Gaming and Leisure Properties Q1 revenue slightly beats on acquisition boost

Gaming and Leisure Properties

23/04/2026 21:27

Overview

US gaming REIT's Q1 revenue rose 6%, a slight beat versus analyst expectations

Q1 adjusted FFO and adjusted EBITDA both beat analyst expectations

Company raised 2026 AFFO per share guidance and completed $727 mln in acquisitions

Outlook

Company raises 2026 AFFO per share guidance to $4.08-$4.12 from $4.06-$4.11

Company expects 2026 AFFO of $1.212 bln-$1.223 bln

Company anticipates $590 mln-$640 mln in additional development funding in 2026

Result Drivers

PORTFOLIO EXPANSION - Co said Q1 results were driven by acquisitions of Bally's Lincoln and land for Live! Casino & Hotel Virginia, totaling $727 mln

DEVELOPMENT FUNDING - Co invested $159 mln in development projects during Q1, including Bally's Chicago and Live! Casino & Hotel Virginia

TENANT STABILITY - Co said tenant stability and high lease coverage ratios supported results, with most leases above 1.8x coverage

Company press release: ID:nGNX5SmhLR

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Beat*
$420 mln
$417.30 mln (14 Analysts)
Q1 Net Income
$239.40 mln
Q1 Adjusted EBITDA
Slight Beat*
$393 mln
$389.63 mln (14 Analysts)
Q1 Adjusted FFO
Beat
$297.10 mln
$1 (14 Analysts)
Q1 FFO
$304 mln
Q1 Operating Income
$333.30 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the specialized reits peer group is "buy"

Wall Street's median 12-month price target for Gaming and Leisure Properties Inc is $53.00, about 14.9% above its April 22 closing price of $46.12

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)