GLPI Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Fri, February 20, 2026 astatine 10:54 AM CST 49 min read

Image source: The Motley Fool.

Friday, Feb. 20, 2026 astatine 10 a.m. ET

• President and Chief Operating Officer — Brandon John Moore

• Chief Financial Officer and Treasurer — Desiree A. Burke

• Senior Vice President and Chief Development Officer — Steven L. Ladany

• Senior Vice President, Corporate Strategy and Investor Relations — Carlo Santarelli

Need a punctuation from a Motley Fool analyst? Email [email protected]

On this morning's call, are joined by Brandon John Moore, President, Chief Operating Officer; Desiree A. Burke, Chief Financial Officer and Treasurer; Steven L. Ladany, Senior Vice President and Chief Development Officer; and Carlo Santarelli, Senior Vice President, Corporate Strategy and Investor Relations. With that, it is my pleasance to crook the telephone implicit to Brandon John Moore. Brandon, delight spell ahead.

Brandon John Moore: Thanks, Joe. Good morning, everyone. We admit you being connected the telephone today. And earlier we dive into the quarter, I volition code the evident lack of Peter connected our telephone this morning. For those of you that person been dialing into these calls astatine GLPI and anterior to that, Penn, for the past 3 decades, Peter’s dependable is the 1 you would expect to hear. Unfortunately, helium is incapable to articulation america this greeting owed to immoderate lingering backmost issues. He is having a process this greeting up of immoderate upcoming question to get him backmost connected his feet.

So we volition miss him this morning, but helium asked america to stock immoderate prepared remarks, which I volition do, past crook implicit to Desiree, and past we volition determination to your questions. So moving connected to Peter’s remarks, participate 2026 successful an enviable presumption with what I would see to beryllium the astir disposable enactment of show towards steadfast multiyear AFFO maturation that I tin recall. Our pipeline entering 2026 is deep, with $2,600,000,000 of aboriginal superior commitments poised for deployment implicit the adjacent 24 months. Our equilibrium expanse is good positioned to enactment our maturation without the request for incremental superior and our tenants, arsenic evidenced by our robust rent sum metrics, stay healthy.

We precocious completed the acquisition of Bally’s Lincoln, an plus we person agelong coveted, for $700,000,000 astatine an accretive 8% headdress complaint portion besides closing connected the existent property related to Cordish Live! Virginia project, to which we person committed an incremental $440,000,000 towards the development. In addition, backing remains ongoing successful Bally’s Chicago with astir $740,000,000 near to walk towards the improvement arsenic of 12/31. The task remains connected docket for the archetypal fractional 2027 opening with the edifice operation surpassing the 20th floor. On the tribal front, we eagerly expect the expansive opening of the Ione Band Acorn Ridge adjacent week. Development enactment astatine Caesars Republic Sonoma remains ongoing.