Gaming and Leisure Q2 revenue slightly beats on acquisitions and development projects

Gaming and Leisure Properties

30/07/2026 21:37

Overview
US gaming REIT's Q2 revenue rose 9% yr/yr, slightly beating analyst expectations
Adjusted EBITDA for Q2 beat analyst expectations
Company raised quarterly dividend and increased 2026 AFFO per share guidance midpoint

Outlook
Gaming and Leisure Properties raised 2026 AFFO guidance to $1.219 bln-$1.225 bln
Company now forecasts 2026 AFFO per share of $4.10-$4.12
Company expects additional 2026 development funding of $400 mln-$450 mln, total spend $750 mln-$800 mln

Result Drivers
RECENT ACQUISITIONS - Co said recent acquisitions and an expanding base of regional gaming operators and tribal relationships fueled its pipeline and results
DEVELOPMENT PROJECTS - Co said multiple development projects, investments in tenant facility upgrades, and executed sale-leaseback transactions drove 2026 growth
DISCIPLINED UNDERWRITING - Co said record results highlight its ability to structure complex transactions and maintain strong lease coverage through disciplined underwriting

Company press release: ID:nGNX487phz

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Slight Beat*
$430.50 mln
$427.90 mln (16 Analysts)
Q2 Net Income
 
$234.90 mln
 
Q2 Adjusted EBITDA
Beat
$405.50 mln
$400.99 mln (15 Analysts)
Q2 Adjusted FFO
 
$304 mln
 
Q2 FFO
 
$302.30 mln
 
Q2 Operating Income
 
$332.40 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 $55.00, about 19.5% above its July 29 closing price of $46.01
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
July 29 - VICI Properties Q2 revenue beats estimates on new tenants addition
July 29 - MGM Resorts Q2 revenue beats estimates on higher casino gains
July 28 - American Assets Trust Q2 FFO per share slips amid occupancy and expense pressures

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(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.)