Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Reports Fourth Quarter 2020 Results

Published

5 years ago

February 19, 2021

WYOMISSING, Pa., Feb. 18, 2021 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended December 31, 2020.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “We ended 2020 with strong fourth quarter results and 2021 started with growing momentum, highlighting our proactive measures to creatively collaborate with our tenants throughout the year while further positioning GLPI as the REIT of choice for leading U.S. gaming operators. Reflecting the innovation of our team and the strong support and partnerships we’ve established with tenants, we collected all rents that were due in 2020.

“During the fourth quarter, we continued to successfully and aggressively execute on our long-term strategy to thoughtfully grow rental cash flows, diversify our tenant base and prudently fund our ongoing growth, expansion and dividend increases. Early in the quarter we completed the acquisition from Penn National of the land underlying the gaming facility now being constructed in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits. This land is being leased to Penn National for $3.0 million of annual cash rent with contractual escalators once the property opens, which is expected in the second half of 2021. Later in October, we entered into a series of agreements pursuant to which a subsidiary of Bally’s Corporation will acquire the equity interests in the Caesars operating subsidiary for Tropicana Evansville and the Company will reacquire the real property assets of Tropicana Evansville from Caesars for approximately $340.0 million. We also entered into a real estate purchase agreement with Bally’s to purchase the real estate underlying Dover Downs Hotel & Casino, located in Dover, Delaware for approximately $144.0 million. At the time both transactions close, which we expect to occur later this year, Tropicana Evansville and Dover Downs Hotel & Casino will be added to a new master lease with Bally’s with annual rent of approximately $40.0 million. We issued 9.2 million shares of common stock in November to prefund these transaction opportunities and for working capital and general corporate purposes, resulting in net proceeds of approximately $320.6 million. Then, in December, we entered into sale and lease transactions for our TRS operations in Baton Rouge and Perryville, which will result in sale proceeds of approximately $59.3 million and initial aggregate annual rent of approximately $29.2 million, inclusive of our current rent from the DraftKings Casino Queen property.

“These transactions were followed by the completion of an Exchange Agreement with Caesars whereby the real estate assets of Isle Casino Hotel, Waterloo and Isle Casino Hotel Bettendorf were transferred to GLPI in exchange for the Tropicana Evansville real estate, plus a cash payment of $5.7 million and an annual rent increase of approximately $520,000. We are delighted to expand our relationship with current tenants Caesars Entertainment and Penn National as well as with Casino Queen, whose new master lease will also include our current DraftKings at Casino Queen property in East St. Louis and to add Bally’s Corporation to our tenant roster of leading operators which also includes Boyd Gaming.

“Our strong fourth quarter and full year 2020 results reflect GLPI’s focus on our core business, our deep, long-term knowledge of the gaming sector, and our ability to position the Company for growth through the active management of all aspects of our business and capital structure. We remain committed to building and supporting relationships with the industry’s leading gaming operators, all of whom have fortified their balance sheets with capital and enhanced their operating models as a result of cost and other efficiencies. Our tenants’ strength, combined with the sector’s only investment-grade balance sheet, position GLPI to consistently grow its cash flows and build value for shareholders in 2021 and beyond. Finally, we intend to resume to all cash dividends this year.”

Recent Developments

As of December 31, 2020, all of our tenants were current with respect to their rental obligations, inclusive of $4.6 million in rent collected during the fourth quarter from Casino Queen which was deferred earlier in 2020. We collected all rent that was due in 2020.
As of February 18, 2021, 47 of our 48 properties, (including those we own and operate in our taxable REIT subsidiaries) are open with safety protocols and capacity constraints.
On December 18, 2020, the transaction contemplated by the previously announced Exchange Agreement with subsidiaries of Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”) closed whereby, the real estate assets of Isle Casino Hotel, Waterloo (“Waterloo”) and the Isle Casino Hotel, Bettendorf (“Bettendorf”) were transferred to GLPI in exchange for the transfer to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. The rent under the Caesars Amended and Restated Master Lease, to which Waterloo and Bettendorf were added, was increased by approximately $520,000 annually. This transaction resulted in a non-cash gain of $41.4 million, which has been excluded from FFO and AFFO (each defined below), that represented the excess of the fair value of the assets received over the carrying value of the assets transferred plus the cash payment made to Caesars.
On December 15, 2020, the Company entered into a definitive agreement to sell the operations of Hollywood Casino Baton Rouge (“HCBR”) to Casino Queen for $28.2 million. GLPI will continue to own the real estate and will enter into an amended master lease with Casino Queen, which will include both their current DraftKings at Casino Queen property in East St. Louis and the HCBR facility, for annual cash rent of $21.4 million with a new initial term of 15 years and four 5-year extensions. This rental amount will be increased annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the Consumer Price Index (“CPI”) increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. GLPI will complete the previously announced landside development project at HCBR and the rent under the master lease will be adjusted upon completion to reflect a yield of 8.25% on our project costs. GLPI will also have a right of first refusal with Casino Queen for other sale leaseback transactions for up to an incremental $50 million of rent over the next 2 years. Finally, upon the closing of the transaction, which is subject to regulatory approvals and customary closing conditions, GLPI will receive a one-time cash payment of $4 million in satisfaction of the outstanding loan to Casino Queen.
On December 15, 2020, the Company announced that Penn National Gaming, Inc. (NASDAQ: PENN) (“Penn”) exercised its option to acquire the operations of Hollywood Casino Perryville for $31.1 million in cash. GLPI will enter into a new lease with Penn with an initial term of 20 years, with three 5-year renewal options, for the real estate assets associated with the property for an initial annual cash rent of $7.77 million, $5.83 million of which will be subject to escalation provisions beginning in the second lease year through the fourth lease year and shall increase by 1.50% and then to 1.25% for the remaining lease term. The escalation provisions beginning in the fifth lease year are subject to CPI being at least 0.5% for the preceding lease year.
Since re-opening in May and June, respectively, HCBR and Hollywood Casino Perryville, the gaming properties GLPI owns and operates in its taxable REIT subsidiary, have generated strong financial results. Total fourth quarter net revenues and adjusted EBITDA from these properties exceeded prior-year levels by $1.3 million and $2.4 million, respectively.
On October 27, 2020, the Company entered into a series of definitive agreements pursuant to which a subsidiary of Bally’s Corporation (NYSE: BALY) (“Bally’s”) will acquire 100% of the equity interests in the Caesars subsidiary that currently operates Tropicana Evansville and the Company will reacquire the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. The Company also entered into a real estate purchase agreement with Bally’s pursuant to which it will purchase the real estate assets of the Dover Downs Hotel & Casino, located in Dover, Delaware, which is currently owned and operated by Bally’s, for a cash purchase price of approximately $144.0 million. At the close of these transactions, which are expected to occur in mid-2021 subject to regulatory approvals, the Tropicana Evansville and Dover Downs Hotel & Casino facilities will be added to a new master lease between GLPI and Bally’s (the “Bally’s Master Lease”). The Company anticipates that the Bally’s Master Lease will have an initial term of 15 years, with no purchase option, followed by four five-year renewal options (exercisable by Bally’s) on the same terms and conditions. Rent under the Bally’s Master Lease will be $40.0 million annually and is subject to an annual escalator of up to 2% determined in relation to the annual increase in the CPI.
On October 1, 2020, the Company completed the acquisition from Penn of the land underlying its gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits. The Morgantown land is being leased back to Penn for $3.0 million of annual cash rent, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) 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 (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year. Penn also exercised the next scheduled five-year renewal options under each of its two master leases with the Company.
In light of nationwide casino closures in 2020, the Company did not achieve any rent escalators during the year. The Company’s leases contain variable rent which is reset on varying schedules depending on the lease. In the aggregate, the portion of cash rents that are variable represented approximately 15% of GLPI’s 2020 full year cash rental income. Of that 15% variable rent, approximately 29% resets every five years which is associated with the Penn Master Lease and the Casino Queen lease, 41% resets every two years and 30% resets monthly which is associated with the Penn Master Lease (of which approximately 51% is subject to a floor or $22.9 million annually for Hollywood Casino Toledo). Results for the three-month period ended December 31, 2020 benefited from the collection of prior quarters’ deferred rent at Casino Queen of $4.6 million.
The variable rent resets in the Boyd Master Lease, whose properties are leased by Boyd Gaming Corporation (NYSE: BYD) (“Boyd”)) and the Amended Pinnacle Master Lease, whose properties are leased by Penn, reset for the two-year period ended April 30, 2020. As a result, reductions of $1.4 million and $5.0 million, respectively, will be incurred in annual variable rent on these respective leases through April 30, 2022. For the Meadows Lease, whose property is leased by Penn, variable rent reset occurred in October 2020 and resulted in a $2.1 million annual decline. As detailed later in this release, the Company’s next variable rent reset on its portfolio of leases does not occur until May 2022.

Balance Sheet Update

During the fourth quarter GLPI issued 9.2 million shares of common stock at $36.25 per share, resulting in net proceeds of approximately $320.6 million. The Company expects to allocate these proceeds to the upcoming Bally’s transaction, working capital and general corporate purposes.
The aggregate fourth quarter dividends paid on December 24, 2020, were comprised of $27.6 million in cash and $110.5 million in common stock (2,546,397 shares at $43.3758 per share).

