Gaming and Leisure Properties (NASDAQ: GLPI) lifts 2026 AFFO outlook

Q: How did Gaming and Leisure Properties (GLPI) perform in Q2 2026?

GLPI generated $430.5 million of total revenue and $234.9 million of net income in Q2 2026. AFFO was $304.0 million and Adjusted EBITDA reached $405.5 million , with management citing record quarterly revenue, AFFO and Adjusted EBITDA.

Q: What is GLPI's updated 2026 AFFO guidance?

For 2026, GLPI now estimates AFFO between $1.219 billion and $1.225 billion . On a per-share basis, this equates to $4.10–$4.12 per diluted common share and OP/LTIP unit, modestly above the prior midpoint guidance of $4.08–$4.12.

Q: What dividend and yield is Gaming and Leisure Properties (GLPI) paying?

GLPI declared a second-quarter 2026 dividend of $0.82 per share, a 5.1% increase from $0.78. This equates to an annualized dividend of $3.28 per share and a 7.4% dividend yield based on the June 30, 2026 stock price.

Q: What is GLPI's leverage and debt profile as of June 30, 2026?

As of June 30, 2026, GLPI had net debt of about $7.76 billion and net leverage of 4.78x last-quarter annualized Adjusted EBITDA. Total long-term debt was $8.16 billion , with a weighted-average interest rate of 5.07% and average maturity of 6.9 years.

Q: What development and funding activity did GLPI undertake in 2026?

GLPI is funding several projects, including $940 million for Bally’s Chicago and $225 million for PENN’s Aurora relocation. At June 30, 2026, its development pipeline totaled $2.022 billion of commitments, with $650.1 million funded and $1.3719 billion left to fund.

Q: Did GLPI issue new equity or debt during 2026?

Yes. GLPI issued 7,589,487 common shares via a forward sale, raising net proceeds of $351.0 million . It also issued $800 million of senior notes due March 1, 2036 with a 5.625% coupon, using proceeds to repay term loan borrowings and for corporate purposes.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Gaming and Leisure Properties, Inc. reported record second-quarter 2026 results, with total revenue of $430.5 million and net income of $234.9 million. Funds from operations were $302.3 million and adjusted funds from operations were $304.0 million, both significantly higher than a year earlier.

Adjusted EBITDA reached $405.5 million, a 12.2% increase, while AFFO per diluted share and OP/LTIP unit was $1.03. The quarterly dividend was raised to $0.82 per share, or $3.28 annualized, implying a 7.4% yield as of June 30, 2026.

For full-year 2026, the company now targets AFFO of $1.219–$1.225 billion, or $4.10–$4.12 per diluted share, incorporating $750–$800 million of development spending. Net leverage was about 4.8x, below the 5.0x–5.5x target range, supported by a development pipeline exceeding $2.0 billion of committed projects.

Positive

Record Q2 2026 performance with total revenue of $430.5 million, AFFO of $304.0 million up 10.1%, and Adjusted EBITDA of $405.5 million up 12.2% year over year.
Raised 2026 AFFO guidance to $1.219–$1.225 billion, or $4.10–$4.12 per diluted share and OP/LTIP unit, reflecting confidence in earnings growth.
Maintained conservative leverage at 4.78x net debt to Adjusted EBITDA, below the 5.0x–5.5x target range, while supporting a development pipeline of about $2.0 billion and a 7.4% dividend yield.

Negative

None.

Insights

Analyzing...

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total Revenue Q2 2026: $430.5 million Net Income Q2 2026: $234.9 million AFFO Q2 2026: $304.0 million +5 more

8 metrics

Total Revenue Q2 2026 $430.5 million Quarter ended June 30, 2026, versus $394.9 million in Q2 2025

Net Income Q2 2026 $234.9 million Consolidated net income for the quarter ended June 30, 2026

AFFO Q2 2026 $304.0 million Adjusted funds from operations for quarter ended June 30, 2026, up 10.1%

Adjusted EBITDA Q2 2026 $405.5 million Adjusted EBITDA for quarter ended June 30, 2026, up 12.2% year over year

2026 AFFO Guidance $1.219–$1.225 billion Estimated AFFO for year ending December 31, 2026

2026 AFFO per Share Guidance $4.10–$4.12 per diluted share and OP/LTIP unit Updated full-year 2026 AFFO per share range

Net Leverage 4.78x Net debt to Adjusted EBITDA as of June 30, 2026

Dividend Yield 7.4% Annualized dividend yield based on June 30, 2026 stock price

Key Terms

Funds from Operations, Adjusted Funds From Operations, Adjusted EBITDA, triple-net lease, +2 more

6 terms

Funds from Operations financial

"Funds from Operations is net income excluding gains or losses from dispositions and real estate depreciation"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Adjusted Funds From Operations financial

"Adjusted Funds From Operations is FFO excluding stock-based compensation and other specified non-cash items"

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

Adjusted EBITDA financial

"Adjusted EBITDA is net income excluding interest, income tax expense, real estate depreciation and other adjustments"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

triple-net lease financial

"leased to gaming operators in triple-net lease arrangements where tenants pay maintenance, insurance and taxes"

A triple-net lease is a rental agreement where the tenant pays the base rent plus the property's operating expenses—typically taxes, insurance, and maintenance—so the landlord receives mostly a steady, predictable cash payment. For investors, it matters because it can act like a low-maintenance, bond-like income stream with clearer expense exposure, but returns depend on the tenant’s financial strength and long-term ability to cover those extra costs.

coverage ratio financial

"coverage ratio represents the ratio of Adjusted EBITDAR to rent expense for the properties in each lease"

capitalization rate financial

"completed the $225 million commitment for PENN's Aurora development at a 7.75% capitalization rate"

The capitalization rate is a percentage that helps investors estimate how much money a property or investment might generate relative to its value. It’s similar to a return rate, showing how quickly an investment could pay for itself over time. This rate helps compare different investments and assess their potential profitability.

Earnings Snapshot

Total revenue: $430.5 million · Guidance included

Quarter ended June 30, 2026

Total revenue $430.5 million Up 9.0% from $394.9 million in Q2 2025

Net income $234.9 million Increased from $156.2 million in Q2 2025

AFFO $304.0 million Up 10.1% from $276.1 million in Q2 2025

Adjusted EBITDA $405.5 million Up 12.2% from $361.5 million in Q2 2025

Diluted EPS $0.80 Compared with $0.54 in Q2 2025

AFFO per diluted share and OP/LTIP unit $1.03 Compared with $0.96 in Q2 2025

Guidance

Management expects 2026 AFFO between $1.219 billion and $1.225 billion, or $4.10 to $4.12 per diluted share and OP/LTIP unit, assuming $750 million to $800 million of development spending and no unannounced acquisitions, dispositions or capital markets transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 12:09 PM Accepted by SEC EDGAR 07/31/2026 - 12:09 PM

FAQ

How did Gaming and Leisure Properties (GLPI) perform in Q2 2026?

GLPI generated $430.5 million of total revenue and $234.9 million of net income in Q2 2026. AFFO was $304.0 million and Adjusted EBITDA reached $405.5 million, with management citing record quarterly revenue, AFFO and Adjusted EBITDA.

