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, 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 oth ...

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET Company Representatives Peter Carlino - Chairman, Chief Executive Officer Desiree Burke - Senior Vice President, Chief Accounting Officer, Treasurer Brandon Moore - Executive Vice President, General Counsel, Secretary Steve Ladany - Senior Vice President, Chief Development Officer Matthew Demchyk - Senior Vice President, Chief Investment Officer Joe Jaffoni - Investor Relations Conference Call Parti ...

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, 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 ...

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Q4 2021 Earnings Conference Call February 25, 2022 8:00 AM ET Company Participants Peter Carlino – Chairman & Chief Executive Officer Desiree Burke – Senior Vice President & Chief Accounting Officer & Treasurer Matthew Demchyk – Senior Vice President & Chief Investment Officer Steve Ladany – Senior Vice President & Chief Development Officer Brandon Moore – Executive Vice President and General Counsel Joe Jaffoni – Investor Relations Conference Call Participa ...

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Q3 2021 Earnings Conference Call October 29, 2021 10:00 AM ET Company Participants Joe Jaffoni - Investor Relations Peter Carlino - Chairman & Chief Executive Officer Desiree Burke - Senior Vice President & Chief Accounting Officer & Treasurer Matthew Demchyk - Senior Vice President & Chief Investment Officer Steve Ladany - Senior Vice President & Chief Development Officer Conference Call Participants Ravi Vaidya - KeyBanc Capital Markets Barry Jonas - Truis ...

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, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) ☐ 1934 For the tran ...

Financial Data and Key Metrics Changes - The second quarter results showed an increase in income from real estate by $22 million compared to the prior year, primarily due to higher percentage rent from Penn's Master Lease [13][14] - The REIT segment experienced an increase in expenses of $6.4 million compared to the second quarter of 2020, mainly due to non-cash items such as land rights and ground lease expense [15] - The TRS segment reported net revenues and adjusted EBITDA exceeding prior year levels by $33.7 million and $14.3 million respectively [16] Business Line Data and Key Metrics Changes - Rental income from the new Bally's lease was $3.1 million, and an increase related to Casino Queen was $3.4 million due to a full quarter of rent collection in 2021 [14] - The anticipated full escalator on the Penn Master Lease effective November 1st will increase annualized rent by $5.6 million [16] Market Data and Key Metrics Changes - The company noted that regional gaming real estate is increasingly attractive compared to other investment opportunities, especially as institutional capital seeks safe and durable incomes [23] Company Strategy and Development Direction - The company aims to enhance its growth profile and long-term intrinsic value per share by focusing on prudent capital deployment [21] - There is an ongoing exploration of opportunities outside of gaming, although the company remains cautious and focused on its core regional gaming assets [102] Management's Comments on Operating Environment and Future Outlook - Management expressed surprise at the strong recovery in the gaming industry, with many properties hitting record top-line numbers despite occupancy limits [54][56] - The company anticipates that the operational strength and stronger tenant base will translate to greater value for its portfolio and shareholders [22] Other Important Information - The company raised over $70 million through its at-the-market equity issuance program, indicating a strong balance sheet [19] - Management has decided not to pursue a CFO search at this time, as the current team is effectively managing operations [36][108] Q&A Session Summary Question: Expectations for achieving rent escalators with other leases - Management expects to achieve escalators primarily with the Penn lease, while the Meadows lease remains uncertain due to performance [27] Question: Interest in regional assets from institutional capital - There is a moat in limited license states that makes it less direct for capital to enter, but the company believes capital will find the best risk-adjusted returns [29] Question: Update on discussions with Bally's - The company maintains a strong relationship with Bally's and continues discussions for potential future transactions [35] Question: Update on CFO search - Management has abandoned the CFO search as the current team is effectively handling responsibilities [36] Question: G&A related to TRS assets - G&A expenses related to TRS assets are expected to be split evenly, with half remaining until the sale of Baton Rouge [44] Question: Strength of regional markets post-pandemic - Management noted that the entire industry has shown surprising strength, with many properties achieving record numbers [54] Question: Expansion into non-gaming experiential real estate - The company is open to exploring non-gaming investments but remains cautious due to the strength of its current gaming category [58] Question: Will operators move to an asset-light model? - There is a cautious approach among operators, but recognition of the value that REITs bring is increasing [65] Question: Impact of rising COVID cases on discussions - Currently, there is no influence from rising COVID cases on discussions or timelines [70] Question: Cap rate compression and institutional capital - The company is well-positioned to benefit from cap rate compression while continuing to source attractive deals [76] Question: Opportunities for funding expansions with current tenants - Management is hopeful for significant expansions with tenants over the next 12 months [86] Question: Profitability sustainability post-pandemic - Management expects that about half of the profitability gains will be retained long-term [117]

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, 2021 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 ...

