Core Viewpoint - Gaming and Leisure Properties, Inc. has declared a cash dividend of $0.78 per share for the third quarter of 2025, an increase from $0.76 per share in the same quarter of 2024 [1] Company Overview - Gaming and Leisure Properties, Inc. is involved in acquiring, financing, and owning real estate properties to be leased to gaming operators under triple-net lease agreements, where tenants are responsible for all maintenance, insurance, taxes, and utilities related to the properties [3] Dividend Information - The cash dividend of $0.78 per share is payable on September 26, 2025, to shareholders of record on September 12, 2025 [1] - The company intends to review and declare future dividends quarterly at the discretion of the Board of Directors [2]

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) has announced a public offering of $1.3 billion in senior unsecured notes, which will be used primarily to redeem existing debt and for general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of two tranches: $650 million in senior notes due 2033 with a coupon of 5.250% and $650 million in senior notes due 2037 with a coupon of 5.750% [1]. - The 2033 Notes priced at 99.642% of par value, while the 2037 Notes priced at 99.187% of par value [1]. - The offering is expected to close on August 27, 2025, subject to certain closing conditions [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to fully redeem $975 million of 5.375% senior unsecured notes due April 2026, along with accrued interest and related fees [2]. - Remaining proceeds will be allocated for working capital, general corporate purposes, development and expansion projects, repayment of indebtedness, and capital expenditures [2]. Group 3: Company Overview - GLPI is engaged in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease arrangements, where tenants are responsible for all facility maintenance, insurance, taxes, and utilities [7].

[Executive Summary & Company Overview](index=1&type=section&id=Executive%20Summary%20%26%20Company%20Overview) GLPI achieved record Q2 2025 financial results, driven by strategic initiatives, and operates by leasing gaming properties via triple-net agreements [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) GLPI achieved record Q2 2025 revenue, Adjusted Funds From Operations (AFFO), and Adjusted EBITDA, reflecting robust financial performance Q2 2025 Financial Highlights (Compared to Q2 2024, in millions USD, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | | Total Revenue | $394.9 | $380.6 | | Operating Income | $242.1 | $293.4 | | Net Income | $156.2 | $214.4 | | FFO | $224.9 | $279.2 | | AFFO | $276.1 | $264.4 | | Adjusted EBITDA | $361.5 | $340.4 | | Diluted Net Income Per Common Share | $0.54 | $0.77 | | Diluted FFO Per Common Share and OP/LTIP Unit | $0.79 | $1.00 | | Diluted AFFO Per Common Share and OP/LTIP Unit| $0.96 | $0.94 | | Annualized Dividend Per Share | $3.12 | $3.04 | | Period-End Stock Price Dividend Yield | 6.68 % | 6.72 % | - Q2 2025 **total revenue increased by 3.8% to $394.9 million**, **AFFO grew by 4.4% to $276.1 million**, and **Adjusted EBITDA rose by 6.2% to $361.5 million**, all reaching new highs[2](index=2&type=chunk) [CEO Commentary & Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Outlook) GLPI's CEO highlighted record Q2 2025 financial results, driven by strategic acquisitions and lease adjustments, and anticipates continued growth - GLPI achieved **record revenue, AFFO, and Adjusted EBITDA in Q2 2025**, with **total revenue increasing 3.8%**, **AFFO growing 4.4%**, and **Adjusted EBITDA rising 6.2%**[2](index=2&type=chunk) - Company growth drivers include recent acquisitions, financing arrangements, contractual rent escalations, percentage rent adjustments, and an expanding base of regional gaming operator tenants[2](index=2&type=chunk) - GLPI anticipates benefiting in the second half of 2025 from sale-leaseback transactions and financing commitments completed in 2024, along with Q1 2025 activities such as the Bally's Belle of Baton Rouge Casino land-side redevelopment project[3](index=3&type=chunk) - The company actively identifies additional opportunities in tribal gaming, having committed a **$110 million delayed draw term loan** to the Ione Band of Miwok Indians at an **11% interest rate**[4](index=4&type=chunk) - GLPI supports several significant development projects, including the Bally's Chicago resort construction, Ameristar Casino Council Bluffs improvements, and financial backing for two potential downstate New York casino projects[5](index=5&type=chunk)[6](index=6&type=chunk) [Business Description](index=12&type=section&id=Business%20Description) GLPI's core business is acquiring, financing, and owning real estate leased to gaming operators through triple-net agreements, ensuring stable cash flow - GLPI's primary business involves acquiring, financing, and owning real estate, which is then leased to gaming operators under triple-net lease agreements[32](index=32&type=chunk)[51](index=51&type=chunk) - Under triple-net lease