What is GLPI's updated 2026 AFFO guidance?

For 2026, GLPI now estimates AFFO between $1.219 billion and $1.225 billion. On a per-share basis, this equates to $4.10–$4.12 per diluted common share and OP/LTIP unit, modestly above the prior midpoint guidance of $4.08–$4.12.

What dividend and yield is Gaming and Leisure Properties (GLPI) paying?

GLPI declared a second-quarter 2026 dividend of $0.82 per share, a 5.1% increase from $0.78. This equates to an annualized dividend of $3.28 per share and a 7.4% dividend yield based on the June 30, 2026 stock price.

What is GLPI's leverage and debt profile as of June 30, 2026?

As of June 30, 2026, GLPI had net debt of about $7.76 billion and net leverage of 4.78x last-quarter annualized Adjusted EBITDA. Total long-term debt was $8.16 billion, with a weighted-average interest rate of 5.07% and average maturity of 6.9 years.

What development and funding activity did GLPI undertake in 2026?

GLPI is funding several projects, including $940 million for Bally’s Chicago and $225 million for PENN’s Aurora relocation. At June 30, 2026, its development pipeline totaled $2.022 billion of commitments, with $650.1 million funded and $1.3719 billion left to fund.

What does Gaming and Leisure Properties' (GLPI) portfolio look like?

GLPI’s portfolio comprised 71 gaming and related facilities across 21 states as of June 30, 2026. About 87.3% of cash rent comes from public gaming companies, including PENN Entertainment, Caesars, Boyd Gaming and Bally’s, under primarily triple-net lease structures.

Did GLPI issue new equity or debt during 2026?

Yes. GLPI issued 7,589,487 common shares via a forward sale, raising net proceeds of $351.0 million. It also issued $800 million of senior notes due March 1, 2036 with a 5.625% coupon, using proceeds to repay term loan borrowings and for corporate purposes.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): 7/31/2026

Gaming and Leisure Properties, Inc.

(Exact name of registrant as specified in its charter)

Pennsylvania

001-36124

46-2116489

(State or Other Jurisdiction of
Incorporation or Organization)

(Commission File Number)

(IRS Employer Identification No.)

845 Berkshire Blvd., Suite 200

Wyomissing, PA 19610

(Address of principal executive offices)

610-401-2900

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

GLPI

Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 30, 2026, Gaming and Leisure Properties, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number						Description

99.1						Gaming and Leisure Properties, Inc. Earnings Press Release, dated July 30, 2026

99.2						Supplemental Financial Information, Second Quarter Ended June 30, 2026

104						The cover page from the Company's Current Report on Form 8-K, dated July 31, 2026, formatted in Inline XBRL.

* * *

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: July 31, 2026	GAMING AND LEISURE PROPERTIES, INC.


	By:	/s/ Desiree A. Burke
	Name:	Desiree A. Burke
	Title:	Chief Financial Officer and Treasurer

GAMING AND LEISURE PROPERTIES REPORTS RECORD SECOND QUARTER RESULTS AND UPDATES 2026 FULL YEAR GUIDANCE

WYOMISSING, PA — July 30, 2026 — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended June 30, 2026.

Financial Highlights


	Three Months Ended June 30,
(in millions, except per share data)	2026			2025
Total Revenue	$	430.5		$	394.9
Income from Operations	$	332.4		$	242.1
Net Income	$	234.9		$	156.2
FFO (1) (4)	$	302.3		$	224.9
AFFO (2) (4)	$	304.0		$	276.1
Adjusted EBITDA (3) (4)	$	405.5		$	361.5
Net income, per diluted common share	$	0.80		$	0.54
FFO, per diluted common share and OP/LTIP units (4)	$	1.03		$	0.79
AFFO, per diluted common share and OP/LTIP units (4)	$	1.03		$	0.96
Annualized dividend per share	$	3.28		$	3.12
Dividend yield based on period end stock price	7.4		%	6.7		%

(1) Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.

(2) Adjusted Funds From Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock-based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment and other financing costs; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

(3) Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock-based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; losses on debt extinguishment and other financing costs; severance charges; and provision (benefit) for credit losses, net.

(4) Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the effect on net income attributable to noncontrolling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our second quarter results marked another period of record revenue, AFFO and Adjusted EBITDA. On an operating basis, second quarter total revenue rose 9.0% to $430.5 million, AFFO grew 10.1% to $304.0 million, and Adjusted EBITDA increased 12.2% to $405.5 million. The record results highlight GLPI’s unmatched ability to structure complex transactions and deliver creative funding solutions for quality tenants, while maintaining structurally strong lease coverage, an output of our disciplined underwriting approach. Recent acquisitions and an expanding base of leading regional gaming operators and tribal relationships are fueling our pipeline, while financial flexibility remains a core tenet of the Company. Reflecting this momentum, we raised the midpoint of our 2026 AFFO per share guidance, as we are now forecasting a range of $4.10 to $4.12. During the quarter, we also raised our quarterly

dividend to $0.82 per share, marking a 5.1% increase over the prior $0.78 dividend per share. As of June 30, 2026, our annualized dividend implied yield was 7.4%.

“We remain very encouraged by trends across the regional gaming landscape, with same-store operator results showing healthy year over year gains through the mid-point of the calendar year, following a strong second quarter for the regional gaming sector.

“Concurrent with strengthening tenant fundamentals, GLPI's 2026 growth has been driven by multiple development projects, investments in tenant facility upgrades, and executed sale-leaseback transactions. During the second quarter, we invested $191 million in tenant developments and completed the $225 million funding commitment for PENN Entertainment's Hollywood Casino Aurora land-based conversion. In the second half of 2026, GLPI anticipates additional development funding of approximately $400 million to $450 million, bringing the 2026 total development spend to a range of $750 million to $800 million, in line with our prior commentary. This activity, coupled with future funding plans, will continue to drive AFFO per share growth through 2027 and into 2028.

“As of June 30, GLPI’s leverage stood at 4.8x, below the low end of our target range of 5.0x to 5.5x net debt to adjusted EBITDA. We expect to remain at or near the low end of the target leverage range as we execute on our announced pipeline. Our balance sheet position continues to provide financial flexibility when evaluating new transactions, and, moreover, allows us to drive accretive and accelerating AFFO growth, without the need for additional equity.

“Looking at the balance of the year, GLPI remains well positioned for growth, both in the near and long-term, supported by our strong operator relationships, our rights and options to participate in select tenants’ future growth and expansion, a healthy deal pipeline, and our ability to competitively structure and fund innovative transactions. In addition, our solid balance sheet and liquidity position the Company to grow cash flows, support future dividend growth, and build value for shareholders over the medium and long-term.”

Recent Developments

•On June 30, 2026, the Company entered into a second amendment to its loan related to the Hard Rock Casino Rockford, pursuant to which the borrower repaid $16.0 million of principal. The amendment also provides for scheduled future principal repayments on or before March 31, 2028, and March 31, 2029. The maturity date was extended to December 31, 2029, and includes an option for GLPI to acquire the building improvements at Hard Rock Casino Rockford.