Financial Highlights

	Three Months Ended December 31,				Year Ended December 31,
(in millions, except per share data)	2020 Actual		2019 Actual		2020 Actual		2019 Actual
Total Revenue	$	300.2	$	289.0	$	1,153.2	$	1,153.5
Income From Operations	$	241.5	$	188.3	$	809.3	$	717.4
Net Income	$	169.3	$	114.3	$	505.7	$	390.9
FFO ⁽¹⁾	$	184.1	$	168.8	$	684.4	$	621.7
AFFO ⁽²⁾	$	193.4	$	188.6	$	757.4	$	743.2
Adjusted EBITDA ⁽³⁾	$	264.6	$	260.5	$	1,035.5	$	1,040.3

Net income, per diluted common share	$	0.74	$	0.53	$	2.30	$	1.81
FFO, per diluted common share	$	0.81	$	0.78	$	3.11	$	2.88
AFFO, per diluted common share	$	0.85	$	0.87	$	3.45	$	3.44

⁽¹⁾FFO is net income, excluding (gains) or losses from sales of property and real estate depreciation as defined by NAREIT.

⁽²⁾AFFO is FFO, excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, amortization of land rights, straight-line rent adjustments, losses on debt extinguishment, and loan impairment charges, reduced by capital maintenance expenditures.

⁽³⁾Adjusted EBITDA is net income, excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, amortization of land rights, losses on debt extinguishment and loan impairment charges.

Dividend

On November 5, 2020, the Company’s Board of Directors declared a fourth quarter dividend of $0.60 per share on the Company’s common stock, consisting of a combination of cash and shares of the Company’s common stock. The dividend was paid on December 24, 2020 to shareholders of record on November 16, 2020. Now that all non-cash rents have been realized by the Company, GLPI expects to return to an all cash dividend in 2021.

The Company expects the dividends to be taxable to shareholders, regardless of whether a particular shareholder received a dividend in the form of cash or shares. The Company reserves the right to pay future dividends in cash or the Company’s common stock, and the composition of future dividends with respect to cash and stock will be made by the Board of Directors on a quarterly basis.

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. As of December 31, 2020, GLPI’s portfolio consisted of interests in 48 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas and the Company’s wholly-owned and operated Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the “TRS Segment”, the real property associated with 33 gaming and related facilities operated by Penn (excluding the Tropicana Las Vegas), the real property associated with 7 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD), and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states and contain approximately 24.3 million square feet of improvements.

Conference Call Details

The Company will hold a conference call on February 19, 2021 at 9:00 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 prior to 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: 13715360
The playback can be accessed through February 26, 2021.

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

	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
Revenues
Rental income	$	268,325		$	251,136		$	1,031,036		$	996,166
Interest income from real estate loans	—			7,316			19,130			28,916
Total income from real estate	268,325			258,452			1,050,166			1,025,082
Gaming, food, beverage and other	31,836			30,532			102,999			128,391
Total revenues	300,161			288,984			1,153,165			1,153,473

Operating expenses
Gaming, food, beverage and other	17,162			17,961			56,698			74,700
Land rights and ground lease expense	7,098			8,866			29,041			42,438
General and administrative	16,844			17,169			68,572			65,385
(Gains) losses from dispositions of properties	(41,390		)	42			(41,393		)	92
Depreciation ⁽¹⁾	58,940			56,690			230,973			240,435
Loan impairment charges	—			—			—			13,000
Total operating expenses	58,654			100,728			343,891			436,050
Income from operations	241,507			188,256			809,274			717,423

Other income (expenses)
Interest expense	(70,485		)	(73,158		)	(282,142		)	(301,520		)
Interest income	78			184			569			756
Losses on debt extinguishment	—			—			(18,113		)	(21,014		)
Total other expenses	(70,407		)	(72,974		)	(299,686		)	(321,778		)

Income before income taxes	171,100			115,282			509,588			395,645
Income tax provision	1,759			991			3,877			4,764
Net income	$	169,341		$	114,291		$	505,711		$	390,881

Earnings per common share:
Basic earnings per common share	$	0.75		$	0.53		$	2.31		$	1.82
Diluted earnings per common share	$	0.74		$	0.53		$	2.30		$	1.81

⁽¹⁾ Results for the year ended December 31, 2019 included the acceleration of $10.3 million of depreciation expense due to the closure of the Resorts Casino Tunica property.

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Operations
(in thousands) (unaudited)

	TOTAL REVENUES				ADJUSTED EBITDA
	Three Months Ended December 31,				Three Months Ended December 31,
	2020		2019		2020		2019
Real estate	$	268,325	$	258,452	$	255,430	$	253,762
TRS Segment	31,836		30,532		9,122		6,735
Total	$	300,161	$	288,984	$	264,552	$	260,497

	TOTAL REVENUES				ADJUSTED EBITDA
	Year Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Real estate	1,050,166		1,025,082		$	1,009,708	$	1,009,239
TRS Segment	102,999		128,391		$	25,748	$	31,019
Total	$	1,153,165	$	1,153,473	$	1,035,456	$	1,040,258

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
General and Administrative Expense ⁽¹⁾
(in thousands) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Real estate general and administrative expenses	$	11,292	$	11,333	$	48,019	$	42,713
TRS Segment general and administrative expenses	5,552		5,836		20,553		22,672
Total reported general and administrative expenses	16,844		17,169		68,572		65,385

⁽¹⁾ General and administrative expenses include payroll related expenses, insurance, utilities, professional fees and other administrative costs.

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)

Three Months Ended December 31, 2020	PENN Master Lease		PENN Amended Pinnacle Master Lease			CZR Master Lease			Lumiere Place Lease		BYD Master Lease			BYD Belterra Lease			PENN – Meadows Lease		Casino Queen Lease		PENN Morgantown Lease		Total
Building base rent	$	69,851	$	56,800		$	15,554		$	5,701	$	18,911		$	669		$	3,953	$	5,059	$	—	$	176,498
Land base rent	23,493		17,814			5,896			—		2,946			474			—		—		750		51,373
Percentage rent	20,904		6,695			—			—		2,461			454			2,261		3,164		—		35,939
Total cash rental income	$	114,248	$	81,309		$	21,450		$	5,701	$	24,318		$	1,597		$	6,214	$	8,223	$	750	$	263,810
Straight-line rent adjustments	$	2,232	$	(4,836	)	$	2,580		$	—	$	574		$	(304	)	$	572	$	—	$	—	$	818
Ground rent in revenue	532		1,421			1,312			—		401			—			—		—		—		3,666
Other rental revenue	—		—			—			—		—			—			31		—		—		31
Total rental income	$	117,012	$	77,894		$	25,342		$	5,701	$	25,293		$	1,293		$	6,817	$	8,223	$	750	$	268,325
Interest income from real estate loans	—		—			—			—		—			—			—		—		—		—
Total income from real estate	$	117,012	$	77,894		$	25,342		$	5,701	$	25,293		$	1,293		$	6,817	$	8,223	$	750	$	268,325

Year Ended December 31, 2020	PENN Master Lease		PENN Amended Pinnacle Master Lease			CZR Master Lease			Lumiere Place Lease and Loan		BYD Master Lease			BYD Belterra Lease and Loan			PENN – Meadows Lease		Casino Queen Lease		PENN Morgantown Lease		Total
Building base rent	$	279,406	$	227,201		$	62,156		$	5,828	$	75,643		$	1,783		$	15,811	$	9,101	$	—	$	676,929
Land base rent	93,969		71,256			15,916			—		11,785			1,263			—		—		750		194,939
Percentage rent	82,595		28,452			10,020			—		10,308			1,211			10,637		5,424		—		148,647
Total cash rental income ⁽¹⁾	$	455,970	$	326,909		$	88,092		$	5,828	$	97,736		$	4,257		$	26,448	$	14,525	$	750	$	1,020,515
Straight-line rent adjustments	$	8,926	$	(10,555	)	$	(2,980	)	$	—	$	(1,448	)	$	(808	)	$	2,289	$	—	$	—	$	(4,576	)
Ground rent in revenue	2,317		5,770			5,299			—		1,519			—					—		—		14,905
Other rental revenue	—		—			—			—		—			—			192		—		—		192
Total rental income	$	467,213	$	322,124		$	90,411		$	5,828	$	97,807		$	3,449		$	28,929	$	14,525	$	750	$	1,031,036
Interest income from real estate loans	—		—			—			16,976		—			2,154			—		—		—		19,130
Total income from real estate	$	467,213	$	322,124		$	90,411		$	22,804	$	97,807		$	5,603		$	28,929	$	14,525	$	750	$	1,050,166

⁽¹⁾ Cash rental income for the PENN leases is inclusive of rent credits recognized in connection with the Tropicana Las Vegas and Morgantown transactions which closed in 2020.

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
Net income	$	169,341		$	114,291		$	505,711		$	390,881
(Gains) losses from dispositions of property	(41,390		)	42			(41,393		)	92
Real estate depreciation ⁽¹⁾	56,141			54,426			220,069			230,716
Funds from operations	$	184,092		$	168,759		$	684,387		$	621,689
Straight-line rent adjustments	(818		)	8,644			4,576			34,574
Other depreciation ⁽²⁾	2,799			2,264			10,904			9,719
Amortization of land rights	2,961			3,020			12,022			18,536
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,471			2,858			10,503			11,455
Stock based compensation	3,352			3,845			20,004			16,198
Losses on debt extinguishment	—			—			18,113			21,014
Loan impairment charges	—			—			—			13,000
Capital maintenance expenditures ⁽³⁾	(1,501		)	(761		)	(3,130		)	(3,017		)
Adjusted funds from operations	$	193,356		$	188,629		$	757,379		$	743,168
Interest, net	70,407			72,974			281,573			300,764
Income tax expense	1,759			991			3,877			4,764
Capital maintenance expenditures ⁽³⁾	1,501			761			3,130			3,017
Amortization of debt issuance costs, bond premiums and original issuance discounts	(2,471		)	(2,858		)	(10,503		)	(11,455		)
Adjusted EBITDA	$	264,552		$	260,497		$	1,035,456		$	1,040,258

Net income, per diluted common share	$	0.74		$	0.53		$	2.30		$	1.81
FFO, per diluted common share	$	0.81		$	0.78		$	3.11		$	2.88
AFFO, per diluted common share	$	0.85		$	0.87		$	3.45		$	3.44

Weighted average number of common shares outstanding
Diluted	227,842,874			215,962,065			219,772,725			215,786,023

⁽¹⁾ Real estate depreciation expense for the year ended December 30, 2019 included the acceleration of $10.3 million of depreciation expense due to the closure of the Resorts Casino Tunica property.