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) Q1 2021 Earnings Conference Call April 30, 2021 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 Matthew Demchyk - Senior Vice President and Chief Investment Officer Steve Ladany - Senior Vice President and Chief Development Officer Brandon Moore - Executive Vice President, General Counsel and Secretary Conferenc ...

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements of Gaming and Leisure Properties, Inc. (GLPI) and its subsidiaries for the quarter ended March 31, 2021, including balance sheets, income statements, statements of changes in shareholders' equity, and cash flow statements, along with detailed notes explaining the company's business, accounting policies, and financial instrument details [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets show a slight decrease in total assets and shareholders' equity from December 31, 2020, to March 31, 2021, while total liabilities remained relatively stable | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total assets | $9,013,490 | $9,034,368 | | Total liabilities | $6,366,847 | $6,359,350 | | Total shareholders' equity | $2,646,643 | $2,675,018 | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) GLPI reported a significant increase in net income for the three months ended March 31, 2021, compared to the same period in 2020, driven by higher total revenues and a substantial reduction in other expenses, primarily due to the absence of debt extinguishment losses | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Total revenues | $301,543 | $283,482 | | Income from operations | $200,101 | $186,350 | | Total other expenses | $(70,289) | $(89,137) | | Net income | $127,184 | $96,894 | | Basic earnings per common share | $0.55 | $0.45 | | Diluted earnings per common share | $0.54 | $0.45 | - Net income increased by **$30.3 million** (31.3%) year-over-year, primarily due to higher revenues and the absence of **$17.3 million** in debt extinguishment losses incurred in Q1 2020[16](index=16&type=chunk) [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) The statements of changes in shareholders' equity reflect a decrease in total equity from December 31, 2020, to March 31, 2021, primarily due to dividends paid, partially offset by net income | Metric | December 31, 2020 (in thousands) | March 31, 2021 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total Shareholders' Equity | $2,675,018 | $2,646,643 | | Dividends paid | N/A | $(151,496) | | Net income | N/A | $127,184 | - Dividends paid amounted to **$0.65 per common share** for Q1 2021, totaling **$151.5 million**[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow from operating activities increased slightly, while investing activities remained minimal. Financing activities shifted from a significant cash provider in 2020 (due to debt issuance) to a cash user in 2021, primarily for dividend payments | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Net cash provided by operating activities | $205,208 | $198,785 | | Net cash used in investing activities | $(1,044) | $(646) | | Net cash (used in) provided by financing activities | $(161,380) | $334,583 | | Net increase in cash and cash equivalents | $34,289 | $532,722 | | Cash and cash equivalents at end of period | $520,740 | $559,545 | - The significant cash provided by financing activities in Q1 2020 was due to **$1.17 billion** in proceeds from long-term debt issuance, which was not repeated in Q1 2021[22](index=22&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide essential context and detailed breakdowns for the financial statements, covering GLPI's business model as a REIT, significant accounting policies, recent transactions, debt structure, lease agreements, and segment information, crucial for understanding the company's financial position and performance [1. Business and Operations](index=9&type=section&id=1.%20Business%20and%20Operations) GLPI operates as a self-administered REIT, primarily acquiring, financing, and owning real estate for gaming operators under triple-net lease arrangements. As of March 31, 2021, its portfolio included 48 gaming and related facilities across 16 states, with 100% occupancy, and the company continues to pursue growth opportunities - GLPI's primary business is acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements[26](index=26&type=chunk) - As of March 31, 2021, GLPI's portfolio consisted of interests in **48 gaming and related facilities**, geographically diversified across **16 states**, and was **100% occupied**[26](index=26&type=chunk) - The company's portfolio includes properties leased to Penn National Gaming, Caesars Entertainment, Boyd Gaming, and Casino Queen, in addition to its own Taxable REIT Subsidiary (TRS) properties[26](index=26&type=chunk) - The COVID-19 pandemic led to temporary closures of all casino operations in mid-March 2020, with most properties reopening at limited capacity by early July 2020. As of the filing date, none of GLPI's properties are closed[36](index=36&type=chunk) [2. Basis of Presentation](index=11&type=section&id=2.