Gaming and Leisure Properties GLPI
First gaming-focused REIT owning premier regional casino assets under master triple-net leases with ultra-long duration cash flows.
Executive Summary: Gaming and Leisure Properties (GLPI) Institutional Rating
Quantitative Verdict: Gaming and Leisure Properties (GLPI) trades at an annualized dividend yield of 7.69% with an AFFO payout ratio of 79.6%, earning a Dividend Safety Score of 93 / 100 (Very Safe). The stock currently trades at a 6.6% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $53.00, backed by an institutional portfolio of 65 commercial properties operating at 100.0% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Gaming and Leisure Properties operates as a Passive Capital Allocator in the Gaming & Experiential real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 100.0%.
Labor & Overhead Efficiency
- • Total Global Employees: 20
- • Estimated Market Cap: $11.85 B
- • Capital Per Employee: $592.26M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.42%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 4.92% | $69.16 | +30.5% | $39.55 | Undervalued |
| 5.42% | $62.78 | +18.5% | $39.55 | Undervalued |
| 5.92% | $57.48 | +8.5% | $39.55 | Undervalued |
| 6.42% Base Case | $53.00 | 0.0% | $39.55 | Undervalued |
| 6.92% | $49.17 | -7.2% | $39.55 | Undervalued |
| 7.42% | $45.86 | -13.5% | $39.55 | Undervalued |
| 7.92% | $42.96 | -18.9% | $39.55 | Undervalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.7600 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Gaming and Leisure Properties Core Physical Asset Portfolio | United States (Nationwide Footprint) | 7,800,000 sq ft (implied) | 100.0% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: GLPI vs Peers
Institutional CompsDirect peer benchmark comparing Gaming and Leisure Properties against its top competitors in the Gaming & Experiential industry.
| Metric | GLPI (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $39.55 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 7.69% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 93 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 10.4x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -6.6% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 100.0% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 65 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (GLPI FAQ)
Gaming and Leisure Properties (GLPI) currently pays an annualized dividend of $3.04 per share, representing an annualized dividend yield of 7.69%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 79.6%, earning a Dividend Safety Score of 93/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, Gaming and Leisure Properties's consensus base NAV is $53.00 per share. Trading at $39.55, the stock reflects an implied market cap rate of 6.42% and trades at a 6.6% discount to NAV (undervalued).
Gaming and Leisure Properties owns and operates approximately 65 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 100.0% with a weighted average lease term (WALT) of 32.0 years.
Gaming and Leisure Properties currently trades at a Price / AFFO multiple of 10.4x based on forward AFFO per share of $3.82. Its Price / FFO multiple stands at 10.5x against forward FFO per share of $3.75.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Peter M. Carlino. Total annual reported compensation was $8,450,000, reflecting a CEO-to-median-worker pay ratio of 72:1.
Gaming and Leisure Properties maintains a Net Debt-to-EBITDA ratio of 4.9x and carries an investment-grade credit rating of BBB- / Baa3. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.