agreements, tenants are responsible for all facility maintenance, insurance, real estate-related taxes, and all utility and other service charges[32](index=32&type=chunk)[51](index=51&type=chunk) [Recent Developments & Growth Initiatives](index=2&type=section&id=Recent%20Developments%20%26%20Growth%20Initiatives) GLPI completed significant lease modifications, secured new financing for development projects, and remained active in capital markets [Lease Modifications & Extensions](index=2&type=section&id=Lease%20Modifications%20%26%20Extensions) GLPI completed key lease modifications, including property transfers to Bally's Master Lease II and five-year extensions for Boyd Gaming leases - Effective July 1, 2025, DraftKings at Casino Queen and The Queen Baton Rouge properties were transferred to Bally's Master Lease II, reallocating **$28.9 million in annual rent** and secured by multiple Bally's entities[3](index=3&type=chunk)[7](index=7&type=chunk)[37](index=37&type=chunk) - Boyd Gaming exercised its first five-year extension option for both its Master Lease and Belterra Park Lease, extending both terms until **April 30, 2031**[4](index=4&type=chunk)[11](index=11&type=chunk) [New Funding Commitments & Development Projects](index=2&type=section&id=New%20Funding%20Commitments%20%26%20Development%20Projects) GLPI actively pursues new funding commitments and development projects, including significant investments for PENN, Ione Band, and Bally's Chicago resort - PENN Entertainment plans to utilize **$130 million** for the Hollywood Casino Joliet relocation, with GLPI expecting to fund it by **August 1, 2025**, at a **7.75% capitalization rate**[4](index=4&type=chunk)[7](index=7&type=chunk)[45](index=45&type=chunk) - GLPI committed a **$110 million delayed draw term loan** to the Ione Band of Miwok Indians for the Acorn Ridge Casino development near Sacramento, California, at an **11% interest rate**[4](index=4&type=chunk)[45](index=45&type=chunk) - Construction of Bally's Chicago permanent gaming and entertainment resort is underway, with the budget remaining consistent, and GLPI committed to providing project financing support[5](index=5&type=chunk)[45](index=45&type=chunk) - GLPI agreed to provide up to **$150 million** for construction improvements at Ameristar Casino Council Bluffs, at PENN's discretion, with a **7.10% capitalization rate**[6](index=6&type=chunk)[11](index=11&type=chunk)[46](index=46&type=chunk) - GLPI is providing financial support for two potential downstate New York casino projects, located at Coney Island in Brooklyn and Bally's Links Golf Course in the Bronx[6](index=6&type=chunk) Key Funding Commitments (As of June 30, 2025, in millions USD) | Description | Maximum Commitment Amount | Amount Funded as of June 30, 2025 | | :------------------------------------------- | :------------------------ | :-------------------------------- | | Hollywood Casino Aurora Relocation | $225 | None | | Hollywood Casino Joliet Relocation | $130 | None | | Hollywood Casino Columbus Hotel Construction & M Resort Hotel Tower | $220 | None | | Ameristar Casino Council Bluffs Land-Side Relocation Related Funding | (2) | None | | Potential Transaction with Bally's for Former Tropicana Las Vegas Site | $175 | $48.5 | | Bally's Chicago Real Estate Construction Costs | $940 | None | | The Belle Land-Side Relocation & Hotel Renovation Funding | $111 | $59.3 | | Casino Queen Marquette Land-Side Development Project Construction Costs | $16.5 | $2.3 | | Ione Loan for New Casino Development | $110 | $25.8 | | Purchase Option for Bally's Lincoln | $735 | None | [Capital Markets & Dividend Activity](index=2&type=section&id=Capital%20Markets%20%26%20Dividend%20Activity) GLPI remained active in capital markets, settling a forward sale agreement for $404 million, launching a new $1.25 billion equity offering, and declaring a Q2 2025 dividend - On June 6, 2025, the company settled a forward sale agreement for **8,170,387 shares of common stock**, receiving **$404 million** (including contractual adjustments)[7](index=7&type=chunk) - On May 2, 2025, the company launched a new at-the-market equity offering program to sell up to **$1.25 billion of common stock** through sales agents from time to time[7](index=7&type=chunk) - On May 15, 2025, the Board of Directors declared a **Q2 2025 common stock dividend of $0.78 per share**, paid on June 27, 2025[8](index=8&type=chunk) - On March 3, 2025, the company redeemed its **$850 million, 5.250% Senior Unsecured Notes due June 2025**[11](index=11&type=chunk) - The company entered into **$100 million** notional forward interest rate swaps in Q2 2025 and on July 1, 2025, to hedge interest rate risk from future senior unsecured note issuances, locking in **SOFR fixed rates of 3.585% and 3.714%** respectively[11](index=11&type=chunk) [Financial Performance Analysis](index=5&type=section&id=Financial%20Performance%20Analysis) GLPI's Q2 2025 financial performance showed increased total real estate revenue but decreased operating and net income, while AFFO and Adjusted EBITDA grew [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) GLPI achieved **$394.9 million in total real estate revenue** in Q2 2025, a 3.8% year-over-year increase, but operating and net income declined due to increased credit loss provisions Consolidated Statements of Operations Key Data (in thousands USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total Real Estate Revenue | $394,876 | $380,626 | $790,111 | $756,590 | | Total Operating Expenses | $152,812 | $87,197 | $289,213 | $205,555 | | Operating Income | $242,064 | $293,429 | $500,898 | $551,035 | | Net Income | $156,165 | $214,412 | $326,519 | $393,938 | | Diluted Net Income Per Common Share | $0.54 | $0.77 | $1.14 | $1.41 | - Q2 2025 total real estate revenue was **$394.9 million**, a **3.8% increase** from **$380.6 million** in the prior year period[18](index=18&type=chunk) - Q2 2025 operating income was **$242.1 million**, a **17.5% decrease** from **$293.4 million** in the prior year, primarily due to net credit loss provisions changing from **-$3.786 million** in 2024 to **$53.728 million** in 2025[18](index=18&type=chunk) - Q2 2025 net income was **$156.2 million**, a **27.2% decrease** from **$214.4 million** in the prior year period[18](index=18&type=chunk) [Revenue Details by Lease](index=6&type=section&id=Revenue%20Details%20by%20Lease) GLPI's revenue primarily stems from various lease agreements, with Amended PENN, PENN 2023, and Amended Pinnacle Master Leases as key contributors Q2 2025 Key Lease Revenue (in thousands USD) | Lease Type | Building Base Rent | Land Base Rent | Percentage Rent and Other | Real Estate Loan Interest Income | Total Cash Revenue | Total Real Estate Revenue | | :--------------------------- | :----------------- | :------------- | :------------------------ | :------------------------------- | :----------------- | :------------------------ | | Amended PENN Master Lease | $54,151 | $10,759 | $6,495 | — | $71,405 | $76,994 | | PENN 2023 Master Lease | $59,797 | — | ($83) | — | $59,714 | $64,451 | | Amended Pinnacle Master Lease| $61,483 | $17,814 | $8,121 | — | $87,418 | $91,421 | | Bally's Master Lease | $26,574 | — | — | — | $26,574 | $29,223 | | Maryland Live! Lease | $19,412 | — | — | — | $19,412 | $24,927 | | Pennsylvania Live! Master Lease| $12,941 | — | — | — | $12,941 | $15,390 | | Total | $300,590 | $49,524 | $18,079 | $3,661 | $371,854 | $394,876 | H1 2025 Key Lease Revenue (in thousands USD) | Lease Type | Building Base Rent | Land Base Rent | Percentage Rent and Other | Real Estate Loan Interest Income | Total Cash Revenue | Total Real Estate Revenue | | :--------------------------- | :----------------- | :------------- | :------------------------ | :------------------------------- | :----------------- | :------------------------ | | Amended PENN Master Lease | $108,303 | $21,518 | $13,056 | — | $142,877 | $153,891 | | PENN 2023 Master Lease | $119,594 | — | ($204) | — | $119,390 | $128,865 | | Amended Pinnacle Master Lease| $122,965 | $35,628 | $16,243 | — | $174,836 | $182,758 | | Bally's Master Lease | $52,985 | — | — | — | $52,985 | $58,189 | | Maryland Live! Lease | $38,824 | — | — | — | $38,824 | $49,735 | | Pennsylvania Live! Master Lease| $25,734 | — | — | — | $25,734 | $30,729 | | Total | $600,097 | $99,047 | $36,188 | $7,120 | $742,452 | $790,111 | [Non-GAAP Financial Measures Reconciliation](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) GLPI provides reconciliation for non-GAAP financial measures like FFO, AFFO, and Adjusted EBITDA, with Q2 2025 AFFO and Adjusted EBITDA showing year-over-year growth Non-GAAP Financial Measures Reconciliation (in thousands USD, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Income | $156,165 | $214,412 | $326,519 | $393,938 | | Funds From Operations (FFO) | $224,914 | $279,189 | $459,672 | $523,592 | | Adjusted Funds From Operations (AFFO) | $276,057 | $264,375 | $548,053 | $522,990 | | Adjusted EBITDA | $361,483 | $340,446 | $721,601 | $673,872 | | Diluted FFO Per Common Share and OP/LTIP Unit| $0.79 | $1.00 | $1.61 | $1.87 | | Diluted AFFO Per Common Share and OP/LTIP Unit| $0.96 | $0.94 | $1.92 | $1.87 | | Cash Net Operating Income (Cash NOI) | $371,234 | N/A | $741,207 | N/A | - Q2 2025 AFFO was **$276.1 million**, a **4.4% increase** from **$264.4 million** in the prior year period[24](index=24&type=chunk) - Q2 2025 Adjusted EBITDA was **$361.5 million**, a **6.2% increase** from **$340.4 million** in the prior year period[24](index=24&type=chunk) - Q2 2025 FFO was **$224.9 million**, a **19.5% decrease** from **$279.2 million** in the prior year period, primarily impacted by lower net income[24](index=24&type=chunk) [Financial Position](index=10&type=section&id=Financial%20Position) GLPI's financial position as of June 30, 2025, shows decreased total assets and liabilities, while total equity increased [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, GLPI's total assets decreased to **$12.492 billion**, primarily due to reduced held-to-maturity investments, while total liabilities decreased and total equity increased Consolidated Balance