%20Basis%20of%20Presentation) The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information, with all intercompany accounts and transactions eliminated. Management's estimates and assumptions are used, and prior period amounts have been reclassified for consistent presentation - Financial statements are prepared in accordance with U.S. GAAP for interim information, requiring management estimates and assumptions[37](index=37&type=chunk)[38](index=38&type=chunk) - Certain prior period amounts were reclassified, specifically gains and losses from dispositions of properties, now presented separately from General and administrative expenses[39](index=39&type=chunk) [3. New Accounting Pronouncements](index=12&type=section&id=3.%20New%20Accounting%20Pronouncements) The company adopted ASU No. 2020-04, Reference Rate Reform, which provides optional expedients for contract modifications affected by the phasing out of LIBOR. GLPI anticipates no material impact from this pronouncement due to its limited exposure to LIBOR-referencing obligations - ASU No. 2020-04, Reference Rate Reform, was adopted to address the discontinuation of LIBOR[42](index=42&type=chunk) - GLPI does not anticipate any material impact from this pronouncement due to the limited amount of obligations and contracts referencing LIBOR[42](index=42&type=chunk) [4. Real Estate Investments](index=12&type=section&id=4.%20Real%20Estate%20Investments) Real estate investments, net, decreased slightly from December 31, 2020, to March 31, 2021, primarily due to accumulated depreciation | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Total real estate investments | $8,698,098 | $8,698,098 | | Less accumulated depreciation | $(1,467,329) | $(1,410,940) | | Real estate investments, net | $7,230,769 | $7,287,158 | [5. Property and Equipment Used in Operations](index=13&type=section&id=5.%20Property%20and%20Equipment%20Used%20in%20Operations) Property and equipment used in operations, net, primarily for TRS Properties, saw a minor decrease from December 31, 2020, to March 31, 2021, reflecting ongoing depreciation and slight changes in construction in progress | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :----------------------------- | :----------------------------- | :----------------------------- | | Total property and equipment | $177,768 | $177,114 | | Less accumulated depreciation | $(97,849) | $(96,496) | | Property and equipment, net | $79,919 | $80,618 | [6. Assets Held for Sale](index=13&type=section&id=6.%20Assets%20Held%20for%20Sale) GLPI has classified the operating assets of Hollywood Casino Baton Rouge and Hollywood Casino Perryville as assets held for sale, with expected closings in the second half of 2021. These transactions involve selling operations while retaining real estate and entering into new master lease agreements - GLPI entered into a definitive agreement to sell the operations of Hollywood Casino Baton Rouge to Casino Queen for **$28.2 million**, retaining real estate and entering a new master lease with initial annual cash rent of approximately **$21.4 million**[46](index=46&type=chunk) - Penn agreed to purchase the operations of Hollywood Casino Perryville for **$31.1 million**, with GLPI leasing the real estate back to Penn for an initial annual rent of **$7.77 million**[47](index=47&type=chunk) | Assets Held for Sale (in thousands) | March 31, 2021 | | :---------------------------------- | :------------- | | Property and equipment, used in operations, net | $9,153 | | Goodwill | $16,067 | | Other intangible assets | $9,577 | | Total Assets Held for Sale | $70,457 | [7. Lease Assets and Lease Liabilities](index=14&type=section&id=7.%20Lease%20Assets%20and%20Lease%20Liabilities) GLPI's lease assets primarily consist of right-of-use assets and land rights related to ground leases, which are subleased to tenants. Lease liabilities represent future lease obligations, with a weighted average remaining lease term of 56.23 years and a discount rate of 6.73% | Lease Assets (in thousands) | March 31, 2021 | December 31, 2020 | | :-------------------------- | :------------- | :---------------- | | Right-of-use assets - operating leases | $150,917 | $151,339 | | Land rights, net | $615,015 | $617,858 | | Total | $765,932 | $769,197 | | Lease Liabilities (in thousands) | March 31, 2021 | | :------------------------------- | :------------- | | Total lease payments | $622,448 | | Less: interest | $(470,544) | | Present value of lease liabilities | $151,904 | | Lease Expense (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--------------------------- | :-------------------------------- | :-------------------------------- | | Operating lease cost | $2,928 | $3,695 | | Variable lease cost | $1,010 | $1,462 | | Short-term lease cost | $327 | $227 | | Amortization of land right assets | $2,843 | $3,020 | | Total lease cost | $7,108 | $8,404 | - Weighted average remaining lease term for operating leases is **56.23 years**, with a weighted average discount rate of **6.73%**[59](index=59&type=chunk) [8. Long-term Debt](index=17&type=section&id=8.