GAMING AND LEISURE PROPERTIES REPORTS RECORD THIRD QUARTER 2025 RESULTS AND UPDATES 2025 FULL YEAR GUIDANCE WYOMISSING, PA — October 30, 2025 — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended September 30, 2025. GLPI has posted a supplemental earnings presentation, which highlights the events of the quarter, recent developments, and future considerations, that can be accessed at www.glpropinc.com. | | | | Three Months Ended ...

Gaming and Leisure Properties (NasdaqGS:GLPI) Q3 2025 Earnings Call October 31, 2025 09:00 AM ET Speaker6Greetings and welcome to the Gaming and Leisure Properties Incorporated Third Quarter 2025 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is bein ...

Company Overview - GLPI owns a geographically diversified portfolio of high-quality regional gaming assets, comprising 68 properties across 20 states[12] - The company's total enterprise value is approximately $20 billion[15] - Approximately 88.2% of GLPI's cash rent comes from gaming companies with public reporting[15] Recent Developments and Transactions - GLPI extended its option to acquire Bally's Twin River Lincoln Casino Resort's real property assets for $735 million, with additional rent of $58.8 million, extending the applicable dates to December 31, 2028, and October 1, 2028, respectively[17] - The company announced a transaction with Cordish to acquire land and fund the construction of Live! Virginia Casino & Hotel for a total commitment of $467 million at an 8.0% cap rate[17] - GLPI provided initial development funding of $125.4 million to Bally's Chicago as part of a $940 million development commitment at an 8.5% cap rate[17] - The company acquired the real estate assets of Sunland Park Racetrack and Casino for $183.75 million at an initial 8.2% cap rate[17] - During the third quarter of 2025, the company sold 7.59 million shares under forward sale agreements for a gross sales price of $363.3 million[17] - GLPI issued $600 million of Senior Notes due 2033 (5.25%) and $700 million of Senior Notes due 2037 (5.75%) in August 2025[17] - The company redeemed $975 million of Senior Notes due 2026[17] Financial Performance and Guidance - The company's 2025 AFFO guidance is between $1,115 million and $1,118 million, with AFFO per share between $3.86 and $3.88[18] - Adjusted Funds from Operations (AFFO) for 3Q25 was $282.019 million, a 5.1% increase year-over-year[42] - Net income for 3Q25 was $248.481 million, a 30.7% increase year-over-year[42]

