Gaming & Leisure Properties, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 31 July 2026: press release. Guidance figures: 2 raised, 1 lowered, 2 kept. The quarter’s numbers.

Key takeaways

Revenue and AFFO both grew: Total income from real estate was $430.5 million, up 9.0% from $394.9 million. AFFO was $304.0 million, up 10.1% from $276.1 million. Source
Tenant developments drew $191 million: Management said it invested $191 million in tenant developments during the quarter. Source
Credit provision was small this year: Provision for credit losses was $3.0 million in the quarter against $53.7 million a year earlier. The six-month figure was a $7.2 million benefit. Source
Leverage at 4.8x, below range: Leverage was 4.8x at June 30, below the low end of the 5.0x to 5.5x target range, compared with 5.0x at March 31. Source
Forward equity settled June 1: The forward sale settled June 1, issuing 7,589,487 shares for net proceeds of $351.0 million, against the $363.3 million anticipated in April. Source
Quarterly dividend raised 5.1%: The quarterly dividend was raised to $0.82 per share from $0.78, an annualized $3.28 against $3.12. The June 30 dividend yield was 7.4%. Source

“Our second quarter results marked another period of record revenue, AFFO and Adjusted EBITDA.”
Peter Carlino, Chairman and Chief Executive Officer of GLPI

Guidance

Area	Period	Figure	Against last quarter
AFFO (total dollars) Source	year ending December 31, 2026	$1.219 billion to $1.225 billion	Raised from $1.212 billion to $1.223 billion
AFFO per diluted share and OP/LTIP units Source	year ending December 31, 2026	$4.10 to $4.12	Raised from $4.08 to $4.12
Development spending Source	2026 total	$750 million to $800 million	Kept
Additional development funding Source	remainder of 2026	$400 million to $450 million	Lowered from $590 million to $640 million
Leverage Source	going forward	at or near the low end of 5.0x to 5.5x net debt to adjusted EBITDA	Kept

What changed from last quarter

Guidance raised: Full-year AFFO guidance in dollars raised to $1.219 billion to $1.225 billion from $1.212 billion to $1.223 billion. Source
Guidance kept: Total 2026 development spend range stays at $750 million to $800 million. Source
Ended: Aurora landside funding commitment completed in June, with $216.3 million funded on June 24. Source
New: Hard Rock Casino Rockford loan amended on June 30; borrower repaid $16.0 million of principal. Source

Results and growth drivers

Revenue and AFFO both grew: Total income from real estate was $430.5 million, up 9.0% from $394.9 million. AFFO was $304.0 million, up 10.1% from $276.1 million. Source
Net income and EPS rose: Net income was $234.9 million against $156.2 million, and diluted EPS was $0.80 against $0.54. Income from operations was $332.4 million against $242.1 million. Source
Growth tied to developments and sale-leasebacks: Management attributed 2026 growth to multiple development projects, tenant facility upgrades and executed sale-leaseback transactions. Source
Adjusted EBITDA and FFO rose: Adjusted EBITDA was $405.5 million, up 12.2% from $361.5 million. FFO was $302.3 million against $224.9 million. Source

Portfolio and tenant coverage

71 facilities across 21 states: Portfolio at June 30 included interests in 71 facilities: PENN 34, Bally's 16, Caesars 6, Boyd 4, Strategic 4, Cordish 3, American Racing 1 and Hard Rock 1, with 2 in development. Source
Bally's Master Lease II coverage at 2.17: Bally's Master Lease II shows coverage of 2.17 at March 31, 2026 on a pro forma basis, including the Twin River Lincoln real estate. Source
Amended Pinnacle coverage at 1.70: Amended Pinnacle Master Lease coverage was 1.70 at March 31, 2026, against a minimum escalator coverage governor of 1.8. Source

“Reflecting this momentum, we raised the midpoint of our 2026 AFFO per share guidance, as we are now forecasting a range of $4.10 to $4.12.”
Peter Carlino, Chairman and Chief Executive Officer of GLPI

Development funding and commitments

Tenant developments drew $191 million: Management said it invested $191 million in tenant developments during the quarter. Source
Bally's Chicago is largest commitment: Construction costs for Bally's Chicago show $475.7 million funded against a $940 million commitment, the largest line in the funding table. Source
Dry Creek loan not yet drawn: The Dry Creek Rancheria delayed draw term loan is shown at $180 million, with no amount funded at June 30. Source
Virginia project early in funding: Live! Virginia Casino & Hotel funding stood at $27.0 million against a $467 million commitment. Source
Ione loan nearly fully funded: Ione Loan funding stood at $98.9 million of a $110 million commitment for a casino near Sacramento. Source

Costs and credit provision

G&A and depreciation fell: General and administrative expense was $13.2 million against $15.9 million, and depreciation was $66.6 million against $69.2 million. Source
Interest expense rose: Interest expense was $100.7 million against $89.9 million a year earlier. Source
Credit provision was small this year: Provision for credit losses was $3.0 million in the quarter against $53.7 million a year earlier. The six-month figure was a $7.2 million benefit. Source

“We remain very encouraged by trends across the regional gaming landscape, with same-store operator results showing healthy year over year gains through the mid-point of the calendar year”
Peter Carlino, Chairman and Chief Executive Officer of GLPI

