Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 other ju ...

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 September 30, 2023 or (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Pennsylvania 46-2116489 845 Berkshire Blvd., Suite 200 Wyomissing, PA 19610 (Address of principal execu ...

Financial Data and Key Metrics Changes - The company reported record results for Q2 2023, with total income from real estate exceeding Q2 2022 by over $30 million, driven by the addition of Bally's Biloxi and Tiverton assets, which increased cash rental income by $12.1 million [10][11] - Operating expenses increased by $28.9 million, primarily due to non-cash items such as increased provision for credit loss on Cordish leases and higher depreciation expenses related to recent transactions [11][12] - The company refined its guidance for 2023 AFFO per diluted share to a range of $3.66 to $3.68, excluding the impact of future transactions [14] Business Line Data and Key Metrics Changes - The company continues to build its gaming portfolio, which now totals 59 properties, up from 19 at the time of the spin from PENN in 2013 [7] - The current land site development project in Baton Rouge has seen expenditures of over $56 million to date, with a total project spend expected to reach $78 million, generating rent at an 8.25% cap rate upon opening [13] Market Data and Key Metrics Changes - The company anticipates an annualized rent reduction in the amended PENN lease between $5 million and $6 million, beginning in November, due to prior COVID-related casino closures [35] - Rent coverage ratios remain strong, ranging from 1.96 to 2.76 on master leases as of the end of the prior quarter [37] Company Strategy and Development Direction - The company emphasizes a cycle-tested approach to managing its business, focusing on long-term stability and conservative leverage to navigate uncertain environments [17][18] - Management is actively seeking opportunities to prudently deploy shareholders' capital to increase long-term intrinsic value per share [19] - The company is committed to transparency and believes it supports institutionalization, which is crucial for its business model [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive landscape, noting that discussions with existing and potential counterparties have been healthy, and they expect positive outcomes in the coming years [50][51] - The company is cautious but believes that the current environment presents opportunities due to traditional sources of capital being less predictable [42] Other Important Information - The company has committed $175 million to infrastructure and construction items at the Tropicana site, with expectations for further opportunities as the project evolves [32] - The company raised approximately $14.5 million under its at-the-market program, maintaining a net leverage of just under five times EBITDA [37][41] Q&A Session Summary Question: Can you discuss the competitive landscape and your ability to execute in the current environment? - Management noted that they do not see significant changes in competition and are encouraged by ongoing discussions, suggesting a positive outlook for the next couple of years [50][51] Question: What is the company's appetite for expansion into Canada? - Management indicated that while they continuously look at opportunities in Canada, they have not found a project that makes sense due to tax issues and regulatory differences [72][74] Question: How does the company view the underlying credit quality of Bally's? - Management emphasized their focus on the four-wall coverage of their portfolio and expressed confidence in the quality of the Bally's assets they own [86][87] Question: What are the expectations for percentage rent resets in 2024? - Management expects the percentage rent amount to increase in 2024, despite a decrease in the 2023 PENN lease reset, due to the absence of COVID-related closures in the new reset period [140][144] Question: How does the company plan to approach dividend policies given the current yield? - Management clarified that the dividend is largely driven by taxable income and required distributions, and they are not currently looking to change their dividend policy or engage in stock buybacks [107][108]

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, 2023 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 oth ...