%20Long-term%20Debt) GLPI's long-term debt primarily consists of senior unsecured notes and a term loan facility. The company refinanced and extended debt maturities in 2020, resulting in a stable total long-term debt balance as of March 31, 2021, with significant borrowing capacity remaining under its revolving credit facility | Long-term Debt (in thousands) | March 31, 2021 | December 31, 2020 | | :------------------------------ | :------------- | :---------------- | | Total long-term debt | $5,799,846 | $5,799,879 | | Net of unamortized costs | $5,757,125 | $5,754,689 | | Future Minimum Repayments (in thousands) | Amount | | :--------------------------------------- | :----- | | Within one year | $137 | | 2-3 years | $924,313 | | 4-5 years | $1,250,324 | | Over 5 years | $3,625,072 | | Total | $5,799,846 | - As of March 31, 2021, GLPI had **$1,174.6 million** available borrowing capacity under its Revolver[64](index=64&type=chunk) - The company was in compliance with all financial covenants under its Amended Credit Facility and Senior Notes as of March 31, 2021[66](index=66&type=chunk)[69](index=69&type=chunk) [9. Fair Value of Financial Assets and Liabilities](index=19&type=section&id=9.%20Fair%20Value%20of%20Financial%20Assets%20and%20Liabilities) GLPI estimates the fair value of its financial instruments, classifying them into a three-level hierarchy based on input observability. Cash and cash equivalents, deferred compensation plan assets, and Amended Credit Facility obligations approximate carrying value, while Senior Notes have a higher fair value than their carrying amount | Financial Instrument (in thousands) | Carrying Amount (March 31, 2021) | Fair Value (March 31, 2021) | | :---------------------------------- | :------------------------------- | :-------------------------- | | Cash and cash equivalents | $520,740 | $520,740 | | Deferred compensation plan assets | $31,005 | $31,005 | | Amended Credit Facility | $424,019 | $424,019 | | Senior Notes | $5,375,000 | $5,903,868 | - Fair value measurements are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[76](index=76&type=chunk) [10. Commitments and Contingencies](index=21&type=section&id=10.%20Commitments%20and%20Contingencies) GLPI is involved in various legal and administrative proceedings in the normal course of business but does not anticipate a material adverse effect on its financial position or results of operations from these matters - The Company is subject to various legal and administrative proceedings but does not believe the final outcome will have a material adverse effect on its consolidated financial position or results of operations[79](index=79&type=chunk) [11. Revenue Recognition](index=21&type=section&id=11.%20Revenue%20Recognition) GLPI's revenue primarily derives from triple-net operating leases with gaming operators, featuring fixed and performance-based rent components, annual escalators, and tenant responsibilities for executory costs. Lease terms are determined based on reasonable assurance of renewal options, varying by lease type and tenant business significance - GLPI's rental income is primarily from triple-net master leases with Penn, Caesars, and Boyd, and single-property leases with Casino Queen, Caesars (Lumière Place), and Boyd (Belterra Park)[80](index=80&type=chunk) - Lease structures include fixed rent, often with annual escalators (e.g., **2% or CPI-linked**), and percentage rent components based on facility net revenues[82](index=82&type=chunk)[83](index=83&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Tenants are responsible for all executory costs, including maintenance, insurance, property taxes, and utilities[94](index=94&type=chunk) | Rental Income (in thousands) | Three Months Ended March 31, 2021 | | :--------------------------- | :-------------------------------- | | Building base rent | $172,449 | | Land base rent | $51,408 | | Percentage rent | $35,996 | | Total cash rental income | $259,853 | | Straight-line rent adjustments | $828 | | Ground rent in revenue | $3,111 | | Other rental revenue | $50 | | Total rental income | $263,842 | [12. Earnings Per Share](index=24&type=section&id=12.