Demand and tenant revenue mix

Percentage rent eased from first quarter: Percentage rent and other rental revenue was $17.7 million for the quarter, against $18.3 million in the first quarter. Source
Real estate loan interest rose: Interest income from real estate loans was $7.6 million against $3.7 million a year earlier. Source

Capital, debt and leverage

Leverage at 4.8x, below range: Leverage was 4.8x at June 30, below the low end of the 5.0x to 5.5x target range, compared with 5.0x at March 31. Source
Forward equity settled June 1: The forward sale settled June 1, issuing 7,589,487 shares for net proceeds of $351.0 million, against the $363.3 million anticipated in April. Source
Cash rose over the half: Cash and cash equivalents were $319.0 million at June 30, against $224.3 million at December 31, 2025. Source
Debt structure and ratings: Long-term debt, net, was $8,077.7 million at June 30, with a weighted average of 6.9 years to maturity at 5.073%. Ratings are BBB- (S&P, Fitch) and Ba1 (Moody's). Source
March notes issued at 99.857%: $800 million of senior notes due 2036 were issued March 4 at 99.857% of par with a 5.625% coupon, with proceeds used to repay term loan borrowings. Source

Dividend and shareholder returns

Quarterly dividend raised 5.1%: The quarterly dividend was raised to $0.82 per share from $0.78, an annualized $3.28 against $3.12. The June 30 dividend yield was 7.4%. Source
Shares outstanding rose: Common shares outstanding were 290,919,328 at June 30, against 283,037,310 at December 31, 2025. Source

Transactions and funding pipeline

Bally's Lincoln acquired for $700 million: Bally's Twin River Lincoln real property was acquired February 11 for $700 million, with additional annual rent of $56.0 million at an 8.0% cap rate. Source
Cordish Virginia development agreement: The January 15 agreement with Cordish funds up to $440 million of construction costs, with $27 million for land and a total commitment of $467 million. Source
Balance sheet funds pipeline without equity: Management said the balance sheet allows accretive and accelerating AFFO growth without additional equity. Source

Coming up, as management said on 31 July 2026

Rockford loan repayments scheduled: Scheduled future principal repayments on the Rockford loan fall on or before March 31, 2028 and March 31, 2029; maturity is December 31, 2029. Source
AFFO growth expected into 2028: Management said current development and funding plans will continue to drive AFFO per share growth through 2027 and into 2028. Source
PENN may request Council Bluffs funding: PENN may request construction improvements at Ameristar Council Bluffs on or before March 31, 2029, up to the greater of hard costs or $150.0 million. Source

Risks management discussed

Regulatory: Guidance assumes no material change in applicable legislation or the regulatory environment. Source
External: Guidance assumes no material change in world events, weather or oil prices. Source
Demand: Guidance assumes no adverse change in the competitive landscape or other circumstances beyond management's control. Source
Financial: Management said future credit loss provisions depend on events outside its control and may not be reliably predicted. Source
Operational: Tenants may decline GLPI's financing on some projects and seek alternatives, so commitments may not be drawn. Source

Earlier plans management reported on

On track: Management said the second-half funding of $400 million to $450 million brings 2026 development spend to $750 million to $800 million, in line with prior commentary. Source
Met: Management said the $225 million Aurora funding commitment was completed in the second quarter. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

GAMING AND LEISURE PROPERTIES REPORTS RECORD SECOND QUARTER RESULTS AND UPDATES 2026 FULL YEAR GUIDANCE

WYOMISSING, PA - July 30, 2026 - Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended June 30, 2026.

Financial Highlights

	Three Months Ended June 30,
(in millions, except per share data)		2026		2025
Total Revenue	$430.5		$394.9
Income from Operations	$332.4		$242.1
Net Income	$234.9		$156.2
FFO (1) (4)	$302.3		$224.9
AFFO (2) (4)	$304.0		$276.1
Adjusted EBITDA (3) (4)	$405.5		$361.5
Net income, per diluted common share	$0.80		$0.54
FFO, per diluted common share and OP/LTIP units	$1.03		$0.79
AFFO, per diluted common share and OP/LTIP units	$1.03		$0.96
Annualized dividend per share	$3.28		$3.12
Dividend yield based on period end stock price	7.4%		6.7%

Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.

Adjusted Funds From Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock-based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment and other financing costs; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock-based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; losses on debt extinguishment and other financing costs; severance charges; and provision (benefit) for credit losses, net.

Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the effect on net income attributable to noncontrolling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our second quarter results marked another period of record revenue, AFFO and Adjusted EBITDA. On an operating basis, second quarter total revenue rose 9.0% to $430.5 million, AFFO grew 10.1% to $304.0 million, and Adjusted EBITDA increased 12.2% to $405.5 million. The record results highlight GLPI’s unmatched ability to structure complex transactions and deliver creative funding solutions for quality tenants, while maintaining structurally strong lease coverage, an output of our disciplined underwriting approach. Recent acquisitions and an expanding base of leading regional gaming operators and tribal relationships are fueling our pipeline, while financial flexibility remains a core tenet of the Company. Reflecting this momentum, we raised the midpoint of our 2026 AFFO per share guidance, as we are now forecasting a range of $4.10 to $4.12. During the quarter, we also raised our quarterly dividend to $0.82 per share, marking a 5.1% increase over the prior $0.78 dividend per share. As of June 30, 2026, our annualized dividend implied yield was 7.4%.