Core Insights - Gaming and Leisure Properties (GLPI) reported quarterly funds from operations (FFO) of $0.97 per share, exceeding the Zacks Consensus Estimate of $0.96 per share, and showing an increase from $0.95 per share a year ago, resulting in an FFO surprise of +1.04% [1] - The company generated revenues of $397.61 million for the quarter ended September 2025, which fell short of the Zacks Consensus Estimate by 0.49%, but represented an increase from $385.34 million year-over-year [2] - The stock has underperformed the market, losing approximately 9.4% since the beginning of the year, while the S&P 500 has gained 17.2% [3] Financial Performance - Over the last four quarters, GLPI has surpassed consensus FFO estimates two times, but has not beaten consensus revenue estimates during the same period [2] - The current consensus FFO estimate for the upcoming quarter is $0.97, with projected revenues of $405.65 million, and for the current fiscal year, the estimate is $3.86 on $1.6 billion in revenues [7] Market Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call and future FFO expectations [3][4] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The estimate revisions trend for GLPI was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Interest and Structure - As of September 30, 2025, GLPI holds a 97.1% controlling financial interest in GLP Capital[167]. - The Company was incorporated on February 13, 2013, and spun off from PENN on November 1, 2013[166]. - The Company operates under a self-administered and self-managed REIT structure[166]. Lease Coverage Ratios - The Coverage ratio for the Penn 2023 Master Lease was reported at 1.88 as of June 30, 2025[170]. - The Coverage ratio for the Amended Pinnacle Master Lease was reported at 1.69 as of June 30, 2025[171]. - The minimum coverage ratio for certain leases must be 1.8 to 1 before a rent escalation of up to 2% can occur[169]. - Bally's Master Lease II has a default adjusted revenue to rent coverage ratio of 1.35, with a coverage ratio projected at 2.78 by June 30, 2025[172]. - The Boyd Master Lease has a default adjusted revenue to rent coverage of 1.4, with a coverage ratio of 2.46 expected by June 30, 2025[174]. - The Pennsylvania Live! Master Lease has a default adjusted revenue to rent coverage of 1.4, with a coverage ratio projected at 2.50 by June 30, 2025[176]. - The Tropicana Lease has a default adjusted revenue to rent coverage of 1.35, with a coverage ratio not available for June 30, 2025[178]. Financial Performance - Total revenues for Q3 2025 were $397.6 million, up from $385.3 million in Q3 2024, representing a 3.0% increase[186]. - Income from operations for Q3 2025 was $337.2 million, compared to $271.4 million in Q3 2024, reflecting a 24.2% increase[186]. - Net income for Q3 2025 increased by $58.4 million to $248.5 million compared to $190.1 million in Q3 2024[188]. - Total revenues for the nine months ended September 30, 2025, were $1,187.7 million, up from $1,141.9 million in the prior year, a 4.0% increase[186]. - The company experienced a decrease in net income for the nine months ended September 30, 2025, to $575.0 million from $584.0 million in the prior year, a decline of 1.5%[197]. Real Estate and Acquisitions - The Company is focused on acquiring, financing, and owning real estate properties to be leased to gaming operators[168]. - The company has committed $225 million for the relocation of Hollywood Casino Aurora, with no funds yet disbursed[180]. - The company has funded $130 million for the relocation of Hollywood Casino Joliet as of September 30, 2025[180]. - The company anticipates funding $940 million for real estate construction costs for Bally's Chicago, with $125.4 million already funded in October 2025[182]. - The company has committed $150 million for the construction of a hotel tower at the M Resort, anticipated to be funded in early November 2025[181]. Operating Expenses and Income - Total operating expenses decreased by $53.5 million for Q3 2025, mainly due to a decline in the provision for credit losses by $65.0 million[187]. - Total operating expenses for the nine months ended September 30, 2025, increased by $30.2 million compared to the prior year, driven by higher land rights and ground lease expenses[187]. - Land rights and ground lease expense increased by $5.8 million for the nine months ended September 30, 2025, due to the acquisition of real estate assets in Bally's Master Lease II[207]. - General and administrative expenses rose by $6.0 million for the nine months ended September 30, 2025, impacted by a $6.3 million executive severance charge[208]. Cash Flow and Debt - Net cash provided by operating activities was $786.2 million for the nine months ended September 30, 2025, an increase of $5.8 million from $780.4 million in 2024[222]. - Financing activities used cash of $830.6 million during the nine months ended September 30, 2025, primarily due to the repayment of long-term debt of $1,825.2 million[224]. - The Company has $7.20 billion of debt outstanding with a weighted average maturity of 7.2 years and an interest rate of 5.08% as of September 30, 2025[229]. - The Company entered into a new $1.25 billion ATM program during the nine months ended September 30, 2025, with $886.7 million remaining for issuance[234]. Risks and Economic Conditions - The Company faces risks related to inflation rates, interest rates, and the financial strength of its tenants[164]. - The company faces risks related to economic conditions, including high inflation and its impact on consumer spending for leisure and gaming activities[192]. - Interest rate risk is a primary market risk exposure, with $6.35 billion of obligations being senior unsecured notes with fixed interest rates[237].

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) reported strong financial results for Q3 2025, with record revenue, AFFO, and Adjusted EBITDA, driven by a diversified tenant base and strategic acquisitions [6][19]. Financial Highlights - Total revenue for Q3 2025 was $397.6 million, a 3.2% increase from $385.3 million in Q3 2024 [2]. - Income from operations rose to $337.2 million from $271.4 million year-over-year [2]. - Net income increased to $248.5 million compared to $190.1 million in the previous year [2]. - Funds from Operations (FFO) reached $315.5 million, up from $250.6 million [2]. - Adjusted Funds From Operations (AFFO) grew to $282.0 million from $268.2 million [2]. - Adjusted EBITDA was $366.4 million, an increase from $346.4 million [2]. - The annualized dividend per share was $3.12, with a dividend yield of 6.69% [2]. Recent Developments - GLPI's lease coverages remain strong, with major tenants exhibiting rent coverage of over 1.8x [6]. - The company has committed significant funding for various projects, including $130 million for the relocation of Hollywood Casino Joliet and $225 million for Caesars Republic Sonoma County [9][10]. - GLPI acquired the real estate assets of Sunland Park Racetrack & Casino for $183.75 million, which is expected to be accretive to AFFO per share [11]. - The company is actively pursuing opportunities in tribal gaming and has established a unique funding agreement with the Ione Band of Miwok Indians [10]. Portfolio Update - As of September 30, 2025, GLPI's portfolio included interests in 68 gaming and related facilities across 20 states, with significant operators such as PENN and Caesars Entertainment [21].