•On June 24, 2026, the Company funded $216.3 million to complete the $225 million commitment on the Aurora landside development project for PENN Entertainment, Inc. (NASDAQ: PENN) ("PENN") at a 7.75% capitalization rate.

•On June 1, 2026, the Company settled a forward sale agreement pursuant, to which it issued 7,589,487 shares of common stock and raised net proceeds of $351.0 million.

•On March 4, 2026, the Company issued $800 million of senior notes due on March 1, 2036. The notes were priced at 99.857% of par value, with a coupon of 5.625%. The Company used the net proceeds to repay borrowings outstanding under the Company's term loan credit facility, as well as for working capital and general corporate purposes.

•On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort for a purchase price of $700 million and additional annual rent of $56.0 million (8.0% cap rate). The Company issued 332,890 OP Units in connection with the transaction, with the balance of the consideration paid in cash.

•On January 15, 2026, GLPI entered into a development agreement with The Cordish Companies ("Cordish") to fund up to $440 million of real estate construction costs for the Live! Virginia Casino & Hotel and acquired the project land for $27 million, representing a total commitment of $467 million at an 8.0% cap rate.

Dividends

On May 20, 2026, the Company announced that its Board of Directors declared a second quarter dividend of $0.82 per share on the Company's common stock that was paid on June 26, 2026 to shareholders of record on June 12, 2026.

2026 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2026 based on the following assumptions and other factors:

•The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions that have yet to be announced. The updated guidance incorporates the additional development fundings of approximately $400 million to $450 million, which will be funded relatively evenly by quarter throughout the remainder of 2026, which will bring total development spending for 2026 to a range of $750 million to $800 million.

•The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

The Company estimates AFFO for the year ending December 31, 2026 will be between $1.219 billion and $1.225 billion, or between $4.10 and $4.12 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2026 of between $1.212 billion and $1.223 billion, or between $4.08 and $4.12 per diluted share and OP/LTIP units.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Portfolio Update

GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. As of June 30, 2026, GLPI's portfolio consisted of interests in 71 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 16 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's"), 2 facilities under development; one with Bally's in Chicago, Illinois, and the other for Cordish and Bruce Smith Enterprise in Petersburg, Virginia, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 4 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 21 states.

Conference Call Details

The Company will hold a conference call on July 31, 2026, at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:

Dial in at least five minutes before the scheduled start time.

Domestic: 1-877/407-0784

International: 1-201/689-8560

Conference Call Playback:

Domestic: 1-844/512-2921

International: 1-412/317-6671

Passcode: 13761467

The playback can be accessed through Friday, August 7, 2026.

Webcast

The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data) (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues
Rental income	$	366,204	$	339,527	$	722,726	$	679,779
Income from investment in leases, financing receivables	52,854		47,926		105,556		95,690
Income from investment in leases, sales-type	3,837		3,762		7,675		7,522
Interest income from real estate loans	7,624		3,661		14,547		7,120
Total income from real estate	430,519		394,876		850,504		790,111

Operating expenses



Land rights and ground lease expense	14,149		13,942		27,947		27,497
General and administrative	13,245		15,907		31,183		34,620
Losses (gains) from dispositions of property	1,170		—		1,170		(125)

Depreciation	66,583		69,235		131,620		134,247
Provision (benefit) for credit losses, net	2,980		53,728		(7,157)		92,974
Total operating expenses	98,127		152,812		184,763		289,213
Income from operations	332,392		242,064		665,741		500,898

Other income (expenses)
Interest expense	(100,705)		(89,934)		(196,561)		(187,206)
Interest income	3,858		4,580		6,595		13,936
Losses on debt extinguishment and other financing costs	—		—		(268)		—
Total other expenses	(96,847)		(85,354)		(190,234)		(173,270)

Income before income taxes	235,545		156,710		475,507		327,628
Income tax expense	601		545		1,161		1,109
Net income	$	234,944	$	156,165	$	474,346	$	326,519
Net income attributable to noncontrolling interest in the Operating Partnership	(6,528)		(4,726)		(14,101)		(9,896)
Net income attributable to common shareholders	$	228,416	$	151,439	$	460,245	$	316,623

Earnings per common share:
Basic earnings attributable to common shareholders	$	0.80	$	0.55	$	1.62	$	1.15
Diluted earnings attributable to common shareholders	$	0.80	$	0.54	$	1.62	$	1.14

Other comprehensive income
Net income	234,944		156,165		474,346		326,519
Unrealized gain on cash flow hedges	—		864		—		864
Reclassification of derivative gain to interest expense	(24)		—		(48)
Comprehensive income	234,920		157,029		474,298		327,383
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(6,527)		(4,753)		(14,099)		(9,923)
Comprehensive income attributable to common shareholders	228,393		152,276		460,199		317,460

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

Current Year Revenue Detail

(in thousands) (unaudited)


Three Months Ended June 30, 2026	Building base rent		Land base rent		Percentage rent and other rental revenue		Interest income on real estate loans		Total cash income		Straight-line rent and deferred rent adjustments		Ground rent in revenue		Accretion on leases		Total income from real estate
Amended PENN Master Lease	$	55,234	$	10,758	$	6,461	$	—	$	72,453	$	4,952	$	676	$	—	$	78,081
PENN 2023 Master Lease	66,482		—		135		—		66,617		4,128		—		—		70,745
Amended Pinnacle Master Lease	61,483		17,814		7,584		—		86,881		1,858		2,248		—		90,987
PENN Morgantown Lease	—		806		—		—		806		—		—		—		806
Caesars Master Lease	16,588		5,932		—		—		22,520		1,630		330		—		24,480
Horseshoe St. Louis Lease	6,096		—		—		—		6,096		221		—		—		6,317
Boyd Master Lease	21,157		2,947		3,034		—		27,138		(333)		527		—		27,332
Boyd Belterra Lease	748		473		498		—		1,719		(43)		—		—		1,676
Bally's Master Lease	27,106		—		—		—		27,106		—		2,737		—		29,843
Bally's Master Lease II	29,570		—		—		—		29,570		(67)		902		—		30,405
Maryland Live! Lease	19,751		—		—		—		19,751		—		2,129		3,239		25,119
Pennsylvania Live! Master Lease	13,168		—		—		—		13,168		—		315		2,095		15,578
Casino Queen Master Lease	3,611		—		—		—		3,611		47		—		—		3,658
Tropicana Las Vegas Lease	—		3,838		—		—		3,838		—		—		(1)		3,837
Rockford Lease	—		2,081		—		—		2,081		—		—		531		2,612
Rockford Loan	—		—		—		3,033		3,033		—		—		—		3,033
Tioga Downs Lease	3,760		—		—		—		3,760		—		1		551		4,312
Strategic Gaming Leases	6,090		—		—		—		6,090		—		105		912		7,107
Ione Loan	—		—		—		2,605		2,605		—		—		—		2,605
Bally's Chicago Lease	8,848		5,000		—		—		13,848		(13,848)		—		—		—
Dry Creek Loan	—		—		—		1,446		1,446		—		—		—		1,446
Virginia Live! Development	—		—		—		540		540		—		—		—		540
Total	$	339,692	$	49,649	$	17,712	$	7,624	$	414,677	$	(1,455)	$	9,970	$	7,327	$	430,519