“We remain very encouraged by trends across the regional gaming landscape, with same-store operator results showing healthy year over year gains through the mid-point of the calendar year, following a strong second quarter for the regional gaming sector.

“Concurrent with strengthening tenant fundamentals, GLPI's 2026 growth has been driven by multiple development projects, investments in tenant facility upgrades, and executed sale-leaseback transactions. During the second quarter, we invested $191 million in tenant developments and completed the $225 million funding commitment for PENN Entertainment's Hollywood Casino Aurora land-based conversion. In the second half of 2026, GLPI anticipates additional development funding of approximately $400 million to $450 million, bringing the 2026 total development spend to a range of $750 million to $800 million, in line with our prior commentary. This activity, coupled with future funding plans, will continue to drive AFFO per share growth through 2027 and into 2028.

“As of June 30, GLPI’s leverage stood at 4.8x, below the low end of our target range of 5.0x to 5.5x net debt to adjusted EBITDA. We expect to remain at or near the low end of the target leverage range as we execute on our announced pipeline. Our balance sheet position continues to provide financial flexibility when evaluating new transactions, and, moreover, allows us to drive accretive and accelerating AFFO growth, without the need for additional equity.

“Looking at the balance of the year, GLPI remains well positioned for growth, both in the near and long-term, supported by our strong operator relationships, our rights and options to participate in select tenants’ future growth and expansion, a healthy deal pipeline, and our ability to competitively structure and fund innovative transactions. In addition, our solid balance sheet and liquidity position the Company to grow cash flows, support future dividend growth, and build value for shareholders over the medium and long-term.”

Recent Developments

On June 30, 2026, the Company entered into a second amendment to its loan related to the Hard Rock Casino Rockford, pursuant to which the borrower repaid $16.0 million of principal. The amendment also provides for scheduled future principal repayments on or before March 31, 2028, and March 31, 2029. The maturity date was extended to December 31, 2029, and includes an option for GLPI to acquire the building improvements at Hard Rock Casino Rockford.
On June 24, 2026, the Company funded $216.3 million to complete the $225 million commitment on the Aurora landside development project for PENN Entertainment, Inc. (NASDAQ: PENN) ("PENN") at a 7.75% capitalization rate.
On June 1, 2026, the Company settled a forward sale agreement pursuant, to which it issued 7,589,487 shares of common stock and raised net proceeds of $351.0 million.
On March 4, 2026, the Company issued $800 million of senior notes due on March 1, 2036. The notes were priced at 99.857% of par value, with a coupon of 5.625%. The Company used the net proceeds to repay borrowings outstanding under the Company's term loan credit facility, as well as for working capital and general corporate purposes.
On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort for a purchase price of $700 million and additional annual rent of $56.0 million (8.0% cap rate). The Company issued 332,890 OP Units in connection with the transaction, with the balance of the consideration paid in cash.
On January 15, 2026, GLPI entered into a development agreement with The Cordish Companies ("Cordish") to fund up to $440 million of real estate construction costs for the Live! Virginia Casino & Hotel and acquired the project land for $27 million, representing a total commitment of $467 million at an 8.0% cap rate.

Dividends

On May 20, 2026, the Company announced that its Board of Directors declared a second quarter dividend of $0.82 per share on the Company's common stock that was paid on June 26, 2026 to shareholders of record on June 12, 2026.

2026 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2026 based on the following assumptions and other factors:

The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions that have yet to be announced. The updated guidance incorporates the additional development fundings of approximately $400 million to $450 million, which will be funded relatively evenly by quarter throughout the remainder of 2026, which will bring total development spending for 2026 to a range of $750 million to $800 million.
The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

The Company estimates AFFO for the year ending December 31, 2026 will be between $1.219 billion and $1.225 billion, or between $4.10 and $4.12 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2026 of between $1.212 billion and $1.223 billion, or between $4.08 and $4.12 per diluted share and OP/LTIP units.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Portfolio Update

GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. As of June 30, 2026, GLPI's portfolio consisted of interests in 71 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 16 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's"), 2 facilities under development; one with Bally's in Chicago, Illinois, and the other for Cordish and Bruce Smith Enterprise in Petersburg, Virginia, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 4 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 21 states.

Conference Call Details

The Company will hold a conference call on July 31, 2026, at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:

Dial in at least five minutes before the scheduled start time.

Domestic: 1-877/407-0784

International: 1-201/689-8560

Conference Call Playback:

Domestic: 1-844/512-2921

International: 1-412/317-6671

Passcode: 13761467

The playback can be accessed through Friday, August 7, 2026.