%20Earnings%20Per%20Share) Basic and diluted EPS increased for the three months ended March 31, 2021, compared to 2020, reflecting higher net income and a slight increase in weighted-average common shares outstanding | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Basic EPS | $0.55 | $0.45 | | Diluted EPS | $0.54 | $0.45 | | Weighted-average common shares outstanding (basic, in thousands) | 232,775 | 215,090 | | Diluted weighted-average common shares outstanding (in thousands) | 233,465 | 215,449 | [13. Shareholders' Equity](index=25&type=section&id=13.%20Shareholders'%20Equity) GLPI did not sell any common stock under its ATM Program during Q1 2021, retaining $599.6 million for future issuance. The company declared and paid a common stock dividend of $0.65 per share for the first quarter of 2021 - No shares were sold under the ATM Program during Q1 2021, with **$599.6 million** remaining for issuance[111](index=111&type=chunk) | Dividend Details | 2021 (Q1) | 2020 (Q1) | | :---------------- | :-------- | :-------- | | Dividend Per Share | $0.65 | $0.70 | | Dividend Amount (in thousands) | $151,308 | $150,574 | [14. Stock-Based Compensation](index=26&type=section&id=14.%20Stock-Based%20Compensation) GLPI recognized $3.4 million in compensation expense for time-based restricted stock awards and $2.4 million for performance-based restricted stock awards during Q1 2021. Unrecognized compensation costs for these awards total $6.8 million and $18.6 million, respectively, to be recognized over their remaining vesting periods - Recognized **$3.4 million** in compensation expense for time-based restricted stock awards in Q1 2021, up from **$1.8 million** in Q1 2020[114](index=114&type=chunk) - Recognized **$2.4 million** in compensation expense for performance-based restricted stock awards in Q1 2021 and Q1 2020[116](index=116&type=chunk) - As of March 31, 2021, total unrecognized compensation cost for restricted stock awards was **$6.8 million** (weighted average vesting period of **1.90 years**) and **$18.6 million** for performance-based awards (weighted average vesting period of **2.25 years**)[114](index=114&type=chunk)[116](index=116&type=chunk) [15. Segment Information](index=27&type=section&id=15.%20Segment%20Information) GLPI operates with two reportable segments: GLP Capital, which holds the majority of leased real property, and the TRS Segment, comprising Hollywood Casino Perryville, Hollywood Casino Baton Rouge, and Tropicana Las Vegas real estate. The TRS Segment showed significant revenue and income growth in Q1 2021 compared to Q1 2020 | Segment Performance (in thousands) | GLP Capital (Q1 2021) | TRS Segment (Q1 2021) | GLP Capital (Q1 2020) | TRS Segment (Q1 2020) | | :--------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Total revenues | $263,842 | $37,701 | $256,723 | $26,759 | | Income from operations | $190,171 | $9,930 | $183,184 | $3,166 | | Net income | $124,048 | $3,136 | $96,521 | $373 | - The TRS Segment's total revenues increased by **40.9%** and net income by **740.8%** year-over-year, largely due to the impact of COVID-19 closures in Q1 2020[120](index=120&type=chunk) [16. Supplemental Disclosures of Cash Flow Information and Noncash Activities](index=28&type=section&id=16.%20Supplemental%20Disclosures%20of%20Cash%20Flow%20Information%20and%20Noncash%20Activities) Supplemental cash flow information indicates an increase in cash paid for interest in Q1 2021 compared to Q1 2020. No noncash investing and financing activities occurred during the three months ended March 31, 2021 or 2020 | Cash Flow Information (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Cash paid for income taxes, net | $24 | $0 | | Cash paid for interest | $58,645 | $52,339 | - No noncash investing and financing activities were reported for the three months ended March 31, 2021 and 2020[123](index=123&type=chunk) [17. Pending Acquisitions](index=28&type=section&id=17.%20Pending%20Acquisitions) GLPI has definitive agreements to acquire the real property assets of Tropicana Evansville and Dover Downs Hotel & Casino from Bally's for a total of $484.0 million, expected to close in mid-2021. These properties will be added to a new Bally's Master Lease with an initial annual rent of $40.0 million, subject to CPI-linked escalators - GLPI will acquire real property assets of Tropicana Evansville and Dover Downs Hotel & Casino from Bally's for approximately **$340.0 million** and **$144.0 million**, respectively[124](index=124&type=chunk) - These acquisitions, expected to close in mid-2021, will be added to a new Bally's Master Lease with an initial annual rent of **$40.0 million**, subject to annual escalators of up to **2%** based on CPI[124](index=124&type=chunk) [18. Subsequent Events](index=28&type=section&id=18.