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES

Current Year Revenue Detail

(in thousands) (unaudited)


Six Months Ended June 30, 2026	Building base rent		Land base rent		Percentage rent and other rental revenue		Interest income on real estate loans		Total cash income		Straight-line rent and deferred rent adjustments		Ground rent in revenue		Accretion on leases		Total income from real estate
Amended PENN Master Lease	$	110,469	$	21,517	$	12,975	$	—	$	144,961	$	9,904	$	1,249	$	—	$	156,114
PENN 2023 Master Lease	132,624		—		220		—		132,844		8,256		—		—		141,100
Amended Pinnacle Master Lease	122,965		35,628		15,706		—		174,299		3,716		4,456		—		182,471
PENN Morgantown Lease	—		1,612		—		—		1,612		—		—		—		1,612
Caesars Master Lease	33,175		11,864		—		—		45,039		3,261		660		—		48,960
Horseshoe St. Louis Lease	12,192		—		—		—		12,192		440		—		—		12,632
Boyd Master Lease	42,036		5,893		6,080		—		54,009		(2,697)		1,053		—		52,365
Boyd Belterra Lease	1,486		947		998		—		3,431		(420)		—		—		3,011
Bally's Master Lease	54,045		—		—		—		54,045		—		5,336		—		59,381
Bally's Master Lease II	52,607		—		—		—		52,607		(133)		1,871		—		54,345
Maryland Live! Lease	39,503		—		—		—		39,503		—		4,168		6,420		50,091
Pennsylvania Live! Master Lease	26,185		—		—		—		26,185		—		616		4,297		31,098
Casino Queen Master Lease	6,986		—		—		—		6,986		102		—		—		7,088
Tropicana Las Vegas Lease	—		7,676		—		—		7,676		—		—		(1)		7,675
Rockford Lease	—		4,162		—		—		4,162		—		—		1,049		5,211
Rockford Loan	—		—		—		6,033		6,033		—		—		—		6,033
Tioga Downs Lease	7,476		—		—		—		7,476		—		3		1,131		8,610
Strategic Gaming Leases	12,139		—		—		—		12,139		—		211		1,843		14,193
Ione Loan	—		—		—		4,631		4,631		—		—		—		4,631
Bally's Chicago Lease	14,355		10,000		—		—		24,355		(24,355)		—		—		—
Dry Creek Loan	—		—		—		2,882		2,882		—		—		—		2,882
Virginia Live! Development	—		—		—		1,001		1,001		—		—		—		1,001
Total	$	668,243	$	99,299	$	35,979	$	14,547	$	818,068	$	(1,926)	$	19,623	$	14,739	$	850,504

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA

Gaming and Leisure Properties, Inc. and Subsidiaries

CONSOLIDATED

(in thousands, except per share and share data) (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	234,944	$	156,165	$	474,346	$	326,519
Losses (gains) from dispositions of property	1,170		—		1,170		(125)
Real estate depreciation	66,186		68,749		130,738		133,278
Funds from operations	$	302,300	$	224,914	$	606,254	$	459,672
Straight-line rent and deferred rent adjustments	1,455		(6,433)		1,926		(14,845)
Other depreciation	397		486		882		969
Provision (benefit) for credit losses, net	2,980		53,728		(7,157)		92,974
Amortization of land rights	4,270		4,270		8,540		8,540
Amortization of debt issuance costs, bond premiums and original issuance discounts	3,635		3,227		7,103		6,459
Capitalized interest	(8,484)		(3,411)		(14,914)		(7,016)
Stock-based compensation	4,644		6,156		12,748		15,014
Losses on debt extinguishment and other financing costs	—		—		268		—
Accretion on investment in leases	(7,327)		(6,866)		(14,739)		(13,762)
Non-cash adjustment to financing lease liabilities	106		107		204		205
Capital maintenance expenditures	—		(121)		—		(157)
Adjusted funds from operations	$	303,976	$	276,057	$	601,115	$	548,053
Interest, net (1)	96,065		84,576		188,411		171,725
Income tax expense	601		545		1,161		1,109
Capital maintenance expenditures	—		121		—		157
Amortization of debt issuance costs, bond premiums and original issuance discounts	(3,635)		(3,227)		(7,103)		(6,459)
Capitalized interest	8,484		3,411		14,914		7,016
Adjusted EBITDA	$	405,491	$	361,483	$	798,498	$	721,601

FFO, per diluted common share and OP/LTIP units	$	1.03	$	0.79	$	2.07	$	1.61
AFFO, per diluted common share and OP/LTIP units	$	1.03	$	0.96	$	2.05	$	1.92

Weighted average number of common shares and OP/LTIP units outstanding
Diluted common shares	285,857,452		277,797,169		284,592,906		276,463,591
Diluted OP/LTIP units	8,685,370		8,332,577		8,604,237		8,329,087
Diluted common shares and diluted OP/LTIP units	294,542,822		286,129,746		293,197,143		284,792,678

(1) Excludes non-cash interest expense gross ups related to certain ground leases.

Reconciliation of Cash Net Operating Income

Gaming and Leisure Properties, Inc. and Subsidiaries

CONSOLIDATED

(in thousands, except per share and share data) (unaudited)


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026





















Adjusted EBITDA	$	405,491		$	798,498
General and administrative expenses	13,245			31,183
Stock-based compensation	(4,644)			(12,748)
Cash net operating income (1)	$	414,092		$	816,933

(1) Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.

Gaming and Leisure Properties, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share and per share data)


	June 30, 2026		December 31, 2025

Assets
Real estate investments, net	$	9,558,270	$	8,474,261
Investment in leases, financing receivables, net	2,566,924		2,557,504
Investment in leases, sales-type, net	251,820		248,421
Real estate loans, net	296,259		247,999
Right-of-use assets and land rights, net	1,061,883		1,072,163
Cash and cash equivalents	319,004		224,314

Other assets	101,055		84,947
Total assets	$	14,155,215	$	12,909,609


Liabilities
Accounts payable and accrued expenses	$	8,114	$	6,641

Accrued interest	116,820		106,253
Accrued salaries and wages	4,785		10,209


Operating lease liabilities	240,724		242,481
Financing lease liabilities	61,423		61,219
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	8,077,741		7,203,731
Deferred rental revenue	207,600		205,786

Other liabilities	56,581		65,029
Total liabilities	8,773,788		7,901,349

Equity

Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2026 and December 31, 2025)	—		—
Common stock ($.01 par value, 500,000,000 shares authorized, 290,919,328 and 283,037,310 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	2,909		2,830
Additional paid-in capital	6,969,771		6,613,488
Accumulated deficit	(1,990,222)		(1,990,770)
Accumulated other comprehensive income	858		904
Total equity attributable to Gaming and Leisure Properties	4,983,316		4,626,452
Noncontrolling interests in GLPI's Operating Partnership (8,473,163 units and 8,224,939 units outstanding at June 30, 2026 and December 31, 2025, respectively)	398,111		381,808
Total equity	5,381,427		5,008,260
Total liabilities and equity	$	14,155,215	$	12,909,609

Debt Capitalization

The Company’s debt structure as of June 30, 2026 was as follows:



	Years to Maturity	Interest Rate	Balance
			(in thousands)
Unsecured $2,090 Million Revolver Due December 2028	2.4	4.944%	329,961
Term Loan Due December 2028	2.4	4.914%	679,000
Senior Unsecured Notes Due June 2028	1.9	5.750%	500,000
Senior Unsecured Notes Due January 2029	2.5	5.300%	750,000
Senior Unsecured Notes Due January 2030	3.5	4.000%	700,000
Senior Unsecured Notes Due January 2031	4.5	4.000%	700,000
Senior Unsecured Notes Due January 2032	5.5	3.250%	800,000
Senior Unsecured Notes Due February 2033	6.6	5.250%	600,000
Senior Unsecured Notes Due December 2033	7.4	6.750%	400,000
Senior Unsecured Notes Due September 2034	8.2	5.625%	800,000
Senior Unsecured Notes Due March 2036	9.7	5.625%	800,000
Senior Unsecured Notes Due November 2037	11.3	5.750%	700,000
Senior Unsecured Notes Due September 2054	28.2	6.250%	400,000
Total long-term debt			8,158,961
Less: unamortized debt issuance costs, bond premiums and original issuance discounts			(81,220)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts			8,077,741
Weighted average	6.9	5.073%

Rating Agency - Issue Rating


Rating Agency						Rating
Standard & Poor's						BBB-
Fitch						BBB-
Moody's						Ba1

Funding Commitments

As of June 30, 2026, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below. Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions. The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.


Description	Maximum Commitment amount	Amount funded at June 30, 2026
Relocation of Hollywood Casino Aurora	$225 million	$225.0 million
Funding associated with a landside move at Ameristar Casino Council Bluffs (1)	$150 million	None
Potential transaction at the former Tropicana Las Vegas site with Bally's	$175 million	$48.5 million
Real estate construction costs for Bally's Chicago	$940 million	$475.7 million
Ione Loan to fund a new casino development near Sacramento, California	$110 million	$98.9 million
Funding associated with the future site and construction for Live! Virginia Casino & Hotel	$467 million	$27.0 million
Delayed draw term loan for Dry Creek Rancheria Resort development	$180 million	None

(1) The Company has agreed to fund, if requested by PENN in its sole discretion on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million at a 7.10% capitalization rate.

Property and lease information

The Company has disclosed the following key terms of its master leases and single-property leases in the tables below, along with the properties within each lease at June 30, 2026. We believe the following key terms are important for users of our financial statements to understand.

•The coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA plus rent expense paid to GLPI.

•Certain leases have a minimum escalator coverage ratio governor as disclosed below. Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.

•The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases, leases with development projects or leases that have been in effect for less than twelve months.

•The Amended PENN Master Lease, the Amended Pinnacle Master Lease, the Boyd Master Lease, and the Belterra Park Lease each include (i) a fixed rent component, a portion of which escalates annually by up to 2% if specified rent coverage thresholds are met, and (ii) a percentage rent component tied to property performance. The percentage rent component is recalculated periodically, every five years for the Amended PENN Master Lease and every two years for the other leases, based on 4% of the average annual net revenues of the applicable facilities in excess of a contractually defined baseline, subject to certain floors.

Master Leases

Penn 2023 Master Lease

Amended Penn Master Lease

Operator

PENN

Properties

Hollywood Casino Aurora

Aurora, IL

Hollywood Casino Lawrenceburg

Lawrenceburg, IN

Hollywood Casino Joliet

Joliet, IL

Argosy Casino Alton

Alton, IL

Hollywood Casino Toledo

Toledo, OH

Hollywood Casino at Charles Town Races

Charles Town, WV

Hollywood Casino Columbus

Columbus, OH

Hollywood Casino at Penn National Race Course

Grantville, PA

M Resort

Henderson, NV

Hollywood Casino Bangor

Bangor, ME

Hollywood Casino at the Meadows

Washington, PA

Zia Park Casino

Hobbs, NM

Hollywood Casino Perryville

Perryville, MD

Hollywood Casino Gulf Coast

Bay St. Louis, MS

Argosy Casino Riverside

Riverside, MO

Hollywood Casino Tunica

Tunica, MS

Boomtown Biloxi

Biloxi, MS

Hollywood Casino St. Louis

Maryland Heights, MO

Hollywood Gaming Casino at Dayton Raceway

Dayton, OH

Hollywood Gaming Casino at Mahoning Valley Race Track

Youngstown, OH

1st Jackpot Casino

Tunica, MS

Commencement Date

1/1/2023

11/1/2013

Lease Expiration Date

10/31/2033

Remaining Renewal Terms

15 (3x5 years)

Corporate Guarantee

Yes

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.1

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

1.5% (1)

Coverage ratio at March 31, 2026

1.82

2.10

Minimum Escalator Coverage Governor

N/A

1.8

Yearly Anniversary for Realization

November

Percentage Rent Reset Details

Reset Frequency

N/A

5 years

Next Reset

N/A

November-28

(1) In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.

Master Leases

Amended Pinnacle Master Lease

Bally's Master Lease

Operator

PENN

Bally's

Properties

Ameristar Black Hawk

Black Hawk, CO

Bally's Evansville

Evansville, IN

Ameristar East Chicago

East Chicago, IN

Bally's Dover Casino Resort

Dover, DE

Ameristar Council Bluffs

Council Bluffs, IA

Black Hawk (Black Hawk North, West and East casinos)

Black Hawk, CO

L'Auberge Baton Rouge

Baton Rouge, LA

Quad Cities Casino & Hotel

Rock Island, IL

Boomtown Bossier City

Bossier City, LA

Bally's Tiverton Hotel & Casino

Tiverton, RI

L'Auberge Lake Charles

Lake Charles, LA

Hard Rock Casino and Hotel Biloxi

Biloxi, MS

Boomtown New Orleans

New Orleans, LA

Ameristar Vicksburg

Vicksburg, MS

River City Casino & Hotel

St. Louis, MO

Jackpot Properties (Cactus Petes and Horseshu)

Jackpot, NV

Plainridge Park Casino

Plainridge, MA

Commencement Date

4/28/2016

6/3/2021

Lease Expiration Date

4/30/2031

6/2/2036

Remaining Renewal Terms

20 (4x5 years)

Corporate Guarantee

Yes

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.2

1.35 (1)

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

(2)

Coverage ratio at March 31, 2026

1.70 (3)

1.98

Minimum Escalator Coverage Governor

1.8

N/A

Yearly Anniversary for Realization

May

June

Percentage Rent Reset Details

Reset Frequency

2 years

N/A

Next Reset

May-28

N/A

(2) If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

(3) Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

Master Leases

Bally's Master Lease II

Casino Queen Master Lease

Operator

Bally's

Properties

Bally's Kansas City

Kansas City, MO

Bally's Marquette

Marquette, IA

Bally's Shreveport Casino & Hotel

Shreveport, LA

Bally's Baton Rouge

Baton Rouge, LA

Draft Kings at Casino Queen (4)

East St. Louis, IL

The Queen Baton Rouge (4)

Baton Rouge, LA

Bally's Twin River Lincoln Casino Resort

Lincoln, RI

Commencement Date

12/16/2024

12/17/2021

Lease Expiration Date

12/15/2039

12/31/2036

Remaining Renewal Terms

20 (4x5 years)

Corporate Guarantee

Yes

(5)

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.35 (1)

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

(2)

(3)

Coverage ratio at March 31, 2026

2.17 (6)

N/A

Minimum Escalator Coverage Governor

N/A

Yearly Anniversary for Realization

December

Percentage Rent Reset Details

Reset Frequency

N/A

Next Reset

N/A

(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2. For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.