⁽²⁾ Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.

⁽³⁾ Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, AFFO to Adjusted EBITDA and
Adjusted EBITDA to Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
REAL ESTATE and CORPORATE (REIT)
(in thousands) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
Net income	$	168,585		$	112,763		$	508,060		$	382,184
(Gains) losses from dispositions of property	(41,402		)	—			(41,402		)	8
Real estate depreciation	56,141			54,426			220,069			230,716
Funds from operations	$	183,324		$	167,189		$	686,727		$	612,908
Straight-line rent adjustments	(818		)	8,644			4,576			34,574
Other depreciation ⁽¹⁾	480			496			1,972			1,992
Amortization of land rights	2,961			3,020			12,022			18,536
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,471			2,858			10,503			11,455
Stock based compensation	3,352			3,845			20,004			16,198
Losses on debt extinguishment	—			—			18,113			21,014
Loan impairment charges	—			—			—			13,000
Capital maintenance expenditures ⁽²⁾	(31		)	(18		)	(186		)	(22		)
Adjusted funds from operations	$	191,739		$	186,034		$	753,731		$	729,655
Interest, net ⁽³⁾	65,949			70,372			265,597			290,360
Income tax expense	182			196			697			657
Capital maintenance expenditures ⁽²⁾	31			18			186			22
Amortization of debt issuance costs, bond premiums and original issuance discounts	(2,471		)	(2,858		)	(10,503		)	(11,455		)
Adjusted EBITDA	$	255,430		$	253,762		$	1,009,708		$	1,009,239

	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
Adjusted EBITDA	$	255,430		$	253,762		$	1,009,708		$	1,009,239
Real estate general and administrative expenses	11,292			11,333			48,019			42,713
Stock based compensation	(3,352		)	(3,845		)	(20,004		)	(16,198		)
Cash net operating income ⁽⁴⁾	$	263,370		$	261,250		$	1,037,723		$	1,035,754

⁽¹⁾Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.

⁽²⁾Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

⁽³⁾ Interest, net is net of intercompany interest eliminations of $4.5 million and $16.0 million for the three months and year ended December 31, 2020 compared to $2.6 million and $10.4 million for the corresponding periods in the prior year.

⁽⁴⁾Cash net operating income is rental and other property income, inclusive of rent credits recognized in connection with the Tropicana Las Vegas and Morgantown transactions that occurred in 2020 less cash property level expenses.

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
TRS Segment
(in thousands) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
Net income	$	756		$	1,528		$	(2,349	)	$	8,697
Losses from dispositions of property	12			42			9			84
Funds from operations	$	768		$	1,570		$	(2,340	)	$	8,781
Other depreciation ⁽¹⁾	2,319			1,768			8,932			7,727
Capital maintenance expenditures ⁽²⁾	(1,470		)	(743		)	(2,944		)	(2,995		)
Adjusted funds from operations	$	1,617		$	2,595		$	3,648		$	13,513
Interest, net	4,458			2,602			15,976			10,404
Income tax expense	1,577			795			3,180			4,107
Capital maintenance expenditures ⁽²⁾	1,470			743			2,944			2,995
Adjusted EBITDA	$	9,122		$	6,735		$	25,748		$	31,019

⁽¹⁾ Other depreciation includes both real estate and equipment depreciation from the Company’s taxable REIT subsidiaries, as well as equipment depreciation from the REIT subsidiaries.

⁽²⁾ Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)

	December 31, 2020			December 31, 2019

Assets
Real estate investments, net	$	7,287,158		$	7,100,555
Property and equipment, used in operations, net	80,618			94,080
Assets held for sale	61,448			—
Tropicana, Las Vegas Investment	304,831			—
Real estate loans	—			303,684
Right-of-use assets and land rights, net	769,197			838,734
Cash and cash equivalents	486,451			26,823
Prepaid expenses	2,098			4,228
Goodwill	—			16,067
Other intangible assets	—			9,577
Deferred tax assets	5,690			6,056
Other assets	36,877			34,494
Total assets	$	9,034,368		$	8,434,298

Liabilities
Accounts payable	$	375		$	1,006
Accrued expenses	398			6,239
Accrued interest	72,285			60,695
Accrued salaries and wages	5,849			13,821
Gaming, property, and other taxes	146			944
Lease liabilities	152,203			183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,754,689			5,737,962
Deferred rental revenue	333,061			328,485
Deferred tax liabilities	359			279
Other liabilities	39,985			26,651
Total liabilities	6,359,350			6,360,053

Shareholders’ equity

Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2020 and December 31, 2019)	—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 232,452,220 and 214,694,165 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively)	2,325			2,147
Additional paid-in capital	4,284,789			3,959,383
Retained deficit	(1,612,096		)	(1,887,285		)
Total shareholders’ equity	2,675,018			2,074,245
Total liabilities and shareholders’ equity	$	9,034,368		$	8,434,298

Debt Capitalization

The Company had $486.5 million of unrestricted cash and $5.75 billion in total debt at December 31, 2020. The Company’s debt structure as of December 31, 2020 was as follows:


	Years to Maturity	Interest Rate	Balance
			(in thousands)
Unsecured $1,175 Million Revolver Due May 2023 ⁽¹⁾	2.4	—%	—
Unsecured Term Loan A-2 Due May 2023 ⁽¹⁾	2.4	1.65%	424,019
Senior Unsecured Notes Due November 2023	2.8	5.38%	500,000
Senior Unsecured Notes Due September 2024	3.7	3.35%	400,000
Senior Unsecured Notes Due June 2025	4.4	5.25%	850,000
Senior Unsecured Notes Due April 2026	5.3	5.38%	975,000
Senior Unsecured Notes Due June 2028	7.4	5.75%	500,000
Senior Unsecured Notes Due January 2029	8.0	5.30%	750,000
Senior Unsecured Notes Due January 2030	9.0	4.00%	700,000
Senior Unsecured Notes Due January 2031	10.0	4.00%	700,000
Finance lease liability	5.7	4.78%	860
Total long-term debt			5,799,879
Less: unamortized debt issuance costs, bond premiums and original issuance discounts			(45,190	)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts			5,754,689
Weighted average	6.2	4.63%

⁽¹⁾ The rate on the term loan facility and revolver is LIBOR plus 1.50%.

⁽²⁾ Total debt net of cash totaled $5.27 billion at December 31, 2020.

Rating Agency Update – Issue Rating

Rating Agency		Rating
Standard & Poor’s		BBB-
Fitch		BBB-
Moody’s		Ba1

Properties

Description	Location	Date Acquired	Tenant/Operator
PENN Master Lease (19 Properties)
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	11/1/2013	PENN
Hollywood Casino Aurora	Aurora, IL	11/1/2013	PENN
Hollywood Casino Joliet	Joliet, IL	11/1/2013	PENN
Argosy Casino Alton	Alton, IL	11/1/2013	PENN
Hollywood Casino Toledo	Toledo, OH	11/1/2013	PENN
Hollywood Casino Columbus	Columbus, OH	11/1/2013	PENN
Hollywood Casino at Charles Town Races	Charles Town, WV	11/1/2013	PENN
Hollywood Casino at Penn National Race Course	Grantville, PA	11/1/2013	PENN
M Resort	Henderson, NV	11/1/2013	PENN
Hollywood Casino Bangor	Bangor, ME	11/1/2013	PENN
Zia Park Casino	Hobbs, NM	11/1/2013	PENN
Hollywood Casino Gulf Coast	Bay St. Louis, MS	11/1/2013	PENN
Argosy Casino Riverside	Riverside, MO	11/1/2013	PENN
Hollywood Casino Tunica	Tunica, MS	11/1/2013	PENN
Boomtown Biloxi	Biloxi, MS	11/1/2013	PENN
Hollywood Casino St. Louis	Maryland Heights, MO	11/1/2013	PENN
Hollywood Gaming Casino at Dayton Raceway	Dayton, OH	11/1/2013	PENN
Hollywood Gaming Casino at Mahoning Valley Race Track	Youngstown, OH	11/1/2013	PENN
1st Jackpot Casino	Tunica, MS	5/1/2017	PENN
Amended Pinnacle Master Lease (12 Properties)
Ameristar Black Hawk	Black Hawk, CO	4/28/2016	PENN
Ameristar East Chicago	East Chicago, IN	4/28/2016	PENN
Ameristar Council Bluffs	Council Bluffs, IA	4/28/2016	PENN
L’Auberge Baton Rouge	Baton Rouge, LA	4/28/2016	PENN
Boomtown Bossier City	Bossier City, LA	4/28/2016	PENN
L’Auberge Lake Charles	Lake Charles, LA	4/28/2016	PENN
Boomtown New Orleans	New Orleans, LA	4/28/2016	PENN
Ameristar Vicksburg	Vicksburg, MS	4/28/2016	PENN
River City Casino & Hotel	St. Louis, MO	4/28/2016	PENN
Jackpot Properties (Cactus Petes and Horseshu)	Jackpot, NV	4/28/2016	PENN
Plainridge Park Casino	Plainridge, MA	10/15/2018	PENN
CZR Master Lease (6 Properties)
Tropicana Atlantic City	Atlantic City, NJ	10/1/2018	CZR
Tropicana Laughlin	Laughlin, NV	10/1/2018	CZR
Trop Casino Greenville	Greenville, MS	10/1/2018	CZR
Belle of Baton Rouge	Baton Rouge, LA	10/1/2018	CZR
Isle Casino Hotel Bettendorf	Bettendorf, IA	12/18/2020	CZR
Isle Casino Hotel Waterloo	Waterloo, IA	12/18/2020	CZR
BYD Master Lease (3 Properties)
Belterra Casino Resort	Florence, IN	4/28/2016	BYD
Ameristar Kansas City	Kansas City, MO	4/28/2016	BYD
Ameristar St. Charles	St. Charles, MO	4/28/2016	BYD
Single Asset Leases
Belterra Park Gaming & Entertainment Center	Cincinnati, OH	10/15/2018	BYD
Lumière Place	St. Louis, MO	10/1/2018	CZR
The Meadows Racetrack and Casino	Washington, PA	9/9/2016	PENN
Hollywood Casino Morgantown	Morgantown, PA	10/1/2020	PENN
Casino Queen	East St. Louis, IL	1/23/2014	Casino Queen
TRS Segment
Hollywood Casino Baton Rouge	Baton Rouge, LA	11/1/2013	GLPI
Hollywood Casino Perryville	Perryville, MD	11/1/2013	GLPI
Tropicana Las Vegas	Las Vegas, NV	4/16/2020	PENN