%20Subsequent%20Events) Subsequent to the quarter end, GLPI entered a binding term sheet with Bally's to acquire real estate in Black Hawk, CO, and Rock Island, IL, for $150 million, generating $12 million in incremental rent under the Bally's Master Lease, expected to close in early 2022. Bally's also granted GLPI a right of first refusal for future real property acquisitions in several states and committed to a structure for potential additional sale-leaseback transactions up to $500 million - On April 13, 2021, GLPI announced a binding term sheet with Bally's to acquire real estate in Black Hawk, CO, and Rock Island, IL, for **$150 million**, expected to generate **$12 million** in incremental rent[125](index=125&type=chunk) - Bally's granted GLPI a **seven-year** right of first refusal for real property acquisitions or development projects in Michigan, Maryland, New York, and Virginia[126](index=126&type=chunk) - Bally's plans to acquire GLPI's non-land real estate assets and Penn's equity interests in Tropicana Las Vegas for **$150 million**, with GLPI retaining land ownership and entering a **50-year** ground lease with **$10.5 million** initial annual rent[127](index=127&type=chunk) - GLPI and Bally's committed to a structure for potential additional sale-leaseback transactions up to **$500 million**, providing Bally's an alternative financing commitment[128](index=128&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=28&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on GLPI's financial condition and operational results for the three months ended March 31, 2021, highlighting the company's business model, recent developments, financial performance, and liquidity. It details the impact of COVID-19, pending acquisitions, and the drivers behind revenue and expense changes, including non-GAAP financial measures [Our Operations](index=29&type=section&id=Our%20Operations) GLPI, a REIT spun off from Penn National Gaming, focuses on acquiring and leasing gaming real estate under triple-net arrangements. Its portfolio includes 48 facilities, 100% occupied, with major leases to Penn, Caesars, and Boyd. Recent transactions include the acquisition of Tropicana Las Vegas real estate and pending sales of TRS operations with new leasebacks - GLPI's primary business is acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements[131](index=131&type=chunk) - As of March 31, 2021, GLPI's portfolio consisted of interests in **48 gaming and related facilities**, **100% occupied**, across **16 states**[131](index=131&type=chunk) - Key lease agreements include the Penn Master Lease, Amended Pinnacle Master Lease, Boyd Master Lease, Belterra Park Lease, Meadows Lease, Amended and Restated Caesars Master Lease, Lumière Place Lease, Morgantown Lease, and Casino Queen Lease[132](index=132&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - Tenants under triple-net leases are responsible for all facility maintenance, insurance, property taxes, and utilities[144](index=144&type=chunk) [Recent Developments and Business Outlook](index=33&type=section&id=Recent%20Developments%20and%20Business%20Outlook) The COVID-19 pandemic significantly impacted GLPI's tenants and TRS properties, leading to temporary closures and subsequent strong reopening results, though future performance remains uncertain. GLPI is actively pursuing strategic acquisitions and sale-leaseback opportunities with Bally's, including Tropicana Evansville, Dover Downs, and future properties, expanding its portfolio and lease agreements - COVID-19 caused nationwide casino closures in mid-March 2020, significantly impacting tenants and GLPI's TRS operations. Reopened properties have shown strong performance, but continuation is uncertain[147](index=147&type=chunk)[148](index=148&type=chunk) - GLPI entered agreements to acquire real property assets of Tropicana Evansville and Dover Downs Hotel & Casino from Bally's for **$340.0 million** and **$144.0 million**, respectively, to be added to a new Bally's Master Lease with **$40.0 million** annual rent[148](index=148&type=chunk)[149](index=149&type=chunk) - Subsequent to quarter-end, GLPI agreed to acquire Bally's casino properties in Black Hawk, CO, and Rock Island, IL, for **$150 million**, generating **$12.0 million** in incremental rent, and secured a right of first refusal for future Bally's transactions in several states[151](index=151&type=chunk) - Bally's plans to acquire GLPI's non-land real estate assets and Penn's equity in Tropicana Las Vegas for **$150 million**, with GLPI retaining land and entering a **50-year** ground lease for **$10.5 million** annual rent[151](index=151&type=chunk) [Executive Summary](index=34&type=section&id=Executive%20Summary) GLPI reported increased total revenues and income from operations for Q1 2021, driven by favorable straight-line rent adjustments, higher percentage rent from the Penn Master Lease, and improved performance at TRS properties due to COVID-19 recovery. This was partially offset by lower ground rents and percentage rents on other leases, and a rent deferral with Casino Queen | Metric | Three Months Ended March 31, 2021 (in millions) | Three Months Ended March 31, 2020 (in