GAMING AND LEISURE PROPERTIES REPORTS SECOND QUARTER 2025 RESULTS AND UPDATES 2025 FULL YEAR GUIDANCE WYOMISSING, PA — July 24, 2025 — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended June 30, 2025. Financial Highlights | | | | Three Months Ended June 30, | | | --- | --- | --- | --- | --- | | (in millions, except per share data) | | 2025 | | 2024 | | Total Revenue | $ | 394.9 | $ | 380.6 | | Income from Operations | $ | 242. ...

Gaming and Leisure Properties (GLPI) Q2 2025 Earnings Call July 25, 2025 10:00 AM ET Company ParticipantsJoseph Jaffoni - Founder & PresidentPeter Carlino - Chairman and Chief Executive OfficerDesiree Burke - CFO & TreasurerJohn Kilichowski - VP - Equity ResearchBrandon Moore - President, COO & SecretaryBrad Heffern - DirectorSteven Ladany - Senior VP & Chief Development OfficerAnthony Paolone - Executive DirectorJenny Li - VP - REITs Equity ResearchRich Hightower - MD - U.S. REIT ResearchDavid Katz - Manag ...

Financial Data and Key Metrics Changes - The company reported a record year-over-year revenue increase, with total income from real estate exceeding 2024 by over $14 million, driven by cash rent increases of over $22 million from acquisitions and escalations [7][9] - Operating expenses increased by $65.6 million, primarily due to a non-cash adjustment in the provision for credit losses based on a more pessimistic economic forecast [7][9] - Full year 2025 AFFO guidance is projected to range from $3.85 to $3.87 per diluted share [9] Business Line Data and Key Metrics Changes - The growth in cash rent was attributed to several acquisitions, including Valley Chicago Land ($5 million), Tropicana Funding ($1 million), Kansas City and Shreveport ($8 million), Rockford loan ($1 million), strategic acquisition ($1 million), ION loan ($600,000), and escalators and percentage rent adjustments adding $4.9 million [7] Market Data and Key Metrics Changes - Rent coverage ratios ranged from 169% to 272% on master leases as of the end of the prior quarter [10] Company Strategy and Development Direction - The company remains focused on evaluating potential acquisitions and partnerships, particularly with tribal entities, and is in advanced discussions with several tribes [46][47] - The company is committed to maintaining a flat organizational structure, ensuring that all financial decisions involve key team members [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong year in 2025, despite some timing misalignments with quarterly calls [5] - The management team emphasized the importance of underwriting each property on its own merits, regardless of external economic conditions [91] Other Important Information - The company is actively monitoring the impact of economic factors such as tariffs and commercial real estate price index changes on its financial outlook [39][40] - Management indicated that they are not out of the sale-leaseback business and expect to see transactions evolve shortly [99] Q&A Session Summary Question: Interest in the Lincoln call option - Management confirmed ongoing interest in the Lincoln call option and is evaluating the asset's potential value to their portfolio [14][17] Question: Valley's Bronx project commitment - Management discussed the complexities of the Valley's Bronx project and their willingness to engage in discussions regarding financing opportunities [20][21] Question: Impact of Intralot transaction on Bally's credit profile - Management highlighted potential liquidity benefits from the Intralot transaction, which could improve Bally's credit profile and facilitate future financing opportunities [30] Question: Management changes and implications - Management clarified that recent changes in leadership roles do not reflect a shift in strategy or investment approach [61][62] Question: Capital deployment outlook for the second half of the year - Management indicated that the majority of the remaining $338 million to be funded in 2025 is tied to Bally's projects, with confidence in meeting funding timelines [68] Question: Parent guarantee value in constrained operator situations - Management emphasized the importance of property-level underwriting and the value of parent guarantees, while also noting that they do not solely rely on them for financial security [106][108] Question: Opportunities for new tenants in land-based gaming - Management acknowledged a potential pipeline of new tenants but emphasized a cautious approach to underwriting and investment decisions [130]

Gaming and Leisure Properties (GLPI) came out with quarterly funds from operations (FFO) of $0.96 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.94 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.96 per share when it actually produced FFO of $0.96, delivering no surprise.Over the last four quarters, the company has surpassed consensus FFO estimates two times ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 For the transition period from to Commission File Number: 001-36124 Gaming and Leisure Properties, Inc. (Exact name of registrant as specified in its charter) (Address of p ...