Lease Information

PENN Master Lease

PENN Amended Pinnacle Master Lease

Caesars Amended and Restated Master Lease

BYD Master Lease

Belterra Park Lease operated by BYD

PENN-Meadows Lease

Lumière Place Lease operated by CZR

Casino Queen Lease

PENN – Morgantown Lease

Property Count

Number of States Represented

Commencement Date

11/1/2013

4/28/2016

10/1/2018

10/15/2018

9/9/2016

9/29/2020

1/23/2014

10/1/2020

Lease Expiration Date

10/31/2033

4/30/2031

9/30/2038

04/30/2026

9/30/2026

10/31/2033

1/23/2029

10/31/2040

Remaining Renewal Terms

15 (3×5 years)

20 (4×5 years)

25 (5×5 years)

19 (3x5years, 1×4 years)

20 (4×5 years)

30 (6×5 years)

Corporate Guarantee

Yes

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage ⁽¹⁾

1.1

1.2

1.4

1.2

1.4

N/A

Competitive Radius Landlord Protection

Yes

N/A

Escalator Details

Yearly Base Rent Escalator Maximum

N/A

5% ⁽²⁾

1.5

Coverage as of Tenants’ latest Earnings Report ⁽³⁾

1.39

1.29

1.01

1.49

1.68

0.98

N/A

0.69

N/A

Minimum Escalator Coverage Governor

1.8

N/A

1.8

2.0

1.2 ⁽⁴⁾

1.8

N/A

Yearly Anniversary for Realization

November 2021

May 2021

N/A

May 2021

October 2021

February 2021

TBD

Percentage Rent Reset Details

Reset Frequency

5 years

2 years

N/A

2 years

N/A

5 years

N/A

Next Reset

November 2023

May 2022

N/A

May 2022

October 2022

N/A

February 2024

N/A

⁽¹⁾	In support of our tenants, compliance with this ratio has been waived for all periods impacted by COVID-19.

⁽²⁾	Meadows yearly escalator is 5% until a breakpoint when it resets to 2%.

⁽³⁾	Information with respect to our tenants’ rent coverage was provided by our tenants as of September 30, 2020. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

⁽⁴⁾	For the first five lease years after which time the ratio increases to 1.8.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and 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. The Company believes FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, 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 rental and other property income, inclusive of rent credits recognized in connection with the Tropicana Las Vegas transaction, 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 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, AFFO, AFFO per diluted common share, 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 sales of property and real estate depreciation. We have defined AFFO as FFO excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, straight-line rent adjustments, losses on debt extinguishment, and loan impairment charges reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, the amortization of land rights, losses on debt extinguishment and loan impairment charges. For financial reporting and debt covenant purposes, the Company includes the amounts of non-cash rents earned in FFO, AFFO, and Adjusted EBITDA. Finally, we have defined Cash NOI as Adjusted EBITDA for the REIT excluding real estate general and administrative expenses and including stock based compensation expense and (gains) or losses from sales of property.

FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, 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 share, AFFO, AFFO per share, 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, 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.

Forward-Looking Statements

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 receipt of rent payments in future periods, the impact of future transactions and expected future dividend payments. 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 effect of pandemics such as COVID-19 on GLPI as a result of the impact of such pandemics on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; GLPI’s ability to successfully consummate the announced transactions with Bally’s and Penn, including the ability of the parties to satisfy the various conditions to closing, including receipt of all required regulatory approvals, or other delays or impediments to completing the proposed transactions; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2020, 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.

Contact
Gaming and Leisure Properties, Inc.	Investor Relations
Matthew Demchyk, Chief Investment Officer	Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/378-8232	212/835-8500
	[email protected]

Nasdaq:GLPI

Gaming and Leisure Properties Reports Record Third Quarter 2025 Results and Updates 2025 Full Year Guidance

Published

2 weeks ago

October 30, 2025

GlobeNewswire

gaming-and-leisure-properties-reports-record-third-quarter-2025-results-and-updates-2025-full-year-guidance

WYOMISSING, Pa., Oct. 30, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended September 30, 2025. GLPI has posted a supplemental earnings presentation, which highlights the events of the quarter, recent developments, and future considerations, that can be accessed at www.glpropinc.com.

Financial Highlights

	Three Months Ended September 30,
(in millions, except per share data)		2025			2024
Total Revenue	$	397.6		$	385.3
Income from Operations	$	337.2		$	271.4
Net Income	$	248.5		$	190.1
FFO^{(1) (4)}	$	315.5		$	250.6
AFFO^{(2) (4)}	$	282.0		$	268.2
Adjusted EBITDA^{(3) (4)}	$	366.4		$	346.4
Net income, per diluted common share	$	0.85		$	0.67
FFO, per diluted common share and OP/LTIP units⁽⁴⁾	$	1.08		$	0.89
AFFO, per diluted common share and OP/LTIP units⁽⁴⁾	$	0.97		$	0.95
Annualized dividend per share	$	3.12		$	3.04
Dividend yield based on period end stock price		6.69	%		5.91	%

⁽¹⁾ Funds from Operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT.

⁽²⁾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, financing receivables; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

⁽³⁾ 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, net of tax; stock based compensation expense, straight-line rent and deferred rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; losses on debt extinguishment; severance charges; and provision (benefit) for credit losses, net.

⁽⁴⁾ Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “Our record third quarter revenue, AFFO, and Adjusted EBITDA reflect GLPI’s diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators. The record results again highlight GLPI’s unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth. Importantly, our lease coverages remain strong, with each of our five major tenants, which account for approximately 97% of our cash rent, exhibiting rent coverage of over 1.8x on a per tenant basis, as long term tenant stability remains a bedrock of our principles and underwriting approach. On an operating basis, third quarter total revenue rose 3.2% year over year to $397.6 million, cash revenue expanded 5.8% to $375.7 million, AFFO grew 5.1% to $282.0 million, and Adjusted EBITDA increased 5.8%.

“Our deep knowledge of the gaming sector continues to drive the expansion and diversification of GLPI’s tenant roster, geographic footprint, and rental streams. At the same time, GLPI’s active support of our tenants through innovative transaction structures has proven to be mutually beneficial and our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector.

“In August, our long-term relationship with PENN Entertainment resulted in $130 million of funding for the relocation of Hollywood Casino Joliet, for which GLPI earns a 7.75% cap rate. The Joliet funding is the first of the original four funding agreements with PENN, each of which are expected to be completed by mid-2026. PENN’s new M Resort hotel tower, scheduled to open December 1, will be the second completed development of PENN’s project pipeline. For the M Resort development, PENN anticipates accessing $150 million in funding from GLPI in the fourth quarter of 2025 at a 7.79% capitalization rate. In addition, GLPI will also provide up to $225 million, at a 7.75% cap rate, for PENN’s Aurora, Illinois re-location project, and has committed to funding the new hotel in Columbus, Ohio if requested by PENN. Both of these projects are expected to open in the first half of 2026. Lastly, in April, PENN announced its intention to relocate its Ameristar Casino Hotel Council Bluffs riverboat casino, for which GLPI has committed up to $150 million or the hard costs associated with the relocation project, whichever is greater, at a 7.10% cap rate, which can be structured, at the discretion of PENN, as rent, or as a 5-year term loan.

“GLPI remains active in identifying additional opportunities in tribal gaming, where tribes can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships. Our 2024 funding agreement for the Ione Band of Miwok Indians’ Acorn Ridge Casino development near Sacramento, California, marked a first-of-its-kind financing agreement between a federally recognized tribe and a real estate investment trust. During the third quarter, GLPI announced a $225 million commitment to serve as the lead real estate financing partner for Caesars Republic Sonoma County, a new, integrated resort situated in the heart of Sonoma wine country. Caesars Entertainment, Inc. and the Dry Creek Rancheria Band of Pomo Indians broke ground on the 4+ star resort in August. When completed, the resort will feature a premier gaming experience, with 1,000 slot machines and 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center. GLPI is initially serving as a lender to the project, with a term loan B commitment of $45 million, with a variable yield (SOFR +900 bps), and a delayed draw term loan of $180 million, priced at a fixed rate of 12.50%. We are delighted to establish this new relationship with Dry Creek Rancheria.

“Subsequent to quarter end, GLPI acquired the real estate assets of Sunland Park Racetrack & Casino, in Sunland Park, New Mexico, in a transaction that is immediately accretive to AFFO per share. The transaction expands GLPI’s relationship with Strategic Gaming Management, LLC, an acquisitive operator of domestic, regional casino assets, and adds a fourth asset to Strategic Gaming’s existing triple-net master lease agreements with GLPI. GLPI acquired the real estate assets of Sunland Park for $183.75 million, at an initial cap rate of 8.2%. With the inclusion of Sunland Park into the Strategic Gaming leases, annual rent will escalate at 2.0% per annum.

