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