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) reported strong financial results for the second quarter of 2025, with record revenue, Adjusted Funds From Operations (AFFO), and Adjusted EBITDA, driven by recent acquisitions and financing arrangements [6][12]. Financial Highlights - Total revenue for the quarter ended June 30, 2025, was $394.9 million, a 3.8% increase from $380.6 million in the same period of 2024 [2]. - Income from operations decreased to $242.1 million from $293.4 million year-over-year [2]. - Net income was $156.2 million, down from $214.4 million in the prior year [2]. - Funds from Operations (FFO) were $224.9 million, compared to $279.2 million in 2024 [2]. - Adjusted EBITDA increased to $361.5 million from $340.4 million year-over-year, reflecting a 6.2% growth [2][6]. - AFFO rose to $276.1 million, up 4.4% from $264.4 million in the previous year [2][6]. Operational Insights - The company’s solid performance is attributed to recent acquisitions, contractual escalators, and a growing base of regional gaming operator tenants, which enhance the predictability of rental cash flows and dividends [6][12]. - GLPI is expected to benefit from sale-leaseback transactions and financing commitments completed in 2024, as well as ongoing projects like the Bally's Belle of Baton Rouge Casino [7][9]. Future Developments - The company has committed to funding the Ione Band of Miwok Indians' Acorn Ridge Casino development, marking a unique financing agreement with a federally recognized tribe [9]. - GLPI anticipates $130 million in funding for the relocation of Hollywood Casino Joliet, scheduled to open on August 11, 2025, with a 7.75% cap rate [9][12]. - The construction of Bally's permanent gaming and entertainment destination resort in Chicago is ongoing, featuring a comprehensive range of amenities [10]. Portfolio Overview - As of June 30, 2025, GLPI's portfolio included interests in 68 gaming and related facilities across 20 states, with significant operators such as PENN, Caesars, Boyd, and Bally's [20]. Dividend Information - The company declared a second-quarter dividend of $0.78 per share, paid on June 27, 2025, reflecting a commitment to returning capital to shareholders [14]. Guidance - GLPI updated its AFFO guidance for the full year 2025, estimating between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 per diluted share [15].

Transaction Overview - GLPI is acquiring real property assets from Bally's for $1585 billion[5] - The initial cash rent is $1321 million, representing an 83% blended cap rate[5] - The lease term is 15 years with CPI-based rent escalations (10% floor, 20% ceiling)[5] - GLPI has a call option for Bally's Lincoln for $7350 million, with initial cash rent of $588 million[5] Bally's Chicago Investment - GLPI's total investment in Bally's Chicago is $1190 billion, with an 84% blended cap rate[15] - This includes $9400 million in construction financing and $2500 million for land acquisition[15] - The ground lease has a 15-year initial term with an 80% initial cash yield[15] Bally's Kansas City & Shreveport - GLPI is purchasing the real property assets of Bally's Kansas City and Shreveport for $3950 million[31] - The initial cash rent is $322 million, representing an 82% initial capitalization rate[31] - Pro forma rent coverage is projected to be 22x[31] Bally's Lincoln Option - GLPI has an option/call right to acquire Bally's Lincoln for $7350 million, based on an 80% cap rate[37] - The initial annual rent is $588 million, over 20x covered[37]

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) will release its 2025 second quarter financial results on July 24, 2025, followed by a conference call on July 25, 2025, to discuss the results and recent events [1][2]. Group 1: Financial Results Announcement - The company will announce its 2025 second quarter financial results after market close on July 24, 2025 [1]. - A conference call will be held on July 25, 2025, at 10:00 a.m. ET to review the quarter's results and performance [2]. Group 2: Conference Call Details - The conference call will be accessible via the Investor Relations section of the company's website, with a live broadcast available [3]. - Participants are advised to dial in at least five minutes prior to the start time, with specific numbers provided for domestic and international callers [4]. Group 3: Company Overview - GLPI is involved in acquiring, financing, and owning real estate properties to be leased to gaming operators under triple-net lease arrangements, where tenants are responsible for all maintenance, insurance, taxes, and utilities related to the properties [5].

Core Viewpoint - Gaming and Leisure Properties, Inc. announced a cash dividend increase for the second quarter of 2025, reflecting a positive outlook for shareholder returns [1] Group 1: Dividend Announcement - The Board of Directors declared a cash dividend of $0.78 per share for Q2 2025, an increase of $0.02 from the previous quarter [1] - The dividend is payable on June 27, 2025, to shareholders of record on June 13, 2025 [1] - The previous cash dividend for Q2 2024 was $0.76 per share [1] Group 2: Dividend Yield - Based on the closing price of $46.89 per share, the new annualized dividend payout reflects a yield of 6.65% [1] Group 3: Future Dividend Payments - The company intends to pay regular quarterly cash dividends for the foreseeable future, with subsequent dividends subject to quarterly review and Board discretion [2] Group 4: Company Overview - Gaming and Leisure Properties is engaged in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease arrangements [3] - Under these arrangements, tenants are responsible for all facility maintenance, insurance, taxes, and utilities related to the leased properties [3]

Gaming and Leisure Properties (GLPI) Q1 2025 Earnings Call April 25, 2025 03:38 PM ET Company Participants Joe Jaffoni - Investor RelationsPeter Carlino - Chairman & Chief Executive OfficerDesiree Burke - CFO & TreasurerMatthew Demchyk - Senior VP & Chief Investment OfficerGreg Mcginniss - DirectorSteven Ladany - Senior VP & Chief Development OfficerRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchAnthony Paolone - Executive DirectorSmedes Rose - DirectorBrandon Moore - President, COO & ...