Financial Data and Key Metrics - Total income from real estate increased by $25.8 million in Q3 2024 compared to Q3 2023, driven by acquisitions and lease adjustments [6] - Operating expenses increased by $22.6 million, primarily due to a non-cash increase in the provision for credit losses related to the Tropicana lease reclassification [7] - Full-year 2024 AFFO guidance is $3.74 to $3.76 per diluted share and OP units, excluding future transactions [8] - Rent coverage ratios remain strong, ranging from 1.9 to 2.59 on master leases as of the prior quarter [8] Business Line Data and Key Metrics - The Tioga acquisition contributed $3.6 million in income, Rockford added $4.6 million, and Casino Queen Marquette and Baton Rouge land side development added $1.5 million [6] - Strategic acquisition increased cash income by $2.3 million, while Bally Chicago land acquisition added $1.1 million [6] - Bally's Tropicana funding increased by $0.4 million, and escalators and percentage rent adjustments added $5.3 million in cash income [6] Market Data and Key Metrics - The company completed its inaugural 30-year bond issuance, extending the weighted average maturity of liabilities and institutionalizing its asset class [10] - The Ione Loan transaction with a tribal partner includes a 5-year loan with an option to convert into a long-term lease, marking a first-of-its-kind structure in tribal gaming [14][15] Company Strategy and Industry Competition - The company's disciplined capital investment approach has resulted in $2 billion in development investment activity in 2024 with an 8.4% blended yield [4] - GLPI is positioned as a preferred development funding and real estate partner for operators of all sizes, leveraging its gaming and real estate expertise [4] - The company is exploring new revenue streams through innovative structures like the Ione Loan, which could be replicated with other tribes [15][16] Management Commentary on Operating Environment and Future Outlook - Management is cautiously optimistic about the potential for the Ione Loan structure to become a repeatable funding model for tribal gaming [15] - The company is focused on maintaining a strong balance sheet and liquidity to support future growth opportunities [9][10] - GLPI is actively engaging with tribes and other stakeholders to expand its pipeline of development projects [11] Other Important Information - The company entered into forward sale agreements to sell 8.2 million shares for net sales of $409.3 million [8] - The zero-coupon treasury bill matures in 2025 with an applied yield of 4.9% [8] - The Chicago development project funding is expected to commence in Q1 2025, with further details to be provided in 2025 guidance [55][86] Q&A Session Summary Question: Ione Loan Structure and Tribal Gaming - The Ione Loan structure is unique, offering a 5-year loan with an option to convert into a long-term lease, providing tribes with an alternative funding model [14][15] - The company is cautiously optimistic about the repeatability of this structure and is engaging with other tribes to explore similar opportunities [15][16] Question: Development vs. Cash-Flowing Assets - The company is open to both development projects and acquiring cash-flowing assets, leveraging its expertise in property development to create value [21][23] - Management emphasized the importance of maintaining a disciplined approach to capital deployment, balancing risk and reward [23] Question: Las Vegas Tropicana Site Redevelopment - The company's primary focus is on preserving the value of the remaining parcel in Las Vegas, with Bally's continuing to refine plans for the integrated resort [31][32] - The A's stadium project is being financed independently, and GLPI will not be involved in its development [32] Question: Tribal Gaming Opportunity and Risk - The company sees significant potential in tribal gaming but acknowledges the need to better understand the risk profile before allocating more capital [61][62] - The Ione Loan structure could be applied to various tribal funding needs, including expansions and refinancing [51][52] Question: Equity Funding and Leverage - The company maintains a conservative approach to leverage, with a target range of 5 to 5.5x EBITDA, and has intentionally kept leverage low to accommodate future transactions [41][42] - GLPI is focused on ensuring existing shareholders benefit from new announcements and is measured in its use of the ATM program [69][70] Question: Transaction Pricing and Market Dynamics - Management noted that the current rate environment has led to increased discussions around potential transactions, but bid-ask spreads remain a challenge [79] - The company remains disciplined in its underwriting, ensuring transactions are accretive and aligned with its cost of capital [66]

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. (1) (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. | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|----------------|-------|--------------| | (in millio ...

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, 2024 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) Pennsylvania ...

WYOMISSING, Pa., June 26, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) announced today that the Company will release its 2024 second quarter financial results after the market close on Thursday, July 25, 2024. The Company will host a conference call at 10:00 a.m. ET on Friday, July 26, 2024. 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 Webcast: About Gaming and Leisure ...

okan akdeniz Viva Las Vegas, baby! I wrote today's article in Sin City, where I attended this year's annual International Council of Shopping Centers (ICSC) conference. That organization describes the gathering as its "premier event," attracting "dealmakers and industry experts who are driving innovation and evolution in commercial real estate." Including me. I've been going to ICSC Las Vegas for decades now. It's a great place to see and be seen. And you'd better believe I have meetings with key players se ...

WYOMISSING, Pa., May 16, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) ("GLPI") today acquired the real estate assets of the Silverado Franklin Hotel & Gaming Complex ("Silverado"), the Deadwood Mountain Grand ("DMG") casino, and Baldini's Casino ("Baldini's"), for $105.0 million in aggregate. Simultaneous with the acquisition, GLPI and affiliates of Strategic Gaming Management, LLC ("Strategic") will enter into two cross-defaulted triple-net lease agreements, each for an initia ...

GAMING AND LEISURE PROPERTIES REPORTS FIRST QUARTER 2024 RESULTS AND UPDATES 2024 FULL YEAR GUIDANCE WYOMISSING, PA — April 25, 2024 — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended March 31, 2024. Financial Highlights | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | | (in millions, except per share data) | | 2024 | | 2023 | | Total Revenue | $ | 376.0 | $ | 355.2 | | Income from Operations | $ | 25 ...

Gaming and Leisure Properties (GLPI) came out with quarterly funds from operations (FFO) of $0.92 per share, missing the Zacks Consensus Estimate of $0.93 per share. This compares to FFO of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.08%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.93 per share when it actually produced FFO of $0.93, delivering no surprise.Over the last fo ...

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 March 31, 2024 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) (State or ot ...

WYOMISSING, Pa., April 08, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) announced today that the Company will release its 2024 first quarter financial results after the market close on Thursday, April 25, 2024. The Company will host a conference call at 10:00 a.m. ET on Friday, April 26, 2024. 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 con ...