millions) | | :----------------------- | :---------------------------------- | :---------------------------------- | | Total revenues | $301.5 | $283.5 | | Income from operations | $200.1 | $186.4 | | Net income | $127.2 | $96.9 | - Total income from real estate increased by **$7.1 million**, primarily due to **$9.5 million** in favorable straight-line rent adjustments and **$3.2 million** higher percentage rent on the Penn Master Lease[151](index=151&type=chunk)[152](index=152&type=chunk) - Revenues for TRS Properties increased by **$10.9 million**, driven by strong 2021 results and the impact of COVID-19 closures in Q1 2020[151](index=151&type=chunk) - Other expenses decreased by **$18.8 million** due to the absence of **$17.3 million** in debt extinguishment charges incurred in Q1 2020[151](index=151&type=chunk) [Critical Accounting Estimates](index=35&type=section&id=Critical%20Accounting%20Estimates) GLPI's critical accounting estimates, including those for leases, income taxes, and real estate investments, involve significant judgment and subjectivity. Management believes current assumptions are appropriate, but actual results could materially differ - Key critical accounting estimates include accounting for leases, income taxes, and real estate investments[153](index=153&type=chunk) - No material changes to these estimates occurred for the three months ended March 31, 2021[155](index=155&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) GLPI's Q1 2021 results show a 6.4% increase in total revenues and a 7.4% increase in income from operations year-over-year. This was primarily driven by a $7.1 million increase in real estate income and a $10.9 million increase in TRS segment revenues, coupled with a significant reduction in other expenses due to the absence of prior year debt extinguishment losses | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :----------------------- | :----------------------------------- | :----------------------------------- | | Total revenues | $301,543 | $283,482 | | Total operating expenses | $101,442 | $97,132 | | Income from operations | $200,101 | $186,350 | | Total other expenses | $(70,289) | $(89,137) | | Net income | $127,184 | $96,894 | - Total income from real estate increased by **$7.1 million** (**2.8%**), driven by favorable straight-line rent adjustments and higher percentage rent from the Penn Master Lease, partially offset by lower ground rents and other percentage rents[169](index=169&type=chunk) - Gaming, food, beverage and other revenue for the TRS segment increased by **$10.9 million** (**40.9%**), primarily due to properties being closed in mid-March 2020 due to COVID-19 and strong performance post-reopening[172](index=172&type=chunk) - Other expenses decreased by **$18.8 million** (**21.1%**) due to the absence of **$17.3 million** in losses on debt extinguishment recorded in Q1 2020[178](index=178&type=chunk)[180](index=180&type=chunk) [FFO, AFFO and Adjusted EBITDA](index=36&type=section&id=FFO%2C%20AFFO%20and%20Adjusted%20EBITDA) GLPI uses non-GAAP financial measures like FFO, AFFO, and Adjusted EBITDA to assess operating performance. For Q1 2021, all three metrics increased significantly year-over-year, primarily driven by higher net income, increased real estate income, and the absence of debt extinguishment charges from the prior year - FFO, AFFO, and Adjusted EBITDA are non-GAAP measures used to evaluate operating performance, excluding real estate depreciation and other non-cash items[157](index=157&type=chunk)[159](index=159&type=chunk) | Non-GAAP Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :----------------------------- | :-------------------------------- | :-------------------------------- | | Funds from operations (FFO) | $183,573 | $151,174 | | Adjusted funds from operations (AFFO) | $195,720 | $188,810 | | Adjusted EBITDA | $266,605 | $258,813 | - GLP Capital segment's FFO, AFFO, and Adjusted EBITDA increased due to higher income from real estate and lower interest expense, while the TRS Properties segment's metrics increased significantly due to recovery from COVID-19 closures[163](index=163&type=chunk)[165](index=165&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) GLPI's primary liquidity sources are cash flow from operations, bank borrowings, and debt/equity issuances. Net cash from operating activities increased in Q1 2021, while financing activities shifted to a net cash outflow due to dividend payments, contrasting with Q1 2020's significant debt issuance. Capital expenditures were minimal, primarily for TRS properties - Primary liquidity sources are cash flow from operations, bank borrowings, and proceeds from debt and equity securities[182](index=182&type=chunk) | Cash Flow Activity (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $205,208 | $198,785 | | Net cash used in investing activities | $(1,044) | $(646) | | Net cash (used