Webcast

The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data) (unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Revenues
Rental income	$366,204	$339,527	$722,726	$679,779
Income from investment in leases, financing receivables	52,854	47,926	105,556	95,690
Income from investment in leases, sales-type	3,837	3,762	7,675	7,522
Interest income from real estate loans	7,624	3,661	14,547	7,120
Total income from real estate	430,519	394,876	850,504	790,111
Operating expenses
Land rights and ground lease expense	14,149	13,942	27,947	27,497
General and administrative	13,245	15,907	31,183	34,620
Losses (gains) from dispositions of property	1,170	-	1,170	(125)
Depreciation	66,583	69,235	131,620	134,247
Provision (benefit) for credit losses, net	2,980	53,728	(7,157)	92,974
Total operating expenses	98,127	152,812	184,763	289,213
Income from operations	332,392	242,064	665,741	500,898
Other income (expenses)
Interest expense	(100,705)	(89,934)	(196,561)	(187,206)
Interest income	3,858	4,580	6,595	13,936
Losses on debt extinguishment and other financing costs	-	-	(268)	-
Total other expenses	(96,847)	(85,354)	(190,234)	(173,270)
Income before income taxes	235,545	156,710	475,507	327,628
Income tax expense	601	545	1,161	1,109
Net income	$234,944	$156,165	$474,346	$326,519
Net income attributable to noncontrolling interest in the Operating Partnership	(6,528)	(4,726)	(14,101)	(9,896)
Net income attributable to common shareholders	$228,416	$151,439	$460,245	$316,623
Earnings per common share:
Basic earnings attributable to common shareholders	$0.80	$0.55	$1.62	$1.15
Diluted earnings attributable to common shareholders	$0.80	$0.54	$1.62	$1.14
Other comprehensive income
Net income	234,944	156,165	474,346	326,519
Unrealized gain on cash flow hedges	-	864	-	864
Reclassification of derivative gain to interest expense	(24)	-	(48)
Comprehensive income	234,920	157,029	474,298	327,383
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(6,527)	(4,753)	(14,099)	(9,923)
Comprehensive income attributable to common shareholders	228,393	152,276	460,199	317,460

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

Current Year Revenue Detail

(in thousands) (unaudited)

Three Months Ended June 30, 2026	Building base rent	Land base rent	Percentage rent and other rental revenue	Interest income on real estate loans	Total cash income	Straight-line rent and deferred rent adjustments	Ground rent in revenue	Accretion on leases	Total income from real estate
Amended PENN Master Lease	$55,234	$10,758	$6,461	$ -	$72,453	$4,952	$676	$ -	$78,081
PENN 2023 Master Lease	66,482	-	135	-	66,617	4,128	-	-	70,745
Amended Pinnacle Master Lease	61,483	17,814	7,584	-	86,881	1,858	2,248	-	90,987
PENN Morgantown Lease	-	806	-	-	806	-	-	-	806
Caesars Master Lease	16,588	5,932	-	-	22,520	1,630	330	-	24,480
Horseshoe St. Louis Lease	6,096	-	-	-	6,096	221	-	-	6,317
Boyd Master Lease	21,157	2,947	3,034	-	27,138	(333)	527	-	27,332
Boyd Belterra Lease	748	473	498	-	1,719	(43)	-	-	1,676
Bally's Master Lease	27,106	-	-	-	27,106	-	2,737	-	29,843
Bally's Master Lease II	29,570	-	-	-	29,570	(67)	902	-	30,405
Maryland Live! Lease	19,751	-	-	-	19,751	-	2,129	3,239	25,119
Pennsylvania Live! Master Lease	13,168	-	-	-	13,168	-	315	2,095	15,578
Casino Queen Master Lease	3,611	-	-	-	3,611	47	-	-	3,658
Tropicana Las Vegas Lease	-	3,838	-	-	3,838	-	-	(1)	3,837
Rockford Lease	-	2,081	-	-	2,081	-	-	531	2,612
Rockford Loan	-	-	-	3,033	3,033	-	-	-	3,033
Tioga Downs Lease	3,760	-	-	-	3,760	-	1	551	4,312
Strategic Gaming Leases	6,090	-	-	-	6,090	-	105	912	7,107
Ione Loan	-	-	-	2,605	2,605	-	-	-	2,605
Bally's Chicago Lease	8,848	5,000	-	-	13,848	(13,848)	-	-	-
Dry Creek Loan	-	-	-	1,446	1,446	-	-	-	1,446
Virginia Live! Development	-	-	-	540	540	-	-	-	540
Total	$339,692	$49,649	$17,712	$7,624	$414,677	$(1,455)	$9,970	$7,327	$430,519

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

Current Year Revenue Detail

(in thousands) (unaudited)

Six Months Ended June 30, 2026	Building base rent	Land base rent	Percentage rent and other rental revenue	Interest income on real estate loans	Total cash income	Straight-line rent and deferred rent adjustments	Ground rent in revenue	Accretion on leases	Total income from real estate
Amended PENN Master Lease	$110,469	$21,517	$12,975	$ -	$144,961	$9,904	$1,249	$ -	$156,114
PENN 2023 Master Lease	132,624	-	220	-	132,844	8,256	-	-	141,100
Amended Pinnacle Master Lease	122,965	35,628	15,706	-	174,299	3,716	4,456	-	182,471
PENN Morgantown Lease	-	1,612	-	-	1,612	-	-	-	1,612
Caesars Master Lease	33,175	11,864	-	-	45,039	3,261	660	-	48,960
Horseshoe St. Louis Lease	12,192	-	-	-	12,192	440	-	-	12,632
Boyd Master Lease	42,036	5,893	6,080	-	54,009	(2,697)	1,053	-	52,365
Boyd Belterra Lease	1,486	947	998	-	3,431	(420)	-	-	3,011
Bally's Master Lease	54,045	-	-	-	54,045	-	5,336	-	59,381
Bally's Master Lease II	52,607	-	-	-	52,607	(133)	1,871	-	54,345
Maryland Live! Lease	39,503	-	-	-	39,503	-	4,168	6,420	50,091
Pennsylvania Live! Master Lease	26,185	-	-	-	26,185	-	616	4,297	31,098
Casino Queen Master Lease	6,986	-	-	-	6,986	102	-	-	7,088
Tropicana Las Vegas Lease	-	7,676	-	-	7,676	-	-	(1)	7,675
Rockford Lease	-	4,162	-	-	4,162	-	-	1,049	5,211
Rockford Loan	-	-	-	6,033	6,033	-	-	-	6,033
Tioga Downs Lease	7,476	-	-	-	7,476	-	3	1,131	8,610
Strategic Gaming Leases	12,139	-	-	-	12,139	-	211	1,843	14,193
Ione Loan	-	-	-	4,631	4,631	-	-	-	4,631
Bally's Chicago Lease	14,355	10,000	-	-	24,355	(24,355)	-	-	-
Dry Creek Loan	-	-	-	2,882	2,882	-	-	-	2,882
Virginia Live! Development	-	-	-	1,001	1,001	-	-	-	1,001
Total	$668,243	$99,299	$35,979	$14,547	$818,068	$(1,926)	$19,623	$14,739	$850,504