Sheets Key Data (in thousands USD) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------- | :------------ | :---------------- | | **Assets** | | | | Net Real Estate Investments| $8,054,559 | $8,148,719 | | Net Investment in Leases, Financing Receivables | $2,276,068 | $2,333,114 | | Cash and Cash Equivalents | $604,164 | $462,632 | | Held-to-Maturity Investment Securities | — | $560,832 | | Total Assets | $12,492,068 | $13,075,949 | | **Liabilities** | | | | Net Long-Term Debt | $6,892,308 | $7,735,877 | | Total Liabilities | $7,558,758 | $8,430,425 | | **Equity** | | | | Total Equity Attributable to GLPI | $4,554,878 | $4,268,562 | | Total Equity | $4,933,310 | $4,645,524 | - As of June 30, 2025, total assets were **$12.492 billion**, a **4.46% decrease** from **$13.076 billion** at December 31, 2024, primarily due to a reduction in held-to-maturity investment securities[29](index=29&type=chunk) - As of June 30, 2025, net long-term debt was **$6.892 billion**, a **10.91% decrease** from **$7.736 billion** at December 31, 2024[29](index=29&type=chunk) - As of June 30, 2025, total equity was **$4.933 billion**, a **6.18% increase** from **$4.646 billion** at December 31, 2024[29](index=29&type=chunk) [Debt Capitalization & Ratings](index=11&type=section&id=Debt%20Capitalization%20%26%20Ratings) As of June 30, 2025, GLPI's total debt was **$6.958 billion**, with a **weighted average maturity of 6.1 years** and a **5.064% interest rate**, maintaining BBB/Ba1 credit ratings Debt Capitalization Structure (As of June 30, 2025, in thousands USD) | Debt Type | Maturity (Years) | Interest Rate | Balance | | :------------------------------------------- | :--------------- | :------------ | :------------- | | Unsecured Revolving Credit Facility (Due Dec 2028) | 3.4 | 5.621% | $332,455 | | Term Loan Credit Facility (Due Sep 2027) | 2.2 | 5.621% | $600,000 | | Senior Unsecured Notes (Due Apr 2026) | 0.8 | 5.375% | $975,000 | | Senior Unsecured Notes (Due Jun 2028) | 2.9 | 5.750% | $500,000 | | Senior Unsecured Notes (Due Jan 2029) | 3.5 | 5.300% | $750,000 | | Senior Unsecured Notes (Due Jan 2030) | 4.5 | 4.000% | $700,000 | | Senior Unsecured Notes (Due Jan 2031) | 5.5 | 4.000% | $700,000 | | Senior Unsecured Notes (Due Jan 2032) | 6.5 | 3.250% | $800,000 | | Senior Unsecured Notes (Due Dec 2033) | 8.4 | 6.750% | $400,000 | | Senior Unsecured Notes (Due Sep 2034) | 9.2 | 5.625% | $800,000 | | Senior Unsecured Notes (Due Sep 2054) | 29.2 | 6.250% | $400,000 | | Other | 1.2 | 4.780% | $242 | | **Total Long-Term Debt** | | | **$6,957,697** | | Less: Unamortized Debt Issuance Costs, Bond Premiums and Original Issue Discounts | | | ($65,389) | | **Net Long-Term Debt** | | | **$6,892,308** | | Weighted Average | 6.1 | 5.064% | | Credit Ratings | Rating Agency | Rating | | :---------------- | :----- | | Standard & Poor's | BBB | | Fitch | BBB | | Moody's | Ba1 | [Portfolio & Lease Information](index=4&type=section&id=Portfolio%20%26%20Lease%20Information) GLPI's portfolio includes 68 gaming facilities across 20 states, managed through master and single property lease agreements with long terms and rent escalation mechanisms [Portfolio Overview](index=4&type=section&id=Portfolio%20Overview) As of June 30, 2025, GLPI's portfolio includes **68 gaming and related facilities** across **20 states**, with key tenants like PENN, Caesars, Boyd, and Bally's - As of June 30, 2025, GLPI's portfolio includes interests in **68 gaming and related facilities** across **20 states**[14](index=14&type=chunk) - Key tenants include PENN (**34 facilities**), Caesars (**6 facilities**), Boyd (**4 facilities**), and Bally's (**15 facilities and 1 under development**)[14](index=14&type=chunk) [Master Lease Details](index=13&type=section&id=Master%20Lease%20Details) GLPI's portfolio includes multiple master lease agreements with major operators, featuring long terms, renewal options, corporate guarantees, rent escalation, and default adjusted coverage ratios - Master lease agreements typically include corporate guarantees, cross-collateralization, and landlord protection provisions for technical defaults[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Rent escalation mechanisms include annual base rent increases (typically up to **2%**) and percentage rent resets, with some leases having minimum escalation coverage ratio limits (e.g., **1.8x**)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Bally's Master Lease II's default adjusted coverage ratio was revised to **1.35x** if the tenant parent's net leverage ratio is greater than **5.5:1**, otherwise it decreases to **1.2x**[36](index=36&type=chunk)[37](index=37&type=chunk) - Effective July 1, 2025, DraftKings at Casino Queen and The Queen Baton Rouge properties were transferred to Bally's Master Lease II, with the original corporate guarantee removed and new guarantees provided by multiple Bally's entities[7](index=7&type=chunk)[37](index=37&type=chunk) [Single Property Lease Details](index=18&type=section&id=Single%20Property%20Lease%20Details) GLPI's single property lease agreements