in) provided by financing activities | $(161,380) | $334,583 | - The increase in operating cash flow was driven by higher cash receipts from customers and lower cash paid to employees, partially offset by increased interest and operating expense payments[183](index=183&type=chunk) - Capital expenditures for TRS Properties were **$1.0 million** in Q1 2021, mainly for a landside development project at Hollywood Casino Baton Rouge and slot machine equipment[188](index=188&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=44&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) GLPI's primary market risk exposure is interest rate risk, mainly from its $5.8 billion indebtedness. While most debt is fixed-rate, variable-rate exposure exists through its Revolver and Term Loan A-2, which are indexed to LIBOR. The company is monitoring the LIBOR transition to SOFR and may use hedging strategies, though REIT provisions limit such activities - GLPI's primary market risk exposure is interest rate risk, with **$5,799.8 million** in indebtedness at March 31, 2021[206](index=206&type=chunk) - Most debt (**$5,375.0 million**) is fixed-rate, but variable-rate exposure exists through the Revolver and Term Loan A-2, indexed to LIBOR, which is phasing out[204](index=204&type=chunk)[206](index=206&type=chunk) | Debt Type (in thousands) | 2-3 years | 4-5 years | Thereafter | Total | Fair Value (March 31, 2021) | | :----------------------- | :-------- | :-------- | :--------- | :---- | :-------------------------- | | Fixed rate | $500,000 | $1,250,000 | $3,625,000 | $5,375,000 | $5,903,868 | | Variable rate | $424,019 | — | — | $424,019 | $424,019 | [ITEM 4. CONTROLS AND PROCEDURES](index=45&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) GLPI's management, including its principal executive and financial officers, concluded that the company's disclosure controls and procedures were effective as of March 31, 2021. There were no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were evaluated and deemed effective as of March 31, 2021[209](index=209&type=chunk) - No material changes in internal control over financial reporting occurred during the fiscal quarter[210](index=210&type=chunk) PART II. OTHER INFORMATION [ITEM 1. LEGAL PROCEEDINGS](index=46&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Information regarding legal proceedings is incorporated by reference from Note 10: Commitments and Contingencies in the condensed consolidated financial statements - Legal proceedings information is incorporated by reference from Note 10 to the condensed consolidated financial statements[212](index=212&type=chunk) [ITEM 1A. RISK FACTORS](index=46&type=section&id=ITEM%201A.%20RISK%20FACTORS) Risk factors affecting GLPI's business and financial results are discussed in the company's Annual Report on Form 10-K. No material changes to these risk factors have occurred since the Annual Report - Risk factors are discussed in Part I, Item 1A of the Annual Report on Form 10-K[213](index=213&type=chunk) - There have been no material changes in risk factors from those previously disclosed in the Annual Report[213](index=213&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=46&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The Company did not repurchase any shares of common stock or sell any unregistered securities during the three months ended March 31, 2021 - No repurchases of common stock or sales of unregistered securities occurred during Q1 2021[214](index=214&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=46&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) There were no defaults upon senior securities during the reporting period - No defaults upon senior securities[215](index=215&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=46&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the Company - Mine safety disclosures are not applicable[216](index=216&type=chunk) [ITEM 5. OTHER INFORMATION](index=46&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information is required to be disclosed under this item - No other information is applicable[217](index=217&type=chunk) [ITEM 6. EXHIBITS](index=47&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including subsidiary lists, officer certifications, and financial information formatted in Inline XBRL - Exhibits include a list of subsidiary issuers, officer certifications, and financial information in Inline XBRL format[220](index=220&type=chunk) [SIGNATURE](index=48&type=section&id=SIGNATURE) The report is duly signed on behalf of Gaming and Leisure Properties, Inc. by Peter M. Carlino, Chairman of the Board and Chief Executive Officer (Principal Executive Officer and Principal Financial Officer), on April 30, 2021 - The report was signed by Peter M. Carlino, Chairman of the Board and Chief Executive Officer, on April 30, 2021[224](index=224&type=chunk)