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA

CONSOLIDATED

(in thousands, except per share and share data) (unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Net income	$234,944	$156,165	$474,346	$326,519
Losses (gains) from dispositions of property	1,170	-	1,170	(125)
Real estate depreciation	66,186	68,749	130,738	133,278
Funds from operations	$302,300	$224,914	$606,254	$459,672
Straight-line rent and deferred rent adjustments	1,455	(6,433)	1,926	(14,845)
Other depreciation	397	486	882	969
Provision (benefit) for credit losses, net	2,980	53,728	(7,157)	92,974
Amortization of land rights	4,270	4,270	8,540	8,540
Amortization of debt issuance costs, bond premiums and original issuance discounts	3,635	3,227	7,103	6,459
Capitalized interest	(8,484)	(3,411)	(14,914)	(7,016)
Stock-based compensation	4,644	6,156	12,748	15,014
Losses on debt extinguishment and other financing costs	-	-	268	-
Accretion on investment in leases	(7,327)	(6,866)	(14,739)	(13,762)
Non-cash adjustment to financing lease liabilities	106	107	204	205
Capital maintenance expenditures	-	(121)	-	(157)
Adjusted funds from operations	$303,976	$276,057	$601,115	$548,053
Interest, net	96,065	84,576	188,411	171,725
Income tax expense	601	545	1,161	1,109
Capital maintenance expenditures	-	121	-	157
Amortization of debt issuance costs, bond premiums and original issuance discounts	(3,635)	(3,227)	(7,103)	(6,459)
Capitalized interest	8,484	3,411	14,914	7,016
Adjusted EBITDA	$405,491	$361,483	$798,498	$721,601
FFO, per diluted common share and OP/LTIP units	$1.03	$0.79	$2.07	$1.61
AFFO, per diluted common share and OP/LTIP units	$1.03	$0.96	$2.05	$1.92
Weighted average number of common shares and OP/LTIP units outstanding
Diluted common shares	285,857,452	277,797,169	284,592,906	276,463,591
Diluted OP/LTIP units	8,685,370	8,332,577	8,604,237	8,329,087
Diluted common shares and diluted OP/LTIP units	294,542,822	286,129,746	293,197,143	284,792,678

Excludes non-cash interest expense gross ups related to certain ground leases.

Reconciliation of Cash Net Operating Income

CONSOLIDATED

(in thousands, except per share and share data) (unaudited)

	Three Months Ended June 30, 2026
Adjusted EBITDA	$405,491	$798,498
General and administrative expenses	13,245	31,183
Stock-based compensation	(4,644)	(12,748)
Cash net operating income	$414,092	$816,933

Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.

Gaming and Leisure Properties, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share and per share data)

	June 30, 2026	December 31, 2025
Assets
Real estate investments, net	$9,558,270	$8,474,261
Investment in leases, financing receivables, net	2,566,924	2,557,504
Investment in leases, sales-type, net	251,820	248,421
Real estate loans, net	296,259	247,999
Right-of-use assets and land rights, net	1,061,883	1,072,163
Cash and cash equivalents	319,004	224,314
Other assets	101,055	84,947
Total assets	$14,155,215	$12,909,609
Liabilities
Accounts payable and accrued expenses	$8,114	$6,641
Accrued interest	116,820	106,253
Accrued salaries and wages	4,785	10,209
Operating lease liabilities	240,724	242,481
Financing lease liabilities	61,423	61,219
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	8,077,741	7,203,731
Deferred rental revenue	207,600	205,786
Other liabilities	56,581	65,029
Total liabilities	8,773,788	7,901,349
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2026 and December 31, 2025)	-	-
Common stock ($.01 par value, 500,000,000 shares authorized, 290,919,328 and 283,037,310 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	2,909	2,830
Additional paid-in capital	6,969,771	6,613,488
Accumulated deficit	(1,990,222)	(1,990,770)
Accumulated other comprehensive income	858	904
Total equity attributable to Gaming and Leisure Properties	4,983,316	4,626,452
Noncontrolling interests in GLPI's Operating Partnership (8,473,163 units and 8,224,939 units outstanding at June 30, 2026 and December 31, 2025, respectively)	398,111	381,808
Total equity	5,381,427	5,008,260
Total liabilities and equity	$14,155,215	$12,909,609

