Gaming and Leisure Properties (GLPI)
Owner and financier of casino real estate leased through long-term triple-net agreements.
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Acquires and finances gaming real estate, then earns rent through long-term triple-net leases that place property costs with casino operators. A US portfolio shaped by acquisitions and development funding spans multiple tenants, while rent collection depends on operator health, gaming approvals, and continued REIT qualification.
Acquires, finances, and owns gaming real estate, leasing 69 gaming and related facilities to casino operators under long-term triple-net agreements. Tenants pay property taxes, insurance, maintenance, utilities, and other property-level costs, while contractual rent escalators support recurring rental income.
Growth comes through property acquisitions and capital commitments for tenant development projects. The portfolio spans the United States, and relationships with PENN, Bally’s, Caesars, Boyd, and Cordish broaden a landlord base that began with the PENN spin-off.
Execution centers on transaction design, long-duration leases, renewal options, and cross-collateralized master leases where applicable. Rent depends on regulated casino operators meeting lease obligations; acquisitions and developments require permits, gaming approvals, construction delivery, continued REIT qualification, and access to debt or equity capital.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Scotiabank | Reiterate | Rating: —Target: $50 | Target: $49 |
| Sep 17, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $55 | Target: $50 |
| Sep 2, 2026 | Mizuho Securities | Target | Target: $50 | Target: $48 |
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $45 | Target: $43 |
| Aug 13, 2026 | Scotiabank | Reiterate | Rating: —Target: $52 | Target: $50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $319.0M · Total debt $8.38B · Total assets $14.16B · Shareholders' equity $4.98B
- Revenue
- $430.5M
- Operating income
- $333.6M
- Net income
- $228.4M
HistoryDividendAnnual yield
| Institutions | 96.86% | 281.78M shares | |
|---|---|---|---|
| 640 holders · as of Jun 30, 2026 | |||
| Insiders | 1.95% | 5.68M shares | |
| 13 holders · as of Aug 19, 2026 | |||
| Strategic holders | 10.53% | 30.62M shares | |
| 1 holder · as of Oct 6, 2023 | |||
| Adds to | 109.34% | ||
290.92M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 109.34%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 12.33% | 35.86M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 10.53% | 30.62M | filed Oct 6, 2023 |
Vanguard Portfolio Management LLCInstitution | 8.14% | 23.69M | as of Jun 30, 2026 |
Dodge & CoxInstitution | 4.73% | 13.77M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.63% | 13.48M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Earl C. Shanks | director | +10,000 | $42.24 |
| Jun 10, 2026 | E. Scott Urdang | director | −3,000 | $48.32 |
| Feb 27, 2026 | Desiree A. Burke | officer: CFO and Treasurer | −9,804 | $49.02 |
| Feb 23, 2026 | E. Scott Urdang | director | −4,000 | $47.37 |
| Feb 24, 2026 | Brandon John Moore | officer: President, COO, and Secretary | −16,884 | $48.05 |
- VICI Properties
Closest public rival in gaming real estate and operator financing
- Realty Income
Diversified net-lease capital provider with material gaming exposure
- EPR Properties
Experiential net-lease investor pursuing selective gaming assets
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gaming and Leisure Properties | $39.50 | −1.05% | $11.31B | 11.6 | 12.1 | 6.8 | +9.0% |
| VICI Properties | $23.80 | −0.75% | $26.40B | 9.3 | 8.1 | 6.4 | +5.7% |
| Realty Income | $55.53 | −1.78% | $52.71B | 41.3 | 34.4 | 8.9 | +1.1% |
| EPR Properties | $57.48 | −0.63% | $4.43B | 18.5 | 19.2 | 6.1 | +12.4% |
| Median | 18.5 | 19.2 | 6.4 | +5.7% |