cover various properties, featuring similar terms, renewal options, guarantees, default coverage, and rent escalation mechanisms - Single property lease agreements typically have long terms and include renewal options, such as the Tropicana Las Vegas Lease with a term of up to **49 years** and renewal options[43](index=43&type=chunk) - The Chicago casino resort project has a Chicago Lease with an initial **15-year term**, four **five-year renewal options**, **CPI-linked rent escalations (up to 2%)**, a **default adjusted coverage ratio of 1.35x** (reducible to **1.20x** under specific conditions), and no corporate guarantee[43](index=43&type=chunk) - Some single property lease agreements feature **CPI-linked rent escalation mechanisms**, such as the Tropicana Lease and Morgantown Lease, where rent increases proportionally if CPI growth reaches a certain level[42](index=42&type=chunk)[43](index=43&type=chunk) [Future Funding Commitments](index=20&type=section&id=Future%20Funding%20Commitments) GLPI has multiple funding commitments and purchase options for future gaming investments, totaling billions, including significant investments for PENN, Bally's Chicago, and Ione Band's new casino Future Funding Commitments (As of June 30, 2025, in millions USD) | Description | Maximum Commitment Amount | Amount Funded as of June 30, 2025 | | :------------------------------------------- | :------------------------ | :-------------------------------- | | Hollywood Casino Aurora Relocation | $225 | None | | Hollywood Casino Joliet Relocation | $130 | None | | Hollywood Casino Columbus Hotel Construction & M Resort Hotel Tower | $220 | None | | Ameristar Casino Council Bluffs Land-Side Relocation Related Funding | (2) | None | | Potential Transaction with Bally's for Former Tropicana Las Vegas Site | $175 | $48.5 | | Bally's Chicago Real Estate Construction Costs | $940 | None | | The Belle Land-Side Relocation & Hotel Renovation Funding | $111 | $59.3 | | Casino Queen Marquette Land-Side Development Project Construction Costs | $16.5 | $2.3 | | Ione Loan for New Casino Development | $110 | $25.8 | | Purchase Option for Bally's Lincoln | $735 | None | - PENN notified the company of its intent to utilize the **$130 million** commitment for the Hollywood Casino Joliet project, with GLPI expecting to fund it by **August 1, 2025**, at a **7.75% capitalization rate**[45](index=45&type=chunk) - The company agreed to provide up to **$150 million** for construction improvements at Ameristar Casino Council Bluffs, at PENN's discretion[46](index=46&type=chunk) [2025 Guidance & Outlook](index=3&type=section&id=2025%20Guidance%20%26%20Outlook) GLPI updated its full-year 2025 Adjusted Funds From Operations (AFFO) guidance, reflecting current operational assumptions and specific development project funding [Full Year 2025 AFFO Guidance](index=3&type=section&id=Full%20Year%202025%20AFFO%20Guidance) GLPI updated its full-year 2025 Adjusted Funds From Operations (AFFO) guidance to between **$1.112 billion and $1.118 billion**, or **$3.85 to $3.87 per diluted share** Full Year 2025 AFFO Guidance (in millions USD, except per share data) | Metric | Updated Guidance Range | Previous Guidance Range | | :--------------------------------- | :--------------------- | :---------------------- | | AFFO | $1,112 - $1,118 | $1,109 - $1,118 | | AFFO Per Diluted Share and OP/LTIP Unit | $3.85 - $3.87 | $3.84 - $3.87 | [Guidance Assumptions & Exclusions](index=3&type=section&id=Guidance%20Assumptions%20%26%20Exclusions) The company's full-year 2025 AFFO guidance is based on current operating and competitive environments, assuming no significant changes, and includes specific development project funding, but excludes future acquisitions or capital market activities - Guidance assumptions exclude the impact of future acquisitions or dispositions, future capital market activities, or other future non-recurring transactions, but include **$130 million** for the Joliet relocation project and approximately **$375 million** for current development projects (with **$338 million** expected to be funded in H2 2025)[12](index=12&type=chunk) - Guidance assumes no material changes in applicable laws, regulatory environment, global events (including weather), recent consumer trends, economic conditions, oil prices, competitive landscape, or other circumstances beyond the company's control[12](index=12&type=chunk) - The company does not provide a reconciliation for non-GAAP forward-looking estimates, as it cannot provide meaningful or accurate calculations or estimates of reconciling items without unreasonable effort[10](index=10&type=chunk) [Supplementary Information](index=4&type=section&id=Supplementary%20Information) GLPI provides supplementary information on non-GAAP financial measures, forward-looking statements, and details for its upcoming earnings conference call [Non-GAAP Financial Measures Disclosure](index=21&type=section&id=Non-GAAP%20Financial%20Measures%20Disclosure) FFO, AFFO, Adjusted EBITDA, and Cash NOI are used by the company as non-GAAP financial