Debt Capitalization

The Company’s debt structure as of June 30, 2026 was as follows:

	Years to Maturity		Interest Rate	Balance
				(in thousands)
Unsecured $2,090 Million Revolver Due December 2028	2.4		4.944%	329,961
Term Loan Due December 2028	2.4		4.914%	679,000
Senior Unsecured Notes Due June 2028	1.9		5.750%	500,000
Senior Unsecured Notes Due January 2029	2.5		5.300%	750,000
Senior Unsecured Notes Due January 2030	3.5		4.000%	700,000
Senior Unsecured Notes Due January 2031	4.5		4.000%	700,000
Senior Unsecured Notes Due January 2032	5.5		3.250%	800,000
Senior Unsecured Notes Due February 2033	6.6		5.250%	600,000
Senior Unsecured Notes Due December 2033	7.4		6.750%	400,000
Senior Unsecured Notes Due September 2034	8.2		5.625%	800,000
Senior Unsecured Notes Due March 2036	9.7		5.625%	800,000
Senior Unsecured Notes Due November 2037	11.3		5.750%	700,000
Senior Unsecured Notes Due September 2054	28.2		6.250%	400,000
Total long-term debt				8,158,961
Less: unamortized debt issuance costs, bond premiums and original issuance discounts				(81,220)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts				8,077,741
Weighted average		6.9	5.073%

Rating Agency - Issue Rating

Rating Agency

Rating

Standard & Poor's

BBB-

Fitch

BBB-

Moody's

Ba1

Funding Commitments

As of June 30, 2026, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below. Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions. The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.

Description	Maximum Commitment amount	Amount funded at June 30, 2026
Relocation of Hollywood Casino Aurora	$225 million	$225.0 million
Funding associated with a landside move at Ameristar Casino Council Bluffs	$150 million	None
Potential transaction at the former Tropicana Las Vegas site with Bally's	$175 million	$48.5 million
Real estate construction costs for Bally's Chicago	$940 million	$475.7 million
Ione Loan to fund a new casino development near Sacramento, California	$110 million	$98.9 million
Funding associated with the future site and construction for Live! Virginia Casino & Hotel	$467 million	$27.0 million
Delayed draw term loan for Dry Creek Rancheria Resort development	$180 million	None

(1) The Company has agreed to fund, if requested by PENN in its sole discretion on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million at a 7.10% capitalization rate.

Property and lease information

The Company has disclosed the following key terms of its master leases and single-property leases in the tables below, along with the properties within each lease at June 30, 2026. We believe the following key terms are important for users of our financial statements to understand.

The coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA plus rent expense paid to GLPI.
Certain leases have a minimum escalator coverage ratio governor as disclosed below. Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.
The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases, leases with development projects or leases that have been in effect for less than twelve months.
The Amended PENN Master Lease, the Amended Pinnacle Master Lease, the Boyd Master Lease, and the Belterra Park Lease each include (i) a fixed rent component, a portion of which escalates annually by up to 2% if specified rent coverage thresholds are met, and (ii) a percentage rent component tied to property performance. The percentage rent component is recalculated periodically, every five years for the Amended PENN Master Lease and every two years for the other leases, based on 4% of the average annual net revenues of the applicable facilities in excess of a contractually defined baseline, subject to certain floors.

	Penn 2023 Master Lease		Amended Penn Master Lease
	Hollywood Casino Joliet	Joliet, IL	Argosy Casino Alton		Alton, IL
	Hollywood Casino Toledo	Toledo, OH	Hollywood Casino at Charles Town Races		Charles Town, WV
	Hollywood Casino Columbus	Columbus, OH	Hollywood Casino at Penn National Race Course		Grantville, PA
	M Resort	Henderson, NV	Hollywood Casino Bangor		Bangor, ME
	Hollywood Casino at the Meadows	Washington, PA	Zia Park Casino		Hobbs, NM
	Hollywood Casino Perryville	Perryville, MD	Hollywood Casino Gulf Coast		Bay St. Louis, MS
			Argosy Casino Riverside		Riverside, MO
			Hollywood Casino Tunica		Tunica, MS
			Boomtown Biloxi		Biloxi, MS
			Hollywood Casino St. Louis		Maryland Heights, MO
			Hollywood Gaming Casino at Dayton Raceway		Dayton, OH
			Hollywood Gaming Casino at Mahoning Valley Race Track		Youngstown, OH
			1st Jackpot Casino		Tunica, MS
Master Leases
Operator	PENN		PENN
Properties	Hollywood Casino Aurora	Aurora, IL	Hollywood Casino Lawrenceburg		Lawrenceburg, IN
Commencement Date	1/1/2023		11/1/2013
Lease Expiration Date	10/31/2033		10/31/2033
Remaining Renewal Terms	15 (3x5 years)		15 (3x5 years)
Corporate Guarantee	Yes		Yes
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.1			1.1
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.5% (1)		2%
Coverage ratio at March 31, 2026	1.82			2.10
Minimum Escalator Coverage Governor	N/A			1.8
Yearly Anniversary for Realization	November		November
Percentage Rent Reset Details
Reset Frequency	N/A		5 years
Next Reset	N/A		November-28

In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.

