Gaming & Leisure Properties, Inc.
Ticker: GLPIReal EstateREITsThe business
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) is a self-administered and self-managed real estate investment trust that acquires, finances, and owns real property leased to gaming operators under triple-net lease arrangements. The company was incorporated in February 2013 as a wholly-owned subsidiary of PENN Entertainment, Inc. and was spun off as an independent public company in November 2013 through a tax-free distribution to PENN shareholders.
GLPI operates through an umbrella partnership structure known as an UPREIT, in which substantially all business is conducted through GLP Capital, L.P., which GLPI controls and manages. As of December 31, 2025, the company owned interests in 69 gaming and related facilities across 20 states, with plans to expand to 22 states through recently announced transactions in California and Virginia. The portfolio encompasses approximately 6,600 acres of owned and leased land and includes properties operated by leading gaming companies including PENN Entertainment, Caesars Entertainment, Boyd Gaming Corporation, Bally's Corporation, The Cordish Companies, Hard Rock International, Strategic Gaming Management, and American Racing & Entertainment.
The company's primary business model involves long-term, triple-net leases with fixed escalators and percentage rent components tied to property performance. Approximately 97 percent of cash rent derives from five major tenants: PENN, Caesars, Boyd, Cordish, and Bally's. GLPI's portfolio is geographically diversified across regional gaming markets, which historically demonstrate lower performance volatility compared to destination resorts. As of December 31, 2025, all properties were fully occupied.
GLPI's competitive strengths include its diversified tenant base of financially secure, publicly traded gaming operators; long-term lease structures with built-in rent escalation mechanisms; focus on resilient regional gaming properties; and flexible capital structure enabling accretive acquisitions. The company has completed transactions totaling $3.7 billion since January 1, 2024, including development funding commitments that provide embedded growth opportunities. GLPI maintains a conservative balance sheet and investment-grade credit profile while pursuing disciplined capital allocation strategies to support continued portfolio expansion.
- Sector
- Real Estate
- Industry
- REITs
- HQ
- WYOMISSING, PA
- FY end
- 12-07
- CIK
- 1575965
- SIC
- 6798
Ownership
Who holds Gaming & Leisure Properties, Inc. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30
Top fund holders
| Fund | % of fund | Value |
|---|---|---|
| VANGUARD REAL ESTATE INDEX FUND VNQ · VANGUARD SPECIALIZED FUNDS | 0.73% | $509.17M |
| Dodge & Cox Stock Fund DODGX · Dodge & Cox Funds | 0.38% | $451.61M |
| iShares Core S&P Mid-Cap ETF IJH · iShares Trust | 0.35% | $431.61M |
| VANGUARD TOTAL STOCK MARKET INDEX FUND VTI · VANGUARD INDEX FUNDS | 0.02% | $380.03M |
| VANGUARD SMALL-CAP INDEX FUND VB · VANGUARD INDEX FUNDS | 0.15% | $274.70M |
Bonds held by funds
Funds report holding 10 issues of Gaming & Leisure Properties, Inc.'s debt, $154.67M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 4.80%, maturing 2028–2037.
| Issue | Coupon | Matures | Funds | Fund-held |
|---|---|---|---|---|
| GLP CAPITAL LP GLP FINANCING II INC | 3.250% | 2032-01-15 | 14 | $35.11M |
| GLP Capital LP | 5.300% | 2029-01-15 | 14 | $28.59M |
| GLP Capital LP | 5.750% | 2028-06-01 | 22 | $27.49M |
| GLP CAPITAL LP GLP FINANCING II INC | 5.625% | 2036-03-01 | 10 | $20.80M |
| GLPI 4 01/15/30 | 4.000% | 2030-01-15 | 12 | $14.24M |
| GLP Capital LP | 4.000% | 2031-01-15 | 8 | $12.14M |
| GLPI 5.625 09/15/34 | 5.625% | 2034-09-15 | 6 | $4.97M |
| GLP Capital LP | 6.750% | 2033-12-01 | 7 | $4.93M |
| GLP Capital LP | 5.250% | 2033-02-15 | 10 | $4.83M |
| GLP Capital LP | 5.750% | 2037-11-01 | 3 | $1.59M |
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
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