Financial Data and Key Metrics Changes - The company reported a record total income from real estate exceeding the first quarter of 2022 by over $40 million, driven by new properties and live transactions [9][10] - Operating expenses declined by $26.8 million, primarily due to noncash items, while cash rental income increased by approximately $15 million [9][11] - The leverage ratio is now under five times EBITDA, with a refined full-year guidance for 2023 for AFFO per diluted share ranging from $3.63 to $3.67 [24][12] Business Line Data and Key Metrics Changes - Cash rental income increased by approximately $8 million from live transactions and $2.6 million from the Trop LV land lease [9] - The recognition of escalators and percentage rent increases contributed an additional $4.7 million to cash rent [10] Market Data and Key Metrics Changes - The company continues to see strong rent coverage across its leases, with rent coverage ratios still well above pre-COVID levels [42][12] - The stability of regional gaming cash flows remains strong despite challenges in other real estate sectors [13] Company Strategy and Development Direction - The company is focused on improving existing assets and finding new opportunities for prudent capital deployment [15] - There is an ongoing dialogue with tenants regarding potential investments and support for their projects, indicating a commitment to partnership [33][47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the remainder of 2023, citing the stability of gaming revenues even amidst market turmoil [7][23] - The company is well-positioned to capitalize on attractive opportunities due to a conservative balance sheet and access to multiple capital sources [26][40] Other Important Information - The company settled a forward agreement and issued 1.3 million shares, raising net proceeds of $64.6 million to partially fund the redemption of $500 million notes [12] - The company is exploring international opportunities but is cautious and conducts thorough analysis on potential markets [59] Q&A Session Summary Question: Are we seeing a trend in declining rent coverage ratios? - Management indicated that rent coverage ratios are still strong and above pre-COVID levels, suggesting no immediate threat to revenue stability [42] Question: Update on Hollywood Baton Rouge and Belle of Baton Rouge renovations? - The company has about $31 million left to fund for Baton Rouge and is in dialogue with tenants regarding ongoing projects [44][33] Question: Changes in competitive landscape for financing? - Management noted that headwinds in the banking sector have created opportunities for more robust discussions with potential partners [40] Question: Thoughts on the UAE market and international expansion? - The company is interested in international opportunities but is cautious and evaluates each market on a case-by-case basis [59] Question: How is the company managing risk in the current environment? - Management emphasized a commitment to cautious investing and maintaining a margin of safety in their operations [87] Question: What is the current appetite for development funding among tenants? - There is ongoing dialogue with tenants about funding projects, indicating a willingness to support development at existing assets [147]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Gaming and Leisure Properties, Inc. for the quarter ended March 31, 2023, including Balance Sheets, Statements of Income, Statements of Changes in Equity, and Statements of Cash Flows, with detailed notes on accounting policies and significant transactions [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows an increase in total assets to **$11.12 billion** as of March 31, 2023, from **$10.93 billion** at year-end 2022, primarily driven by a rise in net real estate investments, with total liabilities also increasing to approximately **$7.0 billion** due to higher long-term debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Real estate investments, net | $8,281,960 | $7,707,935 | | Cash and cash equivalents | $6,822 | $239,083 | | **Total assets** | **$11,116,095** | **$10,930,386** | | **Liabilities & Equity** | | | | Long-term debt, net | $6,291,470 | $6,128,468 | | **Total liabilities** | **$6,997,904** | **$6,812,290** | | **Total equity** | **$4,118,191** | **$4,118,096** | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2023, total revenues increased to **$355.2 million** from **$315.0 million** in the prior-year period, with net income attributable to common shareholders rising significantly to **$183.4 million**, or **$0.70 per diluted share**, compared to **$119.3 million**, or **$0.48 per diluted share**, in Q1 2022 Condensed Consolidated Statements of Income Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total revenues | $355,214 | $314,966 | | Income from operations | $266,849 | $199,796 | | Net income | $188,670 | $121,692 | | Net income attributable to common shareholders | $183,351 | $119,268 | | Diluted earnings per common share | $0.70 | $0.48 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$241.2 million** for Q1 2023, a slight increase from **$233.2 million** in Q1 2022, while investing activities used **$422.1 million** primarily for real estate acquisition, and financing activities used **$51.4 million** reflecting debt repayments and dividend payments, resulting in a significant decrease in cash and cash equivalents to **$6.8 million** Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $241,183 | $233,182 | | Net cash used in investing activities | ($422,076) | ($131,417) | | Net cash used in financing activities | ($51,368) | ($670,340) | | **Net decrease in cash and cash equivalents** | **($232,261)** | **($568,575)** | | Cash and cash equivalents at end of period | $6,822 | $156,020 | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's business operations, portfolio, significant lease agreements, accounting policies, and specific financial statement line items, including the acquisition of properties from Bally's, amendments to the PENN master leases, and details on debt financing and credit loss provisions - As of March 31, 2023, GLPI's portfolio consisted of interests in **59 gaming and related facilities** across **18 states**, which were **100% occupied**[27](index=27&type=chunk) - On January 3, 2023, the company acquired the land and real estate assets of Bally's Biloxi and Bally's Tiverton for **$635.0 million**, adding these properties to the existing Bally's Master Lease and increasing the annual rent by **$48.5 million**[39](index=39&type=chunk)[123](index=123&type=chunk) - Effective January 1, 2023, the Original PENN Master Lease was amended, creating two separate leases: the Amended PENN Master Lease (annual rent of **$284.1 million**) and the new PENN 2023 Master Lease (annual rent of **$232.2 million**)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The company recorded a **benefit for credit losses of $5.7 million** in Q1 2023, a significant reversal from the **$26.7 million provision** in Q1 2022, primarily due to the outperformance of properties underlying the Pennsylvania Live! Master Lease[60](index=60&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) - On February 12, 2023, the company redeemed all of its **$500 million, 5.375% Senior Notes** due in 2023, incurring a loss on debt extinguishment of **$0.6 million**[95](index=95&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=37&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance for Q1 2023, highlighting a **$40.2 million** increase in total revenues to **$355.2 million** driven by recent acquisitions and lease escalations, and a **$26.8 million** decrease in operating expenses primarily due to a reversal of the provision for credit losses, while also covering liquidity, capital resources, debt management, and a growth strategy focused on acquiring additional gaming facilities [Our Operations](index=37&type=section&id=Our%20Operations) GLPI's primary business involves owning and financing real estate leased to gaming operators via triple-net arrangements, with a portfolio of **59 properties** operated by major tenants like PENN, Caesars, Boyd, Bally's, and Cordish as of March 31, 2023, including details on major lease agreements such as the newly created PENN 2023 Master Lease and the Amended PENN Master Lease - GLPI's portfolio is geographically diversified across **18 states**, containing approximately **30.2 million square feet**, and was **100% occupied** as of March 31, 2023[161](index=161&type=chunk) - The company's revenue is primarily derived from triple-net master leases where tenants are responsible for all facility maintenance, insurance, taxes, and utilities[180](index=180&type=chunk) [Executive Summary](index=42&type=section&id=Executive%20Summary) The executive summary highlights strong financial performance in Q1 2023, with total revenues reaching **$355.2 million** and income from operations at **$266.8 million**, up from **$315.0 million** and **$199.8 million** respectively in Q1 2022, driven primarily by acquisitions adding **$25.8 million** in cash rental income and a significant reversal of credit loss provisions that lowered operating expenses - Total income from real estate increased by **$40.2 million** YoY, benefiting from recent acquisitions (**$25.8 million**), lease escalations (**$3.5 million**), favorable variable rent resets (**$1.2 million**), and positive straight-line rent adjustments (**$7.2 million**)[183](index=183&type=chunk) - Total operating expenses decreased by **$26.8 million** YoY, mainly due to a **$32.4 million positive swing** in the provision for credit losses (a **$5.7 million benefit** in Q1 2023 vs. a **$26.7 million provision** in Q1 2022)[183](index=183&type=chunk) - Net income increased by **$67.0 million** for Q1 2023 compared to the prior-year period, driven by higher revenues and lower operating expenses[183](index=183&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) This section provides a detailed breakdown of the company's operational results, showing total revenues for Q1 2023 increased by **12.8%** YoY to **$355.2 million**, while operating expenses decreased by **23.3%** to **$88.4 million** largely due to the reversal of credit loss provisions, consequently leading to a significant rise in income from operations to **$266.8 million** from **$199.8 million** in the prior year Revenues Breakdown (in thousands) | Revenue Type | Q1 2023 | Q1 2022 | Variance | % Change | | :--- | :--- | :--- | :--- | :--- | | Rental income | $317,968 | $287,777 | $30,191 | 10.5% | | Interest income from real estate | $37,246 | $27,189 | $10,057 | 37.0% | | **Total income from real estate** | **$355,214** | **$314,966** | **$40,248** | **12.8%** | Operating Expenses Breakdown (in thousands) | Expense Type | Q1 2023 | Q1 2022 | Variance | % Change | | :--- | :--- | :--- | :--- | :--- | | Land rights and ground lease expense | $12,014 | $13,704 | ($1,690) | (12.3)% | | General and administrative | $16,450 | $15,732 | $718 | 4.6% | | Depreciation | $65,554 | $59,129 | $6,425 | 10.9% | | (Benefit) Provision for credit losses | ($5,653) | $26,656 | ($32,309) | (121.2)% | | **Total operating