	Amended Pinnacle Master Lease			Bally's Master Lease
	Ameristar East Chicago		East Chicago, IN	Bally's Dover Casino Resort	Dover, DE
	Ameristar Council Bluffs		Council Bluffs, IA	Black Hawk (Black Hawk North, West and East casinos)	Black Hawk, CO
	L'Auberge Baton Rouge		Baton Rouge, LA	Quad Cities Casino & Hotel	Rock Island, IL
	Boomtown Bossier City		Bossier City, LA	Bally's Tiverton Hotel & Casino	Tiverton, RI
	L'Auberge Lake Charles		Lake Charles, LA	Hard Rock Casino and Hotel Biloxi	Biloxi, MS
	Boomtown New Orleans		New Orleans, LA
	Ameristar Vicksburg		Vicksburg, MS
	River City Casino & Hotel		St. Louis, MO
	Jackpot Properties (Cactus Petes and Horseshu)		Jackpot, NV
	Plainridge Park Casino		Plainridge, MA
Master Leases
Operator	PENN			Bally's
Properties	Ameristar Black Hawk		Black Hawk, CO	Bally's Evansville	Evansville, IN
Commencement Date	4/28/2016			6/3/2021
Lease Expiration Date	4/30/2031			6/2/2036
Remaining Renewal Terms	20 (4x5 years)			20 (4x5 years)
Corporate Guarantee	Yes			Yes
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage		1.2		1.35 (1)
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%			(2)
Coverage ratio at March 31, 2026	1.70 (3)			1.98
Minimum Escalator Coverage Governor		1.8		N/A
Yearly Anniversary for Realization	May			June
Percentage Rent Reset Details
Reset Frequency	2 years			N/A
Next Reset	May-28			N/A

If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

	Bally's Master Lease II		Casino Queen Master Lease
	Bally's Shreveport Casino & Hotel	Shreveport, LA	Bally's Baton Rouge	Baton Rouge, LA
	Draft Kings at Casino Queen (4)	East St. Louis, IL
	The Queen Baton Rouge (4)	Baton Rouge, LA
	Bally's Twin River Lincoln Casino Resort	Lincoln, RI
Master Leases
Operator	Bally's		Bally's
Properties	Bally's Kansas City	Kansas City, MO	Bally's Marquette	Marquette, IA
Commencement Date	12/16/2024		12/17/2021
Lease Expiration Date	12/15/2039		12/31/2036
Remaining Renewal Terms	20 (4x5 years)		20 (4x5 years)
Corporate Guarantee	Yes		(5)
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.35 (1)		1.35 (1)
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	(2)		(3)
Coverage ratio at March 31, 2026	2.17 (6)		N/A
Minimum Escalator Coverage Governor	N/A		N/A
Yearly Anniversary for Realization	December		December
Percentage Rent Reset Details
Reset Frequency	N/A		N/A
Next Reset	N/A		N/A

If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2. For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.

Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a pro forma basis.

If a default were to occur under the Casino Queen Master Lease, the Company has the right under the terms of the lease to elect to amend Bally’s Master Lease II and place the assets into it, which carries a corporate guarantee.

Coverage ratio above is pro forma for the acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort which closed on February 11, 2026.

	Boyd Master Lease			Caesars Amended and Restated Master Lease
	Ameristar Kansas City		Kansas City, MO	Tropicana Laughlin		Laughlin, NV
	Ameristar St. Charles		St. Charles, MO	Trop Casino Greenville		Greenville, MS
				Isle Casino Hotel Bettendorf		Bettendorf, IA
				Isle Casino Hotel Waterloo		Waterloo, IA
Master Leases
Operator	Boyd			Caesars
Properties	Belterra Casino Resort		Florence, IN	Tropicana Atlantic City		Atlantic City, NJ
Commencement Date	10/15/2018			10/1/2018
Lease Expiration Date	4/30/2031			9/30/2038
Remaining Renewal Terms	20 (4x5 years)			20 (4x5 years)
Corporate Guarantee	No			Yes
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage		1.4			1.2
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%			2%
Coverage ratio at March 31, 2026		2.46			1.58
Minimum Escalator Coverage Governor		1.8			N/A
Yearly Anniversary for Realization	May			October
Percentage Rent Reset Details
Reset Frequency	2 years				N/A
Next Reset	May-28				N/A

	Pennsylvania Live! Master Lease			Strategic Gaming Leases (1)
	Cordish			Strategic
	Live! Casino Pittsburgh		Greensburg, PA	Deadwood Mountain Grand Casino	Deadwood, SD
				Baldini's Casino	Sparks, NV
				Sunland Park Race Track & Casino	Sunland Park, NM
Master Leases
Properties	Live! Casino & Hotel Philadelphia		Philadelphia, PA	Silverado Franklin Hotel & Gaming Complex	Deadwood, SD
Commencement Date	3/1/2022			5/16/2024
Lease Expiration Date	2/28/2061			5/31/2049
Remaining Renewal Terms	21 (1x11 years, 1x10 years)			20 (2x10 years)
Corporate Guarantee	No			Yes
Master Lease with Cross Collateralization	Yes			Yes
Technical Default Landlord Protection	Yes			Yes
Default Adjusted Revenue to Rent Coverage		1.4		1.4 (2)
Competitive Radius Landlord Protection	Yes			Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.75%			2% (2)
Coverage ratio at March 31, 2026		2.34		1.88 (3)
Minimum Escalator Coverage Governor		N/A		N/A
Yearly Anniversary for Realization	March			June
Percentage Rent Reset Details
Reset Frequency		N/A		N/A
Next Reset		N/A		N/A

Consists of two leases that are cross collateralized and co-terminus with each other.