(3) Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

(4) Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a pro forma basis.

(5) If a default were to occur under the Casino Queen Master Lease, the Company has the right under the terms of the lease to elect to amend Bally’s Master Lease II and place the assets into it, which carries a corporate guarantee.

(6) Coverage ratio above is pro forma for the acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort which closed on February 11, 2026.

Master Leases

Boyd Master Lease

Caesars Amended and Restated Master Lease

Operator

Boyd

Caesars

Properties

Belterra Casino Resort

Florence, IN

Tropicana Atlantic City

Atlantic City, NJ

Ameristar Kansas City

Kansas City, MO

Tropicana Laughlin

Laughlin, NV

Ameristar St. Charles

St. Charles, MO

Trop Casino Greenville

Greenville, MS

Isle Casino Hotel Bettendorf

Bettendorf, IA

Isle Casino Hotel Waterloo

Waterloo, IA

Commencement Date

10/15/2018

10/1/2018

Lease Expiration Date

4/30/2031

9/30/2038

Remaining Renewal Terms

20 (4x5 years)

Corporate Guarantee

Yes

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.4

1.2

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

Coverage ratio at March 31, 2026

2.46

1.58

Minimum Escalator Coverage Governor

1.8

N/A

Yearly Anniversary for Realization

May

October

Percentage Rent Reset Details

Reset Frequency

2 years

N/A

Next Reset

May-28

N/A

Master Leases

Pennsylvania Live! Master Lease

Strategic Gaming Leases (1)

Cordish

Strategic

Properties

Live! Casino & Hotel Philadelphia

Philadelphia, PA

Silverado Franklin Hotel & Gaming Complex

Deadwood, SD

Live! Casino Pittsburgh

Greensburg, PA

Deadwood Mountain Grand Casino

Deadwood, SD

Baldini's Casino

Sparks, NV

Sunland Park Race Track & Casino

Sunland Park, NM

Commencement Date

3/1/2022

5/16/2024

Lease Expiration Date

2/28/2061

5/31/2049

Remaining Renewal Terms

21 (1x11 years, 1x10 years)

20 (2x10 years)

Corporate Guarantee

Yes

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.4

1.4 (2)

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

1.75

2% (2)

Coverage ratio at March 31, 2026

2.34

1.88 (3)

Minimum Escalator Coverage Governor

N/A

Yearly Anniversary for Realization

March

June

Percentage Rent Reset Details

Reset Frequency

N/A

Next Reset

N/A

(1) Consists of two leases that are cross collateralized and co-terminus with each other.

(2) The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.

(3) Coverage ratio above is pro forma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.


Single Property Leases
	Belterra Park Lease	Horseshoe St. Louis Lease	Morgantown Lease
Operator	Boyd	Caesars	PENN
Properties	Belterra Park Gaming & Entertainment Center	Horseshoe St. Louis	Hollywood Casino Morgantown
	Cincinnati, OH	St. Louis, MO	Morgantown, PA

Commencement Date	10/15/2018	9/29/2020	10/1/2020
Lease Expiration Date	04/30/2031	10/31/2033	10/31/2040
Remaining Renewal Terms	20 (4x5 years)	20 (4x5 years)	30 (6x5 years)
Corporate Guarantee	No	Yes	Yes
Technical Default Landlord Protection	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	N/A
Competitive Radius Landlord Protection	Yes	Yes	N/A
Escalator Details
Yearly Base Rent Escalator Maximum	2%	1.75% (1)	1.25% (2)
Coverage ratio at March 31, 2026	2.92	2.06	N/A
Minimum Escalator Coverage Governor	1.8	N/A	N/A
Yearly Anniversary for Realization	May	October	December
Percentage Rent Reset Details
Reset Frequency	2 years	N/A	N/A
Next Reset	May-28	N/A	N/A

(1) For the sixth and seventh lease years, after which time the annual escalation becomes 2% for the remaining term of the lease.

(2) If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

Single Property Leases

MD Live! Lease

Tropicana Lease

Tioga Downs Lease

Operator

Cordish

Bally's

American Racing and Entertainment

Properties

Live! Casino & Hotel Maryland

Tropicana Las Vegas

Tioga Downs

Hanover, MD

Las Vegas, NV

Nichols, NY

Commencement Date

12/29/2021

9/26/2022

2/6/2024

Lease Expiration Date

12/31/2060

9/25/2072

2/28/2054

Remaining Renewal Terms

21 (1x11 years, 1x10 years)

49 (1 x 24 years, 1 x 25 years)

32 years and 10 months (2x10 years, 1x12 years and 10 months)

Corporate Guarantee

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.4

1.35 (1)

1.4

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

1.75%

(2)

1.75% (3)

Coverage ratio at March 31, 2026

3.42

N/A

1.98

Minimum Escalator Coverage Governor

N/A

Yearly Anniversary for Realization

January

October

March

Percentage Rent Reset Details

Reset Frequency

N/A

Next Reset

N/A

(3) Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

Single Property Leases

Rockford Lease

Bally's Chicago Lease

Virginia Live!

Operator

(managed by Hard Rock)

Bally's

Cordish

Properties

Hard Rock Casino Rockford

Bally's Chicago Development

Cordish Virginia Live! Development

Rockford, IL

Chicago, IL

Petersburg, VA

Commencement Date

8/29/2023

7/18/2025

1/15/2026

Lease Expiration Date

8/31/2122

7/31/2040

(3)

Remaining Renewal Terms

None

20 (4 x 5 years)

21 (1x11 years, 1x10 years)

Corporate Guarantee

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.4

1.35 (1)

1.4

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

(2)

1.75%

Coverage ratio at March 31, 2026

N/A

Minimum Escalator Coverage Governor

N/A

Yearly Anniversary for Realization

September

August

(3)

Percentage Rent Reset Details

Reset Frequency

N/A

Next Reset

N/A

(3) During the construction period, amounts funded for the Virginia Live! development are accounted for as real estate loans because the lessee controls the underlying asset under construction. Upon completion of construction and when the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification. Pursuant to the lease agreement, the initial lease term expires on the last day of the calendar month in which the 39th anniversary of the facility's opening occurs, and annual rent escalations commence on the first anniversary of the facility's opening date. Accordingly, the lease expiration date and rent escalation anniversary date will be determined upon the facility's opening date.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of noncontrolling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment and other financing costs, severance charges, capitalized interest and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, stock-based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, losses on debt extinguishment and other financing costs, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including stock-based compensation expense and severance charges.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our future growth and cash flows in 2026 and beyond, 2026 AFFO guidance, the future issuance of securities and the Company benefiting from recent portfolio additions and completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; geopolitical events, including recent conflicts in the Middle East, and their potential impact on U.S. Treasury yields and inflation rates; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI's competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects; the potential of a new pandemic or similar national health crisis, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI's ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; GLPI's ability to satisfy certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; GLPI's ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of GLPI's funding commitments to the extent drawn by its partners, acquisitions or refinancings due to maturities; with respect to our tenant funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contact

