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Triple-net REIT that owns casino real estate and leases it back to gaming operators.
Triple-net REIT that owns casino real estate and leases it back to gaming operators.
Collects rent under long master leases in which the casino operator pays property taxes, insurance and upkeep, with built-in annual increases, so earnings behave more like a bond than like a casino. Spun out of Penn National Gaming in 2013, it still draws its largest rent from Penn.
Moat: narrow (scale, switching costs). Long-term triple-net leases with escalators lock in tenants; hard to relocate a licensed casino.
Headquarters: Wyomissing, Pennsylvania, United States · Founded: 2013 · Employees: 20
Size Gaming and Leisure Properties (GLPI) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $11.3B, the 724th largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.89 on 6 Nov 2026.
Performance Over six months the shares fell 19.4%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +4.2%); the operating margin is 78.8% (peer median 34.4%).
Valuation It trades at 2.28× book value against a peer median of 2.43× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 14.8%; Gaming and Leisure Properties delivers 19.6%, so the price asks less than the business earns today.
Credit Gaming and Leisure Properties has 11 bonds outstanding ($7.15B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 143 bp.
Short interest Short interest is 3.6% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.69B | $1.59B | $1.53B | $1.44B | $1.31B |
| Revenue growth | — | +4% | +6% | +10% | — |
| Gross profit | $1.37B | $1.27B | $1.24B | $1.14B | $1.04B |
| EBITDA | $1.62B | $1.48B | $1.41B | $1.36B | $1.24B |
| Net income | $935M | $824M | $784M | $734M | $684M |
| Free cash flow | $514M | $825M | $1.03B | $962M | $896M |
| Capital expenditure | $729M | $304M | $39.7M | $47.4M | $24.0M |
| Total debt | $8.38B | $7.51B | $8.04B | $6.88B | $6.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Gaming and Leisure Properties GLPI | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% |
| Vici Properties VICI | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% |
| Realty Income O | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% |
| EPR Properties EPR | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GLPI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | +7.2% | 4th lowest of 21 |
| 6-month return | -19.4% | -1.0% | lowest of 21 |
| Return on equity | 19.6% | 8.9% | 4th highest of 20 |
| Price / book | 2.28× | 2.43× | 10th cheapest of 21 |
| Trailing P/E | 11.9× | 29.6× | 2nd cheapest of 18 |
| ROE the price implies | 14.8% | 16.6% | 8th least demanding of 21 |
| ROE delivered | 19.6% | 8.9% | 4th highest of 20 |
| Bond spread | 143 bp | 83 bp | 2nd widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Gaming and Leisure Properties GLPI | United States | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% | 19.6% |
| AGNC Investment AGNC | United States | $11.2B | -19% | +152% | 1% | 1.15× | 13.1% | 0.9% |
| UDR UDR | United States | $11.6B | -1% | +1% | 22% | 3.76× | 22.9% | 21.8% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| Janus Living JAN | United States | $9.93B | +15% | n/a | n/a | 2.41× | 15.7% | n/a |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| Federal Realty Investment Trust FRT | United States | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% | 13.6% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
Gaming and Leisure Properties has 11 bonds outstanding with $7.15B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.15%, a spread of 143 bp over government bonds.