Nareit Management Meeting Takeaways: Funding Pipeline and Tenant Mix in Focus

Goldman Sachs hosted a management meeting with GLPI where leadership expressed confidence in a ~6% AFFOPS growth outlook through 2027 and downplayed risks from tenant mix changes.

Key Takeaways

• 1.Management views recent corporate actions by MGM and Caesars as non-material for GLPI's operations, noting limited direct read-through and modest rent exposure.
• 2.GLPI maintains a sustainable ~6% AFFOPS growth outlook for 2026, supported by strong visibility into the development pipeline through 2027.
• 3.The company remains disciplined on capital allocation, emphasizing repeat relationships and a willingness to walk away from deals that do not meet return thresholds.

Table of Contents

• Key management meeting highlights
• Price target
• Key risks
• GS Forecast
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures