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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Schedules First Quarter 2025 Earnings Release and Conference Call

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WYOMISSING, Pa., April 01, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2025 first quarter financial results after the market close on Thursday, April 24, 2025. The Company will host a conference call at 10:00 a.m. ET on Friday, April 25, 2025.

During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter’s results and performance, discuss recent events and conduct a question-and-answer period.

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 audio software. A replay of the call will also be available for 90 days on the Company’s website.

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: 13752918
The playback can be accessed through Friday, May 2, 2025.

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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.

Contact:  
Gaming and Leisure Properties, Inc. Investor Relations
Matthew Demchyk, Chief Investment Officer Joseph Jaffoni, Richard Land at JCIR
610/401-2900 212/835-8500
[email protected] [email protected]

Nasdaq:GLPI

Gaming And Leisure Properties Reports First Quarter 2025 Results and Updates 2025 Full Year Guidance

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WYOMISSING, Pa., April 24, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended March 31, 2025.

Financial Highlights

    Three Months Ended March 31,
(in millions, except per share data)   2025   2024
Total Revenue   $ 395.2   $ 376.0
Income from Operations   $ 258.8   $ 257.6
Net Income   $ 170.4   $ 179.5
FFO(1) (4)   $ 234.8   $ 244.4
AFFO(2) (4)   $ 272.0   $ 258.6
Adjusted EBITDA(3) (4)   $ 360.1   $ 333.4
Net income, per diluted common share and OP/LTIP units(4)   $ 0.60   $ 0.64
FFO, per diluted common share and OP/LTIP units(4)   $ 0.83   $ 0.87
AFFO, per diluted common share and OP/LTIP units(4)   $ 0.96   $ 0.92

_____________________________

(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; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

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(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; 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 first quarter revenue, AFFO and Adjusted EBITDA highlight our long-term focus on aligning with the industry’s top regional gaming operators, expanding and diversifying our portfolio of gaming assets, and supporting tenants with creative, comprehensive financing solutions, resulting in consistent predictability and growth of our rental cash flows and dividends. On an operating basis, first quarter total revenue rose 5.1% year over year to $395.2 million, AFFO grew 5.2% to $272.0 million and Adjusted EBITDA increased 8%.

“Our solid first quarter financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive growth throughout 2025. Importantly, notwithstanding the difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments. Our activity continued in the first quarter of 2025 including GLPI’s continued funding of the landside conversion of Bally’s Belle of Baton Rouge Casino. This project is expected to be completed in the fourth quarter, providing the asset with an attractive runway for growth on par with similar recent conversions across the industry. During the first quarter, we also extended for five years, the Master Lease and the Belterra Park Lease with Boyd Gaming and agreed to fund, at PENN Entertainment’s discretion, construction improvements at Ameristar Casino Council Bluffs where GLPI will continue to own the Ameristar Casino Council Bluffs land and — should PENN access the financing — the entire land-based development.

“These fundings and lease extensions reflect our commitment to delivering creative financing solutions and supporting our tenant partners. In addition, we have funded $18.4 million as of March 31, 2025, for the Ione Band of Miwok Indians’ Acorn Ridge Casino development near Sacramento, California, marking a first-of-its-kind financing agreement between a federally recognized tribe and a real estate investment trust. In total, GLPI has committed to Ione a $110 million delayed draw term loan facility which has a 5-year term and an 11% interest rate. Finally, reflecting our disciplined approach to our capital structure, cost of capital and leverage, during the first quarter GLPI successfully redeemed its $850 million 5.250% senior unsecured note that was due this June.

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“In Chicago, Bally’s has begun construction, with GLPI’s backing, of its permanent Chicago gaming and entertainment destination in one of the country’s largest cities. This permanent resort will feature approximately 3,300 slots, 170-plus table games, a 500-room hotel tower, 3,000 seat theater, six restaurants, cafes, a food hall and a two-acre river-side public park. Our commitment to support our tenants’ growth objectives is reflected in GLPI also providing Bally’s our decades of casino construction and development expertise in addition to our project financing commitment.

“With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants’ revenue streams, and comfortable rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders.”

Recent Developments

  • On March 3, 2025, the Company redeemed its $850 million 5.250% senior unsecured note that was due in June 2025.
  • On February 12, 2025, Boyd Gaming Corporation (NYSE: BYD) (“Boyd”) exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease. As a result, both lease terms now expire on April 30, 2031.
  • On February 7, 2025, Bally’s Corporation (NYSE: BALY) (“Bally’s”) completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment Inc (“Casino Queen”) is now a subsidiary of Bally’s.
  • On February 3, 2025, the Company agreed to fund, if requested by PENN Entertainment, Inc. (Nasdaq: PENN) (“PENN”) at their sole discretion, on or before March 31, 2029, construction improvements for the benefit of Ameristar Casino Council Bluffs in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million. The financing is being offered at a 7.10% capitalization rate. PENN is entitled, in its sole discretion, to structure such financing as rent or as a 5-year term loan that is pre-payable at any time without penalty. GLPI will continue to own the Ameristar Casino Council Bluffs land and — should PENN access the financing — the entire land-based development.

Dividends

On February 13, 2025, the Company’s Board of Directors declared a first quarter dividend of $0.76 per share on the Company’s common stock that was paid on March 28, 2025 to shareholders of record on March 14, 2025.

2025 Guidance

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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 anticipated fundings of approximately $375 million related to current development projects and our expectation of settling the forward sale agreement of 8,170,387 shares of our common stock in June 2025 for a net sales price of $409.3 million subject to certain contractual adjustments.
  • 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 $1.109 billion and $1.118 billion, or between $3.84 and $3.87 per diluted share and OP/LTIP units. GLPI’s prior guidance contemplated AFFO for the year ending December 31, 2025 of between $1.105 billion and $1.121 billion, or between $3.83 and $3.88 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 March 31, 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. (NASDAQ: CZR) (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 15 gaming and related facilities operated by Bally’s, 1 facility under development with Bally’s in 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 Gaming Management, LLC (“Strategic”) and 1 facility managed by a subsidiary of Hard Rock International (“Hard Rock”). These facilities are geographically diversified across 20 states.

Conference Call Details

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The Company will hold a conference call on April 25, 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: 13752918
The playback can be accessed through Friday, May 2, 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
(in thousands, except per share data) (unaudited)
 
  Three Months Ended March 31,  
    2025       2024    
Revenues        
Rental income $ 340,252     $ 330,582    
Income from investment in leases, financing receivables   47,764       44,305    
Income from investment in leases, sales type   3,760          
Interest income from real estate loans   3,459       1,077    
Total income from real estate   395,235       375,964    
         
Operating expenses        
Land rights and ground lease expense   13,555       11,818    
General and administrative   18,713       17,886    
Gains from dispositions of property   (125 )        
Depreciation   65,012       65,360    
Provision (benefit) for credit losses, net   39,246       23,294    
Total operating expenses   136,401       118,358    
Income from operations   258,834       257,606    
         
Other income (expenses)        
Interest expense   (97,272 )     (86,675 )  
Interest income   9,356       9,232    
Total other expenses   (87,916 )     (77,443 )  
         
Income before income taxes   170,918       180,163    
Income tax expense   564       637    
Net income $ 170,354     $ 179,526    
Net income attributable to non-controlling interest in the
Operating Partnership
  (5,170 )     (5,062 )  
Net income attributable to common shareholders $ 165,184     $ 174,464    
         
Earnings per common share:        
Basic earnings attributable to common shareholders $ 0.60     $ 0.64    
Diluted earnings attributable to common shareholders $ 0.60     $ 0.64    
                 

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GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)
 
Three Months Ended March 31, 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 $ 10,759 $ 6,561   $ $ 71,472 $ 4,952   $ 473 $   $ 76,897
PENN 2023 Master Lease   59,797     (121 )     59,676   4,738           64,414
Amended Pinnacle Master Lease   61,482   17,814   8,122       87,418   1,858     2,061       91,337
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   324           6,315
Boyd Master Lease   20,470   2,946   3,047       26,463   (350 )   432       26,545
Boyd Belterra Lease   724   473   500       1,697   (25 )         1,672
Bally’s Master Lease   26,411           26,411       2,555       28,966
Bally’s Master Lease II   8,048           8,048       954       9,002
Maryland Live! Lease   19,412           19,412       2,108   3,288     24,808
Pennsylvania Live! Master Lease   12,793           12,793       308   2,238     15,339
Casino Queen Master Lease   7,974           7,974   (1 )         7,973
Tropicana Las Vegas Lease     3,763         3,763         (3 )   3,760
Rockford Lease     2,040         2,040         507     2,547
Rockford Loan           3,000   3,000             3,000
Tioga Downs Lease   3,652           3,652       2   572     4,226
Strategic Gaming Leases   2,299           2,299       106   294     2,699
Ione Loan           459   459             459
Bally’s Chicago Lease     5,000         5,000   (5,000 )        
Total $ 299,507 $ 49,523 $ 18,109   $ 3,459 $ 370,598 $ 8,412   $ 9,329 $ 6,896   $ 395,235
 

(1) Includes $0.1 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 March 31,
    2025       2024  
Net income $ 170,354     $ 179,526  
Gains from dispositions of property, net of tax   (125 )      
Real estate depreciation   64,529       64,877  
Funds from operations $ 234,758     $ 244,403  
Straight-line rent and deferred rent adjustments(1)   (8,412 )     (15,790 )
Other depreciation   483       483  
Provision (benefit) for credit losses, net   39,246       23,294  
Amortization of land rights   4,270       3,276  
Amortization of debt issuance costs, bond premiums and original issuance discounts   3,232       2,684  
Capitalized interest   (3,605 )      
Stock based compensation   8,858       8,122  
Accretion on investment in leases, financing receivables   (6,896 )     (7,884 )
Non-cash adjustment to financing lease liabilities   98       117  
Capital maintenance expenditures(2)   (36 )     (90 )
Adjusted funds from operations $ 271,996     $ 258,615  
Interest, net(3)   87,149       76,768  
Income tax expense   564       637  
Capital maintenance expenditures(2)   36       90  
Amortization of debt issuance costs, bond premiums and original issuance discounts   (3,232 )     (2,684 )
Capitalized interest   3,605        
Adjusted EBITDA $ 360,118     $ 333,426  
       
Net income, per diluted common share and OP/LTIP units $ 0.60     $ 0.64  
FFO, per diluted common share and OP/LTIP units $ 0.83     $ 0.87  
AFFO, per diluted common share and OP/LTIP units $ 0.96     $ 0.92  
       
Weighted average number of common shares and OP/LTIP units outstanding      
Diluted common shares   275,403,292       272,026,480  
Diluted OP/LTIP units   8,352,978       7,915,817  
Diluted common shares and diluted OP/ LTIP units   283,756,270       279,942,297  
 

_____________________________

(1) The three month period ended March 31, 2025 and March 31, 2024 both include $0.1 million of tenant improvement allowance amortization.

(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) Amounts exclude the non-cash interest expense gross up related to certain ground leases.

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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
March 31, 2025
Adjusted EBITDA $ 360,118  
General and administrative expenses   18,713  
Stock based compensation   (8,858 )
Cash net operating income(1) $ 369,973  

_____________________________

(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)
  March 31, 2025   December 31, 2024
Assets      
Real estate investments, net $ 8,097,069     $ 8,148,719  
Investment in leases, financing receivables, net   2,313,156       2,333,114  
Investment in leases, sales-type, net   245,661       254,821  
Real estate loans, net   160,793       160,590  
Right-of-use assets and land rights, net   1,086,839       1,091,783  
Cash and cash equivalents   168,875       462,632  
Held to maturity investment securities         560,832  
Other assets   60,128       63,458  
Total assets $ 12,132,521     $ 13,075,949  
       
Liabilities      
Accounts payable and accrued expenses $ 4,596     $ 5,802  
Accrued interest   73,153       105,752  
Accrued salaries and wages   2,229       7,154  
Operating lease liabilities   244,314       244,973  
Financing lease liabilities   60,886       60,788  
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts   6,889,064       7,735,877  
Deferred rental revenue   220,025       228,508  
Other liabilities   43,726       41,571  
Total liabilities   7,537,993       8,430,425  
       
Equity      
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2025 and December 31, 2024)          
Common stock ($.01 par value, 500,000,000 shares authorized, 274,832,999 and 274,422,549 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)   2,748       2,744  
Additional paid-in capital   6,200,349       6,209,827  
Accumulated deficit   (1,987,886 )     (1,944,009 )
Total equity attributable to Gaming and Leisure Properties   4,215,211       4,268,562  
Noncontrolling interests in GLPI’s Operating Partnership (8,224,939 units outstanding at March 31, 2025 and December 31, 2024, respectively)   379,317       376,962  
Total equity   4,594,528       4,645,524  
Total liabilities and equity $ 12,132,521     $ 13,075,949  
 
 

Debt Capitalization

The Company’s debt structure as of March 31, 2025 was as follows:

     
  Years to
Maturity
Interest Rate   Balance
        (in thousands)
Unsecured $2,090 Million Revolver Due December 2028 3.7 5.622 %   332,455  
Term Loan Credit Facility due September 2027 2.4 5.622 %   600,000  
Senior Unsecured Notes Due April 2026 1.0 5.375 %   975,000  
Senior Unsecured Notes Due June 2028 3.2 5.750 %   500,000  
Senior Unsecured Notes Due January 2029 3.8 5.300 %   750,000  
Senior Unsecured Notes Due January 2030 4.8 4.000 %   700,000  
Senior Unsecured Notes Due January 2031 5.8 4.000 %   700,000  
Senior Unsecured Notes Due January 2032 6.8 3.250 %   800,000  
Senior Unsecured Notes Due December 2033 8.7 6.750 %   400,000  
Senior Unsecured Notes Due September 2034 9.5 5.625 %   800,000  
Senior Unsecured Notes Due September 2054 29.5 6.250 %   400,000  
Other 1.4 4.780 %   224  
Total long-term debt       6,957,679  
Less: unamortized debt issuance costs, bond premiums and original issuance discounts       (68,615 )
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts       6,889,064  
Weighted average 6.3 5.064 %    
         

_____________________________

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Rating Agency – Issue Rating

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

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 March 31, 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 not 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 December 31, 2024 1.91   2.17  
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   1.2  
Competitive Radius Landlord Protection Yes   Yes  
Escalator Details        
Yearly Base Rent Escalator Maximum 2%   (1)  
Coverage ratio at December 31, 2024 1.73 (2)   2.01  
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 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.

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(2) 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 DraftKings at Casino Queen East St. Louis, IL
  Bally’s Shreveport Shreveport, LA The Queen Baton Rouge Baton Rouge, LA
      Casino Queen Marquette Marquette, IA
      Belle of Baton Rouge 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   Yes  
Master Lease with Cross Collateralization Yes   Yes  
Technical Default Landlord Protection Yes   Yes  
Default Adjusted Revenue to Rent Coverage 1.35 (1)   1.4  
Competitive Radius Landlord Protection Yes   Yes  
Escalator Details        
Yearly Base Rent Escalator Maximum (2)   (3)  
Coverage ratio at December 31, 2024 N/A   2.34  
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) The default adjusted revenue to rent coverage declines to 1.2 if the annual rent equals or exceeds $60 million on an annual basis.

(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) 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.

 
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 December 31, 2024 2.51    1.87  
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.

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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 December 31, 2024 2.39    N/A  
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%.

 
Single Property Leases
  Belterra Park Lease Horsehoe St Louis Lease Morgantown Lease MD Live! Lease
Operator Boyd Caesar 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) 1.50% (2) 1.75%
Coverage ratio at December 31, 2024 3.36  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) Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, 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 Nicholas, NY Rockford, IL Chicago, IL
Commencement Date 9/26/2022 2/6/2024 8/29/2023 9/11/2024
Lease Expiration Date 9/25/2072 2/28/2054 8/31/2122 11/30/2121 (3)
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 (3)
Corporate Guarantee Yes Yes No (3)
Technical Default Landlord Protection Yes Yes Yes (3)
Default Adjusted Revenue to Rent Coverage 1.4  1.4 1.4  (3)
Competitive Radius Landlord Protection Yes Yes Yes (3)
Escalator Details        
Yearly Base Rent Escalator Maximum (1) 1.75% (2) 2% (3)
Coverage ratio at December 31, 2024 N/A N/A N/A N/A
Minimum Escalator Coverage Governor N/A N/A N/A N/A
Yearly Anniversary for Realization October March September (3)
Percentage Rent Reset Details        
Reset Frequency N/A N/A N/A N/A
Next Reset N/A N/A N/A N/A

(1) 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.

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(2) 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.

(3) The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years followed by multiple renewal extensions to be agreed upon between Bally’s and the Company. The lease is also anticipated to have lease terms generally consistent with the terms of the Bally’s Master Lease except as modified by the binding term sheet.

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 rental and other property income, 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, 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, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and stock based compensation expense.

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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, 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 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, 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; the satisfaction of 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; the 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 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; GLPI’s ability to attract, motivate and retain key personnel; 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.

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Contact    
Gaming and Leisure Properties, Inc.    Investor Relations 
Matthew Demchyk, Chief Investment Officer   Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900   212/835-8500
[email protected]   [email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Moves First Quarter 2025 Earnings Conference Call to 9:00 A.M. ET

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WYOMISSING, Pa., April 08, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2025 first quarter financial results after the market close on Thursday, April 24, 2025. The Company has moved up the time of its conference call on Friday, April 25, 2025 to 9:00 a.m. ET from 10:00 a.m. ET.

During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter’s results and performance, discuss recent events and conduct a question-and-answer period.

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 audio software. A replay of the call will also be available for 90 days on the Company’s website.

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: 13752918
The playback can be accessed through Friday, May 2, 2025.

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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.

Contact:  
Gaming and Leisure Properties, Inc.  Investor Relations
Matthew Demchyk, Chief Investment Officer Joseph Jaffoni, Richard Land at JCIR
610/401-2900 212/835-8500
[email protected] [email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Reports Record Fourth Quarter Results, Establishes 2025 Guidance and Announces 2025 First Quarter Dividend of $0.76 Per Share

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WYOMISSING, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced record results for the fourth quarter and year-ended December 31, 2024.

Financial Highlights

    Three Months Ended December 31, Year Ended December 31,
(in millions, except per share data)     2024     2023   2024     2023
Total Revenue   $ 389.6   $ 369.0 $ 1,531.5   $ 1,440.4
Income From Operations   $ 308.2   $ 295.3 $ 1,130.7   $ 1,068.7
Net income   $ 223.6   $ 217.3 $ 807.6   $ 755.4
FFO (1) (4)   $ 287.9   $ 282.2 $ 1,062.1   $ 1,015.8
AFFO (2) (4)   $ 269.7   $ 256.6 $ 1,060.9   $ 1,006.8
Adjusted EBITDA (3) (4)   $ 354.0   $ 331.4 $ 1,374.3   $ 1,307.1
Net income, per diluted common share and OP units (4)   $ 0.79   $ 0.78 $ 2.87   $ 2.77
FFO, per diluted common share and OP units (4)   $ 1.01   $ 1.02 $ 3.77   $ 3.73
AFFO, per diluted common share and OP units (4)   $ 0.95   $ 0.93 $ 3.77   $ 3.69

_____________________________
(1)  Funds from operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property 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; capitalized interest; property transfer tax recoveries; straight-line rent and deferred rent adjustments; losses on debt extinguishment; 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; 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; property transfer tax recoveries; losses on debt extinguishment; and provision (benefit) for credit losses, net.

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(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, “We generated record fourth quarter and full year 2024 results reflecting growth across all key financial metrics for both the quarter and full year periods. On an operating basis, fourth quarter total revenue rose 5.6% year over year to $389.6 million while AFFO grew 5.1% to $269.7 million. Our record fourth quarter and full year financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive further growth in 2025 and beyond.

“Importantly, notwithstanding the still difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments.   During the fourth quarter, GLPI completed the sale-leaseback transactions for Bally’s properties in Kansas City and Shreveport, which will be accretive to our 2025 financial results. This transaction was structured at an attractive cap rate, expands our partnership with Bally’s and grew our tenant portfolio which now includes 68 high-quality regional gaming assets.  

“GLPI’s near- and long-term success and growth highlights our focus on maintaining balance sheet strength, our access to equity capital, our ability to manage leverage and a commitment to partnering with and supporting our tenants through innovative financing structures that benefit both parties.   During the fourth quarter, the Company amended its credit agreement which increased the revolver capacity to $2.09 billion from $1.75 billion and extended its maturity to December 2028. Reflecting our disciplined operating strategy, a hallmark of the Company since our formation eleven years ago, and excluding the original transaction with PENN Entertainment, we have executed over $12 billion of gaming real estate related transactions, adding over $900 million of annual rent or financing revenue to our portfolio, at attractive and accretive average multiples.   Notably, our work in 2024 also resulted a healthy pipeline of growth opportunities for 2025 and beyond based on our ability to serve as a growth financing source for current and potential new tenants.

“GLPI’s first-hand experience as an operator in the gaming industry combined with our ability to deliver innovative financing solutions to current and prospective tenants are significant differentiators that drive our access to and ability to complete transactions. Our 2024 portfolio additions and recently completed transactions combined with contractual rent escalators and a strong balance sheet, set the stage for continued financial growth in 2025. GLPI is well positioned to deliver long-term growth based on our gaming operator relationships, our rights and options to participate in select tenants’ future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates. Our tenants’ strength, combined with our balance sheet and liquidity, position the Company to grow cash flows, raise dividends and build value for shareholders in 2025 and beyond.”

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Recent Developments

  • On February 12, 2025, Boyd Gaming Corporation (NYSE: BYD) (“Boyd”) exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease. As a result, both lease terms now expire on April 30, 2031.
  • On February 7, 2025, Bally’s Corporation (NYSE: BALY) (“Bally’s”) completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment Inc (“Casino Queen”) is now a subsidiary of Bally’s.
  • On February 3, 2025, the Company agreed to fund, if requested by PENN at their sole discretion, on or before March 31, 2029, construction improvements for the benefit of Ameristar Casino Council Bluffs in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million. The financing is being offered at a 7.10% capitalization rate. PENN shall be entitled, in its sole discretion, to structure such financing as rent or as a 5 year term loan that is pre-payable at any time without penalty. GLPI will own the entire land-based development regardless of the financing option selected by PENN.
  • On December 16, 2024, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of $395 million. The two properties are in a new Bally’s Master Lease (the “Bally’s Master Lease II”) that is cross-defaulted with the existing Bally’s Master Lease with initial cash rent pursuant to the agreement for the two new properties of $32.2 million. On September 11, 2024, the Company completed the $250 million acquisition of the land on which Bally’s permanent Chicago Casino will be constructed. With the completion of the land purchase, the Company is entitled to receive annual rent of $20 million, representing an initial cash yield of 8.0%. On July 12, 2024, the Company entered into a binding term sheet with Bally’s which included the Company’s intention to acquire the real property assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel as well as the land under Bally’s planned permanent Chicago casino site, as well as the Company’s intention to fund the construction of up to $940 million of certain real property improvements of the Bally’s Chicago Casino Resort. In aggregate, the transactions represented a blended 8.3% initial cash yield on the approximately $1.585 billion of investments. Further, the Company secured adjustments to the purchase price and related cap rate related to the existing, previously announced, contingent purchase option for Bally’s Lincoln facility, as well as the addition of a right for GLPI to call the asset beginning in October 2026. The updated purchase price for Bally’s Lincoln is $735 million at an 8.0% cap rate.
  • On December 2, 2024, the Company entered into an amended credit agreement with its existing bank group to increase the revolver capacity to $2.09 billion from $1.75 billion and extend its maturity date to December 2028 from May 2026.
  • In September 2024, the Company entered into a $110 million delayed draw term loan facility with the Ione Band of Miwok Indians (“Ione”) (the “Ione Loan”) to provide the tribe funding for a new casino development near Sacramento, California. Ione has an option at the end of the Ione Loan term to satisfy the loan obligation by converting the outstanding principal into a long-term lease with an initial term of 25 years and a maximum term of 45 years. These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission approving the transaction documents, including the long-term lease. As of December 31, 2024, $15.1 million was advanced and outstanding under the Ione Loan which has a five-year term and an interest rate of 11%.
  • In late August 2024, the Company’s development project in Rockford, Illinois was completed. As of December 31, 2024, the outstanding loan balance was $150 million which accrued interest at 10%. On January 1, 2025, the Company amended the terms of the loan to reduce the interest rate to 8% with a maturity date of June 30, 2026 subject to a six month extension (“Rockford Loan”).
  • The Company has entered into forward sale agreements to sell 8,170,387 shares for a net sales price of $409.3 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.
  • On August 6, 2024, the Company issued $1.2 billion in Senior Unsecured Notes (“Notes”). The Notes were issued in two tranches; the first was a 5.625%, $800 million note that will mature on September 15, 2034 and was priced at 99.094% of par value and the second was a 6.250%, $400 million note that will mature on September 15, 2054 and was priced at 99.183% of par value.
  • On June 3, 2024, the Company announced an agreement to fund and oversee a landside move and hotel renovation of the Belle of Baton Rouge (“The Belle”) in Baton Rouge, LA for Casino Queen. The Company has committed to provide up to approximately $111 million of funding for the project ($35.1 million of which has been funded as of December 31, 2024), which is expected to be completed by September 2025. The casino will continue to operate except while gaming equipment is being moved to the new facility. The Company will own the new facility and Casino Queen will pay an incremental rental yield of 9.0% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024.
  • On May 16, 2024, the Company acquired the real estate assets of the Silverado Franklin Hotel & Gaming Complex, the Deadwood Mountain Grand casino, and Baldini’s Casino, for $105.0 million. Simultaneous with the acquisition, GLPI and affiliates of Strategic Gaming Management, LLC (“Strategic”) entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods. The Company also provided $5 million in capital improvement proceeds at the closing of the transactions for capital improvements for a total investment of $110 million. The initial aggregate annual cash rent for the new leases is $9.2 million, inclusive of capital improvement funding, and rent is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI based annual escalation beginning in year 11 of the lease, of the greater of 2.0% or CPI capped at 2.5%.
  • On February 6, 2024, the Company acquired the real estate assets of Tioga Downs Casino Resort (“Tioga Downs”) in Nichols, NY from American Racing & Entertainment, LLC (“American Racing”) for $175.0 million. Simultaneous with the acquisition, an affiliate of GLPI and American Racing entered into a triple-net lease agreement for an initial 30-year term. The initial rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.

Dividends

On February 13, 2025, the Company’s Board of Directors declared a first quarter dividend of $0.76 per share on the Company’s common stock that will be payable on March 28, 2025 to shareholders of record on March 14, 2025.

On November 25, 2024, the Company’s Board of Directors declared a fourth quarter dividend of $0.76 per share on the Company’s common stock. The dividend was paid on December 20, 2024 to shareholders of record on December 6, 2024.

2025 Guidance

Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2025 based on the following assumptions and other factors:

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  • 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 anticipated fundings of approximately $400 million related to current development projects and our expectation of settling the forward sale agreements in June 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 $1.105 billion and $1.121 billion, or between $3.83 and $3.88 per diluted share and OP 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 December 31, 2024, 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. (NASDAQ: CZR) (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 15 gaming and related facilities operated by Bally’s (including Casino Queen) and 1 facility under development for Bally’s in 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, 3 gaming and related facilities operated by Strategic and 1 gaming facility managed by a subsidiary of Hard Rock International (“Hard Rock”). These facilities are geographically diversified across 20 states.

Conference Call Details

The Company will hold a conference call on February 21, 2025 at 11:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

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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: 13751193
The playback can be accessed through Friday, February 28, 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
(in thousands, except per share data) (unaudited)
 
  Three Months Ended December 31,   Year Ended December 31,
    2024       2023       2024       2023  
Revenues              
Rental income $ 333,979     $ 327,948     $ 1,330,620     $ 1,286,358  
Income from sales type lease   3,764             5,004        
Income from investment in leases, financing receivables   47,648       40,059       185,430       152,990  
Interest income from real estate loans   4,224       1,022       10,492       1,044  
Total income from real estate   389,615       369,029       1,531,546       1,440,392  
               
Operating expenses              
Land rights and ground lease expense   12,228       11,804       47,674       48,116  
General and administrative   14,362       13,761       59,571       56,450  
Gains from dispositions of property               (3,790 )     (22 )
Property transfer tax recovery                     (2,187 )
Depreciation   64,759       65,739       260,152       262,870  
(Benefit) provision for credit losses, net   (9,940 )     (17,551 )     37,254       6,461  
Total operating expenses   81,409       73,753       400,861       371,688  
Income from operations   308,206       295,276       1,130,685       1,068,704  
               
Other income (expenses)              
Interest expense   (97,847 )     (82,869 )     (366,897 )     (323,388 )
Interest income   13,816       5,806       45,989       12,607  
Losses on debt extinguishment                     (556 )
Total other expenses   (84,031 )     (77,063 )     (320,908 )     (311,337 )
               
Income before income taxes   224,175       218,213       809,777       757,367  
Income tax expense   565       957       2,129       1,997  
Net income $ 223,610     $ 217,256     $ 807,648     $ 755,370  
Net income attributable to non-controlling interest in the Operating Partnership   (6,398 )     (5,964 )     (23,028 )     (21,087 )
Net income attributable to common shareholders $ 217,212     $ 211,292     $ 784,620     $ 734,283  
               
Earnings per common share:              
Basic earnings attributable to common shareholders $ 0.79     $ 0.79     $ 2.87     $ 2.78  
Diluted earnings attributable to common shareholders $ 0.79     $ 0.78     $ 2.87     $ 2.77  

  

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

Three Months Ended December 31, 2024 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 $ 53,798 $ 10,759 $ 6,548   $ $ 71,105 $ 4,951   $ 601 $ $ 76,657
PENN 2023 Master Lease   59,503     (128 )     59,375   5,033         64,408
Amended Pinnacle Master Lease   61,482   17,814   8,121       87,417   1,858     2,118     91,393
PENN Morgantown     785         785           785
Caesars Master Lease   16,302   5,933         22,235   1,916     330     24,481
Horseshoe St Louis Lease   5,991           5,991   324         6,315
Boyd Master Lease   20,470   2,946   3,047       26,463   574     432     27,469
Boyd Belterra Lease   723   473   500       1,696   152         1,848
Bally’s Master Lease   26,411           26,411       2,692     29,103
Bally’s Master Lease II   1,431           1,431       211     1,642
Maryland Live! Lease   19,079           19,079       2,158   3,546   24,783
Pennsylvania Live! Master Lease   12,719           12,719       308   2,267   15,294
Casino Queen Master Lease   7,941           7,941   32         7,973
Tropicana Las Vegas Lease     3,763         3,763         2   3,765
Rockford Lease     2,040         2,040         496   2,536
Rockford Loan           3,833   3,833           3,833
Tioga Downs Lease   3,631           3,631       1   602   4,234
Strategic Gaming Leases   2,299           2,299       106   300   2,705
Ione Loan           391   391           391
Bally’s Chicago Lease     5,000         5,000   (5,000 )      
Total $ 291,780 $ 49,513 $ 18,088   $ 4,224 $ 363,605 $ 9,840   $ 8,957 $ 7,213 $ 389,615

(1) Includes $0.1 million of tenant improvement allowance amortization for the three months ended December 31, 2024

Year Ended December 31, 2024 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
(2)
Ground
rent in
revenue
Accretion
on
financing
leases
Total
income
from
real
estate
Amended PENN Master Lease $ 213,067 $ 43,035 $ 26,110   $ $ 282,212 $ 19,807   $ 2,281 $ $ 304,300
PENN 2023 Master Lease   236,242     (482 )     235,760   21,897         257,657
Amended Pinnacle Master Lease   244,322   71,256   31,209       346,787   7,432     8,281     362,500
PENN Morgantown     3,138         3,138           3,138
Caesars Master Lease   64,367   23,729         88,096   8,505     1,320     97,921
Horseshoe St Louis Lease   23,744           23,744   1,520         25,264
Boyd Master Lease   81,343   11,785   11,546       104,674   2,296     1,729     108,699
Boyd Belterra Lease   2,875   1,894   1,963       6,732   606         7,338
Bally’s Master Lease   104,768           104,768       10,690     115,458
Bally’s Master Lease II   1,431           1,431       211     1,642
Maryland Live! Lease   76,313           76,313       8,703   14,979   99,995
Pennsylvania Live! Master Lease   50,729           50,729       1,241   8,935   60,905
Casino Queen Master Lease   31,662           31,662   150         31,812
Tropicana Las Vegas Lease     12,188         12,188         2   12,190
Rockford Lease     8,053         8,053         2,014   10,067
Rockford Loan           10,055   10,055           10,055
Tioga Downs Lease   13,106           13,106       5   2,346   15,457
Strategic Gaming Leases   5,774           5,774       247   690   6,711
Ione Loan           437   437           437
Bally’s Chicago Lease     6,111         6,111   (6,111 )      
Total $ 1,149,743 $ 181,189 $ 70,346   $ 10,492 $ 1,411,770 $ 56,102   $ 34,708 $ 28,966 $ 1,531,546

(2) Includes $0.3 million of tenant improvement allowance amortization for the year ended December 31, 2024

                 

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,
    2024       2023       2024       2023  
Net income $ 223,610     $ 217,256     $ 807,648     $ 755,370  
Gains from dispositions of property, net of tax               (3,790 )     (22 )
Real estate depreciation   64,276       64,946       258,219       260,440  
Funds from operations $ 287,886     $ 282,202     $ 1,062,077     $ 1,015,788  
Straight-line rent and deferred rent adjustments (1)   (9,840 )     (13,436 )     (56,102 )     (39,881 )
Other depreciation   483       793       1,933       2,430  
Amortization of land rights   3,442       3,276       13,270       13,554  
Amortization of debt issuance costs, bond premiums and original issuance discounts   3,057       2,545       11,229       9,857  
Accretion on investment in leases, financing receivables   (7,213 )     (6,250 )     (28,966 )     (23,056 )
Non-cash adjustment to financing lease liabilities   115       122       473       469  
Stock based compensation   5,252       4,914       24,262       22,873  
Capitalized interest   (3,538 )           (4,395 )      
Losses on debt extinguishment                     556  
Property transfer tax recovery                     (2,187 )
(Benefit)/provision for credit losses, net   (9,940 )     (17,551 )     37,254       6,461  
Capital maintenance expenditures (2)   (35 )     (42 )     (134 )     (67 )
Adjusted funds from operations $ 269,669     $ 256,573     $ 1,060,901     $ 1,006,797  
Interest, net (3)   83,248       76,383       317,945       308,090  
Income tax expense   565       957       2,129       1,997  
Capital maintenance expenditures (2)   35       42       134       67  
Amortization of debt issuance costs, bond premiums and original issuance discounts   (3,057 )     (2,545 )     (11,229 )     (9,857 )
Capitalized interest   3,538             4,395        
Adjusted EBITDA $ 353,998     $ 331,410     $ 1,374,275     $ 1,307,094  
               
Net income, per diluted common shares and OP units $ 0.79     $ 0.78     $ 2.87     $ 2.77  
FFO, per diluted common share and OP units $ 1.01     $ 1.02     $ 3.77     $ 3.73  
AFFO, per diluted common share and OP units $ 0.95     $ 0.93     $ 3.77     $ 3.69  
               
Weighted average number of common shares and OP units outstanding              
Diluted common shares   275,634,352       269,652,162       273,534,076       264,992,926  
OP units   8,111,510       7,653,326       8,050,914       7,651,755  
Diluted common shares and OP units   283,745,862       277,305,488       281,584,990       272,644,681  

(1) The three months and year ended December 31, 2024 amounts include $0.1 million and $0.3 million of tenant improvement allowance amortization.

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(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) Excludes 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
December 31, 2024
  Year Ended
December 31, 2024
Adjusted EBITDA $ 353,998     $ 1,374,275  
General and administrative expenses   14,362       59,571  
Stock based compensation   (5,252 )     (24,262 )
Cash net operating income (1)   363,108       1,409,584  

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

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Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
 
  December 31, 2024   December 31, 2023
       
Assets      
Real estate investments, net $ 8,148,719     $ 8,168,792  
Investment in leases, financing receivables, net   2,333,114       2,023,606  
Investment in leases, sales-type, net   254,821        
Real estate loans, net   160,590       39,036  
Right-of-use assets and land rights, net   1,091,783       835,524  
Cash and cash equivalents   462,632       683,983  
Held to maturity investment securities   560,832        
Other assets   63,458       55,717  
Total assets $ 13,075,949     $ 11,806,658  
       
Liabilities      
Accounts payable and accrued expenses $ 5,802     $ 7,011  
Accrued interest   105,752       83,112  
Accrued salaries and wages   7,154       7,452  
Operating lease liabilities   244,973       196,853  
Financing lease liabilities   60,788       54,261  
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts   7,735,877       6,627,550  
Deferred rental revenue   228,508       284,893  
Other liabilities   41,571       36,572  
Total liabilities   8,430,425       7,297,704  
       
Equity      
    00      
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2024 and December 31, 2023)          
Common stock ($.01 par value, 500,000,000 shares authorized, 274,422,549 shares and 270,922,719 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively)   2,744       2,709  
Additional paid-in capital   6,209,827       6,052,109  
Retained deficit   (1,944,009 )     (1,897,913 )
Total equity attributable to Gaming and Leisure Properties   4,268,562       4,156,905  
Noncontrolling interests in GLPI’s Operating Partnership (8,224,939 units and 7,653,326 units outstanding at December 31, 2024 and December 31, 2023, respectively)   376,962       352,049  
Total equity   4,645,524       4,508,954  
Total liabilities and equity $ 13,075,949     $ 11,806,658  


Debt Capitalization

The Company’s debt structure as of December 31, 2024 was as follows:

     
  Years to
Maturity
Interest
Rate
  Balance
        (in thousands)
Unsecured $2,090 Million Revolver Due December 2028 3.9 5.666%     332,455  
Term Loan Credit Facility Due September 2027 2.7 5.675%     600,000  
Senior Unsecured Notes Due June 2025 0.4 5.250%     850,000  
Senior Unsecured Notes Due April 2026 1.3 5.375%     975,000  
Senior Unsecured Notes Due June 2028 3.4 5.750%     500,000  
Senior Unsecured Notes Due January 2029 4.0 5.300%     750,000  
Senior Unsecured Notes Due January 2030 5.0 4.000%     700,000  
Senior Unsecured Notes Due January 2031 6.0 4.000%     700,000  
Senior Unsecured Notes Due January 2032 7.0 3.250%     800,000  
Senior Unsecured Notes Due December 2033 8.9 6.750%     400,000  
Senior Unsecured Notes Due September 2034 9.7 5.625%     800,000  
Senior Unsecured Notes Due September 2054 29.7 6.250%     400,000  
Other 1.7 4.780%     277  
Total long-term debt         7,807,732  
Less: unamortized debt issuance costs, bond premiums and original issuance discounts         (71,855 )
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts       $ 7,735,877  
Weighted average 5.9 5.090%    
         

_____________________________


Rating Agency – Issue Rating

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


Properties

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Description Location Date Acquired Tenant/Operator
Amended PENN Master Lease (14 Properties)      
Hollywood Casino Lawrenceburg Lawrenceburg, IN 11/1/2013 PENN
Argosy Casino Alton Alton, IL 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
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
PENN 2023 Master Lease (7 Properties)      
Hollywood Casino Aurora Aurora, IL 11/1/2013 PENN
Hollywood Casino Joliet Joliet, IL 11/1/2013 PENN
Hollywood Casino Toledo Toledo, OH 11/1/2013 PENN
Hollywood Casino Columbus Columbus, OH 11/1/2013 PENN
M Resort Henderson, NV 11/1/2013 PENN
Hollywood Casino at the Meadows Washington, PA 9/9/2016 PENN
Hollywood Casino Perryville Perryville, MD 7/1/2021 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
Caesars Master Lease (5 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
Isle Casino Hotel Bettendorf Bettendorf, IA 12/18/2020 CZR
Isle Casino Hotel Waterloo Waterloo, IA 12/18/2020 CZR
Boyd 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
Bally’s Master Lease (8 Properties)      
Bally’s Evansville Evansville, IN 6/3/2021 BALY
Bally’s Dover Casino Resort Dover, DE 6/3/2021 BALY
Black Hawk (Black Hawk North, West and East casinos) Black Hawk, CO 4/1/2022 BALY
Quad Cities Casino & Hotel Rock Island, IL 4/1/2022 BALY
Bally’s Tiverton Hotel & Casino Tiverton, RI 1/3/2023 BALY
Hard Rock Casino and Hotel Biloxi Biloxi, MS 1/3/2023 BALY
Bally’s Master Lease II (2 Properties)      
Bally’s Kansas City Kansas City, MO 12/16/2024 BALY
Bally’s Shreveport Shreveport, LA 12/16/2024 BALY
Casino Queen Master Lease (4 Properties)      
DraftKings at Casino Queen East St. Louis, IL 1/23/2014 BALY
The Queen Baton Rouge Baton Rouge, LA 12/17/2021 BALY
Casino Queen Marquette Marquette, IA 9/6/2023 BALY
Belle of Baton Rouge Baton Rouge, LA 10/1/2018 BALY
Pennsylvania Live! Master Lease (2 Properties)      
Live! Casino & Hotel Philadelphia Philadelphia, PA 3/1/2022 Cordish
Live! Casino Pittsburgh Greensburg, PA 3/1/2022 Cordish
Strategic Gaming Leases (3 Properties) (1)      
Silverado Franklin Hotel & Gaming Complex Deadwood, SD 5/16/2024 Strategic
Deadwood Mountain Grand Casino Deadwood, SD 5/16/2024 Strategic
Baldini’s Casino Sparks, NV 5/16/2024 Strategic
Single Asset Leases      
Belterra Park Gaming & Entertainment Center Cincinnati, OH 10/15/2018 BYD
Horseshoe St. Louis St. Louis, MO 10/1/2018 CZR
Hollywood Casino Morgantown Morgantown, PA 10/1/2020 PENN
Live! Casino & Hotel Maryland Hanover, MD 12/29/2021 Cordish
Tropicana Las Vegas Las Vegas, NV 4/16/2020 BALY
Tioga Downs Nicholas, NY 2/6.2024 American Racing
Hard Rock Casino Rockford Rockford, IL 8/29/2023 815 ENT Lease (2)
Bally’s Chicago Development Chicago, IL 9/11/2024 BALY
       
(1) Represents two cross-defaulted, co-terminus leases
(2) Managed by a subsidiary of Hard Rock


Lease Information

    Master Leases
  PENN 2023
Master
Lease
Amended
PENN
Master
Lease
PENN
Amended
Pinnacle
Master
Lease
Caesars
Amended
and Restated
Master
Lease
Boyd Master
Lease
Property Count 7 14 12 5 3
Number of States Represented 5 9 8 4 2
Commencement Date 1/1/2023 11/1/2013 4/28/2016 10/1/2018 10/15/2018
Lease Expiration Date 10/31/2033 10/31/2033 4/30/2031 9/30/2038 04/30/2031
Remaining Renewal Terms 15 (3×5 years) 15 (3×5 years) 20 (4×5 years) 20 (4×5 years) 20 (4×5 years)
Corporate Guarantee Yes Yes Yes Yes No
Master Lease with Cross Collateralization Yes Yes Yes Yes Yes
Technical Default Landlord Protection Yes Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage 1.1 1.1 1.2 1.2 1.4
Competitive Radius Landlord Protection Yes Yes Yes Yes Yes
Escalator Details          
Yearly Base Rent Escalator Maximum 1.5% (1) 2% 2% 1.75 % (2) 2%
Coverage ratio at September 30, 2024 (3) 1.91 2.16 1.79 (4) 1.88 2.55
Minimum Escalator Coverage Governor N/A 1.8 1.8 N/A 1.8
Yearly Anniversary for Realization November November May October May
Percentage Rent Reset Details          
Reset Frequency N/A 5 years 2 years N/A 2 years
Next Reset N/A November 2028 May 2026 N/A May 2026

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

(2)  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.

(3)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

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

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Lease Information

  Master Leases
  Bally’s
Master
Lease
Bally’s
Master
Lease II
Casino
Queen
Master Lease
Pennsylvania
Live! Master
Lease operated
by Cordish
Strategic
Gaming
Lease (1)
Property Count 8 2 4 2 3
Number of States Represented 6 2 3 1 2
Commencement Date 6/3/2021 12/16/2024 12/17/2021 3/1/2022 5/16/2024
Lease Expiration Date 06/02/2036 12/15/2039 12/31/2036 2/28/2061 5/31/2049
Remaining Renewal Terms 20 (4×5 years) 20 (4×5 years) 20 (4×5 years) 21 (1×11 years,
1×10 years)
20 (2×10 years)
Corporate Guarantee Yes Yes Yes No Yes
Master Lease with Cross Collateralization Yes Yes Yes Yes Yes
Technical Default Landlord Protection Yes Yes Yes Yes Yes
Default Adjusted Revenue to Rent Coverage 1.2 1.35 (4) 1.4 1.4 1.4 (5)
Competitive Radius Landlord Protection Yes Yes Yes Yes Yes
Escalator Details          
Yearly Base Rent Escalator Maximum (2) (2) (3) 1.75% 2% (5)
Coverage ratio at September 30, 2024 (6) 2.02 N/A 2.32 2.39 N/A
Minimum Escalator Coverage Governor N/A N/A N/A N/A N/A
Yearly Anniversary for Realization June December December March June 2026
Percentage Rent Reset Details          
Reset Frequency N/A N/A N/A N/A N/A
Next Reset N/A N/A N/A N/A N/A

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

(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)  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)  The default adjusted revenue to rent coverage declines to 1.2 if the annual rent equals or exceeds $60 million on an annual basis.

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(5)  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%.

(6)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.


Lease Information

    Single Property Leases  
  Belterra Park
Lease operated
by BYD
Horseshoe St.
Louis Lease
operated by
CZR
Morgantown
Ground Lease
operated by
PENN
Live! Casino &
Hotel Maryland
operated by
Cordish
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) 1.50% (2) 1.75%
Coverage ratio at September 30, 2024 (3) 3.35 2.05 N/A 3.57
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)  Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, 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.

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(3)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.


Lease Information

         
  Tropicana Las
Vegas Ground
Lease operated
by BALY
Tioga Downs
Lease operated
by American Racing
Hard Rock
Rockford Ground
Lease managed
by Hard Rock
Chicago Ground
Lease with
BALY
Commencement Date 9/26/2022 2/6/2024 8/29/2023 9/11/2024
Lease Expiration Date 9/25/2072 2/28/2054 8/31/2122 11/30/2121 (4)
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 (4)
Corporate Guarantee Yes Yes No (4)
Technical Default Landlord Protection Yes Yes Yes (4)
Default Adjusted Revenue to Rent Coverage 1.4 1.4 1.4 (4)
Competitive Radius Landlord Protection Yes Yes Yes (4)
Escalator Details        
Yearly Base Rent Escalator Maximum (1) 1.75% (2) 2% (4)
Coverage ratio at September 30, 2024 (3) N/A N/A N/A N/A
Minimum Escalator Coverage Governor N/A N/A N/A N/A
Yearly Anniversary for Realization October March September (4)
Percentage Rent Reset Details        
Reset Frequency N/A N/A N/A N/A
Next Reset N/A N/A N/A N/A

(1)  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.

(2)  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.

(3)  Information with respect to our tenants’ rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants’ information and therefore makes no representation as to its accuracy.

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(4)  The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years followed by multiple renewal extensions to be agreed upon between Bally’s and the Company. The lease is also anticipated to have lease terms generally consistent with the terms of the Bally’s Master Lease except as modified by the binding term sheet.

Disclosure Regarding Non-GAAP Financial Measures

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

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP 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 units, AFFO, AFFO per diluted common share and OP 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.

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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 future growth and cash flows in 2025 and beyond, 2025 AFFO guidance 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 monetary policies and stimulus packages on inflation 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, 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; the satisfaction of 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; the 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 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; GLPI’s ability to attract, motivate and retain key personnel; 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.
Matthew Demchyk, Chief Investment Officer
610/401-2900
[email protected]
Investor Relations
Joseph Jaffoni, Richard Land, James Leahy at JCIR
212/835-8500
[email protected]

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