expenses** | **$88,365** | **$115,170** | **($26,805)** | **(23.3)%** | Non-GAAP Financial Measures (in thousands) | Measure | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income | $188,670 | $121,692 | | Funds from operations (FFO) | $253,754 | $180,300 | | Adjusted funds from operations (AFFO) | $248,630 | $218,628 | | Adjusted EBITDA | $323,099 | $293,306 | [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash from operations and borrowings, with net cash from operations at **$241.2 million** in Q1 2023, while investing activities used **$422.1 million** mainly for the Bally's acquisition, and financing activities included drawing down a **$600 million** term loan, redeeming **$500 million** in senior notes, and paying **$254.8 million** in dividends, leaving **$1.69 billion** of available borrowing capacity under its amended credit agreement as of March 31, 2023 - Net cash from operating activities increased by **$8.0 million** YoY to **$241.2 million** in Q1 2023[213](index=213&type=chunk) - On January 3, 2023, the company drew down the entire **$600 million Term Loan Credit Facility** to partially fund the acquisition of Bally's Biloxi and Bally's Tiverton[76](index=76&type=chunk)[220](index=220&type=chunk) - The company redeemed its **$500 million, 5.375% Senior Notes** due in 2023, funded by cash on hand and proceeds from a forward sale agreement that raised **$64.6 million**[236](index=236&type=chunk) - As of March 31, 2023, the company had **$5.675 billion** of outstanding senior unsecured notes and **$1.69 billion** of available borrowing capacity under its revolving credit facility[229](index=229&type=chunk)[232](index=232&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=56&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk related to its **$6.34 billion** in total debt as of March 31, 2023, with a significant portion of **$5.68 billion** in fixed-rate senior unsecured notes mitigating some exposure, though rising interest rates could increase future financing costs and refinancing existing variable-rate debt - The primary market risk exposure is interest rate risk on its **$6.34 billion** of indebtedness[245](index=245&type=chunk) Debt Maturity Profile as of March 31, 2023 (in thousands) | Debt Type | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fixed rate | $400,000 | $850,000 | $975,000 | $0 | $3,450,000 | $5,675,000 | | Variable rate | $0 | $0 | $60,000 | $600,000 | $0 | $660,000 | [ITEM 4. CONTROLS AND PROCEDURES](index=57&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the principal executive and financial officers, evaluated the company's disclosure controls and procedures as of March 31, 2023, concluding their effectiveness, with no material changes to the company's internal control over financial reporting during the quarter - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of March 31, 2023[248](index=248&type=chunk) - No material changes in internal control over financial reporting occurred during the first quarter of 2023[249](index=249&type=chunk) [PART II. OTHER INFORMATION](index=58&type=section&id=PART%20II.%20OTHER%20INFORMATION) [ITEM 1. LEGAL PROCEEDINGS](index=58&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to various legal proceedings arising in the normal course of business but does not believe their final outcome will have a material adverse effect on its financial position, with the majority of these matters subject to indemnification by tenants - Information regarding legal proceedings is incorporated by reference from Note 8 of the financial statements[251](index=251&type=chunk) [ITEM 1A. RISK FACTORS](index=58&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes in risk factors were reported from those previously disclosed in the Annual Report[252](index=252&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=58&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company did not repurchase any common stock or sell any unregistered securities during the three months ended March 31, 2023 - No unregistered sales of equity securities or share repurchases occurred in Q1 2023[253](index=253&type=chunk) [ITEM 6. EXHIBITS](index=59&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including amended lease agreements, certifications from the CEO and CFO, and financial data formatted in Inline XBRL

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 46-21 ...

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Q3 2022 Earnings Conference Call October 28, 2022 10:00 AM ET Company Participants Joe Jaffoni - Investor Relations Peter Carlino - Chairman and CEO Brandon Moore - EVP, General Counsel, and Secretary Desiree Burke - SVP, Chief Accounting Officer, and Treasurer Steve Ladany - SVP and Chief Development Officer Matthew Demchyk - SVP and Chief Investment Officer Conference Call Participants Neil Malkin - Capital One Securities Barry Jonas - Truist Securities Gr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the quarterly period ended September 30, 2022 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 other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) FORM 10-Q (Mark One ...

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Q2 2022 Earnings Conference Call July 29, 2022 10:00 AM ET Company Participants Joe Jaffoni - Investor Relations Peter Carlino - Chairman and Chief Executive Officer Desiree Burke - Senior Vice President, Chief Accounting Officer, and Treasurer Brandon Moore - Executive Vice President, General Counsel, and Secretary Steve Ladany - Senior Vice President, Chief Development Officer Matthew Demchyk - Senior Vice President, Chief Investment Officer Conference Cal ...