EPR vs GLPI: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: GLPI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EPR and GLPI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EPR and GLPI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

EPR Properties (NYSE: EPR), headquartered in Kansas City, Missouri, is a real estate investment trust that specializes in experiential properties, meaning venues where people go to spend time and money out of the home. As of Q1 2026 the portfolio represented about $7.1 billion of gross investment value across roughly 335 properties, with about 94% of that value in experiential assets (movie theaters, eat-and-play concepts, attractions and amusement, ski, fitness and wellness, and cultural and gaming sites) and the remaining 6% in an Education segment of early-childhood and private schools. EPR leases these properties to operators under long-term net leases with built-in rent escalators, so tenants generally cover taxes, insurance, and maintenance, and rental income makes up nearly all of revenue.

Full EPR guide

Gaming and Leisure Properties is a real estate investment trust that owns the physical property, land, buildings, and parking, underneath casinos and gaming facilities, then leases it back to the companies that actually run the gaming operations. It uses long-term triple-net master leases, meaning tenants cover taxes, insurance, and maintenance, and most leases carry fixed or CPI-linked rent escalators plus rent-coverage covenants. As of the end of 2025, GLPI owned interests in 69 gaming and related facilities across 20 states, all 100% occupied, making it one of the two dominant landlords in US gaming real estate alongside VICI Properties. Roughly 97% of its cash rent comes from five tenants: PENN Entertainment (its largest, spun off from in 2013), Caesars, Boyd, Cordish, and Bally's.

Full GLPI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• EPR drivers: Monthly dividend with improving coverage; Diversification away from theaters into broader experiential assets.
• GLPI drivers: High, contractually backed dividend; Escalator-linked rent and 100% occupancy.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Theater and single-tenant concentration is the primary structural risk: movie theaters still represent a meaningful share of rent, and AMC, one of EPR's largest theater tenants, has carried a stressed balance sheet, so a box-office downturn or a large-tenant restructuring could pressure cash flow. For GLPI, gLPI depends on a small number of tenants, with about 97% of cash rent coming from just five operators, so financial trouble at PENN, Caesars, Boyd, Cordish, or Bally's would directly threaten rent collection.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick EPR if you believe its drivers more; GLPI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the EPR and GLPI guides.

EPR. REITs are most meaningfully valued on FFO and AFFO rather than GAAP earnings, because large depreciation charges make net income a poor proxy for cash generation. On 2026 FFO guidance near $5.45 at the midpoint and a share price around $60, EPR trades at roughly 11x forward FFO, a discount to diversified and retail net-lease REITs that reflects theater and experiential-demand risk. The AFFO payout ratio near 70% and about 2x unit-level rent coverage are the figures bulls cite as evidence the roughly 6% yield is better covered than the discounted multiple implies.

GLPI. GLPI is valued like an income-focused net-lease REIT, trading around 10.5x forward AFFO with a yield near 7%, roughly in line with peer VICI on multiple but at a persistent discount that reflects its heavier regional-casino tenant mix. Because it distributes most of its rental cash flow, the durability of tenant rent and the level of interest rates drive the shares far more than headline growth. Figures are approximate and based on Q1 2026 results and 2026 guidance.

Headline figures (approximate, JULY 2026): EPR shows revenue (ttm) ~$720 million, affo per share (q1 2026, most recent quarter) ~$1.29 (+6.6% YoY), 2026 ffo per share guidance ~$5.37 to $5.53, dividend yield (annualized, mid-2026) ~6.2%; GLPI shows total revenue (q1 2026) ~$420 million (up ~6.3% YoY), affo (q1 2026) ~$297 million (~$1.02 per diluted share), 2026 affo guidance ~$4.08 to $4.12 per share, dividend ~$3.12 annualized (~$0.78/quarter).

EPR and GLPI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EPR and GLPI exposure against your real portfolio. It is not an investment adviser.