Gaming & Leisure Properties, Inc. (GLPI) — payout ratio, four ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 105.1% | What most screeners publish, and badly wrong here — depressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 77.2% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 105.7% | Counts property acquisitions as though they were maintenance. |
| Funds from operations | 78.4% | The basis the real estate industry uses. Adds back depreciation on buildings that are not losing value. |
Spread between highest and lowest: 28 percentage points. Same filings, different denominators.
Coverage rating 72 / 100 — Adequate. ? Peer standing 27/50Direction 25/30Stability 20/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 78.4% |
| 2024-12-31 | 78.9% |
| 2023-12-31 | 82.6% |
| 2022-12-31 | 83.0% |
| 2021-12-31 | 88.4% |
| 2020-12-31 | 77.7% |
Coverage has improved three years running, 83.0% to 78.4%.
Among the 47 real estate companies here, 53% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $3.10 ÷ diluted EPS $2.95
- Operating cash flow — dividends paid $871.9m ÷ operating cash flow $1,129.4m
- Free cash flow — dividends paid $871.9m ÷ (operating cash flow $1,129.4m − capex $304.4m)
- Funds from operations — dividends declared per share $3.10 ÷ derived FFO $3.96 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-19 · accession
0001575965-26-000032
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.