The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.

Coverage ratio above is pro forma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

	Belterra Park Lease	Horseshoe St. Louis Lease	Morgantown Lease
	Cincinnati, OH	St. Louis, MO	Morgantown, PA
Single Property Leases
Operator	Boyd	Caesars	PENN
Properties	Belterra Park Gaming & Entertainment Center	Horseshoe St. Louis	Hollywood Casino Morgantown
Commencement Date	10/15/2018	9/29/2020	10/1/2020
Lease Expiration Date	04/30/2031	10/31/2033	10/31/2040
Remaining Renewal Terms	20 (4x5 years)	20 (4x5 years)	30 (6x5 years)
Corporate Guarantee	No	Yes	Yes
Technical Default Landlord Protection	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	N/A
Competitive Radius Landlord Protection	Yes	Yes	N/A
Escalator Details
Yearly Base Rent Escalator Maximum	2%	1.75%	1.25%
Coverage ratio at March 31, 2026	2.92	2.06	N/A
Minimum Escalator Coverage Governor	1.8	N/A	N/A
Yearly Anniversary for Realization	May	October	December
Percentage Rent Reset Details
Reset Frequency	2 years	N/A	N/A
Next Reset	May-28	N/A	N/A

For the sixth and seventh lease years, after which time the annual escalation becomes 2% for the remaining term of the lease.

If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

	MD Live! Lease	Tropicana Lease	Tioga Downs Lease
	Hanover, MD	Las Vegas, NV	Nichols, NY
Single Property Leases
Operator	Cordish	Bally's	American Racing and Entertainment
Properties	Live! Casino & Hotel Maryland	Tropicana Las Vegas	Tioga Downs
Commencement Date	12/29/2021	9/26/2022	2/6/2024
Lease Expiration Date	12/31/2060	9/25/2072	2/28/2054
Remaining Renewal Terms	21 (1x11 years, 1x10 years)	49 (1 x 24 years, 1 x 25 years)	32 years and 10 months (2x10 years, 1x12 years and 10 months)
Corporate Guarantee	No	Yes	Yes
Technical Default Landlord Protection	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.35 (1)	1.4
Competitive Radius Landlord Protection	Yes	Yes	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.75%	(2)	1.75%
Coverage ratio at March 31, 2026	3.42	N/A	1.98
Minimum Escalator Coverage Governor	N/A	N/A	N/A
Yearly Anniversary for Realization	January	October	March
Percentage Rent Reset Details
Reset Frequency	N/A	N/A	N/A
Next Reset	N/A	N/A	N/A

Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

	Rockford Lease	Bally's Chicago Lease	Virginia Live!
	Rockford, IL	Chicago, IL	Petersburg, VA
Single Property Leases
Operator	(managed by Hard Rock)	Bally's	Cordish
Properties	Hard Rock Casino Rockford	Bally's Chicago Development	Cordish Virginia Live! Development
Commencement Date	8/29/2023	7/18/2025	1/15/2026
Lease Expiration Date	8/31/2122	7/31/2040	(3)
Remaining Renewal Terms	None	20 (4 x 5 years)	21 (1x11 years, 1x10 years)
Corporate Guarantee	No	Yes	No
Technical Default Landlord Protection	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.35 (1)	1.4
Competitive Radius Landlord Protection	Yes	Yes	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%	(2)	1.75%
Coverage ratio at March 31, 2026	N/A	N/A	N/A
Minimum Escalator Coverage Governor	N/A	N/A	N/A
Yearly Anniversary for Realization	September	August	(3)
Percentage Rent Reset Details
Reset Frequency	N/A	N/A	N/A
Next Reset	N/A	N/A	N/A

During the construction period, amounts funded for the Virginia Live! development are accounted for as real estate loans because the lessee controls the underlying asset under construction. Upon completion of construction and when the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification. Pursuant to the lease agreement, the initial lease term expires on the last day of the calendar month in which the 39th anniversary of the facility's opening occurs, and annual rent escalations commence on the first anniversary of the facility's opening date. Accordingly, the lease expiration date and rent escalation anniversary date will be determined upon the facility's opening date.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of noncontrolling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment and other financing costs, severance charges, capitalized interest and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, stock-based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, losses on debt extinguishment and other financing costs, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including stock-based compensation expense and severance charges.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.

Forward-Looking Statements

Forward-looking statements notice

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our future growth and cash flows in 2026 and beyond, 2026 AFFO guidance, the future issuance of securities and the Company benefiting from recent portfolio additions and completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; geopolitical events, including recent conflicts in the Middle East, and their potential impact on U.S. Treasury yields and inflation rates; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI's competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects; the potential of a new pandemic or similar national health crisis, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI's ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; GLPI's ability to satisfy certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; GLPI's ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of GLPI's funding commitments to the extent drawn by its partners, acquisitions or refinancings due to maturities; with respect to our tenant funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contacts
Gaming and Leisure Properties, Inc. Investor Relations
Carlo Santarelli, SVP Corporate Strategy & Investor Relations Joseph Jaffoni at JCIR
610/378-8232 212/835-8500 investorinquiries@glpropinc.com glpi@jcir.com