measures for peer benchmarking and internal business operational performance measurement, excluding non-cash items to offer a more meaningful view of operational performance - FFO, AFFO, Adjusted EBITDA, and Cash NOI are used by the company as non-GAAP financial measures for peer benchmarking and internal business operational performance measurement[48](index=48&type=chunk) - These metrics exclude real estate depreciation, as the company believes real estate value fluctuations are based on market conditions rather than straight-line depreciation[48](index=48&type=chunk) - Non-GAAP financial measures do not represent GAAP-defined operating cash flow, should not be considered substitutes for operating performance or cash flow, and may not be comparable to similar metrics reported by other companies[50](index=50&type=chunk) [Forward-Looking Statements](index=22&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future growth, cash flow, and 2025 AFFO guidance, which are subject to various risks, uncertainties, and assumptions - Forward-looking statements involve the company's expectations for future growth, cash flow, 2025 AFFO guidance, and securities offerings[52](index=52&type=chunk) - These statements are subject to various risks, uncertainties, and assumptions, including the ability to complete development projects, inflation and interest rate impacts, tenant financial strength, regulatory approvals, REIT status maintenance, capital market access, and macroeconomic and industry risks[52](index=52&type=chunk) - The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law[52](index=52&type=chunk) [Conference Call & Contact Information](index=4&type=section&id=Conference%20Call%20%26%20Contact%20Information) GLPI will host a conference call on July 25, 2025, at 10:00 AM ET to discuss financial results, business trends, and market conditions - The company will host a conference call on **July 25, 2025, at 10:00 AM ET** to discuss financial results, current business trends, and market conditions[15](index=15&type=chunk) - The domestic dial-in number for the conference call is **1-877/407-0784**, the international dial-in number is **1-201/689-8560**, and the replay passcode is **13754658**[15](index=15&type=chunk) - A webcast will be available in the investor relations section of the company's website, www.glpropinc.com, with a replay available on the website for **90 days**[16](index=16&type=chunk)

Financial Data and Key Metrics Changes - For Q2 2025, total income from real estate exceeded 2024 by over $14 million, driven by cash rent increases of over $22 million from acquisitions and escalations [7] - Full year 2025 AFFO guidance is projected to range from $3.85 to $3.87 per diluted share in OP units [8] - Operating expenses increased by $65.6 million primarily due to a non-cash adjustment in the provision for credit losses [7] 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), and Kansas City and Shreveport ($8 million) [7] - The combination of non-cash revenue adjustments partially offset the increases, resulting in a collective year-over-year decrease of approximately $8.2 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 [8] - The company continues to capitalize interest and defer rent during development for financial reporting purposes [7] Company Strategy and Development Direction - The company remains focused on evaluating potential acquisitions on a property-by-property basis to ensure they are accretive to the portfolio [13][19] - Management is in advanced discussions with several tribes regarding potential deals, emphasizing the need for NIGC approval before any funding [43][47] - The company is open to exploring international opportunities but is currently more focused on U.S. and tribal aspects [123] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong year in 2025 despite timing misalignments with quarterly calls [6] - The company views the current economic environment as stable, with no delays in rent payments from tenants [36] - Management acknowledged the challenges posed by Valley's credit profile but remains optimistic about the overall portfolio's strength [94] Other Important Information - The company is actively monitoring interest rate swaps and considering additional hedging based on market conditions [56] - Management highlighted the importance of maintaining a strong four-wall coverage for properties, independent of parent guarantees [102] Q&A Session Summary Question: Interest in the leak in call option at the end of next year - Management confirmed ongoing interest and is evaluating the asset's value [12] Question: Risk-reward balance for Bally's projects - Management is assessing the value of the asset and its impact on the portfolio [16] Question: Insights on Casino Queen lease changes - Management clarified that the parent guarantee remains on Bally's Master Lease two, with adjustments made to accommodate Bally's [20] Question: Impact of Intralot transaction on Bally's credit profile - Management sees potential benefits from liquidity infusion and debt paydown [26] Question: Thoughts on the big beautiful bill and implications for REITs - Management indicated minimal impact on GLPI, with a positive outlook on lower corporate tax rates [30] Question: Provision for credit losses in the quarter - Management explained that the provision is based on economic forecasts and not on cash rent delays [34] Question: Progress towards tribal deals - Management is in advanced discussions with tribes, but timing depends on NIGC review [42] Question: Refinancing debt outlook - Management is reviewing options and monitoring market conditions for future refinancing [48] Question: Capital deployment outlook for the second half of the year - Majority of remaining funding is tied to Bally's projects, with confidence in meeting targets [66] Question: Lack of guarantee on Bally's Chicago lease - Management explained the absence of a guarantee is due to the project's placement in an unrestricted group [68] Question: Value of parent guarantees in constrained operator situations - Management emphasized the importance of underwriting properties based on their own merits rather than solely relying on parent guarantees [102]

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]

Core Viewpoint - Gaming and Leisure Properties (GLPI) reported quarterly funds from operations (FFO) of $0.96 per share, matching the Zacks Consensus Estimate and showing a slight increase from $0.94 per share a year ago [1] Financial Performance - The company posted revenues of $394.88 million for the quarter ended June 2025, which was 0.66% below the Zacks Consensus Estimate, compared to $380.63 million in the same quarter last year [2] - Over the last four quarters, GLPI has surpassed consensus FFO estimates two times and topped revenue estimates only once [2] Stock Performance - Since the beginning of the year, Gaming and Leisure Properties shares have decreased by approximately 2.1%, while the S&P 500 has increased by 8.1% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.96, with projected revenues of $399.87 million, and for the current fiscal year, the estimate is $3.86 on $1.6 billion in revenues [7] - The estimate revisions trend for GLPI was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The REIT and Equity Trust - Other industry, to which GLPI belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges ahead [8]

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The financial statements reveal increased revenues but decreased net income due to credit losses, with asset and liability reductions from debt repayment and investment maturities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$12.49 billion** from **$13.08 billion**, driven by investment maturities, while liabilities fell to **$7.56 billion** due to debt reduction Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$12,492,068** | **$13,075,949** | | Cash and cash equivalents | $604,164 | $462,632 | | Real estate investments, net | $8,054,559 | $8,148,719 | | Held to maturity investment securities | $— | $560,832 | | **Total liabilities** | **$7,558,758** | **$8,430,425** | | Long-term debt, net | $6,892,308 | $7,735,877 | | **Total equity** | **$4,933,310** | **$4,645,524** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q2 2025 saw real estate income rise to **$394.9 million**, but net income fell to **$151.4 million** due to a **$53.7 million** credit loss provision Q2 & H1 2025 vs 2024 Performance (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total income from real estate | $394,876 | $380,626 | $790,111 | $756,590 | | Income from operations | $242,064 | $293,429 | $500,898 | $551,035 | | Net income attributable to common shareholders | $151,439 | $208,250 | $316,623 | $382,714 | | Diluted EPS | $0.54 | $0.77 | $1.14 | $1.41 | - A key driver for the decline in operating and net income was the provision for credit losses, which was a **$53.7 million** expense in Q2 2025 versus a **$3.8 million** benefit in Q2 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$545.9 million**, investing activities provided **$500.4 million** from investment maturities, while financing used **$904.7 million** for debt and dividends Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $545,867 | $509,957 | | Net cash provided by (used in) investing activities | $500,353 | $(604,757) | | Net cash used in financing activities | $(904,688) | $(494,689) | | **Net increase (decrease) in cash** | **$141,532** | **$(589,489)** | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's triple-net lease REIT business, significant credit loss provisions, **$850 million** debt redemption, and a new **$1.25 billion** ATM equity program - The company's primary business is acquiring, financing, and owning real estate leased to gaming operators in triple-net arrangements, with a portfolio of interests in **68** gaming and related facilities as of June 30, 2025[21](index=21&type=chunk)[22](index=22&type=chunk) - The company recorded net provisions for credit losses of **$82.2 million** for the six months ended June 30, 2025, primarily driven by