“Construction of Bally’s permanent gaming and entertainment destination resort in downtown Chicago has reached several significant milestones. The project will bring an iconic, world-class entertainment destination to the nation’s third-largest metropolitan area. GLPI’s $1.19 billion investment, inclusive of the $250 million acquisition of the site in 2024, again demonstrates our commitment to supporting our tenants’ growth through innovative projects that deliver long-term shareholder value.

“In addition, earlier this week, GLPI furthered its partnership with The Cordish Companies through an agreement with a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise. GLPI will acquire land, valued at $27 million, and fund $440 million of hard costs associated with the development of Live! Casino & Hotel Virginia. The cap rate, of the land and hard cost funding transactions, is 8.0% and is accretive to our operating results. The transaction also includes a 1.75% rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027. Through the construction of this large-scale development, GLPI will be compensated for the funding on an as drawn basis.

“Finally, reflecting on our disciplined approach to our capital structure, cost of capital, and leverage, during the quarter GLPI executed forward sale agreements and issued senior unsecured notes, further fortifying our balance sheet with capital for continued growth. With our pipeline of announced growth opportunities, disciplined approach to portfolio expansion, proven long-term resiliency of our tenants’ revenue streams, and healthy rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders. Reflecting these factors, our third quarter 2025 dividend per share was $0.78, compared to $0.76 per share in the year-ago period.”

Recent Developments

Effective October 2025, the Company’s option, subject to receipt by Bally’s of required consents, and call right, subject only to regulatory approval, to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort (“Bally’s Lincoln”) for a purchase price of $735 million and additional rent of $58.8 million were amended to extend the applicable dates by two years, to December 31, 2028 and October 1, 2028, respectively.
On October 27, 2025, the Company announced that it intends to acquire the real estate of the future site for Live! Virginia Casino & Hotel, a Cordish Company / Bruce Smith Enterprise casino and hotel development in Petersburg, Virginia. In addition, GLPI has committed to fund the hard costs associated with the development of the project. The cap rate on both the land acquisition of $27 million and the hard cost development funding of $440 million will be at 8.0%.
In October 2025, the Company funded $125.4 million at an 8.5% cap rate for Bally’s Corporation (“Bally’s”) gaming and entertainment destination resort in downtown Chicago. Additionally, a corporate guarantee was added to the Chicago Lease.
On October 15, 2025, the Company closed on the acquisition of the real estate assets of Sunland Park Racetrack and Casino in Sunland Park, New Mexico for $183.75 million with Strategic Gaming Management, LLC (“Strategic”). The property was added to the Strategic Gaming leases and annual rent was increased by $15 million.
During the third quarter of 2025, the Company sold 7.59 million shares under forward sale agreements to raise gross proceeds of $363.3 million, subject to certain contractual adjustments. No amounts have been or will be recorded on the Company’s balance sheet with respect to these forward sale agreements until settlement (which contractually mature in the third quarter of 2026 but may be settled prior to this time period at the Company’s election).
On September 2, 2025, the Company announced, subject to all necessary permits and approvals, a $225 million commitment to serve as the lead real estate financing partner for a new, integrated resort, Caesars Republic Sonoma County, that will be developed on the site of the current River Rock Casino. Pursuant to its agreements with the Dry Creek Rancheria Band of Pomo Indians (“Dry Creek”), GLPI will initially provide project financing consisting of (i) a $180 million delayed draw term loan bearing interest at a fixed rate of 12.50%, and (ii) a $45 million term loan B, issued at an original issue discount of 3%, bearing interest at SOFR plus 900 basis points, with a SOFR floor of 1%. Upon or prior to the maturity of the six-year term loans, Dry Creek will lease the property to an affiliate of GLPI for a 45-year term for no less than $112.5 million, and GLPI will sublease the property back to an affiliate of Dry Creek. Annual rent on the sublease will be based on a 9.75% capitalization rate.
In August 2025, the Company issued $600 million aggregate principal amount of 5.25% senior unsecured notes due February 15, 2033, at a price of 99.642% of the principal amount, and $700 million aggregate principal amount of 5.75% senior unsecured notes due November 1, 2037, at a price of 99.187% of the principal amount (the “November 2037 Notes”). In connection with the issuances, the Company terminated certain forward starting interest rate swap agreements and will recognize a benefit of approximately $1 million, amortized over ten years as a reduction of interest expense, with respect to the November 2037 Notes. The Company used the net proceeds from the offering to redeem in full its outstanding $975 million aggregate principal amount of 5.375% Senior Notes due April 2026.
On August 1, 2025, the Company funded $130 million at a 7.75% cap rate for the relocation of Hollywood Casino Joliet operated by PENN Entertainment, Inc. (“PENN”).
Effective July 1, 2025, the DraftKings at Casino Queen and The Queen Baton Rouge 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.

Dividends

On August 28, 2025, the Company’s Board of Directors declared a third quarter dividend of $0.78 per share on the Company’s common stock that was paid on September 26, 2025 to shareholders of record on September 12, 2025.

2025 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2025 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 other than the $150 million funding related to the construction for the M Resort hotel tower project and approximately $280 million related to current development projects to be funded during the fourth quarter of 2025.
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, 2025 will be between $1.115 billion and $1.118 billion, or between $3.86 and $3.88 per diluted share and OP/LTIP units. GLPI’s prior guidance contemplated AFFO for the year ending December 31, 2025 of between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 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, financing receivables, 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. As of September 30, 2025, GLPI’s portfolio consisted of interests in 68 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. (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation, the real property associated with 15 gaming and related facilities operated by Bally’s, 1 facility under development with Bally’s in downtown Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies (“Cordish”), 1 gaming and related facility operated by American Racing & Entertainment LLC (“American Racing”), 3 gaming and related facilities operated by Strategic and 1 facility managed by a subsidiary of Hard Rock International. These facilities are geographically diversified across 20 states.

Conference Call Details

The Company will hold a conference call on October 31, 2025, at 9:00 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 prior to 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: 13756338
The playback can be accessed through Friday, November 7, 2025.

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 Operations and Comprehensive Income (in thousands, except per share data) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Revenues
Rental income	$	341,755		$	333,244		$	1,021,534		$	996,641
Income from investment in leases, financing receivables		48,066			47,503			143,756			137,782
Income from investment in leases, sales type		3,767			1,240			11,289			1,240
Interest income from real estate loans		4,022			3,354			11,142			6,268
Total income from real estate		397,610			385,341			1,187,721			1,141,931

Operating expenses
Land rights and ground lease expense		13,785			11,758			41,282			35,446
General and administrative		16,552			13,472			51,172			45,209
Gains from dispositions of property		—			(3,790	)		(125	)		(3,790	)
Depreciation		67,473			64,771			201,720			195,393
Provision (benefit) for credit losses, net		(37,363	)		27,686			55,611			47,194
Total operating expenses		60,447			113,897			349,660			319,452
Income from operations		337,163			271,444			838,061			822,479

Other income (expenses)
Interest expense		(94,059	)		(95,705	)		(281,265	)		(269,050	)
Interest income		9,720			14,876			23,656			32,173
Loss on debt extinguishment		(3,783	)		—			(3,783	)		—
Total other expenses		(88,122	)		(80,829	)		(261,392	)		(236,877	)

Income before income taxes		249,041			190,615			576,669			585,602
Income tax expense		560			515			1,669			1,564
Net income	$	248,481		$	190,100		$	575,000		$	584,038
Net income attributable to non-controlling interest in the Operating Partnership		(7,290	)		(5,406	)	$	(17,186	)		(16,630	)
Net income attributable to common shareholders	$	241,191		$	184,694		$	557,814		$	567,408

Earnings per common share:
Basic earnings attributable to common shareholders	$	0.85		$	0.67		$	2.00		$	2.08
Diluted earnings attributable to common shareholders	$	0.85		$	0.67		$	2.00		$	2.08

Other comprehensive income
Net income		248,481			190,100			575,000			584,038
Reclassification of derivative gain to interest expense		(9	)		—			(9	)		—
Gain on cash flow hedges		103			—			967			—
Comprehensive income		248,575			190,100			575,958			584,038
Comprehensive income attributable to non-controlling interest in the Operating Partnership		(7,293	)		(5,406	)		(17,216	)		(16,630	)
Comprehensive income attributable to common shareholders		241,282			184,694			558,742			567,408

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES Current Year Revenue Detail (in thousands) (unaudited)

Three Months Ended September 30, 2025	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 (1)			Ground rent in revenue		Accretion on financing leases			Total income from real estate
Amended PENN Master Lease	$	54,152	$	10,758	$	6,502	$	—	$	71,412	$	4,952		$	595	$	—		$	76,959
PENN 2023 Master Lease		61,476		—		70		—		61,546		4,852			—		—			66,398
Amended Pinnacle Master Lease		61,482		17,814		8,122		—		87,418		1,858			2,218		—			91,494
PENN Morgantown Lease		—		796		—		—		796		—			—		—			796
Caesars Master Lease		16,302		5,932		—		—		22,234		1,916			330		—			24,480
Horseshoe St. Louis Lease		5,991		—		—		—		5,991		325			—		—			6,316
Boyd Master Lease		20,879		2,946		3,047		—		26,872		(2,364	)		432		—			24,940
Boyd Belterra Lease		738		473		500		—		1,711		(377	)		—		—			1,334
Bally’s Master Lease		26,939		—		—		—		26,939		—			2,541		—			29,480
Bally’s Master Lease II		15,265		—		—		—		15,265		(67	)		891		—			16,089
Maryland Live! Lease		19,412		—		—		—		19,412		—			2,129		3,395			24,936
Pennsylvania Live! Master Lease		12,942		—		—		—		12,942		—			309		2,184			15,435
Casino Queen Master Lease		2,301		—		—		—		2,301		(705	)		—		—			1,596
Tropicana Las Vegas Lease		—		3,768		—		—		3,768		—			—		(1	)		3,767
Rockford Lease		—		2,054		—		—		2,054		—			—		519			2,573
Rockford Loan		—		—		—		3,067		3,067		—			—		—			3,067
Tioga Downs Lease		3,694		—		—		—		3,694		—			2		576			4,272
Strategic Gaming Leases		2,299		—		—		—		2,299		—			106		318			2,723
Ione Loan		—		—		—		955		955		—			—		—			955
Bally’s Chicago Lease		—		5,000		—		—		5,000		(5,000	)		—		—			—
Total	$	303,872	$	49,541	$	18,241	$	4,022	$	375,676	$	5,390		$	9,553	$	6,991		$	397,610

⁽¹⁾ Includes $0.1 million of tenant improvement allowance amortization.

