Dec. 12 at 5:11 PM
JPMorgan upgraded Gaming and Leisure Properties to Overweight, citing stronger visibility on funded development spending through 2027, which places the REIT among the sector’s most attractive growth profiles while maintaining a high dividend yield and lower leverage than peers.
Management meetings at Nareit’s REITworld conference showed that most of GLPI’s
$3.4 billion in capital commitments are already financed, with spending weighted toward 2026. This boosts confidence in earnings growth and keeps leverage manageable at roughly 5x by late 2027—still below many competitors.
A key catalyst is Bally’s progress on financing tied to its Lincoln, Rhode Island property, which should allow GLPI to complete the sale-leaseback earlier than expected. JPMorgan now models a Q2 2026 closing instead of 2027. Construction on Bally’s Chicago project is also progressing, and GLPI is expected to deploy most of its committed capital by the end of 2026.
$GLPI $BALY $JPM