates
Total DebtDebt to EquityInterest Expense TTM
Receivables 2.3B suggests tenant payment deferrals - single tenant default could impair 15%+ of revenue given gaming concentration
Accounts ReceivableTotal Revenue TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Dividend sustainability depends on maintaining 90%+ rent collection from concentrated gaming tenants
1-3ymed
- Triple-net leases shift operating costs to tenants
- Gaming industry recovery post-pandemic
- Limited new casino supply in regional markets
FCF margin 63% TTM covers 3.08 dividend 1.15xInterest expense 379M vs EBITDA 1.46B (3.9x coverage)ROE 17.6% TTM vs industry median 4.5%
Valuation Context
Caveats
GLPI Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$12.63B | — | ||
$20.73B | — | ||
0.00 | — | ||
$1.62B | +4.4% | — | |
$0.00 | — | ||
79.2% | +6.4% | — | |
55.1% | +5.1% | — | |
$744.14M | -26.7% | — | |
20.2% | +1.6% | — | |
Beta 5Y (Monthly) | unknown | — |
GLPI Dividend History
52 dividends
2026
$1.600006/12/26$0.8200
03/13/26$0.7800
2025
$3.100012/05/25$0.7800
09/12/25$0.7800
06/13/25$0.7800
03/14/25$0.7600
2024
$3.040012/06/24$0.7600
09/13/24$0.7600
06/07/24$0.7600
03/14/24$0.7600
2023
$3.150012/07/23$0.7300
09/14/23$0.7300
06/15/23$0.7200
03/09/23$0.9700
2022
$2.805012/08/22$0.7050
09/15/22$0.7050
06/09/22$0.7050
03/10/22$0.6900
2021
$2.900012/23/21$0.2400
12/08/21$0.6700
09/09/21$0.6700
06/10/21$0.6700
03/08/21$0.6500
2020
$2.500011/13/20$0.6000
08/14/20$0.6000
05/12/20$0.6000
03/05/20$0.7000
2019
$2.740012/12/19$0.7000
09/05/19$0.6800
06/13/19$0.6800
03/07/19$0.6800
2018
$2.570012/13/18$0.6800
09/06/18$0.6300
06/14/18$0.6300
03/08/18$0.6300
2017
$2.500011/30/17$0.6300
09/07/17$0.6300
06/14/17$0.6200
03/09/17$0.6200
2016
$2.320012/01/16$0.6000
09/08/16$0.6000
05/31/16$0.5600
02/18/16$0.5600
2015
$2.180011/27/15$0.5450
09/10/15$0.5450
06/09/15$0.5450
03/06/15$0.5450
2014
$14.330011/28/14$0.9200
09/11/14$0.5200
06/10/14$0.5200
03/05/14$0.5200
01/09/14$11.8500
GLPI Stock Splits
No stock splits
GLPI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/23/26 | 03/31/26 | 10-Q | |
02/19/26 | 12/31/25 | Unknown | |
10/30/25 | 09/30/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/24/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
04/30/21 | 03/31/21 | 10-Q | |
02/19/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
05/01/20 | 03/31/20 | 10-Q | |
02/21/20 | 12/31/19 | 10-K | |
11/01/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/13/19 | 12/31/18 | 10-K | |
11/01/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
04/30/18 | 03/31/18 | 10-Q | |
02/16/18 | 12/31/17 | 10-K | |
10/27/17 | 09/30/17 | 10-Q | |
07/31/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/22/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
04/26/16 | 03/31/16 | 10-Q | |
02/22/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
05/04/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
11/09/15 | 06/30/14 | 10-Q/A | |
08/01/14 | 06/30/14 | 10-Q | |
11/09/15 | 03/31/14 | 10-Q/A | |
05/12/14 | 03/31/14 | 10-Q | |
03/25/14 | 12/31/13 | 10-K | |
11/25/13 | 09/30/13 | 10-Q | |
08/01/14 | 06/30/13 | 10-Q | |
05/12/14 | 03/31/13 | 10-Q | |
11/09/15 | 12/31/12 | 10-K/A | |
11/25/13 | 09/30/12 | 10-Q |