GLPI announced that it has priced a public offering of $800 million in senior notes due March 1, 2036, with a coupon of 5.625% and a pricing rate of 99.857% of par.
The notes are being issued by GLPI’s operating partnership, GLP Capital, L.P., and its wholly‑owned subsidiary, GLP Financing II, Inc. The offering is expected to close on March 4, 2026.
Proceeds will be used primarily to repay borrowings under the company’s $600 million term loan credit facility that matures in September 2027, with the remaining funds earmarked for working capital and general corporate purposes, including potential acquisitions and development projects.
GLPI’s Q4 2025 earnings showed a strong performance, with earnings per share of $0.94 versus an estimate of $0.74, and revenue of $407.03 million versus an estimate of $405.34 million. Full‑year 2025 revenue reached $1.5948 billion, and adjusted funds from operations (AFFO) were $1.1201 billion, up from $1.0609 billion in 2024. The company’s adjusted net debt to EBITDA ratio was 4.6x at year‑end 2025, comfortably below its target range of 5x‑5.5x.
GLPI has a pipeline of approximately $2.6 billion in future capital commitments expected to be deployed over the next 24 months, covering projects such as Bally’s Chicago, Live! Virginia, and Penn’s Aurora relocation. The debt offering expands GLPI’s debt capacity and supports this growth strategy while maintaining a conservative leverage profile.
Management emphasized that the company’s disciplined financial management and strategic acquisitions have positioned it well for continued growth. CEO Peter Carlino noted that “our strategic acquisitions and disciplined financial management have positioned us well for continued growth.” CFO Desiree Burke highlighted that fourth‑quarter 2025 total income from real estate exceeded the prior‑year quarter by more than $17 million, driven by over $23 million of cash rent increases from acquisitions and lease escalations.
The senior notes offering aligns with GLPI’s long‑term capital structure plan, providing a stable, low‑cost source of capital for future growth initiatives while reinforcing its commitment to a conservative leverage profile.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.