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES Current Year Revenue Detail (in thousands) (unaudited)

Nine Months Ended September 30, 2025	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 (1)			Ground rent in revenue		Accretion on financing leases			Total income from real estate
Amended PENN Master Lease	$	162,455	$	32,276	$	19,558		$	—	$	214,289	$	14,856		$	1,705	$	—		$	230,850
PENN 2023 Master Lease		181,070		—		(134	)		—		180,936		14,327			—		—			195,263
Amended Pinnacle Master Lease		184,447		53,442		24,365			—		262,254		5,574			6,424		—			274,252
PENN Morgantown Lease		—		2,388		—			—		2,388		—			—		—			2,388
Caesars Master Lease		48,906		17,796		—			—		66,702		5,748			990		—			73,440
Horseshoe St. Louis Lease		17,974		—		—			—		17,974		974			—		—			18,948
Boyd Master Lease		62,091		8,839		9,140			—		80,070		(5,078	)		1,297		—			76,289
Boyd Belterra Lease		2,195		1,420		1,500			—		5,115		(779	)		—		—			4,336
Bally’s Master Lease		79,924		—		—			—		79,924		—			7,745		—			87,669
Bally’s Master Lease II		31,361		—		—			—		31,361		(67	)		2,779		—			34,073
Maryland Live! Lease		58,236		—		—			—		58,236		—			6,415		10,020			74,671
Pennsylvania Live! Master Lease		38,676		—		—			—		38,676		—			928		6,560			46,164
Casino Queen Master Lease		18,694		—		—			—		18,694		(320	)		—		—			18,374
Tropicana Las Vegas Lease		—		11,293		—			—		11,293		—			—		(4	)		11,289
Rockford Lease		—		6,134		—			—		6,134		—			—		1,547			7,681
Rockford Loan		—		—		—			9,100		9,100		—			—		—			9,100
Tioga Downs Lease		11,042		—		—			—		11,042		—			5		1,708			12,755
Strategic Gaming Leases		6,898		—		—			—		6,898		—			317		922			8,137
Ione Loan		—		—		—			2,042		2,042		—			—		—			2,042
Bally’s Chicago Lease		—		15,000		—			—		15,000		(15,000	)		—		—			—
Total	$	903,969	$	148,588	$	54,429		$	11,142	$	1,118,128	$	20,235		$	28,605	$	20,753		$	1,187,721

⁽¹⁾ Includes $0.2 million of tenant improvement allowance amortization.

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA Gaming and Leisure Properties, Inc. and Subsidiaries CONSOLIDATED (in thousands, except per share and share data) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Net income	$	248,481		$	190,100		$	575,000		$	584,038
Gains from dispositions of property, net of tax		—			(3,790	)		(125	)		(3,790	)
Real estate depreciation		66,985			64,289			200,263			193,943
Funds from operations	$	315,466		$	250,599		$	775,138		$	774,191
Straight-line rent and deferred rent adjustments⁽¹⁾		(5,390	)		(14,682	)		(20,235	)		(46,262	)
Other depreciation		488			482			1,457			1,450
Provision (benefit) for credit losses, net		(37,363	)		27,686			55,611			47,194
Amortization of land rights		4,270			3,276			12,810			9,828
Amortization of debt issuance costs, bond premiums and original issuance discounts		3,425			2,803			9,884			8,172
Capitalized interest		(3,652	)		(857	)		(10,668	)		(857	)
Stock based compensation		1,551			5,463			16,565			19,010
Losses on debt extinguishment		3,783			—			3,783			—
Severance charge		6,320			—			6,320			—
Accretion on investment in leases, financing receivables		(6,991	)		(7,093	)		(20,753	)		(21,753	)
Non-cash adjustment to financing lease liabilities		112			112			317			358
Capital maintenance expenditures⁽²⁾		—			453			(157	)		(99	)
Adjusted funds from operations	$	282,019		$	268,242		$	830,072		$	791,232
Interest, net⁽³⁾		83,552			80,047			255,277			234,697
Income tax expense		560			515			1,669			1,564
Capital maintenance expenditures⁽²⁾		—			(453	)		157			99
Amortization of debt issuance costs, bond premiums and original issuance discounts		(3,425	)		(2,803	)		(9,884	)		(8,172	)
Capitalized interest		3,652			857			10,668			857
Adjusted EBITDA	$	366,358		$	346,405		$	1,087,959		$	1,020,277

FFO, per diluted common share and OP/LTIP units	$	1.08		$	0.89		$	2.70		$	2.76
AFFO, per diluted common share and OP/LTIP units	$	0.97		$	0.95		$	2.89		$	2.82

Weighted average number of common shares and OP/LTIP units outstanding
Diluted common and restricted shares		283,502,768			274,798,368			278,800,590			272,851,372
Diluted OP/LTIP units		8,323,931			8,087,630			8,319,581			8,030,568
Diluted common shares and diluted OP/ LTIP units		291,826,699			282,885,998			287,120,171			280,881,940

⁽¹⁾ The three and nine month periods ended September 30, 2025 and September 30, 2024 both include $0.1 million and $0.2 million of tenant improvement allowance amortization, respectively.

⁽²⁾ Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

⁽³⁾ Exclude a non-cash interest expense gross up related to certain ground leases.

Reconciliation of Cash Net Operating Income Gaming and Leisure Properties, Inc. and Subsidiaries CONSOLIDATED (in thousands, except per share and share data) (unaudited)

	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Adjusted EBITDA	$	366,358		$	1,087,959
General and administrative expenses		16,552			51,172
Stock based compensation		(1,551	)		(16,565	)
Severance charge		(6,320	)		(6,320	)
Cash net operating income⁽¹⁾	$	375,039		$	1,116,246

⁽¹⁾ 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)

	September 30, 2025			December 31, 2024
Assets
Real estate investments, net	$	8,140,928		$	8,148,719
Investment in leases, financing receivables, net		2,312,640			2,333,114
Investment in leases, sales-type, net		248,325			254,821
Real estate loans, net		176,882			160,590
Right-of-use assets and land rights, net		1,077,052			1,091,783
Cash and cash equivalents		751,715			462,632
Held to maturity investment securities		—			560,832
Other assets		79,029			63,458
Total assets	$	12,786,571		$	13,075,949

Liabilities
Accounts payable and accrued expenses	$	6,704		$	5,802
Accrued interest		55,023			105,752
Accrued salaries and wages		8,446			7,154
Operating lease liabilities		243,095			244,973
Financing lease liabilities		61,105			60,788
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		7,201,213			7,735,877
Deferred rental revenue		208,075			228,508
Other liabilities		47,059			41,571
Total liabilities		7,830,720			8,430,425

Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2025 and December 31, 2024)		—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 283,008,342 and 274,422,549 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively)		2,830			2,744
Additional paid-in capital		6,609,678			6,209,827
Accumulated deficit		(2,037,129	)		(1,944,009	)
Accumulated other comprehensive income		927			—
Total equity attributable to Gaming and Leisure Properties		4,576,306			4,268,562
Noncontrolling interests in GLPI’s Operating Partnership (8,224,939 units outstanding at September 30, 2025 and December 31, 2024, respectively)		379,545			376,962
Total equity		4,955,851			4,645,524
Total liabilities and equity	$	12,786,571		$	13,075,949

Debt Capitalization

The Company’s debt structure as of September 30, 2025 was as follows:


	Years to Maturity	Interest Rate		Balance
				(in thousands)
Unsecured $2,090 Million Revolver Due December 2028	3.2	5.458	%	332,455
Term Loan Credit Facility due September 2027	1.9	5.458	%	600,000
Senior Unsecured Notes Due June 2028	2.7	5.750	%	500,000
Senior Unsecured Notes Due January 2029	3.3	5.300	%	750,000
Senior Unsecured Notes Due January 2030	4.3	4.000	%	700,000
Senior Unsecured Notes Due January 2031	5.3	4.000	%	700,000
Senior Unsecured Notes Due January 2032	6.3	3.250	%	800,000
Senior Unsecured Notes Due February 2033	7.4	5.250	%	600,000
Senior Unsecured Notes Due December 2033	8.2	6.750	%	400,000
Senior Unsecured Notes Due September 2034	9.0	5.625	%	800,000
Senior Unsecured Notes Due November 2037	12.1	5.750	%	700,000
Senior Unsecured Notes Due September 2054	29.0	6.250	%	400,000
Other	0.9	4.780	%	174
Total long-term debt				7,282,629
Less: unamortized debt issuance costs, bond premiums and original issuance discounts				(81,416	)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts				7,201,213
Weighted average	7.2	5.083	%

Rating Agency – Issue Rating

Rating Agency		Rating
Standard & Poor’s		BBB-
Fitch		BBB-
Moody’s		Ba1

Funding commitments

As of September 30, 2025, we have 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 September 30, 2025
Relocation of Hollywood Casino Aurora (1)	$225 million	None
Relocation of Hollywood Casino Joliet	$130 million	$130.0 million
Construction of a hotel tower at the M Resort (2)	$150 million	None
Construction of a hotel at Hollywood Casino Columbus	$70 million	None
Funding associated with a landside move at Ameristar Casino Council Bluffs	(3)	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	None (4)
Funding and oversight of a landside move and hotel renovation at The Belle	$111 million	$75.6 million
Construction costs for a landside development project at Casino Queen Marquette	$16.5 million	$5.1 million
Ione Loan to fund a new casino development near Sacramento, California	$110 million	$39.3 million
Call right to acquire Bally’s Lincoln	$735 million	None

(1) PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026. The Company will fund $225 million at a 7.75% capitalization rate.

(2) In August 2025, PENN requested $150 million for its M Resort hotel tower project which will be subject to a capitalization rate of 7.79% which GLPI expects to fund on November 3, 2025.

(3) The Company has agreed to fund, if requested by PENN at their 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.

(4) In October 2025, the Company funded $125.4 million at an 8.5% cap rate for Bally’s Chicago.

We seek to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stability and cash flow opportunities of a REIT. Our primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord’s interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

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 September 30, 2025. 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 neither reported for ground leases and development projects nor on leases that have been in effect for less than twelve months.

Master Leases
	Penn 2023 Master Lease		Amended Penn Master Lease
Operator	PENN		PENN
Properties	Hollywood Casino Aurora	Aurora, IL	Hollywood Casino Lawrenceburg	Lawrenceburg, IN
	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
Commencement Date	1/1/2023		11/1/2013
Lease Expiration Date	10/31/2033		10/31/2033
Remaining Renewal Terms	15 (3×5 years)		15 (3×5 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 June 30, 2025	1.88		2.13
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		Nov-28

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

Master Leases
	Amended Pinnacle Master Lease		Bally’s Master Lease
Operator	PENN		Bally’s
Properties	Ameristar Black Hawk	Black Hawk, CO	Bally’s Evansville	Evansville, IN
	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
Commencement Date	4/28/2016		6/3/2021
Lease Expiration Date	4/30/2031		6/2/2036
Remaining Renewal Terms	20 (4×5 years)		20 (4×5 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 June 30, 2025	1.69 (3)		2.00
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-26		N/A

⁽¹⁾ 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 fiscal quarters on a cumulative basis for the preceding 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.

⁽²⁾ 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.

⁽³⁾ Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

Master Leases
	Bally’s Master Lease II		Casino Queen Master Lease
Operator	Bally’s		Bally’s
Properties	Bally’s Kansas City	Kansas City, MO	Casino Queen Marquette	Marquette, IA
	Bally’s Shreveport	Shreveport, LA	Belle of Baton Rouge	Baton Rouge, LA
	Draft Kings at Casino Queen (4)	East St. Louis, IL
	The Queen Baton Rouge (4)	Baton Rouge, LA
Commencement Date	12/16/2024		12/17/2021
Lease Expiration Date	12/15/2039		12/31/2036
Remaining Renewal Terms	20 (4×5 years)		20 (4×5 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 June 30, 2025	2.78		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

⁽¹⁾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 fiscal quarters on a cumulative basis for the preceding 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.

⁽³⁾ 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.

⁽⁴⁾ These properties were transferred to Bally’s Master 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 proforma basis.

⁽⁵⁾ 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.

Master Leases
	Boyd Master Lease		Caesars Amended and Restated Master Lease
Operator	Boyd		Caesars
Properties	Belterra Casino Resort	Florence, IN	Tropicana Atlantic City	Atlantic City, NJ
	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
Commencement Date	10/15/2018		10/1/2018
Lease Expiration Date	4/30/2031		9/30/2038
Remaining Renewal Terms	20 (4×5 years)		20 (4×5 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%		1.75 % (1)
Coverage ratio at June 30, 2025	2.46		1.75
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-26		N/A

⁽¹⁾ Building base rent will be increased by 1.75% in the 7th and 8th lease year and 2% in the 9th lease year and each year thereafter.

Master Leases
	Pennsylvania Live! Master Lease		Strategic Gaming Leases (1)
	Cordish		Strategic
Properties	Live! Casino & Hotel Philadelphia	Philadelphia, PA	Silverado Franklin Hotel & Gaming Complex	Deadwood, SD
	Live! Casino Pittsburgh	Greensburg, PA	Deadwood Mountain Grand Casino	Deadwood, SD
			Baldini’s Casino	Sparks, NV
Commencement Date	3/1/2022		5/16/2024
Lease Expiration Date	2/28/2061		5/31/2049
Remaining Renewal Terms	21 (1×11 years, 1×10 years)		20 (2×10 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 June 30, 2025	2.50		1.82 (3)
Minimum Escalator Coverage Governor	N/A		N/A
Yearly Anniversary for Realization	March		Jun-26
Percentage Rent Reset Details
Reset Frequency	N/A		N/A
Next Reset	N/A		N/A

⁽¹⁾ Consists of two leases that are cross collateralized and co-terminus with each other.

⁽²⁾ 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%.

⁽³⁾ Coverage ratio above is proforma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

Single Property Leases
	Belterra Park Lease	Horsehoe St Louis Lease	Morgantown Lease	MD Live! Lease
Operator	Boyd	Caesars	PENN	Cordish
Properties	Belterra Park Gaming & Entertainment Center	Horseshoe St. Louis	Hollywood Casino Morgantown	Live! Casino & Hotel Maryland
	Cincinnati, OH	St. Louis, MO	Morgantown, PA	Hanover, MD
Commencement Date	10/15/2018	9/29/2020	10/1/2020	12/29/2021
Lease Expiration Date	04/30/2031	10/31/2033	10/31/2040	12/31/2060
Remaining Renewal Terms	20 (4×5 years)	20 (4×5 years)	30 (6×5 years)	21 (1×11 years, 1×10 years)
Corporate Guarantee	No	Yes	Yes	No
Technical Default Landlord Protection	Yes	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	N/A	1.4
Competitive Radius Landlord Protection	Yes	Yes	N/A	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%	1.25%⁽¹⁾	1.25%⁽²⁾	1.75%
Coverage ratio at June 30, 2025	3.06	1.97	N/A	3.56
Minimum Escalator Coverage Governor	1.8	N/A	N/A	N/A
Yearly Anniversary for Realization	May	October	December	January
Percentage Rent Reset Details
Reset Frequency	2 years	N/A	N/A	N/A
Next Reset	May 2026	N/A	N/A	N/A

⁽¹⁾ For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.

⁽²⁾ 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.

Single Property Leases
	Tropicana Lease	Tioga Downs Lease	Rockford Lease	Chicago Lease
Operator	Bally’s	American Racing and Entertainment	(managed by Hard Rock)	Bally’s
Properties	Tropicana Las Vegas	Tioga Downs	Hard Rock Casino Rockford	Bally’s Chicago Development
	Las Vegas, NV	Nichols, NY	Rockford, IL	Chicago, IL
Commencement Date	9/26/2022	2/6/2024	8/29/2023	7/18/2025
Lease Expiration Date	9/25/2072	2/28/2054	8/31/2122	7/31/2040
Remaining Renewal Terms	49 (1 x 24 years, 1 x 25 years)	32 years and 10 months (2×10 years, 1×12 years and 10 months)	None	20 (4 x 5 years)
Corporate Guarantee	Yes	Yes	No	Yes
Technical Default Landlord Protection	Yes	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.35 (1)	1.4	1.4	1.35 (1)
Competitive Radius Landlord Protection	Yes	Yes	Yes	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	(2)	1.75%⁽³⁾	2%	(2)
Coverage ratio at June 30, 2025	N/A	1.98	N/A	N/A
Minimum Escalator Coverage Governor	N/A	N/A	N/A	N/A
Yearly Anniversary for Realization	October	March	September	August
Percentage Rent Reset Details
Reset Frequency	N/A	N/A	N/A	N/A
Next Reset	N/A	N/A	N/A	N/A

⁽³⁾ 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.

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 non-controlling 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, net of tax 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, financing receivables, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment, 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, net of tax, stock based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, losses on debt extinguishment, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses other than 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.

Forward-Looking Statements

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 2025 and beyond, 2025 AFFO guidance, the future issuance of securities and the Company benefiting from 2024 portfolio additions and recently 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; 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 and/or operate 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; 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 state, federal 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, 2024, 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.

Contact
Gaming and Leisure Properties, Inc. Carlo Santarelli, SVP Corporate Strategy & Investor Relations 610/378-8232 [email protected]	Investor Relations Joseph Jaffoni, Richard Land, James Leahy at JCIR 212/835-8500 [email protected]

Nasdaq:GLPI

Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia

Published

2 weeks ago

October 27, 2025

GlobeNewswire

gaming-and-leisure-properties-to-acquire-land-and-fund-hard-costs-of-live!-casino-&-hotel-virginia

Transaction Furthers Relationship with Cordish Companies at an Accretive 8.0% Cap Rate

WYOMISSING, Pa., Oct. 27, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) announced today that it agreed to acquire the real estate in Petersburg, Virginia, the future site for Live! Casino and Hotel Virginia (“Live! Virginia”), a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise (“Live! Virginia Group”). In addition, GLPI committed to fund the hard costs associated with the development of the destination casino and hotel project. The cap rate on both the $27 million land purchase and the $440 million hard cost funding is 8.0% and will be accretive to GLPI’s operating results. Closing of the transaction is subject to usual and customary closing conditions, including receipt of licenses and any approvals by the Virginia Lottery Commission.