a sequential deterioration in the third-party forward-looking economic outlook[68](index=68&type=chunk) - During the six months ended June 30, 2025, the company redeemed its **$850 million**, 5.250% senior unsecured notes due June 2025 using cash on hand[94](index=94&type=chunk) - On May 2, 2025, the company launched a new **$1.25 billion** "at the market" (ATM) equity offering program and settled a forward sale agreement, issuing **8.17 million** shares for net proceeds of **$404.0 million**[121](index=121&type=chunk)[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A attributes Q2 2025 revenue growth to acquisitions, while net income declined due to a **$57.5 million** credit loss provision, yet AFFO and Adjusted EBITDA increased - The increase in total income from real estate for Q2 2025 was primarily due to recent acquisitions, which added **$17.5 million** in cash rental income, and **$4.4 million** from lease escalations[178](index=178&type=chunk) - The primary reason for the increase in total operating expenses was a **$57.5 million** increase in the provision for credit losses in Q2 2025 compared to the prior year, driven by a more pessimistic forward-looking economic forecast[178](index=178&type=chunk) Non-GAAP Financial Measures Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $156,165 | $214,412 | $326,519 | $393,938 | | Funds from operations (FFO) | $224,914 | $279,189 | $459,672 | $523,592 | | Adjusted funds from operations (AFFO) | $276,057 | $264,375 | $548,053 | $522,990 | | Adjusted EBITDA | $361,483 | $340,446 | $721,601 | $673,872 | - The company believes its cash from operations, cash on hand, available credit, and ability to raise capital will be adequate to meet its debt service, funding commitments, capital expenditures, and dividend requirements for the next twelve months and beyond[219](index=219&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate exposure on its **$6.96 billion** debt, mitigated by **$6.03 billion** in fixed-rate notes, with variable-rate debt subject to hedging - As of June 30, 2025, the company had **$6.96 billion** in total debt, with **$6.03 billion** consisting of fixed-rate senior unsecured notes, mitigating exposure to rising interest rates[223](index=223&type=chunk) - The company's variable rate debt, totaling **$932.5 million**, exposes it to interest rate fluctuations which could increase borrowing costs[225](index=225&type=chunk) [Controls and Procedures](index=56&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective[226](index=226&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[227](index=227&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in routine legal proceedings, but does not anticipate a material adverse effect on its financial position, with most matters indemnified by tenants - The company does not expect the outcome of current legal proceedings to have a material adverse effect on its consolidated financial position or results of operations[110](index=110&type=chunk) [Risk Factors](index=57&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors have occurred since those disclosed in its most recent Annual Report on Form 10-K - There have been no material changes in the company's risk factors from those previously disclosed in its Annual Report[229](index=229&type=chunk) [Other Information](index=57&type=section&id=ITEM%205.%20OTHER%20INFORMATION) In May 2025, SVP Steven Ladany and CFO Desiree Burke entered into or amended Rule 10b5-1 stock sale plans for future common stock sales - On May 16, 2025, SVP Steven Ladany amended his Rule 10b5-1 stock sale plan for shares to be sold between December 31, 2025, and January 30, 2026[233](index=233&type=chunk) - On May 8, 2025, CFO Desiree Burke entered into a new Rule 10b5-1 stock sale plan for shares to be sold between January 2, 2026, and December 31, 2026[235](index=235&type=chunk) [Exhibits](index=59&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, officer certifications, and Inline XBRL financial data

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].

Seasoned, Acclaimed Former Gaming and Lodging Analyst Brings 25 Years of Experience and Relationships to New Role WYOMISSING, Pa., July 22, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. ("GLPI" or the "Company") (NASDAQ: GLPI) announced today that Carlo Santarelli has been appointed Senior Vice President, Corporate Strategy and Investor Relations, a new position at the Company. Mr. Santarelli will begin his new position on August 18, 2025 and will report to GLPI President and Chief Operating ...

WYOMISSING, Pa., July 22, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. ("GLPI" or the "Company") (NASDAQ: GLPI) announced today that Carlo Santarelli has been appointed Senior Vice President, Corporate Strategy and Investor Relations, a new position at the Company. Mr. Santarelli will begin his new position on August 18, 2025 and will report to GLPI President and Chief Operating Officer, Brandon Moore. Mr. Santarelli brings over 25 years of Wall Street experience in Equity Research and Inves ...