Gaming and Leisure Properties, Inc. Investor Relations

Carlo Santarelli, SVP Corporate Strategy & Investor Relations Joseph Jaffoni at JCIR

610/378-8232 212/835-8500

investorinquiries@glpropinc.com glpi@jcir.com

Supplemental Financial Information 2Q 2026

2 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions, including the following: • our partner’s ability to successfully complete construction of various casino projects currently under development for which we have agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of our partners to obtain timely the requisite regulatory approvals and meet and/or perform their respective obligations under the applicable construction financing and/or development documents; • the impact that United States ("U.S.") government, economic, monetary or trade policies and stimulus packages could have on inflation rates, interest rates, economic growth and discretionary consumer spending, including the casino operations of our tenants; • geopolitical events, including recent conflicts in the Middle East, and their potential impact on U.S. Treasury yields and inflation rates; • the ability of our tenants to comply with laws, rules and regulations in the operation of our properties, to deliver high quality services, to attract and retain qualified personnel, to attract customers and to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to us and third parties; • the availability of and the ability to identify and consummate suitable and attractive acquisition and development opportunities on favorable terms; • the degree and nature of our competition; • the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war, political instability or a new pandemic or similar national health crisis on the ability or desire of people to gather in large groups (including in casinos), which could impact our financial results, prospects, liquidity, and stock price; • the ability of our tenants and borrowers to meet or perform their obligations under their leases and financing arrangements with us; • our ability to generate sufficient cash flows to service and comply with financial covenants under our outstanding indebtedness and maintain or improve our credit ratings, and our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; • with respect to our tenant funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; • the availability of qualified personnel and our ability to retain our key management personnel; • changes in accounting standards or the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or the gaming, lodging or hospitality industries and our ability to meet the applicable asset, income, organizational, distribution, shareholder ownership and other requirements to maintain the Company’s REIT status; • other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and • other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the SEC. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond the Company’s control. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should consider the areas of risk described above in connection with considering any forward-looking statements that may be made by the Company generally and any forward-looking statements that are contained in this presentation specifically. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law. Forward Looking Statements

3 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Gaming & Leisure Properties, Inc. Overview Fast Facts as of June 30, 2026 Snapshot at June 30, 2026 71 Properties 21 States • Total Enterprise Value: ~$20.9 Billion • GLPI is the most geographically diversified owner of gaming assets in the country, with the largest number of gaming assets owned • Approximately 87.3% of GLPI’s cash rent comes from gaming companies with public reporting: PENN, BYD, CZR, and BALY High-Quality, Nationwide Portfolio of Premier Gaming Assets GLPI is a REIT that owns a Geographically Diversified Portfolio of High-Quality Regional Gaming Assets 0 Rent Defaults Since Company Inception 8 Unique Tenants

4 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Summary of Recent Developments & Upcoming Events • Declared and paid a dividend of $0.82 per share, which represents an annualized dividend yield of 7.4%, based on our quarter-end stock price of $44.53. • During the second quarter, GLPI provided approximately $176 million of development funding for Bally’s Chicago, as part of the $940 million development commitment (8.5% cap rate). $475.7 million has been funded to date. • On June 30, 2026, the Company entered into a second amendment to the Rockford Loan, pursuant to which the borrower repaid $16.0 million of principal, with scheduled future principal repayments to occur on or before March 31, of 2028, and on or before March 31, of 2029. The maturity date was extended to December 31, 2029, and includes a GLPI option to acquire the Rockford Casino building improvements. • On June 24, 2026, the Company completed its $225 million funding commitment for PENN's Aurora landside development project, at a 7.75% capitalization rate. • As of June 30, 2026, GLPI has funded $98.9 million of the $110 million Ione Loan to fund the tribe's Acorn Ridge casino development, which opened in February 2026. • On June 1, 2026, the Company settled a forward sale agreement, pursuant to which the Company issued 7,589,487 shares of common stock that raised net proceeds of $351.0 million. • Percentage rents for each of the Amended Pinnacle Master Lease, the Boyd Master Lease and the Belterra Park Lease reset in May 2026, which lowered annual rent by $3.3 million, with the next reset date occurring in May 2028. Annual escalations on these leases totaled $1.7 million. Next Anniversary for Potential Escalation Bally's Chicago Lease August 2026 Rockford Lease September 2026 Caesars Amended & Restated Lease October 2026 Tropicana Lease October 2026 Horseshoe St. Louis Lease October 2026 PENN 2023 Master Lease November 2026 Amended PENN Master Lease November 2026 Morgantown Lease December 2026 Bally's Master Lease II December 2026 Casino Queen Master Lease December 2026 MD Live! Lease January 2027 Pennsylvania Live! Master Lease March 2027 Tioga Downs Lease March 2027 Boyd Master Lease May 2027 Amended Pinnacle Master Lease May 2027 Belterra Park Lease May 2027 Strategic Gaming Lease June 2027 Bally's Master Lease June 2027

5 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 GLPI 2026 Guidance • The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions • Guidance assumes additional fundings of approximately $400 million to $450 million, related to current development projects, which will be funded relatively evenly by quarter throughout the remainder of 2026 • The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations. $ in millions, except per share data Actuals 2026 Prior Guidance 2026 Current Guidance Change from Prior (Midpoint) 2024 2025 Low End High End Low End High End AFFO $1,061 $1,120 $1,212 $1,223 $1,219 $1,225 $4.5 AFFO per Share $3.77 $3.88 $4.08 $4.12 $4.10 $4.12 $0.01

6 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Historical Quarterly Financial Highlights $ in millions except per share data 2Q25 3Q25 4Q25 1Q26 2Q26 Diluted Earnings per Share Attributable to Common Shareholders $0.54 $0.85 $0.94 $0.82 $0.80 Funds from Operations $224.9 $315.5 $339.0 $304.0 $302.3 Funds from Operations per Diluted Common Share & OP Units $0.79 $1.08 $1.16 $1.04 $1.03 Adjusted Funds from Operations $276.1 $282.0 $290.0 $297.1 $304.0 Adjusted Funds from Operations per Diluted Common Share & OP Units $0.96 $0.97 $0.99 $1.02 $1.03 Adjusted EBITDA $361.5 $366.4 $379.0 $393.0 $405.5 Cash Net Operating Income (1) $371.2 $375.0 $386.7 $402.8 $414.1 Quarterly Dividend per Share $0.78 $0.78 $0.78 $0.78 $0.82 Diluted Common Shares 277.8 283.5 283.4 283.6 285.9 Diluted Common Shares and OP Units 286.1 291.8 291.8 292.1 294.5 1. Cash rental income and interest on real estate loans less cash property level expenses.

7 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Strong Tenant Coverage Rent coverage ratios are not reported for ground leases, leases involving development projects or leases that have been in effect for less than twelve months. (1) Ratio was calculated on a pro forma basis for the February 2026 acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort. (2) Ratio was calculated on a pro forma basis for the October 2025 acquisition of the real estate assets of Sunland Park Racetrack and Casino.