The transaction represents an expansion of GLPI’s relationship with The Cordish Companies (“Cordish”), as the development will mark the fourth Cordish property for which GLPI will own the real estate assets. GLPI intends to fund the $27 million land purchase in the first quarter of 2026, with the remaining $440 million of committed financing anticipated to be drawn beginning in the second half of 2026 and continuing through the first quarter of 2028, post the Live! Virginia Group’s equity funding. During the construction phase, Cordish will pay rent on the GLPI funding, as drawn. After the first anniversary of the opening of the permanent casino project, rent will escalate at a rate of 1.75% per annum.

Live! Virginia is located just off I-95, less than 25 miles south of Richmond, VA. The approximately $600 million project will sit within a large 98-acre site and serve as the centerpiece of a broader $1.4 billion planned development, expected to include additional hotels, retail, dining, entertainment, and residential features.

The permanent facility is expected to open in late 2027 and will feature an 80,000 sq. ft. casino with 1,440 slots and 84 tables, over 10 food and beverage outlets, 200 hotel rooms, a 70,000 sq. ft. conference and event center, a 3,200-seat concert venue, and an array of other amenities. A temporary casino facility at the site is scheduled for a late January 2026 opening, subject to receipt of regulatory approvals.

Peter Carlino, GLPI’s Chairman and CEO, commented, “Our partnership with The Cordish Companies continues to expand, with this unique opportunity to further diversify our portfolio, both on a geographic basis and through an expansion with an existing tenant. This accretive transaction plants a Gaming and Leisure Properties flag in Virginia, which will represent the 21^st state for our portfolio, and allows us to partner again with a strong, proven tenant on this exciting development project in Petersburg, Virginia. Additionally, this announcement marks our third transaction in the last two months, as the pipeline continues to build, setting the stage for accelerating growth in the coming years.”

David Cordish, Cordish’s Chairman, added, “As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division. GLPI supports what we have done successfully for decades and will continue to do: develop, own, and operate best-in-class entertainment destinations under our Live! brand. We look forward to opening this best-in-class gaming facility.”

Greenhill, a Mizuho Affiliate, acted as financial advisor to Gaming and Leisure Properties.

For further information, GLPI has posted a transaction presentation to its website, which can be accessed at https://investors.glpropinc.com/events-and-presentations.

About Gaming and Leisure Properties, Inc.

GLPI is engaged in the business of acquiring, financing, developing 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, 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.

About The Cordish Companies

The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Gaming; Commercial Real Estate; Entertainment Districts; Sports-Anchored Developments; Hotels; Residential Properties; Restaurants; Coworking Spaces; and Private Equity. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. The Cordish Companies has developed and operates highly acclaimed dining, entertainment, and hospitality destinations throughout the United States, many falling under The Cordish Companies’ Live! Brand highly regarded as one of the premier entertainment brands in the country. Welcoming over 60 million visitors per year, these developments are among the highest profile dining, entertainment, gaming, hotel, and sports-anchored destinations in the country. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships, and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on LinkedIn and X.

“The Cordish Companies,” “The Cordish Company” and “Cordish” are trademarks used under license by independent corporations, legal liability companies and partnerships (“Cordish Entities”). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names “Cordish,” “The Cordish Companies” or “The Cordish Company” here or elsewhere.

About Bruce Smith Enterprise

Bruce Smith Enterprise, led by legendary Pro Football Hall of Fame member and Virginia native Bruce Smith, is a commercial real estate firm that specializes in the development of premier mixed-use projects. Headquartered in Virginia Beach, VA, the company has developed notable properties throughout the state and the Mid-Atlantic region that feature the cohesive and seamless integration of residential, hotel, Class A office, and retail space. Since retiring from professional football in 2004 after a prolific 19-year career, the NFL’s All-Time Sack Leader has endeavored to bring the same level of unparalleled excellence, diligence, and leadership that he honed as a veteran on the field to the management of Bruce Smith Enterprise. The successful development of timeless mixed-use properties that survive and withstand trends of the marketplace, strengthen and invigorate the local economy, and create jobs are core values of Bruce Smith Enterprise and its primary mission.

Forward-Looking Statements

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 the anticipated accretion, market conditions, future expansion opportunities, and the benefits of the development transaction with Cordish to our shareholders. 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: Cordish’s ability to develop the Live! Casino Hotel Virginia on the anticipated timeline and budget; the ability of Cordish to successfully open and ramp the operations of Live! Casino Hotel Virginia; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, 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.

Contact:
Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP – Corporate Strategy & Investor Relations
610-378-8232
[email protected]

Investor Relations
Joseph Jaffoni at JCIR
212-835-8500
[email protected]

Nasdaq:GLPI

Gaming and Leisure Properties to Acquire Sunland Park Racetrack & Casino Real Estate Assets

Published

1 month ago

October 1, 2025

GlobeNewswire

gaming-and-leisure-properties-to-acquire-sunland-park-racetrack-&-casino-real-estate-assets

Accretive Transaction Marks Expansion of Strategic Gaming Management Relationship

WYOMISSING, Pa., Oct. 01, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) today announced that it intends to acquire the real estate assets of Sunland Park Racetrack & Casino (“Sunland Park”). GLPI will acquire the real estate assets of Sunland Park for $183.75 million, at an initial 8.2% cap rate. With the inclusion into the Strategic Gaming Leases, annual rent on the lease will escalate at 2.0% per annum. Upon closing, the transaction is expected to be immediately accretive to AFFO per share.

The transaction represents an expansion of the relationship with Strategic Gaming Management, LLC (“Strategic Gaming”), an acquisitive operator of domestic casino assets. The acquisition will add a fourth asset to Strategic Gaming’s existing triple-net master lease agreement with GLPI.

With the closing of the transaction, which is expected to take place on October 15, 2025, Sunland Park will represent GLPI’s second property in New Mexico. Sunland Park, located in southern New Mexico, along the Texas border, serves the under penetrated El Paso-Las Cruces gaming market, a high population and income growth geography. Given state regulatory protections, Sunland Park is uniquely positioned to operate in a stable gaming environment.

Peter Carlino, GLPI’s Chairman and CEO, commented, “Through our acquisition of Sunland Park, we are again diversifying our property portfolio, while again supporting the growth strategy of an existing tenant, as we deepen our relationship with Strategic Gaming, a dynamic and growing gaming operator. This accretive transaction further strengthens GLPI’s reputation as the gaming landlord of choice.”

Opened in 1959, Sunland Park sits on approximately 157 acres and offers 738 slots and 12 electronic gaming tables across a 25,000 square foot gaming floor. The property includes a 1-mile Thoroughbred and Quarter Horse racetrack with a 733-seat stadium. It hosts a 600-person ballroom, a simulcast wagering area, and a 78-room third-party hotel. The property also has underutilized acreage that provides significant expansion and performance uplift opportunities.

Truist Securities, Inc. acted as financial advisor to Gaming and Leisure Properties. CBRE Investment Banking and Macquarie acted as financial advisors to Sunland Park.

For further information, GLPI has posted a transaction presentation to its website, which can be accessed at https://investors.glpropinc.com/events-and-presentations.

About Gaming and Leisure Properties, Inc.

About Strategic Gaming Management LLC

Strategic Gaming Management is a multijurisdictional licensed operator of brick and mortar casinos founded in 2009 by Chief Executive Officer J. Grant Lincoln. Today, the Company operates three casinos in Nevada and South Dakota in collaboration with its real estate partner and owner of the associated real estate Gaming & Leisure Properties (NASDAQ: GLPI).

Forward-Looking Statements

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 the anticipated accretion, market conditions, future expansion opportunities, and the benefits of the transaction to our shareholders. 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: GLPI’s ability to expand its relationship with Strategic Gaming; the potential negative impact of recent high levels of inflation on our tenants’ operations; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations and ability to grow through acquisition; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, 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.

Contact:

Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP – Corporate Strategy & Investor Relations
610-378-8232
[email protected]

Investor Relations
Joseph Jaffoni, Christin Armacost at JCIR
212-835-8500
[email protected]

This press release was published by a CLEAR® Verified individual.

Central Europe5 days ago

EsportSpot Announces Launch of Online Casino Review Website in Poland

Central Europe6 days ago

CT Interactive strengthens presence in Slovakia with launch of new games on Tipos.sk

David Mann Chief Commercial Officer at Swintt6 days ago

Swintt bring players four times the fun in Lucky Fortune Door Wild

ADM5 days ago

Swintt games go live in Italy after receiving ADM certification

Booming Games6 days ago

Booming Games Takes Players Sky-High with Thunder Eagle Hold and Win Extreme 10,000

Evoplay6 days ago

Evoplay answers the call of the wild in festive Young Deer Song

Bragg Gaming Group5 days ago

Bragg Rolls Out Premium Content Suite with Napoleon Romania

18Peaches5 days ago

Week 45/2025 slot games releases

Recent Slot Releases, fresh industry news

Gaming and Leisure Properties, Inc. Reports Fourth Quarter 2020 Results

Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Reports Fourth Quarter 2020 Results

Nasdaq:GLPI

Gaming and Leisure Properties Reports Record Third Quarter 2025 Results and Updates 2025 Full Year Guidance

Nasdaq:GLPI

Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia

Nasdaq:GLPI

Gaming and Leisure Properties to Acquire Sunland Park Racetrack & Casino Real Estate Assets

Latest news

Trending

Recent Slot Releases, fresh industry news

Gaming and Leisure Properties, Inc. Reports Fourth Quarter 2020 Results

You may like

Nasdaq:GLPI

Gaming and Leisure Properties Reports Record Third Quarter 2025 Results and Updates 2025 Full Year Guidance

Nasdaq:GLPI

Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia

Nasdaq:GLPI

Gaming and Leisure Properties to Acquire Sunland Park Racetrack & Casino Real Estate Assets

Latest news

Trending