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) has announced the acquisition of real estate in Petersburg, Virginia, for the development of Live! Casino and Hotel Virginia, marking an expansion of its relationship with The Cordish Companies at an accretive cap rate of 8.0% [1][2] Group 1: Transaction Details - GLPI will acquire land for $27 million and fund $440 million in hard costs for the project, with the cap rate on both transactions set at 8.0% [1][2] - The land purchase is expected to be funded in Q1 2026, while the remaining financing will be drawn from H2 2026 to Q1 2028 [2] - During construction, Cordish will pay rent on the drawn funding, which will escalate by 1.75% per annum after the first anniversary of the casino's opening [2] Group 2: Project Overview - Live! Virginia will be a $600 million project located on a 98-acre site, part of a larger $1.4 billion development that includes hotels, retail, dining, and residential features [3] - The permanent casino facility is anticipated to open in late 2027, featuring an 80,000 sq. ft. casino, 1,440 slots, 84 tables, and various amenities including a concert venue and conference center [4] Group 3: Strategic Importance - This acquisition represents GLPI's fourth property with The Cordish Companies, enhancing its geographic diversification and strengthening its portfolio [2][5] - The project will mark GLPI's entry into Virginia, expanding its presence to 21 states and reinforcing its partnership with a proven tenant [5]

Core Viewpoint - Barclays upgraded Gaming and Leisure Properties (NASDAQ:GLPI) to Overweight from Equalweight due to the stock's underperformance compared to its net lease peers and the expectation that earnings will exceed consensus estimates [5] Summary by Category Stock Performance - GLPI stock has decreased by 3% year-to-date (YTD) as of Friday, which is in contrast to the performance of net lease peers [5]

Core Viewpoint - Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) is highlighted as a strong investment opportunity due to its solid pipeline and prudent balance sheet management, with a reaffirmed Market Outperform rating and a price target of $55 by JMP Securities [1][3]. Group 1: Company Performance - GLPI's portfolio is noted for its strong performance, characterized by long-term, resilient, and cycle-tested cash flows [3]. - The company maintains a low-leveraged balance sheet, providing significant room for future expansion [3]. Group 2: Strategic Developments - Bally's recent credit facility adjustment may lead to a sale-leaseback deal with GLPI, which could help fund Bally's expansion plans and leverage reduction [2]. - This potential deal would allow GLPI to acquire another high-quality asset with a reliable tenant [2].

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) is set to acquire the real estate assets of Sunland Park Racetrack & Casino for $183.75 million, which is expected to enhance its portfolio and support the growth of its tenant, Strategic Gaming Management, LLC [1][2][4] Group 1: Transaction Details - The acquisition price for Sunland Park is $183.75 million, with an initial cap rate of 8.2% [1] - The annual rent on the lease will increase by 2.0% per annum [1] - The transaction is anticipated to be immediately accretive to GLPI's AFFO per share upon closing [1] Group 2: Strategic Importance - This acquisition marks an expansion of GLPI's relationship with Strategic Gaming, adding a fourth asset to their existing triple-net master lease agreement [2] - Sunland Park will be GLPI's second property in New Mexico, targeting the El Paso-Las Cruces gaming market, which has high population and income growth potential [3] Group 3: Property Overview - Sunland Park spans approximately 157 acres and features 738 slots and 12 electronic gaming tables within a 25,000 square foot gaming area [4] - The property includes a 1-mile racetrack, a 600-person ballroom, a simulcast wagering area, and a 78-room hotel, with additional underutilized land for future expansion [4]