8 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Development Pipeline at June 30, 2026 $ in millions Project Commitment Funded as of quarter end Left to Fund Cap Rate Ameristar Council Bluffs (1) $150.0 $— $150.0 7.10% Tropicana Las Vegas Site $175.0 $48.5 $126.5 8.50% Bally's Chicago Construction $940.0 $475.7 $464.3 8.50% Ione Loan $110.0 $98.9 $11.1 11.00% Live! Virginia Casino & Hotel $467.0 $27.0 $440.0 8.00% Dry Creek Delayed Draw Term Loan (2) $180.0 $— $180.0 12.50% Development Total $2,022.0 $650.1 $1,371.9 8.77% (1) The Company has agreed to fund, if requested by PENN at its sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150 million at a 7.10% capitalization rate. (2) The Company funded its $45.3 million share of the $200 million Term B loan for the project which was issued at an original issue discount of 3%, bearing interest at SOFR plus 900 basis points, with a SOFR floor of 1%.

9 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 GLPI Recent Transaction History $ in millions Transaction Date of Announcement Transaction Size Income Cap Rate Transaction Multiple Transaction Completed Tioga Downs February-24 $175.0 $14.5 8.29% 12.1 x Strategic Management Group May-24 $110.0 $9.2 8.36% 12.0 x Belle of Baton Rouge Funding June-24 $111.0 $10.0 9.00% 11.1 x Bally's Kansas City and Bally's Shreveport July-24 $395.0 $32.2 8.15% 12.3 x Bally's Chicago Development Land July-24 $250.0 $20.0 8.00% 12.5 x Bally's Chicago July-24 $940.0 $79.9 8.50% 11.8 Bally's Lincoln July-24 $700.0 $56.0 8.00% 12.5 x Ione Band of Miwok Indians Development Funding September-24 $110.0 $12.1 11.00% 9.1 x Caesars Republic Sonoma County (1) September-25 $225.3 $28.8 12.79% 7.8 Sunland Park October-25 $183.8 $15.0 8.16% 12.3 x Live! Casino & Hotel Virginia Development Land October-25 $27.0 $2.2 8.00% 12.5 x Live! Casino & Hotel Virginia Development Funding October-25 $440.0 $35.2 8.00% 12.5 2024 to Present Aggregate $3,667.1 $315.1 8.59% 11.6 1. Caesars Republic Sonoma County development cap rate is reflective of yield at deal announcement.

10 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Debt Maturity Schedule Balance Sheet Strength: Historical Leverage Snapshot GLPI Issue Rating by Agency Fitch BBB- Moody’s Ba1 Financial Leverage (Net Debt / Adjusted EBITDA) 2Q26 Balance Sheet Snapshot ($ in MM) As of June 30, 2026 Long-Term Debt $8,159.0 Less Unamortized debt issuance costs, bond premiums and original issuance discounts ($81.2) Total Long-Term Debt, net $8,077.7 Cash & Cash Equivalents $319.0 Net Debt $7,758.7 Last quarter annualized adjusted EBITDA $1,622.0 Net Financial Leverage 4.78 Weighted-Average Cost of Debt 5.07 % Standard & Poor's BBB-

11 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment and other financing costs, severance charges, capitalized interest and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, stock-based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, losses on debt extinguishment and other financing costs, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including stock-based compensation expense and severance charges. FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/ LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. Definitions of Non-GAAP Financial Measures

12 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 2Q 2026 AFFO Bridge $ in thousands 2Q25 2Q26 Y/Y % change Net Income $ 156,165 $ 234,944 50.4 % (Gains) or losses from dispositions of property — 1,170 Real Estate Depreciation 68,749 66,186 Funds from Operations (FFO) $ 224,914 $ 302,300 34.4 % Straight-Line Rent and Deferred Rent Adjustments (6,433) 1,455 Other Depreciation 486 397 Provision (benefit) for Credit Losses, Net 53,728 2,980 Amortization of Land Rights 4,270 4,270 Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts 3,227 3,635 Capitalized Interest (3,411) (8,484) Stock-Based Compensation 6,156 4,644 Accretion on Investment in Leases (6,866) (7,327) Non-cash Adjustment to Financing Lease Liabilities 107 106 Capital Maintenance Expenditures (121) — Adjusted Funds from Operations (AFFO) $ 276,057 $ 303,976 10.1 % Net Interest 84,576 96,065 Income Tax Expense 545 601 Capital Maintenance Expenditures 121 — Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts (3,227) (3,635) Capitalized Interest 3,411 8,484 Adjusted EBITDA 361,483 405,491 12.2 %

13 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Historical Non-GAAP Reconciliations $ in thousands 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 Net Income $ 170,354 $ 156,165 $ 248,481 $ 275,356 $ 850,356 $ 239,402 $ 234,944 (Gains) or losses from dispositions of property (125) — — — (125) — 1,170 Real Estate Depreciation 64,529 68,749 66,985 63,657 263,920 64,552 66,186 Funds from Operations (FFO) $ 234,758 $ 224,914 $ 315,466 $ 339,013 $ 1,114,151 $ 303,954 $ 302,300 Straight-Line Rent and Deferred Rent Adjustments (8,412) (6,433) (5,390) (2,233) (22,468) 471 1,455 Other Depreciation 483 486 488 487 1,944 485 397 Provision (benefit) for Credit Losses, Net 39,246 53,728 (37,363) (46,947) 8,664 (10,137) 2,980 Amortization of Land Rights 4,270 4,270 4,270 4,269 17,079 4,270 4,270 Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts 3,232 3,227 3,425 3,383 13,267 3,468 3,635 Capitalized Interest (3,605) (3,411) (3,652) (5,120) (15,788) (6,430) (8,484) Stock-Based Compensation 8,858 6,156 1,551 4,616 21,181 8,104 4,644 Accretion on Investment in Leases (6,896) (6,866) (6,991) (7,603) (28,356) (7,412) (7,327) Non-cash Adjustment to Financing Lease Liabilities 98 107 112 114 431 98 106 Loss on Debt Extinguishment — — 3,783 — 3,783 268 — Severance charge — — 6,320 — 6,320 — — Capital Maintenance Expenditures (36) (121) — — (157) — — Adjusted Funds from Operations (AFFO) $ 271,996 $ 276,057 $ 282,019 $ 289,979 $ 1,120,051 $ 297,139 $ 303,976 Net Interest 87,149 84,576 83,552 86,687 341,964 92,346 96,065 Income Tax Expense 564 545 560 560 2,229 560 601 Capital Maintenance Expenditures 36 121 — — 157 — — Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts (3,232) (3,227) (3,425) (3,383) (13,267) (3,468) (3,635) Capitalized Interest 3,605 3,411 3,652 5,120 15,788 6,430 8,484 Adjusted EBITDA $ 360,118 $ 361,483 $ 366,358 $ 378,963 $ 1,466,922 $ 393,007 $ 405,491

Source: View Original Filing on SEC EDGAR

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Gaming and Leisure Properties (NASDAQ: GLPI) lifts 2026 AFFO outlook

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