Gaming and Leisure Properties — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $435.4 million, an increase of 9.5% compared to $397.6 million in the same period in 2025.
• Net income for the quarter was $213.8 million, down from $248.5 million in the prior year period.
• Funds from Operations (FFO) for the quarter were $275.9 million, a decrease from $315.5 million in 2025; FFO per diluted share was $0.92 compared to $1.08.
• Adjusted Funds from Operations (AFFO) for the quarter were $311.7 million, an increase of 10.5% from $282.0 million in 2025; AFFO per diluted share was $1.04, up 7.2% from $0.97.
• Adjusted EBITDA for the quarter was $413.9 million, an increase of 13.0% from $366.4 million in 2025.
• Income from operations was $309.9 million, down from $337.2 million in 2025.
• Annualized dividend per share was $3.28, up from $3.12 in the prior year period.
• Dividend yield based on period-end stock price was 8.6%, compared to 6.7% in 2025.
• As of September 30, 2026, total assets were $14.096 billion, up from $12.910 billion as of December 31, 2025.
• Long-term debt, net of unamortized costs, was $8.081 billion as of September 30, 2026, compared to $7.204 billion at year-end 2025.
• Cash and cash equivalents were $165.8 million as of September 30, 2026, down from $224.3 million at December 31, 2025.
• Deferred rental revenue was $211.9 million as of September 30, 2026, up from $205.8 million at December 31, 2025.

Guidance and Future Outlook:

• The Company updated its full-year 2026 AFFO guidance to a range of $1.222 billion to $1.225 billion, or $4.11 to $4.12 per diluted share and OP/LTIP units.
• The prior guidance range was $1.219 billion to $1.225 billion, or $4.10 to $4.12 per diluted share and OP/LTIP units.
• The updated guidance incorporates approximately $265 million in additional development funding, bringing total 2026 development spending to $800 million.
• The guidance excludes the impact of any future acquisitions, dispositions, capital markets activity, or non-recurring transactions not yet announced.
• The guidance assumes no material changes in legislation, regulatory environment, world events, consumer trends, economic conditions, oil prices, or the competitive landscape.
• The Company does not provide a reconciliation for forward-looking non-GAAP estimates due to the inherent difficulty in forecasting timing and amounts of items such as credit loss provisions under ASC 326.

Business Segments and Product Lines:

• As of September 30, 2026, the portfolio consisted of interests in 71 gaming and related facilities across 21 states.
• Portfolio composition includes 34 facilities operated by PENN Entertainment, 6 by Caesars Entertainment, 4 by Boyd Gaming, 16 by Bally's Corporation, 3 by Cordish, 1 by American Racing & Entertainment, 4 by Strategic Gaming Management, and 1 managed by Hard Rock International.
• Two facilities are currently under development: one with Bally's in Chicago, Illinois, and another for The Cordish Companies and Bruce Smith Enterprise in Petersburg, Virginia.
• Rental income for the quarter was $370.96 million, while income from investment in leases, financing receivables, and sales-type leases totaled $56.84 million.
• Interest income from real estate loans was $7.65 million for the quarter.
• The Company holds funding commitments for various projects, including $940 million for Bally's Chicago construction ($640.7 million funded), $150 million for Ameristar Council Bluffs landside move (none funded), and $175 million for a potential Bally's Tropicana Las Vegas transaction ($48.5 million funded).

Market and Competitive Landscape:

• Regional gaming has demonstrated resilience with healthy year-over-year gains in same-store operator results through the first nine months of 2026.
• The Company's model prioritizes long-term triple-net leases with built-in escalators, strong lease coverage, and the ability to structure complex transactions.
• Management notes that the share price remains significantly dislocated from fundamentals, resulting in an attractive yield of over 8.5% based on the current quarterly cash dividend.
• The portfolio is geographically diversified across 21 states.

Risks and Challenges:

• Risks include the ability of tenants to maintain financial strength and liquidity to satisfy obligations, including lease payments and third-party indebtedness.
• Potential impacts from higher inflation, interest rates, and economic uncertainty on discretionary consumer spending in the casino industry.
• Risks related to the successful completion of construction for projects currently under development, including Bally's Chicago, and the performance of partners.
• Regulatory approval delays for owning properties or completing planned acquisitions.
• The ability to maintain REIT status under complex Internal Revenue Code provisions.
• Exposure to geopolitical events, natural disasters, and potential pandemics affecting operations.
• The inability to reliably predict future credit loss provisions under ASC 326 due to dependence on tenant performance and macroeconomic factors.

Management Commentary and Tone:

• Peter Carlino, Chairman and CEO, stated the third quarter was another record for revenue, AFFO, and Adjusted EBITDA.
• Management highlighted the strength of their model, citing long-term triple-net leases, built-in escalators, and strong lease coverage.
• Carlino expressed confidence in the durability of rents and strong coverage despite a volatile macro backdrop.
• Management believes the company's share price is dislocated from fundamentals, offering an attractive yield.

Other Key Points:

• On October 27, 2026, GLPI entered a joint venture with Prologis to develop the former Hollywood Casino Joliet site in Illinois into a Class A warehouse and distribution park totaling over 3.8 million square feet. GLPI will receive a $61 million capital account credit and hold an approximate 20% ownership interest.
• On June 30, 2026, GLPI amended the loan for Hard Rock Casino Rockford, receiving a $16.0 million principal repayment and extending the maturity date to December 31, 2029.
• On June 24, 2026, GLPI funded $216.3 million to complete a $225 million commitment for the Hollywood Casino and Hotel Aurora landside development for PENN Entertainment at a 7.75% capitalization rate.
• On June 1, 2026, GLPI settled a forward sale agreement, issuing 7,589,487 shares of common stock for net proceeds of $351.0 million.
• On March 4, 2026, GLPI issued $800 million of senior notes due March 1, 2036, with a 5.625% coupon, using proceeds to repay term loan borrowings and for general corporate purposes.
• On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally's Lincoln Casino Resort for $700 million and additional annual rent of $56.0 million (8.0% cap rate).
• On January 15, 2026, GLPI entered a development agreement with The Cordish Companies to fund up to $440 million of construction costs for Live! Casino & Hotel Virginia, having acquired the land for $27 million, for a total commitment of $467 million at an 8.0% cap rate.
• The Company declared a third-quarter dividend of $0.82 per share, paid on September 25, 2026.
• Weighted average interest rate on long-term debt was 5.097% as of September 30, 2026.
• Credit ratings are BBB- from Standard & Poor's and Fitch, and Ba1 from Moody's.